Credit Brief — Jiangsu Hengrui Pharmaceuticals Co.,Ltd. (恒瑞医药)
600276.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 孙飘扬
- Registered address: 江苏连云港市经济技术开发区黄河路38号
- Office address: 江苏连云港市经济技术开发区昆仑山路7号
- Controlling shareholder: 江苏恒瑞医药集团有限公司
- Actual controller: 孙飘扬
- Employees: 20,602
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 15,110.7 | 20,746.1 | 24,815.9 | 40,955.5 | 38,734.3 |
| Trading financial assets | 2,760.5 | 99.0 | 273.3 | 113.8 | 107.5 |
| Accounts receivable | 5,891.4 | 5,194.5 | 4,914.9 | 5,146.6 | 4,920.3 |
| Other receivables | 562.2 | 438.3 | 66.4 | 28.2 | 13.8 |
| Inventories | 2,450.6 | 2,314.0 | 2,417.1 | 2,878.4 | 2,994.0 |
| Long-term equity investments | 767.9 | 695.0 | 666.4 | 557.4 | 800.6 |
| Fixed assets | 5,383.2 | 5,451.5 | 5,132.0 | 5,830.3 | 6,110.1 |
| Construction in progress | 1,193.2 | 1,101.0 | 1,687.5 | 2,006.4 | 2,280.3 |
| Intangible assets | 519.9 | 883.8 | 1,192.3 | 1,956.5 | 3,316.6 |
| Total assets | 42,370.9 | 43,784.5 | 50,135.6 | 69,867.3 | 70,773.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,260.9 | 0.0 | — | — | — |
| Notes payable | 280.6 | 239.9 | 0.0 | — | — |
| Accounts payable | 1,487.0 | 1,270.4 | 1,967.3 | 2,270.5 | 2,028.9 |
| Contract liabilities | 187.1 | 198.1 | 159.8 | 1,912.6 | 949.2 |
| Other payables | 282.2 | 608.7 | 1,030.0 | 1,339.5 | 945.9 |
| Current portion of non-current liabilities | — | 0.0 | 41.1 | 30.9 | — |
| Total liabilities | 3,958.0 | 2,751.4 | 4,045.4 | 8,070.5 | 5,783.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 0.0 | 6,379.0 | 6,379.0 | 6,637.2 | 6,637.2 |
| Capital reserve | 3,020.2 | 3,057.6 | 3,188.1 | 12,934.6 | 12,955.8 |
| Retained earnings | 25,520.2 | 28,802.8 | 33,865.5 | 40,173.4 | 43,312.7 |
| Equity attributable to owners of the parent | 0.0 | 40,465.8 | 45,519.9 | 0.0 | 0.0 |
| Minority interests | 589.3 | 567.3 | 570.4 | 524.8 | 523.3 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 64,466.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 21,275.3 | 22,819.8 | 27,984.6 | 31,629.4 | 15,455.6 |
| Cost of sales | 3,486.6 | 3,525.2 | 3,848.2 | 4,362.7 | 2,113.3 |
| Selling expenses | 7,347.9 | 7,577.2 | 8,336.1 | 9,106.4 | 4,340.9 |
| Administrative expenses | 2,306.5 | 2,417.0 | 2,555.7 | 2,806.2 | 1,257.5 |
| Finance costs | -470.9 | -478.4 | -572.7 | -406.9 | -32.4 |
| Investment income | 387.4 | -49.2 | 0.0 | 0.0 | 0.0 |
| Operating profit | 4,112.0 | 4,909.9 | 7,490.6 | 8,990.0 | 5,087.7 |
| Profit before tax | 3,968.5 | 4,667.1 | 7,169.7 | 8,707.6 | 4,952.4 |
| Net profit | 3,815.1 | 4,277.8 | 6,337.0 | 7,717.0 | 4,465.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 8.50x | 12.25x | 9.72x | 8.08x | 11.68x |
| Quick ratio | 7.83x | 11.35x | 9.05x | 7.63x | 10.98x |
| Debt-to-asset ratio | 9.3% | 6.3% | 8.1% | 11.6% | 8.2% |
| Total debt / EBITDA | 0.29x | 0.00x | 0.01x | 0.00x | 0.00x |
| EBITDA interest coverage | 674.35x | 863.65x | 1366.15x | 643.10x | 1850.33x |
| Gross margin | 83.6% | 84.6% | 86.2% | 86.2% | 86.3% |
| Net margin | 17.9% | 18.7% | 22.6% | 24.4% | 28.9% |
| Return on equity (ROE) | — | — | — | — | 6.9% |
| Revenue growth | — | 7.3% | 22.6% | 13.0% | -51.1% |
| Net profit growth | — | 12.1% | 48.1% | 21.8% | -42.1% |
| Receivable days | 101 | 83 | 64 | 59 | 116 |
| Cash received / revenue | 87.3% | 105.6% | 97.0% | 106.2% | 87.0% |
| Operating CF / net profit | 0.33x | 1.79x | 1.17x | 1.46x | 0.44x |
| Free cash flow | 1,655.6 | 8,866.0 | 5,510.8 | 8,494.9 | 162.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.12 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 50,135.6 vs 46,090.3 CNY mn (deviation 8.07%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 4,045.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 5,734.1 vs 5,635.4 CNY mn (deviation 1.72%, severity mid)
Sources: 2023年年度报告.pdf p.145 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.145 「货币资金」. CF-statement figure above the balance-sheet movement by 98.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 3,967.6 vs 4,069.8 CNY mn (deviation 2.51%, severity mid)
Sources: 2024年年度报告.pdf p.144 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.144 「货币资金」. CF-statement figure below the balance-sheet movement by 102.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 15,916.5 vs 16,139.6 CNY mn (deviation 1.38%, severity mid)
Sources: 2025年年度报告.pdf p.133 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.133 「货币资金」. CF-statement figure below the balance-sheet movement by 223.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -2,124.0 vs -2,221.2 CNY mn (deviation 4.37%, severity mid)
Sources: 2026年半年度报告.pdf p.77 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.75 「货币资金」. CF-statement figure above the balance-sheet movement by 97.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 40,955.5 | 2025年年度报告.pdf | 133 | 货币资金 | 40955482467.79 (元) |
| Total assets | 2025 | 69,867.3 | 2025年年度报告.pdf | 133 | 资产总计 | 69867315773.74 (元) |
| Accounts receivable | 2025 | 5,146.6 | 2025年年度报告.pdf | 133 | 应收账款 | 5146562124.0 (元) |
| Fixed assets | 2025 | 5,830.3 | 2025年年度报告.pdf | 133 | 固定资产 | 5830331083.53 (元) |
| Short-term borrowings | 2023 | 0.0 | 2023年年度报告.pdf | 145 | 短期借款 | 0.0 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.