Hengrui Pharma reported first-half 2026 revenue of RMB15.456 billion, down 1.94% year on year, and net profit attributable to shareholders of RMB4.465 billion, up 0.34%, as growth in innovative medicines only partly offset continuing pressure on generics from price cuts and competition. Pharmaceutical sales rose 1.87% to RMB13.95 billion, supported by a 16.38% increase in innovative-drug revenue to RMB8.809 billion, including a 2.58% rise in anti-tumor innovative-drug sales to RMB6.265 billion, while net profit excluding non-recurring items fell 12.71% to RMB3.73 billion and second-quarter revenue and profit missed analyst forecasts. Alongside the results, the company approved an A-share buyback of RMB1 billion to RMB2 billion at up to RMB81.78 per share, with the repurchased shares to be used for a 2026 Employee Stock Ownership Plan, and it proposed a 2026 H-share scheme subject to a separate extraordinary general meeting approval. The moves expand equity incentives across Hengrui's Shanghai and Hong Kong listings as investors assess the pace of innovative-drug commercialization, overseas licensing and weaker cash generation.