On November 17th, Hanyu Pharmaceutical, a leading company in peptide drugs...(300199.SZ) announced a major personnel appointment: former Hengrui MedicineMr. Shen Yaping, Vice President and Head of International Business, has officially assumed the position of Executive President of Hanyu Pharmaceutical .

　　The announcement states that Dr. Shen Yaping graduated from the University of Ottawa, Canada, and previously worked for several well-known overseas pharmaceutical companies, including Inflazyme (Canada), Lipont (USA), and Chemwerth (USA). He joined Hengrui Medicine in 2012 , serving successively as Assistant to the Chairman and Vice President, overseeing Hengrui Medicine's International Business Department, International Generic Drug Research Institute, eVenus (USA), Hengrui (Japan), and Hengrui (Singapore), responsible for APIs, generic drugs, and some innovative drugs.Market development, registration, sales, and maintenance of products in overseas markets.

　　His joining not only signifies a proactive choice regarding the development of Hanyu Pharmaceutical's peptide field and its international commercial prospects after in-depth analysis of industry trends, but also marks the introduction of a strategic operator with both technical background and international practical experience at a crucial juncture in Hanyu Pharmaceutical's accelerated globalization strategy. This is expected to help Hanyu Pharmaceutical embark on a new journey of internationalization.

　　With industry leaders as role models, the overseas expansion of innovative drugs is entering a period of accelerated development.

In recent years, the overseas expansion of 　　Chinese innovative drugs has moved from individual attempts to systemic breakthroughs, with Hengrui Medicine undoubtedly serving as a benchmark company. Since 2025, with the increasing global recognition of China's innovative drug pipeline and the frequent successful business development (BD) deals for blockbuster drugs, the innovative drug sector has achieved strong market performance.

　　Since the beginning of the year, Hengrui Medicine has successively reached several external licensing cooperation agreements: in March, it reached an agreement with Merck.Hengrui Medicine secured a global licensing agreement for its Lp(a) oral small molecule inhibitor HRS-5346 with an upfront payment of $200 million and a potential total value of $1.77 billion. In July, it signed a global exclusive licensing agreement with GSK for the HRS-9821 project, with an upfront payment of $500 million and a total transaction value approaching $12 billion. In September, it also reached licensing agreements with Braveheart Bio (USA) and Glenmark (India) for HRS-1893 and the HER2 ADC drug SHR-A1811, respectively, with upfront payments of $75 million and $18 million, and subsequent milestone payments exceeding $1 billion each. These high-value transactions not only demonstrate the global competitiveness of Hengrui Medicine's R&D pipeline but also reflect its mature international business operations. Its stock price has climbed steadily from a low of 42.25 yuan/share in January to a high of 74 yuan/share in September.

　　Behind Hengrui Medicine's success in going global lies not only the innovative value of its pipeline itself, but also the support accumulated over many years by its international business team. In its globalization process, Hengrui Medicine's business development (BD) structure, cross-border compliance network, clinical value validation, and regionalized commercialization path have been repeatedly validated, undoubtedly providing a replicable "going global model" for companies accelerating their internationalization process and speeding up Hanyu Pharmaceutical's journey "from going global to internationalization."

　　From the ramp-up of liraglutide production to global pipeline collaboration, internationalization is accelerating.

　　The joining of a former senior executive from an industry leader is not the starting point for Hanyu Pharmaceutical's accelerated internationalization strategy; its international layout has already been clearly laid out. Looking at performance, in the first three quarters of 2025, the company achieved operating revenue of 683 million yuan, a year-on-year increase of 82.06%; net profit attributable to the parent company reached 71.3515 million yuan, a significant year-on-year increase of 305%. The core driving force behind this performance surge...This success is attributed to the large-scale sales of liraglutide injection in the US market. As the first generic version, the product received FDA approval in December 2024 and partnered with Hikma, a leading US generic injectable drug manufacturer, to rapidly fill the gap left by the original drug Novo Nordisk starting in early 2025.Market shortages were caused by overcapacity. In the first half of the year, the company's international business revenue reached 425 million yuan, a surge of 272.76% year-on-year, increasing its share of total revenue to 77.40%.

　　However, Hanyu Pharmaceutical's ambitions extend far beyond a single generic drug. The company has built a complete peptide pipeline covering the GLP-1 target, including Smegglutide injection (with Phase III enrollment completed in China for its weight loss indication), telpotide, and retaglutide, and is actively promoting the development of oral formulations. According to the investor relations activity record from June this year, Smegglutide injection (weekly formulation)/oral tablets have completed licensing agreements in China, Brazil, Egypt, Mexico, the Eurasian Economic Union region, the Gulf Cooperation Council member states, and North Africa, and are in talks with more than 20 international partners regarding licensing opportunities; telpotide injection (weekly formulation) has also reached 5 international partners in talks, with plans to operate on a profit-sharing and business development licensing model, covering different national markets worldwide.

　　Against this backdrop, Shen Yaping's joining the company is perfectly timed. This year, Hanyu Pharmaceutical has achieved remarkable results in strengthening its R&D layout. It has collaborated with Carbon Cloud Peptide to develop innovative GLP-1R/GIPR/GCGR triple agonist peptide drugs, and has established CRDMO collaborations on several clinically valuable R&D pipelines, including FAP-targeted peptide-drug conjugates (iCPDC-001) and AI antimicrobial peptides (iCAMP016). It has also entered into a strategic partnership with KuCoin, a leading global digital asset platform, to pilot RWA tokenization, the first of its kind in mainland China, using "future revenue rights of innovative drug R&D" as the underlying asset, thus innovating new drug R&D financing. Furthermore, it has partnered with Huawei Cloud to release an AI peptide large-scale model assistant, which is expected to shorten the drug development cycle by 45%.

The addition of new executives is expected to accelerate the process of transforming Hanyu Pharmaceutical's complex R&D assets into global commercial value. Its globalization strategy may shift from single-point breakthroughs to systematic output, truly entering a new stage of high-quality development.

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