iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Jiangsu Nhwa Pharmaceutical is best understood as a company with a focused central nervous system (CNS) and psychiatric-medicine orientation, while Jiangsu Hengrui Pharmaceuticals presents a broader, innovation-led profile with substantial reported international reach. The available figures show Hengrui at a much larger reported revenue scale, but they cover different fiscal years: Nhwa’s FY2024 and Hengrui’s FY2025. This is a focused comparison, not a ranking of either company against China’s entire pharmaceutical sector.
What does Jiangsu Nhwa specialize in?
Jiangsu Nhwa Pharmaceutical Co., Ltd. (stock code 002262 on the Shenzhen Stock Exchange) is most clearly distinguished in the available company material by its focus on CNS and psychiatric medicines. That specialization gives it a different profile from a company whose public strategy emphasizes a broad innovation platform and a wide range of therapeutic areas.
The available figures do not establish a same-year breakdown of Nhwa revenue by therapeutic area. Its CNS focus is therefore useful for understanding its stated positioning, but it should not be taken to mean that every product or all of its revenue belongs to that category.
How large is Nhwa compared with Hengrui?
The reported revenue figures make Hengrui the larger company by scale in this comparison, but the reporting periods do not match. Nhwa’s figures are for FY2024; Hengrui’s are for FY2025. They provide orientation, not a like-for-like growth or valuation comparison.
#1 Best Overall
| Measure | Jiangsu Nhwa Pharmaceutical | Jiangsu Hengrui Pharmaceuticals |
|---|---|---|
| Reported revenue | RMB5.698 billion in FY2024, from the company’s 2024 annual-report material published in 2025. | RMB31.629 billion in FY2025, from the company’s 2025 annual report filed in March 2026. |
| Profit or innovation-related revenue | Attributable net profit was RMB1.144 billion in FY2024, according to Nhwa’s annual-report material. | Innovative-drug sales and licensing revenue was RMB19.735 billion in FY2025, or 62.4% of total revenue, according to Hengrui’s annual report. Innovative-drug sales alone were RMB16.342 billion. |
| Operating cash flow or R&D expense | Net cash from operating activities was RMB916.1 million in FY2024, according to Nhwa’s annual-report material. | R&D expense was RMB6.961 billion in FY2025, equal to 22.0% of revenue, according to Hengrui’s annual report. |
Nhwa reported that FY2024 revenue increased 13.01% from FY2023. Hengrui reported FY2024 revenue of RMB27.985 billion and FY2024 R&D expense of RMB6.583 billion, equal to 23.5% of revenue; its FY2025 report gives the corresponding later-year figures. Because the periods differ, the revenue figures above should not be used to calculate a precise company-size multiple.
Does Nhwa have an innovation profile like Hengrui’s?
Both companies can be discussed in relation to pharmaceutical development, but the material available here supports a more specific characterization of Hengrui’s innovation platform. Hengrui’s FY2025 annual report records R&D expense of RMB6.961 billion, or 22.0% of revenue. Separately, its current company profile says R&D expense has remained above 25% of total revenue for multiple consecutive years. That profile statement is not the FY2025 ratio and should not be substituted for it.
Hengrui’s company profile also reports 27 marketed Class 1 innovative drugs in China and more than 100 proprietary clinical-stage candidates. These are company-reported profile claims, rather than a directly comparable audited pipeline measure for Nhwa. The available Nhwa information does not establish a same-period R&D-spending comparison or an equivalent pipeline count, so it would be inaccurate to infer that Nhwa lacks innovation activity.
Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →How do their international ambitions compare?
Hengrui’s company profile says its products are available in more than 50 countries and describes globalization as a long-term development strategy: “Globalization is our long-term development strategy.” The statement is from the company profile, not a named executive. The available Nhwa material does not establish an equivalent measure of overseas reach, so the comparison is evidence of Hengrui’s reported footprint, not proof that Nhwa has no international activity.
Rank #3
What the comparison does—and does not—show
- Portfolio orientation: Nhwa is most readily characterized here by its CNS and psychiatric-medicine focus; Hengrui’s profile emphasizes a broader innovation platform.
- Reported scale: Hengrui’s FY2025 revenue exceeds Nhwa’s FY2024 revenue in the figures available, but this is not a same-year comparison.
- Innovation evidence: Hengrui publishes detailed R&D and pipeline figures. Comparable same-period Nhwa data are not established here.
- Sector ranking: This case comparison does not show where Nhwa or Hengrui ranks against every Chinese pharmaceutical company.
Nhwa’s annual-report material, dated March 29, 2025, cautions that future-development statements are plans rather than substantive commitments to investors. Company outlook statements should therefore be read as plans, not guaranteed outcomes. Nhwa FY2025 results are not established in the figures used here.
Quick Recap
Rank #4
- Used Book in Good Condition
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
