Jiangsu Nhwa Pharmaceutical is best understood as a focused central nervous system (CNS) and psychiatric-medicine company, while Jiangsu Hengrui Pharmaceuticals presents a broader innovation-led profile. In the latest figures covered here, Nhwa reported RMB5.698 billion in revenue for FY2024; Hengrui reported RMB31.629 billion for FY2025. Because those figures cover different years, they indicate reported scale rather than a like-for-like revenue comparison.
What does Jiangsu Nhwa specialize in?
Jiangsu Nhwa Pharmaceutical Co., Ltd. is a Chinese pharmaceutical company whose profile in the available company material centers on CNS and psychiatric medicines. It is listed on the Shenzhen Stock Exchange under stock code 002262. That specialization gives Nhwa a distinct positioning from a company whose public profile emphasizes a wider innovation platform; it does not, by itself, establish the composition of Nhwa’s entire product portfolio or its share of revenue by therapeutic area.
Nhwa’s FY2024 annual report, dated March 29, 2025, records operating revenue of RMB5,697,633,044.59, attributable net profit of RMB1,143,564,427.44, and net cash from operating activities of RMB916,126,503.06. Revenue increased 13.01% from FY2023, according to the report. Nhwa’s FY2024 annual-report material provides these figures.
How large is Nhwa compared with Hengrui?
Hengrui’s FY2025 reported revenue was substantially higher than Nhwa’s FY2024 revenue, but the periods do not match. The figures below are useful for orientation, not as a same-year comparison or a precise measure of relative size.
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| Company and reporting period | Revenue | Other reported figures |
|---|---|---|
| Jiangsu Nhwa Pharmaceutical, FY2024 | RMB5.698 billion | Attributable net profit: RMB1.144 billion; net cash from operating activities: RMB916.1 million |
| Jiangsu Hengrui Pharmaceuticals, FY2025 | RMB31.629 billion | Innovative-drug sales and licensing revenue: RMB19.735 billion, or 62.4% of total revenue |
Nhwa’s figures come from its FY2024 annual-report material. Hengrui’s come from its FY2025 annual report, filed March 26, 2026. These are company-reported financial measures, not a normalized analysis of business mix or profitability.
How do their innovation strategies compare?
Hengrui reports substantial R&D investment
Hengrui reported FY2025 R&D expense of RMB6.961 billion, equal to 22.0% of revenue. In FY2024, the corresponding figures were RMB6.583 billion and 23.5%. These annual-report ratios describe the respective fiscal years. Hengrui’s current official company profile separately says R&D expense has remained above 25% of total revenue for multiple consecutive years; that profile statement should not be substituted for the FY2025 annual-report figure.
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Hengrui describes a broad pipeline and marketed portfolio
According to the same official profile, Hengrui has 27 marketed Class 1 innovative drugs in China, more than 100 proprietary clinical-stage candidates, and products in more than 50 countries. These are company-reported profile claims, not a matched comparison with Nhwa’s pipeline or overseas business. Hengrui also states: “Globalization is our long-term development strategy.”
Nhwa’s evidence supports a more specialized description
The reviewed Nhwa material supports describing the company as focused on CNS and psychiatric medicines, but it does not establish a same-period R&D-spending or pipeline comparison with Hengrui. Nor does it establish that Nhwa lacks overseas activity. Nhwa’s FY2025 results and a same-period breakdown of revenue by therapeutic area are not established by the figures cited here.
What the comparison can—and cannot—show
This is a focused comparison with Hengrui, not a ranking of Nhwa against every Chinese pharmaceutical company. The clearest distinction is strategic profile: Nhwa is presented here as a CNS and psychiatric-medicine specialist, while Hengrui reports a broad, innovation-led platform and an international footprint. The reported revenue figures also show different scale, but their fiscal years differ: FY2024 for Nhwa and FY2025 for Hengrui.
Nhwa’s annual report cautions that future-development statements are plans, not substantive commitments to investors. Its Chinese wording is: “本报告中涉及的未来发展陈述，属于计划性事项，不构成公司对投资者的实质承诺”. Any management outlook should therefore be read as forward-looking planning rather than a guaranteed outcome.
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