Swhy research reports point out that the scale of generic drugs collected has exceeded tens of billions, and innovative drugs have returned to a rapid growth track. Jiangsu Hengrui Pharmaceuticals (600276.SH) is the representative enterprise of domestic innovative drugs and also the successful representative of turning generics into innovative drugs. Therefore, under the backdrop of the large-scale collection of generic drugs in China, the company is able to quickly recover growth from the negative impact brought by the collection. According to our calculations, from the beginning of 2021 to the first half of 2024, nearly 10 billion generic drugs have been included in the collection. While the stock of generic drugs is gradually being cleared through collection, the company is also filling the decline in the generic drug sector by developing high-difficulty generic varieties and improved new drugs. The 2024 interim report shows that the company's innovative drug growth reached 33%, becoming the main driving force behind the company's performance growth. The innovative drug BD licensing trade has contributed new profit growth points for the company. It is expected that the company's BD cooperation is expected to become normalized, contributing new profit growth points for the company. Maintaining a "buy" rating.