Market Overview - AMD's overnight drop of 17% triggered a significant decline in chip stocks, leading to a 1.95% drop in the Chinese concept index, which negatively impacted the Hong Kong stock market [1] - The Hang Seng Index fell by 340.88 points, or 1.27%, to 26,506.44 points, while the Hang Seng Tech Index decreased by 62.30 points, or 1.16%, to 5,304.14 points [1] - Major tech stocks like Tencent and Alibaba saw declines of nearly 3% and 2.5%, respectively, with Tencent's market value dropping below 500 billion [1] Company Performance - Xinda Biopharmaceuticals (01801.HK) projected total product revenue of approximately RMB 11.9 billion for 2025, reflecting a year-on-year growth of about 45% [2] - Lee & Man Paper Manufacturing (02314.HK) expects profits for 2025 to be between HKD 1.88 billion and HKD 2.00 billion, indicating a year-on-year increase of 38% to 47% [2] - ZTO Express (02057.HK) anticipates total revenue of RMB 48.5 billion to RMB 50 billion for 2025, representing a year-on-year growth of approximately 9.5% to 12.9% [2] - China Resources Cement (01313.HK) forecasts a year-on-year profit increase of about 115% to 135% for 2025, driven by reduced costs and impairment losses [2] Corporate Actions - Goldin Properties (00535.HK) reported a January contract sales total of approximately RMB 239 million, a year-on-year decrease of 61.82% [3] - Fosun International (00656.HK) plans to subscribe for additional registered capital of RMB 105 million in Shangmeng Technology, acquiring a 51.0879% stake post-increase [3] - Shanghai Pharmaceuticals (02607.HK) intends to publicly transfer its 30% stake in Bristol-Myers Squibb, with a minimum listing price of approximately RMB 1.023 billion [3] - China Coalbed Methane (08270.HK) completed the sale of 100% equity in Shanxi Qingshui Shuntai Energy Development [4] Investment Trends - The active repurchase of shares continues, with Kingsoft (03888.HK) repurchasing 1.0886 million shares for approximately HKD 29.99 million [9] - Xiaomi Group (01810.HK) repurchased 4.3 million shares for a total of HKD 146 million [10] - Kingdee International (00268.HK) repurchased 1 million shares for approximately HKD 11.1 million [11] Market Outlook - Guoyuan International's report suggests that the Hong Kong stock market may experience short-term volatility due to external factors, but maintains a positive long-term outlook [12] - CITIC Securities highlights the potential for new investment opportunities in emerging markets, despite risks from rising oil prices and long-term bond yields [12] - Galaxy Securities recommends focusing on technology, energy, precious metals, and consumer sectors for potential rebounds [13]

Summary of the Conference Call for Fosun International Industry and Company Overview - **Company**: Fosun International - **Industry**: Diversified Holdings including healthcare, consumer products, tourism, and insurance Key Points and Arguments 1. **Strategic Focus**: Fosun International is implementing a "slimming down" strategy aimed at systematically enhancing profitability, cash flow generation, and balance sheet health over the next five years, with a gradual increase in shareholder dividends currently maintained at around 20% [2][3][4] 2. **Core Subsidiaries**: The four core subsidiaries of Fosun International are: - **Fosun Health**: Rapid growth in innovative drug revenues with multiple products showing significant potential - **Yuyuan**: Strengthened profitability in fashion jewelry and potential recovery in the liquor business due to consumer recovery - **Fosun Tourism**: Accelerating global resort network expansion with expected profitability improvements - **Fosun Insurance**: Strong premium income growth, leading market share in Portugal [4][6] 3. **Debt Management**: The company aims to reduce interest-bearing debt from a historical peak of 120 billion RMB to below 60 billion RMB, with a target for public market debt to be below 25% [2][8][10] 4. **International Market Performance**: Fosun Pharma has ten products approved in international markets, with strong sales performance and expected significant growth over the next three years, particularly in innovative products like PD-L1 and ADC [5][6] 5. **Yuyuan's Business Transformation**: Yuyuan is actively transforming its brand image and focusing on younger demographics, with new product lines and marketing strategies to align with current consumer trends [2][8] 6. **Capital Allocation**: The company prioritizes capital allocation towards four main industries: health (Fosun Pharma), consumer (Yuyuan and Fosun Tourism), wealth (Portuguese insurance), and manufacturing (Hainan Mining) [4][10] 7. **Operational Efficiency**: The management emphasizes improving operational efficiency and reducing costs, particularly in response to declining profitability in some Yuyuan segments [10][11] 8. **Future Growth Drivers**: Expected growth from innovative drug commercialization, new village expansions, and high-end tourism models is anticipated to contribute to revenue and profit from 2026 to 2027 [11] Other Important Insights - **Market Expansion**: HR Company's gastric cancer surgery phase 3 registration has been successful, with commercialization in over 30 countries, and the U.S. market approval will follow local clinical approval timelines [7] - **IPO Plans**: Fosun Pharma is initiating A-share IPO guidance, which may enhance the valuation of its assets and the overall group [9] - **Collaboration with Clavis Bio**: Fosun Pharma's collaboration involves shared development responsibilities, with specific details to be disclosed publicly [9] This summary encapsulates the essential insights from the conference call, highlighting the strategic direction, financial health, and growth prospects of Fosun International and its subsidiaries.

智通财经APP讯，复星国际(00656)发布公告，于2026年2月4日，本公司的间接全资附属公司浙江复星商 业发展有限公司(复星商发)与浙江商盟科技有限公司(商盟科技)、亚东星辰创业投资有限公司(亚东星辰) 及宁波梅山保税港区统付企业管理合伙企业(有限合伙)(宁波统付)订立一份《增资协议书》。复星商发 同意以现金人民币1.05亿元认购商盟科技新增注册资本，对应取得商盟科技增资后51.0879%的股权。 商盟支付为全球客户提供一站式收付解决方案，跨境支付场景涵盖跨境电商、跨境贸易、跨境商旅等领 域，国内支付场景涵盖文旅、消费金融、新零售等领域，具备稳健的业务基础与良好的发展潜力。 透过本次增资，本公司可分享商盟科技未来成长收益，同时藉助商盟科技与本集团线上线下生态的协同 效应，连结境内及跨境各类业务场景。 截至本公告日，商盟科技持有商盟支付 100%股权。商盟支付核心资质完备，持有中国支付业务许可证 和跨境人民币许可，支付业务许可证的许可事项为储值账户运营 I类、储值账户运营 II类(浙江省、上海 市);同时，商盟科技持有香港金钱服务经营者(Money Service Operator)牌照，与商盟支付的境内支 ...

商盟支付为全球客户提供一站式收付解决方案，跨境支付场景涵盖跨境电商、跨境贸易、跨境商旅等领 域，国内支付场景涵盖文旅、消费金融、新零售等领域，具备稳健的业务基础与良好的发展潜力。 透过本次增资，本公司可分享商盟科技未来成长收益，同时藉助商盟科技与本集团线上线下生态的协同 效应，连结境内及跨境各类业务场景。 截至本公告日，商盟科技持有商盟支付 100%股权。商盟支付核心资质完备，持有中国支付业务许可证 和跨境人民币许可，支付业务许可证的许可事项为储值账户运营 I类、储值账户运营 II类(浙江省、上海 市);同时，商盟科技持有香港金钱服务经营者(Money Service Operator)牌照，与商盟支付的境内支付体 系形成协同，共同构建起金融级境内外一体化支付系统。 智通财经APP讯，复星国际(00656)发布公告，于2026年2月4日，本公司的间接全资附属公司浙江复星商 业发展有限公司(复星商发)与浙江商盟科技有限公司(商盟科技)、亚东星辰创业投资有限公司(亚东星辰) 及宁波梅山保税港区统付企业管理合伙企业(有限合伙)(宁波统付)订立一份《增资协议书》。复星商发 同意以现金人民币1.05亿元认购商盟科技新增 ...

Core Viewpoint - Fosun International (00656.HK) announced an investment agreement involving its indirect wholly-owned subsidiary, Zhejiang Fosun Commercial Development Co., Ltd., which will invest RMB 105 million in Shangmeng Technology Co., Ltd. to acquire a 51.0879% stake [1] Group 1: Investment Details - Fosun Commercial Development will subscribe to the increased registered capital of Shangmeng Technology for RMB 105 million [1] - The investment will result in Fosun holding a majority stake of 51.0879% in Shangmeng Technology after the capital increase [1] Group 2: Company Background - Shangmeng Technology is a limited liability company registered under Chinese law, primarily engaged in domestic and cross-border payment services [1] - As of the announcement date, Shangmeng Technology is controlled by Mr. Guo, who is the ultimate controlling shareholder of the company [1] Group 3: Subsidiary Information - Shangmeng Technology holds 100% equity in Zhejiang Shangmeng Payment Co., Ltd., which is a payment service provider with essential qualifications such as a payment business license and cross-border RMB license [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於 2026 年 2 月 4 日 ，本 公 司之 間 接 全 資附 屬 公司 浙 江復 星商 業 發展 有 限 公 司 （「復 星 商 發 」） 與 浙 江 商 盟 科 技 有 限 公 司 （「 商 盟 科 技 」）、 亞東星辰 創業 投 資有 限 公司（「亞東星辰 」）及 寧 波梅 山 保稅 港 區統 付企 業 管理 合 夥 企業（有 限 合夥 ）（「 寧波統付 」）訂立 一 份《 增資 協 議書 》（「 增資協議 」）。 據此， 復 星 商 發 同 意 以 現 金 人 民 幣 105 百 萬 元 認 購 商 盟 科 技 新 增 註 冊 資 本， 對 應取 得 商盟 科技 增 資 後 51.0879%之 股 權。 上 市 規 則 之 涵義 截至 本 公告 日 ...

| 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00656 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 8,166,663,124 | | 0 | | 8,166,663,124 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 8,166,663,124 | | 0 | | 8,166,663,124 | 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方） | | 未符合適用的公眾持股量要求（見下方） | | 根據《主 ...

花旗发表研报指，考虑到豫园的盈警及对复星其他业务(主要为健康板块)的最新预测，预计复星国际在 2025财年将录得约7.78亿元的净亏损。该行将其目标价从6.5港元下调至5.6港元，维持"买入"评级。该 行认为集团拟通过出售或资产证券化剥离非核心资产的策略，可加快集团的去杠杆化进程，并可能收窄 其目前高达75%的净资产值折价。该行又将集团今明两年的盈利预测下调17%至28%，但认为其在波动 性极大的股票市场中进行增值收购的能力具有潜在上涨空间。 ...

Core Viewpoint - Shanghai is positioned to enhance its global competitiveness in the health industry through a series of proposals focusing on the integration of medical services, insurance, and pharmaceuticals, addressing challenges such as aging population and regulatory frameworks [1][3]. Group 1: Medical and Pharmaceutical Industry Development - The biopharmaceutical industry in Shanghai is transitioning from a "follower" to a "leader" phase, but faces challenges such as disconnection between innovation and industry chains, and imbalances in supply and demand [1][3]. - The implementation of the new regulations for biomedical technology and the first version of the commercial health insurance innovative drug directory are critical for Shanghai to leverage its role as a pioneer in reform [1][4]. Group 2: Regulatory and Pricing Challenges - The current regulatory framework for biomedical technologies lacks specificity, leading to potential inefficiencies in resource allocation and regulatory processes [4][5]. - There is a need for clear pricing standards for biomedical technologies, as existing regulations do not provide detailed guidelines for cost and pricing mechanisms [5][6]. Group 3: Health Insurance and Payment Mechanisms - To address the high costs of innovative drugs, proposals include expanding commercial health insurance coverage and optimizing reimbursement levels for innovative drugs, particularly those developed in Shanghai [7][8]. - A new funding pool for innovative drugs is suggested to support local high-value clinical innovations that are not yet included in national insurance negotiations [8][9]. Group 4: AI and Digital Transformation in Drug Development - The pharmaceutical industry is experiencing a paradigm shift towards digitalization and AI integration, with major companies investing heavily in AI technologies to enhance drug development efficiency [10][11]. - The establishment of a centralized data platform for biomedical research is proposed to overcome data fragmentation and enhance collaboration across institutions, aiming to create a world-class biomedical database by 2030 [12][13].

智通财经2月3日讯（记者 沈娇娇 王彦琳）目前，人口老龄化将是我国未来很长时期的基本国情，应对 老龄化问题刻不容缓，如何创新养老模式、发展银发经济成为社会关注的焦点。 正在举行的上海两会上，上海市政协委员、复星国际联席CEO陈启宇从资源盘活、资本赋能、产业培 育、模式创新及科技应用等多个维度，为超大城市应对老龄化挑战提出了系统性建议。 陈启宇向智通财经记者表示："上海的老年人口相对来讲教育程度、收入水平、财富水平、生活的要求 都比较高。所以在这一点上的话，我觉得上海应该在全国率先去探索未来的养老的路径。" 他指出，上海作为我国最早进入深度老龄化的超大城市，截至2024年底，户籍60岁以上老年人口已接近 590万，预计2025年将突破600万，其中80岁以上高龄人口近86万，高龄、失能、空巢群体叠加态势显 著，养老服务需求呈现多元化、品质化特征。 然而，当前上海养老服务体系面临多重挑战。陈启宇分析认为，首要问题是优质资源供给不足，表现为 面向失能失智、高龄独居长者的专业照护资源稀缺，同时存在普通养老床位空置与高品质服务"一床难 求"并存的结构性矛盾。其次，养老机构可持续发展能力偏弱，前期投入大、回报周期长、人力 ...