复星国际(00656.HK)出售HAL股份交割完成公告要点 交易概况 备注 此次交易为复星国际剥离金融资产的重要进展，交割金额以HAL未来财务表现为准。 交易标的：附属公司Bridge Fortune出售554,603股HAUCK AUFH USER LAMPE PRIVATBANK AG(HAL)股份 持股比例：占HAL注册股本99.743% 交易性质：须予披露交易 核心要点 完成状态：Bridge Fortune出售事项已完成交割 交割代价：约7.03亿欧元 计算基础：基于HAL截至2025年6月30日按国际财务报告准则编制的综合财务报表（不包含资产 服务业务） 前期公告：2024年5月28日已发布相关公告 ...

Core Viewpoint - Fosun International (00656.HK) announced the conditional sale of 554,603 shares of HAL, representing 99.743% of HAL's registered capital as of the announcement date [1] Group 1 - The sale transaction has been completed [1] - The final consideration for the transaction will be calculated based on HAL's consolidated financial statements prepared in accordance with International Financial Reporting Standards as of June 30, 2025, excluding asset service business [1] - The estimated final consideration is approximately €703 million [1]

進展公告 須予披露交易 有關出售 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。 董事長 郭廣昌 2025 年 11 月 24 日 於 本 公 告 日 期 ， 本 公 司 之 執 行 董 事 為 郭 廣 昌 先 生 、 汪 群 斌 先 生 、 陳 啟 宇 先 生 、 徐 曉 亮 先 生 、 龔 平 先 生 、 黃 震 先 生 及 潘 東 輝 先 生 ； 非 執 行 董 事 為 李 樹 培 先 生 、 李富華先生 及羅元 澧先生 ； 而 獨 立 非 執 行 董 事 為 章 晟 曼 先 生 、 張 化 橋 先 生 、 張 彤 先 生 、 李 開 復 博 士 及 曾 璟 璇女士。 HAUCK AUFHÄUSER LAMPE PRIVATBANK AG 之股份 茲提 述 復星 國 際有 限公 司（「 本公司 」）日期 ...

Group 1 - The issuer of the securities is Fortune Star (BVI) Limited, with a guarantor being Fosun International Limited [3][4] - The aggregate nominal amount of the securities is EUR 400 million, with a coupon rate of 5.875% due on November 20, 2030 [3] - The offer price for the securities is set at 100 [3] Group 2 - No stabilisation activities were carried out by the stabilisation managers, BNP Paribas and Deutsche Bank, in relation to the securities offering [2][4] - The announcement serves informational purposes and does not constitute an invitation or offer to acquire the securities [4][5] - The securities are not registered under the United States Securities Act of 1933 and cannot be offered or sold in the United States without registration or an exemption [5]

Core Viewpoint - Citibank hosted its 2025 China Summit and reaffirmed its "Buy" rating for Fosun International (00656.HK), raising the target price to HKD 6.5, highlighting the company's strategic focus on core businesses and global expansion [1] Group 1: Strategic Focus and Financial Health - Fosun International is committed to a "streamlining and focusing" strategy, optimizing its financial structure, and demonstrating a strong determination in deleveraging and disposing of non-core assets [1] - Multiple domestic and international brokerages, including Citibank and UBS, maintain a "Buy" or "Overweight" rating for Fosun, with target prices ranging from HKD 6.5 to HKD 7.5, reflecting confidence in the company's business resilience and innovation potential [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for small cell lung cancer treatment, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical trials in multiple countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, Fosun's tourism sector saw significant visitor numbers and revenue growth, with Club Med resorts reporting a 36% increase in total revenue year-on-year [3] - The consumer sector is adjusting its strategy, with expectations for recovery in the jewelry segment, supported by improving performance and market conditions [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading player in Hong Kong's fintech market, focusing on AI-driven wealth technology [4] - The company is advancing into the virtual asset market and has launched the FinRWA Platform, providing compliant and efficient Web3 access services [4] - Brokerages view Fosun's core industries as stable, with a focus on leveraging strengths and potential, enhancing global presence, and increasing technological innovation [4]

Group 1: Company Overview - Citibank hosted its 2025 China Summit and reaffirmed a "Buy" rating for Fosun International, raising the target price to HKD 6.5, reflecting confidence in the company's strategic focus on core businesses and global expansion [1] - Multiple domestic and international brokerages maintain a "Buy" or "Overweight" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, indicating strong market sentiment towards the company's resilience and innovation potential [1] Group 2: Health Sector - Fosun's health segment is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - The insurance segment, exemplified by Fidelidade, is projected to achieve steady growth with a 12.7% year-on-year increase in insurance revenue and a net profit of EUR 253 million, maintaining a strong market position [2] Group 3: Tourism and Consumption - During the 2025 National Day and Mid-Autumn Festival, Fosun's tourism sector saw significant visitor numbers, with Club Med resorts reporting a 36% year-on-year increase in total revenue and a 213% surge in inbound tourists [3] - The consumption sector is undergoing strategic adjustments, with expectations for recovery in core businesses, particularly in jewelry, as market conditions improve and global expansion deepens [3] Group 4: Asset Management and Fintech - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, emerging as a leading player in Hong Kong's fintech market, focusing on AI-driven wealth technology [4] - The company is advancing into the virtual asset market with the FinRWA Platform, providing compliant Web3 access services and launching several innovative projects, including the first tokenized fund in Hong Kong [4]

Group 1: Core Business Strategy - Citibank hosted its 2025 China Summit and reiterated a "Buy" rating for Fosun International, raising the target price to HKD 6.5, highlighting the company's focus on core business and global expansion [1] - Fosun is committed to optimizing its financial structure, with a strong determination to reduce leverage and dispose of non-core assets, which is expected to enhance financial stability and focus on core operations [1][2] - Multiple domestic and international brokerages maintain a "Buy" or "Increase" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, reflecting confidence in the company's business resilience and innovation [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical research in various countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, the Taicang Alps International Resort received over 50,000 visitors, and Club Med resorts saw a nearly 10% increase in average daily room rates [3] - The consumer sector is adjusting strategies, with expectations for growth in the jewelry segment, as indicated by the resilience of Fosun's consumer business [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading fintech company in Hong Kong, focusing on AI-driven wealth technology [4] - Xinglu Technology has launched the FinRWA Platform, providing compliant and efficient Web3 access services, and has been recognized as a key enterprise by the Hong Kong government [4] - Brokerages express optimism about Fosun's core industries and its focus on technological innovation, which is expected to enhance its long-term growth potential [4]

Core Insights - The highest short-selling ratios were observed for Lenovo Group-R, Li Ning-R, and JD Health-R, all at 100.00% [1] - The top three companies by short-selling amount were Alibaba-SW, Tencent Holdings, and Xpeng Motors, with amounts of 2.028 billion, 1.373 billion, and 1.113 billion respectively [1] - The highest deviation values were recorded for SenseTime-WR, Lenovo Group-R, and Kuaishou-WR, with values of 39.79%, 32.17%, and 30.02% respectively [1] Short-Selling Ratio Rankings - Lenovo Group-R had a short-selling amount of 1.6136 million with a ratio of 100.00% and a deviation of 32.17% [2] - Li Ning-R reported a short-selling amount of 23.8 thousand with a ratio of 100.00% and a deviation of 21.97% [2] - JD Health-R had a short-selling amount of 16.8 thousand with a ratio of 100.00% and a deviation of 26.39% [2] - The short-selling ratio for SenseTime-WR was 93.15% with a short-selling amount of 851.7 thousand and a deviation of 39.79% [2] Short-Selling Amount Rankings - Alibaba-SW led with a short-selling amount of 2.028 billion, a ratio of 17.38%, and a deviation of 2.52% [2] - Tencent Holdings followed with a short-selling amount of 1.373 billion, a ratio of 16.18%, and a deviation of -0.71% [2] - Xpeng Motors had a short-selling amount of 1.113 billion, a ratio of 12.34%, and a deviation of -3.96% [2] Short-Selling Deviation Rankings - SenseTime-WR had the highest deviation value of 39.79% with a short-selling amount of 851.7 thousand and a ratio of 93.15% [2] - Lenovo Group-R followed with a deviation of 32.17%, a short-selling amount of 1.6136 million, and a ratio of 100.00% [2] - Kuaishou-WR recorded a deviation of 30.02% with a short-selling amount of 107.84 thousand and a ratio of 79.04% [2]

Core Insights - The Chinese pharmaceutical innovation sector has seen a significant increase in transaction amounts, surpassing $100 billion in overseas deals, indicating a robust growth in the industry [1][2] - The National Medical Products Administration (NMPA) approved 43 new drugs in the first half of 2025, with domestic drugs accounting for 40, showcasing an acceleration in the pace of innovation [1] - Shanghai has emerged as a key hub for biopharmaceuticals, with 9 innovative drugs approved for overseas markets in 2023, reflecting a shift from single breakthroughs to batch outputs [2][3] Industry Trends - The total number of global pharmaceutical transactions reached 682, with a total value of $191 billion in the first three quarters of 2025, indicating a strong upward trend [1] - Chinese pharmaceutical companies are transitioning from being participants in the global market to becoming significant contributors to global health [3][4] - The focus on "source innovation" is critical for Chinese companies to differentiate themselves and avoid homogenization in drug development [2][4] Challenges and Opportunities - Despite the growth, the Chinese pharmaceutical industry faces challenges such as weak foundational research and a predominance of "follow-up" innovation, leading to issues with target homogenization [2][6] - There is a pressing need for differentiation in innovation to create value, as highlighted by industry leaders [2][5] - The industry must address the affordability of innovations for the Chinese population, necessitating a shift in cost strategies compared to Western markets [5][6] Strategic Directions - Companies are encouraged to adopt a rational approach to innovation, focusing on unmet clinical needs and leveraging emerging technologies to address these demands [7][8] - The ability to sell drugs globally is becoming a key competitive advantage, with companies needing to build strong commercial capabilities alongside their R&D efforts [9][10] - Collaborative approaches and localized strategies are essential for navigating international markets effectively [10][11] Future Outlook - The potential for "source innovation" to drive the next wave of growth in the Chinese pharmaceutical industry is recognized, contingent on overcoming existing barriers [11]

Core Insights - The eighth China International Import Expo showcased unprecedented innovation in the Chinese pharmaceutical and healthcare industry, transitioning from "catching up" to "co-creating" [1] Group 1: Technological Breakthroughs - The demand for high-throughput and automated tools in personalized medicine and gene therapy is driving domestic companies to accelerate the localization of core equipment and system solutions [2] - Domestic high-speed centrifuges have surpassed the critical speed of 100,000 RPM, achieving performance metrics on par with international standards, breaking the long-standing 62% market share held by foreign companies [2] - AI applications have evolved from standalone tools to comprehensive system solutions, enhancing blood management from passive response to proactive alerts [2] Group 2: Treatment Innovations - The trend of younger patients with neurological diseases has shifted focus towards precise diagnosis and non-invasive treatments, with highlights including the magnetic resonance-guided focused ultrasound system and a 128-channel magnetoencephalography system [3] - The domestic CAR-T product, Yikaida, is now included in various health insurance plans, benefiting over a thousand patients across more than 190 medical institutions [3] Group 3: Accelerated Collaboration - The expo serves as a platform for collaboration, with emerging pharmaceutical companies introducing globally innovative drugs and signing multiple cooperation agreements [4] - Established companies are transitioning from simple procurement to integrated collaboration involving products, technology, and services [4] - The National Healthcare Security Administration's participation signals China's commitment to stable demand and expanded procurement for innovative medical products [5] Group 4: Open Innovation Pathways - The Chinese pharmaceutical industry is increasingly recognized globally for its innovations, with a focus on source innovation and open collaboration as key pathways to accelerate progress [5] - The expo reflects a deeper trend where China is not only a consumer of global innovations but is also becoming a co-builder of global innovation pathways [5]