Core Viewpoint - Fosun International (00656) has announced a significant acquisition involving Green Valley Technology, which will enhance its stake in the company to 53% and make it a subsidiary [1] Group 1: Stock Performance - As of December 16, 2025, Fosun International's stock closed at 4.63 CNY, down 3.14% from the previous trading day [1] - The stock opened at 4.76 CNY, with a high of 4.76 CNY and a low of 4.58 CNY, achieving a trading volume of 20.7376 million CNY [1] - Over the past 52 weeks, the stock reached a high of 6.81 CNY and a low of 3.72 CNY [1] Group 2: Acquisition Details - Fosun Pharma's subsidiary has signed an agreement to acquire an 8.6667% stake in Green Valley Technology for 143 million CNY [1] - Additionally, Fosun Pharma will subscribe to a new registered capital of Green Valley Technology for 1.269 billion CNY, resulting in a total ownership of 46.3504% post-transaction [1] - A Special Purpose Vehicle (SPV) will be established with the founder of Green Valley Technology, with Fosun holding 51% and the founder holding 49% [1] - The SPV will acquire an additional 2% stake in Green Valley Technology for 1 CNY, leading to Fosun International indirectly holding 53% of the company [1] - The target company focuses on the development of drugs for neurodegenerative diseases, specifically a capsule for the treatment of mild to moderate Alzheimer's disease [1]

Core Viewpoint - Fosun International (00656.HK) announced an agreement to acquire a stake in Green Valley (Shanghai) Pharmaceutical Technology, enhancing its position in the Alzheimer's disease treatment market [1][2]. Group 1: Acquisition Details - Fosun Pharma's subsidiary will acquire a total of 8.6667% equity in Green Valley, with a purchase price of RMB 143 million, and will subscribe to an additional capital increase of RMB 1,269,481,633, resulting in a total ownership of 46.3504% post-transaction [1]. - The transaction involves a special purpose vehicle (SPV) where Fosun Pharma and the founders will hold 51% and 49% stakes, respectively, facilitating the handling of employee stock buybacks [2]. Group 2: Market Context - Alzheimer's disease (AD) is a significant public health challenge with limited treatment options, and the market for AD treatments in China is underdeveloped, presenting substantial growth opportunities [3]. - The global sales for AD treatments are projected to reach approximately USD 2.094 billion in 2024, while the sales in China are expected to be only RMB 1.244 billion [3]. Group 3: Product Pipeline - The target company's Mannoheptulose capsules are indicated for mild to moderate Alzheimer's disease, showing significant cognitive improvement in clinical trials [4]. - Fosun Pharma is committed to advancing its product pipeline in the central nervous system disease sector, including ongoing clinical trials and the introduction of innovative treatment technologies [4].

Core Viewpoint - Fosun International announced an agreement to acquire a stake in Green Valley (Shanghai) Pharmaceutical Technology, enhancing its position in the Alzheimer's disease treatment market [1][2][3] Group 1: Acquisition Details - Fosun Pharma will acquire a total of 8.6667% of Green Valley's shares, with a purchase price of RMB 143 million, and will subscribe to additional registered capital amounting to RMB 1.269 billion, resulting in a total ownership of 46.3504% post-transaction [1][2] - The transaction involves a special purpose vehicle (SPV) where Fosun Pharma and the founders of Green Valley will hold 51% and 49% stakes, respectively, to manage employee buyback arrangements [2] Group 2: Market Context - Alzheimer's disease (AD) is a significant public health challenge with limited treatment options, and the market for AD treatments in China shows substantial growth potential, with a current sales figure of RMB 1.244 billion for 2024 [3][4] - The market for AD treatments globally is projected to reach USD 2.094 billion in 2024, indicating a strong demand for effective therapies [3] Group 3: Product Pipeline - Green Valley's Mannoheptulose capsules are aimed at treating mild to moderate Alzheimer's disease, showing significant cognitive improvement in clinical trials [4] - Fosun Pharma is expanding its product pipeline in the central nervous system disease sector, including non-invasive diagnostic and therapeutic solutions, and plans to conduct further clinical trials for the newly acquired drug [4]

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。 須予披露交易 有關控股綠谷科技 交易 於 2025 年 12 月 15 日，復星醫藥產業（本公司透過復星醫藥持有之附屬公司） 與目標公司、目標公司創始股東、若干目標公司現有股東及若干目標公司之附 屬公司簽訂交易協議，據此，復星醫藥產業同意收購，市隱投資及識璧潤同意 出售其分別持有的目標公司 6.8817%及 1.7849%的股權，合計佔交易前目標公 司 8.6667%的股權（佔交易完成後目標公司 4.6496%的股權），收購事項之代價 合計為人民幣 143,000,000 元；各方同意復星醫藥產業以人民幣 1,269,481,633 元認購目標公司新增註冊資本（佔交易完成後目標公司 46.3504%的股權）。 此外，為妥善處理目標公司存續股權激勵計劃等安排中的相關退股並由復星醫 藥產業和目標公司創始人共同承擔相應成本，擬由目標公司先行向約定範圍內 的退股員工等支付相應退股款項，同時由復星醫藥產業與目標公 ...

Group 1 - The Hainan Free Trade Port will officially start its full island closure on December 18, marking a significant step in China's commitment to high-level opening-up and the construction of an open world economy [1] - The overall plan for the construction of the Hainan Free Trade Port emphasizes institutional innovation and aims to create a modern industrial system focused on five directions: agriculture, maritime, aerospace, green development, and digital economy [1][3] - The Yangpu Economic Development Zone has become the first key park in Hainan to exceed a production value of 100 billion yuan, supported by the establishment of 54 new domestic and international shipping routes over the past five years [2][3] Group 2 - The introduction of the super-large dredging vessel "Tongzhen" has increased the registered international shipping capacity of Yangpu Port to over 7 million deadweight tons, maintaining its leading position among China's free trade zones [2] - The cooperation between Danzhou and Shenzhen has been initiated to enhance resource and technology matching, showcasing a model for mutual development between Guangdong and Hainan [3] - The Hainan Free Trade Port has seen an average annual growth rate of 31.3% in goods and services import and export from 2020 to 2024, indicating a robust increase in trade activities [3] Group 3 - The Hainan Provincial Government has implemented policies to shorten the drug approval process by half, significantly boosting the biopharmaceutical industry and attracting investments [4][5] - The Haikou National High-tech Zone has transformed from a focus on generic drugs to innovative drug research and development, supported by favorable policies [5][6] - The actual use of foreign capital in Hainan has grown at an average annual rate of 14.6% over the past five years, reflecting an improved business environment [6] Group 4 - The tourism sector in Sanya is evolving from sightseeing to experiential tourism, with significant revenue contributions from non-room income at luxury hotels [7][8] - The implementation of the duty-free shopping policy since July 2020 has led to cumulative sales exceeding 200 billion yuan, with a notable increase in shopping frequency [8] - Hainan has signed agreements with 48 renowned domestic and international universities, enhancing its educational landscape and attracting a large student population [8][9]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 復星國際有限公司 | | | 呈交日期: | 2025年12月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 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 | | | 8,166,635,624 | | 0 | | 8,166,635,624 | | 增加 / 減少 (-) | | | 0 | ...

Core Insights - A high-quality elderly care asset auction in Shanghai has concluded, attracting significant industry attention, with the asset sold for 342.5 million yuan, reflecting a premium rate of approximately 11.7% [1][2] Group 1: Auction Details - The asset was listed for auction starting October 13 and concluded on November 10, with a starting price of 306.5 million yuan [2] - The asset is located at 425 Luoxiu Road, Xuhui District, covering an area of 8,000 square meters and a total construction area of 26,559 square meters, including 20,386 square meters above ground and 6,173 square meters underground [2] - The project is part of the Shang Hai Yue Ting residential complex, which opened in late 2022 with an average price of approximately 94,000 yuan per square meter [2] Group 2: Market Demand and Infrastructure - The surrounding area has a high demand for elderly care services, with 30% of the population aged 60 and above within a 3-kilometer radius, and convenient transportation options including two metro lines under construction [2] - Nearby medical facilities include major hospitals within a 10-minute drive, providing essential healthcare resources for integrated medical and elderly care services [2] Group 3: Company Strategies and Developments - Fosun and Dajia Insurance's joint acquisition aims to fill the gap in high-end elderly care services in the Xuhui District, leveraging Dajia's capital strength and Fosun's operational expertise [2] - Dajia Insurance has established a comprehensive insurance group with a focus on elderly care, launching the "Dajia's Home" brand to cater to diverse elderly needs [3][7] - Fosun Health has secured over 11,000 beds across nearly 10 cities, focusing on high-end elderly care communities and integrated health services [8][11] Group 4: Industry Growth Potential - The elderly care market is projected to exceed 12 trillion yuan by 2024 and reach 25 trillion yuan by 2030, driven by an aging population [12] - In Shanghai, the elderly population aged 60 and above is expected to reach 5.78 million by the end of 2024, representing 37.6% of the total population, indicating a strong demand for quality elderly care services [12] - The auctioned project is the first public trading pilot for implementing high-quality elderly care service development in Shanghai, signaling a shift towards professional, large-scale, and high-quality elderly care solutions [13]

Summary of FOSUN International Conference Call Company Overview - **Company**: FOSUN International - **Industry**: Diversified Investments, Pharmaceuticals, Insurance, Consumer Goods Key Points Strategic Transformation - FOSUN International is undergoing a strategic transformation focusing on core businesses and exiting non-core assets, aiming to increase overseas revenue contribution to 60% and significantly reduce debt levels, targeting interest-bearing liabilities below 60 billion RMB and public market debt to 25% [2][6][3] Business Segments - **Domestic Business**: - Focus on consumer sectors, including gold jewelry and cultural tourism through Yuyuan [4] - Innovation in pharmaceuticals represented by FOSUN Pharma [4][5] - **Overseas Business**: - Key investments in Portuguese insurance and consumer brands like Club Med, contributing to nearly 30% of total overseas revenue [4][10] Financial Goals - Plans to reduce interest-bearing debt from a peak of 120 billion RMB to 89 billion RMB, with a further target of 60 billion RMB [6] - Aiming to restore group operating profit and net profit attributable to shareholders to 10 billion RMB, while gradually increasing the dividend payout ratio from 20% to 50% over the next 3-5 years [6][13] Innovation in Pharmaceuticals - FOSUN Pharma is accelerating its transition to innovative drugs, with expectations for rapid growth post-2027, supported by a global R&D center and innovative drug platform [2][9] - Currently, there are multiple innovative drugs in the pipeline with global sales potential between 5 billion to 10 billion USD [9] Geographic Risk Management - The company employs a strategy combining globalization with local operations to mitigate geopolitical risks, particularly in Europe and North America [7][11] - In Europe, the Portuguese insurance business is expected to maintain a premium income growth rate of 10%-15% over the next five years, with significant profit growth potential due to low current ROE [10] Asset Disposal Strategy - FOSUN International has identified approximately 90 billion to 100 billion RMB worth of assets for disposal, including real estate and non-core investments, aiming to generate cash flow to reduce debt [12] - Specific assets include real estate valued at around 30 billion RMB and non-core secondary market holdings [12] Dividend Policy - The company plans to gradually increase its dividend payout ratio to enhance shareholder returns, with a target of achieving 10 billion RMB in operating profit [13] Competitive Position in Pharmaceuticals - FOSUN Pharma is transitioning from generics to innovative drugs, with significant investments in R&D and a focus on global commercialization capabilities [14][15] - The company is committed to maintaining a competitive edge through substantial annual investments in innovation and development [15] Real Estate Disposal Insights - The company evaluates real estate project sales based on market conditions and potential for appreciation, indicating a flexible pricing strategy [16]

Core Viewpoint - Fosun International (00656.HK) announced a mutual supply framework agreement between its subsidiary Fosun Pharma and Chongqing Pharmaceutical Holdings, effective from January 1, 2026, to December 31, 2028, for a duration of three years [1] Group 1 - The agreement involves Fosun Pharma supplying and selling products to Chongqing Pharmaceutical Holdings while also purchasing products from them [1] - Both companies will provide mutual services as part of the agreement [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。 持續關連交易 有關訂立互供框架協議 互供框架協議 於 2025 年 11 月 28 日，復星醫藥（本公司之附屬公司 ）與重藥控股訂立互供 框架協議，內容有關 復星醫藥集團 向重藥控股集團供應銷售產品及購買採購 產品，以及 復星醫藥集團 與重藥控股集團互相提供服務，自 2026 年 1 月 1 日起至 2028 年 12 月 31 日止，為期 3 年。 香 港 上市規則之涵義 重藥控股 為 重慶藥友（本公司 及復星醫藥之間接非全資附屬公司）之主要股 東，因此，根據香港上市規則第 14A.07(1)條，重藥控股為本公司於附屬公司 層面之關連人士，故根據香港上市規則第 14A 章，互供框架協議項下擬進行 之交易構成本公司之持續關連交易。但因 (1)重藥控股為本公司於附屬公司層 面之關連人士；(2)董事會已批准互供框架協議及其項下擬進行之交易，及 (3) 獨立 非 執行 董 事已 確認，互 供框 架 協議 乃按 ...