Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kairui, has received acceptance from the National Medical Products Administration for the drug registration application of FKC889, aimed at treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) in adult patients [1] Group 1 - The product FKC889 is a targeted CD19 CAR-T cell therapy developed and localized in China based on the Tecartus technology licensed from Kite Pharma, a subsidiary of Gilead Sciences [1] - Tecartus was approved for market launch in the United States and Europe in July and December 2020, respectively [1]

Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kairui, has received acceptance from the National Medical Products Administration for the drug registration application of FKC889, aimed at treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia in adult patients [1] Group 1 - The product FKC889 is a targeted CD19 CAR-T cell therapy developed and localized in China based on the technology transferred from Kite Pharma, a subsidiary of Gilead Sciences [1] - Tecartus, the original product, was approved for market in the US and Europe in July and December 2020 respectively [1]

Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kerry, has received acceptance from the National Medical Products Administration for the drug registration application of Brukinsa injection (project code: FKC889), aimed at treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) in adult patients [1] Group 1 - The drug is classified as a therapeutic biological product under category 3.2 [1] - The application is specifically for adult patients suffering from relapsed or refractory precursor B-cell acute lymphoblastic leukemia [1]

证券代码：600196 股票简称：复星医药 编号：临 2025-150 二、该产品的基本信息及研究情况 该产品系复星凯瑞基于自 Kite Pharma,Inc.（系 Gilead Sciences, Inc.的控 股子公司）引进的 Tecartus 经技术转移并获授权于中国（包括香港、澳门）进行开 发及本地化生产的靶向 CD19 的 CAR-T 细胞治疗产品。Tecartus 已于 2020 年 7 月及 12 月先后于美国、欧洲获批上市。 截至本公告日期（即 2025 年 9 月 24 日，下同），该产品的另一适应症（即用 于治疗既往接受过二线及以上治疗后复发或难治性套细胞淋巴瘤（r/r MCL）成人患 者）于中国境内（不包括港澳台地区，下同）处于桥接临床试验阶段。 截至 2025 年 8 月，本集团（即本公司及控股子公司/单位，下同）现阶段针对 该产品的累计研发投入约为人民币 1.83 亿元（未经审计）。 截至本公告日期，包括复星凯瑞的奕凯达（阿基仑赛注射液）在内，已有多款 CAR-T 细胞治疗产品于中国境内获批上市，由于数据库覆盖的销售渠道等原因，其 整体市场情况无法通过公开数据库准确查询。 上海复星医 ...

Core Viewpoint - Fosun United Health Insurance Co., Ltd. has successfully completed a strategic capital increase of 810 million yuan, raising its registered capital from 694.44 million yuan to 1.01085 billion yuan, marking a significant milestone in its capital strength and shareholder structure [1][2]. Group 1: Capital Increase Details - On September 22, 2023, Fosun United Health received approval from the Guangdong Financial Regulatory Bureau for a capital increase of 810 million yuan [1]. - The capital increase involved new shareholders, including the International Finance Corporation (IFC) and the Asian Development Bank (ADB), while existing shareholder Fosun Pharma increased its stake from 14% to 20.05% [1]. - The capital increase is expected to provide a solid foundation for the company's future high-quality development and business expansion [1]. Group 2: Financial Performance - Since its establishment in January 2017, Fosun United Health has seen a continuous expansion in premium income, with insurance business revenue growing from 5.9 million yuan in 2017 to 5.226 billion yuan in 2024 [2]. - In the first half of 2025, the company achieved insurance business revenue of 3.642 billion yuan, representing a year-on-year growth of 31.09%, and net profit of 33 million yuan, marking a return to profitability [2]. - Despite previous attempts at capital increases in 2018, 2019, 2021, and 2023 failing, the company received cash donations from shareholders to supplement its capital during that period [2]. Group 3: Solvency Position - As of the end of 2022, the core solvency adequacy ratio of Fosun United Health dropped to 56.77%, and the comprehensive solvency adequacy ratio fell to 113.55%, nearing regulatory limits [3]. - By the end of 2023, these solvency ratios further declined to 55.34% and 110.67%, respectively [3]. - Following the capital increase in April 2024, the company's solvency ratios improved significantly, with the core solvency adequacy ratio reaching 114.88% and the comprehensive solvency adequacy ratio at 166.85% by June 2025 [3].

Core Insights - Fosun United Health Insurance has officially received approval from the Guangdong Regulatory Bureau of the National Financial Supervisory Administration for a capital increase of 810 million RMB, raising its registered capital from 694.44 million RMB to 1.01085 billion RMB [1][3] Capital Increase Details - The capital increase marks a significant milestone for Fosun United Health Insurance, enhancing its capital strength, shareholder structure, and solvency [3] - A total of 316.41 million shares will be issued at a price of 2.56 RMB per share, based on the total capital increase of 810 million RMB [3] - Major shareholders, including Shanghai Fosun Pharmaceutical Group, International Finance Corporation (IFC), and Asian Development Bank (ADB), will each subscribe to 105.47 million shares [3] - Post-increase, Fosun Pharmaceutical will hold 20.05% of the shares, while IFC and ADB will each hold 10.43%, making them the second-largest shareholders [3] Shareholder Background - IFC, as the lead investor, is a member of the World Bank Group and focuses on private sector development in emerging markets [4] - ADB has extensive experience in health services and will support the company in building health service networks and developing inclusive insurance products [4] - Fosun Pharmaceutical's extensive experience in the healthcare industry will facilitate the integration of insurance and medical services, enhancing service professionalism and precision [4] Financial Performance - Since its establishment in January 2017, Fosun United Health Insurance has seen a continuous increase in premium income, achieving profitability since 2021 [5] - In 2024, the company reported insurance business revenue of 5.226 billion RMB, a 27% year-on-year increase, and a net profit of 40 million RMB, up over 80% year-on-year [5] - The company’s health insurance premium income reached 5.2 billion RMB in 2024, with significant contributions from critical illness and nursing insurance products [5] Solvency Improvement - The recent capital increase will alleviate the long-term downward pressure on the company's solvency [6] - As of the end of 2023, the core solvency ratio had dropped to 55.34%, and the comprehensive solvency ratio to 110.67%, nearing regulatory limits [6] - Following the capital increase, the core solvency ratio and comprehensive solvency ratio are expected to reach 117% and 173%, respectively, by the end of 2024 [6] Future Plans - The company plans to enhance resource investment post-capital increase, focusing on expanding coverage and optimizing product offerings in critical areas such as major diseases and chronic disease management [7] - Leveraging the expertise of international shareholders and Fosun Pharmaceutical's medical resources, the company aims to upgrade service experiences and provide comprehensive health support from prevention to rehabilitation [7]

Company Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a global healthcare industry group established in 1994, focusing on pharmaceuticals, medical devices, diagnostics, and healthcare services [1] - The company operates in major markets including the US, Europe, Africa, India, and Southeast Asia, with a strong emphasis on innovative drug development in oncology and immunology [1] Innovation and Product Development - Fosun Pharmaceutical employs an open innovation model through self-research, collaboration, licensing, and industrial investment, leading to the launch of innovative products in hematological malignancies, breast cancer, and lung cancer [2] - The company has introduced China's first biosimilar drug Hanlikang®, the first domestic trastuzumab biosimilar Hanquyou®, and the world's first approved anti-PD-1 monoclonal antibody for first-line treatment of small cell lung cancer, Hanshuang® [2] - As of July 2025, Fosun has five rare disease drugs on the market and ten additional indications under research, with its innovative drug Fumainin® approved for dual indications in May 2025 [2] Market Localization and Accessibility - Fosun Pharmaceutical aims to localize international technologies and products in China, enhancing the accessibility of quality medical resources [3] - The company's subsidiary, Fosun Kite, launched the first CAR-T cell therapy product Yikaida®, which is the first CAR-T therapy approved in China, benefiting over 800 lymphoma patients by the end of 2024 [3] - The first domestically produced Da Vinci surgical system was launched in October 2023, making China the only global production base outside the US, with over 670,000 patients treated by the Da Vinci surgical robot by the end of 2024 [3] Global Health Initiatives - Fosun Pharmaceutical is committed to improving the accessibility of medicines in developing countries, particularly in combating malaria in sub-Saharan Africa, where malaria claims a life every minute [4] - The company has developed artesunate for injection, a first-line treatment for severe malaria recommended by WHO, saving over 80 million patients by the end of 2024 [4] - The completion of the first phase of the Côte d'Ivoire park in May 2025 enhances the affordability and accessibility of pharmaceutical products in the region [4]

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Group 1 - The core viewpoint of the news is that Fosun Pharma's stock has been declining for five consecutive days, with a total drop of 6% during this period, and the current stock price is 30.22 yuan per share, with a market capitalization of 807 billion yuan [1] - Fosun Pharma's main business includes drug manufacturing and research, covering medical devices, medical services, and pharmaceutical distribution and retail. The revenue composition is as follows: oncology and immunomodulation products account for 45.68%, anti-infection products 17.53%, metabolic and digestive system products 13.83%, cardiovascular products 9.80%, raw materials and intermediates 6.43%, central nervous system products 5.21%, and other business revenues 1.52% [1] Group 2 - From the perspective of fund holdings, one fund under the Fortune Fund has heavily invested in Fosun Pharma. The Fortune National Vaccine and Biotechnology ETF (159645) increased its holdings by 12,800 shares in the second quarter, bringing the total to 87,300 shares, which constitutes 11.36% of the fund's net value, making it the largest holding [2] - The Fortune National Vaccine and Biotechnology ETF (159645) has a current scale of 19.2941 million, with a year-to-date return of 14.16% and a one-year return of 31.97%. However, since its inception, it has incurred a loss of 23.65% [2]

9月23日，亚洲开发银行承诺向复星联合健康保险股份有限公司进行股权投资。复星联合健康保险向亚 行发行股票的申请已于昨日获监管机构同意批复。亚行投资金额为2.7亿元人民币（约合3730万美 元），联合投资伙伴国际金融公司和上海复星医药（集团）股份有限公司均等额出资。 ...