Investment Highlights - Financial performance shows commercial expansion and profit improvement, with 2024 sales revenue for 17 commercialized innovative drug companies reaching 91.3 billion yuan, a year-on-year growth of 35% [4][25] - R&D investment for 32 sample innovative drug companies is projected to be 67.2 billion yuan in 2024, reflecting a year-on-year increase of 7.23%, indicating a sustained trend of local innovation investment [4][13] - The sales expense ratio and R&D expense ratio for 22 sample innovative drug companies have been continuously declining from 2021 to 2024, which is expected to drive profit improvement for companies like BeiGene and Innovent [4][15] MNC Strategies - The report highlights the prominent "Chinaization" of IO+ADC strategies, with multinational corporations (MNCs) having strong first-generation IO pipeline layouts, but second-generation IO has not seen significant breakthroughs [4][27] - MNCs are increasingly relying on local innovative drugs as key pipeline assets, with many future potential products being sourced from Chinese companies [4][30] - MNCs are well-capitalized, with ample cash flow supporting the continued enrichment of their pipelines, particularly in the context of the evolving IO+ADC landscape [4][39] Domestic Market Dynamics - The report emphasizes the global innovation and valuation reshaping of Chinese drugs, driven by supportive domestic policies and increasing international competitiveness [4][45] - The value of BD transactions continues to validate the competitiveness of Chinese innovative drugs, with 2024 projected BD transaction income reaching 5.7 billion USD, accounting for 20% of global cooperation authorization total upfront payments [4][45][47] - The commercialization of major products is accelerating, with a rich NDA reserve expected to drive further growth in domestic commercialization [4][50]

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。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2025 年6 月1 7 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生及王可心先生；本公司之非執行 董事為陳啟宇先生、徐曉亮先生、潘東輝先生及吳以芳先生；以及本公司之獨立非執行董事為李玲女士、湯 谷良先生、王全弟先生及余梓山先生。 * 僅供識別 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於 股東部分股份質押及解除質押的公告》，僅供參閱。 证券代码：60019 ...

Core Viewpoint - Teva Pharmaceutical Industries Ltd. and Shanghai Fosun Pharmaceutical have formed a strategic partnership to develop TEV-56278, an anti-PD1-IL2 ATTENUKINE therapy, aimed at enhancing cancer treatment efficacy while minimizing toxicity [1][2][3] Company Overview - Teva Pharmaceutical Industries Ltd. is a global biopharmaceutical leader with over 120 years of experience, focusing on innovative drug development and the production of generics and biologics [6] - Shanghai Fosun Pharmaceutical, founded in 1994, is a leading innovation-driven global healthcare company with a strong presence in pharmaceuticals and healthcare services, actively implementing its "4IN" strategy [9][10] Partnership Details - The agreement allows Fosun Pharma exclusive rights to develop, manufacture, and commercialize TEV-56278 in specific regions, while Teva retains rights in the rest of the world, facilitating global data generation [2][8] - This collaboration aims to leverage both companies' strengths, combining Teva's innovative drug development capabilities with Fosun Pharma's oncology expertise and market access in China [4][8] Product Information - TEV-56278 is designed to selectively deliver IL-2 to PD-1+ T cells, enhancing anti-tumor activity and reducing systemic toxicities, and is currently in Phase 1 trials for various cancers [5][8] - Preclinical data indicates that TEV-56278 may lead to tumor regression and improved T-cell responses, showcasing its potential as a novel cancer immunotherapy [5][8]

Core Viewpoint - Shanghai Fosun Pharmaceutical Industry Development Co., Ltd., a shareholder holding more than 5% of the shares in Shanhe Pharmaceutical (300452), plans to reduce its holdings by up to 6.978 million shares, representing no more than 3% of the total share capital, between March 18, 2025, and June 15, 2025 [1] Summary by Relevant Sections - **Share Reduction Plan** - The reduction plan was completed on June 15, 2025, with an average reduction price of 12.54 yuan per share [1] - A total of 2.2828 million shares were reduced, accounting for 0.98% of the total shares [1] - **Post-Reduction Holdings** - After the reduction, Fosun Pharmaceutical holds 21.6453 million shares, which is 9.23% of the total share capital [1] - **Compliance and Business Operations** - The reduction plan complies with relevant laws and regulations, and the company's production and operations remain normal, with no change in control [1]

Core Viewpoint - Fosun Pharma has successfully completed the first batch shipment of its self-developed drug, Luwo Meitini Tablets (Fumainin®), marking its imminent clinical use and addressing patient medication needs [1][5]. Group 1: Product Launch and Approval - Fumainin® is the first and only targeted drug in China approved for dual indications: adult Langerhans cell histiocytosis (LCH) and tissue tumors, as well as type I neurofibromatosis for children aged 2 and above [1][6]. - The drug received approval from the National Medical Products Administration through a priority review and approval process by the end of May 2025 [5]. Group 2: Logistics and Distribution - The first batch of Fumainin® was successfully shipped from the production base of the entrusted manufacturer, Kelaiying Pharmaceutical Group, located in Tianjin [3]. - The logistics team completed a series of complex tasks within 10 working days after obtaining the approval, demonstrating efficient execution and a strong commitment to patient needs [5]. Group 3: Industry Impact and Responsibility - The rapid approval of Fumainin® fills a treatment gap in the rare disease oncology field in China, representing a significant breakthrough in domestic original innovation [6]. - The company emphasizes its responsibility to ensure that Fumainin® reaches patients in need as quickly as possible, reflecting a strong sense of social responsibility [6].

Core Viewpoint - The article discusses the challenges and advancements in the development of rare disease treatments in China, highlighting the efforts of local pharmaceutical companies like Fosun Pharma to innovate and provide solutions for patients suffering from rare diseases [1][10]. Group 1: Rare Disease Landscape - There are approximately 20 million rare disease patients in China, with only 5% receiving effective treatment [1]. - The high cost of developing treatments for rare diseases is attributed to the small patient population, leading to expensive therapies that can equate to decades of income for an average family [1]. - Despite some progress in drug approval and inclusion in medical insurance, many high-cost rare disease medications still face reimbursement challenges [1][8]. Group 2: Fosun Pharma's Innovations - Fosun Pharma has developed a new drug, Luwo Meitini (复迈宁), which has been approved for treating rare tumors, marking a significant step in the company's commitment to rare disease research [2][4]. - The drug targets specific conditions such as Langerhans cell histiocytosis (LCH) and neurofibromatosis type 1 (NF1), providing new hope for patients [2][4]. - Fosun Pharma's CEO emphasizes the importance of balancing profitability with social responsibility in the rare disease sector [3]. Group 3: Market Dynamics and Challenges - The market for rare disease treatments has historically been dominated by multinational pharmaceutical companies, but local firms are now emerging as key players [3][10]. - The global market for MEK1/2 inhibitors is projected to reach approximately $2.068 billion by 2024, with limited approved options in China for certain conditions [6]. - The development of rare disease drugs involves high upfront costs and low market demand, making it challenging for companies to achieve a positive return on investment [7][11]. Group 4: Policy and Accessibility - The article highlights the need for improved healthcare policies and insurance coverage to enhance drug accessibility for rare disease patients [8][9]. - Fosun Pharma is actively engaging in negotiations to include Luwo Meitini in the national medical insurance directory to alleviate financial burdens on patients [9]. - Collaboration among pharmaceutical companies, insurance providers, and patient organizations is essential to improve the economic viability of rare disease treatments [9][12]. Group 5: Future Outlook - The Chinese pharmaceutical industry is positioned to transition from a follower to a leader in rare disease treatment development, driven by policy support and technological advancements [13]. - The ongoing commitment to rare disease research and development is expected to yield more effective treatments, benefiting a larger patient population [10][13].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 表格類別： | 股票 狀態： | 新提交 | | --- | --- | --- | | 公司名稱： | 上海復星醫藥(集團)股份有限公司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) | | | 呈交日期： | 2025年6月13日 | | 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | | | | | A. 已發行股份 ...

如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年6月9日 | 2,104,238,773 | | 14,250,052 ...

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。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 证券代码：600196 股票简称：复星医药 编号：临 2025-103 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於 為控股子公司提供擔保的進展公告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2025 年6 月1 2 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生及王可心先生；本公司之非執行 董事為陳啟宇先生、徐曉亮先生、潘東輝先生及吳以芳先生；以及本公司之獨立非執行董事為李玲女士、湯 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 表格類別： | 股票 狀態： 新提交 | | --- | --- | | 公司名稱： | 上海復星醫藥(集團)股份有限公司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) | | 呈交日期： | 2025年6月9日 | 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | ...