NOTIFICATION LETTER 通知信函 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 (a joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code 股份代號：02196） By Order of the Board Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* Chen Yuqing Chairman Note: Corporate Communications include any document(s) issued or to be issued by the Company for the information or action of holders of any of its securities or the investing ...

我們的願景 讓每個家庭樂享健康。 目 錄 企業資料 財務摘要 管理層討論及分析 法定披露 中期簡明綜合損益表 中期簡明綜合收益表 中期簡明綜合財務狀況表 中期簡明綜合權益變動表 中期簡明綜合現金流量表 02 04 05 56 68 69 70 72 74 01 上海復星醫藥（集團）股份有限公司 中期簡明綜合財務報表附註 76 釋義 105 企業 資料 董事 我們致力於成為全球領先的醫療創新整合者。 我們的使命 執行董事 陳玉卿先生 （董事長） 1 關曉暉女士 （聯席董事長） 2 文德鏞先生 （副董事長） 3 王可心先生4 非執行董事 陳啟宇先生 潘東輝先生 吳以芳先生5 徐曉亮先生6 獨立非執行董事 余梓山先生 王全弟先生 Chen Penghui先生7 楊玉成先生7 李玲女士8 湯谷良先生8 職工董事 嚴佳女士9 聯席公司秘書 董曉嫻女士 陳秀玲女士 授權代表 陳玉卿先生10 陳秀玲女士 吳以芳先生11 戰略委員會 陳玉卿先生 （主席） 12 王可心先生 陳啟宇先生 Chen Penghui先生12 吳以芳先生13 徐曉亮先生13 李玲女士13 審計委員會 楊玉成先生 （主席） 12 王全弟先生 Chen ...

Group 1 - The Hong Kong innovative drug concept stocks experienced a significant decline on September 17, with major companies like China Biologic Products, Weiya Bio, and Fosun Pharma dropping over 4% [1] - Other companies such as Junshi Biosciences, Rongchang Biopharma, and Innovent Biologics also saw declines exceeding 3% [1]

Core Viewpoint - The core viewpoint of the article emphasizes that Fosun Pharma is focusing on innovation and accelerating globalization through a series of strategic actions in the first half of 2025, despite facing challenges in its core business performance [4][5][11]. Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 195.14 billion yuan, a year-on-year decline of 4.63% [5][6]. - The net profit, excluding non-recurring gains, was 9.61 billion yuan, down 23.39% year-on-year, indicating pressure on core business operations [5][6]. - The increase in net profit by 38.96% to 17.02 billion yuan was primarily due to investment income of 21.2 billion yuan from the sale of non-core assets [5][6]. - The pharmaceutical segment, which accounts for 71.24% of total revenue, saw a revenue decline of 5.29% to 139.01 billion yuan [7][19]. Business Segments - The innovative drug business grew by over 14% year-on-year, reaching over 43 billion yuan, and now represents 31% of the pharmaceutical segment's revenue [7][8]. - The medical health services segment generated 35.92 billion yuan, a slight decrease of 1.83%, affected by price adjustments and centralized procurement policies [7]. - The medical devices and diagnostics segment reported revenue of 19.55 billion yuan, down 5.51%, impacted by geopolitical tensions affecting overseas operations [7]. Strategic Actions - The company has been actively restructuring its strategy, including the sale of non-core assets to focus on core innovative businesses, with over 20 billion yuan in signed disposals in the first half of 2025 [11][19]. - In August 2025, Fosun Pharma launched a new round of equity incentive plans with clear performance targets for net profit and innovative drug revenue growth [17][19]. - The company has made significant international collaborations, including licensing agreements for innovative drugs, indicating a strong push for global expansion [12][20]. Management Changes - In April 2025, Fosun Pharma underwent a significant management reshuffle, appointing new leadership with diverse backgrounds to drive its strategic focus on innovation and internationalization [15][16]. - The new management team is characterized by a strong emphasis on technical expertise and international experience, aiming to enhance the company's operational capabilities [16]. Market Response - The stock performance of Fosun Pharma has shown a divergence between A-shares and H-shares, with A-shares lagging behind the industry average while H-shares have outperformed significantly [9][10]. - Analysts have differing views on the company's future, with some optimistic about its innovative pipeline and others cautious due to ongoing pressures from centralized procurement policies [21].

9月16日，复星医药宣布，控股子公司锦州奥鸿药业有限责任公司就枸橼酸伏维西利胶囊（商品名：复 妥宁®）新增适应症的药品注册申请获国家药品监督管理局批准。本次获批适应症为用于激素受体 （HR）阳性、人表皮生长因子受体2（HER2）阴性局部晚期或转移性乳腺癌成人患者：与芳香化酶抑 制剂联合使用作为初始内分泌治疗。 ...

Core Insights - The company is actively participating in the review phase for the inclusion of its innovative drug, Yikaida, in commercial insurance and national basic medical insurance directories, and will engage in subsequent negotiations and evaluations [1] - The revenue from innovative drugs showed steady growth, exceeding 4.3 billion yuan, representing a year-on-year increase of 14.26%, and accounting for over 30% of total drug revenue, indicating an optimized revenue structure [1] - The company has a positive outlook on the sales prospects of its innovative drugs, with four newly approved drugs initiating academic promotion and market education, expected to gradually increase their market presence in the coming months [1] Business Development - The company focuses its innovation strategy on three core therapeutic areas: solid tumors, hematological tumors, and immune inflammation, while also expanding into chronic disease areas such as cardiovascular, renal metabolism, and central nervous system [2] - In the solid tumor segment, the company has developed an innovative drug matrix represented by drugs like Surulitinib and Trastuzumab, with new approvals enhancing its treatment offerings for breast cancer and rare tumors [2] - The company is advancing its capabilities in antibody, ADC, cell therapy, and small molecule platforms, while also exploring cutting-edge technologies such as nuclear medicine, small nucleic acids, and peptides [2]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].

Core Points - Recently, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. announced that its subsidiary, Jinzhou Aohong Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for the drug registration application of Famotidine injection [1] Group 1 - The approval of Famotidine injection marks a significant milestone for the company in expanding its pharmaceutical product offerings [1]

Group 1 - The core point of the news is that Fosun Pharma's subsidiary, Jinzhou Aohong Pharmaceutical, received approval from the National Medical Products Administration for a new indication of the drug FCN-437c (brand name: Fuzhuoning) for the treatment of HR-positive, HER2-negative locally advanced or metastatic breast cancer in adults [1] - The newly approved indication allows the drug to be used in combination with aromatase inhibitors as initial endocrine therapy [1] - The drug is an innovative small molecule CDK4/6 inhibitor with independent intellectual property rights, classified as a new structure oral medication [1] Group 2 - The drug had previously received approval for another indication for HR-positive, HER2-negative recurrent or metastatic breast cancer patients who have progressed after prior endocrine therapy, which was approved for market entry in China by May 2025 [1] - As of August 2025, the cumulative R&D investment for this drug is approximately RMB 617 million (unaudited) [1] - According to IQVIA MIDAS™ data, global sales of CDK4/6 inhibitors are projected to be around $14.912 billion in 2024, indicating a strong market potential for the newly approved indication [2]

Core Viewpoint - Shanghai Fosun Pharmaceutical's subsidiary, Jinzhou Aohong Pharmaceutical, has received approval from the National Medical Products Administration for the registration of Famotidine injection, indicating a significant advancement in the company's product pipeline and potential market expansion [1] Group 1: Product Approval - The approved drug, Famotidine injection, is a self-developed chemical medication by the group [1] - The indication for the drug is for treating upper gastrointestinal bleeding caused by peptic ulcers, excluding those due to tumors and esophageal or gastric varices [1] Group 2: Research and Development Investment - As of August 2025, the group has invested approximately RMB 7.67 million (unaudited) in the research and development of this drug [1]