Group 1 - The core point of the article is that Fosun Pharma's subsidiary, Jinzhou Aohong Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the drug registration application of Famotidine Injection [1] - The approved indication for the drug is for the treatment of upper gastrointestinal bleeding caused by peptic ulcers, excluding those due to tumors and esophageal or gastric varices [1] - The drug is a chemically synthesized product developed independently by the company and its subsidiaries [1]

近日，上海复星医药控股子公司锦州奥鸿药业的法莫替丁注射液药品注册申请获国家药监局批准。该药 品为集团自主研发的化学药品，获批适应症为用于消化性溃疡所致上消化道出血等。截至2025年，集团 针对该药品累计研发投入若干万元（未审计）。IQVIACHPA数据显示，2024年法莫替丁注射剂在境内 销售额约13.77亿元。此次获批将丰富集团产品线，但药品上市销售受多种因素影响，存在不确定性， 提醒投资者注意风险。 ...

Company Overview - Fosun Pharma's stock price increased by 2.03% on September 15, reaching 32.16 CNY per share, with a trading volume of 8.01 billion CNY and a turnover rate of 1.19%, resulting in a total market capitalization of 858.81 billion CNY [1] - The company was established on May 31, 1995, and listed on August 7, 1998, with its main business focusing on drug manufacturing and research, covering medical devices, medical services, and pharmaceutical distribution and retail [1] Financial Performance - For the first half of 2025, Fosun Pharma reported a revenue of 19.514 billion CNY, a year-on-year decrease of 4.63%, while the net profit attributable to shareholders increased by 38.96% to 1.702 billion CNY [2] - The company has distributed a total of 12.593 billion CNY in dividends since its A-share listing, with 2.691 billion CNY distributed over the past three years [2] Stockholder Information - As of June 30, 2025, the number of shareholders decreased by 4.37% to 230,000, with an average of 0 circulating shares per shareholder [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 75.8807 million shares, an increase of 11.1938 million shares from the previous period [3]

公司公告汇总复星医药关于为控股子公司提供担保的进展公告 截至2025年9月12日收盘，复星医药(600196)报收于31.62元，上涨1.02%，换手率1.62%，成交量34.3万 手，成交额10.74亿元。 当日关注点 交易信息汇总资金流向 9月12日主力资金净流入5049.53万元，占总成交额3.37%；游资资金净流入3372.76万元，占总成交额 2.25%；散户资金净流出8422.29万元，占总成交额5.62%。 上海复星医药（集团）股份有限公司为控股子公司提供担保，涉及11家被担保方，包括复星医药产业、 复星实业、复星健康等。本次担保金额合计2,500万美元及人民币12.26亿元，均在前期预计额度内。担 保方式主要为连带责任保证或最高额连带责任保证，部分担保有反担保安排。截至2025年9月12日，集 团实际对外担保余额折合人民币约2,360,240万元，占2024年末经审计净资产的49.94%，无逾期担保。 本次担保已履行内部决策程序，无需另行审批。部分被担保方资产负债率超过70%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 19.514 billion yuan for H1 2025, a year-on-year decrease of 4.63%, primarily due to the impact of drug procurement policies. However, revenue from innovative drugs exceeded 4.3 billion yuan, showing a year-on-year growth of 14.26% [1] - The net profit attributable to the parent company reached 1.702 billion yuan, reflecting a significant year-on-year increase of 38.96%, driven by the sale of remaining equity in Harmony Family and other non-core asset gains [1] - The company has completed two license-out transactions in 2025, indicating a faster-than-expected progress in its innovative drug internationalization efforts [2] - A long-term incentive mechanism has been established, with targets set for net profit and innovative drug revenue, aiming for a compound annual growth rate (CAGR) of approximately 20% from 2025 to 2027 [3] - The subsidiary, Fuhong Hanlin, is making significant progress in clinical trials, which is expected to further enhance the company's performance [4] Financial Forecasts - The revenue forecasts for 2025-2027 have been adjusted to 41.274 billion yuan, 42.496 billion yuan, and 47.572 billion yuan, respectively, while the net profit forecasts have been raised to 3.399 billion yuan, 3.995 billion yuan, and 4.770 billion yuan [5] - The company aims for net profit targets of 3.32 billion yuan, 3.96 billion yuan, and 4.77 billion yuan for 2025-2027, with innovative drug revenue targets of 9.36 billion yuan, 11.23 billion yuan, and 13.48 billion yuan for the same period [3][5]

Core Viewpoint - Fosun Pharma's stock price has increased by 4.41% to 31.52 CNY as of September 12, 2025, with a market capitalization of 84.439 billion CNY, ranking 4th in the chemical pharmaceutical sector and 196th in the A-share market [1][2]. Company Announcement Summary - Fosun Pharma has provided guarantees for its subsidiaries, totaling 2.5 million USD and 1.226 billion CNY, which are within the previously estimated limits [1][2]. - As of September 12, 2025, the actual external guarantee balance of the group is approximately 23.6024 billion CNY, accounting for 49.94% of the audited net assets as of the end of 2024, with no overdue guarantees [1][2]. - The guarantees have been executed following internal decision-making procedures and do not require further approval [2].

Core Insights - Baiyang Pharmaceutical announced a strategic investment in Tianjin Jikun Pharmaceutical, acquiring a 24% stake to secure rights to a novel drug for pulmonary fibrosis and priority purchase rights for global compound rights [1][2] Industry Overview - The respiratory disease sector is gaining attention, with recent business development (BD) transactions highlighting its potential, despite historically lower interest compared to oncology and weight loss markets [2] - Major players in the respiratory market include both domestic companies and multinational corporations like AstraZeneca, Sanofi, GSK, and Kasy, with a mix of common inhalation therapies and advanced biologics [4] Market Potential - The Chinese respiratory drug market is projected to reach approximately $12.8 billion by 2024, driven by a significant patient population, including around 45.7 million asthma patients and nearly 100 million COPD patients [4] - Recent BD transactions, such as the collaboration between Hengrui Medicine and GSK, have sparked interest in the PDE3/4 target, indicating a competitive landscape for future partnerships [2][3] Product Development - Kasy has launched a new inhalation powder for asthma treatment, representing a novel option in the market, while AstraZeneca has received approval for a biologic treatment for severe eosinophilic asthma in children [4] - The ongoing development of biologics is seen as a potential future direction for treating respiratory diseases, although inhalation therapies remain the cornerstone of treatment [5][6]

证券代码：600196 证券简称：复星医药 公告编号：临 2025-146 上海复星医药（集团）股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 名称 | 复星医药产业 | | --- | --- | --- | | | 本次担保金额 | 合计 2,500 万美元及人民币 67,000 万 元 | | 被担保方 1 | 截至 2025 年 9 月 12 日， 包括本次担保在内，本集 团实际为其提供的担保 | 折合人民币约 959,977 万元 | | | 余额 | | | | 是否在前期预计额度内 | □否 □不适用：________ 是 | | | 本次担保是否有反担保 | 被担保方 1 系担保方（本公司）之全 资子公司，不涉及反担保安排 | | 被担保方 2 | 名称 | 复星实业 | | | 本次担保金额 | 8,500 万美元 | | | 截至 2025 年 9 月 12 日， 包括本次担保在内，本集 团实际为其提供的担保 | ...

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。 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9 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、潘東輝先生及吳以芳先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司之職工董事為嚴佳女士。 * ...

Core Insights - China's innovative drug development has achieved significant milestones, with over 20% of global new drug research and development, ranking second globally [1] - The number of approved innovative drugs has accelerated, with 43 new drugs approved in the first half of 2025, marking a historical high for the same period [3][4] - The trend of "innovation + internationalization" in the pharmaceutical industry remains strong, with Chinese companies showing competitive advantages in various therapeutic areas [1][2] Industry Development - During the "14th Five-Year Plan" period, China approved 210 innovative drugs and 269 innovative medical devices, indicating a sustained growth trend [1] - The total amount of foreign licensing for innovative drugs reached nearly $66 billion in the first half of 2025, reflecting increasing global recognition of Chinese innovative drugs [1] - The biopharmaceutical industry is experiencing a resurgence, with significant growth potential remaining, driven by technological advancements and improved global competitiveness [2] Company Performance - Leading innovative pharmaceutical companies have reported strong revenue growth, with Hengrui Medicine achieving a revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [3] - Innovent Biologics turned a profit in the first half of 2025, with a net profit of 1.21 billion yuan, compared to a loss of 160 million yuan in the same period last year [5] - The sales of innovative drugs are becoming a prominent feature of the industry, with companies like BeiGene and Fosun Pharma also reporting significant revenue increases [3][5] Regulatory Environment - The National Medical Products Administration (NMPA) has optimized the clinical trial review and approval process, reducing the review time from 60 days to 30 days [6] - Continuous improvements in the drug approval process are expected to further stimulate innovative drug development [6] R&D Investment - R&D investment among leading pharmaceutical companies has increased, with a total of 17.64 billion yuan spent on R&D in the first half of 2025, a year-on-year increase of 12.66% [7] - Companies like BeiGene and Hengrui Medicine are leading in R&D expenditures, emphasizing the importance of innovation in their growth strategies [7] Market Trends - The oncology drug segment remains the dominant area for innovative drugs, accounting for approximately 40% of the approved drugs [5] - The rapid commercialization of innovative drugs is driving performance breakthroughs for pharmaceutical companies [5][8] - ADC (antibody-drug conjugates) and other advanced therapies are gaining traction, with several companies making significant progress in these areas [9][10]