行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 2025 年 12 月 12 日 海外医药：2025 年国家医保目录及首版商保创新药目录 发布，复星医药子公司口服 GLP-1 药物授权辉瑞 - 看好 ——海外消费周报（20251205-20251211） 本期投资提示： ⚫ 海外医药：2025 年国家医保目录及首版商保创新药目录发布，复星医药子公司口服 GLP-1 药物授权辉瑞 2025 年国家医保目录及首版商保创新药目录发布：12 月 7 日，国家医保局和人力资源社会保障部发布《国家基 本医疗保险、生育保险和工伤保险药 ...

Core Viewpoint - Southbound funds have increased their holdings in Fosun Pharma (02196.HK) by 499,500 shares on December 11, with a total net increase of 1,437,000 shares over the last five trading days and 1,806,000 shares over the last twenty trading days [1] Company Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is primarily engaged in the research, manufacturing, and sales of pharmaceutical products [1] - The company operates through five segments: - Pharmaceutical segment focuses on innovative drugs, mature pharmaceutical products, and vaccine business - Medical devices and diagnostics segment involves the manufacturing and sales of molecular diagnostics, immunodiagnostics, and microbiological diagnostic medical beauty devices - Healthcare services segment operates an integrated online and offline medical service platform - Pharmaceutical distribution and retail segment is involved in the wholesale and retail of pharmaceutical products - Other segments engage in various pharmaceutical-related businesses [1] Shareholding Structure - As of now, southbound funds hold 316 million shares of Fosun Pharma, accounting for 57.28% of the company's total issued ordinary shares [1]

Core Viewpoint - Fosun Pharma's subsidiary, Guilin Pharmaceutical Co., has received approval from the National Medical Products Administration for the registration of sodium foscarnet injection, expanding the company's product line [1] Group 1: Product Approval - The approved indications for the drug include treatment for (1) cytomegalovirus retinitis in AIDS patients and (2) acyclovir-resistant mucocutaneous infections in immunocompromised patients [1] Group 2: Business Impact - The approval of this drug will further enrich the product portfolio of the company, enhancing its market position in the pharmaceutical industry [1]

售;机械设备研发;企业管理;企业管理咨询。 (除依法须经批准的项目外,凭营业执照依法自主开展经营活动) 上海复瑞益企业咨询管理合伙企业（有限合伙） 器 每经AI快讯，天眼查App显示，近日，复星凯瑞(上海)生物科技有限公司发生工商变更，新增深圳市鹏复生物医药产业私募股权投资基金合伙企业(有限合 伙)、深圳市坪山区引导基金投资有限公司、上海复瑞益企业咨询管理合伙企业(有限合伙)为股东，同时，注册资本由约19.2亿元人民币增至约22.3亿元人民 币，增幅约16%。复星凯瑞(上海)生物科技有限公司成立于2017年4月，法定代表人为WenjieZhang，经营范围含药品生产、药品委托生产、药品进出口、医 学研究和试验发展、细胞技术研发和应用、人体基因诊断与治疗技术开发、人体干细胞技术开发和应用等。股东信息显示，该公司由上海复星医药 （600196）产业发展有限公司、上海复瑞生企业咨询管理合伙企业(有限合伙)及上述新增股东共同持股。 | | 都在用的商业查询工具 | 查公司 查老板 查关系 音风险 | | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 复星凯瑞（上海）生物科技有限公司 ...

Core Insights - The article highlights a significant licensing agreement between Fosun Pharma and Pfizer for the oral GLP-1 receptor agonist YP05002, marking a pivotal moment in the weight loss drug market [1][4][8] - The transaction, valued at over $2 billion, reflects the growing recognition of Chinese pharmaceutical innovation on the global stage [5][8] Group 1: Licensing Agreement Details - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, has entered into a licensing agreement with Pfizer, granting Pfizer exclusive global rights to develop, manufacture, and commercialize YP05002 [1] - Pfizer will pay an upfront fee of up to $150 million and is eligible for milestone payments totaling up to $1.935 billion [1] - This agreement is seen as a strategic move for Pfizer to re-enter the competitive GLP-1 market, where it has previously lagged [4][5] Group 2: Market Dynamics and Trends - The weight loss drug development landscape is becoming increasingly competitive, with multiple players exploring next-generation oral GLP-1 drugs that balance efficacy and tolerability [2][3] - Recent data from companies like Structure Therapeutics and Galmed Pharmaceuticals indicate promising results for oral GLP-1 candidates, highlighting the shift from injectable to oral formulations [2][3] - Innovative mechanisms, such as RNA interference therapies, are emerging as potential disruptors to existing GLP-1 treatments, targeting fat metabolism more effectively [3] Group 3: Implications for Chinese Pharmaceutical Innovation - The high upfront payment for YP05002 signifies a validation of the drug's potential and the quality of Chinese pharmaceutical research, moving beyond late-stage clinical data to earlier-stage partnerships [5][6] - Fosun Pharma's strategy includes a dual approach of "bringing in" and "going out," enhancing its innovation pipeline and pushing for international recognition of its research capabilities [6][7] - The transaction is indicative of a broader trend where Chinese companies are transitioning from being market followers to core contributors in global pharmaceutical innovation [8]

Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]

Core Viewpoint - The article discusses the global licensing agreement between Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, and Pfizer for the oral GLP-1 receptor agonist project, YP05002, which aims to treat metabolic diseases including type 2 diabetes and obesity [5][7]. Group 1: Licensing Agreement Details - Fosun Pharma's Yaoyou Pharmaceutical has signed a global licensing agreement with Pfizer, granting exclusive rights for the development, production, and commercialization of YP05002 and related products [5]. - Under the agreement, Yaoyou Pharmaceutical will receive an upfront payment of $150 million and has the potential to earn up to $350 million in milestone payments based on project progress [5]. - If the product meets commercial sales targets, Pfizer will pay Yaoyou Pharmaceutical up to $1.585 billion in sales milestone payments [5]. Group 2: Product Overview - YP05002 is an oral small molecule GLP-1 receptor agonist developed by Fosun Pharma, designed to activate GLP-1 receptors to promote insulin secretion, suppress glucagon secretion, delay gastric emptying, and reduce energy intake [7]. - The candidate drug is primarily aimed at treating metabolic diseases, with potential indications including long-term weight management, type 2 diabetes, and non-alcoholic fatty liver disease [7]. - Currently, YP05002 is undergoing Phase I clinical trials in Australia [7].

12月9日，上海复星医药（600196）(集团)股份有限公司(以下简称"复星医药")公告称，将控股子公司重 庆药友制药有限责任公司(以下简称"药友制药")的口服小分子胰高血糖素样肽-1受体(GLP-1R)激动剂(包 括YP05002)及含有该活性成分的产品(以下统称"GLP-1药物")在全球范围内的独家开发、使用、生产及 商业化权利授予跨国药企辉瑞。 这是中国创新药通过与跨国药企合作进行"出海"开出的又一大单。据公告，该笔交易的首付款达1.5亿 美元，后续的特定开发、注册和商业里程碑付款有望高达19.35亿美元，复星医药还可获得该产品获批 销售后的分层特许权使用费。据此推算，该笔交易的潜在成交总额或超20亿美元。"总交易金额属于一 线水平，说明GLP-1药物赛道持续火热。"一位行业人士表示。 资料显示，GLP-1是人体肠道分泌的一种激素，可起到抑制食欲、促进胰岛素分泌等作用；GLP-1药物 旨在模仿该激素的作用机制，起到糖尿病控制、减重等治疗效果，对脂肪肝等代谢性疾病也存在潜在治 疗效果。该药物兼具药品及消费属性，吸引全球医药企业竞相布局。有数据显示，截至目前，国内已有 4款国产GLP-1药物获批上市，另有近 ...

Core Viewpoint - Fosun Pharma's subsidiary, Guilin Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the drug registration of Sodium Foscarnet Injection, aimed at treating AIDS patients with cytomegalovirus retinitis and immunocompromised patients with acyclovir-resistant herpes simplex virus infections [1] Group 1 - The approved indication for Sodium Foscarnet Injection includes treatment for cytomegalovirus retinitis in AIDS patients [1] - The drug is also indicated for immunocompromised patients suffering from acyclovir-resistant herpes simplex virus infections [1]

Core Viewpoint - Fosun Pharma's subsidiary, Guilin Pharmaceutical Co., has received approval from the National Medical Products Administration for the registration of Sodium Phosphonacetate Injection, which is indicated for the treatment of AIDS-related cytomegalovirus retinitis and herpes simplex virus skin and mucosal infections in immunocompromised patients [1]. Group 1: Product Details - Product Name: Sodium Phosphonacetate Injection [1] - Dosage Form: Injection [1] - Specification: 250ml:6g (calculated as CNa₃O₅P·6H₂O) [1] - Registration Classification: Class 3 Chemical Drug [1] - Marketing Authorization Holder: Guilin Pharmaceutical Co., Ltd. [1] - Drug Approval Number: National Drug Approval Code H20256094 [1] Group 2: Indications - Approved indications include treatment for (1) cytomegalovirus retinitis in AIDS patients and (2) herpes simplex virus skin and mucosal infections in patients with immune dysfunction [1].