致：香港交易及結算所有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 上海復星醫藥(集團)股份有限公司 ( 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12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02196 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 551,940,500 | RMB | | 1 RMB | | 551,940,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 551,940,500 | RMB | | 1 RMB | | 551,940,50 ...

Group 1: New Drug Listings - The new National Medical Insurance Drug List will add 114 drugs, including 50 innovative drugs, increasing the total to 3,253 drugs [1] - The Commercial Health Insurance Innovative Drug List will include 19 drugs, with 5 being CAR-T therapies [1] Group 2: Local Production Strategies - Companies like Innovent Biologics are optimistic about the market entry of their drug, "Tislelizumab," which is now covered by the national insurance [2] - Fosun Pharma has adopted different production strategies for its drugs, including "raw material reserves and flexible production" for "Luwomeitini" and a dual strategy of "short-term imports and long-term localization" for "Tianapano" [3] - Marubeni Pharma has localized production for its drugs, ensuring stable supply through hospital access and dual-channel pharmacies [3] Group 3: Accessibility Enhancements - Companies are adjusting inventory, pricing, and reimbursement information for new innovative drugs in line with national negotiation policies [4] - The "dual-channel" system allows patients to access drugs through designated medical institutions and retail pharmacies, ensuring quick prescription flow [4] - National Pharmaceutical Holdings is assisting drug companies in pricing and insurance coding for newly introduced innovative drugs in Shanghai [4] Group 4: Hospital Integration and Evaluation - Hospitals are considering various factors for integrating innovative drugs, including overall insurance funding and clinical efficacy assessments [5] - Shanghai Zhongshan Hospital is adopting a principle of "as much as possible" for including new innovative drugs in their formulary [5] - Research and monitoring of adverse reactions for newly added innovative drugs are being emphasized to ensure safety and efficacy in clinical settings [5]

致：香港交易及結算所有限公司 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 上海復星醫藥(集團)股份有限公司 ( 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12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02196 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 551,940,500 | RMB | | 1 RMB | | 551,940,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 551,940,500 | RMB | | 1 RMB | | 551,940,50 ...

Core Insights - The company reflects on a year of significant achievements in the biopharmaceutical sector, highlighting the successful clinical use of its innovative drug, Revamin, and the approval of multiple CAR-T products, showcasing its commitment to addressing rare diseases and cancer treatment gaps [3][6][33] - Club Med has seen substantial growth, with global revenue projected to increase from €1.5 billion in 2015 to €2.1 billion in 2024, and operating profit has grown over five times, indicating strong market demand for innovative travel experiences [9][40] - The company emphasizes its focus on user-centered product development in the tourism sector, aiming to enhance family vacation experiences rather than merely creating tourist attractions [6][38] Biopharmaceutical Innovations - Revamin has been officially launched for clinical use, filling a treatment void for rare tumors in China [3][7] - The company has successfully developed and received approval for multiple innovative drugs, including the first CAR-T product for gastric cancer, which has been recognized as a breakthrough therapy [6][38] - Since 2019, the company has launched a total of 12 innovative drugs, demonstrating its ongoing commitment to patient care and treatment advancements [3][33] Tourism and Leisure Sector - Club Med's performance has reached new heights, with an increasing number of families prioritizing snow vacations, supported by the ongoing development of the "Super Mediterranean" project [6][38] - The company has introduced three core product lines in the tourism sector, focusing on user needs to enhance vacation experiences [6][38] - Atlantis in Sanya has solidified its leading position in the vacation market, with annual visitor numbers reaching 1.5 million [11][43] Globalization and Market Expansion - The company has achieved over 50% of its revenue from international markets, highlighting its successful globalization strategy [16][45] - The Portuguese insurance subsidiary has seen nearly 30% of its business come from international operations, contributing to a diversified revenue stream [16][45] - The company has established strategic partnerships, such as with Fakeeh Care Group in Saudi Arabia, to expand its CAR-T technology internationally [16][46] Cultural and Community Engagement - The company has actively engaged in cultural initiatives, such as the successful summer event at Yuyuan Garden, attracting over 7.5 million visitors, with a significant portion being young people [52] - The company has been recognized for its commitment to social responsibility, being included in the S&P Global Sustainability Yearbook for the second consecutive year [54] - Ongoing support for educational and healthcare initiatives, including donations to Fudan University Affiliated Hospital, reflects the company's dedication to community welfare [57]

Market Overview - The Hong Kong stock market opened slightly lower on December 31, with the Hang Seng Index down 0.21% at 25,801.49 points, the Hang Seng Tech Index down 0.22% at 5,566.24 points, and the National Enterprises Index down 0.23% at 8,970.49 points [1] - Major tech stocks mostly declined, with Alibaba down 0.55%, Tencent down 0.42%, and JD.com down 1.32%. Conversely, Xiaomi rose by 0.86% [1] Company News - Zijin Mining (02899.HK) expects to achieve a net profit of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% due to increased production and sales prices [2] - Starry Development (00640.HK) reported revenue of approximately HKD 835 million for the fiscal year ending September 30, 2025, a year-on-year increase of 13.4%, and a net profit of approximately HKD 122 million, up 21.7% [2] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive its preemptive rights to an additional 3.6% stake [3] - CNOOC Services (02883.HK) has recently purchased bank wealth management products totaling HKD 3 billion [4] Clinical Trials and Drug Approvals - Fosun Pharma (02196.HK) has initiated clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [5] - Hutchison China MediTech (00013.HK) announced that its new drug application for Savolitinib, intended for treating gastric cancer patients with MET amplification, has been accepted and prioritized for review [5] Strategic Partnerships - Linkong Biotechnology Group (00690.HK) has established a strategic partnership with Wenzhou Medical University National Engineering Research Center and the Ouhai District People's Government [6] Financing Activities - Youlian International Education Leasing (01563.HK) has entered into a financing lease agreement for energy-saving equipment [7] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.062 million shares for HKD 636 million at prices ranging from HKD 594.5 to HKD 600.5 [8] - COSCO Shipping Holdings (01919.HK) repurchased 4.3715 million shares for HKD 61.05 million at prices between HKD 13.86 and HKD 14.06 [9] - China Feihe (06186.HK) repurchased 8.837 million shares for HKD 36.34 million at prices between HKD 4.07 and HKD 4.12 [10] - Kuaishou-W (01024.HK) repurchased approximately 464,000 shares for HKD 29.88 million at prices between HKD 63.75 and HKD 64.75 [10] - Giant Bio (02367.HK) repurchased 400,000 shares for HKD 13.44 million at prices between HKD 33.48 and HKD 33.76 [11] Institutional Insights - Everbright Securities notes that the overall profitability of Hong Kong stocks remains strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals. Despite recent gains, valuations are still considered low, suggesting long-term investment potential [12] - Founder Securities highlights positive signals from government policies aimed at optimizing the "two new" policies, which may enhance the competitive environment in the automotive industry [12] - CITIC Securities anticipates a 7.9% increase in Hong Kong private residential transaction volumes in 2026, driven by a favorable interest rate environment and increased asset allocation demand [12]

Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. has announced the initiation of Phase I clinical trials for its integrated diagnostic and therapeutic nuclear medicine project SRT-007, targeting PSMA-positive metastatic castration-resistant prostate cancer in mainland China [2]. Drug Information and Research Status - The SRT-007 project includes two injectable radioactive drugs: Gallium [68Ga] PSMA-0057 for diagnosis and Lutetium [177Lu] PSMA-0057 for treatment [3]. - As of November 2025, the cumulative R&D investment for SRT-007 is approximately RMB 32.19 million (unaudited), which includes licensing fees [3]. - The only approved drug targeting the same receptor globally is NOVARTIS AG's Pluvicto, which reported global sales of USD 1.392 billion in 2024 [3].

Major Events - Cloudtop New Horizon (01952) has its original product, Nanfukang®, protected by patent ZL200980127272.5 in China, which is currently valid [1] - Linkang Biotechnology Group (00690) has reached a strategic cooperation with Wenzhou Medical University National Engineering Research Center and the People's Government of Ouhai District, Wenzhou [1] - Auhua Pharmaceutical (00013) announced that the new drug application for Savolitinib for treating gastric cancer patients with MET amplification has been accepted and included in priority review in China [1] - Fosun Pharma (02196) has initiated Phase I clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [1] - Postal Savings Bank of China (01658) has received approval from the National Financial Supervision Administration for the absorption and merger with Postal Huai Wanjia Bank [1] - MicroPort Cardiac Devices-B (02160) has officially published the one-year follow-up results of the early feasibility study for AltaValveTM [1] Operating Performance - New Fire Technology Holdings (01611) reported an annual loss attributable to shareholders of HKD 9.212 million, a shift from profit to loss year-on-year [1] - Xingqian Development (00640) reported an annual net profit of approximately HKD 122 million, an increase of 21.7% year-on-year [1] - Zijin Mining Group (02899) expects a net profit attributable to shareholders of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% [1] - Zijin Gold International (02259) issued a profit warning, expecting a net profit attributable to shareholders of approximately USD 1.5-1.6 billion for 2025, a year-on-year increase of about 212%-233% [1]

Core Viewpoint - Fosun Pharma plans to acquire controlling interest in Green Valley Pharmaceutical for over 1.4 billion yuan, focusing on the development of the Alzheimer's treatment drug, Ganluotena Capsules [1] Group 1: Acquisition Details - The acquisition will be executed through a combination of "old share transfer + subscription of new registered capital," with a total investment of 1.412 billion yuan [1] - Of the total investment, 1.269 billion yuan will be used for subscribing to new registered capital, primarily for clinical research and daily operations of Green Valley [1] - The remaining 143 million yuan will be used for acquiring old shares, indicating that over 1.2 billion yuan will directly support Green Valley's business development [1] Group 2: Product Focus - The core focus of this investment is on Ganluotena Capsules, which previously faced setbacks in international clinical trials [1] - The Phase III confirmatory clinical trial was terminated in 2022 due to multiple factors, including the COVID-19 pandemic, funding, and management issues [1] - Fosun Pharma aims to restart the international trials for this product following the acquisition [1] Group 3: Financial Impact - As of September 30, 2025, Green Valley's consolidated assets and liabilities are 806 million yuan and 795 million yuan, respectively, which have a limited impact on Fosun Pharma's overall asset and liability structure [2] - The financial impact of the acquisition is controllable, with expected manageable operating losses and capitalized costs for the confirmatory clinical research of Ganluotena Capsules [2] - Fosun Pharma has been focusing on optimizing its asset structure and cash flow, with over 2 billion yuan in signed disposal projects in the first eight months of 2025 [2] Group 4: Investor Confidence - Fosun Pharma is implementing clear growth targets and share buybacks to maintain investor confidence, aiming for nearly 20% annual growth in net profit and innovative drug revenue [2] - The company has repurchased 14.23 million A-shares for approximately 348 million yuan and 3.41 million H-shares for about 47.84 million HKD to bolster market confidence [2]

Core Viewpoint - Fosun Pharma has initiated Phase I clinical trials for its integrated diagnostic and therapeutic nuclear medicine project SRT-007 in mainland China, targeting PSMA-positive metastatic castration-resistant prostate cancer [1] Group 1: Project Details - The SRT-007 project includes two injectable radioactive drugs: Gallium [68Ga] PSMA-0057 for diagnosis and Lutetium [177Lu] PSMA-0057 for treatment [1] - The total R&D investment for SRT-007 is approximately RMB 32.19 million (unaudited), including licensing fees, expected to be accumulated by November 2025 [1] Group 2: Market Context - As of the announcement date, the only approved radioactive drug targeting the same site globally is Pluvicto by Novartis AG, which is projected to generate global sales of USD 1.392 billion in 2024 [1]

Core Viewpoint - Fosun Pharma (600196)(02196) has initiated Phase I clinical trials for its integrated nuclear medicine project SRT-007 in mainland China, targeting the diagnosis and treatment of PSMA-positive metastatic castration-resistant prostate cancer [1] Group 1 - The project SRT-007 is developed by Chengdu Xingrui Jingxuan Biotechnology Co., Ltd., a subsidiary of Fosun Pharma [1] - The clinical trial is specifically focused on patients with PSMA-positive metastatic castration-resistant prostate cancer [1]