证券代码：600196 证券简称：复星医药 公告编号：临 2025-184 上海复星医药（集团）股份有限公司 关于召开 2025 年第二次临时股东会的提示性公告 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。 上海复星医药（集团）股份有限公司（以下简称"本公司"）兹定于2025年12月2 日下午13:30在上海市虹许路358号上海天禧嘉福璞缇客酒店召开2025年第二次临时股 东会（以下简称"本次会议"）。现将有关参会事宜再次提示如下： 一、本次会议基本情况 （一）股东会类型和届次：2025 年第二次临时股东会 （二）股东会召集人：董事会 （三）A 股股东投票方式：采用现场投票和网络投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 2 日 13 点 30 分 召开地点：上海市虹许路 358 号上海天禧嘉福璞缇客酒店 （五）网络投票的系统、起止日期和投票时间 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票， 应按照《上海证券交易所上市公司自律监管指引第 1 号—规 ...

证券代码：600196 股票简称：复星医药 编号：临 2025-180 上海复星医药（集团）股份有限公司 第十届董事会第十五次会议（临时会议）决议公告 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。 上海复星医药（集团）股份有限公司（以下简称"本公司"）第十届董事会第 十五次会议（临时会议）于 2025 年 11 月 28 日召开，全体董事以通讯方式出席了会 议。本次会议的召开符合《中华人民共和国公司法》、其他有关法律法规和《上海 复星医药（集团）股份有限公司章程》的规定。会议审议并达成如下决议： 一、审议通过关于与复星国际有限公司续签持续关联/连交易框架协议及2026 年预计上限的议案。 同意本公司与复星国际有限公司（以下简称"复星国际"）续签《房屋租赁及 物业服务框架协议》（包括涉及房屋承租、出租业务的协议各1份）以及《产品和服 务互供框架协议》，协议期限均自2026年1月1日起至2026年12月31日；并同意该等 框架协议项下本集团（即本公司及控股子公司/单位，下同）与复星国际及/或其联 系人各项交易之2026年预计上限 ...

Core Viewpoint - The company, Real Bio, is attempting to restart its IPO process after facing significant challenges, including product sales decline, channel disruptions, and financial strain, following the loss of pandemic-related benefits and key partnerships [1]. Group 1: Product Dependency - Real Bio's sole commercial product, Azvudine, has seen a drastic decline in market demand post-pandemic, leading to inventory write-downs of approximately 353 million yuan in 2023 and an additional 34.86 million yuan in 2024 [2]. - The inventory value plummeted from 131 million yuan at the end of 2023 to 17 million yuan by mid-2025, highlighting the company's reliance on a single product without a robust pipeline for future growth [2]. Group 2: Channel Disruption and Revenue Collapse - The partnership with Fosun Pharma, which provided exclusive commercialization rights for Azvudine, ended in September 2024, resulting in a revenue drop of over 90% in the first half of 2025, with only 16.53 million yuan generated [3]. - The company is now struggling to establish its own sales team, which consists of 29 members and 65 distributors, but the effectiveness of this self-built channel remains limited [3]. Group 3: Financial Strain and Debt Pressure - Real Bio's financial situation is dire, with a total asset of 390 million yuan and total liabilities reaching 1.65 billion yuan, resulting in an alarming debt-to-asset ratio of 422% [4]. - The company faces a significant repayment obligation to early investors if it fails to go public by July 5, 2026, which could trigger a debt default given its current cash position of only 5.005 million yuan against short-term bank borrowings of 102 million yuan [4]. Group 4: Conclusion - The transition from a "pandemic star" to a "debt-laden" entity illustrates the common challenges faced by pharmaceutical companies that rely heavily on a single product and short-term gains [5]. - With less than a year remaining before the deadline for the buyback clause, Real Bio must demonstrate its ability to generate sustainable revenue to regain investor confidence [5].

Core Viewpoint - A major fire occurred in Hong Kong's Tai Po district, resulting in significant casualties and prompting various sectors to respond with support and donations for emergency relief efforts [1] Group 1: Insurance Industry Response - China Ping An initiated a donation of 10 million HKD for emergency relief and post-disaster recovery efforts, providing essential supplies and financial support to affected residents [1] - Sunshine Insurance Group announced an emergency donation of 10 million HKD to assist in the fire rescue efforts in Tai Po [1] - Waterdrop Inc. pledged a donation of 1 million HKD to support the rescue efforts for residents impacted by the fire [1] - Yunfeng Financial Group and its subsidiary, Wantong Insurance, committed to a donation of 10 million HKD specifically for medical treatment, emergency housing, and transitional living assistance for affected residents [1] - The Fosun Public Welfare Foundation, in collaboration with Fosun International and other affiliated companies, donated 10 million HKD for urgent rescue and post-disaster reconstruction efforts [1]

Core Viewpoint - The strategic cooperation between Fosun Pharma and Ruizhi Pharma aims to enhance drug development efficiency and quality, thereby solidifying Fosun Pharma's competitive advantage in the innovative pharmaceutical sector [1] Company Summary - Fosun Pharma's Senior Vice President and CEO of Global R&D Center, Li Xiang, highlighted the potential for improved efficiency and quality in drug development through collaboration with Ruizhi Pharma [1] - The partnership is expected to accelerate the transformation of innovative results into practical applications, reinforcing Fosun Pharma's position in the innovative medicine field [1] Industry Summary - The collaboration sets a benchmark for the industry by exemplifying a model of "innovation entity + service platform," which is anticipated to facilitate efficient integration of resources across the pharmaceutical supply chain [1] - This partnership aims to elevate the overall level of new drug development in China, ultimately providing more high-quality treatment options for patients [1]

Core Viewpoint - China National Pharmaceutical Group Corporation (Sinopharm) is divesting a 45% stake in Jianjia Medical Investment Management Co., Ltd. for 630 million yuan due to poor performance and strategic refocusing on core business [2][3] Company Summary - Jianjia Medical, previously known as Guokang Medical, was established in 2013 with a registered capital of 1 billion yuan and has 25 medical institutions across 14 provinces, with a total of 8,000 beds [2] - The company has faced operational challenges, including a crisis in June 2023 when staff at a hospital protested against management issues, leading to Sinopharm's gradual exit from management [2] - Financial data indicates Jianjia Medical is projected to generate approximately 1.64 billion yuan in revenue for 2024, with a net loss of 100 million yuan; for the first nine months of 2025, revenue is expected to be 1.12 billion yuan with a net loss of 65 million yuan [3] - As of September 2025, Jianjia Medical's total assets are around 4.95 billion yuan, with liabilities totaling 3.85 billion yuan, resulting in an asset-liability ratio exceeding 77% [3] Industry Summary - The rehabilitation medical sector has seen increased competition, with public hospitals dominating due to resource advantages, while private institutions face challenges such as homogenization and pressure from insurance payments [5] - Sinopharm's divestiture of Jianjia Medical is part of a broader strategy to shed underperforming assets, as evidenced by multiple recent asset sales within the "Sinopharm system" [4] - The potential buyer, likely to be Fosun Pharma, could increase its stake significantly, potentially gaining absolute control over Jianjia Medical if the transfer is completed [5]

Core Viewpoint - Southbound funds reduced their holdings in Fosun Pharma (02196.HK) by 118,000 shares on November 21, 2025, while showing a net increase in holdings over the past trading days [1][2]. Group 1: Southbound Fund Activity - Over the last five trading days, southbound funds increased their holdings on four occasions, with a total net increase of 1,302,500 shares [1]. - In the last twenty trading days, there were fifteen days of net increases, totaling 9,318,500 shares [1]. - As of now, southbound funds hold 316 million shares of Fosun Pharma, representing 57.28% of the company's total issued ordinary shares [1][2]. Group 2: Shareholding Changes - On November 21, 2025, the total number of shares held was 316 million, with a decrease of 118,000 shares, reflecting a change of -0.04% [2]. - On November 20, 2025, there was an increase of 194,500 shares, showing a change of 0.06% [2]. - The highest increase in the last five trading days occurred on November 19, 2025, with an addition of 885,500 shares, representing a change of 0.28% [2]. Group 3: Company Overview - Fosun Pharma is primarily engaged in the research, manufacturing, and sales of pharmaceutical products, operating through five segments [2]. - The pharmaceutical segment focuses on innovative drugs, mature pharmaceutical products, and vaccines [2]. - The medical devices and diagnostics segment is involved in the manufacturing and sales of molecular diagnostics, immunodiagnostics, and microbiological diagnostic devices [2].

Core Viewpoint - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. announced that its subsidiary, Shanghai Fosun Pharmaceutical Industry Development Co., Ltd., has had its drug registration application for Rumaine (generic name: Luwomeitini tablets) accepted by the National Medical Products Administration, which has been included in the priority review process for treating children aged 2 and above with Langerhans cell histiocytosis (LCH) [2][4]. Group 1 - The drug is an innovative small molecule chemical drug developed by the group, specifically a selective MEK1/2 inhibitor [3]. - As of November 21, 2025, the drug has been approved for two indications in mainland China: treatment of LCH and adult patients with histiocytosis, and treatment of symptomatic, inoperable plexiform neurofibromas in children and adolescents aged 2 and above with Neurofibromatosis Type 1 (NF1) [4]. - The drug is currently in Phase III clinical trials for treating adult NF1 and pediatric low-grade gliomas, and in Phase II trials for treating extra-cranial arteriovenous malformations [4]. Group 2 - The cumulative R&D investment for the drug as of October 2025 is approximately RMB 638 million (unaudited) [5]. - According to IQVIA MIDAS data, the global sales of MEK1/2 selective inhibitors are projected to be approximately USD 2.068 billion in 2024 [5].

Group 1: Shareholding Changes - Company Zhaoyi Innovation announced that several directors and senior management personnel plan to reduce their holdings by a total of 249,000 shares, with specific reductions from the vice chairman and general manager, as well as other vice presidents [1] - Company Super Aerospace announced a stock suspension due to its controlling shareholders planning a significant matter that may lead to a change in control [2] - Company Haosai is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [5] Group 2: Major Contracts and Projects - Company Dajin Heavy Industry's wholly-owned subsidiary signed a contract worth approximately 1.339 billion yuan for a European offshore wind farm project, which represents 35.41% of the company's audited revenue for 2024 [3] - Company Ruifeng New Materials plans to increase capital by 200 million yuan in a related party to advance a lithium hexafluorophosphate project [6] Group 3: Regulatory Actions - Company Jushi Chemical received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws [4] - Company Huosai is also under investigation by the CSRC for similar reasons [5] Group 4: Investment and Acquisitions - Company Gao Neng Environment plans to acquire 45.2% equity in three mining companies [7] - Company Aerospace Electric intends to purchase 32% equity in Shenzhen Aerospace Electric Motor System Co., Ltd. through public bidding [8]

Core Insights - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech, has received inclusion in the Breakthrough Therapy designation for its independently developed drug, Surulitinib Injection, for use in combination chemotherapy for gastric cancer [1] Group 1: Drug Development and Approvals - Surulitinib Injection, marketed as Hanshuan® in China, is an innovative anti-PD-1 monoclonal antibody developed by the company [1] - The drug has been approved for marketing in multiple countries, including China, the EU, the UK, Indonesia, Cambodia, Thailand, Malaysia, Singapore, and India [1] - In China, the approved indications include first-line treatment for squamous non-small cell lung cancer (sq-NSCLC), extensive-stage small cell lung cancer (ES-SCLC), esophageal squamous cell carcinoma (ESCC), and non-squamous non-small cell lung cancer (nsq-NSCLC) [1] Group 2: Regulatory Designations and Clinical Trials - The drug has received orphan drug designation from regulatory authorities in the US, EU, Switzerland, and South Korea [1] - Multiple combination therapy clinical trials involving Surulitinib are ongoing globally, targeting indications such as lung cancer, esophageal cancer, head and neck squamous cell carcinoma, colorectal cancer, and gastric cancer [1] - Inclusion in the Breakthrough Therapy program is expected to expedite the review and market launch process for the drug's related indications in China [1]