2026年2月24日，复宏汉霖与KGbio签订《修订及部分终止协议》，(其中包括)双方同意终止《2023年独 家许可协议》，并终止印度尼西亚以外的KGBio获许可区域(即"KGbio终止区域")独家商业化许可产品 及相关权利的许可。同日，复宏汉霖与Abbott签订《2024年许可协议之修正案》，就《2024年许可协 议》项下(其中主要包括)约定的许可区域作进一步扩展，并增加相应监管里程碑及销售里程碑付款。 格隆汇2月24日丨复星医药(02196.HK)公告，2019年9月30日、2023年8月25日，公司控股子公司复宏汉 霖与KGbio先后签订《2019年独家许可协议》《2023年独家许可协议》及《2019年独家许可协议之修正 案》，复宏汉霖就许可产品(即斯鲁利单抗注射液)授予KGbio于约定区域(即约定的东南亚、中东及北非 国家)及约定领域内的独家商业化及相关权利许可。2024年12月31日，复宏汉霖与Abbott签订《2024年 许可协议》，(其中包括)复宏汉霖就许可产品授予Abbott于约定区域(即约定的拉丁美洲国家及加勒比海 地区国家，以下简称"Abbott前次许可区域")及约定领域内的独家商业化许可 ...

2026年2月24日，复宏汉霖与KGbio签订《修订及部分终止协议》，(其中包括)双方同意终止《2023年独 家许可协议》，并终止印度尼西亚以外的KGBio获许可区域(即"KGbio终止区域")独家商业化许可产品 及相关权利的许可。同日，复宏汉霖与Abbott签订《2024年许可协议之修正案》，就《2024年许可协 议》项下(其中主要包括)约定的许可区域作进一步扩展，并增加相应监管里程碑及销售里程碑付款。 格隆汇2月24日丨复星医药(02196.HK)公告，2019年9月30日、2023年8月25日，公司控股子公司复宏汉 霖与KGbio先后签订《2019年独家许可协议》《2023年独家许可协议》及《2019年独家许可协议之修正 案》，复宏汉霖就许可产品(即斯鲁利单抗注射液)授予KGbio于约定区域(即约定的东南亚、中东及北非 国家)及约定领域内的独家商业化及相关权利许可。2024年12月31日，复宏汉霖与Abbott签订《2024年 许可协议》，(其中包括)复宏汉霖就许可产品授予Abbott于约定区域(即约定的拉丁美洲国家及加勒比海 地区国家，以下简称"Abbott前次许可区域")及约定领域内的独家商业化许可 ...

证券代码：600196 股票简称：复星医药 编号：临 2026-025 上海复星医药（集团）股份有限公司 关于控股子公司许可协议的进展公告 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。 一、前期合作情况 2019 年 9 月 30 日、2023 年 8 月 25 日，本公司控股子公司复宏汉霖与 KGbio 先 后签订《2019 年独家许可协议》《2023 年独家许可协议》及《2019 年独家许可协 议之修正案》，复宏汉霖就许可产品（即斯鲁利单抗注射液）授予 KGbio 于约定区 域（即约定的东南亚、中东及北非国家）及约定领域内的独家商业化及相关权利许 可。 2024 年 12 月 31 日，复宏汉霖与 Abbott 签订《2024 年许可协议》，（其中包 括）复宏汉霖就许可产品授予 Abbott 于约定区域（即约定的拉丁美洲国家及加勒比 海地区国家，以下简称"Abbott 前次许可区域"）及约定领域内的独家商业化许可。 二、本次进展 2026 年 2 月 24 日，复宏汉霖与 KGbio 签订《修订及部分终止协议》，（其中 ...

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 控股子公司許可協議的進展公告》，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 2026 年2 月2 4 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、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；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；以及本公司職工董事為嚴佳女士。 * 僅供 ...

复星医药公告称，其控股子公司复宏汉霖在斯鲁利单抗注射液海外许可方面有新进展。2月24日，复宏 汉霖与KGbio签订《修订及部分终止协议》，终止《2023年独家许可协议》及印尼以外区域的相关许 可，复宏汉霖将依转让进展向KGbio支付至多3375万美元里程碑付款。同日，复宏汉霖与Abbott签订 《2024年许可协议之修正案》，扩展许可区域，Abbott将依条件额外支付至多4600万美元监管里程碑 款、至多8000万美元销售里程碑款。此次进展旨在拓展海外市场，但与Abbott合作及相关款项收取存在 不确定性。 ...

Core Insights - Fosun International has continued its strong growth momentum in 2026, particularly in sectors such as cultural tourism, consumer goods, and innovative pharmaceuticals, driven by the commercialization of innovative results and deepening global operations [1][2] Group 1: Cultural Tourism and Consumer Growth - During the Spring Festival, Fosun's cultural tourism segment showed robust growth, with Shanghai Yuyuan Mall receiving nearly 1.2 million visitors, a year-on-year increase of over 20% [1] - Club Med's five domestic resorts achieved an average occupancy rate of 90% during the Spring Festival core holiday period [1] - Atlantis Sanya reported a total revenue of 124 million yuan during the Spring Festival holiday, marking a 20% year-on-year growth and setting a record for the best performance during the Spring Festival [1] Group 2: Innovative Pharmaceuticals - Fosun's innovative pharmaceutical sector has seen significant advancements, with its subsidiary, Fuhong Hanlin, receiving clinical trial approvals for HLX15-SC from both the Chinese National Medical Products Administration and the FDA [2] - HLX15, a biosimilar to Daratumumab, has a projected global sales potential of approximately 12.88 billion yuan in 2024 [2] - In 2025, Fosun Pharma's innovative drug revenue exceeded 6.7 billion yuan, reflecting an 18.09% year-on-year increase, with innovative drugs accounting for 32% of the pharmaceutical segment [3] Group 3: Strategic Collaborations and Future Growth - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, signed a global exclusive licensing agreement with Pfizer for the oral GLP-1 drug YP05002, with potential total payments exceeding 2 billion dollars [4] - A strategic partnership with Clavis Bio aims to develop innovative therapies based on cutting-edge targets, with potential payments up to 7.25 billion dollars [4] - The innovative drug growth is further supported by the successful global development of core products from Fuhong Hanlin, which saw a stock price increase of approximately 150% in 2025 [4] Group 4: Globalization and Financial Performance - Fosun's overseas business revenue reached a historic high of 53% in the first half of 2025, reflecting its deep industry layout and operations in over 40 countries [6] - The overseas revenue from Fosun Pharma's innovative drugs grew by 184%, surpassing 10 billion yuan [7] - The financial health of Fosun is reinforced by strategic asset divestitures and a reduction in debt costs, with total debt to total capital ratio at 53% as of mid-2025 [8][9]

文旅消费作为复星的核心主业之一，马年春节期间多条产品线展现了出强劲的增长势头。其中，上海豫 园商城新春假期累计接待客流近120万人次，同比提升超20%；Club Med国内五家精致"一价全包"度假 村春节核心假期六日平均入住率达90%；三亚·亚特兰蒂斯春节假期九日总营业额突破1.24亿元，同比增 长20%，创下历史最佳春节表现。 与此同时，春节期间，复星的创新药赛道也好消息不断。旗下的生物医药研发平台复宏汉霖宣布其研发 的HLX15-SC（重组抗CD38全人单克隆抗体注射液-皮下注射）1期临床试验申请分别获中国国家药监局 批准和美国食品药品管理局（FDA）批准。据了解，HLX15是达雷妥尤单抗生物类似药，目标市场潜 力较大，2024年全球销售额约128.8亿美元。而在2月22日，中国首个自主研发的利妥昔单抗生物类似药 ——汉利康迎来上市七周年，该药曾一举填补了国产CD20单抗的空白，作为复星医药"十年磨一剑"的 成果，其标志着中国生物药研发迈出了从跟随到并跑的关键一步。 创新药等进入密集收获期，创新引擎动力强劲 2025年，复星的创新研发以肉眼可见的速度推进，尤其以创新药为代表，已取得了全球范围内的商业落 地 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

Group 1 - The core viewpoint of the news is that Fosun Pharma is actively advancing its drug development pipeline and financial strategies, including new drug applications and bond issuance [1][4] Group 2 - Fosun Pharma's subsidiary, Jinzhou Aohong Pharmaceutical, received acceptance for its new drug application for ET-26, with a total R&D investment of approximately 189 million yuan [1] - Another subsidiary, Fuhong Hanlin, has been approved to conduct Phase I clinical trials for HLX15-SC, with a cumulative R&D investment of about 192 million yuan [1] - The company issued 1 billion yuan in technology innovation bonds with a 2-year term and an interest rate of 2.40% [1] - Fosun Pharma plans to spin off its subsidiary, Fosun Antigen, for a listing on the Hong Kong Stock Exchange, with a related proposal to be reviewed on February 27 [1] - The company provided guarantees totaling approximately 22.758 billion yuan for its subsidiaries, representing 48.15% of its net assets as of the end of 2024 [1] Group 3 - As of February 13, 2026, Fosun Pharma's A-share price was 26.57 yuan, down 1.12% for the day, with a 5-day cumulative decline of 0.41% [2] - The stock experienced a trading volume of 278 million yuan, with a net outflow of 31.055 million yuan from main funds [2] - The stock is currently in a volatile range, with a 20-day Bollinger Band resistance at 27.99 yuan and support at 26.09 yuan [2] Group 4 - For the year 2024, Fosun Pharma reported an operating income of 35.783 billion yuan and a net profit attributable to shareholders of 2.765 billion yuan, reflecting a year-on-year growth of 25.42% [3] - In the first quarter of 2025, the company reported an operating income of 9.420 billion yuan and a net profit of 765 million yuan, impacted by centralized procurement [3] - Forecasts indicate a 21.04% year-on-year growth in net profit for 2025, with an expected revenue growth rate of 3.32% for 2026 [3] Group 5 - As of February 14, 2026, the comprehensive target price for Fosun Pharma is set at 46.00 yuan, indicating a potential upside of 73.13% from the current stock price [4] - The forecasted earnings per share for 2025 is 1.25 yuan, with a projected net profit growth of 21.04% [4] - Institutions like Morgan Stanley highlight that the value of the company's innovative drug pipeline is gradually being realized, but short-term attention is needed on procurement pressures [4]

Core Viewpoint - Fosun Pharma's subsidiary, GSK (Wuhan) Pharmaceutical Co., Ltd., has received acceptance for the drug registration application of Cisplatin Injection by the National Medical Products Administration, indicating progress in the company's drug development pipeline [1] Group 1: Drug Development - The drug, Cisplatin Injection, is self-developed by the company and is intended for the treatment of metastatic testicular tumors, metastatic ovarian tumors, and advanced bladder cancer [1] - As of January 2026, the company's cumulative R&D investment in this drug is approximately RMB 4.69 million (unaudited) [1] Group 2: Market Potential - According to the latest data from IQVIA CHPA, the sales revenue of Cisplatin Injection in mainland China (excluding Hong Kong, Macau, and Taiwan) is projected to be approximately RMB 165 million in 2024 [1]