证券代码：600196 股票简称：复星医药 编号：临 2025-195 上海复星医药（集团）股份有限公司 关于控股子公司药品获注册批准的公告 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、概况 近日，上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公司 桂林南药股份有限公司就膦甲酸钠注射液（以下简称"该药品"）的药品注册申请 获国家药品监督管理局批准，本次获批适应症为用于治疗（1）艾滋病（AIDS）患 者巨细胞病毒性视网膜炎、（2）免疫功能损害患者耐阿昔洛韦单纯疱疹病毒性皮肤 粘膜感染。 二、该药品的注册信息 上海复星医药（集团）股份有限公司 药品通用名称：膦甲酸钠注射液 剂型：注射剂 规格：250ml:6g（按 CNa₃O₅P·6H₂O 计） 注册分类：化学药品 3 类 上市许可持有人：桂林南药股份有限公司 药品批准文号：国药准字 H20256094 三、该药品的研发及同类药品的市场情况 截至 2025 年 11 月，本集团（即本公司及控股子公司/单位，下同）现阶段针对 该药品累计研发投入约为人民币 498 ...

Core Viewpoint - Fosun Pharma's subsidiary, Guilin Pharmaceutical Co., has received approval from the National Medical Products Administration for the registration of sodium phosphonate injection, which is indicated for the treatment of cytomegalovirus retinitis in AIDS patients and herpes simplex virus infections in immunocompromised patients [1] Group 1 - The approved drug is sodium phosphonate injection [1] - The indications for the drug include treatment for cytomegalovirus retinitis in AIDS patients [1] - The drug is also indicated for herpes simplex virus infections in patients with immune dysfunction [1]

Core Viewpoint - Fosun Pharma (600196.SH) announced that its subsidiary, Guilin Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the drug registration application of Sodium Foscarnet Injection, which is indicated for the treatment of (1) cytomegalovirus retinitis in AIDS patients and (2) acyclovir-resistant mucocutaneous infections in immunocompromised patients [1] Group 1 - The drug approval expands the treatment options for AIDS patients suffering from cytomegalovirus retinitis [1] - The approval also addresses the needs of immunocompromised patients facing acyclovir-resistant infections [1]

Core Viewpoint - Fosun Pharma's subsidiary, Guilin Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for its sodium phosphonate injection, which is indicated for the treatment of cytomegalovirus retinitis in AIDS patients and acyclovir-resistant herpes simplex virus infections in immunocompromised patients [1] Group 1 - The approval of the sodium phosphonate injection will enhance Fosun Pharma's product line [1] - The sales performance of the newly approved drug is subject to various influencing factors, leading to uncertainty [1]

责任编辑：栎树 12月10日，复星医药A股一度涨近5%报28.8元，H股一度涨近7%报22.94港元。消息面上，公司昨晚公 告，控股子公司药友制药与辉瑞于2025年12月9日签订《许可协议》，药友制药就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授予辉瑞于全球范围及领域(人 类、动物所有适应症的治疗、诊断及预防)独家开发、使用、生产及商业化权利。 港股频道更多独家策划、专家专栏，免费查阅>> 药友制药将有权获得不可退还的首付款1.5亿美元及至多3.5亿美元的开发里程碑款项。此外，基于许可 产品的年度净销售额达成情况，辉瑞将向药友制药支付至多15.85亿美元的销售里程碑款项。该协议自 2025年12月9日起生效。 ...

Group 1: Important Developments - Moore Threads is set to release a new generation of GPU architecture [1] - Jiechuan Intelligent has launched an all-in-one machine product in collaboration with Moore Threads for the education sector [1] - Hengyin Technology reports that multiple banks are actively testing domestic GPU chips with a positive procurement attitude [1] - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, has signed a licensing agreement with Pfizer [1] - Unisoc's automotive domain control chip THA6 has entered mass production [1] - Xi'an Yicai expects total production capacity to exceed 1.2 million pieces per month by 2026, with products already in mass production for advanced DRAM storage chips [1] - Zhongtian Rocket is a supplier for Lingkong Tianxing [1] - Holleywo has seen rapid growth in satellite testing system orders, primarily from commercial aerospace satellite manufacturers [1] - Srey New Materials' rocket engine thrust chamber products have successfully assisted Blue Arrow Aerospace's reusable launch vehicle testing [1] - Guokai Military Industry provides comprehensive support services for commercial aerospace companies, including rocket research and design [1] - Hualing Cable supplies products for Long March and Shenzhou series rockets [1] - Guanglian Aviation covers major domestic rocket models including Long March, Zhuque, and Tianlong [1] - Triangle Defense has received multiple orders for rocket structural components [1] - Zhongke Xingtou will collaborate with Zhongke Shuguang to build a space computing network [1] - Yiwan Yichuang is exploring cooperation possibilities in e-commerce and local industries with relevant business departments in Fujian Province [1] - Jiechuan Intelligent's AI electromagnetic network patrol dog has generated certain orders and revenue [1] - Huagong Technology has shipped small batch orders of 1.6T optical modules [1] Group 2: Investments & Contracts - Tongyizhong plans to invest approximately 198 million yuan to establish a 2,400-ton annual production project for ultra-high molecular weight polyethylene fibers, expanding applications in humanoid robots [2] - Longi Green Energy expects a maximum daily balance limit of 30 billion yuan for entrusted wealth management using its own funds by 2026 [2] - Xingfu Electronics intends to invest 480 million yuan to build a 40,000-ton annual electronic-grade phosphoric acid project [2] - Longjiang Transportation's subsidiary plans to invest 2.679 billion yuan in a graphite mining and selection joint project [2] Group 3: Performance - China Life's total premium income exceeded 700 billion yuan in the first 11 months of this year [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][5]. Core Insights - The company has entered a significant licensing agreement with Pfizer for its proprietary oral small molecule GLP-1R agonist, YP05002, which is currently in Phase I clinical trials in Australia. This agreement includes an upfront payment of $150 million and potential milestone payments totaling up to $385 million, along with sales milestone payments that could reach $1.585 billion [6][7]. - The licensing deal is seen as a recognition of the company's R&D capabilities and is expected to enhance the valuation of its pipeline. The total deal value is approximately $2.085 billion, which is a significant milestone for the company [7]. - The upfront payment is projected to significantly boost the company's net profit, estimated to account for 38% of the 2024 net profit, with expectations of recognition in 2026 [7]. - The profit forecast has been revised upwards, with expected net profits of RMB 33.2 billion, RMB 46.8 billion, and RMB 47.7 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 19.8%, 40.8%, and 19.1% [7][8]. - The company is expected to maintain a low valuation with H-share PE ratios of 16X, 11X, and 11X for the years 2025, 2026, and 2027, indicating a favorable long-term outlook [7]. Financial Summary - The company’s projected net profit for 2025 is RMB 33.2 billion, with a year-on-year increase of 19.8% [8]. - The earnings per share (EPS) for 2025 is expected to be RMB 1.24, with a growth rate of 19.54% compared to the previous year [8]. - The projected revenue for 2025 is RMB 44.867 billion, with a slight increase from RMB 41.067 billion in 2024 [10].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 里昂发布研报称，上调复星医药（02196）盈利预测，将2025至27年各年纯利预测分别上调1%、2.4%及 1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药（600196.SH）A 股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 里昂发布研报称，上调复星医药（02196）盈利预测，将2025至27年各年纯利预测分别上调1%、2.4%及 1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药（600196.SH）A 股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 复星医药旗下临床前小分子GLP-1药物与辉瑞（PFE.US）签署21亿美元合作协议。里昂指，由于辉瑞在 GLP-1领域的积极参与及长期布局，此次合作使YP05002处于领先地位。相较同类授权协议，财务条款 亦属合理。随着市场对该领域兴趣重燃，预期复星医药股价将出现正面反应，但此举可能加剧国内同业 拓展海外业务时 ...

Core Viewpoint - Recently, Fosun Pharma announced a licensing agreement with Pfizer Inc. for the exclusive global development, use, production, and commercialization rights of oral small molecule GLP-1 receptor agonists, including YP05002, covering all therapeutic, diagnostic, and preventive indications in humans and animals [1] Group 1 - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, will conduct Phase I clinical trials of YP05002 in Australia [1] - The agreement includes an upfront payment of $150 million to Yaoyou Pharmaceutical [1] - Yaoyou Pharmaceutical is also eligible for milestone payments up to $1.935 billion related to specific development, registration, and commercial milestones, along with tiered royalties after product approval [1]

复星医药旗下临床前小分子GLP-1药物与辉瑞(PFE.US)签署21亿美元合作协议。里昂指，由于辉瑞在 GLP-1领域的积极参与及长期布局，此次合作使YP05002处于领先地位。相较同类授权协议，财务条款 亦属合理。随着市场对该领域兴趣重燃，预期复星医药股价将出现正面反应，但此举可能加剧国内同业 拓展海外业务时的竞争压力。 智通财经APP获悉，里昂发布研报称，上调复星医药(02196)盈利预测，将2025至27年各年纯利预测分别 上调1%、2.4%及1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药 (600196.SH)A股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 （原标题：里昂：升复星医药(02196)目标价升至31.6港元 与辉瑞(PFE.US)达成GLP-1药物合作） ...