Core Viewpoint - Shanghai Fosun Pharmaceutical Industry Development Co., Ltd. plans to reduce its stake in Shanhe Pharmaceutical Auxiliary Co., Ltd. by up to 6,978,729 shares, representing no more than 3% of the company's total share capital, excluding repurchased shares [1] Summary by Relevant Sections - **Share Reduction Plan** - The reduction will occur through centralized bidding and block trading methods within a period of 90 days starting from November 24, 2025, to February 21, 2026 [1] - **Share Capital Details** - The total shares to be reduced are calculated based on the company's total share capital, excluding 1,825,500 shares that have been repurchased [1]

Core Viewpoint - Shanghai Fosun Pharmaceutical Industry Development Co., Ltd., a shareholder holding 9.23% of Shanhe Pharmaceutical Auxiliary (300452.SZ), plans to reduce its stake by up to 6.9787 million shares, representing 3.00% of the company's total share capital, due to its own funding needs [1] Summary by Sections Shareholder Reduction Plan - The reduction will occur through centralized bidding and block trading methods within 90 days starting from 15 trading days after the announcement, specifically from November 24, 2025, to February 21, 2026 [1] - In any consecutive 90-day period, the block trading reduction will not exceed 2% of the company's total share capital (4.6525 million shares), while the centralized bidding reduction will not exceed 1% (2.3262 million shares) [1]

Core Viewpoint - Fosun Pharma will showcase its innovative pharmaceutical products and high-end medical devices at the 8th China International Import Expo, emphasizing its commitment to global innovation and collaboration in the healthcare sector [1]. Group 1: Company Innovations - Fosun Pharma will present a range of products focused on key therapeutic areas such as oncology, immune inflammation, central nervous system disorders, and kidney diseases, covering the entire spectrum from diagnosis to treatment [1]. - The highlight of Fosun Pharma's exhibition will be the Marie vertical particle therapy system, which represents a revolutionary advancement in tumor treatment, allowing for rapid deployment in existing medical spaces and offering various cutting-edge particle radiation therapy technologies [1]. Group 2: CAR-T Cell Therapy Developments - The first CAR-T cell therapy product in China, Yikaida (Acilutamide Injection), has improved accessibility and affordability, being included in over 110 provincial and municipal health insurance plans and more than 80 commercial insurance policies, with over 190 registered treatment centers and treatment of over 1,000 lymphoma patients [2]. - Fosun Pharma's second CAR-T product, Brexucabtagene Autoleucel Injection, has had its drug registration application accepted by the National Medical Products Administration, targeting relapsed or refractory precursor B-cell acute lymphoblastic leukemia in adult patients [2]. Group 3: Future Directions - Fosun Pharma aims to lead with technological innovation, deepen global operations, and promote localized innovation, contributing to the high-quality development of the pharmaceutical industry and supporting the "Healthy China 2030" initiative [3].

Core Points - The Hang Seng Index closed at 25,906.65 points, down 1.43% [1] - The Hang Seng Tech Index closed at 5,908.08 points, down 2.37% [1] Company Performance - Semiconductor stocks led the decline, with Hua Hong Semiconductor falling over 7% and SMIC down over 5% [1] - Major tech stocks also experienced losses, with Alibaba down over 4%, Tencent Holdings down over 3%, and JD Group and Baidu Group both down over 2% [1] Sector Performance - The pharmaceutical and biotechnology sector saw gains, with Innovent Biologics rising over 7%, and Fosun Pharma and Rongchang Biologics both increasing over 6% [1]

Core Viewpoint - The innovative drug sector in Hong Kong and A-shares has seen a significant rally driven by multiple favorable factors, including the introduction of a "commercial insurance innovative drug catalog" in national medical insurance negotiations [1][4]. Market Performance - A-share innovative drug stocks performed actively, with notable gains including: - Sanofi Guojian and Shuyai Shen both hitting the 20% daily limit up - Other stocks like Zhongsheng Pharmaceutical and Lianhuan Pharmaceutical also reaching their daily limits [1][2] - In the Hong Kong market, notable stocks such as Sanofi Pharmaceutical and Xinda Biopharmaceutical saw increases of nearly 12% and 8.49% respectively [2][3]. Policy Support - The introduction of the "commercial insurance innovative drug catalog" aims to alleviate the payment pressure for high-value innovative drugs and provide broader avenues for R&D returns [4]. - The recent guidelines from the Central Committee emphasize support for the development of innovative drugs and medical devices, reinforcing the policy foundation [5]. R&D and Collaborations - Leading companies are making substantial progress in international collaborations, with Sanofi Pharmaceutical registering two global Phase III clinical trials for its dual antibody drug SSGJ-707 [5]. - The innovative drug sector has seen a surge in licensing deals, with a reported 170% year-on-year increase in patent licensing transactions, exceeding $100 billion in 2025 [5]. Financial Performance - Major companies reported strong financial results: - WuXi AppTec's revenue reached 32.86 billion yuan, up 18.6% year-on-year - Hengrui Medicine reported a revenue of 23.188 billion yuan, up 14.85%, with a net profit increase of 24.50% [6]. - Positive macroeconomic signals include the U.S. decision to cancel additional tariffs on Chinese goods, which may benefit international collaborations for innovative drug companies [6]. Future Outlook - Analysts are optimistic about the continued growth of the innovative drug sector, with expectations of sustained policy support and enhanced global competitiveness for Chinese innovative drugs [7]. - The trend of declining interest rates by major central banks is anticipated to further boost the valuation of innovative drugs [7].

Core Viewpoint - Fosun Pharma's stock price increased by approximately 4% during trading, reflecting positive market sentiment following the release of its financial results for the nine months ending September 30, 2025, which showed a mixed performance in revenue and profit [1] Financial Performance - The company reported a revenue of 29.393 billion yuan, a decrease of 4.91% year-on-year [1] - Net profit attributable to shareholders was 2.523 billion yuan, an increase of 25.5% year-on-year [1] - Basic earnings per share stood at 0.95 yuan [1] Key Drivers of Performance - The increase in net profit was primarily attributed to gains from the sale of remaining equity in United Family Healthcare and other non-core assets [1] - The company is actively advancing the launch of innovative products, with several new drug approvals in September, including a new indication for the small molecule CDK4/6 inhibitor and approvals for other products in the U.S. and EU [1] Future Outlook - Analysts believe that the ongoing launch of innovative drugs will contribute to a recovery in revenue for the company [1]

Core Viewpoint - Fosun Pharma's stock has seen an increase of nearly 4%, with a current price of HKD 23.16, following the release of its financial results for the nine months ending September 30, 2025, which showed a mixed performance in revenue and profit [1] Financial Performance - The company reported a revenue of CNY 29.393 billion, a decrease of 4.91% year-on-year [1] - Net profit attributable to shareholders was CNY 2.523 billion, reflecting a year-on-year increase of 25.5% [1] - Basic earnings per share stood at CNY 0.95 [1] Key Drivers of Performance - The increase in net profit is primarily attributed to gains from the sale of remaining equity in United Family Healthcare and other non-core assets [1] - The company has been actively pursuing the launch of innovative products, with recent approvals for new indications and products in both domestic and international markets [1] Product Development and Market Expansion - In Q3 2025, Fosun Pharma continued to advance its innovative drug launches, including the approval of a new indication for the small molecule CDK4/6 inhibitor, Ruzhoning, in September [1] - The HLX14 injection has received approval for sale in the US and EU, while the FKC889 injection has been submitted for domestic approval and accepted by the National Medical Products Administration [1] - Analysts believe that the ongoing launch of innovative drug products will drive revenue recovery for the company [1]

业内人士表示，近年来，上海生物医药产业发展不断迈上新台阶。上海生物医药产业规模持续增长，从 2021年的7617.14亿元增长至2024年的9847.02亿元，年均复合增长率达8.94%，今年有望突破万亿元大 关。从创新策源到临床转化，从AI赋能到成果落地，上海正在加快构建全链条创新产业生态，为生物 医药产业高质量发展不断注入新动能。 ● 本报记者 李梦扬 创新力量崛起 创新研发是推动生物医药行业高质量发展的源动力。与会嘉宾结合各自深耕的领域，分享前沿观点与发 现，共同探索创新药研发的未来方向。 10月29日，2025上海国际生物技术与医药研讨会开幕，主题为"聚焦生物医药前沿技术，共建全球创新 合作生态"。 随着AI技术快速发展，人工智能在药物研发领域的价值愈加受到关注。 美国塔夫茨大学医学院教授、药物开发研究中心前主任肯尼斯·凯廷的演讲聚焦于"人工智能助力提升药 物临床研发效率"。肯尼斯·凯廷表示，当前新药研发面临周期长（超10年）、成本高（超10亿美元）及 临床成功率低等多重挑战。人工智能是系统性提升研发效率、优化临床试验设计与运营的关键工具。他 呼吁行业积极拥抱AI技术以应对日益严峻的研发瓶颈。 "通过 ...

Core Viewpoint - Fosun Pharma will showcase its innovative pharmaceutical products and high-end medical devices at the 8th China International Import Expo (CIIE), emphasizing its role as a global healthcare industry leader rooted in China [1][2]. Group 1: Company Achievements - Fosun Pharma has successfully transformed from an exhibitor to an investor, leveraging the CIIE to accelerate the localization of advanced technologies and innovative medical products in China [1]. - The company has introduced at least six innovative products, referred to as "CIIE babies," which have been successfully launched or approved in China, including the Da Vinci surgical robot and the CAR-T cell therapy product Yikaida® [2][3]. Group 2: Product Innovations - The Marie® vertical particle therapy system, a revolutionary breakthrough in tumor radiotherapy, has been highlighted for its compact design, reducing the required space from 120 square meters to 30 square meters, thus lowering construction and operational costs [2]. - Yikaida®, as China's first approved CAR-T product, has benefited over 1,000 lymphoma patients since its approval in 2021, showcasing the positive impact of the CIIE on global resource collaboration [3]. Group 3: Future Directions - Fosun Pharma aims to focus on industry upgrades and embrace innovative products in future CIIE participations, seeking to gather more global resources as a multinational enterprise [3].

Core Viewpoint - Fosun Pharma is planning to spin off its subsidiary, Fosun Antigen, for a listing on the Hong Kong Stock Exchange amid fluctuating performance and increasing debt levels [2][4]. Financial Performance - For the first three quarters of 2025, Fosun Pharma reported a revenue of 29.393 billion yuan, a decrease of 4.91% year-on-year, while net profit increased by 25.50% to 2.523 billion yuan [12]. - In 2023, Fosun Pharma's revenue was 41.4 billion yuan, down 5.81% year-on-year, and net profit fell by 36.04% to 2.386 billion yuan [11]. - The company has experienced a decline in revenue over the past few years, with 2022 revenue at 43.952 billion yuan, a 12.66% increase, but net profit decreased by 21.10% [9]. Debt and Cash Flow - As of the end of Q3 2025, Fosun Pharma had cash and cash equivalents of 11.478 billion yuan and short-term borrowings of 16.447 billion yuan, indicating tight cash flow [12]. - Fosun Antigen's debt ratio increased from 33.87% at the end of 2024 to 43.72% by mid-2025, reflecting a rise of approximately 10 percentage points in just six months [7]. Spin-off Details - The spin-off of Fosun Antigen aims to enhance its governance and sustainable development, thereby maximizing shareholder value [4]. - Fosun Antigen focuses on the research, production, and sales of human vaccines and has developed several vaccines that have been approved for sale in China [6]. Investment Initiatives - Fosun Pharma's subsidiary plans to establish a target fund with a total fundraising goal of 1 billion yuan, with Fosun Pharma contributing 100 million yuan [13]. - The fund aims to leverage partnerships with various investors to expand in innovative drugs, biopharmaceuticals, and high-end medical devices [13].