Core Viewpoint - Fosun Pharma (02196.HK) announced that its board of directors will hold a meeting on October 28, 2025, to consider and approve the third-quarter results for the nine months ending September 30, 2025, and to publish these results [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 28, 2025 [1] - The meeting will focus on the financial performance of the company and its subsidiaries for the third quarter [1] - Results will cover the period ending September 30, 2025 [1]

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） 董事會會議日期 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司（「 本 公 司 」）董 事 會（「 董 事 會 」）茲 通 告 謹 定 於 2025 年 10月28日（ 星期二 ）舉行董事會會議，藉以（ 其中包括 ）考慮及通過本公司及其附屬公司截至 2025年9月30日止九個月的第三季度業績並予以刊發。 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 2025年10月14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、文德鏞先生及王可心先生；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 ...

Core Insights - Shanghai is leading the nation in the innovation of pharmaceuticals and medical devices, with 30 approved domestic Class I innovative drugs from 2021 to September 2025, accounting for 17% of the national total [1] - The biopharmaceutical industry in Shanghai reached a scale of 500.57 billion yuan in the first half of this year, with expectations to surpass 1 trillion yuan for the full year [2] - Shanghai's License-out transactions for innovative drugs reached 38 in 2024, representing 35% of the national total, with a transaction value of 30.7 billion USD, accounting for 47% of the national total [3] Industry Growth - The biopharmaceutical industry in Shanghai has shown consistent growth, increasing from 761.71 billion yuan in 2021 to an estimated 984.70 billion yuan in 2024, with a compound annual growth rate of 8.94% [2] - By the end of 2024, Shanghai is expected to have 2,183 biopharmaceutical enterprises, covering manufacturing, services, and wholesale [2] - Shanghai has seen 46 companies go public from 2021 to 2024, with 4 new listings in 2023 alone [2] International Recognition - Since 2021, 9 drugs have been approved in international markets such as the US and Japan, indicating the global recognition of Shanghai's innovative capabilities [3] - Major international pharmaceutical and medical device companies have established headquarters or R&D centers in Shanghai, with 19 out of the top 20 in each category present [2] Policy Support - Shanghai has implemented various policies to support the biopharmaceutical industry, including regulations and action plans focused on synthetic biology, cell and gene therapy, and AI in medicine [4] - A biopharmaceutical industry mother fund with a total scale of 22.5 billion yuan has been established, along with a 10 billion yuan merger fund targeting strategic acquisitions in traditional Chinese medicine, vaccines, and high-end medical devices [4] - From 2021 to 2024, Shanghai's biopharmaceutical sector has secured 238.37 billion yuan in financing, ranking among the top in the country [4] Innovation Ecosystem - Shanghai has built a comprehensive innovation ecosystem that spans from research to clinical application, providing new momentum for high-quality development in the biopharmaceutical industry [5]

Group 1 - The core point of the news is that southbound funds have been reducing their holdings in Fosun Pharma (02196.HK), with a total net reduction of 911.55 million shares over the last five trading days and 2,214.17 million shares over the last twenty trading days [1][2] - As of October 13, 2025, southbound funds hold 310 million shares of Fosun Pharma, accounting for 56.07% of the company's total issued ordinary shares [1][2] - The trading data indicates fluctuations in shareholding, with a decrease of 119.3 million shares on October 13, 2025, representing a change of -0.38% [2] Group 2 - Fosun Pharma operates in five segments: pharmaceutical, medical devices and diagnostics, healthcare services, pharmaceutical distribution and retail, and other pharmaceutical-related businesses [2] - The pharmaceutical segment focuses on innovative drugs, mature pharmaceutical products, and vaccines, while the medical devices segment includes molecular diagnostics and medical beauty devices [2] - The company's products primarily target treatment areas such as oncology, immunology, and central nervous system disorders [2]

Core Insights - The pharmaceutical companies listed on the Shanghai Stock Exchange have shown robust growth in the first half of 2025, driven by the implementation of the Healthy China strategy and global pharmaceutical innovation [1][4] - Jiangsu Hengrui Medicine Co., Ltd. has received approval for its innovative drug, Zemeituzhita Tablets, marking a significant advancement in China's hematological oncology drug development [1][2] - The overall trend indicates a shift towards increased R&D investment, with innovative drug sales becoming a larger portion of revenue and accelerated international market expansion [1][4] Company Summaries - **Hengrui Medicine**: Achieved revenue of 15.761 billion yuan and net profit of 4.450 billion yuan in the first half of 2025, representing year-on-year growth of 15.88% and 29.67% respectively. Innovative drug sales now account for 55% of main business revenue. The company has invested over 48 billion yuan in R&D and has 14 global R&D centers with a team of over 5,600 [2][3] - **Fosun Pharma**: Reported innovative drug revenue exceeding 4.3 billion yuan in the first half of 2025, a year-on-year increase of 14.26%, making up 31% of its pharmaceutical business revenue. The company has engaged in five innovative drug licensing transactions and has established a local team in the U.S. for commercialization efforts [2][3] - **WuXi AppTec**: Experienced a 24.2% year-on-year growth in revenue from continuing operations in the first half of 2025, with adjusted net profit increasing by 44.4%. The company has successfully synthesized and delivered over 440,000 new compounds in the past 12 months [3] Industry Trends - The pharmaceutical industry is actively exploring new growth points through digital transformation, green low-carbon development, and cross-industry innovation. Leading companies like Hengrui, Fosun, and WuXi AppTec are demonstrating the effectiveness of innovation-driven strategies and global market expansion [4]

Core Insights - The article presents a ranking of 33 Hong Kong-listed medical service companies based on their stock price performance as of September 30, 2025, highlighting significant price increases and declines among these companies [1][2]. Group 1: Top Performers - The top performer is Brainstorm Cell Therapeutics (脑动极光-B) with a stock price of HKD 8.58, reflecting a remarkable increase of 166.46% [1]. - MediWound (麦迪卫康) ranks second with a stock price of HKD 1.23, showing a growth of 136.54% [1]. - Yonghe Medical (雍禾医疗) comes in third with a stock price of HKD 2.05, marking a rise of 127.78% [1]. Group 2: Notable Declines - The company with the largest decline is Yimeng Group (云康集团), with a stock price of HKD 1.28, experiencing a drop of 86.15% [1]. - Meizhong Jiahe (美中嘉和) follows with a stock price of HKD 3.20, down by 70.91% [1]. - Another significant decline is seen in Yimeng Sunshine (一昧阳光), which has a stock price of HKD 17.00, down by 76.06% [1]. Group 3: Market Capitalization - Fosun Pharma (复星医药) has the highest market capitalization at HKD 680.48 billion, with a stock price of HKD 25.78 [2]. - Far East Horizon (远东宏信) ranks second with a market cap of HKD 328.32 billion and a stock price of HKD 6.87 [2]. - Global Medical (环球医疗) holds a market cap of HKD 114.82 billion, with a stock price of HKD 6.07 [2].

Core Insights - Wu Yifang has joined Cloudbreak Capital as the Chairman of the Board of Cloudtop New Horizon after leaving Fosun Pharma, marking a new chapter in his career [1][2] Company Changes - Cloudtop New Horizon announced several board changes, including the appointment of Wu Yifang as Chairman, the transition of Fu Wei to a non-executive director, and the resignation of Feng Honggang as a non-executive director [1] - The adjustments aim to strengthen corporate governance, optimize strategic layout, and enhance overall company strength [1] Background of Wu Yifang - Wu Yifang has over 20 years of experience at Fosun Pharma, where he served as Chairman and CEO for nearly a decade, leading the company to achieve significant revenue growth [2][3] - Under his leadership, Fosun Pharma's revenue reached 41.07 billion yuan in 2024, with a steady increase from 30.31 billion yuan in 2020 [2] Strategic Focus - Wu Yifang's role at Cloudtop New Horizon will involve working closely with CEO Luo Yongqing to drive company development and provide strategic guidance on key initiatives, including strategic transactions and R&D innovation [1] - Cloudtop New Horizon is actively developing its mRNA business, which aligns with Wu Yifang's previous success in introducing BioNTech's mRNA technology to the Greater China region during his tenure at Fosun Pharma [4] Investment Management - Cloudtop New Horizon is a representative case incubated by Cloudbreak Capital, which manages assets worth $10.5 billion and focuses on the healthcare sector [4] - Cloudbreak Capital remains the largest shareholder of Cloudtop New Horizon, holding a 24.19% stake after a share placement [4] R&D Initiatives - Cloudtop New Horizon showcased its AI+mRNA technology platform during the "2025 Cloudtop New Horizon mRNA Innovation Technology Platform R&D Day," highlighting advancements in core pipelines for cancer and autoimmune diseases [5] - The company has initiated clinical trial applications for its therapeutic vaccines, EVM14 and EVM16, with EVM14's application officially accepted by the National Medical Products Administration [6]

Group 1 - Wu Yifang has been appointed as the Chairman of the Board of Directors at Genscript Biotech (云顶新耀) after becoming an Executive Operating Partner at Kangqiao Capital [1][3] - The board adjustments at Genscript Biotech aim to enhance corporate governance, optimize strategic layout, and improve overall strength [1][3] - Wu Yifang has over 30 years of experience in the pharmaceutical industry and previously served as Chairman and CEO of Fosun Pharma, leading its transformation into a global biopharmaceutical leader [3] Group 2 - Genscript Biotech is focusing on developing its mRNA business, with a fully integrated and localized AI+mRNA platform targeting oncology and autoimmune diseases [3][4] - The company is advancing its product pipeline, including the universal therapeutic vaccine EVM14 and personalized therapeutic vaccine EVM16, with the first patient dosing of EVM16 completed in March this year [3] - Genscript Biotech is implementing a "dual-driven" strategy of "licensing in + independent research and development," aiming for operational profitability by the second half of 2025 [4]

导语：2021至2025年，复星医药通过系统性资产剥离回笼资金超130亿元，但截至2025年上半年，其短期债务约226.46亿元，偿债缺口仍高达96.87亿 元。 近日， 复星医药公告，控股子公司复星医药产业 宣布 拟通过专项基金转让上海克隆 100% 股权及债权，交易对价不超过 12.56 亿元。 战略调整与资金缺口 标的资产为上海市徐汇区宜山路 1289 号工业用地及地上建筑，宗地面积 19,944 平方米，建筑面积 45,238.55 平方米。 标的 资产 紧邻漕河泾开发区，双地铁交汇， 周边地价较 2015 年已翻倍。漕河泾开发区是上海科创中心六大承载区之一，具备国家级经开区、 高新区、出口加工区三重身份，产业基础雄厚，汇聚 3600 余家高科技企业、 80 余家世界 500 强。 为填补资金 缺口，据 复星医药公告及权威财经媒体披露， 2021 至 2025 年，复星医药通过系统性资产剥离回笼资金超 130 亿元，核心目标聚 焦"非战略非核心资产退出"与"创新药 + 高值器械"双轮驱动转型。 据网易 2025 年 8 月地产分析，该区域工业用地改造潜力巨大，外资生命科学企业 可能可以 通过收购成熟园 ...

Core Viewpoint - The recent appointment of Wu Yifang as Executive Operating Partner at Kangqiao Capital marks a significant shift in the leadership landscape of Fosun Pharma, indicating a potential new direction for both companies in the biopharmaceutical sector [1][2][3]. Group 1: Leadership Changes - Wu Yifang has over 30 years of experience in the pharmaceutical industry and previously served as the CEO and Chairman of Fosun Pharma, where he played a crucial role in transforming the company into a global leader [2][3]. - His departure from Fosun Pharma, which includes a series of high-profile resignations, signifies the end of an era for the company, as he was a key figure in its recent successes [3][4]. - The management shake-up at Fosun Pharma has seen multiple executives leave, including the resignation of the Executive President and several senior vice presidents, indicating a comprehensive restructuring of the leadership team [5][6][7]. Group 2: Company Performance - During Wu Yifang's tenure as Chairman from 2020 to 2024, Fosun Pharma achieved revenues of 30.31 billion yuan, 39.01 billion yuan, 43.95 billion yuan, 41.40 billion yuan, and 41.07 billion yuan, showcasing significant growth [3][4]. - Despite the leadership changes, Fosun Pharma reported a revenue of 19.514 billion yuan in the first half of 2025, a year-on-year decrease of 4.63%, while net profit attributable to shareholders increased by 38.96% to 1.702 billion yuan, primarily due to asset sales [7][8]. - The company is focusing on increasing investment in innovative drugs to mitigate the impact of centralized procurement on its performance, with innovative drug revenue exceeding 4.3 billion yuan in the first half of 2025, a year-on-year increase of 14.26% [8].