Core Viewpoint - Fosun Pharma (02196.HK) announced plans to divest 100% equity of Shanghai Clone to enhance focus on core business and improve asset operation efficiency [1] Group 1: Transaction Details - Fosun Pharma's subsidiary, Fosun Pharma Industry, plans to invest RMB 54.6 million as a limited partner (LP) to establish a special fund with Hongyi Tianjin and Zhonghui Life Insurance, expecting to hold 9.98% of the fund's assets after full fundraising [1] - Following the establishment of the special fund and fulfillment of agreed conditions, Fosun Pharma Industry intends to transfer its 100% equity in Shanghai Clone and related debts for no more than RMB 1.256 billion to the special fund or its controlled entities [1] - After the transfer, the group will no longer hold equity in Shanghai Clone but will continue to lease part of the property as an operating site, with no significant impact on daily operations expected [1] Group 2: Use of Proceeds - Proceeds from the transfer will be allocated to the continuous investment in the group's innovative drug business [1]

Core Viewpoint - Fosun Pharma is planning to transfer 100% equity of Shanghai Clone to enhance focus on core business and improve asset operation efficiency [1][2] Group 1: Transaction Structure - Fosun Pharma's subsidiary, Fosun Pharma Industry, will establish a special fund with a total planned fundraising of RMB 547 million, with contributions from various parties [1] - The fund will have Fosun Pharma Industry holding 9.98%, Hongyi Tianjin holding 0.18%, and Zhonghui Life holding 89.84% of the fund's assets [1] - The investment will be accounted for as other non-current financial assets at fair value after the fund is established [1] Group 2: Asset Transfer Details - Following the establishment of the special fund, Fosun Pharma Industry will transfer its 100% equity in Shanghai Clone for a total consideration not exceeding RMB 1.256 billion [2] - The main asset of Shanghai Clone includes state-owned land use rights and property ownership located at 1289 Yishan Road, Xuhui District, Shanghai, covering an area of 19,944 square meters with a building area of 45,238.55 square meters [2] - After the transfer, the group will no longer hold equity in Shanghai Clone but will continue to lease part of the property for operations, with Shanghai Fushun providing asset management services [2]

Core Viewpoint - Fosun Pharma is planning to divest 100% equity of Shanghai Clone to enhance focus on core business and improve asset operation efficiency [1] Group 1: Transaction Structure - Fosun Pharma's subsidiary, Fosun Pharma Industry, and partners intend to establish a special fund with a target capital of RMB 547 million, with contributions from various parties [2] - The fund will be structured with Fosun Pharma Industry contributing RMB 54.6 million, while Zhonghui Life will contribute RMB 491.4 million, resulting in respective ownership stakes of 9.98% and 89.84% [2] - Following the establishment of the fund, Fosun Pharma Industry will transfer 100% equity of Shanghai Clone for a consideration not exceeding RMB 1.256 billion [2] Group 2: Asset Details - The main asset of Shanghai Clone includes state-owned land use rights and property ownership located at 1289 Yishan Road, Xuhui District, Shanghai, covering an area of 19,944 square meters with a building area of 45,238.55 square meters [2] - After the transfer, the group will no longer hold equity in Shanghai Clone but will continue to lease part of the property for operational purposes [3] - Shanghai Fushun, a subsidiary, will provide asset management services for Shanghai Clone post-transfer [3]

（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 參與設立私募股權投資基金及籌劃出售資產的公告》，僅供參閱。 承董事會命 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.* 上海复星医药（集团）股份有限公司 关于参与设立私募股权投资基金 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9 月2 6 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、潘東輝先生及吳以芳先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、 ...

Core Viewpoint - The potential imposition of a 100% tariff on imported brand and patented drugs by the Trump administration starting October 1, 2025, has raised concerns among pharmaceutical companies, particularly those in China, leading to a decline in their stock prices [2][3]. Group 1: Impact on Pharmaceutical Companies - The announcement of the tariff has caused significant declines in the stock prices of Chinese pharmaceutical companies, with Heng Rui Pharmaceutical dropping 3.03% in A-shares and 2.23% in Hong Kong shares, and BeiGene falling 4.38% in A-shares and 1.55% in Hong Kong shares [2]. - The Hang Seng Innovative Drug Index (HSIDI) fell by 2.37%, with notable declines in stocks such as Fosun Pharma, which dropped 5.82%, and 3SBio, which fell by 5.34% [3]. - Industry experts suggest that the impact of the tariff on Chinese pharmaceutical companies may be limited, as many are focused on generic drugs and active pharmaceutical ingredients (APIs) [4]. Group 2: Industry Perspectives - Some industry leaders believe that the tariff policy may not be implemented as proposed, citing the high cost of drugs in the U.S. and the potential for political changes in future administrations [4][5]. - Companies like Heng Rui Pharmaceutical indicated that their current exports primarily consist of generics and APIs, suggesting minimal impact from the proposed tariffs [4]. - Other companies, such as Lepu Biopharma, noted that their licensing partnerships would shield them from significant effects [5]. Group 3: U.S. Policy Context - The Trump administration has previously threatened to impose tariffs on imported drugs, with discussions around a 200% tariff and subsequent smaller tariffs leading to a potential increase over time [6][7]. - Major multinational pharmaceutical companies have responded to the tariff threats by committing to significant investments in U.S. manufacturing, with companies like Novartis and Roche pledging $23 billion and $50 billion respectively over the next five years [8].

Core Viewpoint - The potential implementation of a 100% tariff on all brand-name and patented drugs by the U.S. government starting October 1, 2025, unless companies are building drug manufacturing plants in the U.S. [2] Group 1: Market Reaction - Pharmaceutical stocks in multiple markets, including China, Japan, and South Korea, experienced a collective decline following the announcement [3] - Specific declines included a 3.03% drop in Hengrui Medicine (600276.SH/01276.HK) A-shares and a 2.23% drop in Hong Kong shares, while BeiGene (ONC.NASDAQ/06160.HK/688235.SH) saw a 4.38% drop in A-shares and a 1.55% drop in Hong Kong shares [3] - The Hang Seng Innovative Drug Index (HSIDI) fell by 2.37%, with notable declines in stocks such as Fosun Pharma (600196.SH/02196.HK) down 5.82% and 3SBio (01530.HK) down 5.34% [4] Group 2: Industry Perspectives - Industry experts suggest that Chinese pharmaceutical companies aiming to expand internationally need to consider the potential implementation of this policy and explore possible solutions [5] - Some executives believe that the high cost of drugs in the U.S. may hinder the realization of this policy [5] - Hengrui Medicine's executive noted that the impact of the potential policy would be limited as their exports mainly consist of generic drugs and APIs [5] - Other companies, such as Lepu Biopharma, indicated that their licensing partnerships would not be significantly affected [5] - Investors pointed out that this is a political issue that could change with future administrations, suggesting that while there may be short-term negative impacts, the long-term effects may not be significant [5] Group 3: Historical Context - Historically, pharmaceuticals have been excluded from tariff lists, but President Trump has repeatedly threatened to impose tariffs on imported drugs this year [5] - The Trump administration initiated a "232 investigation" under the Trade Expansion Act of 1962, which allows for tariffs if imports threaten national security [6] - Previous statements from Trump indicated plans for escalating tariffs on imported drugs, with initial small tariffs leading to potential increases up to 250% [7] Group 4: Investment Commitments - In response to the tariff threats, several multinational pharmaceutical companies have committed to investing in U.S. manufacturing facilities, with significant investments announced by companies like Novartis, Roche, Sanofi, and AstraZeneca [8] - Notably, Novartis and Roche pledged $23 billion and $50 billion respectively over five years, while AstraZeneca committed to a $50 billion investment by 2030 [8]

Group 1 - Core viewpoint: Fosun Pharma plans to sell 100% equity of Shanghai Clone through a two-step process, involving a capital contribution and a transfer of equity and debt [1] Group 2 - Transaction structure: The first step involves an investment of 54.6 million yuan to establish a special fund of 547 million yuan, holding 9.98% [1] - The second step includes transferring the 100% equity and debt of Shanghai Clone to the special fund, with a transaction price not exceeding 1.256 billion yuan [1] Group 3 - Asset details: Shanghai Clone's main asset is a property located at 1289 Yishan Road, Xuhui District, Shanghai, covering an area of 19,944 square meters with a building area of 45,238.55 square meters [1] - Financial data for 2024: Total assets are 172.61 million yuan, net assets are 55.54 million yuan, revenue is 79.81 million yuan, and net profit is 2.88 million yuan [1] - Valuation: The assessed value of the property is 1.2015 billion yuan as of December 31, 2024 [1] Group 4 - Partner background: The special fund structure includes Hongyi Tianjin (GP, 0.18%), Fosun Pharma Industry (LP, 9.98%), and Zhonghui Life Insurance (LP, 89.84%) [1] - Fund usage: Proceeds from the transfer will be used for investment in Fosun Pharma's innovative drug business [1] Group 5 - Operational impact: After the transfer is completed, the company will continue to lease part of the property for operational purposes, with no significant impact on daily operations [1] - Approval status: The transaction has been approved by the board of directors and does not require shareholder approval, thus not constituting a related party transaction or major asset restructuring [1]

Core Viewpoint - Fosun Pharma announced plans to transfer 100% equity and debt of Shanghai Clone for a consideration of no more than 1.256 billion yuan, aiming to focus on core business and enhance asset operation efficiency [1] Group 1: Transaction Details - The transaction involves a special fund that plans to raise 547 million yuan, with Fosun Pharma contributing 54.6 million yuan, holding 9.98% of the fund's assets [1] - After the transaction, Fosun Pharma will no longer hold equity in Shanghai Clone but will continue to lease part of the property as an operating site [1] Group 2: Strategic Intent - The proceeds from the transfer will be used for continued investment in innovative drug business [1]

Core Viewpoint - Fosun Pharma (600196) announced on September 26 that it plans to divest 100% equity of Shanghai Clone, aiming to focus on core business and enhance asset operational efficiency [1] Group 1: Transaction Details - Fosun Pharma Industry intends to invest 54.6 million yuan as a limited partner (LP) to establish a special fund with Hongyi Tianjin and Zhonghui Life Insurance, expecting to hold 9.98% of the fund's property share [1] - Following the establishment of the special fund, Fosun Pharma Industry plans to transfer its 100% equity in Shanghai Clone and related debts to the special fund or its controlling entity for no more than 1.256 billion yuan [1]

（来源：复星医药） 转自：复星医药 2025年9月25日，复星医药核药平台星睿菁烜在四川成都正式揭牌。同日，由复星医药主办、星睿菁烜 承办的以"核聚蓉城，星睿启航"为主题的2025核药高质量发展专业论坛在成都天府国际生物城文化中心 隆重举行。来自企业、学术界的近百余位嘉宾齐聚一堂，共话中国核药产业创新与高质量发展新路径。 在星睿菁烜揭牌之际，以"核聚蓉城，星睿启航"为主题的2025核药高质量发展专业论坛同日举行。与会 专家就靶向治疗放射性药物的临床前评价、放射性药物发展现状及趋势、中国靶向核药产业新生态等话 题分享了各自的洞察与思考。 创新是复星医药发展的核心驱动力，通过自主研发、合作开发、许可引进、基金孵化、产业投资等多元 化、多层次创新研发模式，复星医药持续强化抗体、ADC、细胞治疗及小分子四大技术平台能力，加 速创新技术与产品的转化落地。围绕实体瘤、血液瘤、免疫炎症等核心治疗领域，公司已逐步构建高价 值管线组合，并通过产业基金合作，布局核药、RNA、基因治疗、AI药物研发等前沿技术，完善研发 产业链。 复星医药联席总裁、全球研发中心首席执行官王兴利表示："复星医药核药总部项目落地成都是复星医 药在西南地 ...