Group 1 - The core point of the news is that Fosun Pharma has announced a strategic acquisition of a controlling stake in Green Valley Pharmaceutical, aiming to enhance its capabilities in the Alzheimer's disease treatment sector through a combination of equity transfer and capital subscription [1] - The acquisition involves a total payment of 1.269 billion yuan, with an initial payment of 635 million yuan at the time of closing, and the remaining 634 million yuan to be paid over three years based on the company's subsequent R&D progress [1] - The acquisition will provide necessary funding for the clinical trials of Ganluo Sodium Capsules and support commercialization efforts, including clinical operations, registration, and marketing [1] Group 2 - Fosun Pharma is committed to the field of neurodegenerative diseases and has developed a collaborative innovation model combining drugs and devices, enhancing its product portfolio with various treatments [3] - The company has revised its post-marketing confirmatory clinical trial plan for Alzheimer's disease, extending the double-blind treatment period from 36 weeks to 48 weeks and increasing the sample size from 1,312 to 1,950 participants, which has been approved by the National Medical Products Administration [2] - As of December 15, 2025, 580 participants have been enrolled in the clinical study, with expectations to complete enrollment by the end of 2027 and submit the clinical trial summary report to the regulatory authority in the first half of 2029 [2]

Core Viewpoint - Fosun Pharma has announced a strategic acquisition of 51% stake in Green Valley Pharmaceutical, aimed at enhancing its capabilities in the Alzheimer's disease treatment sector and ensuring funding for clinical trials of the drug Ganluo Sodium Capsule [1][3]. Group 1: Acquisition Details - The acquisition will be executed through a combination of "acquiring existing equity + subscribing to new registered capital," with a total payment of 1.269 billion yuan, structured in installments [1]. - The first payment of 635 million yuan will be made on the closing date, while the remaining 634 million yuan will be paid within three years based on the clinical progress of the target company [1]. - The founder-controlled entity of the target company will pledge 10% of its shares post-acquisition to provide collateral against potential risks [1]. Group 2: Clinical Trial Progress - Fosun Pharma has revised the post-marketing confirmatory clinical trial protocol for the Alzheimer's drug, extending the double-blind treatment period from 36 weeks to 48 weeks and increasing the sample size from 1,312 to 1,950 participants [2]. - As of December 15, 2025, a total of 580 participants have been enrolled in the clinical study, with completion of enrollment expected by the end of 2027 and data readout anticipated in early 2029 [2]. Group 3: Strategic Focus - Fosun Pharma is committed to the field of neurodegenerative diseases, enhancing its product portfolio with a collaborative innovation model that includes both drugs and medical devices [3]. - The acquisition is part of the company's strategy to address unmet clinical needs in this therapeutic area and to further enrich its pipeline of innovative products [3].

Core Viewpoint - Fosun Pharma is acquiring a 51% stake in Green Valley Pharmaceutical through a combination of stock transfer and capital subscription, with a total investment of 1.269 billion yuan, structured to manage clinical and investment risks effectively [1] Group 1: Acquisition Details - The acquisition involves a phased payment structure, with an initial payment of 635 million yuan at the time of closing and the remaining 634 million yuan to be paid within three years based on the company's subsequent R&D progress [1] - The founder-controlled entity of the target company will pledge 10% of its shares post-acquisition to provide collateral against potential risks [1] Group 2: Clinical Development Progress - Fosun Pharma is revising the post-marketing confirmatory clinical trial protocol for its Alzheimer's drug, extending the double-blind treatment period from 36 weeks to 48 weeks and increasing the sample size from 1,312 to 1,950 participants [2] - As of December 15, 2025, 580 participants have been enrolled in the clinical study, with full enrollment expected by the end of 2027 and data readout anticipated in early 2029 [2] Group 3: Strategic Focus - Fosun Pharma is enhancing its product portfolio in the field of neurodegenerative diseases, having developed a collaborative innovation model that includes both drugs and devices [3] - The acquisition is part of the company's strategy to address unmet clinical needs in this therapeutic area and to further enrich its pipeline of innovative products [3]

Core Viewpoint - Fosun Pharma is acquiring a 51% stake in Green Valley Pharmaceutical through a combination of stock transfer and capital subscription, with a total investment of 1.269 billion yuan, structured to manage clinical and investment risks effectively [1][2]. Group 1: Acquisition Details - The acquisition involves a phased payment structure, with an initial payment of 635 million yuan at the time of closing and the remaining 634 million yuan to be paid within three years based on the company's R&D progress [1]. - The founder of the target company will pledge 10% of the company's shares post-acquisition to provide collateral against potential risks [1]. Group 2: Clinical Development - Fosun Pharma is committed to funding the clinical trials for the drug Ganluo Sodium Capsule, which will also be integrated into its innovative drug pipeline [1]. - The clinical trial for Alzheimer's disease has been revised to extend the double-blind medication period from 36 weeks to 48 weeks and increase the sample size from 1,312 to 1,950 participants, in line with the latest regulatory guidelines [2]. Group 3: Strategic Focus - Fosun Pharma is enhancing its product portfolio in the field of neurodegenerative diseases, aiming to address unmet clinical needs and strengthen its market position through a collaborative innovation model that includes both drugs and medical devices [3].

证券之星消息，12月22日南向资金减持23.4万股复星医药（02196.HK）。近5个交易日中，获南向资金 减持的有3天，累计净减持65.8万股。近20个交易日中，获南向资金增持的有11天，累计净增持97.95万 股。截至目前，南向资金持有复星医药（02196.HK）3.17亿股，占公司已发行普通股的57.48%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-22 | 3.17亿 | -23.40万 | -0.07% | | 2025-12-19 | 3.18亿 | -89.20万 | -0.28% | | 2025-12-18 | 3.18亿 | 140.60万 | 0.44% | | 2025-12-17 | 3.17亿 | 45.35万 | 0.14% | | 2025-12-16 | 3.17亿 | -139.15万 | -0.44% | 上海复星医药（集团）股份有限公司是一家主要从事医药产品研发、制造与销售的中国公司。该公司经 营五个分部。制药分部主要从事创新药、成熟医药产品制造和疫苗业务。医疗器械与医 ...

■ 上海复星医药（集团）股份有限公司关于回复上海证券交易所对外投资事项监管工作函的公告 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。 ●特别风险提示 1、标的公司主要品种甘露特钠胶囊的药品注册证书（有条件批准）于2024年11月到期，该药品在重新 开展商业化生产和销售前，还需（其中主要包括）补充完成目前尚在开展中的上市后确证性临床试验并 通过国家药监局的审评审批、以及获上海药监局的再注册结论。鉴于该临床试验尚在开展中，该临床试 验能否如期完成受试者入组、达成临床研究终点以及该药品能否如期获国家药品审评部门的批准，尚存 在不确定性。 2、截至本回复出具日，甘露特钠胶囊商业化生产和销售已暂停，且未来一段时间该公司仍将处于对该 药品的临床投入阶段，由于目前标的公司无其他在研药品或已上市产品，若尚在开展中的甘露特钠胶囊 上市后确证性临床研究的数据结果未达预期或未获国家药品审评部门的批准，则标的公司对该药品的前 期研发投入将无法收回，预计将对标的公司持续经营能力造成不利影响。 3、甘露特钠胶囊上市后的具体销售情况还可能受到（包括但不限 ...

证券代码：600196 证券简称：复星医药 公告编号：2025-202 上海复星医药（集团）股份有限公司 关于回复上海证券交易所对外投资事项 监管工作函的公告 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。 ●特别风险提示 1、标的公司主要品种甘露特钠胶囊的药品注册证书（有条件批准）于 2024 年 11 月到期，该药品在重新开展商业化生产和销售前，还需（其中主要包括）补充完成目前 尚在开展中的上市后确证性临床试验并通过国家药监局的审评审批、以及获上海药监局 的再注册结论。鉴于该临床试验尚在开展中，该临床试验能否如期完成受试者入组、达 成临床研究终点以及该药品能否如期获国家药品审评部门的批准，尚存在不确定性。 2、截至本回复出具日，甘露特钠胶囊商业化生产和销售已暂停，且未来一段时间 该公司仍将处于对该药品的临床投入阶段，由于目前标的公司无其他在研药品或已上市 产品，若尚在开展中的甘露特钠胶囊上市后确证性临床研究的数据结果未达预期或未获 国家药品审评部门的批准，则标的公司对该药品的前期研发投入将无法收回，预计将对 标的公司持续经 ...

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 回覆上海證券交易所對外投資事項監管工作函的公告》，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 2025年12月22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 、 ...

Core Viewpoint - A controversial Alzheimer's drug, known as "971," has regained the possibility of being sold after a recent acquisition by Fosun Pharma, which plans to invest approximately 1.412 billion yuan to acquire 51% of Green Valley Pharmaceutical [1][2]. Group 1: Acquisition and Financial Implications - Fosun Pharma's acquisition of Green Valley Pharmaceutical marks the first purchase under the leadership of newly appointed Chairman Chen Yuqing [2]. - The market reacted negatively to the acquisition, with Fosun Pharma's A-shares dropping by 4.22% and Hong Kong shares by 5.81% on December 16 [2]. - The acquisition is expected to have a minimal impact on Fosun Pharma's financial statements in the coming years, as Green Valley will focus on clinical trials post-acquisition [10]. Group 2: Drug Development and Clinical Trials - Fosun Pharma aims to complete post-marketing confirmatory clinical trials for 971, with an optimistic timeline for approval in the first half of 2029 and potential inclusion in medical insurance by 2030 [2][3]. - The estimated cost for domestic Phase III clinical trials is around 685 million yuan, with plans for international multi-center trials if suitable conditions arise [3]. - The target patient population for 971 is approximately 3.56 million, with a projected market penetration rate of 22% [4]. Group 3: Controversies and Efficacy Concerns - The drug's efficacy has been heavily criticized, with notable academic figures questioning its mechanism and clinical trial data [6][7]. - Despite the controversies, there is a significant demand for the drug, with prices reportedly reaching 1,600 to 2,400 yuan, significantly higher than its previous insurance-covered price [8]. - Clinical data from over 800 patients reportedly shows that 971 performs better than a placebo, and there is a growing body of real-world evidence supporting its effectiveness [7]. Group 4: Company Background and Future Prospects - Green Valley Pharmaceutical, founded by Lü Songtao, has faced scrutiny in the past, including allegations of fraudulent claims regarding its products [9][10]. - The company reported revenues of 572 million yuan in 2024, but faced significant losses in the first nine months of 2025 due to the suspension of 971 [10]. - Following the acquisition, Green Valley will operate as a subsidiary of Fosun Pharma, with a focus on completing necessary clinical trials to regain market approval [10].

北京商报讯（记者 王寅浩 宋雨盈）12月19日，复星医药发布公告称，公司控股子公司上海复宏汉霖生 物技术股份有限公司及其控股子公司获美国FDA（美国食品药品监督管理局）批准开展HLX18（即重 组抗PD-1人源化单克隆抗体注射液）用于治疗多种实体瘤的I期临床试验。 公告显示，HLX18是纳武利尤单抗生物类似药，拟用于黑色素瘤、非小细胞肺癌、恶性胸膜间皮瘤、 肾细胞癌、经典型霍奇金淋巴瘤、头颈部鳞状细胞癌、尿路上皮癌、胃癌、胃食管连接部癌或食管腺 癌、食管癌、结直肠癌、肝细胞癌等原研药已获批的适应症。 ...