Core Viewpoint - Citigroup has raised the target price for Fosun Pharma from HKD 25 to HKD 35.3, maintaining a "Buy" rating, reflecting positive adjustments in revenue and earnings forecasts for the years 2025 to 2027 [1] Revenue and Earnings Forecasts - Revenue forecasts for 2025, 2026, and 2027 have been increased by 0.5%, 2%, and 3% respectively [1] - Earnings per share forecasts have been adjusted upward by 3%, 8%, and 6% for the same years [1] Factors Influencing Adjustments - The adjustments are attributed to aggressive employee stock ownership goals, ongoing project monetization potential from external licensing deals, and improved operational efficiency from restructuring the R&D framework [1]

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Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 71.84%, Green Power Environmental (01330) at 69.15%, and China Shenhua (01088) at 68.07% [1] - The latest holding ratio rankings for the top 20 companies show significant ownership levels, with companies like Kaisa New Energy (01108) and COSCO Shipping Energy (01138) also exceeding 67% [1] - The recent five trading days saw Alibaba-W (09988) leading in increased holdings with a rise of 143.50 billion, followed by Yingfu Fund (02800) with an increase of 41.59 billion [1][2] Group 2 - The companies with the largest decreases in holdings over the last five trading days include Meituan-W (03690) with a reduction of 12.14 billion, Great Wall Motors (02333) with a decrease of 8.01 billion, and Xiaomi Group-W (01810) with a drop of 7.57 billion [2] - Other notable companies experiencing significant reductions in holdings include Tencent Holdings (00700) and Li Auto-W (02015), with decreases of 4.65 billion and 4.06 billion respectively [2] - The data reflects a dynamic trading environment, with substantial shifts in investor sentiment towards various companies within the Hong Kong market [2]

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Fosun Pharma (02196.HK) by 4.086 million shares on September 17, 2025, marking a decrease of 1.27% in their total holdings [1][2] - Over the past five trading days, southbound funds have reduced their holdings on three occasions, resulting in a cumulative net reduction of 2.5952 million shares [1][2] - In the last twenty trading days, there have been fifteen days of reductions, with a total net decrease of 27.6502 million shares [1][2] Group 2 - As of now, southbound funds hold 319 million shares of Fosun Pharma, which accounts for 57.76% of the company's total issued ordinary shares [1][2] - Fosun Pharma operates in five segments, including pharmaceuticals, medical devices and diagnostics, healthcare services, pharmaceutical distribution and retail, and other pharmaceutical-related businesses [2] - The company's products primarily target treatment areas such as oncology, immunology, and central nervous system disorders [2]

Core Viewpoint - Fosun Pharma's subsidiary, Jinzhou Aohong Pharmaceutical, has received approval from the National Medical Products Administration for the registration of Famotidine Injection, indicating a significant advancement in the company's product pipeline and potential market expansion [1] Group 1: Product Approval - The approved drug, Famotidine Injection, is a chemical medication developed independently by the group [1] - The indication for the drug is for the treatment of upper gastrointestinal bleeding caused by peptic ulcers, excluding those due to tumors and esophageal or gastric varices [1] Group 2: Research and Development Investment - As of August 2025, the group has invested approximately RMB 7.67 million (unaudited) in the research and development of this drug [1]

Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 (a joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code 股份代號：02196） NOTIFICATION LETTER 通知信函 18 September 2025 Dear Non-Registered Shareholders, Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* (the "Company") — Notice of publication of 2025 Interim Report (the "Current Corporate Communication") 上海復星醫藥（集團）股份有限公司（「本公司」） — 二零二五年中期報告（「是次公司通訊」）之登載通知 本公司的是次公司通訊之中、 ...

NOTIFICATION LETTER 通知信函 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 (a joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code 股份代號：02196） By Order of the Board Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* Chen Yuqing Chairman Note: Corporate Communications include any document(s) issued or to be issued by the Company for the information or action of holders of any of its securities or the investing ...

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Group 1 - The Hong Kong innovative drug concept stocks experienced a significant decline on September 17, with major companies like China Biologic Products, Weiya Bio, and Fosun Pharma dropping over 4% [1] - Other companies such as Junshi Biosciences, Rongchang Biopharma, and Innovent Biologics also saw declines exceeding 3% [1]

Core Viewpoint - The core viewpoint of the article emphasizes that Fosun Pharma is focusing on innovation and accelerating globalization through a series of strategic actions in the first half of 2025, despite facing challenges in its core business performance [4][5][11]. Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 195.14 billion yuan, a year-on-year decline of 4.63% [5][6]. - The net profit, excluding non-recurring gains, was 9.61 billion yuan, down 23.39% year-on-year, indicating pressure on core business operations [5][6]. - The increase in net profit by 38.96% to 17.02 billion yuan was primarily due to investment income of 21.2 billion yuan from the sale of non-core assets [5][6]. - The pharmaceutical segment, which accounts for 71.24% of total revenue, saw a revenue decline of 5.29% to 139.01 billion yuan [7][19]. Business Segments - The innovative drug business grew by over 14% year-on-year, reaching over 43 billion yuan, and now represents 31% of the pharmaceutical segment's revenue [7][8]. - The medical health services segment generated 35.92 billion yuan, a slight decrease of 1.83%, affected by price adjustments and centralized procurement policies [7]. - The medical devices and diagnostics segment reported revenue of 19.55 billion yuan, down 5.51%, impacted by geopolitical tensions affecting overseas operations [7]. Strategic Actions - The company has been actively restructuring its strategy, including the sale of non-core assets to focus on core innovative businesses, with over 20 billion yuan in signed disposals in the first half of 2025 [11][19]. - In August 2025, Fosun Pharma launched a new round of equity incentive plans with clear performance targets for net profit and innovative drug revenue growth [17][19]. - The company has made significant international collaborations, including licensing agreements for innovative drugs, indicating a strong push for global expansion [12][20]. Management Changes - In April 2025, Fosun Pharma underwent a significant management reshuffle, appointing new leadership with diverse backgrounds to drive its strategic focus on innovation and internationalization [15][16]. - The new management team is characterized by a strong emphasis on technical expertise and international experience, aiming to enhance the company's operational capabilities [16]. Market Response - The stock performance of Fosun Pharma has shown a divergence between A-shares and H-shares, with A-shares lagging behind the industry average while H-shares have outperformed significantly [9][10]. - Analysts have differing views on the company's future, with some optimistic about its innovative pipeline and others cautious due to ongoing pressures from centralized procurement policies [21].