Core Viewpoint - The performance of innovative pharmaceutical companies in China for the first half of 2025 is impressive, with significant revenue and profit growth driven by innovative drug sales, indicating a potential recovery in the pharmaceutical industry [1][3][10]. Summary by Sections Company Performance - Heng Rui Pharmaceutical achieved a revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.450 billion yuan, up 29.67%. Innovative drug sales accounted for 60.66% of total revenue [3][12]. - Bai Jie Shen Zhou reported total revenue of 17.518 billion yuan, a 46.0% increase, with a net profit of 450 million yuan, marking a turnaround from losses. The sales of its key products, including the BTK inhibitor and PD-1 inhibitor, significantly contributed to this growth [3][7]. - Xin Da Biotech achieved revenue of 5.953 billion yuan, a 50.6% increase, and a net profit of 1.213 billion yuan, compared to a loss in the previous year, driven by strong sales of its PD-1 inhibitor and new weight-loss drug [8]. - Xian Sheng Pharmaceutical reported a revenue increase of 15.1% to 3.585 billion yuan, with innovative drug revenue reaching 2.776 billion yuan, accounting for 77.4% of total revenue [9]. Market Trends - The rising proportion of innovative drug revenue among multiple pharmaceutical companies suggests a shift towards innovation-driven strategies, with increasing market demand for innovative products supported by healthcare policies [10][20]. - Business Development (BD) activities are becoming crucial for growth, with significant deals indicating a robust international presence for Chinese innovative drug companies [12][13]. Challenges and Outlook - Despite the positive trends, companies face challenges such as intense market competition, high project uncertainty, and increasing accounts receivable [18]. - Some companies, like Bai Li Tian Heng and Bei Da Pharmaceutical, reported declines in net profit due to high R&D costs and overdue payments to partners, highlighting the risks associated with innovation investments [18][19]. - Overall, the industry is transitioning from a low point to a recovery phase, with expectations for sustained growth in the innovative drug sector driven by efficiency and cost advantages [20].

Core Viewpoint - The performance of innovative pharmaceutical companies in China has shown significant growth in the first half of 2025, with many companies reporting impressive revenue and profit increases driven by innovative drug sales [1][4][7]. Group 1: Company Performance - Heng Rui Pharmaceutical achieved a revenue of 15.76 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, up 29.67%, with innovative drug sales accounting for 60.66% of total revenue [1][8]. - BeiGene reported total revenue of 17.52 billion yuan, a 46.0% increase year-on-year, with a net profit of 450 million yuan, marking a turnaround from losses [1][4]. - Innovent Biologics achieved revenue of 5.95 billion yuan, a 50.6% increase, and a net profit of 1.21 billion yuan, compared to a loss of 160 million yuan in the previous year [5]. - Xiansheng Pharmaceutical reported a revenue increase of 15.1% to 3.58 billion yuan, with innovative drug revenue reaching 2.78 billion yuan, accounting for 77.4% of total revenue [6]. Group 2: Market Trends - The rising proportion of innovative drug revenue among multiple pharmaceutical companies indicates a successful shift towards innovation-driven strategies, with increasing market demand for innovative products [7][12]. - The Chinese innovative drug market is expanding, supported by improved public health awareness and favorable healthcare policies [7][12]. - Business development (BD) activities have become a crucial growth engine for innovative pharmaceutical companies, with significant increases in BD transactions in the first half of 2025 [9][10]. Group 3: Challenges and Future Outlook - Despite the positive trends, companies face challenges such as intense market competition, high project uncertainty, and increasing accounts receivable [12][13]. - The overall industry is transitioning from a low point, with profitability beginning to recover, indicating a shift from an "investment phase" to a "harvest phase" [12][14]. - Analysts predict that the innovative drug sector will continue to thrive, driven by high efficiency and low-cost development advantages, particularly in popular technology areas [12][14].

Core Insights - The excitement for the company lies not in new sectors but in accelerating growth and achieving a leading position in existing sectors [1] - The company reported total revenue of 87.28 billion yuan and a net profit of 660 million yuan for the first half of 2025 [1] - The four core subsidiaries contributed 63.61 billion yuan, accounting for 73% of total revenue [1] Innovation and R&D - The company invested 3.6 billion yuan in its innovation sector during the reporting period [2] - The pharmaceutical segment is both an established industry and a driver of innovation, with multiple new drug approvals and submissions [2] - The company has a robust pipeline of innovative products with significant global market potential [2] Global Expansion - Overseas revenue reached 46.67 billion yuan, making up 53% of total revenue [4] - The company has made significant strides in global business, with overseas product profits increasing over 200% and cash inflow from business development contracts rising by 280% [4] - The company is expanding its presence in various international markets, including the Middle East and Southeast Asia [4] Financial Health - The company is executing a "slimming down" strategy, with over 8 billion yuan returned from asset exits and subsidiary dividends [6] - Total debt as a percentage of total capital stands at 53%, indicating a reasonable debt ratio [7] - The company is focused on reducing financial costs and has seen a slight decrease in interest-bearing debt [7] Strategic Vision - The company aims to enhance its global R&D, business development, and operational capabilities to become a leading global pharmaceutical enterprise [3][5] - The strategy includes a focus on "innovation + globalization" to maximize the value of its innovative products [3] - The company is committed to deepening its core business and accelerating innovation while pursuing global development [7]

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。 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） 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。 海外監管公告 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《2025 年半年度業績說明會預告公告》，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8 月2 9 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、Chen Penghui先生及楊玉成先生；以及本公司之職工董事為嚴佳女士。 * ...

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 參與設立之私募股權投資基金進展的公告》，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8 月2 9 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、Chen Penghui先生及楊玉成先生；以及本公司之職工董事為嚴佳女士 ...

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。 证券代码：600196 股票简称：复星医药 编号：临 2025-140 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 控股子公司借款續展暨關聯交易的公告》，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8 月2 9 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、C ...

Group 1 - The core point of the news is that Fosun Pharma has signed a licensing agreement with Aikeno for the exclusive rights to research, develop, produce, register, and commercialize the AC-201 molecule in China and Hong Kong, Macau for human disease diagnosis, prevention, and treatment [1] - Fosun Pharma will pay up to RMB 156 million to Aikeno, which includes upfront and milestone payments [1] - AC-201 is an oral small molecule JAK inhibitor developed by Aikeno, primarily aimed at autoimmune diseases, with its first indication (moderate to severe plaque psoriasis) having completed Phase II clinical trials in China [1] Group 2 - The collaboration aims to leverage the group's strengths in drug clinical development, registration, production, and commercialization to enrich the product pipeline in the autoimmune field and enhance the group's core competitiveness in this treatment area [2]

Core Insights - Fosun Pharma has signed a licensing agreement with Aikono for the exclusive rights to research, develop, manufacture, register, and commercialize AC-201 in China and Hong Kong, aimed at treating autoimmune diseases [1][2] - AC-201, an oral small molecule JAK inhibitor developed by Aikono, has shown promising results in Phase II clinical trials for moderate to severe plaque psoriasis, demonstrating good safety and tolerability [1] - The global sales of JAK inhibitors are projected to reach approximately $16.8 billion in 2024, indicating a significant market opportunity for AC-201 [1] Company Overview - Aikono, established in December 2017 and based in Suzhou, Jiangsu Province, focuses on the research and development of small molecule innovative drugs, with three products currently in clinical research [2] - Aikono's registered capital is $43 million, and it is fully owned by Aikono Biopharmaceuticals (Hong Kong) Limited, with Xiaohu Zhang as the actual controller [2] Financial Terms - Fosun Pharma will pay Aikono up to RMB 156 million (including upfront and milestone payments) for the licensing agreement [2] Strategic Implications - This collaboration aims to leverage Fosun Pharma's strengths in drug clinical development, registration, production, and commercialization, enhancing its product pipeline in the autoimmune disease sector and strengthening its competitive position in the market [2]

Core Viewpoint - Fosun Pharma has signed a licensing agreement with Aikono for the exclusive rights to research, develop, produce, register, and commercialize the AC-201 molecule and any drugs containing it in China and Hong Kong, Macau, focusing on autoimmune diseases [1] Group 1 - The licensing agreement involves a payment of up to RMB 156 million, which includes an upfront payment and milestone payments [1] - AC-201 is an oral small molecule JAK inhibitor developed by Aikono, primarily targeting autoimmune diseases [1] - The first indication for AC-201, moderate to severe plaque psoriasis, has completed Phase II clinical trials in China, showing good safety and tolerability without serious adverse events [1] Group 2 - The Phase II clinical trial data for AC-201 is positive, with all three dosage groups meeting primary and key secondary endpoints after 12 weeks of treatment [1] - This collaboration aims to leverage the company's strengths in drug clinical development, registration, production, and commercialization, enhancing its product pipeline in the autoimmune field and improving market positioning [1]

Core Transaction Details - The license target is the subsidiary Fosun Pharma, which has obtained exclusive rights for the development, production, registration, and commercialization of the AC-201 molecule and its drugs in mainland China and Hong Kong and Macau [1] - The licensor is Aikeno Biopharmaceuticals (Suzhou) Co., Ltd. [1] - The licensing field is for the diagnosis, prevention, and treatment of human diseases [1] Product Information - AC-201 is an oral small molecule JAK inhibitor primarily used for autoimmune diseases [1] - Clinical progress includes the completion of Phase II clinical trials for the first indication (moderate to severe plaque psoriasis), with positive data indicating good safety and tolerability [1] - The market size for JAK inhibitors is projected to reach approximately $16.8 billion in global sales by 2024 [1] Payment Arrangement - The total payment amount is up to 156 million yuan (including an upfront payment of 60 million yuan and milestone payments of up to 96 million yuan) [1] - Sales commissions will be paid based on a predetermined percentage of annual net sales [1] - Milestone payments will be made based on the achievement of annual net sales targets [1]