郭广昌表示，从豫园到BFC再到外滩，过年从来不只是团圆饭和红包，而是一种文化的根脉与传承。复 星一直坚信，只要产品足够好、体验足够真诚，就能打动人心。今年的灯会，正是这种理念的缩影—— 它让老上海人找回记忆，让新上海人理解传统，让全球游客感受到独一无二的海派春节。 以下为其微博原文： 2月1日晚间，复星集团董事长郭广昌发微博表示，在结束一天工作后，夜游2026豫园灯会，并通过微博 分享了此次体验。 刚忙完一天的工作，趁着夜色正好，去豫园灯会逛了逛。 从九曲桥到中心广场，《山海奇豫记》转眼今年已来到了第四季·"旷野篇"。但今年的灯会，最让我惊 喜的，是灯会真正"走出了八扇门"，六区联动，在今天全面点亮。以往我们总把灯会圈在豫园商城里， 但今年，方浜中路的万家灯火、福佑路的市集烟火、古城公园的静谧，一直延伸到BFC和外滩十六铺， 打造了一条完整的"年味动线"。沿着这条路慢慢走，老城厢的温情、BFC的泡泡玛特潮流装置、外滩的 璀璨华章……一步一景，串起了上海的历史和未来。 从豫园到BFC再到外滩，一路赏灯，我愈发觉得，过年从来不只是团圆饭和红包，而是一种文化的根脉 与传承。复星一直坚信，只要产品足够好、体验足够真诚 ...

Group 1 - Kangfang Biotech's AK112 has been proposed for inclusion as a breakthrough therapy for advanced biliary cancer, marking the fifth time it has received such recognition from CDE, offering new hope for patients with poor prognosis [1] - Hengrui Medicine has submitted new indication applications for its drugs, demonstrating the trend of integrating systemic and local treatments in solid tumor therapy, particularly in liver cancer [2] - Innovent Biologics expects a revenue increase of approximately 134% in 2025, projecting around 2.37 billion yuan, with a turnaround to a net profit of about 630 million yuan, driven by sustained commercialization and global business development [3] Group 2 - Roche's 2025 financial report indicates total revenue of approximately 74.37 billion USD, with pharmaceutical business revenue reaching about 57.63 billion USD, reflecting a 9% year-on-year growth [4] - Fosun Pharma has secured commercialization rights for VGX-3100, a therapeutic DNA drug targeting HPV, which is expected to complement existing preventive vaccines and address a significant market for infected individuals [5]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Healthcare** sector, specifically the **pharmaceutical industry** in China, with insights into various companies and their performance outlooks for 2025 and 2026 [1][2][6]. Core Companies Discussed 1. **Jiangsu Hengrui Pharmaceuticals (600276.SS)** - Expected product sales growth of **12% YoY** in 2025, driven by **~25% growth** in innovative drug sales [10]. - Anticipated net profit growth faster than revenue due to higher contributions from business development (BD) income and lower operating expenses [10]. - Projected to achieve **25%+ growth** in innovative drug sales in 2026, supported by **10 new NRDL entries** [36]. 2. **Hansoh Pharmaceutical Group Co Ltd (3692.HK)** - Total revenue growth forecasted at **20%** in 2025, with **17%** growth in product sales [10]. - Net profit expected to grow at a slower pace due to high base effects and ongoing R&D investments [10]. 3. **3SBio (1530.HK)** - Revenue projected at **Rmb19bn** in 2025, with a slight decline in product sales [10]. - Anticipated modest growth in 2026, with new products ramping up [10]. 4. **CSPC Pharmaceutical Group (1093.HK)** - Projected total revenue decline of **7% YoY** in 2025, with a **10% drop** in finished drug sales [10]. - Expected net profit growth of **17%** due to BD income [10]. 5. **Sino Biopharmaceutical (1177.HK)** - Forecasted total revenue growth of **15%** in 2025, driven by biosimilar growth [11]. - Projected net profit growth of **73%**, largely due to higher dividend payments from Sinovac [12]. 6. **Fosun Pharmaceutical (2196.HK)** - Expected flat total revenue in 2025, with a projected **20% growth** in net profit due to operational savings [12]. 7. **China Medical System (0867.HK)** - Revenue growth of **10%** expected in 2025, with a focus on innovative drugs [12]. - Plans to spin off its dermatology subsidiary, Dermavon, to unlock equity value [49]. Key Insights and Trends - **Globalization** remains a significant theme, with companies focusing on pipeline advancements and out-licensing deals to enhance revenue streams [2][8]. - The **China pharma sector** is experiencing a shift towards innovative drug development, with many companies investing heavily in R&D to mitigate the impact of pricing pressures and regulatory changes [49][67]. - **Out-licensing deal momentum** for China-originated assets is robust, indicating a healthy market for collaboration and partnerships [8]. Financial Projections - **Hengrui**: Projected **Rmb31.4bn** in revenue for 2025, with a **12.3% YoY** increase [16]. - **Hansoh**: Expected revenue of **Rmb14.7bn** in 2025, with a **20.1%** growth rate [16]. - **3SBio**: Revenue forecasted at **Rmb19bn** in 2025, with a significant increase in net profit [16]. - **CSPC**: Anticipated revenue of **Rmb26.997bn**, reflecting a **-6.9%** change [16]. - **Sino Biopharma**: Expected revenue of **Rmb33.333bn**, with a **15.5%** growth [16]. Risks and Considerations - Companies face **regulatory pressures** and pricing challenges, particularly from the **Volume-Based Procurement (VBP)** policies [49][63]. - The potential for **pipeline setbacks** and delays in new product launches could impact growth trajectories [63][67]. - The **spinoff of Dermavon** may be perceived negatively by some investors, but it is expected to enhance the financial flexibility of China Medical System [50]. Conclusion The conference call highlighted a positive outlook for the China pharmaceutical industry, driven by innovative drug sales and strategic partnerships. However, companies must navigate regulatory challenges and market pressures to sustain growth.

Core Viewpoint - Fosun Pharma (600196.SH) announced the progress of guarantees provided for its subsidiaries, with total external guarantees amounting to approximately RMB 2,276,279 million, representing 48.16% of the audited net assets attributable to shareholders as of December 31, 2024 [1][2]. Group 1: Guarantee Details - As of January 27, 2026, the total amount of external guarantees, including the current guarantee, is approximately RMB 2,276,279 million [2]. - The company has no overdue guarantee matters as of January 27, 2026 [1]. - On January 26, 2026, the company entered into a guarantee contract with Bank of Communications, agreeing to provide a maximum joint liability guarantee for its subsidiary Fosun Pharma Industry for a financing contract not exceeding RMB 112,900 million [3]. Group 2: Credit Facilities and Agreements - On September 11, 2025, Fosun Yalifeng, a subsidiary, signed a credit agreement with China Merchants Bank for a credit limit of RMB 4,500 million, which was later increased to RMB 10,000 million [3]. - On January 26, 2026, Fosun Health signed a working capital loan agreement with Bank of Communications for a loan limit of RMB 5,000 million [4]. - Fosun Health also entered into factoring agreements with Agricultural Bank and Dalian Bank for financing limits of RMB 3,000 million and RMB 10,000 million, respectively [5][6]. Group 3: Additional Guarantees - On January 27, 2026, subsidiary Suzhou Erye signed a guarantee contract with Bank of Communications for a financing contract not exceeding RMB 6,000 million [6]. - On the same day, Beijing Beiling applied for a loan of RMB 1,500 million from Beijing Rural Commercial Bank, with Fosun Beiling providing a joint liability guarantee [7].

| | | | of Real | | --- | --- | --- | --- | | 1 HE | 1 | OR | 三次数据 1 三万元 | | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 简军 | 爱美客董事长 | | 2 | 赵燕 | 华熙生物青事长 | | 3 | 严建亚 | 巨子生物董事长 | | 4 | 关晓晖 | 复星医药联席董事长 | | 5 | 刘涛 | 奥园美谷董事长 | | 6 | 申东日 | 朗姿股份董事长 | | 7 | 杨霞 | 锦波生物董事长 | | 8 | 前熔 | 美年健康青事长 | | 9 | 傅海曙 | 瑞丽医美毒事长 | | 10 | 60 郭振宇 | 贝泰妮董事长 | | | 接单尚明:排名不分先后,围绕专业能力、业绩表现 行业提 | | | | 响力等维度综合评选得出。 | | 瑞财经 1月28日，由瑞财经推出的"2025年度医疗美容业十大杰出人物"榜单揭晓，复星医药联席董事长 关晓晖入选。 "2025年度医疗美容业十大杰出人物"榜单围绕专业能力、业绩表现、行业影响力等维度综合评选得出。 关晓晖，于2000年6月获得中国江 ...

证券代码：600196 证券简称：复星医药 公告编号：临2026-013 上海复星医药（集团）股份有限公司 关于为控股子公司提供担保的进展 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。 重要内容提示： ● 担保对象及基本情况 （一）本次担保的基本情况 1、2026年1月26日，本公司与建设银行普陀支行达成《保证合同一》，约定由本公司为控股子公司复星 医药产业于2026年1月1日至2029年1月1日期间与建设银行普陀支行所签订的本金不超过人民币112,900 万元的融资主合同项下债务提供最高额连带责任保证担保，每笔债务的保证期间为自该笔债务的主合同 签订之日起至该合同项下债务履行期限届满之日后三年止。 2、根据2025年9月11日控股子公司复星雅立峰与招商银行签订的《授信协议》，由复星雅立峰向招商银 行申请等值人民币4,500万元的授信额度，授信期间自2025年9月11日起至2027年9月10日止，并由本公 司为复星雅立峰于上述授信额度项下债务提供最高额连带责任保证担保，保证期间为自2025年9月11日 起至约定的债务到 ...

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of a new treatment regimen for advanced solid tumors, which includes HLX43 and HLX07 [1] Group 1 - The approved treatment regimen consists of HLX43, a PD-L1 targeted antibody conjugate, and HLX07, a recombinant humanized monoclonal antibody targeting EGFR, both classified as Class 1 therapeutic biological products [1] - The clinical trials for this treatment plan will be conducted in China, with Phase II studies planned once conditions are met [1] - The regimen also includes the use of Surufatinib injection, marketed in China under the name Hansizhuang® [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） 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 控股子公司藥品獲臨床試驗批准的公告》，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 2026 年1 月2 7 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、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳女士。 * 僅供識別 （股份代號：0 ...

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 為控股子公司提供擔保的進展公告》，僅供參閱。 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、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳女士。 * 僅供識別 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 2026 年1 月2 ...

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《第十 屆董事會第二十三次會議（臨時會議）決議公告》，僅供參閱。 承董事會命 证券代码：600196 股票简称：复星医药 编号：临 2026-012 上海复星医药（集团）股份有限公司 第十届董事会第二十三次会议（临时会议）决议公告 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2026 年1 月2 7 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 ...