Core Viewpoint - Fosun Pharma is undergoing a critical phase of innovation transformation, with mixed financial results in the first half of 2025, showing a slight decline in revenue but significant growth in net profit [1][3]. Financial Performance - The company's revenue for the first half of 2025 was 19.514 billion yuan, a decrease of 4.63% compared to the same period last year [2]. - The net profit attributable to shareholders was 1.701 billion yuan, an increase of 38.96% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 960 million yuan, down 23.39% year-on-year [2]. - The net cash flow from operating activities was 2.134 billion yuan, an increase of 11.90% [2]. - As of the end of the reporting period, the net assets attributable to shareholders were 47.398 billion yuan, a slight increase of 0.29% [2]. Strategic Focus - The new leadership under Chairman Chen Yuqing has not altered the company's established strategy, which continues to focus on the "4 IN Strategy" (Innovation, Internationalization, Integration, and Intelligence) [4]. - The company is in a transitional phase, with a 5.29% decline in pharmaceutical business revenue to 13.901 billion yuan, while innovative drug revenue exceeded 4.3 billion yuan, growing by 14.26% [4]. Research and Development - Fosun Pharma invested 2.584 billion yuan in R&D during the first half of 2025, with three mature R&D entities focusing on different therapeutic areas [5]. - The company is positioning itself in the high-barrier nuclear medicine sector by establishing a new platform company for nuclear medicine products [6]. International Expansion - Overseas business is expected to be a significant support for future performance, with revenue from international markets reaching 5.478 billion yuan, accounting for 28.07% of total revenue [8]. - The company is expanding its presence in emerging markets such as the Middle East and Southeast Asia, leveraging local partnerships and registrations [8]. Asset Management - Fosun Pharma has been actively divesting non-core assets, with total signed disposal projects exceeding 2 billion yuan in 2025 [9]. - The company increased its stake in its subsidiary, Fosun Hani, from 59.56% to 63.43% by acquiring additional shares [10].

Core Viewpoint - Fosun Pharma is undergoing a critical phase of innovation transformation, with mixed financial results in the first half of 2025, showing a slight decline in revenue but significant growth in net profit [1][5]. Financial Performance - The company's revenue for the first half of 2025 was 19.514 billion yuan, a slight year-on-year decrease, while the net profit attributable to shareholders was 1.702 billion yuan, reflecting a year-on-year increase of 38.96% [1]. - The net profit after deducting non-recurring items was 0.961 billion yuan, a year-on-year decrease of 23.39% [1]. Strategic Focus - The new leadership under Chairman Chen Yuqing has not altered the existing strategic direction, which continues to focus on the "4 IN Strategy" (Innovation, Internationalization, Integration, and Intelligence) [5]. - The company aims to accelerate innovation speed and quality, as well as the breadth and depth of globalization, particularly in embracing AI [5]. Innovation and R&D - Fosun Pharma's R&D investment in the first half of 2025 totaled 2.584 billion yuan, with three mature R&D entities focusing on different therapeutic areas [6]. - The company is positioning itself in the nuclear medicine sector by investing in a new platform company, Chengdu Xingrui Jingxuan Biotechnology Co., Ltd., to develop integrated diagnostic and therapeutic nuclear medicine products [6]. International Business - Overseas revenue reached 5.478 billion yuan in the first half of 2025, accounting for 28.07% of total revenue, with a significant focus on markets in the U.S., Africa, and emerging regions like Southeast Asia and the Middle East [8]. - The subsidiary, Fuhong Hanlin, reported revenue of approximately 2.82 billion yuan, with overseas product profits more than doubling compared to the previous year [7][8]. Asset Management - The company has been actively divesting non-core assets, with total signed disposal projects exceeding 2 billion yuan in 2025 [9]. - Fosun Pharma has increased its stake in Fuhong Hanlin from 59.56% to 63.43% by acquiring shares from multiple sellers [10].

Core Viewpoint - The report from Credit Lyonnais indicates that Fosun Pharma (02196) demonstrated resilience in its Q2 performance, with a quarterly revenue increase of 7.2% and a net profit increase of 22.5%, primarily driven by strong sales of innovative products [1] Group 1: Financial Performance - Revenue increased by 7.2% quarter-on-quarter [1] - Net profit increased by 22.5% quarter-on-quarter [1] Group 2: Growth Drivers - Strong performance attributed to the sales of innovative products [1] - The new Employee Stock Ownership Plan (ESOP) is expected to enhance growth visibility and alleviate market concerns following leadership changes [1] Group 3: Forecast and Valuation - Core profit forecasts for Fosun Pharma have been raised by approximately 13% to 21% for the years 2023 to 2027 [1] - The target price for H-shares has been increased from HKD 15.6 to HKD 29.6, maintaining an outperform rating [1] Group 4: Strategic Initiatives - The ESOP plan for senior management is linked to achieving a 20% compound annual growth rate for both innovative drug sales and net profit from 2023 to 2027 [1] - Successful completion of licensing agreements for two self-developed molecules [1]

Group 1 - The core viewpoint of the report indicates that Fosun Pharma (02196.HK) demonstrated resilience in its Q2 performance, with a 7.2% quarter-on-quarter increase in revenue and a 22.5% quarter-on-quarter increase in net profit, primarily driven by strong sales of innovative products [1] - The new employee stock ownership plan is expected to provide greater visibility for growth and alleviate market concerns following leadership changes, with the plan's conditions linked to achieving a 20% compound annual growth rate (CAGR) for both innovative drug sales and net profit from this year until 2027 [1] - The company successfully completed two licensing transactions for independently developed molecules, which further supports its growth strategy [1] Group 2 - The report includes an upward revision of Fosun Pharma's core profit forecasts for the years 2023 to 2027, with adjustments ranging from approximately 13% to 21% [1] - The target price for the H-shares has been raised from HKD 15.6 to HKD 29.6, while maintaining an outperform rating [1]

Core Insights - ESG has transitioned from a voluntary disclosure to a mandatory requirement, becoming a key metric for high-quality corporate development and a critical dimension for assessing long-term corporate value in the capital market [2][3] - By 2025, China's ESG development is expected to enter a "deep water zone," with the disclosure rate of ESG reports by A-share listed companies exceeding 45%, indicating that ESG has become a necessary aspect of corporate strategy [2][3] Policy Drivers - The rapid development of China's ESG information disclosure system is driven by both policy and market forces, marking a shift towards standardization and mandatory disclosure [3][4] - As of June 2025, over 2,400 A-share listed companies have published their 2024 ESG reports, with a disclosure rate of over 45%, up from 41.86% in 2023 and 36.47% in 2022 [3] Regulatory Changes - In April 2024, major stock exchanges in China released guidelines for sustainable development reporting, requiring certain index component companies to disclose their sustainability reports by 2026, linking ESG disclosure to index membership [5] - The Ministry of Finance is establishing a sustainable information verification standard system, with basic and climate standards expected to be released by 2027 [5][10] Investment Landscape - The ESG investment landscape in China is experiencing rapid growth, with ESG public fund sizes reaching approximately 409.87 billion RMB and sustainable financial products totaling 188 billion RMB as of Q3 2024 [5] - A securities analyst noted that ESG has moved from the periphery to the mainstream, with policies promoting enhanced ESG disclosure quality and quantity [5] Company Practices - Fosun Pharma has integrated ESG into its corporate strategy and operations, showcasing its commitment to sustainable development through various initiatives [7][10] - The company has made significant contributions to public health, including the development of innovative treatments and extensive training programs in Africa, enhancing local healthcare standards [8][9] Social Responsibility - Fosun Pharma has engaged in numerous social responsibility initiatives, including the "Rural Doctor Project," which has supported 25,000 village doctors and benefited 3 million rural families [9] - The company has donated over 300 million RMB in public welfare over the past three years, reflecting its long-term commitment to social responsibility [9] Environmental Management - Fosun Pharma has invested approximately 110 million RMB in environmental management initiatives, achieving significant reductions in energy consumption and carbon emissions [10] - The company has established a comprehensive ESG governance structure to ensure effective oversight and support for sustainable development [10]

转自：证券时报 人民财讯8月28日电，企查查APP显示，近日，成都星睿菁烜生物科技有限公司成立，法定代表人为陈 殿军，注册资本为1.34亿元，经营范围包含：企业管理咨询；货物进出口；技术进出口；药品批发；药 品零售；放射性固体废物处理、贮存、处置等。企查查股权穿透显示，该公司由复星医药全资子公司复 星医药产业发展（成都）有限公司、成都甲辰炘然科技合伙企业（有限合伙）等共同持股。 ...

Core Viewpoint - Fosun Pharma reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a mixed performance influenced by various factors [1][2]. Financial Performance - In the first half of 2025, Fosun Pharma achieved operating revenue of approximately 19.514 billion yuan, a year-on-year decrease of 4.63% [1]. - The net profit attributable to shareholders was about 1.702 billion yuan, reflecting a year-on-year increase of 38.96% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 0.961 billion yuan, showing a year-on-year decrease of 23.39% [1]. Asset and Liability Management - As of June 30, 2025, Fosun Pharma's asset-liability ratio was 49.24%, slightly up from 48.98% at the end of 2024 [2]. - The decrease in operating revenue was primarily due to the impact of centralized drug procurement policies, although revenue from innovative drugs showed steady growth [2]. Operational Insights - The company reported a net cash flow from operating activities of 2.134 billion yuan, an increase of 11.90% year-on-year [2]. - Fosun Pharma has signed agreements to dispose of non-core assets totaling over 2 billion yuan since the beginning of 2025 [2]. Business Segments - Fosun Pharma's core business includes pharmaceuticals, medical devices, and health services, with a focus on innovative drugs, mature products, and vaccines [3]. - In the first half of 2025, the company received approvals for 5 indications of 4 innovative drugs and 57 generic drug varieties [3]. - Research and development expenditures totaled 2.584 billion yuan, with 1.717 billion yuan specifically allocated for R&D [3]. Industry Context - The pharmaceutical industry is undergoing significant changes due to the normalization of drug procurement and ongoing support for innovative drug policies [4]. - The company faces risks from policy adjustments, market competition, and potential mismatches between drug development and clinical needs [4]. Strategic Responses - Fosun Pharma aims to track industry and policy trends, enhance R&D efficiency, and optimize product structure [5]. - The company plans to improve operational efficiency and expand market coverage through increased marketing efforts [5].

Core Viewpoint - The report from Credit Lyonnais indicates that Fosun Pharma's Q2 performance shows resilience, with a quarterly revenue increase of 7.2% and a net profit increase of 22.5%, primarily driven by strong sales of innovative products [1] Group 1 - The new Employee Stock Ownership Plan (ESOP) is expected to provide greater visibility for growth and alleviate market concerns following leadership changes [1] - The company successfully completed two licensing agreements for independently developed molecules [1] Group 2 - Credit Lyonnais has raised its core profit forecast for Fosun Pharma for the years 2023 to 2027 by approximately 13% to 21% [1] - The target price for Fosun Pharma's H-shares has been increased from HKD 15.6 to HKD 29.6, while maintaining an "outperform" rating [1]

Financial Data and Key Metrics Changes - In the first half of 2025, the total revenue reached RMB87.3 billion, slightly down from the same period last year, with overseas revenue increasing from 43% to 53% of total revenue [3][4] - The industrial operating profit remained stable at RMB3.15 billion, and profit attributable to the owner of the parent was RMB0.66 billion [3] - The adjusted NAV reached HKD18 per share, reflecting continuous improvement [4] - Cash and cash equivalents reached RMB67.83 billion, remaining stable compared to last year, with a decrease in the average cost of borrowing from 5.6% to 5.3% [5][6] Business Line Data and Key Metrics Changes - The Health segment recorded RMB22.57 billion in total revenues, with net profit to parents increasing by 48.3% year on year, driven by growth in Fosun Pharma's profit [22] - Fosun Pharma's revenue was RMB19.43 billion, with innovative drug revenue rising by 14% year on year [24][25] - The Wealth segment's total revenue was RMB27.83 billion, up by 3.3% year on year, primarily driven by growth in insurance revenue [38] - The Intelligent Manufacturing segment recorded RMB4 billion in revenue, a decrease of 24.6% year on year, primarily due to the consolidation scope [41] Market Data and Key Metrics Changes - Overseas revenue accounted for 53% of total revenue, indicating a significant shift towards global operations [49] - Club Med reported record high revenue during the reporting period, with international visitors increasing by 71% year on year [54] - The tourism business saw improvements, with occupancy rates reaching 99% and sales volume increasing by 55% year on year [36] Company Strategy and Development Direction - The company aims to create a global happiness ecosystem focusing on health, happiness, and wealth [46] - Strategic focus includes business streamlining, transitioning to asset-light operations, and enhancing technological innovation [48] - The company is committed to globalization, with a significant increase in overseas revenue and partnerships with international capital [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the consumption sector and the potential for innovative drugs [65] - The company is focusing on existing sectors where it has established strengths rather than entering new sectors [70] - There is a strong belief in the potential of the pharmaceutical pipeline, with products expected to have significant market potential [66] Other Important Information - The company has been recognized for its strong ESG performance, aiming for peak carbon emissions by 2028 and carbon neutrality by 2050 [59][61] - The company is actively reducing debt levels and divesting non-core assets, generating cash inflow of over RMB8 billion [12] Q&A Session Summary Question: What sectors will the company focus on in the second half? - The company will continue to focus on the recovery in the consumption sector and innovations in drugs, expressing confidence in future growth [65] Question: What is the company's strategy regarding innovative drugs? - The company aims to build its own global R&D and sales capabilities while being patient with its pipeline products, which have significant potential [66][67] Question: How does the company view technological advancements? - The company sees great potential in combining advancements in gene development and AI for future innovations [68]

Financial Highlights - Total revenue reached RMB 873 billion, down by 108% year-on-year, mainly impacted by Yuyuan revenue declining[8] - Overseas revenue accounted for 53% of total revenue, up by 7 percentage points year-on-year, reaching RMB 4667 billion[8] - Industrial operating profit slightly increased to RMB 315 billion, excluding the impact of Happiness Business[8] - Investment in Technology and Innovation was RMB 636 billion, with a stable share of total revenue at 73%[8] - Adjusted NAV was HKD 180 per share, totaling HKD 258 billion[8] - Public markets financing reached RMB 1362 billion, excluding consolidated subsidiaries[14] Business Segment Performance - Health segment revenue was RMB 2257 billion[50] - Happiness segment revenue was RMB 3372 billion, a decrease of 219% year-on-year[10, 95] - Intelligent Manufacturing segment revenue was RMB 402 billion[143] - Wealth segment revenue was RMB 2783 billion, up by 33% year-on-year[10, 134] Strategic Development and Globalization - Fosun Insurance Portugal's international business recorded premiums of EUR 924 million, nearly 30% of total[21] - Henlius' overseas product profits grew over 200% year-on-year[26] - Shede Spirits' overseas sales exceeded RMB 10 million, up by 35% year-on-year[26]