Core Viewpoint - The Chinese medical group industry is experiencing rapid development and strategic transformation, with a projected revenue of 40.5 billion yuan in 2024, reflecting a year-on-year growth of 27.52%, indicating strong market expansion momentum [1][13]. Industry Overview - Medical groups, also known as "medical practice organizations," consist of multiple doctors forming alliances or independent legal entities, sharing income and risks while providing medical services [2]. - The industry includes internal, external, and cross-system medical groups based on the attributes of the doctors involved [2]. Industry Development History - The industry has gone through three main phases: 1. **Incubation Period (1996-2013)**: The first medical group was established in 1996, but growth was slow due to policy constraints [4]. 2. **Rapid Development (2014-2018)**: The introduction of supportive policies led to a surge in medical groups, with over 1,000 established by 2018 [4]. 3. **Rational Adjustment (2019-Present)**: The industry faced challenges due to increased competition and capital constraints, leading to a focus on online and offline integration [5][6]. Industry Current Status - The industry is in a critical phase of rapid growth and strategic transformation, with significant capital inflow and innovative competition models emerging [1][13]. - Leading institutions like the Ludaopei Medical Group have completed substantial financing, reflecting high market recognition for medical resource integration platforms [1][13]. Industry Value Chain - The upstream of the medical group industry includes medical equipment, pharmaceuticals, medical technology, and human resources, while the downstream consists of patients who receive medical services [8]. Industry Development Trends 1. **Technological Drive and Digital Transformation**: The industry will accelerate the adoption of AI, big data, and telemedicine, creating a blended online and offline healthcare system [21]. 2. **Market Demand Upgrade**: There will be a growing demand for personalized medical services and health management, leading to diversified service models [22]. 3. **Policy Support for Standardization**: Government policies will encourage the development of medical groups, enhancing operational capabilities and brand building [23]. Key Group Profiles - **Zhang Qiang Medical Group**: Established in 2014, focusing on vascular surgery, it has become a pioneer in the industry with multiple specialized teams [15][17]. - **Harteim Heart Medical Group**: Founded in 2015, it specializes in cardiovascular diseases and has established a comprehensive service network across China [15][19]. - **Ludaopei Medical Group**: Focused on hematology, it has rapidly expanded its services nationwide and achieved significant financing [15][17].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 表格類別： | 股票 狀態： 新提交 | | --- | --- | | 公司名稱： | 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) | | 呈交日期： | 2025年5月2日 | 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02196 | 說明 | | | | | | | A. ...

Group 1 - Fosun Pharma (600196.SH) reported its Q1 2025 financial results on April 30, 2025, with 45 institutional investors disclosing holdings in the company, totaling 1.12 billion shares, which represents 41.92% of the total share capital [1] - The top ten institutional investors include Shanghai Fosun High Technology (Group) Co., Ltd., Hong Kong Central Clearing Limited, and several major banks and funds, with their combined holdings accounting for 41.34% of the total shares, a decrease of 0.18 percentage points from the previous quarter [1] Group 2 - In the public fund sector, 17 funds increased their holdings compared to the previous period, with notable funds including Tianhong Guozhen Biomedicine ETF and GF Innovation Drug ETF, representing an increase of 0.10% [2] - Conversely, 21 public funds reduced their holdings, including Huatai-PB CSI 300 ETF and E Fund CSI 300 Medicine ETF, with a decrease of 0.14% [2] - One new public fund was disclosed during this period, namely Dongfanghong CSI 500 Index Enhanced Initiation A, while 348 funds were not disclosed compared to the previous quarter [2]

如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 表格類別： | 股票 狀態： | 新提交 | | --- | --- | --- | | 公司名稱： | 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) | | | 呈交日期： | 2025年4月30日 | | | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | | | | | A. 已發行股份 ...

| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年4月15日 | 2,107,695,713 | | 11,690,252 | | 2,119,385,965 | | 1). 購回股份 (股份被持作庫存股份) | | -1,298,000 | 0.06 % | 1,298,000 RMB | 23.42 | | | 變動日期 | 2025年4月30日 | | | | | | | 於下列日期結 ...

Policy Developments - Hainan Province has released a plan to enhance the quality of generic drugs, supporting the expedited registration and market entry of first generic products, particularly those that are urgently needed in clinics or have high prices or supply shortages [1] - The plan includes strengthening supervision of entrusted production and supporting consistency evaluations for the quality and efficacy of generic drugs, which will improve overall drug quality and ensure public safety [1] Drug and Device Approvals - Huasheng Technology's Sanqi Tongshu Capsules have been approved as the first secondary protected traditional Chinese medicine by the National Medical Products Administration, enhancing the company's core competitiveness in treating cardiovascular diseases [2] - United Imaging Healthcare's digital subtraction angiography system (DSA) uAngioAVIVA has received FDA approval, marking it as the first and only domestic DSA device allowed in the U.S. market [3] - Warner Pharmaceuticals has received a listing approval notice for potassium sulfate, which will enrich the company's product line and enhance its core competitiveness [4] - Xinhua Medical has obtained a Class II medical device registration certificate for its multi-chamber cleaning and disinfection device, which significantly reduces processing time compared to fully automatic devices [5] Financial Reports - Kelun Pharmaceutical reported a 29.42% year-on-year decline in revenue for Q1 2025, totaling 4.389 billion yuan, with a net profit decrease of 43.07% to 584 million yuan [6][7] - AstraZeneca's Q1 2025 revenue reached $13.588 billion, a 10% increase year-on-year, driven by double-digit growth in oncology and biopharmaceuticals [8] Capital Market Activities - Koser Medical Technology has completed nearly 100 million yuan in B+ round financing, which will be used for core product development and global market expansion [9] - Xellar Biosystems has secured several million yuan in strategic investment from XtalPi, aimed at accelerating the development of its organ-on-chip technology and expanding international collaborations [10] Industry Developments - Chen Yuqing has been appointed as the new chairman of Fosun Pharma, succeeding Wu Yifang, and will oversee the company's strategic development and organizational growth [11] - Merck has announced a $1 billion investment to build a production facility in Wilmington, Delaware, aimed at producing the next generation of biopharmaceuticals, including Keytruda [12] - Prilenia has entered a collaboration agreement with Ferrer for the oral sigma-1 receptor agonist Pridopidine, with a total deal value of up to €500 million [13] - Junshi Biosciences has signed a licensing agreement with Sandoz for its HLX13 monoclonal antibody, receiving an upfront payment of $31 million and potential milestone payments totaling $1.6 billion [14] Public Sentiment Alerts - Medici has announced that major shareholder Chen Jianhuang plans to reduce his stake by up to 2.23% between May 26 and August 25, 2025, due to personal funding needs [15]

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） 關連交易 設立目標基金 合夥協議的主要條款如下： 日期 設立目標基金 董事會欣然宣佈，於2025年4月29日，本公司之附屬公司蘇州君明與河南復健、豫健生物 及鄭州航空港資本簽訂合夥協議，據此，各方擬共同設立目標基金。目標基金計劃募集 資金為人民幣2,500百萬元，其中：蘇州君明（ 作為有限合夥人 ）擬以現金出資人民幣490 百 萬元 、 河 南復 健（ 作 為普 通 合 夥人 ）擬 以 現 金出 資 人 民幣 10 百萬 元 、 豫健 生 物（ 作為 有 限合夥人 ）擬以現金出資人民幣1,500百萬元及鄭州航空港資本（ 作為有限合夥人 ）擬以現 金出資人民幣500百萬元。目標基金 ...

Core Insights - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported Q1 2025 revenue of 9.42 billion yuan and a net profit of 765 million yuan, with operating cash flow of 1.056 billion yuan [1] Group 1: Financial Performance - The company achieved a revenue of 9.42 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders was 765 million yuan [1] - Operating cash flow for the quarter was 1.056 billion yuan [1] Group 2: Product Development and Approvals - The company has several innovative drug products progressing towards market launch, expected to enter a "growth phase" in 2025 [1] - In January 2025, the registration application for the innovative small molecule CDK4/6 inhibitor, Fovetisil Capsules, was accepted by the National Medical Products Administration [1] - In February 2025, the innovative drug Vantorel (Tianapano Tablets) was approved for treating CKD adult dialysis patients in China [1] - In March 2025, the listing application for the new drug Dihydrosuifinib Capsules was accepted by the National Medical Products Administration [1] - In March 2025, the innovative anti-HER2 monoclonal antibody HLX22 received orphan drug designation from the FDA for gastric cancer treatment [1] Group 3: International Expansion - The innovative anti-PD-1 monoclonal antibody, Surulitinib, has been approved in over 30 countries, including China, Europe, and Southeast Asia, benefiting more than 100,000 patients [2] - The subsidiary, Fosun Pharma, signed a licensing agreement with Dr. Reddy's, granting exclusive commercialization rights for the biosimilar HLX15 in the U.S. and 42 European countries [2] Group 4: Share Buyback - In Q1 2025, the company initiated a new round of share buybacks, purchasing 1.61 million A-shares for approximately 39.99 million yuan [2] - The company also repurchased 1.66 million H-shares for about 22.91 million Hong Kong dollars [2]

Financial Performance - The group's operating revenue for Q1 2025 was RMB 9,420,322,797.34, a decrease of 7.26% compared to RMB 10,157,255,262.40 in the same period last year[9]. - Net profit attributable to shareholders of the listed company increased by 25.42% to RMB 764,757,750.06 from RMB 609,733,627.26 year-on-year[9]. - Net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 32.56% to RMB 410,421,422.44 from RMB 608,535,465.59 year-on-year[9]. - The net cash flow from operating activities increased by 15.08% to RMB 1,055,679,878.45 compared to RMB 917,312,105.03 in the same period last year[9]. - Basic and diluted earnings per share were both RMB 0.29, representing a 26.09% increase from RMB 0.23 in the previous year[9]. - The weighted average return on equity increased by 0.28 percentage points to 1.61% from 1.33% year-on-year[9]. - Total revenue for Q1 2025 was approximately ¥9.42 billion, a decrease of 7.3% compared to ¥10.16 billion in Q1 2024[37]. - Operating profit for Q1 2025 increased to approximately ¥1.36 billion, up 33.1% from ¥1.02 billion in Q1 2024[37]. - Net profit for Q1 2025 reached approximately ¥941.57 million, representing a 19.8% increase from ¥786.22 million in Q1 2024[37]. - Investment income for Q1 2025 significantly rose to approximately ¥1.28 billion, compared to ¥335.56 million in Q1 2024[37]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 240,500[16]. - The largest shareholder, Shanghai Fosun High Technology (Group) Co., Ltd., holds 889,890,955 shares, representing 33.31% of the total shares[16]. - HKSCC Nominees Limited is the second-largest shareholder with 551,392,815 shares, accounting for 20.64%[16]. - The total shares held by the top 10 shareholders account for approximately 35.99% of the total shares outstanding, which is 2,671,326,465 shares[18]. - The company has a significant portion of shares pledged, with 708,300,000 shares under pledge by the largest shareholder[16]. - The top 10 unrestricted shareholders collectively hold 1,600,000,000 shares, indicating a strong base of support[17]. - The largest shareholder also holds 71,533,500 H shares, contributing to the overall shareholding structure[18]. - The company has a diverse shareholder base, with various investment funds holding significant stakes[16]. - There are no reported related party transactions among the top shareholders[17]. Operational Insights - The decrease in operating revenue was primarily due to the impact of centralized procurement policies for pharmaceuticals[9]. - The increase in net profit was mainly attributed to gains from the sale of shares in Unicorn II Holdings Limited and changes in the fair value of financial assets held by the group[9]. - The group achieved a revenue of RMB 9.42 billion in Q1 2025, a decrease compared to the same period last year[19]. - The net profit attributable to shareholders was RMB 765 million, with a net profit of RMB 410 million after deducting non-recurring gains and losses[19]. - The net cash flow from operating activities was RMB 1.056 billion, indicating ongoing efforts to optimize asset structure and accelerate cash flow[19]. Research and Development - The group received approval for two innovative drugs, including the anti-PD-1 monoclonal antibody, Surulimumab Injection, for the treatment of extensive-stage small cell lung cancer (ES-SCLC) in the EU[19]. - The group also obtained approval for the world's first phosphate absorption inhibitor, Tenapanor Hydrochloride Tablets, in China, providing more treatment options for patients with dialysis-related hyperphosphatemia[20]. - A licensing agreement was established with Dr. Reddy's Laboratories for the commercialization of HLX15, a biosimilar drug, in the US and 42 European countries[21]. - The group is focusing on optimizing R&D project management and resource allocation to enhance the efficiency of innovative product development[19]. - The group is actively pursuing internationalization strategies and strengthening global licensing collaborations[21]. - The group has multiple ongoing clinical trials, including HLX43 for advanced gastric cancer and XS-S003 for paroxysmal nocturnal hemoglobinuria[23][24]. Financial Strategy - The company approved a share repurchase plan for A-shares with a total amount not less than RMB 300 million and not exceeding RMB 600 million, with a maximum repurchase price of RMB 30 per share[25]. - As of the reporting period, the company has repurchased 1,613,300 A-shares, accounting for approximately 0.0604% of the total share capital, with a total repurchase amount of approximately RMB 39.99 million[25]. - The company approved a share repurchase plan for H-shares, allowing for the repurchase of up to 27,597,025 shares, which is 5% of the total H-shares as of June 26, 2024[26]. - As of the reporting period, the company has repurchased 1,655,500 H-shares, accounting for approximately 0.0620% of the total share capital, with a total repurchase amount of approximately HKD 22.91 million[27]. - The company registered medium-term notes and ultra-short-term financing bonds with amounts of RMB 4 billion and RMB 6 billion, respectively, valid for two years from March 20, 2025[28]. Asset and Liability Management - As of March 31, 2025, the company's total assets amounted to RMB 117.99 billion, an increase from RMB 117.46 billion as of December 31, 2024[31]. - The company's total liabilities as of March 31, 2025, were RMB 57.14 billion, a slight decrease from RMB 57.53 billion as of December 31, 2024[33]. - The company's cash and cash equivalents increased to RMB 13.72 billion as of March 31, 2025, compared to RMB 13.52 billion as of December 31, 2024[31]. - The company's inventory decreased to RMB 6.82 billion as of March 31, 2025, from RMB 7.26 billion as of December 31, 2024[31]. - The company's retained earnings increased to RMB 27.32 billion as of March 31, 2025, compared to RMB 26.55 billion as of December 31, 2024[33]. - The total equity as of March 31, 2025, was CNY 35,918,673,012.49, a slight increase from CNY 35,728,698,458.71 at the end of 2024[49].

Core Viewpoint - Fosun Pharma reported a decline in revenue but an increase in net profit for Q1 2025, attributed to asset sales and financial asset valuation changes [1][2]. Financial Performance - The company achieved operating revenue of 9.42 billion yuan, a year-on-year decrease of 7.26% [1]. - Net profit attributable to shareholders was 765 million yuan, a year-on-year increase of 25.42 [1]. - The non-recurring net profit was 410 million yuan, a year-on-year decrease of 32.56% [1]. - Net cash flow from operating activities was 1.056 billion yuan, a year-on-year increase of 15.08% [1]. Strategic Developments - Fosun Pharma is actively exiting and integrating non-core assets to optimize its asset structure and accelerate cash flow [2]. - The company received approvals for two innovative drugs during the reporting period: Hetronifly in the EU and a phosphate absorption inhibitor in China [2]. - Fosun Pharma strengthened global licensing collaborations, including agreements with Dr. Reddy's and Sandoz AG for commercialization rights in various regions [2]. Management Changes - The company announced a restructuring of its board, with key leadership changes including Chen Yuqing becoming the new chairman and executive director [3]. - The new leadership will focus on strategic development and talent management [3].