Core Viewpoint - Fosun Pharma (02196) has initiated Phase I clinical trials for its integrated diagnostic and therapeutic nuclear medicine project SRT-007 in mainland China, targeting PSMA-positive metastatic castration-resistant prostate cancer [1] Group 1 - The project SRT-007 is developed by Chengdu Xingrui Jingxuan Biotechnology Co., Ltd., a subsidiary of Fosun Pharma [1] - The indication for SRT-007 is focused on the diagnosis and treatment of prostate cancer that is resistant to castration and has metastasized [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） （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 控股子公司藥品臨床試驗進展的公告》，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 证券代码：600196 股票简称：复星医药 编号：临 2025-206 承董事會命 上海復星醫 ...

Core Viewpoint - Fosun Pharma's subsidiary Chengdu Xingrui Jingxuan Biotechnology Co., Ltd. has initiated Phase I clinical trials for the integrated diagnostic and therapeutic nuclear medicine project SRT-007 in mainland China, targeting PSMA-positive metastatic castration-resistant prostate cancer [1] Group 1: Project Details - The SRT-007 project includes two injectable solutions: Gallium [68Ga] PSMA-0057 for diagnosis and Lutetium [177Lu] PSMA-0057 for treatment [1] - Gallium [68Ga] PSMA-0057 is a radioactive drug used for diagnostic purposes, while Lutetium [177Lu] PSMA-0057 is intended for therapeutic use [1]

诊疗一体化核药项目SRT-007包括镓[68Ga]PSMA-0057（诊断）和镥[177Lu]PSMA-0057（治疗）两个注 射液；其中，镓[68Ga]PSMA-0057注射液为诊断用放射性药物、镥[177Lu]PSMA-0057注射液为治疗用 放射性药物。 格隆汇12月30日丨复星医药(600196.SH)公布，公司控股子公司成都星睿菁烜生物科技有限公司就诊疗 一体化核药项目SRT-007于中国境内（不包括港澳台地区，下同）启动Ⅰ期临床试验，适应症为用于 PSMA阳性的转移性去势抵抗性前列腺癌的诊断和治疗。 ...

Core Viewpoint - Fosun Pharma (600196.SH) has initiated Phase I clinical trials for its integrated diagnostic and therapeutic nuclear medicine project SRT-007 in mainland China, targeting PSMA-positive metastatic castration-resistant prostate cancer [1] Group 1: Project Details - The SRT-007 project includes two injectable solutions: Gallium [68Ga] PSMA-0057 for diagnosis and Lutetium [177Lu] PSMA-0057 for treatment [1] - Gallium [68Ga] PSMA-0057 is a radioactive drug used for diagnostic purposes, while Lutetium [177Lu] PSMA-0057 is intended for therapeutic use [1]

证券代码：600196 股票简称：复星医药 编号：临 2025-206 上海复星医药（集团）股份有限公司 关于控股子公司药品临床试验进展的公告 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。 一、概况 近日，上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公 司成都星睿菁烜生物科技有限公司就诊疗一体化核药项目 SRT-007 于中国境内（不 包括港澳台地区，下同）启动Ⅰ期临床试验，适应症为用于 PSMA 阳性的转移性去势 抵抗性前列腺癌的诊断和治疗。 二、在研药品的基本信息及研究情况 诊 疗 一 体 化 核 药 项 目 SRT-007 包 括 镓 [68Ga]PSMA-0057 （ 诊 断 ） 和 镥 [177Lu]PSMA-0057（治疗）两个注射液；其中，镓[68Ga]PSMA-0057 注射液为诊断 用放射性药物、镥[177Lu]PSMA-0057 注射液为治疗用放射性药物。 截至 2025 年 11 月，本集团（即本公司及控股子公司/单位）现阶段针对 SRT-007 的累计研发投入约为人民币 3,219 万 ...

Core Viewpoint - The oral weight loss drug sector is entering a critical commercialization phase, with significant regulatory approvals and partnerships indicating strong market potential and demand for innovative treatments [4][5][6]. Group 1: Recent Developments in Oral Weight Loss Drugs - On December 23, 2025, the FDA approved Novo Nordisk's oral semaglutide for chronic weight management, marking a significant milestone for oral GLP-1 peptides [4]. - Eli Lilly's management anticipates that the oral small molecule weight loss drug orforglipron will likely receive approval by March 2026, potentially becoming the second approved oral weight loss medication [4]. - Recent data releases include Structure's report on aleniglipron, which showed a 11.3% weight loss in the 120mg dose group and 15.3% in the 240mg dose group after 36 weeks [4]. Group 2: Industry Partnerships and Strategic Moves - On December 9, 2025, Pfizer announced an exclusive collaboration with YaoPharma for the oral small molecule GLP-1R agonist YP05002, involving a $150 million upfront payment and up to $1.935 billion in milestones, indicating strong interest from multinational pharmaceutical companies in oral weight loss products [5]. - Shijiazhuang Pharmaceutical Innovation announced the establishment of a joint venture focused on innovative metabolic drug development, highlighting the recognition of the significant value in GLP-1 related metabolic disease medications [6]. Group 3: Market Trends and Valuation Recovery - The pharmaceutical and biotechnology sector has seen a recovery in valuation, with the PE ratio stabilizing and increasing since Q1 2025, driven by macroeconomic conditions and supportive policies for innovative drugs [7]. - The global trend of returning to a rate-cutting environment, alongside increasing healthcare spending due to aging populations, is expected to expand the global demand for pharmaceuticals, particularly benefiting China's pharmaceutical industry [8]. Group 4: Investment Themes in Innovation - The investment focus is categorized into three phases: "0→1" for breakthrough technologies in innovative drugs, "1→10" for clinical validation of high-quality domestic innovative drugs, and "10→100" for leveraging China's efficiency in the pharmaceutical supply chain [9]. - The acceleration of business development (BD) for innovative drugs and the rise of high-end medical devices and consumables are seen as promising investment opportunities [9].

Core Insights - 2025 marks a pivotal year for China's innovative pharmaceuticals, with a significant increase in international collaborations and licensing agreements, indicating a shift from a pharmaceutical giant to a stronghold in the industry [1][3] - The total amount of outbound licensing agreements exceeded $100 billion, with upfront payments reaching $8.1 billion, showcasing a transition to multi-layered cooperation models [1][3] - China's biopharmaceutical market remains the second largest globally, with innovative drugs accounting for approximately 30% of global research, reflecting a critical leap from following to competing on a global scale [1][3] Internationalization - The internationalization of China's pharmaceutical industry saw explosive growth in 2025, highlighted by a surge in business development (BD) transactions and the popularity of "A+H" listings [3][4] - The total amount of outbound licensing for innovative drugs reached over $100 billion, a 75% increase from 2024, indicating a shift from merely selling products to actively engaging in global markets [3][4] - Notable BD transactions include significant agreements between major Chinese pharmaceutical companies and international firms, such as a $12.5 billion deal between Hengrui Medicine and GSK [3][4] Innovation - In 2025, advancements in cutting-edge technologies such as antibody-drug conjugates (ADC) and dual antibodies have shown promising results in cancer treatment [7][8] - The third-generation ADC technology has become mainstream, with significant efficacy demonstrated in treating solid tumors [7] - The dual antibody sector continues to lead, with Chinese companies achieving remarkable results in clinical trials, such as a 91% improvement in progression-free survival compared to existing treatments [8] Policy Support - The policy support for innovative drugs in China has reached unprecedented levels, with a notable increase in the number of approved innovative drugs [10][11] - The National Medical Products Administration approved 69 innovative drugs in 2025, a 44% increase from the previous year, covering various therapeutic areas [10] - The payment system for innovative drugs has been significantly upgraded, enhancing accessibility and affordability for patients [10][11] Mergers and Acquisitions - The pharmaceutical sector has seen a surge in mergers and acquisitions, with over 400 transactions announced globally, totaling approximately $111 billion, marking a 50% increase from 2024 [13][14] - Domestic mergers also showed strong activity, with significant deals indicating a shift towards quality improvement and resource consolidation among leading companies [13][14] - The trend reflects a transition from scale expansion to enhancing quality and efficiency, with companies focusing on high-value clinical pipelines [14]

在全球范围内，目前关于AI制药的核心模型和理论基础已基本成形，随着研究的不断深入，AI技术在 生物制药领域的应用前景正不断被认知。越来越多药企开始尝试引入这项前沿技术，并在靶点发现、分 子设计、临床试验，甚至是生产销售等创新药研发生产的每一个具体场景下探索其应用潜力。 随着AI技术的加速迭代，其对于各个产业领域的赋能也在持续深化。在药物研发领域，AI技术被认为 将显著提升新药研发效率，甚至是可能给行业带来颠覆性影响的关键技术之一。 值得注意的是，复星医药于2023年底联合清华启动了PharmAID智能体项目，基于信息萃取、专利洞 察、商业预测等模块，公司正逐步构建起覆盖创新研发场景的全生命周期智能决策网络。 据介绍，该平台集成了AI翻译、医学写作与审阅功能，大幅提升文献总结、报告撰写及多语言处理效 率。同时，在研发决策评估与管线优化方面，该平台已升级为可提供专业决策建议的"虚拟研发决策专 家"，可为及时性的药物商业价值评估和临床资讯萃取提供有力支持。 王兴利表示，以往在创新药研发的关键节点，决定是否继续推进研发主要依赖于不同职能部门专家结合 研究数据、竞争环境、企业战略布局等综合因素所给出的意见。而现在，公司 ...

一、标的基金的基本情况 2020年5月18日，包括本公司控股子公司/企业苏州星晨、宁波复瀛在内的9方首轮募集合伙人签订《合 伙合同》，以共同出资设立苏州基金。该基金专注于对大健康领域（生物医药为主）中早期创新企业的 培养和孵化。2020年8月3日，该基金于中基协完成私募投资基金备案。经首轮、第二轮、第三轮募集 后，该基金累计获认缴金额及实缴金额为人民币100,000万元。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600196 股票简称：复星医药 编号：临2025-203 上海复星医药（集团）股份有限公司 关于参与设立之私募股权投资基金进展的公告 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。 有关该基金历次募集及投资人变动详情，请见本公司2020年5月19日、2020年8月5日、2020年12月31 日、2021年2月9日、2023年1月7日、2023年7月22日及2024年8月31日于《中国证券报》《上海证券报》 《证券时报》和上海证券交易所网站（https://www.sse.com.cn）发布的相关公 ...