●召开时间：2025 年 12 月 30 日(星期二)15:00-16:00 证券代码：600196 股票简称：复星医药 编号：临 2025-205 上海复星医药（集团）股份有限公司 关于对外投资事项说明会的预告公告 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（简称同正文） ●召开方式：视频和网络互动 ●互动网址：上证路演中心（https://roadshow.sseinfo.com） ●投资者可于 2025 年 12 月 25 日(星期四)至 12 月 30 日(星期一)16:00 期间登 录上证路演中心网站首页点击"提问预征集"栏目进行提问，或将问题以电子邮件 形式发送至本公司投资者关系邮箱 ir@fosunpharma.com。本公司将于本次说明会上 就投资者普遍关注的问题进行回答。 上海复星医药（集团）股份有限公司（以下简称"本公司"）于 2025 年 12 月 16 日披露对外投资公告，为便于广大投资者更全面深入地了解本次交易的相关情况， 兹定于 2025 年 12 月 30 日 15:00-16: ...

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。 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。 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（htt ...

南财智讯12月24日电，复星医药公告，截至2025年12月22日，公司2022年非公开发行募集资金已全部按 承诺投入相关募投项目，专户中的募集资金（包括利息收入）已全部使用完毕，本次发行涉及的募投项 目结项。具体项目包括：创新药物临床、许可引进及产品上市相关准备，募集资金已按承诺投入并使用 完毕；原料药及制剂集约化综合性基地，募集资金已按承诺投入且募投项目已达到预定可使用状态；补 充流动资金，募集资金已按承诺投入并使用完毕。节余募集资金（包括利息收入）低于500万元，相关 专项账户已全部完成销户。根据相关规定，本次结项可免于履行董事会、股东会审议以及保荐机构发表 意见等相关程序。 ...

Core Viewpoint - The Alzheimer's treatment drug, Ganluo Sodium Capsule, is entering a new phase under Fosun Pharma after facing scientific scrutiny and market challenges, with plans for post-marketing confirmatory clinical trials approved by the National Medical Products Administration (NMPA) [1][2]. Group 1: Clinical Development and Market Position - Fosun Pharma has announced a post-marketing confirmatory clinical trial plan for Ganluo Sodium Capsule, with an increased sample size of 1,950 participants, aiming for completion by the end of 2027 and data release in early 2029 [1][2]. - The drug was conditionally approved for marketing in November 2019 and has since benefited hundreds of thousands of patients, with sales exceeding 1 billion yuan since its inclusion in the national medical insurance catalog in 2021 [1][2]. - The price of the drug decreased from 895 yuan to 296 yuan after being included in the national medical insurance catalog, with over 2 million boxes expected to be sold in 2024 alone [1]. Group 2: Scientific and Regulatory Challenges - The drug faced challenges due to the NMPA not approving the extension of its conditional marketing authorization, leading to a supply interruption and various criticisms [2]. - Prior to conditional approval, Ganluo Sodium Capsule completed phase III confirmatory clinical trials with 818 participants across 34 clinical research centers, and real-world studies involving 3,300 participants have been submitted to validate its long-term safety and efficacy [3]. Group 3: Market Demand and Strategic Response - Alzheimer's disease has become a significant public health challenge in China, with nearly 17 million patients reported in 2021, representing 29.8% of global cases [4]. - The existing treatment options are limited and primarily symptomatic, highlighting a substantial unmet clinical need for effective therapies [4][5]. - The Chinese government is encouraging innovation in drug development, aligning with Fosun Pharma's strategic focus on addressing unmet clinical needs in the Alzheimer's treatment space [5]. Group 4: Company Capabilities and Future Outlook - Fosun Pharma's confidence in taking over the Ganluo Sodium project stems from its proven integrated capabilities in research, clinical trials, and commercialization, with ongoing investments in CNS-related products [6]. - The company has successfully launched several innovative drugs in China and is expanding its clinical and commercial teams in the U.S. to support global market entry [6]. - If clinical results are positive, Ganluo Sodium could re-enter the market post-2029, enhancing Fosun Pharma's capabilities in CNS diseases and attracting further collaborations [7].

不过，谈及市场周期，沙利文大中华区合伙人兼董事总经理毛化在接受21世纪经济报道专访时，以"分 化与修复并存"概括当下态势。 "中国创新药行业已逐步走出底部，进入修复与分化并存的新阶段。"毛化指出，尽管当下医药市场有所 回暖，但周期是否"彻底结束"仍需理性看待。 近一年来，中国药企在国际舞台上频频亮相，国际社会对中国制药业的发展关注度持续攀升。 过去一年，中国生物科技企业的股价涨幅远超美国同类企业，这一切无不表明，全球生物医药创新长达 一个世纪的"西方主导"格局正悄然改变。 这一判断的背景是：2025年以来，创新药出海交易数据屡创新高，但资本寒冬的印记仍深，市场"冷热 不均"的特征十分显著。 一方面，融资层面寒意未消。数据显示，2025年上半年中国创新药公司完成134起融资，数量为近10年 同期最低；一级市场公开交易笔数与总金额呈逐月下降趋势。另一方面，海外授权交易热潮涌动，商业 拓展（BD）交易空前活跃，成为替代融资的"造血"生命线。 2026年的医药市场究竟会呈现怎样的态势？ 拐点、重塑 2025年以来，创新药出海加快、一级市场融资回暖、海外基石投资者重返港股IPO，行业投融资活跃度 显著提升。当被问及市场 ...

Core Viewpoint - Fosun Pharma (600196) has a diversified business layout covering pharmaceuticals, medical devices and diagnostics, and healthcare services, with a strong competitive position in domestic and international markets [1] Group 1: Business Segments - The company's business segments include pharmaceuticals, medical devices and diagnostics, and healthcare services [1] - Key markets for the company's products include China, the United States, Europe, and emerging markets [1] Group 2: Market Position - Due to the broad business scope and diverse product structure, it is challenging to summarize the overall market share with a single metric [1] - The company maintains a solid competitive position among domestic peers based on product penetration in key therapeutic areas and a growing share of overseas revenue [1] - The company is continuously enhancing its influence in international markets and expanding its layout [1]

证券日报网讯12月23日，复星医药（600196）在互动平台回答投资者提问时表示，公司坚持"创新驱动 +全球化"战略，创新药方面，聚焦实体瘤、血液瘤、免疫炎症等核心治疗领域，重点强化抗体/ADC、 细胞治疗、小分子等核心技术平台，并积极向心脑血管、肾脏与代谢等慢病领域及中枢神经系统领域拓 展布局，打造协同开放式、全球化的创新研发体系，持续提升管线价值，推动重磅产品的研发及商业 化；在制造与供应链方面，公司持续推进生产体系的整合，强化规模化、有成本竞争力的制造体系，公 司制药板块国内控股子公司所有商业化生产线均已通过国内GMP认证，还有多条生产线通过了美国、 欧洲等主流法规市场的GMP认证，为国际化供应奠定基础。 ...

Core Viewpoint - Fosun Pharma is acquiring a controlling stake in Green Valley Pharmaceutical for approximately 14.12 billion yuan, despite the core product, Manzotai Capsules, being suspended from production and sales. The acquisition has raised concerns in the capital market regarding the timeline for the product's re-entry into the market [1][2]. Group 1: Acquisition Details - Fosun Pharma's acquisition will result in it holding 53% of Green Valley's shares through its subsidiary and a special purpose vehicle (SPV) [2]. - The acquisition involves a combination of stock transfer and subscription to new registered capital, with Fosun Pharma's subsidiary expected to hold 51% of Green Valley's shares [2]. - The payment for the acquisition will be made in installments, with an initial payment of 6.35 billion yuan on the closing date and the remaining amount contingent on Green Valley's future R&D progress [3]. Group 2: Clinical Trial Progress - The revised post-marketing confirmatory clinical trial for Manzotai Capsules has been approved by the National Medical Products Administration, with an estimated completion of subject enrollment by the end of 2027 and data readout in early 2029 [1][4]. - As of December 15, 2025, 580 subjects have been enrolled in the clinical study, with 1,370 more needed to complete the trial [4]. - The clinical trial design has been updated to extend the double-blind treatment period from 36 weeks to 48 weeks and increase the sample size from 1,312 to 1,950 [3]. Group 3: Financial and Compliance Aspects - Green Valley Pharmaceutical has faced administrative penalties for improper promotional practices, resulting in a fine of 400,000 yuan, but this has not significantly impacted its operations [6]. - An audit by Ernst & Young revealed no hidden large debts or misuse of funds within Green Valley, indicating a stable financial condition [6][7]. - The acquisition is not expected to have a significant impact on Fosun Pharma's consolidated profits in the short term, as Green Valley's assets and liabilities represent a small fraction of Fosun's total [7].

Core Viewpoint - Fosun Pharma is investing 14.12 billion yuan in Green Valley Pharmaceutical to acquire a controlling stake, aiming to integrate the Alzheimer's drug, Manluotena Capsules, into its innovative drug pipeline, enhancing its position in the Alzheimer's disease sector [2][7]. Group 1: Investment Details - The investment consists of acquiring existing equity (1.43 billion yuan) and subscribing to new registered capital (12.69 billion yuan) [3][8]. - The payment for the new registered capital will be made in installments, with the first payment of 6.35 billion yuan due on the closing date, and the remaining 6.35 billion yuan to be paid within three years based on the target company's R&D progress [4][8]. Group 2: Clinical Progress and Regulatory Issues - Manluotena Capsules received conditional approval from the National Medical Products Administration (NMPA) in November 2019 for treating mild to moderate Alzheimer's disease, becoming the first approved drug for this indication since 2002 [2][7]. - The drug has faced efficacy controversies, with criticisms regarding the validity of its research and changing mechanisms of action [2][7]. - Green Valley Pharmaceutical submitted a supplementary application to extend the drug's registration before its five-year validity expires in 2024, but the NMPA did not approve it due to incomplete post-marketing confirmatory clinical studies [2][7]. Group 3: Risk Management and Future Plans - Fosun Pharma conducted due diligence covering clinical, regulatory, patent, production, commercialization, financial, legal, human resources, and investment aspects of Green Valley and its main product [3][8]. - The company has implemented risk control measures, including the pledge of 10% of the acquired equity by the founder's entity to secure potential losses [4][8]. - The clinical trial design for the confirmatory study has been revised, extending the double-blind treatment period from 36 weeks to 48 weeks and increasing the sample size from 1,312 to 1,950 participants, with approval from the NMPA [9]. - As of December 15, 2025, 580 participants have been enrolled in the clinical study, with expectations to complete enrollment by the end of 2027 and submit a summary report to the NMPA in early 2029 [10].

Core Viewpoint - GV-971 (also known as "Jiuyiqi"), an Alzheimer's disease drug, is facing challenges in its clinical validation and regulatory approval process, with significant market reactions following the announcement of its acquisition by Fosun Pharma [1][3]. Group 1: Clinical Research and Approval Status - GV-971's confirmatory clinical research plan has been approved by the drug review center, with 580 patients enrolled so far, and the acquisition funds will be used to advance clinical trials [1][3]. - The drug received conditional approval in November 2019 but failed to complete the necessary post-marketing confirmatory clinical studies, leading to its inability to achieve full approval by the expiration of its registration certificate in November 2024 [3][10]. - The drug's post-marketing confirmatory clinical trial, which began in October 2022, has faced delays, with only 580 out of the targeted 1,312 patients enrolled as of December 2023, indicating significant progress issues [10][11]. Group 2: Market Reaction and Investor Sentiment - Following the announcement of the acquisition plan on December 15, Fosun Pharma's A-shares fell over 4% and H-shares dropped more than 5% by December 16, reflecting investor skepticism regarding the drug's future [1][3]. - The trading volume and value on December 16 were the highest in a week, indicating heightened market activity and concern [1]. Group 3: Research Design and Methodology - The real-world study required for long-term safety and efficacy has been submitted, but the duration of the data collected is only 48 weeks, half of the originally designed 96 weeks, which raises concerns about its adequacy [7][9]. - The confirmatory clinical trial design has been updated to include 1,950 patients and extend the double-blind treatment period from 36 weeks to 48 weeks, aligning it more closely with international standards for Alzheimer's drug trials [11][12].