Core Viewpoint - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotech has received acceptance from the National Medical Products Administration for a new indication of the drug Surulitinib Injection, which is now included in the priority review process [1] Group 1 - The new indication is for the use of Surulitinib Injection in combination with platinum-based chemotherapy as neoadjuvant therapy and postoperative adjuvant treatment for PD-L1 positive, resectable gastric cancer patients [1] - Surulitinib is an innovative anti-PD-1 monoclonal antibody independently developed by the group [1]

Core Insights - The precision medicine sector experienced a slight increase of 0.53% on December 12, with BGI Genomics leading the gains [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Stock Performance - BGI Genomics (688114) saw a closing price of 64.50, with a significant increase of 7.68% and a trading volume of 86,400 shares, resulting in a transaction value of 540 million yuan [1] - Other notable performers included: - BGI (300676) with a closing price of 45.71, up 3.86% [1] - Wondfo Biotech (300685) at 21.55, up 1.41% [1] - Berry Genomics (000710) at 11.18, up 0.72% [1] - WuXi AppTec (603259) at 94.05, up 0.70% [1] Capital Flow - The precision medicine sector saw a net outflow of 1.022 billion yuan from institutional investors, while retail investors contributed a net inflow of 586 million yuan [2] - The capital flow for specific stocks included: - BGI Genomics (688114) had a net inflow of 22.93 million yuan from institutional investors [3] - Anke Bio (300009) experienced a net inflow of 3.38 million yuan from institutional investors [3] - However, ST Xiangxue (300147) faced a net outflow of 2.93 million yuan from institutional investors [3]

2025年医保药品目录解读（图源：国家医保局） 55岁的徐阿姨觉得自己足够乐观，也足够幸运。2023年8月，她被确诊为弥漫大B淋巴细胞瘤，尽管历经6次化疗，病情却始终未能完全缓解。在医生的建 议下，她最终选择了CAR-T细胞疗法。 CAR-T，全称为Chimeric Antigen Receptor T-Cell Immunotherapy，即嵌合抗原受体T细胞免疫疗法，是一种通过改造患者自身的T细胞，使其能够精准识别 并攻击癌细胞的个性化免疫治疗手段。目前，它仍是一项基于细胞的个性化技术，制备过程复杂，需要先从患者体内提取T细胞，在实验室中进行基因处 理，使其能够识别癌细胞表面的抗原（或标记），并激活其杀死癌细胞的能力，再经扩增后回输至患者体内，从而实现对癌细胞的精准清除。 然而，高昂的费用是这项前沿疗法无法回避的另一重现实。"如果没有百万医疗险，120万元对我而言简直是天文数字。"徐阿姨对时代财经坦言。在医保 及商保报销后，包括化疗、CAR-T治疗期间的自付及其他住院费等在内，她个人仅承担了不到7万元。 但并非所有患者都能如此幸运。CAR-T的昂贵是全球性难题。在美国，其定价通常在37万~50万美元之间， ...

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly highlighting the recent developments in drug approvals and partnerships [1][5]. Core Insights - The 2025 National Medical Insurance Directory and the first version of the commercial health insurance innovative drug directory were released, adding 114 new drugs, including 111 new drugs approved within the last five years. The success rate for negotiations was 88.19% [1][6]. - Fosun Pharma's subsidiary has licensed an oral GLP-1 drug to Pfizer, with potential milestone payments totaling up to $15.85 billion [2][7]. - The report emphasizes the importance of ongoing clinical trials and the introduction of innovative drugs in the market, which are expected to drive growth in the pharmaceutical sector [10]. Summary by Sections Domestic Policy Developments - The 2025 National Medical Insurance Directory includes 114 new drugs, with 112 successfully negotiated from 127 that entered the bidding process. Most renewal drugs were renewed at original prices, with an average price reduction of 8.4% for 15 drugs [6][7]. Domestic Pharmaceutical Company Updates - Fosun Pharma's subsidiary has signed a licensing agreement with Pfizer for the global development and commercialization of an oral GLP-1R agonist, with an upfront payment of $150 million and potential milestone payments [2][7]. - The approval of clinical trials for HER2 monoclonal antibodies for breast cancer treatment has been granted, indicating progress in innovative cancer therapies [2][7]. - New clinical data for a BCL2 inhibitor was presented, showing promising efficacy and safety in treating various blood cancers [2][7]. Overseas Pharmaceutical Company Updates - Wave Life Sciences reported positive Phase I data for an siRNA drug targeting obesity, showing significant reductions in visceral fat and overall body fat [3][9]. - Structure Therapeutics announced positive results for its oral GLP-1 small molecule, demonstrating substantial weight loss in clinical trials [3][9]. - Roche received EU approval for a CD20 monoclonal antibody for treating lupus nephritis, marking a significant advancement in autoimmune disease therapies [3][9]. Investment Recommendations - The report suggests focusing on innovative drugs and companies with active business development opportunities, particularly those with promising clinical pipelines [10].

Core Viewpoint - Southbound funds have increased their holdings in Fosun Pharma (02196.HK) by 499,500 shares on December 11, with a total net increase of 1,437,000 shares over the last five trading days and 1,806,000 shares over the last twenty trading days [1] Company Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is primarily engaged in the research, manufacturing, and sales of pharmaceutical products [1] - The company operates through five segments: - Pharmaceutical segment focuses on innovative drugs, mature pharmaceutical products, and vaccine business - Medical devices and diagnostics segment involves the manufacturing and sales of molecular diagnostics, immunodiagnostics, and microbiological diagnostic medical beauty devices - Healthcare services segment operates an integrated online and offline medical service platform - Pharmaceutical distribution and retail segment is involved in the wholesale and retail of pharmaceutical products - Other segments engage in various pharmaceutical-related businesses [1] Shareholding Structure - As of now, southbound funds hold 316 million shares of Fosun Pharma, accounting for 57.28% of the company's total issued ordinary shares [1]

Core Viewpoint - Fosun Pharma's subsidiary, Guilin Pharmaceutical Co., has received approval from the National Medical Products Administration for the registration of sodium foscarnet injection, expanding the company's product line [1] Group 1: Product Approval - The approved indications for the drug include treatment for (1) cytomegalovirus retinitis in AIDS patients and (2) acyclovir-resistant mucocutaneous infections in immunocompromised patients [1] Group 2: Business Impact - The approval of this drug will further enrich the product portfolio of the company, enhancing its market position in the pharmaceutical industry [1]

售;机械设备研发;企业管理;企业管理咨询。 (除依法须经批准的项目外,凭营业执照依法自主开展经营活动) 上海复瑞益企业咨询管理合伙企业（有限合伙） 器 每经AI快讯，天眼查App显示，近日，复星凯瑞(上海)生物科技有限公司发生工商变更，新增深圳市鹏复生物医药产业私募股权投资基金合伙企业(有限合 伙)、深圳市坪山区引导基金投资有限公司、上海复瑞益企业咨询管理合伙企业(有限合伙)为股东，同时，注册资本由约19.2亿元人民币增至约22.3亿元人民 币，增幅约16%。复星凯瑞(上海)生物科技有限公司成立于2017年4月，法定代表人为WenjieZhang，经营范围含药品生产、药品委托生产、药品进出口、医 学研究和试验发展、细胞技术研发和应用、人体基因诊断与治疗技术开发、人体干细胞技术开发和应用等。股东信息显示，该公司由上海复星医药 （600196）产业发展有限公司、上海复瑞生企业咨询管理合伙企业(有限合伙)及上述新增股东共同持股。 | | 都在用的商业查询工具 | 查公司 查老板 查关系 音风险 | | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 复星凯瑞（上海）生物科技有限公司 ...

Core Insights - The article highlights a significant licensing agreement between Fosun Pharma and Pfizer for the oral GLP-1 receptor agonist YP05002, marking a pivotal moment in the weight loss drug market [1][4][8] - The transaction, valued at over $2 billion, reflects the growing recognition of Chinese pharmaceutical innovation on the global stage [5][8] Group 1: Licensing Agreement Details - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, has entered into a licensing agreement with Pfizer, granting Pfizer exclusive global rights to develop, manufacture, and commercialize YP05002 [1] - Pfizer will pay an upfront fee of up to $150 million and is eligible for milestone payments totaling up to $1.935 billion [1] - This agreement is seen as a strategic move for Pfizer to re-enter the competitive GLP-1 market, where it has previously lagged [4][5] Group 2: Market Dynamics and Trends - The weight loss drug development landscape is becoming increasingly competitive, with multiple players exploring next-generation oral GLP-1 drugs that balance efficacy and tolerability [2][3] - Recent data from companies like Structure Therapeutics and Galmed Pharmaceuticals indicate promising results for oral GLP-1 candidates, highlighting the shift from injectable to oral formulations [2][3] - Innovative mechanisms, such as RNA interference therapies, are emerging as potential disruptors to existing GLP-1 treatments, targeting fat metabolism more effectively [3] Group 3: Implications for Chinese Pharmaceutical Innovation - The high upfront payment for YP05002 signifies a validation of the drug's potential and the quality of Chinese pharmaceutical research, moving beyond late-stage clinical data to earlier-stage partnerships [5][6] - Fosun Pharma's strategy includes a dual approach of "bringing in" and "going out," enhancing its innovation pipeline and pushing for international recognition of its research capabilities [6][7] - The transaction is indicative of a broader trend where Chinese companies are transitioning from being market followers to core contributors in global pharmaceutical innovation [8]

Core Viewpoint - The article discusses the global licensing agreement between Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, and Pfizer for the oral GLP-1 receptor agonist project, YP05002, which aims to treat metabolic diseases including type 2 diabetes and obesity [5][7]. Group 1: Licensing Agreement Details - Fosun Pharma's Yaoyou Pharmaceutical has signed a global licensing agreement with Pfizer, granting exclusive rights for the development, production, and commercialization of YP05002 and related products [5]. - Under the agreement, Yaoyou Pharmaceutical will receive an upfront payment of $150 million and has the potential to earn up to $350 million in milestone payments based on project progress [5]. - If the product meets commercial sales targets, Pfizer will pay Yaoyou Pharmaceutical up to $1.585 billion in sales milestone payments [5]. Group 2: Product Overview - YP05002 is an oral small molecule GLP-1 receptor agonist developed by Fosun Pharma, designed to activate GLP-1 receptors to promote insulin secretion, suppress glucagon secretion, delay gastric emptying, and reduce energy intake [7]. - The candidate drug is primarily aimed at treating metabolic diseases, with potential indications including long-term weight management, type 2 diabetes, and non-alcoholic fatty liver disease [7]. - Currently, YP05002 is undergoing Phase I clinical trials in Australia [7].

Core Viewpoint - Shanghai Fosun Pharmaceutical announced the exclusive global rights grant for its GLP-1 drugs, including YP05002, to Pfizer, marking a significant collaboration in the internationalization of Chinese innovative drugs [1][2]. Group 1: Transaction Details - The initial payment for the transaction is set at $150 million, with potential milestone payments reaching up to $1.935 billion, leading to a total potential transaction value exceeding $2 billion [1]. - This deal is considered a top-tier transaction, reflecting the ongoing competitiveness in the GLP-1 drug market [1]. Group 2: Market Context - GLP-1 drugs mimic the hormone GLP-1, which helps control diabetes and promote weight loss, and are gaining traction among global pharmaceutical companies [2]. - Currently, four domestic GLP-1 drugs have been approved in China, with nearly 90 products in the research and development phase [2]. Group 3: Strategic Insights - Fosun Pharmaceutical's decision to grant global rights to Pfizer may be a strategic move to avoid intense competition in the domestic GLP-1 market, preserving maximum value [2]. - Pfizer is actively enhancing its GLP-1 portfolio through acquisitions, including a recent $10 billion purchase of Metsera, indicating the importance of GLP-1 products in maintaining competitive advantage [2]. Group 4: Future Development - The GLP-1 drug involved in the transaction is currently in Phase I clinical trials, and both companies aim to leverage their strengths to accelerate global clinical development and commercialization [3]. - Fosun Pharmaceutical's chairman emphasized the collaboration as a milestone in the company's strategy for innovation and internationalization, aiming to address unmet clinical needs in obesity and metabolic diseases [3].