Core Insights - The meeting between Jiangsu Province Governor Liu Xiaotao and Fosun International Chairman Guo Guangchang highlights the ongoing collaboration and investment opportunities in Jiangsu, focusing on sectors like biomedicine, healthcare, cultural tourism, consumption, and finance [1] Group 1: Investment and Economic Development - Fosun has invested over 100 billion yuan in Jiangsu, establishing a strong presence across multiple industries [2] - The company aims to deepen its business cooperation in Jiangsu, leveraging its technological and talent advantages to meet local development needs [1][2] Group 2: Biomedicine Sector - Fosun Pharma has developed a collaborative industrial ecosystem in Jiangsu, with multiple innovative drugs and biosimilars launched in the past five years [2] - The company plans to maintain its R&D investment during the 14th Five-Year Plan, focusing on areas such as metabolism, hematology, oncology, respiratory, autoimmune, and ophthalmology [2] Group 3: Cultural Tourism and Consumer Sector - The Taicang Alps International Resort, developed by Fosun Tourism, has become a benchmark for the "ice and snow economy" in the Yangtze River Delta, attracting over 2 million visitors since its opening in November 2023 [3] - The Club Med resort in Nanjing has also gained popularity since its opening in October 2023, while the Suzhou Songhelou restaurant is expanding internationally with plans to open its first overseas location in London by April 2025 [3] Group 4: Collaboration in Emerging Technologies - Fosun is engaging in extensive collaborations with various regions in Jiangsu through investment funds, focusing on cutting-edge fields such as embodied intelligence, semiconductors, and new materials [3]

事件 群益证券发布研报称，预计复星医药（600196）(02196)2025-2027年分别实现净利润33.2亿元、46.8亿 元、47.7亿元，YOY分别+19.9%、+40.8%、+2.1%，EPS分别为1.2元、1.8元、1.8元，对应H股PE分别 为15X/11X/11X，H股估值偏低，看好其长期发展，维持"买进"的投资评级。 群益证券主要观点如下： 公司控股子公司复宏汉霖授予日本卫材Eisai(东京交易所上市，代码4523.T)于日本用于肿瘤适应症治疗 的开发、生产及商业化斯鲁利单抗注射液的权利。根据约定，Eisai应就许可产品向复宏汉霖支付至多 15501万美元不可退还的首付款、监管里程碑款项，其中首付款7500万美元，至多8001万美元监管里程 碑付款。此外，公司还将基于许可区域日本年度的净销额达成情况，至多获得23333万美元的销售里程 碑付款，并可基于产品销售额，获得双位元数比例的销售提成。 风险提示：新产品研发进度及销售不及预期，药品集采及国谈降价超预期，商誉减值风险。 新市场及新适应症持续开拓中 斯鲁利单抗联合化疗一线治疗ES-SCLC的美国桥接试验正在有序进行，在日本的桥接试验也在稳步 ...

Group 1 - The core viewpoint of the report is that Fosun Pharma (02196) is expected to achieve net profits of 3.32 billion yuan, 4.68 billion yuan, and 4.77 billion yuan from 2025 to 2027, with year-over-year growth rates of +19.9%, +40.8%, and +2.1% respectively, indicating a positive long-term outlook and a "buy" rating maintained by Yuanta Securities [1] - The company’s subsidiary, Fuhong Hanlin, has granted Eisai the rights for the development, production, and commercialization of the PD-1 monoclonal antibody, Surulitinib, in Japan, with a total upfront payment and milestone payments potentially reaching up to $155.01 million [1] - The upfront payment includes $75 million and up to $80.01 million in regulatory milestone payments, along with potential sales milestone payments of up to $23.33 million based on annual net sales in Japan [1] Group 2 - Surulitinib, a PD-1 monoclonal antibody developed by the company, was launched in China in March 2022 and is expected to generate revenue of 1.31 billion yuan in 2024, reflecting a year-over-year growth of +17.2% [2] - The product has received EU approval for first-line treatment of SCLC in February 2025, making it the first PD-1 monoclonal antibody approved in the EU for this indication, and has also been approved in several other countries, enhancing its international market presence [2] - The company is actively expanding into new markets and indications, with ongoing clinical trials for Surulitinib in various cancers and a new application for gastric cancer treatment expected to be accepted by the Chinese regulatory authority by December 2025 [3]

2026 年 02 月 06 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港元) | 26.5 | 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/2/5) | | 20.52 | | 恒生指数(2026/2/5) | | 26,885.24 | | 股价 12 个月高/低 | | 28.80/12.61 | | 总发行股数(百万) | | 2,670.43 | | H 股数(百万) | | 540.97 | | H 市值(亿港元) | | 111.01 | | | | 上海复星高科技 | | 主要股东 | | (集团)有限公司 | | | | (36.15%) | | 每股净值(元) | | 18.06 | | 股价/帐面净值 | | 1.14 | | | 一个月 | 三个月 一年 | | 股价涨跌(%) | -0.97% | -9.92% 62.68% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/12/10 | 21 ...

许可产品斯鲁利单抗注射液为集团自主研发的创新型抗PD-1单抗，已在多个国家和地区获批上市，并 且在中国境内的适应症包括多种类型的癌症。 根据协议，Eisai需向复宏汉霖支付至多1.55亿美元的不可退还首付款及监管里程碑款项，其中首付款为 7500万美元，监管里程碑款项可达8001万美元。此外，Eisai还需根据许可产品的年度净销售额向复宏汉 霖支付至多2.33亿美元的销售里程碑款项及特许权使用费。 近日，复星医药（600196）发布公告称，控股子公司复宏汉霖与Eisai签订《许可协议》，由复宏汉霖授 予Eisai于许可区域（即日本）及领域（即用于肿瘤适应症治疗）开发、生产及商业化斯鲁利单抗注射液 的权利。 ...

2026 年 02 月 06 日 | C0062@capital.com.tw | | | --- | --- | | 王睿哲 目标价(港元) | 26.5 | 公司基本资讯 | 产业别 | | 医药生物 | | --- | --- | --- | | H 股价(2026/2/5) | | 20.52 | | 恒生指数(2026/2/5) | | 26,885.24 | | 股价 12 个月高/低 | | 28.80/12.61 | | 总发行股数(百万) | | 2,670.43 | | H 股数(百万) | | 540.97 | | H 市值(亿港元) | | 111.01 | | | | 上海复星高科技 | | 主要股东 | | (集团)有限公司 | | | | (36.15%) | | 每股净值(元) | | 18.06 | | 股价/帐面净值 | | 1.14 | | | 一个月 | 三个月 一年 | | 股价涨跌(%) | -0.97% | -9.92% 62.68% | 近期评等 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p ...

该药品为本集团(即本公司及控股子公司/单位，下同)自主研发的化学药品，拟用于治疗患有以下疾病的 成人和儿童患者：恶性淋巴瘤、霍奇金病、淋巴细胞性淋巴瘤、混合细胞型淋巴瘤、组织细胞性淋巴 瘤、伯基特淋巴瘤、多发性骨髓瘤、白血病、蕈样肉芽肿、神经母细胞瘤、卵巢腺癌、视网膜母细胞 瘤、乳腺癌。 格隆汇2月5日丨复星医药(600196.SH)公布，公司控股子公司吉斯美(武汉)制药有限公司就环磷酰胺注射 液(以下简称"该药品")的药品注册申请获国家药品监督管理局受理。 ...

北京商报讯（记者 丁宁）2月5日晚间，复星医药（600196）发布公告称，2月5日，公司控股子公司复 宏汉霖与Eisai签订《许可协议》，由复宏汉霖授予Eisai于许可区域（即日本）及领域（即用于肿瘤适应 症治疗）开发、生产及商业化斯鲁利单抗注射液的权利。 复星医药表示，本次合作有助于进一步拓展集团产品的海外市场，有利于增强集团产品在国际市场的可 及性和认可度。 ...

北京商报讯(记者王寅浩宋雨盈)2月5日，复星医药（600196）发布公告称，公司控股子公司上海复星医 药产业发展有限公司自主研发的复迈宁(通用名：芦沃美替尼片)用于治疗伴有症状、无法手术的丛状神 经纤维瘤的Ⅰ型神经纤维瘤病成人患者的药品上市申请获国家药品监督管理局受理并已获纳入优先审评 程序。 根据公告，芦沃美替尼片为MEK1/2选择性抑制剂。目前，该药品已于中国境内(不含港、澳、台地区) 上市并获批两项适应症，包括用于治疗朗格汉斯细胞组织细胞增生症和组织细胞肿瘤成人患者以及2岁 及2岁以上伴有症状、无法手术的丛状神经纤维瘤的Ⅰ型神经纤维瘤病儿童及青少年患者。 ...

北京商报讯（记者 王寅浩 宋雨盈）2月5日，复星医药发公告称，公司控股子公司吉斯美（武汉）制药 有限公司就环磷酰胺注射液的药品注册申请获国家药品监督管理局受理。根据公告，该药品拟用于治疗 患有恶性淋巴瘤、霍奇金病、淋巴细胞性淋巴瘤、混合细胞型淋巴瘤、组织细胞性淋巴瘤、伯基特淋巴 瘤、多发性骨髓瘤、白血病、蕈样肉芽肿、神经母细胞瘤、卵巢腺癌、视网膜母细胞瘤、乳腺癌的成人 和儿童患者。 ...