本报告依据中国资产评估准则编制 上海复健股权投资基金管理有限公司 拟投资涉及的复星凯瑞(上海)生物科技有限公司 股东全部权益价值项目 资产评估报告 中瑞评报字[2025]第 501086 号 (共一册,第一册) Werld Union A 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 4743020020202501262 | | --- | --- | | 合同编号: | 2025-301038-1 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中瑞评报字[2025]第501086号 | | 报告名称: | 上海复健股权投资基金管理有限公司拟投资涉及的复星凯瑞(上 海)生物科技有限公司股东全部权益价值项目 | | 评估结论: | 2.246.412.451.69元 | | 评估报告日: | 2025年05月30日 | | 评估机构名称: | 中瑞世联资产评估集团有限公司 | | 签名人员: | 林海丰 (资产评估师) 正式会员 编号: 11140028 | | | 殷海斌 (资产评估师) 正式会员 编号: 11190036 | | | HEBER | (可扫描二 ...

Core Viewpoint - Fosun Pharma's subsidiary, Hanhui, has received orphan drug designation from the US FDA for its investigational drug HLX43, a PD-L1 targeted antibody-drug conjugate for the treatment of thymic epithelial tumors (TETs) [1] Group 1: Drug Development - HLX43 is a novel antibody-drug conjugate (ADC) developed by linking a small molecule toxin-peptide chain with a self-developed PD-L1 targeted antibody [1] - The drug is intended for the treatment of advanced/metastatic solid tumors [1] - As of the announcement date, HLX43 is in Phase I clinical trials in China, with the thymic carcinoma (TC) cohort being part of an international multicenter trial approved in the US and Japan [1] Group 2: Market Context - There are currently no approved PD-L1 targeted antibody-drug conjugates available in the global market [1]

Core Viewpoint - The 2025 Sustainable Global Leaders Conference held in Shanghai emphasizes global action, innovation, and sustainable growth, featuring around 500 attendees including Nobel Prize winners and leaders from Fortune 500 companies [1] Group 1: Innovation and Globalization - Fosun International's co-chairman, Wang Qunbin, highlighted the company's journey of globalization driven by innovation, aiming for a win-win in commercial and social value [3] - Fosun has developed the first approved anti-PD-1 monoclonal antibody, H drug, for the treatment of extensive-stage small cell lung cancer, which has been approved in nearly 40 countries, benefiting over 110,000 patients globally [4][5] - The company is transitioning from "following" to "leading" in the innovative drug sector, focusing on unmet clinical needs and global partnerships to advance healthcare [5] Group 2: Global Value Creation - Fosun has established a global presence in over 40 countries, building capabilities in research, registration, business development, and marketing, with its innovative biopharmaceutical products reaching nearly 600,000 patients [6] - The company has achieved significant growth in business development contracts, with cash inflow exceeding 1 billion yuan, a 280% increase year-on-year [6] - In the tourism sector, Fosun is enhancing customer experience through AI digital upgrades, expanding its services across 12 countries [6] Group 3: Corporate Social Responsibility - Fosun emphasizes the importance of ESG (Environmental, Social, Governance) responsibilities, contributing to global malaria control by supplying over 420 million doses of artemisinin-based injections [8][9] - The company has initiated a rural doctor project in China, benefiting 3 million rural families and over 16 million rural residents [9] - Fosun maintains a strong MSCI ESG rating of AA and is recognized in the top 1% of Chinese companies for sustainability efforts [9][10] Group 4: Future Vision - Wang Qunbin stated that the power of business for good is driving profound changes in the relationship between enterprises and society, and Fosun aims to continue climbing new heights in sustainable development [10]

Trade Relations and Economic Indicators - Trump stated that the US and China are currently in a trade war, with potential for tariffs to be extended in exchange for adjustments to China's rare earth export controls[12] - China's credit growth slowed in September, with social financing increasing by 3.5 trillion RMB (approximately 495 billion USD), lower than the expected 3.3 trillion RMB[12] - The US Federal Reserve is expected to lower interest rates by 50 basis points this year due to increased economic uncertainty from trade tensions[12] Market Performance - The Shanghai Composite Index rose by 1.22% to 3912.21 points, while the Shenzhen Component Index increased by 1.73% and the ChiNext Index rose by 2.36%[1] - The Hang Seng Index closed up 1.84% at 25910.6 points, with the Hang Seng Tech Index gaining 2.57%[1] - The total market turnover in Hong Kong was 315.814 billion HKD[1] Corporate Developments - Mindray Medical plans to issue H-shares and list on the Hong Kong Stock Exchange, potentially raising at least 1 billion USD[10] - Horizon Robotics granted 11.1 million stock options to employees, valued at approximately 98.45 million HKD[14] - China Water Affairs issued 1.5 billion USD in senior notes to repay offshore debts, with a coupon rate of 5.875%[14]

Core Viewpoint - The company has announced a series of guarantees provided for its subsidiaries, totaling significant amounts, aimed at supporting their financing needs and ensuring operational stability [1][49]. Summary by Sections Guarantee Details - On October 14, 2025, the company signed a guarantee for its subsidiary, Fosun Pharma Industry, for a credit facility of RMB 700 million with China Merchants Bank, covering existing and new debts [1][11][13]. - A guarantee was also established for Fosun Health, covering a financing contract with a trust bank for up to RMB 150 million from October 14, 2025, to March 31, 2027 [2][16]. - On October 15, 2025, a guarantee was provided for Xuzhou Xingchen Hospital for a financing contract of up to RMB 157 million with SPD Bank [3][23]. - Additional guarantees were established for various subsidiaries, including Fosun Antigen, Hanjia Medical, and others, with amounts ranging from RMB 880,000 to RMB 10 million [5][31][39][45]. Cumulative Guarantee Situation - As of October 15, 2025, the total amount of guarantees provided by the group is approximately RMB 2,337.7 million, which represents 49.46% of the net assets attributable to shareholders as of December 31, 2024 [52]. Internal Decision-Making Process - The guarantees were approved by the company's board and the annual shareholders' meeting, ensuring compliance with internal governance procedures [8][50]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable, as they are intended to support the operational needs of the subsidiaries, with manageable risk levels [49]. Board Opinion - The board unanimously agreed on the necessity of the guarantees, considering them essential for the operational needs of the group and within the approved limits [50][51].

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Fosun Pharma (02196.HK) by 704,000 shares on October 15, 2025, marking a trend of net reductions over recent trading days [1] - Over the past five trading days, southbound funds have reduced their holdings on four occasions, resulting in a total net reduction of 4.34 million shares [1] - In the last twenty trading days, there have been thirteen days of reductions, with a cumulative net decrease of 19.81 million shares [1] Group 2 - As of now, southbound funds hold 307 million shares of Fosun Pharma, which accounts for 55.57% of the company's total issued ordinary shares [1] - The trading data indicates a slight decrease in holdings, with a change of -0.23% on October 15, 2025, and a total holding of 307 million shares [2] - The company operates in five segments, including pharmaceuticals, medical devices, healthcare services, pharmaceutical distribution and retail, and other related businesses, focusing on treatments for oncology, immunology, and central nervous system disorders [2]

证券日报网讯 10月15日晚间，复星医药发布公告称，截至2025年10月15日，本集团无逾期担保事项。 （文章来源：证券日报） ...

证券代码：600196 证券简称：复星医药 公告编号：临 2025-158 上海复星医药（集团）股份有限公司 关于为控股子公司提供担保的进展公告 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： 担保对象及基本情况 | | 名称 | 复星医药产业 | | --- | --- | --- | | | 本次担保金额 | 人民币 70,000 万元 | | 被担保方 1 | 截至 2025 年 10 月 15 日， 包括本次担保在内，本集 团实际为其提供的担保 | 折合人民币约 922,804 万元 | | | 余额 是否在前期预计额度内 | 是 □否 □不适用：________ | | | 本次担保是否有反担保 | 被担保方 1 系担保方（本公司）之全 资子公司，不涉及反担保安排 | | 被担保方 | 名称 | 复星健康 | | | 本次担保金额 | 人民币 19,800 万元 | | 2 | 截至 2025 年 10 月 15 日， 包括本次担保在内，本集 团实际为其提供的担保 余额 | 折合人民币约 204,6 ...

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 為控股子公司提供擔保的進展公告》，僅供參閱。 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。 * 僅供識別 证券代码：600196 证券简称：复星医药 公告编号：临 2025-158 上海复星医药（集团）股份有限公司 关于为控股子公司提供担保的进展公告 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2025 年1 0 月1 5 日 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、文德鏞先生及王可心先生；本公司之非執行 董事 ...

Core Insights - The Medical Health Index (980016) closed at 6759.45 points, up 1.78%, with a trading volume of 27.946 billion yuan and a turnover rate of 1.0% [1] - Among the index constituents, 40 stocks rose, with Huahai Pharmaceutical leading at a 7.59% increase, while 9 stocks fell, with BGI Genomics leading the decline at 2.93% [1] Index Performance - The Medical Health Index saw a net inflow of 1.063 billion yuan from main funds, while retail investors experienced a net outflow of 392 million yuan [1] - The top ten constituents of the index include major companies such as WuXi AppTec, Hengrui Medicine, and Mindray Medical, with varying market capitalizations and price changes [1] Fund Flow Analysis - Huahai Pharmaceutical had a main fund net inflow of 163 million yuan, while retail investors saw a net outflow of 76.6 million yuan [2] - Other notable companies with significant fund flows include Aier Eye Hospital and Hengrui Medicine, both experiencing mixed inflows and outflows from different investor categories [2]