转自：证券时报 人民财讯8月28日电，企查查APP显示，近日，成都星睿菁烜生物科技有限公司成立，法定代表人为陈 殿军，注册资本为1.34亿元，经营范围包含：企业管理咨询；货物进出口；技术进出口；药品批发；药 品零售；放射性固体废物处理、贮存、处置等。企查查股权穿透显示，该公司由复星医药全资子公司复 星医药产业发展（成都）有限公司、成都甲辰炘然科技合伙企业（有限合伙）等共同持股。 ...

Core Viewpoint - Fosun Pharma reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a mixed performance influenced by various factors [1][2]. Financial Performance - In the first half of 2025, Fosun Pharma achieved operating revenue of approximately 19.514 billion yuan, a year-on-year decrease of 4.63% [1]. - The net profit attributable to shareholders was about 1.702 billion yuan, reflecting a year-on-year increase of 38.96% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 0.961 billion yuan, showing a year-on-year decrease of 23.39% [1]. Asset and Liability Management - As of June 30, 2025, Fosun Pharma's asset-liability ratio was 49.24%, slightly up from 48.98% at the end of 2024 [2]. - The decrease in operating revenue was primarily due to the impact of centralized drug procurement policies, although revenue from innovative drugs showed steady growth [2]. Operational Insights - The company reported a net cash flow from operating activities of 2.134 billion yuan, an increase of 11.90% year-on-year [2]. - Fosun Pharma has signed agreements to dispose of non-core assets totaling over 2 billion yuan since the beginning of 2025 [2]. Business Segments - Fosun Pharma's core business includes pharmaceuticals, medical devices, and health services, with a focus on innovative drugs, mature products, and vaccines [3]. - In the first half of 2025, the company received approvals for 5 indications of 4 innovative drugs and 57 generic drug varieties [3]. - Research and development expenditures totaled 2.584 billion yuan, with 1.717 billion yuan specifically allocated for R&D [3]. Industry Context - The pharmaceutical industry is undergoing significant changes due to the normalization of drug procurement and ongoing support for innovative drug policies [4]. - The company faces risks from policy adjustments, market competition, and potential mismatches between drug development and clinical needs [4]. Strategic Responses - Fosun Pharma aims to track industry and policy trends, enhance R&D efficiency, and optimize product structure [5]. - The company plans to improve operational efficiency and expand market coverage through increased marketing efforts [5].

Core Viewpoint - The report from Credit Lyonnais indicates that Fosun Pharma's Q2 performance shows resilience, with a quarterly revenue increase of 7.2% and a net profit increase of 22.5%, primarily driven by strong sales of innovative products [1] Group 1 - The new Employee Stock Ownership Plan (ESOP) is expected to provide greater visibility for growth and alleviate market concerns following leadership changes [1] - The company successfully completed two licensing agreements for independently developed molecules [1] Group 2 - Credit Lyonnais has raised its core profit forecast for Fosun Pharma for the years 2023 to 2027 by approximately 13% to 21% [1] - The target price for Fosun Pharma's H-shares has been increased from HKD 15.6 to HKD 29.6, while maintaining an "outperform" rating [1]

Fosun International (00656) H1 2025 Earnings Call August 27, 2025 10:00 PM ET Speaker0Dear investors and analysts, good morning. Welcome to International twenty twenty five Interim Results Announcement. I am General Manager of Investor Relations of Fosun International, Lu Xin Sun. I will now introduce the management team attending the results announcement today. We have Guo Guangchong, Chairman of Fosun International Guangchunbin, Co Chairman of Fosun International, Chen Qiu, Executive Director and Co CEO o ...

From Shared Vision to Greater Horizons Fosun International 2025 Interim Results 2025-08-29 | Shanghai Disclaimer This document is not intended to provide a full explanation of any relevant matters of Fosun International Limited ("Fosun" or the "Company"). You must refrain from relying on any information set out in this document. No statement, guarantee or undertaking is or will be made or given at present or in the future in respect of the accuracy, fairness, reasonableness, correctness or completeness of t ...

智通财经APP获悉，复星医药(02196)早盘涨近5%，截至发稿，涨3.95%，报22.08港元，成交额1.07亿港 元。 消息面上，8月26日，复星医药公布2025年中期业绩，营业收入约195.14亿元，同比减少4.63%；归属于 上市公司股东的净利润约17.02亿元，同比增长38.96%；基本每股收益0.64元。其中，创新药品收入稳 健增长，收入超43亿元，较上年同期增长14.26%。公告称，利润同比增加主要系出售和睦家剩余权益 以及其他非核心资产的收益贡献。 同日，复星医药发布公告，该公司控股子公司复星医药产业授予Sitala于许可区域(即除中国<包括港澳 台地区>外的全球范围)及领域(即人类、动物疾病的诊断和治疗)开发、生产及商业化FXS6837及含有该 活性成分的产品的权利。同时，基于本次许可的安排，复星医药产业(或其指定关联方)可以零对价获得 价值500万美元的Sitala的股份。公告称，本次合作有利于进一步加快许可产品在全球范围的临床开发和 商业化进程，并持续拓展集团创新产品的海外布局。 ...

Group 1 - The core viewpoint of the article highlights that Fosun Pharma's stock price increased nearly 5% in early trading, reflecting positive market sentiment following the release of its mid-year results for 2025 [1] - Fosun Pharma reported a revenue of approximately 19.514 billion yuan, a year-on-year decrease of 4.63%, while the net profit attributable to shareholders was about 1.702 billion yuan, showing a significant year-on-year increase of 38.96% [1] - The basic earnings per share were reported at 0.64 yuan, indicating a solid performance in terms of profitability despite the decline in overall revenue [1] Group 2 - The company experienced robust growth in its innovative drug segment, with revenues exceeding 4.3 billion yuan, representing a year-on-year increase of 14.26% [1] - The increase in profit was primarily attributed to the gains from the sale of remaining equity in United Family Healthcare and other non-core assets [1] - Fosun Pharma announced a licensing agreement with Sitala for the development, production, and commercialization of FXS6837 and related products outside of China, which is expected to accelerate clinical development and expand the company's international product portfolio [1]

Core Viewpoint - Fosun International is leveraging macroeconomic trends and industry dynamics to drive steady growth through innovation and global operations, achieving total revenue of 87.28 billion RMB and a net profit of 6.6 billion RMB in the first half of 2025 [1] Group 1: Financial Performance - Total revenue reached 87.28 billion RMB, with operating profit at 3.15 billion RMB and net profit attributable to shareholders at 660 million RMB [1] - The company maintains a healthy debt-to-capital ratio of 53%, with strong cash reserves [1] - Standard & Poor's affirmed a "stable" outlook for the company's credit rating in May 2025 [1] Group 2: Globalization Strategy - Over 50% of Fosun's revenue comes from international operations, with overseas income at 46.67 billion RMB, marking a significant step in its globalization efforts [2] - The company operates in over 40 countries and regions, showcasing its ability to navigate complex global trade environments [2] Group 3: Innovation and R&D - Fosun's R&D investment reached 3.6 billion RMB in the first half of 2025, focusing on creating a competitive product portfolio across various sectors [7] - The company has established over 20 global innovation centers, enhancing its technological capabilities [7] - Significant breakthroughs in pharmaceuticals include the global sales of innovative drugs, with sales from the anti-PD-1 drug reaching 597.7 million RMB [4] Group 4: Market Expansion - Fosun is actively expanding into emerging markets, including strategic partnerships in Saudi Arabia for healthcare and electric vehicle solutions [5] - The company is enhancing its presence in traditional markets while also exploring new opportunities in regions like the Middle East and Asia [5] Group 5: AI and Technology Integration - Fosun is implementing an "embrace AI" strategy to enhance operational efficiency and product innovation across its sectors [10] - The company has developed an AI-driven decision-making platform in the pharmaceutical sector, improving data accuracy and operational efficiency [10] Group 6: Future Outlook - The combination of globalization and innovation is expected to drive significant growth for Fosun, with a clear trajectory for long-term value creation [11] - The company is positioned to capitalize on global opportunities, supported by a robust financial foundation and innovative capabilities across multiple sectors [11]

1H25 业绩符合我们预期 公司公布1H25 业绩：收入195.14 亿元，同比下滑4.6%；归母净利润17.09 亿元，同比提升39.0%；扣非 归母净利润9.61 亿元，同比下滑23.4%，符合我们预期。 发展趋势 推出A 股股权激励（草案），展现中长期发展信心。2025 年8 月，公司发布2025 年A 股股票期权激励 计划（草案），合计授予给不超过201 人，合计上限为572.61 万股的A 股期权（股权占比0.21%），激 励目标为1）归母净利润（60%权重）2025-2027 年目标为33.2/39.6/47.7 亿元；2）创新药收入（40%权 重）2025-2027 年目标为93.6/112.3/134.8 亿元。 盈利预测与估值 维持2025/2026 年盈利预测不变。当前A 股股价对应2025/2026 年21.9倍/18.3 倍市盈率。当前H 股股价 对应2025/2026 年14.9 倍/12.3 倍市盈率。A 股维持跑赢行业评级和34.50 元目标价，对应26.4 倍2025 年 市盈率和22.1 倍2026 年市盈率，隐含20.8%上行空间。H 股维持跑赢行业评级，考虑板块估值中枢上 ...

8月27日，上海复星医药（集团）股份有限公司（以下简称"复星医药"）举办业绩说明会。 复星医药董事长陈玉卿在会上表示，创新一定是复星医药未来发展的重中之重，公司将聚焦制药与高值 器械两部分持续深耕。 上半年，复星医药实现营收195.14亿元。其中，创新药品收入超43亿元，同比增长14.26%。 从收入端来看，制药业务依然是复星医药的核心营收来源。今年上半年，复星医药制药业务、医疗器械 与医学诊断业务、医疗健康服务业务分别实现营业收入139.01亿元、19.55亿元、35.92亿元。 具体来看，在创新制药领域，陈玉卿透露，复星医药创新药品的成长动力主要来源于三大成熟的研发主 体：复宏汉霖主要聚焦抗体药物和ADC药物，全球研发中心聚焦小分子药物，复星凯瑞聚焦细胞治疗 技术。 复星医药子公司复宏汉霖2025上半年实现营收28.20亿元，同比增长2.7%；毛利润约21.99亿元，同比增 长10.5%；净利润为3.90亿元。各项数据中，最引人关注的是复宏汉霖的海外业绩增速，其上半年海外 产品利润（包括海外产品供货毛利及基于销售的特许权使用费利润）相比去年同期增长超200%，主要 系产品在美国市场的销售放量所致。 持续推 ...