证券代码：600196 股票简称：复星医药 编号：临 2025-150 二、该产品的基本信息及研究情况 该产品系复星凯瑞基于自 Kite Pharma,Inc.（系 Gilead Sciences, Inc.的控 股子公司）引进的 Tecartus 经技术转移并获授权于中国（包括香港、澳门）进行开 发及本地化生产的靶向 CD19 的 CAR-T 细胞治疗产品。Tecartus 已于 2020 年 7 月及 12 月先后于美国、欧洲获批上市。 截至本公告日期（即 2025 年 9 月 24 日，下同），该产品的另一适应症（即用 于治疗既往接受过二线及以上治疗后复发或难治性套细胞淋巴瘤（r/r MCL）成人患 者）于中国境内（不包括港澳台地区，下同）处于桥接临床试验阶段。 截至 2025 年 8 月，本集团（即本公司及控股子公司/单位，下同）现阶段针对 该产品的累计研发投入约为人民币 1.83 亿元（未经审计）。 截至本公告日期，包括复星凯瑞的奕凯达（阿基仑赛注射液）在内，已有多款 CAR-T 细胞治疗产品于中国境内获批上市，由于数据库覆盖的销售渠道等原因，其 整体市场情况无法通过公开数据库准确查询。 上海复星医 ...

Core Viewpoint - Fosun United Health Insurance Co., Ltd. has successfully completed a strategic capital increase of 810 million yuan, raising its registered capital from 694.44 million yuan to 1.01085 billion yuan, marking a significant milestone in its capital strength and shareholder structure [1][2]. Group 1: Capital Increase Details - On September 22, 2023, Fosun United Health received approval from the Guangdong Financial Regulatory Bureau for a capital increase of 810 million yuan [1]. - The capital increase involved new shareholders, including the International Finance Corporation (IFC) and the Asian Development Bank (ADB), while existing shareholder Fosun Pharma increased its stake from 14% to 20.05% [1]. - The capital increase is expected to provide a solid foundation for the company's future high-quality development and business expansion [1]. Group 2: Financial Performance - Since its establishment in January 2017, Fosun United Health has seen a continuous expansion in premium income, with insurance business revenue growing from 5.9 million yuan in 2017 to 5.226 billion yuan in 2024 [2]. - In the first half of 2025, the company achieved insurance business revenue of 3.642 billion yuan, representing a year-on-year growth of 31.09%, and net profit of 33 million yuan, marking a return to profitability [2]. - Despite previous attempts at capital increases in 2018, 2019, 2021, and 2023 failing, the company received cash donations from shareholders to supplement its capital during that period [2]. Group 3: Solvency Position - As of the end of 2022, the core solvency adequacy ratio of Fosun United Health dropped to 56.77%, and the comprehensive solvency adequacy ratio fell to 113.55%, nearing regulatory limits [3]. - By the end of 2023, these solvency ratios further declined to 55.34% and 110.67%, respectively [3]. - Following the capital increase in April 2024, the company's solvency ratios improved significantly, with the core solvency adequacy ratio reaching 114.88% and the comprehensive solvency adequacy ratio at 166.85% by June 2025 [3].

Core Insights - Fosun United Health Insurance has officially received approval from the Guangdong Regulatory Bureau of the National Financial Supervisory Administration for a capital increase of 810 million RMB, raising its registered capital from 694.44 million RMB to 1.01085 billion RMB [1][3] Capital Increase Details - The capital increase marks a significant milestone for Fosun United Health Insurance, enhancing its capital strength, shareholder structure, and solvency [3] - A total of 316.41 million shares will be issued at a price of 2.56 RMB per share, based on the total capital increase of 810 million RMB [3] - Major shareholders, including Shanghai Fosun Pharmaceutical Group, International Finance Corporation (IFC), and Asian Development Bank (ADB), will each subscribe to 105.47 million shares [3] - Post-increase, Fosun Pharmaceutical will hold 20.05% of the shares, while IFC and ADB will each hold 10.43%, making them the second-largest shareholders [3] Shareholder Background - IFC, as the lead investor, is a member of the World Bank Group and focuses on private sector development in emerging markets [4] - ADB has extensive experience in health services and will support the company in building health service networks and developing inclusive insurance products [4] - Fosun Pharmaceutical's extensive experience in the healthcare industry will facilitate the integration of insurance and medical services, enhancing service professionalism and precision [4] Financial Performance - Since its establishment in January 2017, Fosun United Health Insurance has seen a continuous increase in premium income, achieving profitability since 2021 [5] - In 2024, the company reported insurance business revenue of 5.226 billion RMB, a 27% year-on-year increase, and a net profit of 40 million RMB, up over 80% year-on-year [5] - The company’s health insurance premium income reached 5.2 billion RMB in 2024, with significant contributions from critical illness and nursing insurance products [5] Solvency Improvement - The recent capital increase will alleviate the long-term downward pressure on the company's solvency [6] - As of the end of 2023, the core solvency ratio had dropped to 55.34%, and the comprehensive solvency ratio to 110.67%, nearing regulatory limits [6] - Following the capital increase, the core solvency ratio and comprehensive solvency ratio are expected to reach 117% and 173%, respectively, by the end of 2024 [6] Future Plans - The company plans to enhance resource investment post-capital increase, focusing on expanding coverage and optimizing product offerings in critical areas such as major diseases and chronic disease management [7] - Leveraging the expertise of international shareholders and Fosun Pharmaceutical's medical resources, the company aims to upgrade service experiences and provide comprehensive health support from prevention to rehabilitation [7]

Group 1 - The cell immunotherapy sector experienced a decline of 2.75%, ranking among the top losers in the concept sector, with ST Zhongzhu hitting the daily limit down [1] - Major stocks within the cell immunotherapy sector that saw significant declines include Zhaoyan New Drug, Jimin Health, and Boteng Co., with respective drops of 6.04%, 5.45%, and 5.34% [1][2] - The sector faced a net outflow of 1.61 billion yuan from main funds, with 48 stocks experiencing outflows, and six stocks seeing outflows exceeding 100 million yuan, led by Hengrui Medicine with a net outflow of 293 million yuan [2] Group 2 - The top gainers in today's concept sectors included the SMIC concept with a rise of 1.22% and the National Big Fund holding with an increase of 1.08% [2] - The main inflows were observed in stocks such as Betta Pharmaceuticals, Chutian Technology, and Rongchang Bio, with net inflows of 35.97 million yuan, 21.30 million yuan, and 14.08 million yuan respectively [4] - The overall market sentiment reflected a mixed performance across various sectors, with notable declines in the Huawei Pangu and MLOps concepts, down 3.69% and 3.31% respectively [2]

Company Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a global healthcare industry group established in 1994, focusing on pharmaceuticals, medical devices, diagnostics, and healthcare services [1] - The company operates in major markets including the US, Europe, Africa, India, and Southeast Asia, with a strong emphasis on innovative drug development in oncology and immunology [1] Innovation and Product Development - Fosun Pharmaceutical employs an open innovation model through self-research, collaboration, licensing, and industrial investment, leading to the launch of innovative products in hematological malignancies, breast cancer, and lung cancer [2] - The company has introduced China's first biosimilar drug Hanlikang®, the first domestic trastuzumab biosimilar Hanquyou®, and the world's first approved anti-PD-1 monoclonal antibody for first-line treatment of small cell lung cancer, Hanshuang® [2] - As of July 2025, Fosun has five rare disease drugs on the market and ten additional indications under research, with its innovative drug Fumainin® approved for dual indications in May 2025 [2] Market Localization and Accessibility - Fosun Pharmaceutical aims to localize international technologies and products in China, enhancing the accessibility of quality medical resources [3] - The company's subsidiary, Fosun Kite, launched the first CAR-T cell therapy product Yikaida®, which is the first CAR-T therapy approved in China, benefiting over 800 lymphoma patients by the end of 2024 [3] - The first domestically produced Da Vinci surgical system was launched in October 2023, making China the only global production base outside the US, with over 670,000 patients treated by the Da Vinci surgical robot by the end of 2024 [3] Global Health Initiatives - Fosun Pharmaceutical is committed to improving the accessibility of medicines in developing countries, particularly in combating malaria in sub-Saharan Africa, where malaria claims a life every minute [4] - The company has developed artesunate for injection, a first-line treatment for severe malaria recommended by WHO, saving over 80 million patients by the end of 2024 [4] - The completion of the first phase of the Côte d'Ivoire park in May 2025 enhances the affordability and accessibility of pharmaceutical products in the region [4]

Group 1: Market Performance - The Hong Kong Innovation Drug ETF (159570) experienced a decline of 1.48% with a trading volume of nearly 2 billion CNY on September 23, 2025, and has seen a net inflow of over 15 billion CNY in the past 10 days [1] - As of September 22, 2025, the total size of the Hong Kong Innovation Drug ETF (159570) exceeded 21.6 billion CNY, leading its peers in both size and liquidity [1] - The underlying index components of the ETF mostly showed negative performance, with notable declines in China Biologic Products and CSPC Pharmaceutical Group, while Kangfang Biotech rose over 4% due to positive research news [1] Group 2: Industry Trends - Morgan Stanley noted that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% increase, indicating a major shift in market recognition of local pharmaceutical innovation capabilities [2] - The pharmaceutical sector is entering a new development phase driven by innovation, with major companies showing stable growth and transitioning from generic to innovative drugs [3][4] - The pharmaceutical industry is expected to benefit from ongoing policy support for innovative drugs, with recent announcements from the National Medical Insurance Bureau indicating a focus on optimizing drug procurement and supporting innovative products [5] Group 3: Company Performance - Hengrui Medicine reported a revenue of 15.76 billion CNY for H1 2025, a year-on-year increase of 15.88%, with a net profit of 4.45 billion CNY, up 29.67% [4] - China Biologic Products achieved a revenue of 17.58 billion CNY in H1 2025, reflecting a year-on-year growth of 9.8%, with a net profit increase of 13.10% [4] - Innovent Biologics demonstrated significant growth in innovative drug revenue, with a 26% increase in H1 2025, contributing to a 32% rise in net profit [4] Group 4: Future Outlook - The pharmaceutical sector is expected to continue benefiting from improved global liquidity and supportive national policies for innovation, with a focus on emerging technologies and international competitiveness [7] - The industry is anticipated to see long-term growth opportunities, particularly in innovative drugs and medical devices, as well as potential challenges associated with international expansion [7] - The recent adjustments in the national drug procurement policy are expected to stabilize the market for generic drugs, reducing the impact of price competition on the sector [5]

Group 1 - The core viewpoint of the news is that Fosun Pharma's stock has been declining for five consecutive days, with a total drop of 6% during this period, and the current stock price is 30.22 yuan per share, with a market capitalization of 807 billion yuan [1] - Fosun Pharma's main business includes drug manufacturing and research, covering medical devices, medical services, and pharmaceutical distribution and retail. The revenue composition is as follows: oncology and immunomodulation products account for 45.68%, anti-infection products 17.53%, metabolic and digestive system products 13.83%, cardiovascular products 9.80%, raw materials and intermediates 6.43%, central nervous system products 5.21%, and other business revenues 1.52% [1] Group 2 - From the perspective of fund holdings, one fund under the Fortune Fund has heavily invested in Fosun Pharma. The Fortune National Vaccine and Biotechnology ETF (159645) increased its holdings by 12,800 shares in the second quarter, bringing the total to 87,300 shares, which constitutes 11.36% of the fund's net value, making it the largest holding [2] - The Fortune National Vaccine and Biotechnology ETF (159645) has a current scale of 19.2941 million, with a year-to-date return of 14.16% and a one-year return of 31.97%. However, since its inception, it has incurred a loss of 23.65% [2]

9月23日，亚洲开发银行承诺向复星联合健康保险股份有限公司进行股权投资。复星联合健康保险向亚 行发行股票的申请已于昨日获监管机构同意批复。亚行投资金额为2.7亿元人民币（约合3730万美 元），联合投资伙伴国际金融公司和上海复星医药（集团）股份有限公司均等额出资。 ...

Core Viewpoint - Fosun United Health has successfully completed a strategic capital increase of 810 million RMB, marking a significant milestone in its capital strength, shareholder structure, and solvency capabilities [1][4]. Group 1: Capital Increase Details - The total amount of the capital increase is 810 million RMB, raising the registered capital from 694.44 million RMB to 1.01085 billion RMB [1]. - The capital increase involves the issuance of 31,641,000 new shares at a price of 2.56 RMB per share [1]. - The new shareholders include the International Finance Corporation (IFC) and the Asian Development Bank (ADB), alongside existing shareholder Fosun Pharma, each subscribing to 10,547,000 shares [1][3]. Group 2: Shareholder Structure Changes - Prior to the capital increase, Fosun Industrial held 14.4% of the shares, making it the largest shareholder, while Fosun Pharma and Nansha KJ held 14% each, ranking third [2]. - Post-increase, Fosun Pharma's shareholding rose to 20.05%, making it the largest shareholder, while IFC and ADB each hold 10.43%, becoming the second-largest shareholders [2][3]. - The total shareholding of the Fosun group increased slightly from 28.4% to 29.94% after the capital increase [2]. Group 3: Business Performance and Future Plans - Since its inception, Fosun United Health has seen a continuous increase in premium income, achieving 5.226 billion RMB in insurance revenue in 2024, a 27% year-on-year increase, with a net profit of 40 million RMB, up over 80% [5]. - The company plans to leverage the resources of its shareholders to expand its product offerings and enhance service experiences, focusing on critical areas such as major diseases and chronic disease management [6]. - Following the capital increase, the solvency pressure is expected to ease, with core solvency ratios projected to reach 117% and comprehensive solvency ratios at 173% by the end of 2024 [6].

Group 1 - The core point of the article is that Fosun United Health Insurance has received approval from the Guangdong Regulatory Bureau of the National Financial Supervisory Administration for a capital increase, with new shareholders including the International Finance Corporation (IFC) and the Asian Development Bank (ADB) [1] - The total amount of the capital increase is 810 million yuan, raising the registered capital of Fosun United Health Insurance from 694.44 million yuan to 1.01085 billion yuan [1] - Existing shareholder Fosun Pharma continues to increase its stake in the company as part of this capital increase [1]