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]

Group 1 - The CRO concept index rose by 2.56%, ranking 10th among concept sectors, with 64 stocks increasing in value, led by Hanyu Pharmaceutical, Boteng Co., and Meidi Xi, which rose by 7.87%, 6.85%, and 6.28% respectively [1][2] - The top three stocks in terms of net inflow of main funds were Hanyu Pharmaceutical with a net inflow of 172 million yuan, followed by Fosun Pharma and Huace Testing with net inflows of 40.96 million yuan and 36.48 million yuan respectively [2][3] Group 2 - The main fund inflow rates for stocks such as Ruizhi Pharmaceutical, Hanyu Pharmaceutical, and Jiannang Technology were 10.21%, 10.19%, and 8.41% respectively, indicating strong investor interest [3] - The CRO concept sector saw a net inflow of 322 million yuan today, with 45 stocks experiencing net inflows, and five stocks exceeding 30 million yuan in net inflow [2][3] Group 3 - The stocks with the highest trading turnover in the CRO concept included Hanyu Pharmaceutical with a turnover rate of 10.59%, followed by Fosun Pharma at 0.88% and Huace Testing at 5.74% [3][4] - The overall performance of the CRO concept was positive, with several stocks showing significant gains, while a few, such as Inno Laser and ST Weiming, experienced declines of 3.16% and 1.74% respectively [1][5]

Core Insights - The precision medicine sector experienced a 1.97% increase on October 15, with Tsinghua Life leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Tsinghua Life (300642) closed at 25.85, up 10.38% with a trading volume of 294,900 shares and a transaction value of 756 million [1] - Beilu Pharmaceutical (300016) closed at 8.77, up 4.78% with a trading volume of 251,800 shares and a transaction value of 26.61 million [1] - Zoli Pharmaceutical (300181) closed at 19.07, up 4.21% with a trading volume of 283,300 shares and a transaction value of 534 million [1] - WuXi AppTec (603259) closed at 99.46, up 3.69% with a trading volume of 421,800 shares and a transaction value of 4.123 billion [1] - Qianhong Pharmaceutical (002550) closed at 9.08, up 3.42% with a trading volume of 301,300 shares and a transaction value of 271 million [1] Capital Flow - The precision medicine sector saw a net inflow of 339 million from institutional investors, while retail investors experienced a net outflow of 18.88 million [2][3] - Major stocks like Zoli Pharmaceutical and Anke Bio (300009) had significant net inflows from institutional investors, with 76.71 million and 54.19 million respectively [3]

Core Insights - The Chinese biotechnology sector has seen a surge in license-out transactions this year, reflecting an overall enhancement in China's pharmaceutical innovation capabilities and increasing global market recognition [1] - Suzhou Xingming Youjian, a biotech company incubated by the Fuxing Pharmaceutical's Rehabilitative Capital New Drug Innovation Fund, has entered a strategic partnership with UK-based AviadoBio for the overseas development and commercialization of the innovative optogenetic gene therapy UGX202 [1] - The potential total deal value for the collaboration exceeds $400 million, with AviadoBio acquiring exclusive development and commercialization rights outside Greater China, while Xingming Youjian stands to gain multiple revenue streams including upfront payments, milestone payments, and sales shares [1] Company Overview - Xingming Youjian is part of the Rehabilitative Capital New Drug Innovation Fund established by Fuxing Pharmaceutical, focusing on innovative gene therapies for ophthalmic diseases [2] - Since its inception in 2020, the Rehabilitative Capital New Drug Innovation Fund has built an ecosystem covering cutting-edge areas such as stem cells, RNA therapies, gene editing, and nucleic acid drugs, incubating over ten high-tech companies [2] - The collaboration with AviadoBio is expected to accelerate the global clinical and commercialization process of UGX202, serving as an important model for Chinese innovative pharmaceutical companies to engage in global competition [2] Industry Trends - The Chinese pharmaceutical industry is transitioning from a "follower" to a "runner" and even a "leader" in innovation, with Fuxing Pharmaceutical enhancing its capabilities through diverse innovation models including independent research, collaborative development, licensing, fund incubation, and industrial investment [2] - As new therapies such as gene and cell therapies gradually enter clinical and market phases, companies with source innovation capabilities and global resource integration abilities are anticipated to occupy core positions in the future pharmaceutical landscape [2]

Core Viewpoint - Fosun Pharma is optimizing its asset allocation and strengthening long-term stable development through asset sales, with a focus on core business and operational efficiency [2][3]. Asset Sales - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Clone, with the proceeds aimed at continuous investment in innovative drug business [3]. - Since 2021, Fosun Pharma has raised over 13 billion yuan through systematic asset disposals, with several transactions exceeding 1 billion yuan [4][6]. - Notable transactions include the sale of 25.0011% equity in Tianjin Pharmaceutical for 1.433 billion yuan and 29.0200% equity in Yanan Bio for 1.596 billion yuan [4]. Financial Position - As of mid-2025, Fosun Pharma's short-term debt totals approximately 22.646 billion yuan, leading to a debt repayment gap of 9.687 billion yuan when compared to cash reserves [8]. - The company has a liquidity gap of about 20.384 billion yuan when comparing current liabilities to cash and trading financial assets [8]. - The asset-liability ratio stood at 49.24% as of mid-2025, reflecting a slight increase from the previous year [10]. Performance Metrics - Fosun Pharma's revenue has been declining for two and a half years, with a notable trend of increasing profits without revenue growth since 2024 [12][13]. - In 2023, the company reported a revenue of 41.4 billion yuan, down 5.81% year-on-year, while net profit decreased by 36.04% to 2.386 billion yuan [12]. - Despite revenue challenges, the company has maintained significant R&D investments, totaling over 14 billion yuan from 2022 to mid-2025 [14].