格隆汇8月26日丨复星医药(600196.SH)发布2025年半年度报告，报告期实现营业收入195.14亿元，同比 下降4.63%；归属上市公司股东的净利润17.02亿元，同比增长38.96%；扣除非经常性损益后的归属于上 市公司股东的净利润9.61亿元，同比下降23.39%；基本每股收益0.64元。 ...

Core Insights - Fosun Pharma (600196.SH) reported a revenue of 19.514 billion yuan for the first half of 2025, representing a year-on-year decrease of 4.63% [1] - The net profit attributable to shareholders increased by 38.96% to 1.702 billion yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 23.39% to 0.961 billion yuan [1] - Basic earnings per share stood at 0.64 yuan [1] Revenue Analysis - The decline in revenue is primarily attributed to the impact of centralized drug procurement and the continuation of procurement policies in certain regions [1] - Despite the overall revenue decrease, the income from innovative drugs showed steady growth during the reporting period [1]

Core Viewpoint - The company has renewed its financial services agreement with Fosun Finance Company, extending the service period from January 1, 2026, to December 31, 2028, to continue receiving non-exclusive financial services including comprehensive credit, deposits, and settlement [1][3][14] Summary by Relevant Sections Financial Services Agreement Overview - The new financial services agreement was signed on August 26, 2025, due to the expiration of the previous agreement, which was effective from January 1, 2023, to December 31, 2025 [1][3] - The agreement includes services such as comprehensive credit, deposits, and settlement, with a service period of three years [3][11] Related Party Transactions - Fosun Finance Company is considered a related party as it shares the same controlling shareholder, Fosun High Technology, with the company [1][4] - The renewal of the financial services agreement is classified as a related party transaction and requires approval from the company's shareholders [2][5] Purpose and Impact of Related Transactions - The agreement aims to enhance the efficiency of fund utilization, control financing costs, reduce financing risks, and improve deposit returns while ensuring that the interests of the company and minority shareholders are not compromised [2][12] - The fee standards for services provided will be equal to or better than those offered by other domestic financial institutions [2][12] Financial Projections and Limits - The expected transaction categories and annual limits under the new agreement include a daily maximum credit limit of RMB 200 million and a daily maximum deposit limit of RMB 200 million [4][9] - The company plans to apply for a maximum comprehensive credit limit of RMB 2 billion during the service period [8][9] Governance and Compliance - The renewal of the financial services agreement was approved by the board of directors, with related directors abstaining from the vote [5][6] - Fosun Finance Company is committed to maintaining operational compliance and ensuring the safety of funds deposited by the company [12][13]

重要内容提示 ●本次续签框架协议概况： 由于本公司与国药控股于 2022 年 8 月 29 日签订的《互供框架协议》（期限 自 2023 年 1 月 1 日至 2025 年 12 月 31 日）即将到期，根据业务开展需要，2025 年 8 月 26 日，本公司与国药控股续签产品/服务互供框架协议，协议期限自 2026 年 1 月 1 日至 2028 年 12 月 31 日。 关于续签产品/服务互供框架协议 暨日常关联交易预计的公告 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。 ●关联关系： 证券代码：600196 股票简称：复星医药 编号：临 2025-135 上海复星医药（集团）股份有限公司 由于本公司若干董事、高级管理人员兼任国药控股（本公司之联营公司）之 董事，根据上证所《上市规则》，国药控股构成本公司的关联方、本次续签框架 协议构成本公司的关联交易。 ●是否需要提交股东会审议： 本次续签框架协议及该协议项下 2026 年至 2028 年各项交易之年度预计上限 的议案尚需提请本公司股东会批准。 ●关联交易的目的以及对本 ...

证券代码：600196 股票简称：复星医药 编号：临 2025-137 本次合作因该情形终止后，复星医药产业将无法再依据《许可协议》收取相关款项； 但该等终止不会影响许可产品于中国（包括港澳台地区）的开发和商业化。 上海复星医药（集团）股份有限公司 关于控股子公司签订许可协议的公告 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 ●协议类型：开发、生产及商业化许可 ●协议内容：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，基于本次许可之安排， 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。 ●特别风险提示： 管机构（包括但不限于美国 FDA、欧洲 EMA 等）的批准。根据国内外药品研发经验， 药品研发是项长期工作，需要经过临床试验、注册等诸多环节，具有不确定性。因 此，许可产品于许可区域相关临床试验能否完成 ...

Core Viewpoint - The report evaluates the financial risk and operational status of Shanghai Fosun High Technology Group Financial Co., Ltd. (Fosun Financial), confirming its compliance with regulatory requirements and effective internal control systems [1][11]. Group 1: Basic Information of Fosun Financial - Fosun Financial was established in June 2011 and is approved by the National Financial Regulatory Administration [1]. - The company has a registered capital of RMB 150 million and its business scope includes deposit acceptance, loan processing, and financial consulting services [1][2]. Group 2: Internal Control Overview - Fosun Financial has established a governance structure with a board of directors, supervisory board, and management team, ensuring clear responsibilities and operational norms [2]. - The company has implemented a comprehensive risk management system and internal audit procedures to monitor compliance and effectiveness [2][3]. Group 3: Risk Management Practices - Fosun Financial categorizes credit and investment risks into five levels to accurately reflect asset risk status and prepare for potential losses [3]. - The company has developed a "three-check" system for loan management, ensuring separation of duties among different operational roles [5]. Group 4: Financial Performance - As of December 31, 2024, Fosun Financial reported total assets of RMB 12.586 billion, with an annual revenue of RMB 342 million and a net profit of RMB 257 million [8]. - For the first half of 2025, the company recorded assets of RMB 10.84 billion, with revenue of RMB 148 million and a net profit of RMB 92 million [8]. Group 5: Regulatory Compliance - The company has adhered to the relevant financial regulations and has not violated any provisions of the Enterprise Group Financial Company Management Measures [9][11]. - All regulatory indicators meet the requirements set forth in the applicable financial regulations [9][11]. Group 6: Related Party Transactions - As of June 30, 2025, the group had deposits of RMB 1.75732 billion and loans of RMB 127.74 million with Fosun Financial, representing 13.89% and 0.39% of the group's total deposits and loans, respectively [10].

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a focus on innovation and operational efficiency despite challenges in the pharmaceutical market [4][5][6]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 19.51 billion, a decrease of 4.63% compared to the same period last year [4]. - Total profit for the period was approximately CNY 2.72 billion, reflecting a 40.77% increase year-on-year [4]. - Net profit attributable to shareholders was approximately CNY 1.70 billion, up 38.96% from the previous year [4]. - The net cash flow from operating activities increased by 11.90% to approximately CNY 2.13 billion [4]. Business Overview - The company operates in pharmaceuticals, medical devices, and healthcare services, with a focus on innovative drugs and high-value medical equipment [6][7]. - The pharmaceutical segment remains the core business, emphasizing the development of innovative drugs targeting various diseases [6][7]. - The company has established a comprehensive manufacturing system, with all domestic production lines certified by GMP [7]. Industry Context - The Chinese pharmaceutical industry is undergoing a transformation towards high-quality development, supported by government policies aimed at fostering innovation [6][10]. - The market for medical devices is expanding due to policies promoting equipment updates and compliance with international standards [10]. - The healthcare sector is experiencing growth driven by an aging population and increasing demand for chronic disease management [6][10]. Innovation and R&D - The company is committed to developing "Best-in-class" and "First-in-class" products, with several innovative drugs approved for the Chinese market [11][12]. - The introduction of CAR-T cell therapy and other advanced treatments highlights the company's focus on cutting-edge medical solutions [12]. - The company has also made strides in AI, being recognized for its PharmAID decision-making platform [13]. Market Position - Shanghai Fosun Pharmaceutical ranked 5th in the 2024 China Pharmaceutical Industry Top 100 list, indicating a strong market presence [13]. - The company is actively expanding its international footprint, particularly in emerging markets [8][9]. ESG and Compliance - The company has joined the Pharmaceutical Supply Chain Initiative (PSCI) to enhance supply chain responsibility and align with international standards [13]. - It has received an upgraded MSCI ESG rating of AA, reflecting its commitment to environmental, social, and governance practices [13].

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported a slight increase in total assets and net assets attributable to shareholders, while facing a decrease in operating income due to centralized procurement policies affecting drug sales. However, the revenue from innovative drugs showed steady growth [1][2]. Financial Performance - Total assets at the end of the reporting period reached approximately 118.83 billion RMB, a 1.16% increase from the previous year [1]. - Net assets attributable to shareholders were approximately 47.40 billion RMB, reflecting a 0.29% increase year-on-year [1]. - The weighted average return on net assets improved to 3.58%, up by 0.92 percentage points compared to the previous year [1]. Revenue and Profitability - Operating income decreased compared to the previous year, primarily due to the impact of centralized procurement policies on drug sales [1][3]. - The total profit and net profit attributable to shareholders increased, mainly due to the sale of remaining shares in Unicorn II Holdings Limited [2][3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was reported at 550 million RMB for the second quarter of 2025, showing a quarter-on-quarter increase of 140 million RMB [3]. Cash Flow and Efficiency - The net cash flow from operating activities increased year-on-year, attributed to improved supply chain management and operational efficiency [2][3]. Shareholder Structure - As of the end of the reporting period, the total number of shareholders was approximately 230,000, with the largest shareholder, Shanghai Fosun High Technology Group Co., Ltd., holding 20.65% of the shares [2][3]. Debt and Financial Ratios - The asset-liability ratio stood at 49.24%, slightly up from 48.98% at the end of the previous year [7]. - The EBITDA interest coverage ratio improved to 7.62, compared to 5.70 in the previous year [7].

证券代码：600196 股票简称：复星医药 编号：临 2025-133 上海复星医药（集团）股份有限公司 第十届董事会第八次会议（定期会议）决议公告 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。 上海复星医药（集团）股份有限公司（以下简称"本公司"）第十届董事会第 八次会议（定期会议）于 2025 年 8 月 26 日在上海市宜山路 1289 号会议室以现场与 通讯（视频会议）相结合方式召开，应到会董事 12 人，实到会董事 12 人。会议由 本公司执行董事、董事长陈玉卿先生主持。本次会议的召开符合《中华人民共和国 公司法》、其他有关法律法规和《上海复星医药（集团）股份有限公司章程》的规 定。会议审议并达成如下议案： 一、审议通过本集团 2025 年半年度报告。 同意按中国境内相关法律法规编制的本集团 2025 年半年度报告全文及摘要。 同意按《香港联合交易所有限公司证券上市规则》（以下简称"联交所《上市 规则》"）等编制的本集团 2025 年中期报告及业绩公告。 表决结果：同意 12 票，反对 0 票，弃权 0 票。 本集 ...

一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。董事会审计委员会负责监督及评估内 部控制。管理层负责组织领导企业内部控制的日常运行。公司董事会、董事、高级管理人 员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、 准确性和完整性承担个别及连带法律责任。 公司代码：600196 公司简称：复星医药 上海复星医药（集团）股份有限公司 上海复星医药（集团）股份有限公司（以下简称"公司" ）全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下 简称"企业内部控制规范体系"），公司内部控制制度和评价办法，在内部控制日常监督和 专项监督的基础上，我们对公司2025年6月30日（内部控制评价报告基准日）的内部控制 有效性进行了评价。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息 真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰 当，或 ...