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。 復星 國 際有 限 公司 （「 本公司 」） 董 事 會（「董事會 」） 成 員載 列 如下 。 執行董事 郭廣 昌 （董 事 長） 汪群 斌 （聯 席 董事 長） 陳啟 宇 （聯 席 首席 執行 官 ） 徐曉 亮 （聯 席 首席 執行 官 ） 龔 平 黃 震 潘東 輝 非執行董事 獨 立 非 執 行 董事 董事名單與其角色和職能 章晟 曼 張化 橋 張 彤 李開 復 曾璟 璇 1 李富 華 羅元 澧 | 下 表 提 供 各 董 事 會 成 員 在 以 下 董 事 會 轄 下 委 員 會 （「 委 員 會 」） 中 所 擔 任 的 | | --- | | 職務 。 | | 委 員 會 | | 審 核 | 提 名 | 薪 酬 | 環 境 、 社 會 及 | | --- | --- | --- | --- | --- | --- | | 董 事 | | 委 員 會 | 委 員 會 | 委 員 會 | 管 治 ...

非執行董事辭任 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之內容概不負責，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之任何損 失承擔任何責任。 復星國際有限公司（「本公司」）董事會（「董事會」）謹此宣佈，李樹培先生（「李 先生」）因個人工作安排而辭任本公司非執行董事，自 2025 年 11 月 27 日起生效。 李先生已確認，其與董事會之間並無意見分歧，亦無任何有關其辭任而須提請本公 司股東及香港聯合交易所有限公司垂注之事宜。 董事長 郭廣昌 2025 年 11 月 27 日 於本公告日期，本公司之執行董事為郭廣昌先生、汪群斌先生、陳啟宇先生、徐曉亮先生、龔平先生、黃震 先生及潘東輝先生；非執行董事為李富華先生及羅元澧先生；而獨立非執行董事為章晟曼先生、張化橋先生、 張彤先生、李開復博士及曾璟璇女士。 董事會謹此對李先生在任期間對本公司作出的寶貴努力及貢獻致以衷心感謝。 承董事會命 復星國際有限公司 ...

Group 1 - The transaction marks a significant step for Fosun International in divesting financial assets, with the final amount dependent on HAL's future financial performance [1] - The transaction involves the sale of 554,603 shares of HAUCK AUFH USER LAMPE PRIVATBANK AG (HAL), representing 99.743% of HAL's registered capital [2] - The transaction has been completed, with a total consideration of approximately €703 million, based on HAL's consolidated financial statements prepared in accordance with international financial reporting standards as of June 30, 2025, excluding asset service business [2]

Core Viewpoint - Fosun International (00656.HK) announced the conditional sale of 554,603 shares of HAL, representing 99.743% of HAL's registered capital as of the announcement date [1] Group 1 - The sale transaction has been completed [1] - The final consideration for the transaction will be calculated based on HAL's consolidated financial statements prepared in accordance with International Financial Reporting Standards as of June 30, 2025, excluding asset service business [1] - The estimated final consideration is approximately €703 million [1]

進展公告 須予披露交易 有關出售 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。 董事長 郭廣昌 2025 年 11 月 24 日 於 本 公 告 日 期 ， 本 公 司 之 執 行 董 事 為 郭 廣 昌 先 生 、 汪 群 斌 先 生 、 陳 啟 宇 先 生 、 徐 曉 亮 先 生 、 龔 平 先 生 、 黃 震 先 生 及 潘 東 輝 先 生 ； 非 執 行 董 事 為 李 樹 培 先 生 、 李富華先生 及羅元 澧先生 ； 而 獨 立 非 執 行 董 事 為 章 晟 曼 先 生 、 張 化 橋 先 生 、 張 彤 先 生 、 李 開 復 博 士 及 曾 璟 璇女士。 HAUCK AUFHÄUSER LAMPE PRIVATBANK AG 之股份 茲提 述 復星 國 際有 限公 司（「 本公司 」）日期 ...

Core Viewpoint - Citibank hosted its 2025 China Summit and reaffirmed its "Buy" rating for Fosun International (00656.HK), raising the target price to HKD 6.5, highlighting the company's strategic focus on core businesses and global expansion [1] Group 1: Strategic Focus and Financial Health - Fosun International is committed to a "streamlining and focusing" strategy, optimizing its financial structure, and demonstrating a strong determination in deleveraging and disposing of non-core assets [1] - Multiple domestic and international brokerages, including Citibank and UBS, maintain a "Buy" or "Overweight" rating for Fosun, with target prices ranging from HKD 6.5 to HKD 7.5, reflecting confidence in the company's business resilience and innovation potential [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for small cell lung cancer treatment, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical trials in multiple countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, Fosun's tourism sector saw significant visitor numbers and revenue growth, with Club Med resorts reporting a 36% increase in total revenue year-on-year [3] - The consumer sector is adjusting its strategy, with expectations for recovery in the jewelry segment, supported by improving performance and market conditions [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading player in Hong Kong's fintech market, focusing on AI-driven wealth technology [4] - The company is advancing into the virtual asset market and has launched the FinRWA Platform, providing compliant and efficient Web3 access services [4] - Brokerages view Fosun's core industries as stable, with a focus on leveraging strengths and potential, enhancing global presence, and increasing technological innovation [4]

Group 1: Company Overview - Citibank hosted its 2025 China Summit and reaffirmed a "Buy" rating for Fosun International, raising the target price to HKD 6.5, reflecting confidence in the company's strategic focus on core businesses and global expansion [1] - Multiple domestic and international brokerages maintain a "Buy" or "Overweight" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, indicating strong market sentiment towards the company's resilience and innovation potential [1] Group 2: Health Sector - Fosun's health segment is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - The insurance segment, exemplified by Fidelidade, is projected to achieve steady growth with a 12.7% year-on-year increase in insurance revenue and a net profit of EUR 253 million, maintaining a strong market position [2] Group 3: Tourism and Consumption - During the 2025 National Day and Mid-Autumn Festival, Fosun's tourism sector saw significant visitor numbers, with Club Med resorts reporting a 36% year-on-year increase in total revenue and a 213% surge in inbound tourists [3] - The consumption sector is undergoing strategic adjustments, with expectations for recovery in core businesses, particularly in jewelry, as market conditions improve and global expansion deepens [3] Group 4: Asset Management and Fintech - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, emerging as a leading player in Hong Kong's fintech market, focusing on AI-driven wealth technology [4] - The company is advancing into the virtual asset market with the FinRWA Platform, providing compliant Web3 access services and launching several innovative projects, including the first tokenized fund in Hong Kong [4]

Group 1: Core Business Strategy - Citibank hosted its 2025 China Summit and reiterated a "Buy" rating for Fosun International, raising the target price to HKD 6.5, highlighting the company's focus on core business and global expansion [1] - Fosun is committed to optimizing its financial structure, with a strong determination to reduce leverage and dispose of non-core assets, which is expected to enhance financial stability and focus on core operations [1][2] - Multiple domestic and international brokerages maintain a "Buy" or "Increase" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, reflecting confidence in the company's business resilience and innovation [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical research in various countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, the Taicang Alps International Resort received over 50,000 visitors, and Club Med resorts saw a nearly 10% increase in average daily room rates [3] - The consumer sector is adjusting strategies, with expectations for growth in the jewelry segment, as indicated by the resilience of Fosun's consumer business [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading fintech company in Hong Kong, focusing on AI-driven wealth technology [4] - Xinglu Technology has launched the FinRWA Platform, providing compliant and efficient Web3 access services, and has been recognized as a key enterprise by the Hong Kong government [4] - Brokerages express optimism about Fosun's core industries and its focus on technological innovation, which is expected to enhance its long-term growth potential [4]

Core Insights - The Chinese pharmaceutical innovation sector has seen a significant increase in transaction amounts, surpassing $100 billion in overseas deals, indicating a robust growth in the industry [1][2] - The National Medical Products Administration (NMPA) approved 43 new drugs in the first half of 2025, with domestic drugs accounting for 40, showcasing an acceleration in the pace of innovation [1] - Shanghai has emerged as a key hub for biopharmaceuticals, with 9 innovative drugs approved for overseas markets in 2023, reflecting a shift from single breakthroughs to batch outputs [2][3] Industry Trends - The total number of global pharmaceutical transactions reached 682, with a total value of $191 billion in the first three quarters of 2025, indicating a strong upward trend [1] - Chinese pharmaceutical companies are transitioning from being participants in the global market to becoming significant contributors to global health [3][4] - The focus on "source innovation" is critical for Chinese companies to differentiate themselves and avoid homogenization in drug development [2][4] Challenges and Opportunities - Despite the growth, the Chinese pharmaceutical industry faces challenges such as weak foundational research and a predominance of "follow-up" innovation, leading to issues with target homogenization [2][6] - There is a pressing need for differentiation in innovation to create value, as highlighted by industry leaders [2][5] - The industry must address the affordability of innovations for the Chinese population, necessitating a shift in cost strategies compared to Western markets [5][6] Strategic Directions - Companies are encouraged to adopt a rational approach to innovation, focusing on unmet clinical needs and leveraging emerging technologies to address these demands [7][8] - The ability to sell drugs globally is becoming a key competitive advantage, with companies needing to build strong commercial capabilities alongside their R&D efforts [9][10] - Collaborative approaches and localized strategies are essential for navigating international markets effectively [10][11] Future Outlook - The potential for "source innovation" to drive the next wave of growth in the Chinese pharmaceutical industry is recognized, contingent on overcoming existing barriers [11]

Core Insights - China's pharmaceutical innovation is experiencing a significant increase in transaction volume, with overseas transactions exceeding $100 billion, indicating a robust growth in the sector [1][5] - The National Medical Products Administration (NMPA) has approved 43 new drugs in the first half of 2025, with a notable acceleration in the pace of innovation drug approvals [1][4] - Despite the growth in quantity, the quality of innovation remains a concern, with a predominance of "follow-up" innovation and issues of target homogeneity [2][6] Industry Trends - The global pharmaceutical transaction volume reached $191 billion in the first three quarters of 2025, with China contributing $937 billion, showcasing its competitive position in the global market [1][5] - Shanghai has emerged as a key hub for biopharmaceuticals, with 9 innovative drugs approved for overseas markets in 2023, leading the nation in this regard [4][5] - The shift from "single product authorization" to a focus on systemic capabilities and deep collaboration reflects a changing strategy among Chinese pharmaceutical companies [13] Challenges and Opportunities - The industry faces challenges such as weak foundational research, a trust crisis in collaborations, and funding difficulties, which hinder the development of truly innovative products [8][9] - There is a pressing need for differentiation in innovation, with a focus on "source innovation" to avoid the pitfalls of homogeneous competition [2][6][12] - Companies are encouraged to adopt a cost-effective approach to innovation, particularly in the context of China's large population and healthcare affordability [7][10] Strategic Directions - Companies must recognize unmet clinical needs and maintain a rational approach to innovation, avoiding overcrowding in competitive areas [9][10] - The ability to sell innovative drugs globally is becoming a critical measure of a company's success, surpassing mere research capabilities [12][14] - Building strong global commercialization capabilities through partnerships and localized teams is essential for navigating international markets [13][14]