Chang Jiang Shang Bao·2025-09-28 23:08Core Viewpoint - Fosun Pharma is divesting non-core assets to focus on its innovative drug business, with plans to transfer 100% equity of Shanghai Clon to a special fund for 1.256 billion yuan, using the proceeds to enhance investment in innovative drugs [2][5][7]. Group 1: Asset Disposal and Focus on Core Business - Fosun Pharma has signed agreements to dispose of over 2 billion yuan in non-core assets since 2025, including a recent sale of 1.24 million USD for a stake in Unicorn II and 26.54 million yuan for a stake in Shanghai Rehabilitation [7][11]. - The company aims to optimize its asset structure and accelerate cash flow by exiting non-strategic assets, as stated by Chairman Chen Yuqing [7][8]. Group 2: Investment in Innovative Drugs - Fosun Pharma's R&D investment totaled 173.76 billion yuan over the past three years, with 25.84 billion yuan spent in the first half of 2025, bringing the total R&D investment to 199.6 billion yuan over three and a half years [10][11]. - The company has received approvals for four innovative drugs with five indications in the first half of 2025, including treatments for high phosphorus levels in dialysis patients and various cancers [10][11]. Group 3: Financial Performance - In the first half of 2025, Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96%, despite a 4.63% decline in total revenue to 19.514 billion yuan [3][11]. - The revenue from innovative drugs reached 4.3 billion yuan, reflecting a 14.26% increase compared to the previous year, which helped mitigate the impact of centralized procurement on generic drugs [4][11].