Hua Xia Shi Bao·2025-10-01 01:00Core Viewpoint - Fosun Pharma is facing significant cash flow pressure, prompting the company to dispose of assets to improve liquidity and support its transition to innovative drug development [3][4][10]. Group 1: Asset Disposal - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Clontech for a transaction price not exceeding 1.256 billion yuan [3]. - This transaction is part of a broader strategy, with over 2 billion yuan in asset disposals signed by mid-2025, aimed at supplementing cash flow for innovative drug transformation [3][4]. Group 2: Financial Pressure - As of mid-2025, Fosun Pharma's short-term borrowings reached 17.862 billion yuan, with total short-term debts amounting to 22.646 billion yuan, significantly exceeding cash reserves of 12.959 billion yuan, resulting in a short-term debt gap of 9.687 billion yuan [4][6]. - The company's financial expenses for the first half of 2025 were 640 million yuan, the highest since its listing, accounting for two-thirds of its net profit excluding non-recurring items [4][6]. Group 3: Debt Structure - Fosun Pharma's debt structure shows a total interest-bearing debt of 36.994 billion yuan, with short-term debt comprising 61% of the total [6][7]. - The company's asset-liability ratio stands at 49.24%, higher than the average of 40% for A-share pharmaceutical companies, indicating a high leverage and short-term debt profile [7][8]. Group 4: Performance Metrics - For the first half of 2025, Fosun Pharma reported revenue of 19.514 billion yuan, a year-on-year decline of 4.63%, while net profit attributable to shareholders was 1.702 billion yuan, an increase of 38.96% [11][10]. - The profit growth is largely attributed to asset disposal gains of 9.491 billion yuan, nearly doubling from the previous year, while the net profit excluding non-recurring items fell by 23.39% to 961 million yuan [13][14]. Group 5: Innovation and Market Position - The revenue from innovative drugs like "Hanshuozhuang" and "Yikaida" showed growth, but at rates lower than industry leaders, indicating potential competitive weaknesses [14][15]. - The proportion of revenue from innovative drugs is approximately 25%, below the 35% benchmark of peers like Heng Rui Pharma, raising concerns about long-term sustainability and growth potential [15].