Bei Jing Shang Bao·2025-10-28 12:39Core Viewpoint - The company Fosun Pharma plans to spin off its subsidiary Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. for a listing on the Hong Kong Stock Exchange to enhance corporate governance and sustainable development, thereby maximizing shareholder value [1][4]. Company Summary - Fosun Antigen was established in July 2012 and focuses on the research, production, and sales of human vaccines, having developed platforms for both bacterial and viral vaccines [3]. - As of the announcement date, Fosun Pharma holds approximately 70.08% of Fosun Antigen's shares, while 17 other shareholders collectively own about 29.92% [3]. - Financial data indicates that Fosun Antigen achieved revenue of 97.42 million yuan in 2024, with a net loss of 123 million yuan. For the first half of 2025, revenue was 153 million yuan, with a net loss of 58.45 million yuan [3]. Industry Summary - The spin-off is expected to broaden financing channels and enhance market competitiveness for Fosun Antigen, while also allowing Fosun Pharma to deepen its presence in the vaccine sector [4]. - Fosun Pharma reported a revenue of 29.393 billion yuan for the first three quarters of 2025, a decrease of 4.91% year-on-year, while net profit increased by 25.5% to 2.523 billion yuan [4]. - The decrease in revenue is attributed to the impact of centralized drug procurement policies, although revenue from innovative drugs showed steady growth [4]. - The company is focusing on lean operations, cost reduction, and asset lightening to optimize its financial structure and maintain healthy cash flow [5]. - Other pharmaceutical companies, such as Dongcheng Pharmaceutical, are also planning to list subsidiaries on the Hong Kong Stock Exchange, indicating a trend among biopharmaceutical firms seeking international financing opportunities [6].