Xin Lang Cai Jing·2025-10-30 01:33Core Viewpoint - Fosun Pharma is planning to spin off its subsidiary, Fosun Antigen, for a listing on the Hong Kong Stock Exchange amid fluctuating performance and increasing debt levels [2][3]. Financial Performance - For the first three quarters of 2025, Fosun Pharma reported a revenue of 29.393 billion yuan, a year-on-year decrease of 4.91%, while net profit increased by 25.50% to 2.523 billion yuan [2][8]. - In 2023, Fosun Pharma experienced a decline in all major financial metrics, with revenue of 41.4 billion yuan, down 5.81%, and net profit of 2.386 billion yuan, down 36.04% [7]. - The company’s cash flow is under pressure, with cash and cash equivalents at 11.478 billion yuan and total short-term and long-term borrowings amounting to 25.778 billion yuan [9]. Subsidiary Performance - Fosun Antigen has accumulated a net loss of 182 million yuan over the past year and a half, with its debt ratio rising from 33.87% at the end of 2024 to 43.72% by mid-2025 [2][5]. - As of June 30, 2025, Fosun Antigen's total assets were 3.972 billion yuan, with total liabilities of 1.737 billion yuan [5]. Strategic Initiatives - The spin-off is intended to enhance Fosun Antigen's financing channels and market competitiveness, while also deepening Fosun Pharma's presence in the vaccine sector [3][5]. - Fosun Pharma is also establishing a target fund with a planned fundraising of 1 billion yuan, aiming to leverage partnerships in the health sector [11]. Historical Context - Fosun Pharma has previously spun off several subsidiaries, including Foryou Medical Technology and Fuhong Hanlin, for listings in Hong Kong and India [6]. - The company has raised over 13 billion yuan through systematic asset disposals since 2021 [11].