分拆、减持、私有化，频频出手的复星医药到底在做什么？

Core Insights - The report highlights that Fosun Pharma is actively restructuring its assets through privatization, spin-offs, and divestitures, with a recent announcement of a HKD 54 billion offer to privatize its subsidiary, Fosun Hani. This move is seen as a significant investment in the company's future growth and innovation strategy [1][18][23]. Cash Consideration - Fosun Pharma plans to offer HKD 24.60 per share for the acquisition of up to 131,097,441 shares of Fosun Hani, representing approximately 24.12% of the total shares. The total cash consideration amounts to no more than HKD 5.41 billion [2][3]. Financial Performance - In 2023, Fosun Pharma reported a revenue of CNY 41.4 billion, a decrease of 5.81% year-on-year, and a net profit of CNY 2.01 billion, down 48.08% year-on-year, marking the lowest performance since its listing [7][8]. However, excluding COVID-related products, revenue still showed a growth of 12.43% [8]. Product Revenue Breakdown - The core oncology and immunomodulatory products saw significant growth, with revenues reaching CNY 76.38 billion, a year-on-year increase of 37.99%. In contrast, the anti-infection products experienced a decline of 49.43% [9][10]. Strategic Focus - Fosun Pharma is shifting its strategic focus towards innovation and core pharmaceutical business, as evidenced by its recent actions in the capital market, including the spin-off of Fosun Health and the sale of a stake in Gland Pharma [12][23]. The company aims to enhance its asset light structure and improve operational efficiency [15]. Innovation and R&D - The company has been increasing its investment in R&D, with a notable focus on innovative drugs. Key products like Hanshu (Sruvulizumab) and Hanquyou (Trastuzumab) have received international approvals, indicating a strong commitment to global market expansion [25][26]. Market Position - Fosun Hani, as a core platform for innovative drugs, reported a revenue of CNY 5.396 billion in 2023, a 67.8% increase year-on-year, showcasing its potential for sustainable growth post-privatization [19][20]. Future Outlook - The report suggests that the impact of COVID-related products on Fosun Pharma's performance will largely dissipate by Q1 2024, leading to a potential recovery in profits and overall performance [14][28]. The strategic moves made in 2023 are expected to yield positive results in the next 1-2 years, with a projected V-shaped recovery in performance [28].