香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 * 僅供識別 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於 2026 年度第一期科技創新債券發行完成的公告》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 陳玉卿 中國，上海 2026 年2 月3 日 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職 ...

以上详情请见本公司于 2025 年 3 月 26 日、2025 年 4 月 28 日、2025 年 8 月 9 日在《中国证券报》《上海证券报》《证券时报》和上海证券交易所网站 （https://www.sse.com.cn）发布的相关公告。 二、本期债务融资工具发行情况 关于 2026 年度第一期科技创新债券发行完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、中期票据额度注册及历次发行情况 中国银行间交易商协会于 2025 年 3 月 20 日出具《接受注册通知书》（中市协 注[2025]MTN272 号）（以下简称"通知书"），接受上海复星医药（集团）股份有 限公司（以下简称"本公司"）中期票据注册，注册额度为人民币 40 亿元，该额度 有效期自通知书出具日起 2 年（以下简称"注册有效期"），并可分期发行。 于上述注册额度内，本公司已分别于 2025 年 4 月、2025 年 8 月完成 2025 年度 第一期中期票据、2025 年度第二期科技创新债券的发行，发行总额分别为人民币 5 亿元、10 亿元。 ...

Core Viewpoint - The report highlights the growth trends in China's chemical pharmaceutical raw material production, indicating a steady increase in output and providing insights into future market dynamics [1] Industry Summary - As of December 2025, China's chemical pharmaceutical raw material production reached 361,000 tons, reflecting a year-on-year growth of 2.3% [1] - The cumulative production of chemical pharmaceutical raw materials for the entire year of 2025 was 3,707,000 tons, showing a cumulative growth of 1.6% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry research institution in China [1] Company Summary - Listed companies in the sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1] - The report provides a comprehensive analysis of the market supply and demand situation in the chemical pharmaceutical industry from 2026 to 2032, offering insights for investment decisions [1]

Core Viewpoint - Double-Helix Pharmaceutical (002038) is expected to continue incurring losses in 2025, with a projected net profit loss of between -200 million to -290 million yuan, representing a year-on-year decline of 170.03% to 291.54% [3][4] Group 1: Financial Performance - The company reported a net profit loss of approximately -74.07 million yuan in 2024, marking a shift from profit to loss [3] - The expected non-recurring losses for 2025 are estimated to reduce net profit by about 200 million yuan, significantly impacting overall financial performance [5] - The sales revenue for 2024 was approximately 660 million yuan, a year-on-year decrease of 35.15% [3] Group 2: Sales and Margins - Sales gross margin decreased by about 10% due to a decline in product prices, which was influenced by centralized procurement policies [4] - The company's major product line, anti-tumor and immune regulation products, generated sales of 276 million yuan, accounting for 42.69% of total sales, with a year-on-year decline of 27.69% [4] Group 3: Investment and Financial Losses - The company faced significant investment losses, particularly from financial assets, which have become a critical factor affecting its performance [6] - Chairman Xu Mingbo has voluntarily committed to cover the irrecoverable portion of investment losses, with an initial payment of 50 million yuan to the company [5] Group 4: Strategic Response - The company plans to accelerate the launch of new products and strengthen its marketing network to adapt to changes in the pharmaceutical market due to procurement policies [5]

继2024年归属净利润出现亏损后，双鹭药业预计去年继续亏损，且较上年增亏。受此消息影响，2月2 日，双鹭药业股价以跌停收盘，收跌10.04%。双鹭药业方面表示，业绩预亏一方面是部分产品单价下 降导致销售毛利下降，另一方面为确认的理财投资损失与交易性金融资产等产生的公允价值变动收益。 在此背景下，双鹭药业董事长徐明波自愿承诺，投资理财无法挽回的差额部分最终确认后由其补足。 业绩预亏股价跌停 2月2日，双鹭药业以跌停收盘。 交易行情显示，2月2日，双鹭药业以跌停开盘，尽管在交易过程中，跌停板曾短暂被打开，但旋即重新 封死跌停至收盘，最终报跌停价6.9元/股，跌幅为10.04%。 据了解，双鹭药业成立于1994年，并于2004年登陆深交所主板。公司主要专注于基因工程及相关药物的 研究开发和生产经营，紧紧围绕疾病谱的变化布局研发、生产和服务领域。经营药品的治疗范围涉及肿 瘤、心脑血管、抗感染免疫、代谢病、创伤修复、肝病、肾病及罕见病等领域。 2025年，双鹭药业非经常性损益合计减少净利润约2亿元，这也是造成公司净利增亏的重要原因。其中 确认的理财投资损失与交易性金融资产等产生的公允价值变动收益是主要影响因素。 双鹭药 ...

Core Viewpoint - The company, Shuanglu Pharmaceutical, is expected to continue incurring losses in 2025, with a projected net profit loss of between -200 million to -290 million yuan, representing a significant increase in losses compared to the previous year [1][3]. Financial Performance - In 2024, Shuanglu Pharmaceutical reported an operating income of approximately 660 million yuan, a year-on-year decrease of 35.15%, and a net profit loss of about -74.07 million yuan, marking a shift from profit to loss [3]. - The projected net profit for 2025 is expected to decline by 170.03% to 291.54% compared to the previous year, with a forecasted non-recurring net profit loss of -40 million to -70 million yuan, a decrease of 148.58% to 185.02% year-on-year [3][4]. Sales and Margins - The company experienced a sales gross margin decline of approximately 10% due to a decrease in product prices, which was influenced by the implementation of centralized drug procurement policies [4][5]. - The sales revenue of the company's primary product line, anti-tumor and immune regulation products, fell by 27.69% in 2024, contributing to the overall revenue decline [5]. Investment Losses - Non-recurring losses, including confirmed investment losses and changes in fair value of financial assets, are expected to reduce net profit by approximately 200 million yuan in 2025 [6]. - The chairman, Xu Mingbo, has voluntarily committed to cover any irrecoverable investment losses, with an initial payment of 50 million yuan to the company [6]. Strategic Response - The company plans to accelerate the launch of new products and strengthen its marketing network to adapt to changes in the pharmaceutical market due to procurement policies [5]. - Shuanglu Pharmaceutical is also evaluating its investment losses and has made significant provisions for asset impairment to mitigate the impact on net profit [6].

继2024年交出"上市20年来首亏"成绩单后，双鹭药业（002038）去年业绩预计延续亏损并呈现亏损扩大的态势。 据2025年三季报，双鹭药业前三季度归母净利润1.41亿元，同比增幅达943.10%，主要系报告期内公司持有的首药控股、星昊医药等交易性金融资产公允 价值变动收益同比增加所致。具体而言，2024年1月~9月公司确认公允价值变动损失1.22亿元，而2025年同期则实现公允价值变动收益 1.28亿元，同比增 长达204.93%。但这种收益本质上是非经常性的，无法形成稳定盈利能力。 | | | | | | 早化: 月元 | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | | | 上年同期 | | 归属于上市公司股 东的净利润 | | -29,000 | 2 | -20,000 | -7. 406. 57 | | | 比上年同期下降 | 291. 54% | N | 170. 03% | | | 扣除非经常性损益 后的净利润 | | -7.000 | ~ | -4. 000 | 8. 233. 70 | | | 比上年同期下降 | 185. 02 ...

Core Insights - The report discusses the development prospects and investment strategies of the Chinese chain pharmacy industry, highlighting key players and market dynamics [1][12]. Industry Overview - The chain pharmacy industry supply chain consists of upstream manufacturers, medical device producers, health product manufacturers, and pharmaceutical logistics suppliers; the midstream is represented by chain pharmacies, while downstream customers include both offline and online clients [1][2]. Key Players - Major listed companies in the chain pharmacy sector include Dazhonglin, Yifeng Pharmacy, and Laobaixing, among others [1][2]. Regional Distribution - Upstream suppliers are primarily located in Beijing, Jiangsu, Hubei, and Hunan, while chain pharmacy operations are concentrated in Hunan, Yunnan, Guangdong, and Shanghai [6]. Financial Performance - By the first half of 2025, three listed chain pharmacy companies, including Guoyao Holdings, Dazhonglin, and Yifeng Pharmacy, are projected to exceed 10 billion yuan in operating revenue, with gross margins above 15%, and Yifeng Pharmacy exceeding 40% [8][9]. Investment Trends - Since 2024, chain pharmacy companies have focused on increasing capital in subsidiaries and acquisitions to improve financial structures and expand sales channels [10]. - Notable investment activities include: - Jianzhijia's capital increase of 466 million yuan across five subsidiaries [11] - Yixintang's investment of 32.8 million yuan in land use rights [11] - Tongrentang's acquisition of a 51% stake in Honghui Pharmaceutical for approximately 10.46 million yuan [11].

郭广昌表示，从豫园到BFC再到外滩，过年从来不只是团圆饭和红包，而是一种文化的根脉与传承。复 星一直坚信，只要产品足够好、体验足够真诚，就能打动人心。今年的灯会，正是这种理念的缩影—— 它让老上海人找回记忆，让新上海人理解传统，让全球游客感受到独一无二的海派春节。 以下为其微博原文： 2月1日晚间，复星集团董事长郭广昌发微博表示，在结束一天工作后，夜游2026豫园灯会，并通过微博 分享了此次体验。 刚忙完一天的工作，趁着夜色正好，去豫园灯会逛了逛。 从九曲桥到中心广场，《山海奇豫记》转眼今年已来到了第四季·"旷野篇"。但今年的灯会，最让我惊 喜的，是灯会真正"走出了八扇门"，六区联动，在今天全面点亮。以往我们总把灯会圈在豫园商城里， 但今年，方浜中路的万家灯火、福佑路的市集烟火、古城公园的静谧，一直延伸到BFC和外滩十六铺， 打造了一条完整的"年味动线"。沿着这条路慢慢走，老城厢的温情、BFC的泡泡玛特潮流装置、外滩的 璀璨华章……一步一景，串起了上海的历史和未来。 从豫园到BFC再到外滩，一路赏灯，我愈发觉得，过年从来不只是团圆饭和红包，而是一种文化的根脉 与传承。复星一直坚信，只要产品足够好、体验足够真诚 ...

Core Viewpoint - The company, Shuanglu Pharmaceutical, is expected to continue reporting losses in 2024, following its first loss in 20 years in 2023, with an anticipated increase in the amount of loss [1]. Financial Performance - The net profit attributable to shareholders is projected to be -29 million, a decline of 291.54% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses is expected to be -7 million, representing a decrease of 185.02% year-on-year [3]. - Basic earnings per share are forecasted to be -0.28, down from -0.19 in the previous year [3]. Reasons for Performance Decline - The decline in performance is attributed to two main factors: a decrease in product prices due to industry policy adjustments and market competition, leading to a 10% drop in sales gross margin [3]. - Non-recurring gains and losses are expected to reduce net profit by approximately 200 million, primarily due to losses from financial investments and changes in fair value of trading financial assets [3]. Financial Asset Investments - Financial asset investments have become a "double-edged sword" for the company, with significant fluctuations in stock prices of holdings like Fosun Pharma and Shouyao Holdings leading to a net profit reduction of 178 million [5]. - In the first three quarters of 2025, the company reported a net profit of 141 million, a year-on-year increase of 943.10%, mainly due to increased fair value gains from trading financial assets [5]. - The company confirmed a fair value loss of 122 million in the first nine months of 2024, while in the same period of 2025, it achieved a fair value gain of 128 million, a year-on-year growth of 204.93% [5]. Gross Margin Trends - The company's gross margin has been declining, from 81.56% in 2023 to 67.97% in 2024, and further down to 61.60% in the first three quarters of 2025 [5]. Company Background - Shuanglu Pharmaceutical, established on December 24, 1994, was listed on the Shenzhen Stock Exchange on September 9, 2004, and is recognized as the first high-tech enterprise from the capital to be listed [7]. - The company has developed and marketed over 70 products, including three national class I new drugs, with a strong portfolio in blood, oncology, cardiovascular, liver disease, diabetes, and kidney disease treatments [7].