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） 上海復星醫藥（集團）股份有限公司 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 控股子公司藥品獲臨床試驗批准的公告》，僅供參閱。 承董事會命 董事長 陳玉卿 中國，上海 2026 年1 月2 0 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；以及本公司職工董事為嚴佳女士。 海外監管公告 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。 * ...

Market Overview - The precision medicine sector experienced a decline of 1.69% on January 20, with WuXi AppTec leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers included: - ST Xiangxue, closing at 9.72 with a rise of 7.05% and a trading volume of 193,900 shares [1] - Zhaoli Pharmaceutical, closing at 17.50 with a rise of 3.18% and a trading volume of 270,200 shares [1] - Major decliners included: - WuXi AppTec, closing at 99.46 with a decline of 2.86% and a trading volume of 481,100 shares [2] - Guomai Technology, closing at 11.56 with a decline of 2.45% and a trading volume of 361,100 shares [2] Capital Flow - The precision medicine sector saw a net outflow of 346 million yuan from institutional investors, while retail investors had a net inflow of 400 million yuan [2][3] - Specific stock capital flows indicated: - DIAN Diagnostics had a net inflow of 62.76 million yuan from institutional investors [3] - ST Xiangxue experienced a net outflow of 22.01 million yuan from retail investors [3]

截至本公告日期（即 2026 年 1 月 20 日），全球范围内尚无靶向 CD47 的 SIRP α-Fc 融合蛋白获批上市。 证券代码：600196 股票简称：复星医药 编号：临 2026-007 上海复星医药（集团）股份有限公司 关于控股子公司药品获临床试验批准的公告 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、概况 近日，上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公 司上海复宏汉霖生物技术股份有限公司及其控股子公司（以下合称"复宏汉霖"） 收到国家药品监督管理局关于同意HLX701（重组人SIRPα-IgG4 Fc融合蛋白注射液 ）联合西妥昔单抗和化疗治疗晚期结直肠癌开展Ⅰb/Ⅱ期临床试验的批准。复宏汉 霖拟于条件具备后于中国境内（不包括港澳台地区，下同）开展该药品的相关临床 试验。 二、HLX701 的基本信息及研究情况 HLX701 由复宏汉霖于 2025 年 6 月自 FBD Biologics Limited 许可引进，获独 家许可于区域内（即中国境内及港澳地区、约定的东南亚、中东和北非 ...

Core Viewpoint - Fosun Pharma's subsidiary, Fuhong Hanlin, has received approval from the National Medical Products Administration to conduct a Phase Ib/II clinical trial for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer in China [1] Group 1: Clinical Trial Approval - The approval allows for the initiation of clinical trials for HLX701, which is a targeted CD47 SIRPα-Fc fusion protein [1] - The clinical trials are set to take place within China [1] Group 2: Financial Investment - Fosun Pharma has invested approximately 76.09 million yuan in the research and development of HLX701 as of December 2025 [1] - The drug was licensed for introduction in June 2025 [1] Group 3: Market Context - There are currently no approved targeted CD47 SIRPα-Fc fusion proteins available globally [1]

Core Viewpoint - The article discusses the IPO application of Xiansheng Zaiming Pharmaceutical Co., Ltd. and its strategic focus on the oncology innovation drug sector, highlighting the company's financial performance, market positioning, and future growth potential through the separation from its parent company [1][2][9]. Financial Performance - In 2023, 2024, and the first nine months of 2025, the company achieved revenues of 1.522 billion, 1.296 billion, and 1.238 billion respectively, but remained in a loss position due to high R&D and sales expenses [2][8]. - The net losses recorded were 336 million, 506 million, and 303 million for the same periods, indicating ongoing financial pressure from high investment needs [8][11]. Market Positioning - Xiansheng Zaiming has established itself as a new player in China's oncology innovation drug industry, with five commercialized innovative drugs contributing over 90% of total revenue [5][6]. - The company has formed multiple licensing collaborations with potential total transaction values exceeding 2.8 billion, positioning it as one of the most active biopharmaceutical companies in China for licensing transactions [6][9]. R&D and Commercialization Strategy - The company maintains a high R&D investment intensity, with R&D costs of 831 million, 708 million, and 512 million for 2023, 2024, and the first nine months of 2025, respectively, representing over 50% of revenue in the earlier years [8][11]. - A sales and marketing team of over 1,200 has been established, with sales and distribution expenses exceeding 40% of revenue during the reporting periods [8][11]. Strategic Separation - The decision to spin off the oncology business is part of a broader strategy for Xiansheng Pharmaceutical to transition towards an innovation-driven model, allowing for a more focused approach to R&D and commercialization in oncology [9][10]. - The spin-off is expected to create a dedicated financing platform for oncology innovation drugs, attracting long-term investment and providing organizational support for sustained R&D [9][10]. Future Growth Potential - The company has over 60 innovative drug pipelines, with six candidate drugs in NDA or key clinical stages, indicating a robust future growth trajectory [9][10]. - The successful launch of its innovative drug, Kewike®, in June 2025, is expected to contribute significantly to market revenue, showcasing the company's potential in the CNS field [10][11].

Core Viewpoint - The company, Xiansheng Zaiming Pharmaceutical Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange, aiming to establish a dedicated financing platform for its oncology business, which is currently under the parent company, Xiansheng Pharmaceutical [1][8]. Financial Performance - The company reported revenues of 1.522 billion yuan, 1.296 billion yuan, and 1.238 billion yuan for the years 2023, 2024, and the first nine months of 2025, respectively [2]. - Despite stable revenue growth, the company remains in a loss position due to high R&D and sales expenses, recording net losses of 336 million yuan, 506 million yuan, and 303 million yuan for the same periods [6]. - R&D costs were 831 million yuan, 708 million yuan, and 512 million yuan for 2023, 2024, and the first nine months of 2025, with R&D expenses exceeding 50% of revenue in 2023 and 2024 [5]. Business Strategy - The company focuses on the development and commercialization of innovative oncology drugs, having five commercialized products that contribute over 90% of total revenue [4]. - The split from Xiansheng Pharmaceutical allows the company to optimize its financial structure while maintaining absolute control over the oncology business [2]. - The company has established a sales and marketing team of over 1,200 people to enhance product marketization [5]. Market Position and Collaborations - Xiansheng Zaiming has engaged in multiple licensing collaborations with companies like AbbVie, Ipsen, and NextCure, with a potential total transaction value exceeding 2.8 billion USD [5]. - The company ranks first in the number of oncology asset transactions and fourth in total value among Chinese biopharmaceutical companies [5]. Challenges and Considerations - The company faces challenges related to high market channel concentration, with the top five customers accounting for over 65% of revenue [11]. - The overall gross margin has decreased from approximately 72% to 68.1%, attributed to structural adjustments in revenue sources and product mix [12]. - The company has set a timeline for its IPO process, needing to submit its application by June 2027 and complete the listing by the end of 2028, with penalties for delays [12].

Core Viewpoint - The Chinese biotech company, Insilico Medicine, has entered into an exclusive licensing and co-development agreement with Shenzhen Hengtai Biotechnology Co., Ltd. to accelerate the global development of its ISM8969 project, a novel NLRP3 inhibitor aimed at treating central nervous system diseases [1] Group 1: Partnership Details - Insilico Medicine and Shenzhen Hengtai will jointly advance the ISM8969 project, with both parties holding 50% global rights to the project [1] - The agreement allows Hengtai Biotechnology to conduct research, development, registration, production, and commercialization of ISM8969 worldwide [1] Group 2: Financial Aspects - Insilico Medicine is entitled to receive up to $66 million in upfront and milestone payments, including an initial payment of $10 million expected within 30 days of the agreement's effective date [1]

Core Insights - The article discusses the rapid growth and development of immunotherapy for cancer treatment, particularly focusing on immune cell therapies such as CAR-T, CAR-NK, TCR-T, and TIL therapies, which have become a significant fourth modality in cancer treatment alongside surgery, radiation, and drug therapy [1][4]. Industry Overview - Immunotherapy involves collecting young, healthy immune cells, expanding them in vitro, enhancing their targeting capabilities, and reinfusing them into patients to combat pathogens, cancer cells, and mutated cells [1][4]. - The global market for tumor immunotherapy products is projected to grow at a compound annual growth rate (CAGR) of 149.1% from 2017 to 2024, reaching a market size of $7.1 billion by 2025 [1][6]. - In China, the market for tumor immunotherapy products is expected to reach 2.1 billion yuan by 2025, driven by the approval of various immune cell therapy products [1][8]. Development Background - China has the highest incidence and mortality rates of cancer globally, with 4.8247 million new cases and 2.5742 million deaths reported in 2022, accounting for 24.1% and 26.5% of global totals, respectively [4]. - The increasing disposable income of Chinese residents has improved their ability to pay for medical care, with healthcare spending projected to reach 2,547 yuan per capita in 2024, growing by 3.6% [4][5]. Current Market Status - As of the end of 2024, there are 1,040 immunotherapy products in clinical trials, with the U.S. and China leading in the number of trials [10]. - CAR-T therapy is the most commercially mature and widely tested method, with 15 drugs approved globally by December 2025, 8 of which are approved in China [12]. Future Trends - The clinical transformation of immunotherapy is expected to accelerate, with market penetration likely to expand, potentially exceeding 10 billion yuan by 2027 [13]. - Advances in gene editing and AI-assisted target selection are anticipated to enhance treatment precision, while universal and multi-target cell products are expected to become mainstream in research [13][14].

Group 1 - The core announcement is that Insilico Medicine (03696) has entered into an exclusive licensing and co-development agreement with Shenzhen Hengtai Biotechnology Co., Ltd. for the ISM8969 project, a novel oral NLRP3 inhibitor aimed at treating central nervous system diseases [1] - The collaboration aims to accelerate the global development of ISM8969, which has the ability to penetrate the blood-brain barrier [1] - Insilico Medicine will receive up to $66 million (approximately HKD 514.8 million) in upfront and milestone payments, including an initial payment of $10 million (approximately HKD 78 million) within 30 days of the agreement's effective date [1] Group 2 - ISM8969 is identified as a potential best-in-class NLRP3 inhibitor, discovered and optimized through Insilico Medicine's proprietary generative chemistry engine, Chemistry42 [2] - Preclinical studies have shown ISM8969 to exhibit excellent efficacy and safety, demonstrating significant anti-inflammatory activity across various disease models [2] - The compound has ideal blood-brain barrier penetration capabilities, which may provide potential benefits for treating neuroinflammatory-related diseases [2]

Group 1 - The core point of the news is that Insilico Medicine (03696) has entered into an exclusive licensing and co-development agreement with Shenzhen Hengtai Biotechnology Co., Ltd. for the ISM8969 project, aimed at accelerating the global development of a novel oral NLRP3 inhibitor for central nervous system diseases [1][2] - Under the agreement, Insilico will grant Hengtai the rights to research, develop, register, produce, and commercialize ISM8969 globally, with both parties holding 50% global rights to the project [1] - Insilico is set to receive up to $66 million (approximately HKD 514.8 million) in upfront and milestone payments, including an initial payment of $10 million (approximately HKD 78 million) expected within 30 days of the agreement's effective date [1] Group 2 - ISM8969 is positioned as a potential best-in-class NLRP3 inhibitor, discovered and optimized through Insilico's proprietary generative chemistry engine, Chemistry42 [2] - Preclinical studies have shown that ISM8969 exhibits excellent efficacy and safety, demonstrating significant anti-inflammatory activity across various disease models [2] - The compound has ideal blood-brain barrier (BBB) penetration capabilities, which may provide potential benefits for treating neuroinflammatory-related diseases [2]