导语：2021至2025年，复星医药通过系统性资产剥离回笼资金超130亿元，但截至2025年上半年，其短期债务约226.46亿元，偿债缺口仍高达96.87亿 元。 近日， 复星医药公告，控股子公司复星医药产业 宣布 拟通过专项基金转让上海克隆 100% 股权及债权，交易对价不超过 12.56 亿元。 战略调整与资金缺口 标的资产为上海市徐汇区宜山路 1289 号工业用地及地上建筑，宗地面积 19,944 平方米，建筑面积 45,238.55 平方米。 标的 资产 紧邻漕河泾开发区，双地铁交汇， 周边地价较 2015 年已翻倍。漕河泾开发区是上海科创中心六大承载区之一，具备国家级经开区、 高新区、出口加工区三重身份，产业基础雄厚，汇聚 3600 余家高科技企业、 80 余家世界 500 强。 为填补资金 缺口，据 复星医药公告及权威财经媒体披露， 2021 至 2025 年，复星医药通过系统性资产剥离回笼资金超 130 亿元，核心目标聚 焦"非战略非核心资产退出"与"创新药 + 高值器械"双轮驱动转型。 据网易 2025 年 8 月地产分析，该区域工业用地改造潜力巨大，外资生命科学企业 可能可以 通过收购成熟园 ...

Summary of Fosun Pharma Conference Call Company Overview - Fosun Pharma's total revenue for 2024 is approximately 40.3 billion RMB, with innovative drug revenue nearing 8 billion RMB, showing a continuous increase in proportion [2][3] Core Business Segments - The company operates three main business segments: - Pharmaceutical segment: Revenue exceeds 28.9 billion RMB, accounting for over 70% of total revenue [3] - Medical device diagnostics segment: Revenue is 4.3 billion RMB, representing about 10% of total revenue [3] - Medical services segment: Revenue is approximately 7.6 billion RMB, making up nearly 19% of total revenue [3] Innovative Drug Highlights - Innovative drug revenue reached nearly 8 billion RMB in 2024, with core products Hanshuozhuang and Hanquyou generating over 1.3 billion RMB and 2.8 billion RMB, respectively [2][4] - Future growth in innovative drug revenue is expected to maintain a 20% growth rate [2][4] - New products in the pipeline include FCN159 for rare tumors and FCN437 for breast cancer [5][14] Medical Device Diagnostics Segment - The medical device diagnostics segment generated 4.3 billion RMB in 2024, with key products including Assystem's long-acting botulinum toxin and the Da Vinci surgical robot [7] - The segment is currently operating at a loss but is expected to improve with the establishment of a major R&D and training base in Shanghai [7] Medical Services Segment - The medical services segment reported approximately 7.6 billion RMB in revenue for 2024, still operating at a loss but showing significant reduction in losses from 800 million RMB in 2022 to 300 million RMB in 2024 [8] Strategic Initiatives - The company is focusing on innovative drugs and high-value medical devices, having exited non-core assets to recover approximately 3 billion RMB for reinvestment in innovation [2][9] - The leadership team has been restructured, emphasizing innovation and internationalization [10][11] R&D Pipeline and New Products - Notable products in the R&D pipeline include ALK inhibitor Furretinib and PD-1 plus VEGFR combination therapy, with some products entering Phase III clinical trials [6] - The company is actively pursuing best-in-class potential products, with several receiving orphan drug designation [6] Financial Management and Shareholder Value - The company has implemented measures to optimize its debt structure and has conducted stock buybacks to protect investor interests, with 300 million RMB repurchased in A-shares and approximately 45 million HKD in Hong Kong shares [4][12] Conclusion - Fosun Pharma is strategically positioning itself for growth in innovative pharmaceuticals and medical devices while managing its financial health and operational efficiency through asset optimization and leadership restructuring [9][10]