Core Viewpoint - The launch of the domestically produced calcipotriene and betamethasone ointment by Chongqing Huabang Pharmaceutical on JD Health marks a significant advancement in psoriasis treatment options for patients in China, providing a more accessible and effective solution [1][2] Group 1: Product Overview - The calcipotriene and betamethasone ointment is the first generic version in China, equivalent to the original product, enhancing treatment options for psoriasis patients [1] - The ointment combines calcipotriene, which inhibits abnormal proliferation of keratinocytes and promotes normal differentiation, with betamethasone, known for its strong anti-inflammatory and immunosuppressive effects [1] Group 2: Market Impact - The product's launch on JD Health signifies an important upgrade in the collaboration between Huabang Pharmaceutical and JD Health, leveraging JD Health's extensive user base and comprehensive healthcare service system [2] - JD Health's capabilities in online consultation, drug delivery, and health management will enhance the market coverage and user reach of the new ointment, benefiting more patients [2]

Summary of FOSUN PHARMA Conference Call Company Overview - **Company**: FOSUN PHARMA - **Industry**: Pharmaceutical and Healthcare Services Key Financial Performance - **2024 Revenue**: CNY 410.67 billion, with a significant contribution from innovative products [2][3] - **Pharmaceutical Business Revenue**: CNY 289.24 billion, up 54.83% year-on-year [2][5] - **Healthcare Services Revenue**: CNY 76 billion, up 14% year-on-year [2][7] - **Operating Cash Flow**: CNY 44.77 billion, up 31.13% year-on-year [2][3] - **Net Profit**: CNY 27.7 billion, up 16.08% year-on-year [2][3] - **R&D Investment**: CNY 55.54 billion in 2024, with CNY 36.44 billion as R&D expenses [3][5] Business Segments Performance Pharmaceutical Business - **Segment Profit**: CNY 32.50 billion, up 65.73% year-on-year [2][5] - **R&D Investment in Pharmaceuticals**: CNY 49.10 billion, accounting for 16.98% of revenue [2][5] Healthcare Services - **Segment Performance**: Loss of CNY 3 billion, but reduced loss by CNY 1 billion year-on-year [2][7][8] Medical Devices and Diagnostics - **Revenue**: CNY 43 billion, down 1% year-on-year due to decreased COVID-related product sales [6] International Expansion - **Revenue from Markets Outside Mainland China**: CNY 112.97 billion, up approximately 9% [2][13] - **Approval of Innovative Products**: PD-1 monoclonal antibody, Slurilumab, approved in the EU for extensive-stage small cell lung cancer [2][13] R&D and Clinical Progress - **New Approvals**: 7 innovative and biosimilar products with 16 indications approved [10][11] - **Clinical Trials**: 8 innovative and biosimilar products in pre-market approval and key clinical stages [11][16] Strategic Focus - **Core Areas**: Focus on innovative drugs and high-value medical devices [12][18] - **International Strategy**: Building global commercial systems and enhancing operational capabilities in overseas markets [12][13] Financial Management and Cost Control - **Cost Management**: Sales expenses down 5% and management expenses down 2% year-on-year [9] - **Debt Management**: Plans to use operating cash flow and non-core asset disposals to repay debts [9] Share Buyback Plans - **2024 Buyback**: CNY 1.27 billion for 5.68 million A-shares and HKD 0.97 billion for 7.5 million H-shares [22][23] - **2025 Buyback Plan**: Aiming to repurchase CNY 3 billion to CNY 6 billion of A-shares and up to 5% of H-shares [22][23] ESG Initiatives - **Environmental Efforts**: Investment of CNY 1.1 billion in environmental upgrades, reducing carbon emissions by 20,528 tons [24][25] - **Social Responsibility**: Over 4 million doses of self-developed artemisinin supplied globally for malaria treatment [24] Market Challenges - **Impact of Tariff Wars**: Limited direct impact on pharmaceutical exports due to cost advantages of Chinese products [19] - **Collective Procurement Policies**: Short-term revenue impacts but potential long-term benefits through improved quality and cost control [21] This summary encapsulates the key points from the FOSUN PHARMA conference call, highlighting financial performance, business segment details, international expansion, R&D progress, strategic focus, financial management, share buyback plans, ESG initiatives, and market challenges.

Core Insights - Fosun Pharma reported a revenue of 41.067 billion yuan in 2024, a slight decrease of 0.80% year-on-year, while net profit attributable to shareholders increased by 16.08% to 2.770 billion yuan [1][2] - The company achieved a net cash flow from operating activities of 4.477 billion yuan, reflecting a significant increase of 31.13% compared to the previous year, indicating improved free cash flow to support strategic transformation and R&D investments [2][3] Financial Performance - Revenue: 41.067 billion yuan in 2024, down from 41.400 billion yuan in 2023, a decrease of 0.80% [2] - Net Profit: 2.770 billion yuan in 2024, up from 2.386 billion yuan in 2023, an increase of 16.08% [1][2] - Net Profit (excluding non-recurring items): 2.314 billion yuan, a rise of 15.10% from 2.011 billion yuan in 2023 [2] - Basic Earnings per Share: 1.04 yuan [1] Business Segmentation - Pharmaceutical Revenue: 28.924 billion yuan, a decline of 4.29% year-on-year; key products like Hanquyou® (trastuzumab) saw global sales of 2.810 billion yuan, an increase of 11% [3] - Medical Devices and Diagnostics Revenue: 4.323 billion yuan, down 1.53% due to decreased demand for COVID-19 products [3] - Healthcare Services Revenue: 7.647 billion yuan, an increase of 14.61% driven by specialized construction and smart healthcare initiatives [3] R&D and Innovation - R&D Investment: 5.554 billion yuan, accounting for 13.52% of revenue; seven innovative drugs/biosimilars were approved for market [3] - Notable Approvals: Slulizumab received EU approval, and HLX14 (biosimilar to dezuizumab) is under review in the US and EU [3] - Collaboration: The company is exploring new directions in nuclear medicine and gene therapy through partnerships with industry funds [3] Shareholder Returns - Proposed Dividend: The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.00, indicating a potential upside of 26% from the current price of HKD 15.10 [1][9]. Core Insights - The company achieved a revenue of RMB 410.7 billion in 2024, a slight decrease of 0.8% year-over-year (YOY), while the net profit attributable to shareholders was RMB 27.7 billion, reflecting a growth of 16.1% YOY [9]. - The pharmaceutical segment, which constitutes 70.7% of the product mix, saw a revenue decline of 4.3% due to a drop in sales of COVID-related and anti-infection drugs, but innovative oncology and immunomodulatory products showed a growth of 6% [9]. - The company plans to distribute a cash dividend of RMB 3.20 per 10 shares, resulting in a dividend yield of approximately 2.3% for H shares [9]. - The company has a robust pipeline with over 80 projects in development, including self-developed and licensed products, which are expected to drive future growth [9]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a market capitalization of HKD 83.34 billion and a share price/book value ratio of 0.79 [2]. Financial Performance - In 2024, the company reported a net profit of RMB 27.7 billion, with a significant increase in operating cash flow to RMB 33.8 billion, up 31% YOY [9]. - The gross margin for the year was 48.0%, a slight increase of 0.2 percentage points, while the expense ratio decreased by 3.8 percentage points to 43.1% [9]. Future Projections - The company is expected to achieve net profits of RMB 33 billion, RMB 39 billion, and RMB 46 billion for the years 2025, 2026, and 2027, respectively, with YOY growth rates of 20.5%, 17.6%, and 17.3% [11]. - The earnings per share (EPS) are projected to be RMB 1.3, RMB 1.5, and RMB 1.7 for the same years, corresponding to H share price-to-earnings (P/E) ratios of 11X, 10X, and 8X, indicating undervaluation [11].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 19.00, indicating a potential upside of 26% from the current price of HKD 15.10 [1][9]. Core Insights - The company achieved a revenue of RMB 410.7 billion in 2024, a slight decrease of 0.8% year-over-year (YOY), while the net profit attributable to shareholders was RMB 27.7 billion, reflecting a growth of 16.1% YOY [9]. - The pharmaceutical segment, which constitutes 70.7% of the product mix, saw a revenue decline of 4.3% due to a drop in sales of COVID-related and anti-infection drugs, but innovative oncology and immunomodulatory products showed a growth of 6% [9]. - The company plans to distribute a cash dividend of RMB 3.20 per 10 shares, resulting in a dividend yield of approximately 2.3% for H shares [9]. - The company has a robust pipeline with over 80 projects in development, including innovative drugs and biosimilars, which are expected to drive future growth [9]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a market capitalization of HKD 83.34 billion and a share price-to-book ratio of 0.79 [2]. Financial Performance - In 2024, the company reported a net profit of RMB 27.7 billion, with a significant increase in operating cash flow to RMB 33.8 billion, up 31% YOY [9]. - The gross margin for the year was 48.0%, a slight increase of 0.2 percentage points, while the expense ratio decreased by 3.8 percentage points to 43.1% [9]. Future Projections - The company is expected to achieve net profits of RMB 33 billion, RMB 39 billion, and RMB 46 billion for the years 2025, 2026, and 2027, respectively, with YOY growth rates of 20.5%, 17.6%, and 17.3% [11]. - The earnings per share (EPS) are projected to be RMB 1.3, RMB 1.5, and RMB 1.7 for the same years, corresponding to H share price-to-earnings ratios of 11X, 10X, and 8X, indicating undervaluation [11].

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 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《2024 年年度報告摘要》，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 吳以芳 中國，上海 2025 年3 月2 5 日 於本公告日期，本公司之執行董事為吳以芳先生、王可心先生、關曉暉女士及文德鏞先生；本公司之非執 行董事為陳 啟 宇先生、徐曉亮先生、潘東輝先生及陳玉卿先生；以及本公司之獨立非執行董事為李玲女士、 湯谷良先生、王全弟先生及余梓山先生。 * 僅供識別 上海复星医药（集团）股份有限公 ...

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