央视网消息：9月11日，2025年服贸会继续在北京首钢园举行，11日将举办多场论坛及配套活动，多场洽谈合作密集展开。 11日，服贸会计划举办49场论坛会议活动，包括6场主题论坛、21场专题论坛，将发布《中国服务贸易发展报告》等多个权威报告。为了 方便洽谈，今年服贸会继续开放线上"商务约见"功能，截至目前已经有超过3.1万名展客商参与。 爱尔兰驻华大使欧博仁称："爱尔兰的大部分经济实际上是以服务业为基础的，这就是为什么我们希望加强与中国的联系，因为我们知道 这里的服务业增长如此强劲。" 11日，服贸会还有14家企业和机构将发布38项新成果，这些新产品、新技术将广泛应用于保险、餐饮、住宿、灾害监测等多个领域。此 外，首次在北京以外举办的主题论坛——雄安新区数字贸易创新发展大会也在雄安开启，一系列供需对接和投资促进活动同步开展。 11日，20多场推介洽谈活动在不同的场馆内进行，涉及医疗健康服务、金融服务、文旅服务等多个方面，将服贸会的"平台效应"转化为实 实在在的"合作机会"。 不少国家和国际组织通过服贸会的平台达成了合作意向，围绕服务贸易的数字化转型、绿色发展等议题展开深入交流。 联合国粮农组织"一国一品"秘书处 ...

Core Viewpoint - Fosun Pharma reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a mixed performance influenced by various factors [1][2]. Financial Performance - In the first half of 2025, Fosun Pharma achieved operating revenue of approximately 19.514 billion yuan, a year-on-year decrease of 4.63% [1]. - The net profit attributable to shareholders was about 1.702 billion yuan, reflecting a year-on-year increase of 38.96% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 0.961 billion yuan, showing a year-on-year decrease of 23.39% [1]. Asset and Liability Management - As of June 30, 2025, Fosun Pharma's asset-liability ratio was 49.24%, slightly up from 48.98% at the end of 2024 [2]. - The decrease in operating revenue was primarily due to the impact of centralized drug procurement policies, although revenue from innovative drugs showed steady growth [2]. Operational Insights - The company reported a net cash flow from operating activities of 2.134 billion yuan, an increase of 11.90% year-on-year [2]. - Fosun Pharma has signed agreements to dispose of non-core assets totaling over 2 billion yuan since the beginning of 2025 [2]. Business Segments - Fosun Pharma's core business includes pharmaceuticals, medical devices, and health services, with a focus on innovative drugs, mature products, and vaccines [3]. - In the first half of 2025, the company received approvals for 5 indications of 4 innovative drugs and 57 generic drug varieties [3]. - Research and development expenditures totaled 2.584 billion yuan, with 1.717 billion yuan specifically allocated for R&D [3]. Industry Context - The pharmaceutical industry is undergoing significant changes due to the normalization of drug procurement and ongoing support for innovative drug policies [4]. - The company faces risks from policy adjustments, market competition, and potential mismatches between drug development and clinical needs [4]. Strategic Responses - Fosun Pharma aims to track industry and policy trends, enhance R&D efficiency, and optimize product structure [5]. - The company plans to improve operational efficiency and expand market coverage through increased marketing efforts [5].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating a mixed performance amidst ongoing challenges in the market [1]. Financial Performance - For 1H25, the company achieved revenue of 19.514 billion yuan, a year-on-year decrease of 4.6% [1] - The net profit attributable to shareholders was 1.709 billion yuan, reflecting a year-on-year increase of 39.0% [1] - The non-recurring net profit was 0.961 billion yuan, down 23.4% year-on-year, aligning with expectations [1] Development Trends - In 2Q25, revenue showed a quarter-on-quarter improvement, with ongoing optimization of product structure [2] - The pharmaceutical segment generated revenue of 13.901 billion yuan, down 5.3% year-on-year, with innovative drug revenue exceeding 4.3 billion yuan, up 14.3% [2] - Medical devices and diagnostics revenue was 1.955 billion yuan, down 5.5% year-on-year, primarily due to geopolitical impacts and policy execution [2] - Healthcare services revenue was 3.592 billion yuan, down 1.8% year-on-year, affected by pricing adjustments and drug procurement policies [2] - The pharmaceutical distribution and retail business saw revenue from joint venture China National Pharmaceutical Group at 286.043 billion yuan, down 3.0% year-on-year, with distribution down 3.5% and retail up 3.7% [2] - In 2Q25, the company achieved revenue of 10.094 billion yuan, a quarter-on-quarter increase of 7.2%, with expectations for continued recovery in 2H25 [2] International Expansion and Incentives - The company is expanding its international market presence, granting global development and commercialization rights for certain products, with transaction amounts reaching up to 670 million USD and 645 million USD [3] - An A-share stock option incentive plan was announced, targeting a total of 572.61 million shares, with performance goals set for net profit and innovative drug revenue from 2025 to 2027 [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with current A-share prices corresponding to P/E ratios of 21.9x and 18.3x, and H-share prices at 14.9x and 12.3x [4] - The A-share target price is maintained at 34.50 yuan, implying a 20.8% upside potential, while the H-share target price is raised by 36% to 25.30 HKD, indicating a 19.1% upside potential [4]

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a focus on innovation and operational efficiency despite challenges in the pharmaceutical market [4][5][6]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 19.51 billion, a decrease of 4.63% compared to the same period last year [4]. - Total profit for the period was approximately CNY 2.72 billion, reflecting a 40.77% increase year-on-year [4]. - Net profit attributable to shareholders was approximately CNY 1.70 billion, up 38.96% from the previous year [4]. - The net cash flow from operating activities increased by 11.90% to approximately CNY 2.13 billion [4]. Business Overview - The company operates in pharmaceuticals, medical devices, and healthcare services, with a focus on innovative drugs and high-value medical equipment [6][7]. - The pharmaceutical segment remains the core business, emphasizing the development of innovative drugs targeting various diseases [6][7]. - The company has established a comprehensive manufacturing system, with all domestic production lines certified by GMP [7]. Industry Context - The Chinese pharmaceutical industry is undergoing a transformation towards high-quality development, supported by government policies aimed at fostering innovation [6][10]. - The market for medical devices is expanding due to policies promoting equipment updates and compliance with international standards [10]. - The healthcare sector is experiencing growth driven by an aging population and increasing demand for chronic disease management [6][10]. Innovation and R&D - The company is committed to developing "Best-in-class" and "First-in-class" products, with several innovative drugs approved for the Chinese market [11][12]. - The introduction of CAR-T cell therapy and other advanced treatments highlights the company's focus on cutting-edge medical solutions [12]. - The company has also made strides in AI, being recognized for its PharmAID decision-making platform [13]. Market Position - Shanghai Fosun Pharmaceutical ranked 5th in the 2024 China Pharmaceutical Industry Top 100 list, indicating a strong market presence [13]. - The company is actively expanding its international footprint, particularly in emerging markets [8][9]. ESG and Compliance - The company has joined the Pharmaceutical Supply Chain Initiative (PSCI) to enhance supply chain responsibility and align with international standards [13]. - It has received an upgraded MSCI ESG rating of AA, reflecting its commitment to environmental, social, and governance practices [13].

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《2025 年半年度報告》，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 2025 年8 月2 6 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、文德鏞先生及王可心先生；本公司之非執 行董事為陳啟宇先生、潘東輝先生及吳以芳先生；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；以及本公司之職工董事為嚴佳女士。 * 僅供識別 ...

Core Viewpoint - Ant Group is expanding its boundaries beyond financial services into the healthcare sector, aiming to combat false medical advertisements and enhance public trust in medical services [2][4]. Group 1: Ant Group's Healthcare Strategy - Ant Group's new mission is to eliminate fake medical advertisements, addressing long-standing issues in the healthcare sector that particularly affect the elderly [2][4]. - The launch of the one-stop healthcare service platform and AI health assistant AQ marks a new phase in Ant Group's healthcare strategy, showcasing a technological upgrade and a response to social pain points [2][3]. - AQ's mission is to use AI technology to verify the authenticity of medical information, aligning with Ant Group's philosophy of making small but meaningful changes in the world [2][4]. Group 2: Technological Innovation and Data Utilization - The medical model behind AQ is trained on a vast amount of high-quality medical data, ranking first in several medical evaluations, indicating a strong technological foundation [3][5]. - AQ has accumulated over 100 million users, with more than 1 million daily consultations, demonstrating its growing impact in the healthcare space [5][6]. - Ant Group's collaboration with platforms like Good Doctor has resulted in a network of over 300,000 registered doctors, providing essential data and application scenarios for AQ [5][6]. Group 3: Addressing Healthcare Challenges - Despite initial successes, challenges remain in achieving universal healthcare, including the need to reduce the "illusion" of technology and improve user habits [7][8]. - Ant Group's long-term strategy involves continuous iteration of AQ to make healthcare services more accessible and personalized, while also addressing urban-rural disparities [7][8]. - The company plans to open-source parts of its model capabilities to promote the development of medical AGI, reflecting a commitment to collaborative growth in the healthcare sector [7][8]. Group 4: Broader Implications for Technology Companies - Ant Group's expansion into healthcare raises questions about the boundaries of technology companies and their role in addressing social issues [8][9]. - The company's approach is characterized by a problem-oriented focus, investing in areas with significant social pain points rather than purely commercial interests [8][9]. - The unique challenges of the healthcare sector necessitate a strong sense of responsibility and ethical considerations, which will be critical for Ant Group's success in this field [8][9].

Core Viewpoint - The exit of CPE as a major shareholder of Meili Tianyuan Medical Health Industry Co., Ltd. is expected to enhance the company's shareholder structure and market confidence, while introducing new long-term investors to support its strategic development [1][2]. Group 1: Shareholder Structure Changes - CPE has successfully completed the sale of 51.32 million shares, ceasing to be a major shareholder as of August 18 [1]. - The exit of CPE is anticipated to stabilize the shareholder structure and improve market liquidity by increasing the proportion of circulating shares [1]. - New significant shareholders, Defo Capital and Nairui Health Technology Co., Ltd., hold 9.71% and 7.21% of shares respectively, enhancing the company's governance [1][2]. Group 2: Strategic Implications of New Shareholders - Defo Capital brings long-term stable capital and industry expertise, supporting future mergers and strategic planning [2]. - Nairui's investment creates a synergistic model between industry and capital, complementing Meili Tianyuan's existing business and facilitating market expansion in the Greater Bay Area [2]. Group 3: Capital Market Value Enhancement Plan - The shareholder structure adjustment is a key part of the company's capital market value enhancement plan, which includes establishing a long-term shareholder return mechanism and optimizing capital structure [3]. - The company commits to distributing at least 50% of annual net profit to dividends over the next three fiscal years, barring special circumstances [3]. - The plan also involves continuous introduction of long-term strategic investors to build a healthier and more diverse shareholder ecosystem [3].

Group 1 - The company announced that its subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., received FDA approval to conduct Phase I clinical trials for HLX43, a PD-L1 targeted antibody-drug conjugate for thymic carcinoma treatment [1] - The company plans to conduct global multi-center clinical research in Australia, Japan, and the United States once conditions are met [1] Group 2 - The pharmaceutical business is the core of the company, focusing on three main areas: innovative drugs, mature products and manufacturing, and vaccines [2] - The innovative drug segment emphasizes oncology and immune-inflammatory treatments, enhancing core technology platforms like antibody/ADC and cell therapy [2] - The mature products and manufacturing segment aims for integrated development, focusing on high-margin products and increasing the proportion of complex generics and modified new drugs [2] - The vaccine business has established a self-developed system centered on bacterial and viral vaccine technology platforms, aiming to accelerate the launch of self-developed vaccine products [2] Group 3 - The company maintains healthy and high-quality development, ranking 4th in the "2023 China Pharmaceutical Industry Top 100 Enterprises" list [3] - It ranked 4th in the comprehensive R&D strength ranking and 3rd in the chemical drug R&D strength ranking in the "2024 China Drug R&D Strength Ranking" [3] - The company was included in the "Global TOP25 Pharmaceutical Companies by Pipeline Size" for the third consecutive year [3] - In 2024, the company's hospital prescription drug sales revenue ranked 12th nationwide according to IQVIA [3] - The company maintained an A rating in the MSCI ESG rating for 2024 and was recognized in various ESG-related rankings [3] Group 4 - For the fiscal year 2024, the company achieved a revenue of 41.067 billion yuan and a net profit of 2.77 billion yuan [4]

Core Insights - Waterdrop's business innovation case has been recognized by Harvard Business School, highlighting its AI-driven approach in the insurance and healthcare sectors [1][5] - The company has implemented a comprehensive "All in AI" strategy, significantly enhancing its operational efficiency and service delivery [2][4] Group 1: Recognition and Impact - Waterdrop's case study is included in Harvard Business School's case library, which represents the highest standard of international teaching cases [1] - The case explores how Waterdrop leverages AI technology for systematic innovation and strategic upgrades, contributing to a diversified health protection ecosystem [1][5] Group 2: Business Model and Technology Investment - Waterdrop invests nearly 300 million yuan annually in technology research and development, resulting in over 100 technology patents and a comprehensive application system covering all insurance scenarios [2] - The company operates multiple business lines, including Waterdrop Fundraising, Waterdrop Insurance, Yifan Medicine, Waterdrop Finance, and Luhong Wuyou, creating a multi-faceted service ecosystem [2] Group 3: AI Integration and Performance - In 2024, Waterdrop's net profit attributable to shareholders increased by nearly 120% due to the empowerment of AI large models [4] - The self-developed model "Waterdrop AI Insurance Expert" is applied across the entire insurance health service process, enhancing sales assistance and operational efficiency [4] Group 4: Customer Service Innovations - Waterdrop has launched "AI Customer Service" named "Bao Xiaohui," which can accurately identify user emotions and respond promptly, potentially reducing issue transfer rates by 50% [4] - The AI quality inspection solution has been implemented, covering various communication channels and significantly reducing the costs associated with manual quality checks [4]

Core Viewpoint - The company, Da Dongfang, reported an increase in revenue for 2024 but a significant decline in profit, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance - The company's operating revenue for 2024 was 3.643 billion yuan, a year-on-year increase of 3.08% [2]. - The net profit attributable to shareholders was 43.638 million yuan, representing a year-on-year decrease of 72.97% [2]. - The non-recurring net profit attributable to shareholders was -38.844 million yuan, a decline of 357.07% year-on-year [2]. - Basic earnings per share were 0.05 yuan [2]. Profitability Metrics - The gross profit margin for 2024 was 15.13%, down 1.55 percentage points from the previous year [2]. - The net profit margin was 1.89%, a decrease of 2.74 percentage points compared to the same period last year [2]. Expense Management - Total operating expenses for 2024 were 461 million yuan, a decrease of 23.631 million yuan from the previous year [2]. - The expense ratio was 12.65%, down 1.06 percentage points year-on-year [2]. - Sales expenses decreased by 11.13%, management expenses decreased by 4.64%, and R&D expenses decreased by 21.06%, while financial expenses increased by 12.05% [2]. Workforce Changes - The company had 2,425 employees in 2024, a reduction of 229 employees or 8.63% compared to the end of the previous year [2]. Executive Compensation - Total compensation for directors, supervisors, and senior management in 2024 amounted to 7.296 million yuan [3]. - The highest salary was received by the general manager, who earned 1.2293 million yuan, surpassing the chairman's salary of 722,100 yuan [3]. Company Overview - Da Dongfang, established on January 20, 1998, and listed on June 25, 2002, is based in Wuxi, Jiangsu Province, and operates in retail, food production, real estate development, and healthcare [4].