作者 胡群 技术是蚂蚁拓展边界的核心驱动力。AQ背后的医疗大模型基于万亿级高质量医学数据训练，在多项医 疗评测中排名第一。蚂蚁医疗健康CTO顾进杰指出，AGI（通用人工智能）正在重塑医疗技术的底层逻 辑，从"获取信息"转向"像医生一样解决问题"。这一变革不仅是商业模式的升级，更是对医疗资源分配 不均问题的技术回应。 从支付到医疗 蚂蚁集团的业务拓展经历了多个重要阶段，每个阶段都体现了其在技术创新与社会价值上的持续探索。 支付宝的诞生，解决了线上支付的信任问题，为数字经济的普及奠定了基础；芝麻信用的推出，让"信 用等于财富"成为可能，推动了社会信用体系的建设。 张俊杰表示，蚂蚁数字医疗健康的布局从2014年第一家医院的手机挂号缴费开始，逐步覆盖全国5000多 家公立医院。截至目前，在支付宝上已有8亿多用户激活了医保码，其中有1.2亿用户激活了家人的亲情 账号，极大提升了医疗资源的可及性与家庭共享的便捷性；而AQ的上线，则标志着蚂蚁从工具提供者 升级为问题解决者，进一步拓展了其在医疗健康领域的深度与广度。 技术积累是边界拓展的基石。这些阶段的演进，不仅展现了蚂蚁集团在技术与商业模式上的创新能力， 也反映了其致力于 ...

根据港交所披露，美丽田园上半年引入的两大重要资本已正式成为公司股东：截至8月18日，德福资本 和相关方持股比例为9.71%，奈瑞儿健康科技有限公司（以下简称"奈瑞儿"）持股比例为7.21%。同 时，本次引入的两大重要资本分别向集团委派了具有深厚专业背景的董事，为公司战略发展提供双重赋 能。 8月18日，美丽田园医疗健康产业有限公司（以下简称"美丽田园"）宣布，已接获中信产业投资基金管 理有限公司（以下简称"CPE"）通知，截至8月18日，CPE已顺利完成5132.9万股公司股份的出售交割。 截至目前，CPE已不再作为公司主要股东。 美丽田园方面表示，本次CPE退出对公司股东结构调整释放多重积极效应：一是私募基金股东平稳退 出，股权结构稳定性显著增强；二是引入背景多元的优质长期投资者，进一步完善公司治理体系，有效 提振资本市场对公司长期价值的信心；三是通过股权结构优化提升流通股比例，增强市场流动性。 一是确立长期股东回报机制，承诺未来3个完整财年期间除特殊情况外，拟将年度归母净利润不低于 50%用于分红；二是持续引入长期战略投资者，构建更为健康多元的股东生态体系；三是继续利用股权 激励计划，建立管理层与股东价值 ...

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].

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]

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 ...