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].

1H25 业绩符合我们预期 公司公布1H25 业绩：收入195.14 亿元，同比下滑4.6%；归母净利润17.09 亿元，同比提升39.0%；扣非 归母净利润9.61 亿元，同比下滑23.4%，符合我们预期。 发展趋势 推出A 股股权激励（草案），展现中长期发展信心。2025 年8 月，公司发布2025 年A 股股票期权激励 计划（草案），合计授予给不超过201 人，合计上限为572.61 万股的A 股期权（股权占比0.21%），激 励目标为1）归母净利润（60%权重）2025-2027 年目标为33.2/39.6/47.7 亿元；2）创新药收入（40%权 重）2025-2027 年目标为93.6/112.3/134.8 亿元。 盈利预测与估值 维持2025/2026 年盈利预测不变。当前A 股股价对应2025/2026 年21.9倍/18.3 倍市盈率。当前H 股股价 对应2025/2026 年14.9 倍/12.3 倍市盈率。A 股维持跑赢行业评级和34.50 元目标价，对应26.4 倍2025 年 市盈率和22.1 倍2026 年市盈率，隐含20.8%上行空间。H 股维持跑赢行业评级，考虑板块估值中枢上 ...

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 ...

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.

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 ...