复星医药（600196）(02196)发布公告，2026年1月22日，董事会考虑及批准有关建议分拆复星安特金并 于联交所上市的议案。拟于联交所主板上市的股份(H股)，面值为人民币1.00元/股。复星安特金本次发 行的初始规模为不超过紧随发行后经扩大总股本的25% (超额配售权行使前)。此外，拟授予全球协调人 或簿记管理人不超过上述初始发行规模15%的超额配售权。本次发行拟于全球范围进行，发行对象包括 中国境外(为建议分拆上市方案的目的包括中国香港、中国澳门特别行政区、中国台湾省以及外国)机构 投资者、企业和自然人、合资格境内机构投资者及其他符合监管规定的投资者。 集团是一家创新驱动的全球化医药健康产业集团，直接运营的业务包括制药、医疗器械与医学诊断、医 疗健康服务，并通过联营公司国药控股股份有限公司(联交所上市，股份代号：01099)覆盖到医药商业 领域。复星安特金为集团疫苗业务平台企业。目前，复星安特金集团主要围绕减毒/灭活技术、多糖/结 合技术、重组蛋白技术平台从事疫苗的研发、生产与销售，与集团(不包括复星安特金集团)的主营业务 相互独立。建议分拆上市预计不会对集团其他业务板块的持续经营产生影响。 建议分 ...

建议分拆上市完成后，预计复星安特金仍为公司的附属公司，复星安特金集团的财务状况和盈利能力仍 将反映在集团合并财务报表数据中。于建议分拆上市完成后，短期内公司按权益享有/承担的复星安特 金的净利润(亏损)存在减少的可能，但从中长期来看，预计复星安特金的融资能力将得到加强，经营规 模、生产及研发能力将快速提升，企业综合竞争力、品牌知名度和市场影响力持续增强，进而有助于提 升集团未来的整体盈利水平及促进长期价值提升。建议分拆上市不涉及公司发行新股份，不会影响公司 股权结构。 智通财经APP讯，复星医药(02196)发布公告，2026年1月22日，董事会考虑及批准有关建议分拆复星安 特金并于联交所上市的议案。拟于联交所主板上市的股份(H股)，面值为人民币1.00元/股。复星安特金 本次发行的初始规模为不超过紧随发行后经扩大总股本的25% (超额配售权行使前)。此外，拟授予全球 协调人或簿记管理人不超过上述初始发行规模15%的超额配售权。本次发行拟于全球范围进行，发行对 象包括中国境外(为建议分拆上市方案的目的包括中国香港、中国澳门特别行政区、中国台湾省以及外 国)机构投资者、企业和自然人、合资格境内机构投资者及其他符 ...

建议分拆上市完成后，预计复星安特金仍为公司附属公司，复星安特金集团的财务状况和盈利能力仍将 反映在集团合并财务报表数据中。于建议分拆上市完成后，短期内公司按权益享有/承担的复星安特金 的净利润(亏损)存在减少的可能，但从中长期来看，预计复星安特金的融资能力将得到加强，经营规 模、生产及研发能力将快速提升，企业综合竞争力、品牌知名度和市场影响力持续增强，进而有助于提 升集团未来的整体盈利水平及促进长期价值提升。 格隆汇1月22日丨复星医药(02196.HK)公告，内容有关建议筹划公司附属公司复星安特金(成都)生物制 药股份有限公司(原为复星安特金(成都)生物制药有限公司，"复星安特金"，连同其附属公司统称"复星 安特金集团")于香港联合交易所有限公司分拆上市。2026年1月22日，董事会考虑及批准(其中包括)有关 建议分拆复星安特金并于联交所上市的议案。 集团是一家创新驱动的全球化医药健康产业集团，直接运营的业务包括制药、医疗器械与医学诊断、医 疗健康服务，并通过联营公司国药控股股份有限公司(联交所上市，股份代号：01099)覆盖到医药商业 领域。复星安特金为集团疫苗业务平台企业。目前，复星安特金集团主要围绕减 ...

Core Viewpoint - Fosun Pharma (600196) has a diversified business layout covering pharmaceuticals, medical devices and diagnostics, and healthcare services, with a strong competitive position in domestic and international markets [1] Group 1: Business Segments - The company's business segments include pharmaceuticals, medical devices and diagnostics, and healthcare services [1] - Key markets for the company's products include China, the United States, Europe, and emerging markets [1] Group 2: Market Position - Due to the broad business scope and diverse product structure, it is challenging to summarize the overall market share with a single metric [1] - The company maintains a solid competitive position among domestic peers based on product penetration in key therapeutic areas and a growing share of overseas revenue [1] - The company is continuously enhancing its influence in international markets and expanding its layout [1]

Core Viewpoint - Southbound funds have increased their holdings in Fosun Pharma (02196.HK) by 499,500 shares on December 11, with a total net increase of 1,437,000 shares over the last five trading days and 1,806,000 shares over the last twenty trading days [1] Company Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is primarily engaged in the research, manufacturing, and sales of pharmaceutical products [1] - The company operates through five segments: - Pharmaceutical segment focuses on innovative drugs, mature pharmaceutical products, and vaccine business - Medical devices and diagnostics segment involves the manufacturing and sales of molecular diagnostics, immunodiagnostics, and microbiological diagnostic medical beauty devices - Healthcare services segment operates an integrated online and offline medical service platform - Pharmaceutical distribution and retail segment is involved in the wholesale and retail of pharmaceutical products - Other segments engage in various pharmaceutical-related businesses [1] Shareholding Structure - As of now, southbound funds hold 316 million shares of Fosun Pharma, accounting for 57.28% of the company's total issued ordinary shares [1]

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 ...

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.