以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 上海复星医药（集团）股份有限公司是一家主要从事医药产品研发、制造与销售的中国公司。该公司经 营五个分部。制药分部主要从事创新药、成熟医药产品制造和疫苗业务。医疗器械与医学诊断分部主要 从事分子诊断、免疫诊断、微生物诊断等医疗美容器械的制造和销售。医疗健康服务分部主要从事线上 线下一体化医疗服务平台的经营。医药分销和零售分部主要从事医药产品的批发零售。其他分部从事其 他医药相关业务。该公司的产品主要用于肿瘤、免疫、中枢神经等治疗领域。 证券之星消息，12月11日南向资金增持49.95万股复星医药（02196.HK）。近5个交易日中，获南向资金 增持的有3天，累计净增持143.7万股。近20个交易日中，获南向资金增持的有13天，累计净增持180.6万 股。截至目前，南向资金持有复星医药（02196.HK）3.16亿股，占公司已发行普通股的57.28%。 ...

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]