点击蓝字关注我们 长江商报记者 黄聪 复星医药（600196.SH、02196.HK）业绩波动下，或将迎来第四家分拆上市公司。 10月28日晚间，复星医药公告显示，公司拟筹划分拆控股子公司复星安特金于香港联交所上市。 数据显示，近一年半来，复星安特金净利润累计亏损1.82亿元。同时，公司资产负债率从2024年底的33.87%，升高至2025年上半年底的43.72%，半年时间 提高了约10个百分点。 2025年前三季度，复星医药延续了增利不增收的局面，实现营业收入293.93亿元，同比下降4.91%；净利润25.23亿元，同比增长25.50%。 而且，截至2025年三季度底，复星医药货币资金达114.78亿元，交易性金融资产达20.28亿元；短期借款达164.47亿元，长期借款达94.31亿元。公司现金流 较为紧张。 不过，10月28日晚间，复星医药公告显示，公司控股子公司复星医药产业拟作为LP与其他11方投资人共同出资设立目标基金。目标基金计划募集资金人 民币10亿元，其中：复星医药产业拟现金出资人民币1亿元认缴目标基金中的等值财产份额。 公告显示，复星医药上述私募股权投资基金合伙人包括华润医药科技等华润方投 ...

长江商报消息●长江商报记者 黄聪 复星医药（600196.SH、02196.HK）业绩波动下，或将迎来第四家分拆上市公司。 10月28日晚间，复星医药公告显示，公司拟筹划分拆控股子公司复星安特金于香港联交所上市。 数据显示，近一年半来，复星安特金净利润累计亏损1.82亿元。同时，公司资产负债率从2024年底的 33.87%，升高至2025年上半年底的43.72%，半年时间提高了约10个百分点。 2025年前三季度，复星医药延续了增利不增收的局面，实现营业收入293.93亿元，同比下降4.91%；净 利润25.23亿元，同比增长25.50%。 而且，截至2025年三季度底，复星医药货币资金达114.78亿元，交易性金融资产达20.28亿元；短期借款 达164.47亿元，长期借款达94.31亿元。公司现金流较为紧张。 不过，10月28日晚间，复星医药公告显示，公司控股子公司复星医药产业拟作为LP与其他11方投资人 共同出资设立目标基金。目标基金计划募集资金人民币10亿元，其中：复星医药产业拟现金出资人民币 1亿元认缴目标基金中的等值财产份额。 公告显示，复星医药上述私募股权投资基金合伙人包括华润医药科技等华润方投 ...

新京报讯（记者王卡拉）今年以来，国内生物医药企业赴港上市持续火热。10月28日晚间，复星医药发 布公告，拟筹划分拆集团疫苗业务平台企业复星安特金（成都）生物制药有限公司（以下简称"复星安 特金"）在香港联交所上市。复星医药表示，分拆上市预计不会影响复星医药对复星安特金的控制权。 香港汇聚了多元化国际投资者，港股公司将更容易得到国际投资机构的研究覆盖，有更多机会接触到未 覆盖A股的海外投资者。今年以来，恒瑞医药、百利天恒、迈威生物等多家A股上市医药企业迈出 了"A+H"的步伐，掀起了一波热潮；也有诸如复星医药、东诚药业等上市企业拟分拆子公司赴港上市。 中金研报指出，对港合作5项措施鼓励龙头企业赴港上市；港股流动性和情绪都明显改善，港股独有的 行业优势在结构性行情下凸显。除了宏观政策支持与港股市场表现等自上而下因素外，更多公司选择赴 港上市也有一些自身需要的考量，如出于扩展海外业务需要，提升海外投资者占比等。港股在互联网、 新消费和创新药等板块特有的行业结构占比远高于A股，恰恰符合当下宏观环境下的结构性行情主线， 再加上恒瑞医药等公司港股上市的成功案例，也带来了明显的示范和集聚效应。 校对 穆祥桐 目前安特金处于 ...

Core Viewpoint - The company Fosun Pharma plans to spin off its subsidiary Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. for a listing on the Hong Kong Stock Exchange to enhance governance and sustainable development, thereby maximizing shareholder value [1][2]. Group 1: Company Overview - Fosun Antigen was established in July 2012 and focuses on the research, production, and sales of human vaccines, having developed platforms for both bacterial and viral vaccines [1]. - As of the announcement date, Fosun Pharma's subsidiary Shanghai Fosun Pharma Industry Development Co., Ltd. holds approximately 70.08% of Fosun Antigen, while 17 other shareholders collectively own about 29.92% [2]. Group 2: Financial Performance - Fosun Antigen reported revenues of 97.42 million yuan and a net loss of 123 million yuan for 2024. For the first half of 2025, it achieved revenues of 153 million yuan with a net loss of 58.45 million yuan [2]. - Fosun Pharma's Q3 2025 report indicated total revenues of 29.393 billion yuan, a year-on-year decrease of 4.91%, while net profit attributable to shareholders was 2.523 billion yuan, reflecting a year-on-year increase of 25.5% [2]. Group 3: Market Context - The trend of A-share pharmaceutical companies planning to list in Hong Kong is gaining momentum, driven by favorable policies, market recovery, and the international platform advantages of the Hong Kong Stock Exchange [3].

在A股上市药企赴港上市的热潮中，也有部分上市药企筹划分拆子公司至香港联交所上市。 10月28日晚间，复星医药（600196）发布公告称，为更好地促进集团旗下具备一定细分行业平台能力的控股子公司企业管 治水平持续提升和稳健可持续发展，从而实现股东价值最大化，公司拟筹划分拆控股子公司复星安特金（成都）生物制药 有限公司（系集团疫苗业务平台企业，以下简称"复星安特金"）于香港联交所上市。 资料显示，复星安特金成立于2012年7月，专注于人用疫苗的研发、生产及销售，已搭建细菌性疫苗和病毒性疫苗的技术平 台。截至公告日期，其自主研发的人用狂犬病疫苗（Vero细胞）、冻干人用狂犬病疫苗（Vero细胞）、三价流感病毒裂解 疫苗、四价流感病毒裂解疫苗等产品已分别于中国境内获批上市；其自主研发的13价肺炎球菌结合疫苗于中国境内处于III 期临床试验阶段、冻干人用狂犬病疫苗（人二倍体细胞）及24价肺炎球菌多糖结合疫苗于中国境内处于I期临床试验阶段、 23价肺炎球菌多糖疫苗亦已于中国境内获临床试验批准。 截至公告披露日，复星医药控股子公司上海复星医药产业发展有限公司持有复星安特金约70.08%的股权，其他17方股东合 计持有其约2 ...

复星医药（600196）(02196)发布公告，2025年10月28日，公司董事会决议批准建议筹划公司附属公司 复星安特金(成都)生物制药有限公司(复星安特金)于香港联合交易所有限公司的分拆上市。 复星安特金成立于2012年7月。截至本公告日期，公司附属公司上海复星医药产业发展有限公司持有复 星安特金70.08%的股权，其他17方股东持有其剩余29.92%的股权。复星安特金及其附属公司专注于人 用疫苗的研发、生产及销售，已搭建细菌性疫苗和病毒性疫苗的技术平台。截至本公告日期，于中国内 地，其自主研发的人用狂犬病疫苗(Vero细胞)、冻干人用狂犬病疫苗(Vero细胞)、三价流感病毒裂解疫 苗及四价流感病毒裂解疫苗等产品已获批上市，其自主研发的13价肺炎球菌结合疫苗处于III期临床试验 阶段、其自主研发的冻干人用狂犬病疫苗(人二倍体细胞)及24价肺炎球菌多糖结合疫苗均处于I期临床试 验阶段、其自主研发的23价肺炎球菌多糖疫苗已获临床试验批准。 ...

Core Viewpoint - Fosun Pharma (02196) announced the board's decision to propose a spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd., on the Hong Kong Stock Exchange by October 28, 2025 [1] Company Overview - Fosun Antigen was established in July 2012 and is primarily focused on the research, development, production, and sales of human vaccines [1] - As of the announcement date, Shanghai Fosun Pharma Industrial Development Co., Ltd. holds a 70.08% stake in Fosun Antigen, while 17 other shareholders own the remaining 29.92% [1] Product Development - Fosun Antigen has developed a technical platform for both bacterial and viral vaccines [1] - The company has received approval for several self-developed human vaccines in mainland China, including: - Rabies vaccine (Vero cells) - Freeze-dried rabies vaccine (Vero cells) - Trivalent influenza virus split vaccine - Quadrivalent influenza virus split vaccine [1] - The 13-valent pneumococcal conjugate vaccine is currently in Phase III clinical trials [1] - The freeze-dried human rabies vaccine (human diploid cells) and 24-valent pneumococcal polysaccharide vaccine are in Phase I clinical trials [1] - The 23-valent pneumococcal polysaccharide vaccine has received clinical trial approval [1]

复星安特金成立于2012年7月。截至本公告日期，公司附属公司上海复星医药产业发展有限公司持有复 星安特金70.08%的股权，其他17方股东持有其剩余29.92%的股权。复星安特金及其附属公司专注于人 用疫苗的研发、生产及销售，已搭建细菌性疫苗和病毒性疫苗的技术平台。 截至本公告日期，于中国境内(就本公告而言，不包括香港特别行政区、澳门特别行政区及台湾地区)， 其自主研发的人用狂犬病疫苗(Vero细胞)、冻干人用狂犬病疫苗(Vero细胞)、三价流感病毒裂解疫苗及 四价流感病毒裂解疫苗等产品已获批上市，其自主研发的13价肺炎球菌结合疫苗处于III期临床试验阶 段、其自主研发的冻干人用狂犬病疫苗(人二倍体细胞)及24价肺炎球菌多糖结合疫苗均处于I期临床试验 阶段、其自主研发的23价肺炎球菌多糖疫苗已获临床试验批准。 格隆汇10月28日丨复星医药(02196.HK)公告，2025年10月28日，公司董事会决议批准建议筹划公司附属 公司复星安特金(成都)生物制药有限公司("复星安特金")于香港联合交易所有限公司的分拆上市。 ...

Core Viewpoint - Fosun Pharma plans to spin off its subsidiary Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. for a listing on the Hong Kong Stock Exchange to enhance corporate governance and sustainable development, aiming to maximize shareholder value [1] Group 1: Spin-off Details - The proposed spin-off is expected to broaden financing channels and enhance market competitiveness for Fosun Antigen [1] - The spin-off will not affect the company's control over Fosun Antigen or its other business operations and profitability [1] - Fosun Antigen was established in July 2012 with a registered capital of approximately 83.13 million yuan, and Fosun Pharma holds about 70.08% of its shares [1] Group 2: Product Development - Fosun Antigen focuses on the research, production, and sales of human vaccines, having established technical platforms for bacterial and viral vaccines [2] - The company has developed several vaccines that have been approved for sale in China, including rabies vaccines and various influenza vaccines [2] - Additionally, a 13-valent pneumococcal conjugate vaccine is in Phase III clinical trials, while other vaccines are in earlier clinical trial phases [2]

Core Viewpoint - 康泰生物 is accelerating its transformation into a global innovative biopharmaceutical company, supported by strong financial performance and significant advancements in vaccine development [1][2][3] Financial Performance - In the first three quarters of 2025, 康泰生物 achieved operating revenue of 2.063 billion yuan, a year-on-year increase of 2.24% [1] - The net cash flow from operating activities reached 362 million yuan, representing a year-on-year growth of 53.45% [1][2] - Cumulatively, the net cash flow from operating activities over the three years from 2022 to 2024 is approximately 2.2 billion yuan, indicating a solid financial foundation for sustainable development [2] Research and Development - The company invested 420 million yuan in R&D during the first three quarters, a year-on-year increase of 34.74%, accounting for 20.36% of the operating revenue [1] - Significant progress has been made in multiple research projects, maintaining a leading position in the multi-valent vaccine technology field [1] - The Sabin strain inactivated polio vaccine received its drug registration certificate, marking a key milestone in the development of a five-valent vaccine [1] Internationalization Strategy - 康泰生物 reported overseas revenue of 41.9 million yuan, a year-on-year increase of 324.27% [2] - The company achieved local production approval for its "dual carrier" 13-valent pneumonia vaccine in Indonesia, marking its first overseas technology transfer project [2] - The company has expanded its international presence to over 20 countries, with ongoing collaborations in densely populated regions [2] Market Position and Future Outlook - 康泰生物 is recognized as one of the largest and strongest vaccine companies in China, with a leading R&D capability [3] - The company has 12 products that are either approved or in emergency use, with 8 new products approved in the last five years [3] - The company aims to enhance its commercialization capabilities through deepening overseas collaborations and technology transfers, moving towards its vision of becoming a global innovative biopharmaceutical enterprise [3]