Core Viewpoint - Recently, the company announced that its subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd. (referred to as "Baiyunshan Biological"), received approval from the National Medical Products Administration for the drug registration certificate of the freeze-dried human rabies vaccine (Vero cells) [1] Group 1 - The company has successfully obtained a drug registration certificate for its rabies vaccine, indicating a significant milestone in its product development [1] - This approval may enhance the company's product portfolio and strengthen its position in the biopharmaceutical market [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for the registration of a freeze-dried human rabies vaccine (Vero cells), which will enhance its product portfolio and competitiveness in the vaccine market [1] Group 1 - The company, Guangzhou Baiyunshan Biological Products Co., Ltd., has obtained the drug registration certificate for the freeze-dried human rabies vaccine (Vero cells) [1] - The vaccine is intended for the prevention of rabies [1] - The approval will allow the company to enrich its product structure and improve its competitiveness in the vaccine market [1] Group 2 - Baiyunshan Biological will actively commence production of the freeze-dried human rabies vaccine in accordance with relevant requirements [1] - The product will be available for sale after obtaining the biological product batch release certificate from the National Medical Products Administration [1]

Core Viewpoint - Recently, the company announced that its subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd. (referred to as "Baiyunshan Biological"), received the drug registration certificate for the lyophilized human rabies vaccine (Vero cells) from the National Medical Products Administration, which will enhance the company's product portfolio and competitiveness in the vaccine market [1] Group 1 - The lyophilized human rabies vaccine (Vero cells) is intended for the prevention of rabies [1] - The approval of the drug registration certificate will allow Baiyunshan Biological to actively commence production of the vaccine [1] - The product will be available for sale after obtaining the biological product batch release certificate from the National Medical Products Administration [1]

Core Viewpoint - The company Baiyunshan (00874) has received approval from the National Medical Products Administration for the registration certificate of the lyophilized human rabies vaccine (Vero cells), which will enhance its product portfolio and competitiveness in the vaccine market [1] Group 1 - Baiyunshan's subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd. (referred to as "Baiyunshan Biological"), is the entity that received the vaccine registration certificate [1] - The lyophilized human rabies vaccine (Vero cells) is intended for the prevention of rabies [1] - The company plans to actively commence production of the vaccine in accordance with relevant requirements, and it will be available for sale after obtaining the biological product batch release certificate from the National Medical Products Administration [1]

Core Viewpoint - Baiyunshan (600332.SH) has received approval from the National Medical Products Administration for the registration of its freeze-dried human rabies vaccine (Vero cells), which is an effective method for preventing rabies [1] Company Summary - Baiyunshan's subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd., is the entity that received the drug registration certificate for the rabies vaccine [1] - The rabies vaccine is intended for the prevention of rabies, a serious infectious disease caused by the rabies virus, primarily transmitted through bites or scratches from infected animals such as dogs and cats [1] Industry Summary - The approval of the rabies vaccine aligns with the industry's focus on developing effective vaccines to control and prevent infectious diseases [1]

Core Viewpoint - Fosun Pharma (600196.SH; 02196.HK) reported a decline in revenue for the first three quarters of 2025, but a significant increase in net profit, driven by its innovative drug segment and plans for the spin-off of its subsidiary, Fosun Antigen, for listing in Hong Kong [1][2][3]. Financial Performance - For the first three quarters of 2025, Fosun Pharma achieved revenue of 29.39 billion yuan, a year-on-year decrease of 4.91% [1][2]. - The net profit attributable to shareholders was 2.52 billion yuan, reflecting a year-on-year increase of 25.5% [1][2]. - Innovative drug revenue exceeded 6.7 billion yuan, marking an 18.09% year-on-year growth [1]. - The net cash flow from operating activities was 3.38 billion yuan [1]. Quarterly Results - In Q3 2025, revenue was 9.88 billion yuan, down 5.46% year-on-year, while net profit was 821 million yuan, up 4.52% [4]. - The decrease in revenue was attributed to the impact of centralized drug procurement policies [4]. - The basic and diluted earnings per share for the first three quarters were 0.95 yuan, a 26.67% increase year-on-year [2]. Research and Development - Fosun Pharma's R&D investment for the first three quarters of 2025 totaled 3.998 billion yuan, a 2.12% increase year-on-year, with R&D expenses of 2.73 billion yuan [4]. - In Q3 2025, R&D expenses were 1.013 billion yuan, a significant increase of 28.81% year-on-year, focusing on high-value pipelines [4]. Spin-off Plans - The company announced plans to spin off its subsidiary, Fosun Antigen, which focuses on vaccine development, for a listing on the Hong Kong Stock Exchange [1][2][8]. - Fosun Pharma has a history of successfully spinning off subsidiaries for financing, including the 2019 IPO of its subsidiary, Fuhong Hanlin, which raised 3.13 billion HKD [8]. Debt and Asset Management - Fosun Pharma is actively managing its debt, with short-term borrowings reaching 17.862 billion yuan and a total interest-bearing debt of 36.994 billion yuan [10]. - The company has been disposing of non-core assets to optimize its asset structure and improve cash flow, including the planned sale of Shanghai Clone for up to 1.256 billion yuan [9].

Core Viewpoint - Fosun Pharma (600196)(02196) announced the board's decision to plan for the spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Fosun Antigen was established in July 2012 and is primarily focused on the research, production, and sales of human vaccines [1] - As of the announcement date, Shanghai Fosun Pharma Industry Development Co., Ltd. holds a 70.08% stake in Fosun Antigen, while 17 other shareholders own the remaining 29.92% [1] Group 2: 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 vaccines (Vero cell), lyophilized rabies vaccines (Vero cell), trivalent influenza virus split vaccine, and quadrivalent influenza virus split vaccine [1] - The 13-valent pneumococcal conjugate vaccine is currently in Phase III clinical trials, while the lyophilized 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 approval for clinical trials [1]

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]

Core Viewpoint - Fosun Pharma (02196.HK) announced the board's resolution to plan for the spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. on the Hong Kong Stock Exchange by October 28, 2025 [1] Group 1: Company Overview - Fosun Antigen was established in July 2012 and is primarily focused on the research, 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] Group 2: 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 vaccines (Vero cell), lyophilized rabies vaccines (Vero cell), trivalent influenza virus split vaccine, and quadrivalent influenza virus split vaccine [1] - The 13-valent pneumococcal conjugate vaccine is currently in Phase III clinical trials, while the lyophilized rabies vaccine (human diploid cells) and 24-valent pneumococcal polysaccharide conjugate vaccine are in Phase I clinical trials [1] - The 23-valent pneumococcal polysaccharide vaccine has received approval for clinical trials [1]

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]