Core Viewpoint - Fosun International Limited maintains a robust fundamental performance in 2025, with strong growth in core sectors such as healthcare and insurance, driven by innovation and globalization [1][2] Financial Performance - Total revenue for the group reached RMB 173.43 billion, with adjusted operating profit of RMB 4 billion [1] - The four core subsidiaries generated revenue of RMB 128.2 billion, accounting for 74% of total revenue [1] - Fosun Pharma's net profit reached RMB 3.371 billion, a year-on-year increase of 21.69% [1] - The net profit of Fosun Portugal Insurance was EUR 201 million, up 15.8% year-on-year [1] Strategic Focus - The company is implementing a "streamlining and focusing on core business" strategy, resulting in a non-cash impairment charge of RMB 23.4 billion due to asset revaluation [1][2] - The impairment primarily affected real estate projects (55%) and non-core assets (45%) [1] Innovation and R&D - Fosun's R&D investment reached RMB 7.8 billion, with a focus on a three-pronged global innovation system [3] - Seven innovative drugs received approval for 16 indications, with six additional applications accepted [3][4] - Revenue from innovative drugs increased to RMB 9.893 billion, a growth of 29.59%, representing 33.16% of pharmaceutical business revenue [4] Globalization Efforts - Overseas revenue reached RMB 94.86 billion, accounting for 54.7% of total revenue, an increase of 5.4 percentage points year-on-year [6] - Fosun Pharma's core product, H drug, generated global sales of RMB 1.493 billion, a growth of 13.7% [6][7] - The company has established a global operational network covering multiple regions, enhancing its international business capabilities [7] Insurance Sector Performance - Fosun Portugal Insurance reported gross premium income of EUR 6.53 billion, with a net profit of EUR 201 million, reflecting a 15.8% increase [7][8] - The domestic insurance companies also showed significant growth, with Fosun Baodexin Life achieving a premium income of RMB 13.28 billion, up 41.6% [8] Commitment to ESG - Fosun is dedicated to sustainable development, with significant contributions to global health and rural revitalization initiatives [10] - The company received top ESG ratings, including MSCI ESG AAA rating and inclusion in various sustainability indices [10] Future Financial Goals - The company aims to restore a profit scale of RMB 10 billion and reduce total liabilities to below RMB 60 billion [11] - A plan to increase the dividend payout ratio from 20% to 35% for the fiscal year 2026 has been announced [11]

Core Insights - The company reported total revenue of RMB 173.43 billion and adjusted operating profit of RMB 4 billion for the fiscal year ending December 31, 2025 [1][2] - The overseas revenue reached RMB 94.86 billion, accounting for 54.7% of total revenue, an increase of 5.4 percentage points year-on-year [1][7] - The company aims to gradually restore profit levels to RMB 10 billion and reduce total liabilities to below RMB 60 billion [1][12] Financial Performance - The four core subsidiaries generated revenue of RMB 128.2 billion, representing 74% of total revenue [2] - The health sector subsidiary, Fosun Pharma, reported a net profit of RMB 3.371 billion, a year-on-year increase of 21.69% [2] - The insurance subsidiary, Fosun Portugal, achieved a net profit of EUR 201 million, up 15.8% year-on-year [2][8] Strategic Initiatives - The company is implementing a "streamlining and focusing on core business" strategy, resulting in a non-cash impairment charge of RMB 23.4 billion, primarily from real estate and non-core assets [2][3] - The company has invested RMB 7.8 billion in innovation, with seven innovative drugs approved for 16 indications domestically and internationally [4][5] Innovation and R&D - The company’s innovative drug revenue reached RMB 9.893 billion, a year-on-year increase of 29.59%, accounting for 33.16% of pharmaceutical business revenue [5] - The company has nearly 40 innovative drug clinical trials approved by regulatory agencies in China, the US, and Europe [5][6] Globalization Efforts - The company’s globalization strategy has evolved from "product export" to "system export," achieving significant breakthroughs in various dimensions [8] - The insurance segment has shown robust growth, with Fosun Portugal's gross premium income reaching EUR 6.53 billion, and net profit of EUR 201 million [8][9] ESG and Social Responsibility - The company has contributed to global malaria treatment, supplying over 440 million doses of its self-developed artemether injection [11] - The company received the highest MSCI ESG rating of AAA and was included in the S&P Global Sustainability Yearbook 2026 [11]

Core Viewpoint - The article discusses the strategic upgrade of Fosun Pharma's internationalization process from "product export" to "system export," highlighting the company's growth in revenue, profit, and innovation in drug development [1][6]. Financial Performance - Fosun Pharma reported a revenue of 41.662 billion yuan in 2025, a year-on-year increase of 1.45%, maintaining steady growth amid normalized centralized procurement [2]. - The net profit attributable to shareholders reached 3.371 billion yuan, reflecting a significant year-on-year growth of 21.69%, indicating improved profit quality due to business structure optimization [2]. - The cash flow from operating activities was 5.213 billion yuan, up 16.45% year-on-year, primarily driven by increased income from external licensing [2]. Revenue Composition - Revenue from innovative drugs reached 9.893 billion yuan, a substantial year-on-year increase of 29.59%, accounting for 33.16% of the pharmaceutical business revenue, up 6.77 percentage points year-on-year [2]. - Overseas revenue amounted to 12.977 billion yuan, growing by 14.87% year-on-year, and represented 31.15% of total operating revenue, an increase of 3.64 percentage points year-on-year [2]. R&D Investment and Achievements - Total R&D investment for 2025 was 5.913 billion yuan, a year-on-year increase of 6.46%, with innovative drug-related R&D investment at 4.303 billion yuan, up 15.98%, accounting for 72.77% of total R&D investment, an increase of 5.97 percentage points year-on-year [4]. - During the reporting period, 7 innovative drugs received approval for 16 indications domestically and internationally, with 6 innovative drug applications accepted and nearly 40 clinical trials approved by regulatory agencies in China, the U.S., and Europe [4]. Internationalization Strategy - In 2025, Fosun Pharma's internationalization progressed from "product export" to "system export," establishing a global operational network covering markets in China, the U.S., Europe, Africa, India, and Southeast Asia [7]. - The company has 17 production lines in China certified by major regulatory markets such as the U.S. and EU, and its subsidiary Gland Pharma is a leading manufacturer of injectables in India, with multiple production lines certified for global supply [7]. Licensing and Collaboration - Fosun Pharma enhanced its global resource integration capabilities, achieving 6 external licensing agreements during the reporting period, with total upfront payments exceeding 260 million USD and potential milestone payments exceeding 3.8 billion USD [8]. - The company licensed the oral GLP-1 drug YP05002 to Pfizer, receiving an upfront payment of 150 million USD and a total potential amount of 2.085 billion USD [8].

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 2026 年3 月2 4 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、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；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；以及本公司職工董事為嚴佳女士。 * 僅供識別 上海复星 ...

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 陳玉卿 中國，上海 2026 年3 月2 4 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、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；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；以及本公司職工董事為嚴佳女士。 * 僅供識別 上海 ...

Core Viewpoint - The company, Fuhong Hanlin, has demonstrated robust growth in revenue and profit for three consecutive years, showcasing its strong profitability and high-quality growth capabilities, with a significant increase in R&D investment to support innovation [2]. Financial Performance - In 2025, the company achieved a revenue of 6.6666 billion yuan, representing a year-on-year growth of 16.5%, and a net profit of 827 million yuan. The total R&D investment reached 2.4919 billion yuan, up 35.4% year-on-year, with R&D investment as a percentage of profit at 2.3425 billion yuan, reflecting a growth of 26.2% [1]. Product Performance - The global product revenue for Fuhong Hanlin reached 5.7746 billion yuan in 2025, marking a 17.0% increase year-on-year. The core products, H药 (Hanshuozhuang) and 汉曲优 (Hanquyou), saw significant overseas revenue growth, with overseas product revenue exceeding 200 million yuan, doubling year-on-year [3][4]. Product Approvals and Market Reach - The company has 10 products approved in over 60 countries and regions globally, with 7 approved in China and 4 in the US and EU, benefiting over 1 million patients [5]. Core Product Sales - The core product H药 (Hanshuozhuang) generated global sales of 1.4926 billion yuan, a year-on-year increase of 13.7%. It has received approvals for first-line treatment of extensive-stage small cell lung cancer in multiple regions [7]. - 汉曲优 (Hanquyou) achieved global sales of 2.9645 billion yuan, up 5.5% year-on-year, and has been approved in over 50 countries [8]. Strategic Collaborations - The company has expanded its international registration and commercial cooperation, partnering with leading firms like Abbott and Sandoz for various products. It has received approvals for 27 clinical trial applications and 28 registration applications across more than 60 countries [11]. Innovation and Development - Fuhong Hanlin is enhancing its innovation platform, developing a multi-dimensional technology platform that includes next-generation IO platforms and AI-driven early-stage drug development. Several new drug candidates have received clinical trial approvals [14]. Future Prospects - The company is accelerating the development of its broad-spectrum anti-tumor PD-L1 ADC HLX43, which has shown promising results in early human studies and is expected to advance in various solid tumors [12].

Core Viewpoint - The announcement by Fuhong Hanlin (02696) indicates that its drug, Fuzhuoning® (Acalabrutinib), has been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) under Category B, specifically for use in HR-positive, HER2-negative recurrent or metastatic breast cancer patients who have progressed after endocrine therapy [1] Group 1 - Fuzhuoning® is an innovative CDK4/6 small molecule inhibitor licensed by the company [1] - The drug was approved for marketing in China in May 2025, with its first indication being in combination with Fulvestrant for HR-positive, HER2-negative recurrent or metastatic breast cancer patients who have progressed after endocrine therapy [1] - In September 2025, Fuzhuoning® received an additional indication for use in HR-positive, HER2-negative locally advanced or metastatic breast cancer adult patients, in combination with aromatase inhibitors as initial endocrine therapy [1] Group 2 - The new National Medical Insurance Drug List will officially take effect on January 1, 2026 [1]

Core Viewpoint - The announcement by Fuhong Hanlin (02696) regarding the inclusion of Fuzhuoning (Apatinib) in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) is a significant development for the company and the treatment of specific breast cancer patients [1] Group 1 - Fuzhuoning has been included in the Class B category of the National Medical Insurance Drug List for 2025, specifically for use in HR-positive, HER2-negative recurrent or metastatic breast cancer patients who have progressed after endocrine therapy [1] - The new National Medical Insurance Drug List will be officially implemented on January 1, 2026 [1] - Fuzhuoning is an innovative CDK4/6 small molecule inhibitor that was approved for marketing in China in May 2025 [1] Group 2 - The initial approved indication for Fuzhuoning is in combination with Fulvestrant for HR-positive, HER2-negative recurrent or metastatic breast cancer patients who have previously received endocrine therapy [1] - In September 2025, Fuzhuoning received an additional indication for use in HR-positive, HER2-negative locally advanced or metastatic breast cancer adult patients, in combination with aromatase inhibitors as initial endocrine therapy [1]

Core Viewpoint - The inclusion of Fuhong Hanlin's drug, Fuzhuoning (Acalabrutinib), in the National Medical Insurance Drug List for 2025 signifies recognition of its clinical value and benefits for patients, enhancing accessibility for HR-positive, HER2-negative breast cancer patients and facilitating market promotion and sales strategies [1][2]. Group 1 - Fuzhuoning has been included in the National Medical Insurance Drug List under Category B, effective January 1, 2026, for use in combination with Fulvestrant for adult patients with HR-positive, HER2-negative recurrent or metastatic breast cancer who have progressed after endocrine therapy [1] - The drug was approved for marketing in China in May 2025, initially for the same indication, and received an additional indication in September 2025 for use in combination with aromatase inhibitors as initial endocrine therapy for adult patients with HR-positive, HER2-negative locally advanced or metastatic breast cancer [1] Group 2 - The recognition by the National Medical Security Administration reflects the drug's clinical value, patient benefits, and innovation level, which will improve accessibility for patients and support the drug's market promotion and sales layout [2]

Core Insights - China National Pharmaceutical Group (Sinopharm) has renewed its distribution partnership with Fuhong Hanlin, which will last from January 1, 2026, to December 31, 2028, focusing on the commercialization of innovative biopharmaceutical products [1][10]. Group 1: Partnership with Fuhong Hanlin - Fuhong Hanlin, a biopharmaceutical company, has a strong product matrix and approximately 50 molecules in development, ensuring a stable supply of new products for Sinopharm [3][5]. - The sales cap for the renewed partnership is set at 12.224 billion RMB over three years, with expected sales growth driven by new product launches and existing product demand [5][17]. - Specific sales growth expectations include a 0.8% increase in 2027 and a 14.2% increase in 2028, attributed to new indications and innovative products [5][17]. Group 2: Strategic Collaborations - Sinopharm is accelerating collaborations with upstream industrial partners, including a recent strategic partnership with Pierre Fabre, a French pharmaceutical company [5][19]. - The company is also engaging with other multinational pharmaceutical giants like AstraZeneca and Bristol-Myers Squibb to explore strategic synergies and innovative business models [19][20]. - Domestic collaborations are also progressing, with Sinopharm partnering with Tianjin Pharmaceutical Group to enhance channel integration and product offerings [21][22]. Group 3: Retail and Operational Performance - Sinopharm's retail arm, Guoda Pharmacy, is transforming its procurement system and has seen a 11.3% year-on-year sales growth in core products from industrial partners in the first half of 2025 [23]. - The company reported a revenue of 431.5 billion RMB in the first three quarters of 2025, with a reduced year-on-year decline of 2.47% [23]. - Recent leadership changes, including the resignation of Chairman Zhao Bingxiang, signal a potential shift in strategic direction for Sinopharm [24].