复妥宁®系公司许可引进的创新型CDK4/6小分子抑制剂。2025年5月，于中国境内获批上市，首次获批 适应症为联合氟维司群用于既往接受内分泌治疗后出现疾病进展的激素受体(HR)阳性、人表皮生长因 子受体2(HER2)阴性的复发或转移性成年乳腺癌患者;2025年9月，复妥宁®于中国境内新增获批一项适 应症，用于激素受体(HR)阳性、人表皮生长因子受体2(HER2)阴性局部晚期或转移性乳腺癌成人患者： 与芳香化酶抑制剂联合使用作为初始内分泌治疗。 复宏汉霖(02696)发布公告，近日，复妥宁®(枸橼酸伏维西利胶囊)获纳入《国家基本医疗保险、生育保 险和工伤保险药品目录(2025年 )》乙类范围，获纳入的适应症为联合氟维司群用于既往接受内分泌治疗 后出现疾病进展的激素受体(HR)阳性、人表皮生长因子受体2(HER2)阴性的复发或转移性成年乳腺癌患 者。新版国家医保药品目录将于2026年1月1日起正式实施。 ...

复宏汉霖(02696)发布公告，近日，复妥宁(枸橼酸伏维西利胶囊)获纳入《国家基本医疗保险、生育保险 和工伤保险药品目录(2025年)》乙类范围，获纳入的适应症为联合氟维司群用于既往接受内分泌治疗后 出现疾病进展的激素受体(HR)阳性、人表皮生长因子受体2(HER2)阴性的复发或转移性成年乳腺癌患 者。新版国家医保药品目录将于2026年1月1日起正式实施。 复妥宁系公司许可引进的创新型CDK4/6小分子抑制剂。2025年5月，于中国境内获批上市，首次获批适 应症为联合氟维司群用于既往接受内分泌治疗后出现疾病进展的激素受体(HR)阳性、人表皮生长因子 受体2(HER2)阴性的复发或转移性成年乳腺癌患者;2025年9月，复妥宁于中国境内新增获批一项适应 症，用于激素受体(HR)阳性、人表皮生长因子受体2(HER2)阴性局部晚期或转移性乳腺癌成人患者：与 芳香化酶抑制剂联合使用作为初始内分泌治疗。 ...

本次复妥宁获纳入国家医保目录，体现了国家医疗保障局对其临床价值、患者获益、创新程度等方面的 认可，提升了HR阳性、HER2阴性乳腺癌患者可及性，亦有利于复妥宁的市场推广和销售布局。 复妥宁系公司许可引进的创新型CDK4/6小分子抑制剂。2025年5月，于中国境内获批上市，首次获批适 应症为联合氟维司群用于既往接受内分泌治疗后出现疾病进展的激素受体(HR)阳性、人表皮生长因子 受体2(HER2)阴性的复发或转移性成年乳腺癌患者；2025年9月，复妥宁®于中国境内新增获批一项适应 症，用于激素受体(HR)阳性、人表皮生长因子受体2(HER2)阴性局部晚期或转移性乳腺癌成人患者：与 芳香化酶抑制剂联合使用作为初始内分泌治疗。 格隆汇12月7日丨复宏汉霖(02696.HK)公告，近日，复妥宁(枸橼酸伏维西利胶囊)获纳入《国家基本医 疗保险、生育保险和工伤保险药品目录(2025年)》("国家医保药品目录")乙类范围，获纳入的适应症为 联合氟维司群用于既往接受内分泌治疗后出现疾病进展的激素受体(HR)阳性、人表皮生长因子受体 2(HER2)阴性的复发或转移性成年乳腺癌患者。新版国家医保药品目录将于2026年1月1日起正式 ...

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].

● 本报记者 李梦扬 11月20日，复星医药举行第三季度业绩说明会。复星医药执行董事、董事长陈玉卿在此次业绩说明会上 表示，公司整体创新能力稳步提升，2025年前三季度创新药品收入超67亿元，同比增长18.09%。公司 设定了2025年至2027年创新药品收入年复合增长率20%的目标。未来公司将通过加大研发投入、加速关 键项目临床与商业化进程、强化全球化运营，全力推动创新药业务稳健增长。 根据复星医药日前公布的2025年三季报，前三季度，复星医药实现营业收入293.93亿元；归母净利润 25.23亿元，同比增长25.5%。 创新药方面，"今年前三季度公司创新药品收入超67亿元，同比增长18.09%。主要受益于自研和引进创 新药管线的加速商业化、海外市场拓展以及新增高价值管线在国内外获批上市带来的收入增长。"陈玉 卿在回答中国证券报记者提问时表示。 据了解，2025年第三季度，复星医药自研的多款创新药品在主流市场取得关键进展，其中，拥有自主知 识产权的创新型小分子CDK4/6抑制剂复妥宁（枸橼酸伏维西利胶囊）于中国境内新增获批1项适应症， 用于激素受体（HR）阳性、人表皮生长因子受体2（HER2）阴性局部晚期或 ...

Core Insights - The company has demonstrated steady improvement in its innovation capabilities, with innovative drug revenue exceeding 6.7 billion yuan in the first three quarters of 2025, representing an 18.09% year-on-year growth [1][2] - The company aims for a compound annual growth rate of 20% in innovative drug revenue from 2025 to 2027, driven by ongoing commercialization of existing products, new product approvals, and contributions from overseas markets [3] Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 29.393 billion yuan and a net profit attributable to shareholders of 2.523 billion yuan, reflecting a year-on-year increase of 25.5% [2] - The company's R&D investment reached 3.998 billion yuan in the first three quarters of 2025, marking a 2.12% increase, with Q3 R&D expenses amounting to 1.013 billion yuan, up 28.81% [4] Innovation and Product Development - The company has made significant progress with several self-developed innovative drugs, including a new indication approval for its CDK4/6 inhibitor in China for breast cancer treatment [2] - The second CAR-T product from the company has had its registration application accepted by the National Medical Products Administration for treating relapsed or refractory acute lymphoblastic leukemia [2] AI Strategy - The company is advancing its AI strategy, integrating AI into various stages of drug development to enhance efficiency and reduce early-stage R&D cycles [4][5] - The PharmAID decision-making platform has been launched to support commercial value assessment and pipeline selection, significantly improving R&D decision-making and execution efficiency [4][5] Global Operations - The company views its international strategy as a key growth driver, focusing on enhancing global R&D, production, registration, and commercialization capabilities [7] - In the U.S. market, the company has established a mature self-operated generic drug team and has launched 34 products as of June 30, 2025 [7] - The company has built a marketing network covering over 40 countries in Africa and is progressing with local drug manufacturing projects [7] Shareholder Engagement - The company has completed its A-share and H-share repurchase plans and has introduced stock option incentive plans to enhance long-term incentive mechanisms [8] - Since the beginning of 2025, the company has repurchased 14.23 million A-shares and 3.41 million H-shares, totaling approximately 348 million yuan and 47.84 million HKD, respectively [8]

Core Viewpoint - Fosun Pharma reported strong financial performance for the first three quarters of 2025, with a revenue of 29.393 billion yuan and a net profit of 2.523 billion yuan, reflecting a year-on-year growth of 25.5% [1] Financial Performance - Revenue for the first three quarters reached 29.393 billion yuan, with a net profit of 2.523 billion yuan, marking a 25.5% increase year-on-year [1] - Innovative drug revenue exceeded 6.7 billion yuan, showing an 18.09% year-on-year growth, indicating an ongoing optimization of the revenue structure [1] Research and Development - R&D investment totaled 3.998 billion yuan for the first three quarters, a 2.12% increase year-on-year, with R&D expenses amounting to 2.730 billion yuan [1] - In Q3, R&D expenses were 1.013 billion yuan, up 28.81% year-on-year, primarily focused on innovative platforms including nuclear medicine and cell therapy [1] Product Development - The innovative small molecule CDK4/6 inhibitor, Fuzhengning, received approval for a new indication in China for breast cancer treatment, enhancing treatment options for patients [1] - The PD-1 inhibitor, Hanshuanzhuang, is progressing in clinical trials, with a Phase III study for gastric cancer achieving its primary endpoint, supporting early market application [2] - The HLX43 drug for thymic epithelial tumors received orphan drug designation from the FDA, facilitating its development and commercialization in the U.S. [2] Strategic Initiatives - Fosun Pharma established a nuclear medicine business platform, aiming to integrate diagnosis and treatment in the oncology field through self-research and collaborative development [2] - The company completed its A-share and H-share repurchase plans for 2025 and introduced stock option incentive plans to enhance long-term incentive mechanisms [2] Financing Activities - In August 2025, Fosun Pharma issued a 1 billion yuan, 2-year medium to long-term technology innovation bond, marking the first such bond in the private pharmaceutical sector following a regulatory announcement [3]

Core Insights - Fosun Pharma reported a revenue of 29.393 billion RMB for the first three quarters of 2025, showing a decline compared to the same period last year, but innovative drug revenue grew robustly, exceeding 6.7 billion RMB, a year-on-year increase of 18.09% [2] - The company is focusing on cost reduction, efficiency improvement, and asset lightening, optimizing its asset and financial structure, which resulted in a net cash flow from operating activities of 3.382 billion RMB, up 13.23% year-on-year [2] - Fosun Pharma is advancing its innovation transformation, with new approvals for its proprietary drugs, including a new indication for its CDK4/6 inhibitor and the first domestic desmopressin approved in the US and EU [2][3] Revenue and Financial Performance - For the first three quarters of 2025, Fosun Pharma's total revenue was 29.393 billion RMB, reflecting a decrease from the previous year [2] - Innovative drug revenue reached over 6.7 billion RMB, marking an 18.09% increase year-on-year, indicating a shift towards a more optimized revenue structure [2] - The net cash flow from operating activities was 3.382 billion RMB, representing a 13.23% increase compared to the same period last year [2] Research and Development Progress - R&D investment totaled 3.998 billion RMB in the first three quarters of 2025, a 2.12% increase year-on-year, with R&D expenses amounting to 2.730 billion RMB [4] - In Q3 2025, R&D expenses were 1.013 billion RMB, up 28.81%, primarily focused on innovative platforms including nuclear medicine and cell therapy [4] - The company is developing a high-value pipeline, with significant advancements in PD-1 inhibitors and other innovative drugs, and has established a nuclear medicine platform to integrate diagnosis and treatment in oncology [3][4] Product Development and Approvals - Fosun Pharma's CAR-T product, FKC889, received acceptance for registration in September 2025 for treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia in adults [3] - The company’s innovative PD-1 inhibitor and other drug candidates have reached critical research milestones, with HLX43 receiving orphan drug designation from the FDA [3] - The establishment of the Xingrui Jingxuan nuclear medicine platform indicates a strategic move into integrated oncology treatment solutions [3]

Core Viewpoint - Fosun Pharma is divesting non-core assets to focus on its innovative drug business, with plans to transfer 100% equity of Shanghai Clon to a special fund for 1.256 billion yuan, using the proceeds to enhance investment in innovative drugs [2][5][7]. Group 1: Asset Disposal and Focus on Core Business - Fosun Pharma has signed agreements to dispose of over 2 billion yuan in non-core assets since 2025, including a recent sale of 1.24 million USD for a stake in Unicorn II and 26.54 million yuan for a stake in Shanghai Rehabilitation [7][11]. - The company aims to optimize its asset structure and accelerate cash flow by exiting non-strategic assets, as stated by Chairman Chen Yuqing [7][8]. Group 2: Investment in Innovative Drugs - Fosun Pharma's R&D investment totaled 173.76 billion yuan over the past three years, with 25.84 billion yuan spent in the first half of 2025, bringing the total R&D investment to 199.6 billion yuan over three and a half years [10][11]. - The company has received approvals for four innovative drugs with five indications in the first half of 2025, including treatments for high phosphorus levels in dialysis patients and various cancers [10][11]. Group 3: Financial Performance - In the first half of 2025, Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96%, despite a 4.63% decline in total revenue to 19.514 billion yuan [3][11]. - The revenue from innovative drugs reached 4.3 billion yuan, reflecting a 14.26% increase compared to the previous year, which helped mitigate the impact of centralized procurement on generic drugs [4][11].

Group 1: Changshan Pharmaceutical - The company is preparing for clinical trials of Aibennate peptide for weight loss, with no current plans for oral formulation development [1] - Aibennate peptide is a long-acting GLP-1 receptor agonist, developed through chemical modification of exenatide [1] - The marketing preparation includes team building, product knowledge training, and marketing strategy formulation [1] Group 2: Fosun Pharma - Four innovative drugs approved in the first half of the year are expected to gradually increase sales in the coming months [2] - Innovative drug revenue exceeded 4.3 billion yuan, a year-on-year increase of 14.26%, accounting for over 30% of total drug revenue [2] - The company is actively participating in negotiations for the inclusion of its innovative drugs in insurance and national basic medical insurance directories [2] Group 3: Tiantan Biological Products - The company has established an international cooperation department to enhance its global market presence [3] - Products such as tetanus immunoglobulin and rabies immunoglobulin have already been exported [3] - The company is focused on international certification and registration of key products [3] Group 4: Kangtuo Medical - The US-based subsidiary BIOPLATE has launched a local production line for PEEK plates [4] - The company has completed market access in nearly 40 countries and regions [4] - The marketing of "4D bioactive plates" and PEEK fixation systems is underway in the US [4] Group 5: Tailong Pharmaceutical - The company is focusing on the development of modified new drugs across various therapeutic areas including respiratory, digestive, and oncology [5] - Projects in progress include treatments for Alzheimer's disease and schizophrenia [5] Group 6: Heng Rui Pharmaceutical - The HRS-5635 injection has been included in the list of proposed breakthrough therapies [6][7] - Chronic hepatitis B infection affects approximately 257 million people globally, with a significant mortality rate [7] - There is a pressing need for more effective treatments to achieve functional cure for chronic hepatitis B [7]