10月28日晚间，复星医药（600196）披露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%。创新药品收入稳健增长，前三季度创新药品收入超67亿 元，同比增长18.09%，收入结构持续优化。 今年第三季度，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，为中国乳腺癌患者带来更丰富的治疗选择。 复星医药于2025年8月完成10亿元规模、2年期限的中长期科技创新债券发行，成为自2025年5月中国人 民银行与中国证监会联合发布《支持发行科技创新债券公告》后，民营医药行业首单中长期科创债，票 面利率2.70%。 2025年10月，注射用HLX43(靶向PD-L1抗体偶联药物)用于胸腺上皮肿瘤(TETs)治疗获美国FDA的孤儿 药资格认定(Orphan-drug Designation)，将有助 ...

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]

长江商报消息 ●长江商报记者 沈右荣 复星医药（600196.SH）卖资产加码创新药布局。 9月26日晚，复星医药发布公告，公司拟出资5460万元参与设立专项基金，基金成立后，公司拟将上海克隆100% 股权作价12.56亿元转让给专项基金，而上海克隆的主要资产为物业。 复星医药称，上述动作是为了进一步聚焦核心业务并提升资产运营效率，转让所得款项将用于创新药业务的持续 投入。 长江商报记者注意到，复星医药频频处置非核心业务资产。2025年以来，公司已签约处置项目总额超20亿元。 同时，公司持续加码创新药。2025年上半年，在治疗药物方面，复星医药自主研发及许可引进的4个创新药品共5 项适应症于境内外获批、4个创新药品申报上市。 过去三年，复星医药的研发投入合计达173.76亿元。2025年上半年，公司研发投入为25.84亿元。三年半时间，公 司研发投入合计199.6亿元。 而创新药驱动了复星医药的业绩增长。2025年上半年，公司实现归母净利润17.02亿元，同比增长38.96%。 复星医药再度处置资产，加码创新药业务布局。 根据公告，复星医药控股子公司复星医药产业拟筹划转让上海克隆100%股权（其主要资产为位于 ...

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]

Core Insights - The company is actively participating in the review phase for the inclusion of its innovative drug, Yikaida, in commercial insurance and national basic medical insurance directories, and will engage in subsequent negotiations and evaluations [1] - The revenue from innovative drugs showed steady growth, exceeding 4.3 billion yuan, representing a year-on-year increase of 14.26%, and accounting for over 30% of total drug revenue, indicating an optimized revenue structure [1] - The company has a positive outlook on the sales prospects of its innovative drugs, with four newly approved drugs initiating academic promotion and market education, expected to gradually increase their market presence in the coming months [1] Business Development - The company focuses its innovation strategy on three core therapeutic areas: solid tumors, hematological tumors, and immune inflammation, while also expanding into chronic disease areas such as cardiovascular, renal metabolism, and central nervous system [2] - In the solid tumor segment, the company has developed an innovative drug matrix represented by drugs like Surulitinib and Trastuzumab, with new approvals enhancing its treatment offerings for breast cancer and rare tumors [2] - The company is advancing its capabilities in antibody, ADC, cell therapy, and small molecule platforms, while also exploring cutting-edge technologies such as nuclear medicine, small nucleic acids, and peptides [2]

Core Viewpoint - Fuhong Hanlin's stock price surged over 8%, reaching a historical high of 89 HKD, and currently stands at 85.55 HKD with a trading volume of 99.13 million HKD, following the announcement of the first prescription for its innovative small molecule CDK4/6 inhibitor, Fuzhoning [1] Group 1 - Fuhong Hanlin announced that its small molecule CDK4/6 inhibitor, Fuzhoning (Citrus Acid Vovisil Capsules), has received its first prescription from over ten hospitals across China, including Fudan University Shanghai Cancer Center and Zhejiang University School of Medicine First Affiliated Hospital [1] - Fuzhoning, in combination with Fulvestrant, is indicated for hormone receptor-positive (HR+) and human epidermal growth factor receptor 2-negative (HER2-) recurrent or metastatic breast cancer patients who have experienced disease progression after prior endocrine therapy [1] - The drug is owned by Jinjou Aohong Pharmaceutical, a subsidiary of Fosun Pharma, while Fuhong Hanlin is responsible for its commercialization in China [1]

Core Viewpoint - Fuhong Hanlin (02696) shares have risen over 8%, reaching a historical high of 89 HKD, with a current price of 86.2 HKD and a trading volume of 73.65 million HKD, following the announcement of the first prescription for its innovative small molecule CDK4/6 inhibitor, Fuzhoning (Citrus Acid Vemurafenib Capsules) [1] Group 1 - Fuhong Hanlin announced that Fuzhoning has received its first prescription from over ten hospitals across China, including Fudan University Shanghai Cancer Center and Chinese Academy of Medical Sciences Cancer Hospital [1] - Fuzhoning, in combination with Fulvestrant, is indicated for adult patients with hormone receptor (HR) positive and HER2 negative recurrent or metastatic breast cancer who have previously experienced disease progression after endocrine therapy [1] - The drug is owned by Jincheng Aohong Pharmaceutical, a subsidiary of Fosun Pharma, while Fuhong Hanlin is responsible for its commercialization in China [1]

Core Viewpoint - Fuhong Hanlin (02696) shares rose over 8%, reaching a historical high of 89 HKD, and currently trading at 86.2 HKD with a transaction volume of 73.65 million HKD, following the announcement of the first prescription for its innovative small molecule CDK4/6 inhibitor, Fuzhoning (Citrus Acid Vemurafenib Capsules) [1] Group 1 - Fuhong Hanlin announced that Fuzhoning has been prescribed in over ten hospitals across China, including Fudan University Shanghai Cancer Center and Zhejiang University School of Medicine First Affiliated Hospital [1] - Fuzhoning, in combination with Fulvestrant, is indicated for adult patients with hormone receptor-positive (HR+) and human epidermal growth factor receptor 2-negative (HER2-) recurrent or metastatic breast cancer who have previously experienced disease progression after endocrine therapy [1] - The drug is owned by Jinjou Aohong Pharmaceutical, a subsidiary of Fosun Pharma (600196), with Fuhong Hanlin responsible for its commercialization in China [1]

Core Viewpoint - Fosun Pharma reported a slight decline in revenue but a significant increase in net profit, indicating a strong performance in innovation and strategic development [1] Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan, a year-on-year decrease of 4.63% - The net profit attributable to shareholders reached 1.702 billion yuan, reflecting a year-on-year growth of 38.96% - Revenue from innovative drugs exceeded 4.3 billion yuan, marking a year-on-year increase of 14.26% [1] Innovation and R&D - Fosun Pharma invested 2.584 billion yuan in R&D during the first half of 2025 - The company is focusing on core therapeutic areas such as solid tumors, hematological tumors, and immune inflammation, while also exploring chronic diseases and neurological fields [1][2] Product Development - In the solid tumor sector, Fosun Pharma has developed a matrix of innovative drugs, including the approval of a new small molecule CDK4/6 inhibitor and a first self-developed small molecule drug for dual indications - The CAR-T product, Yikaida, is being promoted for accessibility and affordability, with inclusion in over 110 health insurance plans [2] Global Market Expansion - Fosun Pharma's overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue - The company is enhancing its global business development through licensing and collaboration, focusing on unmet clinical needs [3] Sustainability and ESG - Fosun Pharma has improved its MSCI ESG rating to AA, reflecting its commitment to sustainable development [3]

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a focus on innovation and operational efficiency despite challenges in the pharmaceutical market [4][5][6]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 19.51 billion, a decrease of 4.63% compared to the same period last year [4]. - Total profit for the period was approximately CNY 2.72 billion, reflecting a 40.77% increase year-on-year [4]. - Net profit attributable to shareholders was approximately CNY 1.70 billion, up 38.96% from the previous year [4]. - The net cash flow from operating activities increased by 11.90% to approximately CNY 2.13 billion [4]. Business Overview - The company operates in pharmaceuticals, medical devices, and healthcare services, with a focus on innovative drugs and high-value medical equipment [6][7]. - The pharmaceutical segment remains the core business, emphasizing the development of innovative drugs targeting various diseases [6][7]. - The company has established a comprehensive manufacturing system, with all domestic production lines certified by GMP [7]. Industry Context - The Chinese pharmaceutical industry is undergoing a transformation towards high-quality development, supported by government policies aimed at fostering innovation [6][10]. - The market for medical devices is expanding due to policies promoting equipment updates and compliance with international standards [10]. - The healthcare sector is experiencing growth driven by an aging population and increasing demand for chronic disease management [6][10]. Innovation and R&D - The company is committed to developing "Best-in-class" and "First-in-class" products, with several innovative drugs approved for the Chinese market [11][12]. - The introduction of CAR-T cell therapy and other advanced treatments highlights the company's focus on cutting-edge medical solutions [12]. - The company has also made strides in AI, being recognized for its PharmAID decision-making platform [13]. Market Position - Shanghai Fosun Pharmaceutical ranked 5th in the 2024 China Pharmaceutical Industry Top 100 list, indicating a strong market presence [13]. - The company is actively expanding its international footprint, particularly in emerging markets [8][9]. ESG and Compliance - The company has joined the Pharmaceutical Supply Chain Initiative (PSCI) to enhance supply chain responsibility and align with international standards [13]. - It has received an upgraded MSCI ESG rating of AA, reflecting its commitment to environmental, social, and governance practices [13].