● 本报记者李梦扬 系统推进AI战略布局 研发投入方面，2025年前三季度，复星医药研发投入共计39.98亿元，同比增长2.12%。 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。 而在血液瘤领域，复星凯瑞的第二款CAR-T产品布瑞基奥仑赛注射液(项目代号：FKC889)的药品注册 申请于2025年9月获国家药监局受理，申报适应症为复发或难治性前体B细胞急性淋巴细胞白血病(ALL) 成人患者。 "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， ...

Core Viewpoint - Fosun Pharma will showcase its innovative pharmaceutical products and high-end medical devices at the 8th China International Import Expo, emphasizing its commitment to global innovation and collaboration in the healthcare sector [1]. Group 1: Company Innovations - Fosun Pharma will present a range of products focused on key therapeutic areas such as oncology, immune inflammation, central nervous system disorders, and kidney diseases, covering the entire spectrum from diagnosis to treatment [1]. - The highlight of Fosun Pharma's exhibition will be the Marie vertical particle therapy system, which represents a revolutionary advancement in tumor treatment, allowing for rapid deployment in existing medical spaces and offering various cutting-edge particle radiation therapy technologies [1]. Group 2: CAR-T Cell Therapy Developments - The first CAR-T cell therapy product in China, Yikaida (Acilutamide Injection), has improved accessibility and affordability, being included in over 110 provincial and municipal health insurance plans and more than 80 commercial insurance policies, with over 190 registered treatment centers and treatment of over 1,000 lymphoma patients [2]. - Fosun Pharma's second CAR-T product, Brexucabtagene Autoleucel Injection, has had its drug registration application accepted by the National Medical Products Administration, targeting relapsed or refractory precursor B-cell acute lymphoblastic leukemia in adult patients [2]. Group 3: Future Directions - Fosun Pharma aims to lead with technological innovation, deepen global operations, and promote localized innovation, contributing to the high-quality development of the pharmaceutical industry and supporting the "Healthy China 2030" initiative [3].

Core Viewpoint - Fosun Pharma will showcase its innovative pharmaceutical products and high-end medical devices at the 8th China International Import Expo (CIIE), emphasizing its role as a global healthcare industry leader rooted in China [1][2]. Group 1: Company Achievements - Fosun Pharma has successfully transformed from an exhibitor to an investor, leveraging the CIIE to accelerate the localization of advanced technologies and innovative medical products in China [1]. - The company has introduced at least six innovative products, referred to as "CIIE babies," which have been successfully launched or approved in China, including the Da Vinci surgical robot and the CAR-T cell therapy product Yikaida® [2][3]. Group 2: Product Innovations - The Marie® vertical particle therapy system, a revolutionary breakthrough in tumor radiotherapy, has been highlighted for its compact design, reducing the required space from 120 square meters to 30 square meters, thus lowering construction and operational costs [2]. - Yikaida®, as China's first approved CAR-T product, has benefited over 1,000 lymphoma patients since its approval in 2021, showcasing the positive impact of the CIIE on global resource collaboration [3]. Group 3: Future Directions - Fosun Pharma aims to focus on industry upgrades and embrace innovative products in future CIIE participations, seeking to gather more global resources as a multinational enterprise [3].

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 Insights - Fosun Pharma reported a revenue of 29.393 billion yuan for the first three quarters of 2025, a year-on-year decline of 4.91% [1] - The revenue from innovative drugs exceeded 6.7 billion yuan, showing a growth of 18.09% year-on-year [1] - The net profit attributable to shareholders reached 2.523 billion yuan, an increase of 25.5% year-on-year [1] Innovative Products - The company focuses on core treatment areas such as solid tumors, hematological tumors, and immune inflammation, enhancing its core technology platforms including antibodies, ADCs, cell therapy, and small molecules [1] - The innovative small molecule CDK4/6 inhibitor, Fovetisil Capsules, received approval for an additional indication in China for HR+/HER2- locally advanced or metastatic breast cancer [1] - The self-developed drug, Dushuan Antibody Injection (HLX14), was approved for sale in the US and EU, marking it as the first domestically produced Dushuan antibody approved overseas [1] R&D Investments - Fosun Pharma's R&D investment totaled 3.998 billion yuan in the first three quarters, a year-on-year increase of 2.12%, with R&D expenses amounting to 2.730 billion yuan [2] - In Q3, R&D expenses reached 1.013 billion yuan, up 28.81% year-on-year, primarily invested in innovative platforms including nuclear medicine and cell therapy [2] - The clinical trials for the innovative PD-1 inhibitor, Surulizumab, are progressing smoothly, with a Phase III trial for gastric cancer achieving its primary endpoint [2] New Business Initiatives - In September, Fosun Pharma established a nuclear medicine business platform, Xingrui Jingxuan, aiming to develop integrated diagnostic and therapeutic nuclear medicine products in the pan-tumor field [3]

Core Viewpoint - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. reported a revenue decline of 4.91% year-on-year for the first three quarters of 2025, totaling CNY 29.393 billion, while innovative drug revenue increased by 18.09% to over CNY 6.7 billion, indicating a strategic focus on innovation-driven growth [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Fosun Pharmaceutical achieved a total revenue of CNY 29.393 billion, reflecting a year-on-year decrease of 4.91% [1]. - Innovative drug revenue reached over CNY 6.7 billion, marking an 18.09% increase compared to the previous year [1]. Group 2: Innovation and Product Development - In Q3 2025, several self-developed innovative drugs made significant progress in mainstream markets, including the approval of a new indication for the small molecule CDK4/6 inhibitor, Fuzhengning, for specific breast cancer patients in China [2]. - The self-developed Dushuan injection received approval in the U.S. and EU, becoming the first domestically developed Dushuan to be approved overseas, covering all indications previously approved for the original drug [2]. - The CAR-T product, Brexucabtagene autoleucel, had its drug registration application accepted by the National Medical Products Administration in September 2025 for treating adult patients with relapsed or refractory B-cell acute lymphoblastic leukemia [2]. Group 3: Strategic Initiatives - On October 28, 2025, Fosun Pharmaceutical announced plans to spin off its vaccine business platform for a listing on the Hong Kong Stock Exchange to enhance its competitive edge in the vaccine sector [3]. - The company signed a partnership agreement to invest CNY 100 million in a target fund focusing on strategic emerging sectors, including chemical innovation drugs, biopharmaceuticals, high-end medical devices, and traditional Chinese medicine [3]. - Fosun Pharmaceutical is establishing a nuclear medicine platform, Xingrui Jingxuan, to develop integrated diagnostic and therapeutic nuclear medicine products, emphasizing its commitment to innovation and resource optimization [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]

Policy Developments - The National Healthcare Security Administration (NHSA) has announced a public solicitation for information on innovative medical consumables, including brain-machine interface technologies and surgical robots, to streamline the coding process for these products [2] Drug and Device Approvals - Fosun Pharma's subsidiary, Fosun Kary, has had its drug registration application for Brexucabtagene Autoleucel accepted by the National Medical Products Administration, aimed at treating relapsed or refractory B-cell acute lymphoblastic leukemia in adults [4] - Novogene's subsidiary has received medical device registration certificates for several neurodiagnostic reagents, which can assist in diagnosing Alzheimer's and Parkinson's diseases [5] Capital Market Activities - Hengrui Medicine has signed a licensing agreement for its innovative drug SHR-A1811, receiving an upfront payment of $18 million and potential milestone payments up to $1.093 billion, which will enhance its overseas market presence [7] - Yong'an Pharmaceutical plans to acquire a 49.20% stake in its subsidiary Ling'an Technology for 27 million yuan, aiming to strengthen control and reduce management costs [8] Industry Events - The NHSA hosted discussions with domestic and international investment institutions, emphasizing support for the high-quality development of innovative drugs and the implementation of policies to facilitate this growth [10] - Illumina has announced partnerships with several global pharmaceutical companies to develop companion diagnostics based on its TruSight Oncology genomic testing platform, focusing on KRAS gene mutations [11] Regulatory and Governance Updates - The former deputy director of the Henan Provincial Medical Security Bureau is under investigation for serious violations of discipline and law [13] - Shareholder Wang Xiaopeng of Huyou Pharmaceutical plans to reduce his stake by up to 3% due to personal financial needs [14] - Independent director Huang Zhengming of Qidi Pharmaceutical has resigned due to work reasons, which may affect the board's composition [15]

Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. has received acceptance from the National Medical Products Administration for the drug registration application of FKC889, a targeted CAR-T cell therapy product for treating relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) in adult patients [2][3]. Product Information and Research Status - FKC889 is a CAR-T cell therapy product targeting CD19, developed by Fosun Kerry based on technology transferred from Kite Pharma, Inc., a subsidiary of Gilead Sciences, Inc. Tecartus, the original product, was approved for marketing in the US and Europe in July and December 2020, respectively [3]. - As of September 24, 2025, FKC889 is in the bridging clinical trial phase for another indication, which is for adult patients with relapsed or refractory mantle cell lymphoma (r/r MCL) who have previously received second-line or higher treatment [3]. - The cumulative R&D investment for FKC889 by the group is approximately RMB 183 million (unaudited) as of August 2025 [3]. - Multiple CAR-T cell therapy products, including Fosun Kerry's Yikaida (Acilin injection), have been approved for marketing in mainland China, but the overall market situation is difficult to ascertain due to limitations in public database coverage [3].

Core Viewpoint - Fosun Pharma's subsidiary, Fosun Kairui, has received acceptance for the drug registration application of FKC889, a CAR-T cell therapy for adult patients with relapsed or refractory precursor B-cell acute lymphoblastic leukemia (ALL) [1] Company Summary - Fosun Kairui is developing FKC889, a targeted CD19 CAR-T cell therapy, based on technology transferred from Kite Pharma, a subsidiary of Gilead Sciences [1] - The product has been authorized for development and local production in China, including Hong Kong and Macau [1] - Tecartus, the original product, was approved for market in the US and Europe in July and December 2020, respectively [1] Industry Summary - The application for FKC889 is classified as a therapeutic biological product (Category 3.2) [1] - Before commercial production, the product must pass GMP compliance checks and obtain drug registration approval [1] - The acceptance of the drug registration application is not expected to have a significant impact on the group's current performance [1]