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 - Fosun Pharma has transformed from a generic drug company to a high-level innovative enterprise, focusing on innovation and global expansion, reflecting the shift of China's pharmaceutical industry from a follower to a leader in innovation [2] Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan and a net profit attributable to shareholders of 1.702 billion yuan, representing a year-on-year growth of 38.96% [2] - Revenue from innovative drugs exceeded 4.3 billion yuan, with a year-on-year increase of 14.26%, driven by product structure optimization and sales growth [2] Innovation Strategy - The company has approved 4 innovative drugs (covering 5 indications) and 57 generic drugs during the reporting period, with 4 innovative drugs and 22 generic drugs submitted for market approval [3] - Fosun Pharma emphasizes the importance of innovation in drug development efficiency, speed to market, and commercialization [4] Global Expansion - In the first half of 2025, overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue [5] - The company has established a clinical operations team in the U.S. for the commercialization of innovative products and has set up regional distribution centers in emerging markets [5][6] Business Development - Fosun Pharma's innovative pipeline quality has improved, leading to increased business development activities and global licensing cooperation [6] - The company has achieved significant international recognition for its PD-1 monoclonal antibody, with approvals in over 30 countries and regions [6] Strategic Focus - The company is implementing a new A+H share equity incentive plan, with core performance indicators focusing on net profit and innovative drug revenue [4] - Fosun Pharma aims for a compound annual growth rate of approximately 20% in innovative drug revenue from 2025 to 2027 [4] Long-term Vision - The company is committed to its 4IN strategy: Innovation, Internationalization, Intelligentization, and Integration, aiming to enhance innovation speed and quality, as well as global reach [8]

Core Viewpoint - Fosun Pharma has transformed from a generic drug company to a high-level innovative enterprise, focusing on innovation and global expansion, reflecting the shift of China's pharmaceutical industry from a follower to a leader in innovation [1] Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan and a net profit attributable to shareholders of 1.702 billion yuan, representing a year-on-year growth of 38.96% [1] - Revenue from innovative drugs exceeded 4.3 billion yuan, with a year-on-year increase of 14.26%, driven by product structure optimization and sales growth [1][2] Innovation Strategy - The company has approved 4 innovative drugs and 57 generic drugs during the reporting period, with 4 innovative drugs and 22 generic drugs submitted for market approval [2] - Fosun Pharma aims for a compound annual growth rate of approximately 20% in innovative drug revenue from 2025 to 2027, linking this growth to the increase in net profit attributable to shareholders [2] Global Market Expansion - In the first half of 2025, overseas revenue reached 5.478 billion yuan, accounting for about 28.07% of total revenue, with a focus on building a commercial team in the U.S. for the launch of innovative products [3] - The company has established six regional distribution centers in emerging markets such as Africa and Southeast Asia, providing comprehensive services including drug registration and safety monitoring [3][4] Business Development and Licensing - Fosun Pharma has strengthened its global licensing cooperation, with significant progress in business development for innovative drugs, including the international recognition of its PD-1 monoclonal antibody, Surulitinib [4][5] - The company differentiates between license-in and license-out strategies to enhance its product pipeline and accelerate commercial deployment [5] Strategic Framework - Fosun Pharma adheres to the 4IN strategy: Innovation, Internationalization, Intelligentization, and Integration, aiming to enhance innovation speed and quality, global reach, and embrace AI [6]

Core Viewpoint - Fosun Pharma has transformed from a generic drug company to a high-level innovation-driven enterprise, focusing on innovation and global expansion, reflecting the shift of China's pharmaceutical industry from follower to leader [1] Group 1: Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan and a net profit of 1.702 billion yuan, representing a year-on-year growth of 38.96% [1] - Revenue from innovative drugs exceeded 4.3 billion yuan, marking a year-on-year increase of 14.26%, driven by product structure optimization and sales growth [2] Group 2: Innovation Strategy - The company emphasizes innovation as its core development engine, focusing on unmet clinical needs and core therapeutic areas, while enhancing R&D capabilities and efficiency [1][2] - Fosun Pharma has approved 4 innovative drugs and 57 generic drugs during the reporting period, with nearly 20 innovative drug clinical trials approved by regulatory agencies [2] Group 3: Global Expansion - In the first half of 2025, overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue, with a focus on establishing a commercial presence in the U.S. market [3] - The company has built a mature commercialization system, with over 1,000 personnel in its overseas commercialization team, and aims to deepen international cooperation [4] Group 4: Strategic Initiatives - Fosun Pharma plans to launch a new A+H share equity incentive plan, with core performance indicators focusing on net profit and innovative drug revenue [2] - The company adheres to the 4IN strategy: Innovation, Internationalization, Intelligentization, and Integration, aiming to accelerate progress in these areas [6]

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].

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 年半年度報告》，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 2025 年8 月2 6 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、文德鏞先生及王可心先生；本公司之非執 行董事為陳啟宇先生、潘東輝先生及吳以芳先生；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；以及本公司之職工董事為嚴佳女士。 * 僅供識別 ...

Core Viewpoint - Fosun Pharma has demonstrated strong performance in its innovative drug segment, achieving significant revenue growth and showcasing resilience in high-quality development through continuous innovation and global operations [1][2]. Group 1: Financial Performance - In the first half of 2025, Fosun Pharma reported total revenue of 19.514 billion yuan and a net profit attributable to shareholders of 1.702 billion yuan [1]. - The innovative drug segment generated over 4.3 billion yuan in revenue, reflecting a year-on-year growth of 14.26% [1]. Group 2: R&D Investment and Strategy - Fosun Pharma invested a total of 2.584 billion yuan in R&D, with 1.717 billion yuan specifically allocated to R&D expenses [2]. - The pharmaceutical segment's R&D investment reached 2.295 billion yuan, accounting for 16.51% of its revenue, indicating a strong commitment to innovation [2]. - The company has set ambitious performance targets for its A+H share incentive plan, aiming for a compound annual growth rate (CAGR) of at least 19% in net profit and innovative drug revenue from 2025 to 2027 [2]. Group 3: Product Pipeline and Therapeutic Areas - Fosun Pharma has developed a high-value pipeline focusing on solid tumors, hematological malignancies, and immune-inflammatory diseases, with significant advancements in its product offerings [3][4]. - The company has made progress in the solid tumor sector with products like Surufatinib and Trastuzumab, enhancing its leadership in breast cancer and rare tumor treatments [3]. - In the hematological field, the commercialization of CAR-T product Yikaida has accelerated, with over 110 insurance plans covering it, improving accessibility [3]. Group 4: Global Operations and Market Expansion - Fosun Pharma's overseas revenue reached 5.478 billion yuan in the first half of 2025, accounting for nearly 30% of total revenue, with ongoing expansion in both mature and emerging markets [5]. - The company has established a local innovation drug team in the U.S. and is preparing for the commercialization of Surufatinib, alongside building clinical operation teams for trial advancements [5]. Group 5: Medical Devices and Market Position - The medical device segment has shown strong performance, with over 450 Da Vinci surgical robots installed in China and Hong Kong, serving over 760,000 patients [6]. - The Ion bronchial navigation system has been successfully commercialized, reinforcing the company's leadership in high-end medical equipment [6]. Group 6: Long-term Growth and Valuation - Fosun Pharma is solidifying its long-term growth foundation through a dual strategy of innovation-driven development and global expansion [6]. - The current low PE level of its A+H shares may indicate a value investment opportunity, as market recognition of its innovative capabilities and performance potential is expected to drive valuation recovery [6].

Group 1 - Shanghai Fosun Pharmaceutical Group Co., Ltd. successfully issued the first private pharmaceutical industry medium to long-term technology innovation bond in China, with a scale of 1 billion RMB and a maturity of 2 years at a coupon rate of 2.70% [2] - The bond received enthusiastic subscriptions from various financial institutions, including bank wealth management, insurance, foreign banks, public funds, and securities firms [2] - The successful issuance of the technology innovation bond further consolidates Fosun Pharma's leading position among domestic innovative pharmaceutical companies and supports the company's high-quality development [3] Group 2 - Fosun Pharma has been driven by innovation for over 30 years, having approved 12 self-developed and licensed innovative drugs and biosimilars since 2019 [3] - The company has secured commercial rights for 8 innovative drugs in China, covering key treatment areas such as solid tumors, hematological tumors, and immune inflammation [3] - Fosun Pharma aims to deepen its innovation transformation and provide better and more accessible products and services for patients and clients, while creating sustainable value returns for shareholders [3]