Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to continue its growth driven by sustained high investment in R&D and ongoing internationalization and innovation efforts [1][5] - The company reported a rapid profit growth and improved cash flow, with a 2024 revenue of 41.067 billion yuan, a slight decrease of 0.80% year-over-year [1] - The core innovative products, including the PD-1 monoclonal antibody and CAR-T cell therapy, have shown steady revenue growth [1][2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 2.770 billion yuan, an increase of 16.08% year-over-year, with a non-GAAP net profit of 2.314 billion yuan, up 15.10% [2] - The gross margin improved, and the selling expense ratio increased by 2.45 percentage points year-over-year, while management expenses decreased by 355 million yuan [2] Business Segmentation - The pharmaceutical segment generated 28.924 billion yuan in revenue, with a segment profit of 3.250 billion yuan, reflecting a year-over-year growth of 65.73% [3] - The medical devices and diagnostics segment reported a revenue of 4.323 billion yuan, a decrease of 1.53% due to declining COVID-related product sales [3] - The healthcare services segment achieved a revenue of 7.647 billion yuan, an increase of 14.61%, although it still reported a loss of 315 million yuan [4] Future Outlook - The company plans to maintain high R&D investment, with a total of 5.554 billion yuan allocated in 2024, representing 16.98% of the pharmaceutical business revenue [5] - The company is advancing its internationalization strategy, with several products receiving approvals in the US and Europe [6][11] - The earnings per share (EPS) forecast for 2025-2027 is projected at 1.22, 1.37, and 1.57 yuan, respectively, with a price-to-earnings (P/E) ratio of 20 times based on the closing price on May 13, 2025 [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to continue its growth driven by ongoing innovation and internationalization efforts [1][5] - The company reported a rapid profit growth and improved cash flow for 2024, with operating revenue reaching 41.067 billion yuan, a year-over-year decrease of 0.80% [1] - The company achieved a net profit of 2.770 billion yuan in 2024, an increase of 16.08% year-over-year, with a non-GAAP net profit of 2.314 billion yuan, up 15.10% [2] Summary by Sections Performance Overview - The company’s revenue for 2024 was 41.067 billion yuan, with innovative products contributing to steady growth [1] - Operating cash flow improved to 4.477 billion yuan, a year-over-year increase of 31.13% [1] Business Segmentation - The pharmaceutical segment generated revenue of 28.924 billion yuan in 2024, with a segment profit of 3.250 billion yuan, reflecting a year-over-year growth of 65.73% [3] - The medical devices and diagnostics segment reported revenue of 4.323 billion yuan, a decrease of 1.53% year-over-year, primarily due to declining COVID-related product sales [3] - The healthcare services segment achieved revenue of 7.647 billion yuan, a year-over-year increase of 14.61%, although it still reported a segment loss of 315 million yuan [4] Future Outlook - The company plans to maintain high R&D investment, with total R&D expenditure reaching 5.554 billion yuan in 2024, representing 16.98% of pharmaceutical revenue [5] - The company is advancing its internationalization strategy, with several products receiving approvals in international markets, including the US and Europe [6] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.22, 1.37, and 1.57 yuan, respectively [12]

Transaction Overview - The company plans to acquire a total of 21,034,313 non-listed shares of Fuhong Hanlin at a price of HKD 24.60 per share, representing approximately 3.87% of the total shares outstanding as of the announcement date [2][7] - The total transaction value amounts to HKD 517,444,099.80, which is equivalent to approximately RMB [2][7] - Following the completion of this acquisition, the company's ownership in Fuhong Hanlin will increase from 59.56% to 63.43% [3][9] Related Party Transactions - The acquisition includes a related party transaction as the company’s executive director, Ms. Guan Xiaohui, is also a director of Wuxi Tongshan, which is a related party [3][9] - The shares acquired from Wuxi Tongshan amount to 4,666,667, constituting part of the related party transaction [3][9] Regulatory Compliance - The acquisition does not constitute a major asset restructuring as defined by the relevant regulations [4][10] - No approval from the board of directors or shareholders is required for this transaction [5][11] Company Background - Fuhong Hanlin, established in February 2010 and listed on the Hong Kong Stock Exchange in September 2019, focuses on the research, production, and sales of monoclonal antibody drugs [12] - As of the announcement date, Fuhong Hanlin has a total of 543,494,853 shares, including 163,428,541 H-shares and 380,066,312 non-listed shares [12] Financial Performance - As of December 31, 2024, Fuhong Hanlin reported total assets of RMB 1,059,752,000, equity attributable to shareholders of RMB 301,362,000, and total liabilities of RMB 758,390,000 [13] - For the year 2024, Fuhong Hanlin achieved revenue of RMB 572,445,000 and a net profit of RMB 82,047,000 [13] Seller Information - Wuxi Tongshan, one of the sellers, was established in May 2016 and has total assets of RMB 9,519,000 as of December 31, 2024 [14] - Other sellers include Shanghai Shanwu, Zhoushan Guoyun, and Henlink, each with varying business focuses and financial standings [15][16][17] Impact on the Company - The acquisition reflects the company's confidence in Fuhong Hanlin's growth and value, enhancing its stake in a key antibody technology platform [19]

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《2024 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 吳以芳 中國，上海 2025 年3 月2 5 日 於本公告日期，本公司之執行董事為吳以芳先生、王可心先生、關曉暉女士及文德鏞先生；本公司之非執 行董事為陳 啟 宇先生、徐曉亮先生、潘東輝先生及陳玉卿先生；以及本公司之獨立非執行董事為李玲女士、 湯谷良先生、王全弟先生及余梓山先生。 * 僅供識別 上海复星医药（集团）股份有限公司 ...