经双方友好磋商，公司与KGBio终止就许可产品于KGBio终止区域的相关商业化合作，并将许可产品于 新增许可区域(包括KGBio终止区域及其他约定的国家或地区)的独家商业化权利授予Abbott。此前，公 司已就多个产品于全球范围内多个地区的商业化与Abbott建立良好合作关系，本次扩大与Abbott就许可 产品于新增许可区域的商业化合作将有助于更好推进许可产品于海外市场拓展，增强公司产品在国际市 场的可及性和认可度。 复宏汉霖(02696)发布公告，于2026年2月24日，经双方友好磋商，公司与KGBio订立修订及部分终止协 议，以终止原KGBio许可协议项下于除印度尼西亚以外的其他地区(KGBio终止区域)许可产品的独家许 可权利。同日，公司与Abbott订立许可协议修订本，就原Abbott许可协议项下有关许可产品的许可区域 及里程碑付款等事项的若干条款作出修订，以进一步扩大原Abbott许可协议项下许可产品的许可区域 (包括KGBio终止区域及其他约定的国家或地区)。 ...

医药赛道方面，2025年多项关键性的创新药BD为未来复星创新药的可持续性增长，打下了坚实的基 础。其中，复星医药控股子公司药友制药与辉瑞签订全球独家许可协议，授予辉瑞口服小分子GLP-1药 物YP05002全球范围内独家开发、生产及商业化权利，协议包含首付款、里程碑付款及销售分层特许权 使用费，潜在总金额超20亿美元；复星医药控股子公司复星医药产业与生物技术公司Clavis Bio达成战 略合作，双方将基于由Clavis Bio提名的前沿靶点共同开发创新疗法，根据协议，复星医药将可获得至 多72.5亿美元付款。 2026年开年以来，复星在旅文、医药、保险等核心赛道表现亮眼。公开信息显示，复星旗下ClubMed国 内5家精致"一价全包"度假村入境营业额较去年同期实现翻三倍增长，旗下生物医药研发平台复宏汉霖 宣布与卫材株式会社就抗PD-1单抗汉斯状在日本达成独家商业化及共同独家开发与生产许可协议，潜 在总金额超3亿美元。 新春旅游需求的承接及创新药的持续商业化落地等，延续了复星2025年核心赛道稳中有升的发展态势。 纵观复星过去一年的发展和今年的开年势头，"瘦身健体"的战略推进依旧坚定：退出一些非核心项目的 同时 ...

Core Viewpoint - Fuhong Hanlin (02696) has seen its stock price increase by over 24% in February, with a recent rise of 5.67% to HKD 70.85, driven by a strategic partnership with Eisai Co., Ltd for the commercialization of the anti-PD-1 antibody, Surufatinib, in Japan [1] Group 1: Partnership Details - Eisai and Fuhong Hanlin have entered into an exclusive commercialization agreement for Surufatinib in Japan, which includes a USD 75 million upfront payment, potential regulatory milestone payments up to USD 80.01 million, and sales milestone payments up to USD 233.3 million [1] - Fuhong Hanlin will also receive a double-digit percentage royalty based on product sales [1] Group 2: Strategic Decisions - Fuhong Hanlin's CEO, Dr. Zhu Jun, indicated that the company has been strategically preparing for the Japanese market for three years, initially planning to independently launch and commercialize the product [1] - The decision to partner with Eisai was influenced by the "very sincere" offer made by Eisai, leading to a shift from their original plan [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Fuhong Hanlin (02696), which has increased over 24% in the month, with a current price of 70.85 HKD and a trading volume of 338 million HKD [1] Group 2 - On February 5, 2023, Eisai Co., Ltd. and Fuhong Hanlin announced an exclusive commercialization agreement for the anti-PD-1 antibody, Surufatinib, in the Japanese market, along with a joint exclusive development and production licensing agreement [1] - Eisai will pay Fuhong Hanlin an upfront payment of 75 million USD, with potential regulatory milestone payments up to 80.01 million USD, and sales milestone payments that could reach up to 233.3 million USD [1] - Fuhong Hanlin will also receive a double-digit percentage royalty based on product sales [1] Group 3 - On February 6, 2023, Dr. Zhu Jun, the Executive Director and CEO of Fuhong Hanlin, stated that the company had been strategically preparing for the Japanese market for three years and had formed a local team [1] - The decision to collaborate with Eisai instead of pursuing independent commercialization was influenced by the "very sincere" offer made by Eisai [1]

Market Overview - The Hang Seng Index fell by 1.13%, down 304 points, closing at 26,580 points, while the Hang Seng Tech Index decreased by 0.47% [1] - The early trading volume in Hong Kong stocks reached HKD 139.5 billion [1] New Listings and Performance - Dazhu CNC (301200) (03200) rose by 18%, recognized as China's largest manufacturer of PCB production equipment [1] - Muyuan Foods (002714) (02714) increased by 4.72% [1] - Zhuozheng Medical (02677) surged by 34%, focusing on the mid-to-high-end medical service market [1] Company Highlights - Zhongchuang Innovation (03931) saw a 3.83% increase, with a 630% year-on-year growth in commercial battery deliveries and plans for full circulation of H-shares [1] - Alibaba's Qianwen event completed over one million milk tea orders, boosting shares of Guming (01364) and Cha Baidao (02555) by over 3% [1] - Long Resources (01712) experienced a 30% intraday surge, with expected after-tax net profit growth of up to 3.8 times year-on-year [1] - Changfei Optical Fiber (601869) saw its shares rise by over 10%, with institutions optimistic about fiber optic manufacturers benefiting from price increases [1] - Innovent Biologics (09969) increased by over 11%, achieving profitability for the first time due to the volume of Orelabrutinib and growth in BD revenue [1] - Nine Dragons Paper (02689) rose by over 5%, benefiting from improved self-sufficiency in wood pulp and favorable industry supply-demand dynamics [1] - Jiaxin International Resources (03858) increased by over 5%, supported by supply contraction driving tungsten prices higher [1] - Fuhong Hanlin (02696) rose by over 5%, with a transaction worth approximately USD 388 million for the licensing of Hansoh's rights in Japan to Eisai [1] - Tongda Group (00698) increased by over 6%, expecting to turn a profit of up to HKD 125 million last year [1] - NIO-SW (09866) rose by over 5%, marking its first quarterly profit with an expected adjusted operating profit of up to HKD 1.2 billion [1] Cryptocurrency Market - Cryptocurrency ETFs and related stocks continued to decline, with a sustained sell-off in the crypto market, as Bitcoin fell below USD 65,000 [1] - Bosera Bitcoin (03008) dropped by 8%, while Huaxia Bitcoin (03042) fell by 9% [1]

Group 1 - The Hang Seng Index fell by 1.13%, down 304 points, closing at 26,580 points, while the Hang Seng Tech Index decreased by 0.47% [1] - Three new stocks were listed: Dazhu CNC (03200) rose by 18%, Muyuan Foods (02714) increased by 4.72%, and Zhuozheng Medical (02677) surged by 34% [1] - Zhongxin Hang (03931) saw a 3.83% increase, with a 630% year-on-year growth in commercial battery deliveries and plans for full circulation of H-shares [1] - Long Resources (01712) experienced a 30% intraday surge, with expected net profit growth of up to 3.8 times year-on-year [1] - Changfei Optical Fiber (06869) rose over 10%, with institutions optimistic about fiber optic manufacturers benefiting from price increases [1] - Nuo Cheng Jianhua (09969) increased by over 11%, achieving profitability for the first time due to the volume of Obutinin and growth in BD revenue [1] - Nine Dragons Paper (02689) rose over 5%, benefiting from improved self-sufficiency in wood pulp and favorable industry supply-demand dynamics [1] - Jiaxin International Resources (03858) increased by over 5%, supported by supply contraction driving up tungsten prices [1] Group 2 - Fuhong Hanlin (02696) rose over 5% after licensing rights to Hanshuo in Japan to Eizai for a total transaction amount of approximately $388 million [2] Group 3 - Tongda Group (00698) increased by over 6%, expecting to turn a profit with a maximum earnings forecast of 125 million HKD for the previous year [3] - NIO-SW (09866) rose over 5%, marking its first quarterly profit with an expected adjusted operating profit of up to 1.2 billion CNY for the last quarter [3] - Cryptocurrency ETFs and related stocks continued to decline, with Bitcoin dropping below $65,000 amid ongoing sell-offs in the crypto market [3]

据悉，斯鲁利单抗是复宏汉霖自主研发的一款创新抗PD-1单克隆抗体。在中国，斯鲁利单抗已获批用 于多项适应症，包括鳞状非小细胞肺癌(sqNSCLC)、广泛期小细胞肺癌(ES-SCLC)、非鳞状非小细胞肺 癌(nsqNSCLC)以及食管鳞状细胞癌(ESCC)。在欧盟，斯鲁利单抗已获批用于ES-SCLC适应症，并成为 全球首个用于ES-SCLC一线治疗的抗PD-1单抗。 复宏汉霖(02696)早盘涨超5%，截至发稿，涨4.64%，报63.15港元，成交额3262.22万港元。 消息面上，复宏汉霖公告，公司将抗PD-1单抗H药汉斯状(斯鲁利单抗)日本权益授权给卫材。卫材将向 复宏汉霖支付7,500万美元的首付款，并在此基础上，支付最高不超过8,001万美元的监管里程碑付款， 以及最高不超过2.333亿美元的销售里程碑付款。此外，复宏汉霖还将基于产品销售额获得双位数比例 的销售提成。 ...

据悉，斯鲁利单抗是复宏汉霖自主研发的一款创新抗PD-1单克隆抗体。在中国，斯鲁利单抗已获批用 于多项适应症，包括鳞状非小细胞肺癌(sqNSCLC)、广泛期小细胞肺癌(ES-SCLC)、非鳞状非小细胞肺 癌(nsqNSCLC)以及食管鳞状细胞癌(ESCC)。在欧盟，斯鲁利单抗已获批用于ES-SCLC适应症，并成为 全球首个用于ES-SCLC一线治疗的抗PD-1单抗。 消息面上，复宏汉霖公告，公司将抗PD-1单抗H药汉斯状(斯鲁利单抗)日本权益授权给卫材。卫材将向 复宏汉霖支付7,500万美元的首付款，并在此基础上，支付最高不超过8,001万美元的监管里程碑付款， 以及最高不超过2.333亿美元的销售里程碑付款。此外，复宏汉霖还将基于产品销售额获得双位数比例 的销售提成。 智通财经APP获悉，复宏汉霖(02696)早盘涨超5%，截至发稿，涨4.64%，报63.15港元，成交额3262.22 万港元。 ...

Core Insights - The company reflects on a year of significant achievements in the biopharmaceutical sector, highlighting the successful clinical use of its innovative drug, Revamin, and the approval of multiple CAR-T products, showcasing its commitment to addressing rare diseases and cancer treatment gaps [3][6][33] - Club Med has seen substantial growth, with global revenue projected to increase from €1.5 billion in 2015 to €2.1 billion in 2024, and operating profit has grown over five times, indicating strong market demand for innovative travel experiences [9][40] - The company emphasizes its focus on user-centered product development in the tourism sector, aiming to enhance family vacation experiences rather than merely creating tourist attractions [6][38] Biopharmaceutical Innovations - Revamin has been officially launched for clinical use, filling a treatment void for rare tumors in China [3][7] - The company has successfully developed and received approval for multiple innovative drugs, including the first CAR-T product for gastric cancer, which has been recognized as a breakthrough therapy [6][38] - Since 2019, the company has launched a total of 12 innovative drugs, demonstrating its ongoing commitment to patient care and treatment advancements [3][33] Tourism and Leisure Sector - Club Med's performance has reached new heights, with an increasing number of families prioritizing snow vacations, supported by the ongoing development of the "Super Mediterranean" project [6][38] - The company has introduced three core product lines in the tourism sector, focusing on user needs to enhance vacation experiences [6][38] - Atlantis in Sanya has solidified its leading position in the vacation market, with annual visitor numbers reaching 1.5 million [11][43] Globalization and Market Expansion - The company has achieved over 50% of its revenue from international markets, highlighting its successful globalization strategy [16][45] - The Portuguese insurance subsidiary has seen nearly 30% of its business come from international operations, contributing to a diversified revenue stream [16][45] - The company has established strategic partnerships, such as with Fakeeh Care Group in Saudi Arabia, to expand its CAR-T technology internationally [16][46] Cultural and Community Engagement - The company has actively engaged in cultural initiatives, such as the successful summer event at Yuyuan Garden, attracting over 7.5 million visitors, with a significant portion being young people [52] - The company has been recognized for its commitment to social responsibility, being included in the S&P Global Sustainability Yearbook for the second consecutive year [54] - Ongoing support for educational and healthcare initiatives, including donations to Fudan University Affiliated Hospital, reflects the company's dedication to community welfare [57]

Core Viewpoint - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotech has received acceptance from the National Medical Products Administration for a new indication of its drug, Surulitinib Injection, which is now included in the priority review process [1][2] Group 1 - The drug is an innovative anti-PD-1 monoclonal antibody developed by the group [2] - As of December 12, 2025, the drug has been approved for marketing in multiple countries, including China, the EU, the UK, and India, with various indications [2] - Current approved indications in China include first-line treatment for squamous non-small cell lung cancer, extensive small cell lung cancer, esophageal squamous cell carcinoma, and non-squamous non-small cell lung cancer [2] Group 2 - The drug has received orphan drug designation from regulatory authorities in the US, EU, Switzerland, and South Korea [2] - The indication for combined chemotherapy in gastric cancer has been included in the breakthrough therapy program by the National Medical Products Administration as of November 2025 [2] - Multiple clinical trials involving the drug are ongoing globally, targeting various cancers such as lung cancer, esophageal cancer, head and neck squamous cell carcinoma, colorectal cancer, and gastric cancer [2]