证券分析师 汤莹 A0230518100004 tangying@swsresearch.com 今日重点推荐 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3444 | 0.59 | 2.9 | 1.86 | | 深证综指 | 2075 | 1.09 | 5.22 | 4.39 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | 0.32 | 2.27 | 0 | | 中盘指数 | 0.86 | 4.88 | 0.32 | | 小盘指数 | 1.16 | 4.89 | 6.33 | | 行业涨幅 | 昨日涨 | 1 个月涨 | 6 个月涨 | | 地面兵装Ⅱ | 9.16 | 42.17 | 64.88 | | 游戏Ⅱ | 5.56 | 15.79 | 30.6 | | 航天装备Ⅱ | 4.87 | 11.02 | 11.73 | ...

复星医药的主营业务板块有哪些？各板块的收入情况如何？ 复星医药共有三大主营业务板块，分别为制药板块、器械诊断板块和医疗服务 板块。2024 年的营业收入总额为 410 亿元，其中制药板块占比超过 70%，约 为 289 亿元；器械诊断收入占比约为 10%，即 43 亿元；医疗健康服务占比近 19%，约 76 亿元。 复星医药在创新药品方面有哪些亮点？ 复星医药 20250625 摘要 复星医药 2024 年总收入约 403 亿元，创新药收入近 80 亿元，占比持 续提升。其中，汉斯状和汉曲优是核心品种，分别实现超过 13 亿元和 28 亿元的收入，预计未来几年创新药收入增速保持在 20%水平。 公司战略聚焦创新药和高值器械，通过退出非核心资产回笼资金约 30 亿元人民币，用于加码创新资产，如增持翰林医药至 63%股权，优化资 产结构，实现深度聚焦与创新转型。 器械诊断板块收入 43 亿元，明星产品包括 Assystem 的长效肉毒素达 西斐（已获批适应证）和直观复兴的达芬奇手术机器人（2024 年装机 量 58 台），同时推进进口设备国产替代。 医疗服务板块收入约 76 亿元，虽受大环境影响仍处于亏损状态，但 ...

政策动向 《采用脑机接口技术的医疗器械非侵入式设备通用技术条件》国家标准立项申请公开征求意见 6月25日，据媒体从国家药品监督管理局医疗器械标准管理中心获悉，全国医用电器标准化技术委员会 医用电子仪器分技术委员会对《采用脑机接口技术的医疗器械非侵入式设备通用技术条件》医疗器械国 家标准立项申请项目公开征求意见。据悉，文件规定了采用脑机接口技术的非侵入式医疗器械采集、解 码、外控设备、接触人体部件的穿戴力学、人机交互可用性的性能指标及测试方法。 本文件适用于采 用脑机接口技术的非侵入式医疗设备。 根据介绍，随着全球化进程的推进，国际间的医疗器械交流和合作日益频繁，制定与国际接轨的标准有 助于促进国际合作；对于监管机构而言，标准化的测试方法可以提高监管效率，减少因标准不统一带来 的监管难度和成本；随着非侵入式神经调控领域的快速发展，会有越来越多的企业投入到相关产品的研 发和生产中。统一的测试方法标准有助于规范产业，促进健康有序的市场竞争。 李利在天津调研支持医药产业研发创新工作 6月25日，国家药监局官微显示，6月23日至25日，国家药监局党组书记、局长李利在天津市走访考察脑 机交互与人机共融海河实验室、天士力医 ...

Group 1: Healthcare Legislation and Regulation - The draft of the Medical Security Law aims to establish a comprehensive basic medical insurance system and protect the rights of insured individuals [1] - The National Medical Products Administration (NMPA) held a meeting to enhance monitoring and management of medical device sales online, emphasizing risk governance and public safety [2] - Tianjin's health authorities issued a notice to promote the implementation of centralized procurement results, ensuring that selected drugs and consumables are procured within three months [3] Group 2: Medical Data and Technology - Hubei province launched a new feature for its medical insurance information platform to enable nationwide sharing of medical imaging data by 2026 [4] - The Gates Foundation announced a commitment to donate $1.6 billion to the Global Vaccine Alliance over the next five years, contributing to vaccine development and delivery [6] Group 3: Pharmaceutical Developments - Lizhu Group received approval for clinical trials of YJH-012 injection, a new siRNA drug aimed at long-term suppression of uric acid production [5] - Haisheng Pharmaceutical's HSK47388 tablet for autoimmune diseases has had its clinical trial application accepted by the NMPA [6] - Baiyue Shenzhou announced the clinical use of its bispecific HER2 inhibitor in China, targeting patients with HER2-positive biliary tract cancer [8] - Haichuang Pharmaceutical's new anti-cancer drug, Dihengzalu, has been prescribed in multiple cities, marking its entry into clinical practice [9] - Fuhong Hanlin completed the first patient dosing in Japan for its drug Hanshuang in a trial for extensive-stage small cell lung cancer [10] Group 4: Corporate Actions - Wantai Biological Pharmacy responded to investor concerns regarding the efficacy data of its 9-valent HPV vaccine, stating that the circulating data is inaccurate [12] - A senior executive at Kew Flower Pharmaceutical resigned due to retirement, effective immediately [13]

Core Insights - The innovative drug sector is experiencing a significant uptrend driven by new drug launches, reduced losses in biotech, and major business development (BD) activities, with a positive outlook for continued growth in the industry [1] - Fosun International's health sector is gaining market attention due to its innovative transformation in the pharmaceutical industry, showcasing unique value in "innovation," "technology," and "globalization" [1] Group 1: Company Developments - Fosun Pharma and its subsidiary, Hualan Biological Engineering, are entering a critical phase of pipeline realization, with a focus on differentiated and internationalized R&D strategies [1][4] - The PD-1 monoclonal antibody, Hanshuo (Sru Li Single Antibody Injection), has become the first globally approved first-line treatment for extensive-stage small cell lung cancer (ES-SCLC) [1] - Hualan's HLX43, a PD-L1 antibody-drug conjugate (ADC), is positioned to address unmet clinical needs in advanced/metastatic solid tumors, showing promising initial efficacy in non-small cell lung cancer (NSCLC) and thymic squamous cell carcinoma (TSCC) [2][3] Group 2: Market Expansion and Collaborations - Fosun is actively promoting its innovative products internationally, having established deep collaborations with over 20 leading biopharmaceutical companies to expand into global markets [5] - The approval of Sru Li Single Antibody in the EU and its coverage across over 30 countries demonstrates Fosun's capabilities in overseas registration and market access [5] - Ongoing clinical trials for innovative therapies targeting gastric cancer and breast cancer further indicate Fosun's commitment to expanding its global clinical capabilities [5] Group 3: Future Growth Potential - The combination of self-research, licensing, and globalization strategies positions Fosun for sustainable and high-value growth, with a strong pipeline and innovative technology platforms [6] - The recent approval of multiple new drugs by the National Medical Products Administration (NMPA) is expected to boost Fosun's performance, especially with the upcoming medical insurance negotiations [6] - The Chinese biotechnology sector has seen a significant revaluation, with a 72% increase year-to-date, indicating a robust outlook for the innovative drug market [6][7]

该公司还在2025美国临床肿瘤学会(ASCO)年会上首次公布了HLX43(PD-L1 ADC)治疗晚期/转移性实体 瘤患者的I期临床试验数据，该研究由中国医学科学院肿瘤医院王洁教授担任牵头主要研究者。目前， 全球范围内尚无PD-L1 ADC获批上市，HLX43有望解决PD-1/L1免疫疗法不响应或耐药问题，为更多晚 期/转移性实体瘤患者带来新的治疗选择。 复宏汉霖已有6款产品在中国获批上市，4款产品在国际获批上市，触达50多个国家和地区，累计惠及全 球超80万患者。自2025年初至今，复宏汉霖股价已涨逾100%。近期该公司已获纳入MSCI全球小型股指 数成分股，有望进一步吸引更多国际资本关注。 智通财经APP获悉，复宏汉霖(02696)6月9日发布公告，H股全流通备案申请获中国证监会受理。今日(6 月10日)公司股价依旧维持强势，收涨2.17%，报49.40港元。市场可期待该公司未来完成H股全流通后， 除增加公司股份流动性外，也将进一步提升公司治理和市场竞争力，进而推进公司业务高速发展，为股 东创造价值。 此外，复宏汉霖研究成果也积极在美国临床肿瘤学会(ASCO)年会亮相。公司近日宣布，创新型抗HER2 单抗 ...

在富足板块，集团资产质量稳步提升。中信建投证券以保险业务为例，指出复星葡萄牙保险2024年毛保 费收入达约欧元61.7亿元，充分发挥复星"全球组织+本地运营"能力，通过海外拓展将国际业务占比由 2014年的约5%提高至29.8%；境内两家保险公司迎来关键发展机遇，其中复星保德信人寿的总保费收入 从2023年的人民币43.5亿元大幅增长至2024年的人民币92.5亿元，复星联合健康保险的保费收入也稳步 提升，并且两家公司均实现盈利。两家公司的不断成长有望为集团未来发展奠定坚实基础。 中信建投证券同时看好复星快乐板块业务，指出公司正加速优化品牌布局，推动东方美学概念的打造。 其中，豫园股份积极调整非核心项目，提高财务结构稳定性，同时塑造多品牌战略，包括对黄金珠宝门 店进行升级改造，打造豫园商圈整体品牌形象，塑造多品牌的东方美学概念。复星旅文旗下Club Med 深耕全包高端独家，收入再创新高，三亚亚特兰蒂斯逆势实现入住率新高，维持品牌竞争力。 5月27日，中信建投证券发布了对复星国际（00656.HK）的首次覆盖报告，给予公司"增持"评级。报告 指出，公司下属健康板块拥有包括复星医药、复宏汉霖、复锐医疗等多家上市 ...

Core Viewpoint - CITIC Securities initiated coverage on Fosun International (00656.HK) with a "Buy" rating, highlighting the company's diversified asset portfolio and robust growth in asset quality, which warrants market attention [1] Group 1: Health Sector - Fosun's health sector encompasses pharmaceuticals, medical devices, diagnostics, and healthcare services, with key products including Hanlikang, Hanquyou, Hanshuang, and Yikaida [2] - Hanlikang is the first domestically produced rituximab approved for treating lymphoma, leukemia, and rheumatoid arthritis; Hanquyou is a trastuzumab approved in over 50 countries for HER2-positive breast and gastric cancer; Hanshuang is the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer in over 30 countries; Yikaida is the first CAR-T product in China for relapsed/refractory large B-cell lymphoma [2] Group 2: Happiness Sector - The happiness sector is undergoing brand optimization, with Yuyuan Holdings enhancing its financial stability and multi-brand strategy, including upgrading jewelry stores to create a cohesive brand image [2] - Club Med, under Fosun Tourism, achieved record revenue by focusing on high-end all-inclusive offerings, while Atlantis Sanya reached new occupancy highs, maintaining brand competitiveness [2] Group 3: Wealth Sector - The asset quality of Fosun's wealth sector is steadily improving, with Fosun Portugal Insurance projected to achieve approximately €6.17 billion in gross premium income in 2024, increasing international business share from about 5% in 2014 to 29.8% [3] - Domestic insurance companies, including Fosun's P&C and health insurance, are experiencing significant growth, with Fosun P&C's total premium income expected to rise from RMB 4.35 billion in 2023 to RMB 9.25 billion in 2024, both companies achieving profitability [3] - The ongoing growth of these companies is expected to lay a solid foundation for the group's future development [3]

Core Viewpoints - The company has a diversified portfolio across health, happiness, and wealth sectors, with notable subsidiaries including Fosun Pharma, Fosun Hani, and Club Med, indicating a comprehensive strategy in the pharmaceutical and insurance industries [1][2][3] - The company is actively implementing a strategy focused on core businesses and optimizing asset quality, which is expected to improve as the price-to-book ratio is currently low [1][4] Health Sector Summary - The health sector encompasses pharmaceuticals, medical devices, diagnostics, and healthcare services, with a focus on innovative drugs, mature products, and vaccines [1] - Key products include Hanlikang, Hanquyou, Hanshuang, and Yikaida, targeting various cancers and autoimmune diseases, showcasing a strong pipeline in oncology and immunology [1] - The medical device segment includes aesthetic, respiratory, and professional medical products, while diagnostics extend from biochemical to molecular and home testing [1] Happiness Sector Summary - The happiness sector is optimizing brand positioning, with a focus on upgrading gold and jewelry stores and enhancing the overall brand image of the Yuyuan shopping district [2] - Club Med has achieved record revenue through exclusive all-inclusive offerings, and Atlantis Sanya has reached new occupancy highs, maintaining brand competitiveness [2] Wealth Sector Summary - The wealth sector's asset quality is improving, with insurance operations including Fosun Portugal Insurance and Dingrui Reinsurance, contributing significantly to revenue growth [2] - In 2024, the insurance business generated revenue of 39.31 billion yuan, a 5% increase year-on-year, with a notable rise in net profit by 117.2% to 1.72 billion yuan [2] - Fosun Portugal Insurance reported gross premium income of approximately 6.17 billion euros, reflecting the company's global operational capabilities [2] Asset Management Summary - The asset management business generated revenue of 15.8 billion yuan in 2024, a 10.3% increase, with a net loss of 4.37 billion yuan primarily due to a one-time non-cash loss from the valuation adjustment of the Cainiao project [3] - The asset management segment accounts for 29% of the wealth sector's total revenue, with investment and hive management contributing 17% and 12%, respectively [3] - Total assets in the asset management business reached 268.12 billion yuan, representing 33% of the company's total assets [3]

证券研究报告 | 公司点评 | 化学制药 复星医药(600196) 报告日期：2025 年 05 月 14 日 创新持续发力，国际化渐入佳境 ——复星医药更新点评 投资要点 ❑ 研发保持高投入，我们看好国际化&创新化持续兑现驱动公司持续增长。 ❑ 业绩：利润快速增长，现金流提升 公司披露 2024 年业绩：2024 年实现营业收入 410.67 亿元(YOY-0.80%)。其中， 创新产品收入稳步增长，核心品种创新型抗 PD-1 单抗斯鲁利单抗注射液（汉斯 状）、CAR-T 细胞治疗产品奕凯达（阿基仑赛注射液）、止吐药物奥康泽（奈妥 匹坦帕洛诺司琼胶囊）以及长效重组人粒细胞集落刺激因子产品珮金（拓培非格 司亭注射液）、心衰和高血压治疗药物一心坦（沙库巴曲缬沙坦钠片）均实现较 快增长。 现金流：有所提升，经营质量较佳。2024 年实现经营现金流 44.77 亿元，同比增 长 31.13%，高于当期经营性利润的增速, 同时通过资产结构优化和严格控制资本 性支出等多项措施，实现自由现金流的提升。 利润端快速增长，费用率下降。2024 年实现归母净利润 27.70 亿元，同比增加 16.08%。扣非净利润 23.14 ...