炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：广昌看世界 亲爱的复星同学们、战友们： 岁末的钟声渐近，我刚结束欧洲出差的行程回到中国，虽然行程紧凑，但我还是挤出时间，忙里偷闲， 踏上了Club Med在阿尔卑斯山脉的雪道。山间雪景壮阔，暖阳洒在肩头，此景此情，我不禁回望复星 的2025年，好似又一场振奋人心的攀登之旅。今年的山路上有风有雨，都在考验我们。但我们心里认准 一句话，山再高，往上攀，总有登顶的一天。靠着这份信念，我们扎实地走在创新、全球化的路上，每 一步都踩得稳健。 Club Med地中海俱乐部·瓦勒迪泽尔度假村 要谢谢每一位同行的复星人，有你们在，复星攀登的路上从不孤单。 回想这一年，可以说是中国的生物医药全球化创新的爆发之年。我们的大健康产业在过去多年以来一直 坚持源头创新，所以在今年也收获了一些阶段性的成果：复迈宁正式临床使用，补上了国内肿瘤罕见病 治疗的空白；复妥宁开出首张处方，第二款CAR-T产品也进入审批；汉斯状胃癌围术期III期研究成功， 成为全球首个用免疫单药替代术后化疗的方案；我们的口服GLP-1药物授权辉瑞全球开发，说明我们生 物药的创新力已经得 ...

该药品为集团自主研发的创新型抗PD-1单抗。截至本公告日期(即2025年12月12日，下同)，该药品已于 中国、欧盟、英国、印度尼西亚、柬埔寨、泰国、马来西亚、新加坡及印度等国家/地区获批上市，其 中中国境内已获批适应症包括联合化疗一线治疗鳞状非小细胞肺癌(sq-NSCLC)、广泛期小细胞肺癌(ES- SCLC)、食管鳞状细胞癌(ESCC)及非鳞状非小细胞肺癌(nsq-NSCLC);此外，该药品相关适应症已获美 国、欧盟、瑞士及韩国等国家/地区的药品监管部门授予孤儿药资格认定，且该药品用于联合化疗新辅 助/辅助治疗胃癌已于2025年11月被国家药监局药品审评中心纳入突破性治疗药物程序;另有以该药品为 核心的多项联合疗法正在全球多个国家和地区开展临床试验，覆盖肺癌、食管癌、头颈鳞癌、结直肠癌 和胃癌等适应症。 复星医药（600196）(600196.SH)发布公告，近日，公司控股子公司上海复宏汉霖生物技术股份有限公 司及其控股子公司就斯鲁利单抗注射液(中国境内1商品名：汉斯状;以下简称"该药品")新增适应症(即联 合含铂化疗新辅助，在手术后辅助治疗，用于PD-L1阳性的、可手术切除的胃癌患者)的药品注册申请 获 ...

Core Viewpoint - The Hong Kong innovative drug sector is experiencing a significant rise, driven by renewed expectations of a Federal Reserve interest rate cut in December and positive developments within the innovative drug industry [1] Market Performance - As of 14:35, stocks such as Hansoh Pharmaceutical, Hengrui Medicine, and 3SBio have risen over 6% - The Hang Seng Hong Kong Stock Connect Innovative Drug Index increased by 3.2% - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index rose by 2.9% [1] Market Drivers - The market sentiment for global innovative drug assets is recovering due to expectations of a Federal Reserve rate cut in December [1] - Positive internal developments in the innovative drug industry include the recognition of a breakthrough therapy for gastric cancer by Junshi Biosciences [1] - The internationalization of Chinese innovative drugs is accelerating, with global pharmaceutical companies competing for cutting-edge technology pipelines, providing a valuation anchor for Chinese innovative drugs [1] Long-term Outlook - Analysts suggest that the innovative drug sector may benefit from improved liquidity and policy catalysts, especially with the Federal Reserve's clear direction towards easing [1] - The upcoming implementation of the commercial insurance catalog in December is expected to further support the sector [1] - Current valuations in the innovative drug sector remain at historically low levels, highlighting attractive investment opportunities [1] Index Information - The Hang Seng Hong Kong Stock Connect Innovative Drug Index is one of the first ETFs to achieve 100% "purity" in tracking innovative drug companies [1] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index includes 50 large-cap listed companies in the medical and health sector, covering innovative drugs and medical devices [1] - The Hang Seng Innovative Drug ETF (159316) and the Hong Kong Stock Connect Medical ETF (513200) track these indices, aiding investors in capitalizing on opportunities in the pharmaceutical industry [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received breakthrough therapy designation for its independently developed Sru Li Anti-Inflammatory Injection for use in combination chemotherapy for gastric cancer [1] Company Summary - The drug is an innovative anti-PD-1 monoclonal antibody developed by Fosun Pharma [1] - As of November 20, 2025, the drug has been approved for marketing in multiple countries, including China, the EU, the UK, Indonesia, Cambodia, Thailand, Malaysia, Singapore, and India [1] - In China, the approved indications include first-line treatment for squamous non-small cell lung cancer (sq-NSCLC), extensive-stage small cell lung cancer (ES-SCLC), esophageal squamous cell carcinoma (ESCC), and non-squamous non-small cell lung cancer (nsq-NSCLC) [1] - The drug has received orphan drug designation from regulatory authorities in the US, EU, Switzerland, and South Korea [1] - Multiple combination therapies involving this drug are currently undergoing clinical trials in various countries, targeting indications such as lung cancer, esophageal cancer, head and neck squamous cell carcinoma, colorectal cancer, and gastric cancer [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech, has received inclusion in the breakthrough therapy designation for its independently developed drug, Surulitinib injection, for the treatment of gastric cancer, which is a significant milestone as no PD-1 targeted monoclonal antibody has been approved for this indication globally [1] Group 1 - The drug Surulitinib (marketed as Hanshuang in China) is intended for use in combination with chemotherapy for neoadjuvant/adjuvant treatment of gastric cancer [1] - The inclusion in the breakthrough therapy program is expected to expedite the review and market launch process for this indication in China [1] - As of the announcement date, there are no approved PD-1 targeted monoclonal antibodies for neoadjuvant/adjuvant treatment of gastric cancer worldwide [1]

Core Viewpoint - Fosun Pharma is planning to transfer 100% equity of Shanghai Clone for a transaction price not exceeding 1.256 billion yuan, as part of its strategy to alleviate cash flow pressure and support its transformation into innovative drugs [2][3]. Group 1: Asset Transfer Details - The transaction involves a complex structure where a fund will be established first, followed by the asset transfer [3]. - Fosun Pharma Industry will contribute 54.6 million yuan as a limited partner in a special fund, holding 9.98% of the property share [3]. - The core asset of Shanghai Clone is a property located in Xuhui District, Shanghai, with a land area of 19,944 square meters and a building area of 45,238.55 square meters, classified as industrial land [3]. Group 2: Financial Pressure - Fosun Pharma is facing significant cash pressure, with short-term borrowings amounting to 17.862 billion yuan and total short-term debt reaching 22.646 billion yuan, exceeding cash reserves of 12.959 billion yuan, resulting in a short-term repayment gap of 9.687 billion yuan [5][7]. - The company's financial expenses for the first half of 2025 reached 640 million yuan, accounting for two-thirds of its net profit excluding non-recurring items, marking the highest semi-annual financial expense since its listing [5][7]. Group 3: Debt Structure and Risks - As of the first half of 2025, Fosun Pharma's interest-bearing liabilities totaled 36.994 billion yuan, with short-term debt comprising 61% of the total [7]. - The company's debt-to-asset ratio stands at 49.24%, which is higher than the average of 40% for A-share pharmaceutical companies [7][8]. - The cash flow from operating activities was 2.134 billion yuan, insufficient to cover short-term debts, resulting in a cash coverage ratio of approximately 0.12, indicating liquidity risk [8]. Group 4: Performance Metrics - For the first half of 2025, Fosun Pharma reported revenue of 19.514 billion yuan, a year-on-year decline of 4.63%, while net profit attributable to shareholders was 1.702 billion yuan, an increase of 38.96% [10]. - The profit growth is largely attributed to asset disposal gains of 9.491 billion yuan, which nearly doubled compared to the same period last year, while the net profit excluding non-recurring items fell by 23.39% [12][14]. - The revenue growth of key innovative drugs like "Hanshu" and "Yikaida" was lower than industry leaders, reflecting competitive weaknesses in the PD-1 market [13][14].

Core Viewpoint - Fosun Pharma is facing significant cash flow pressure, prompting the company to dispose of assets to improve liquidity and support its transition to innovative drug development [3][4][10]. Group 1: Asset Disposal - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Clontech for a transaction price not exceeding 1.256 billion yuan [3]. - This transaction is part of a broader strategy, with over 2 billion yuan in asset disposals signed by mid-2025, aimed at supplementing cash flow for innovative drug transformation [3][4]. Group 2: Financial Pressure - As of mid-2025, Fosun Pharma's short-term borrowings reached 17.862 billion yuan, with total short-term debts amounting to 22.646 billion yuan, significantly exceeding cash reserves of 12.959 billion yuan, resulting in a short-term debt gap of 9.687 billion yuan [4][6]. - The company's financial expenses for the first half of 2025 were 640 million yuan, the highest since its listing, accounting for two-thirds of its net profit excluding non-recurring items [4][6]. Group 3: Debt Structure - Fosun Pharma's debt structure shows a total interest-bearing debt of 36.994 billion yuan, with short-term debt comprising 61% of the total [6][7]. - The company's asset-liability ratio stands at 49.24%, higher than the average of 40% for A-share pharmaceutical companies, indicating a high leverage and short-term debt profile [7][8]. Group 4: Performance Metrics - For the first half of 2025, Fosun Pharma reported revenue of 19.514 billion yuan, a year-on-year decline of 4.63%, while net profit attributable to shareholders was 1.702 billion yuan, an increase of 38.96% [11][10]. - The profit growth is largely attributed to asset disposal gains of 9.491 billion yuan, nearly doubling from the previous year, while the net profit excluding non-recurring items fell by 23.39% to 961 million yuan [13][14]. Group 5: Innovation and Market Position - The revenue from innovative drugs like "Hanshuozhuang" and "Yikaida" showed growth, but at rates lower than industry leaders, indicating potential competitive weaknesses [14][15]. - The proportion of revenue from innovative drugs is approximately 25%, below the 35% benchmark of peers like Heng Rui Pharma, raising concerns about long-term sustainability and growth potential [15].

Core Viewpoint - Fosun Pharma is facing significant cash flow pressure, prompting the company to dispose of assets to improve liquidity and support its transition to innovative drug development [2][3][12]. Group 1: Asset Disposal - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Clone for a transaction price not exceeding 1.256 billion yuan [2]. - This transaction is part of a broader strategy, with the company having signed asset disposal agreements totaling over 2 billion yuan by mid-2025 [2]. - The asset transfer involves setting up a fund, with Fosun Pharma contributing 54.6 million yuan as a limited partner [2]. Group 2: Financial Pressure - As of mid-2025, Fosun Pharma's short-term borrowings reached 17.862 billion yuan, with total short-term debt amounting to 22.646 billion yuan, significantly exceeding cash reserves of 12.959 billion yuan [3][5]. - The company's financial expenses for the first half of 2025 amounted to 640 million yuan, the highest since its listing, consuming two-thirds of its net profit excluding non-recurring items [3][5]. Group 3: Debt Structure - Fosun Pharma's debt structure shows a high reliance on short-term debt, with 61% of its interest-bearing liabilities being short-term [5]. - The company's debt-to-asset ratio stands at 49.24%, higher than the average of 40% for A-share pharmaceutical companies [6]. - The cash coverage ratio is approximately 0.12, indicating a significant liquidity risk [7]. Group 4: Performance Metrics - For the first half of 2025, Fosun Pharma reported revenue of 19.514 billion yuan, a year-on-year decline of 4.63%, while net profit attributable to shareholders was 1.702 billion yuan, up 38.96% [9]. - The profit increase is largely attributed to asset disposal gains of 9.491 billion yuan, nearly doubling from the previous year [11]. - The company's core operating profit, reflected in the net profit excluding non-recurring items, fell by 23.39% to 961 million yuan [12]. Group 5: Innovation and Market Position - Fosun Pharma's innovative drug revenue growth is lagging behind industry leaders, with its PD-1 product "Hanshu" showing a 15% increase in revenue, compared to 28% for competitors [12][13]. - The proportion of revenue from innovative drugs is approximately 25%, lower than the 35% seen in leading companies like Heng Rui [13]. - The reliance on non-recurring investment income raises concerns about the sustainability of profit growth, as the company has not yet achieved scale effects in its high-margin innovative drugs [13].

Core Viewpoint - Fosun Pharma is undergoing a critical phase of innovation transformation, as highlighted by its recent financial report, which shows a slight decline in revenue but significant growth in net profit [2][5]. Financial Performance - For the first half of 2025, Fosun Pharma reported revenue of 19.514 billion RMB, a decrease of 4.63% year-on-year [3]. - The net profit attributable to shareholders was 1.701 billion RMB, reflecting a year-on-year increase of 38.96 [3]. - The net profit after deducting non-recurring gains and losses was 960 million RMB, down 23.39% compared to the previous year [3]. - The net cash flow from operating activities was 2.134 billion RMB, an increase of 11.90% year-on-year [3]. Strategic Focus - The new leadership under Chairman Chen Yuqing has not altered the company's established strategy, which continues to focus on the "4 IN Strategy" (Innovation, Internationalization, Integration, and Intelligence) [6]. - The company is currently in a transitional phase, with a 5.29% decline in pharmaceutical business revenue to 13.901 billion RMB, while innovative drug revenue exceeded 4.3 billion RMB, growing by 14.26% [6]. R&D and Innovation - Fosun Pharma invested 2.584 billion RMB in R&D during the first half of 2025, with three mature R&D entities focusing on different therapeutic areas [7]. - The company is positioning itself in the high-barrier nuclear medicine sector by establishing a new business platform for nuclear medicine products [8]. International Expansion - Overseas business is expected to be a significant support for future performance, with Fosun Pharma's overseas revenue reaching 5.478 billion RMB, accounting for 28.07% of total revenue [10]. - The company is expanding its market presence in regions like the Middle East and Southeast Asia, leveraging local partnerships and registrations [10]. Asset Management - Fosun Pharma has been actively divesting non-core assets, with over 2 billion RMB in signed disposal projects in 2025 [11]. - The company increased its stake in its subsidiary, Fosun Pharma's Hong Kong-listed company, from 59.56% to 63.43% by acquiring additional shares [12].

Core Viewpoint - Fosun Pharma is undergoing a critical phase of innovation transformation, with mixed financial results in the first half of 2025, showing a slight decline in revenue but significant growth in net profit [1][3]. Financial Performance - The company's revenue for the first half of 2025 was 19.514 billion yuan, a decrease of 4.63% compared to the same period last year [2]. - The net profit attributable to shareholders was 1.701 billion yuan, an increase of 38.96% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 960 million yuan, down 23.39% year-on-year [2]. - The net cash flow from operating activities was 2.134 billion yuan, an increase of 11.90% [2]. - As of the end of the reporting period, the net assets attributable to shareholders were 47.398 billion yuan, a slight increase of 0.29% [2]. Strategic Focus - The new leadership under Chairman Chen Yuqing has not altered the company's established strategy, which continues to focus on the "4 IN Strategy" (Innovation, Internationalization, Integration, and Intelligence) [4]. - The company is in a transitional phase, with a 5.29% decline in pharmaceutical business revenue to 13.901 billion yuan, while innovative drug revenue exceeded 4.3 billion yuan, growing by 14.26% [4]. Research and Development - Fosun Pharma invested 2.584 billion yuan in R&D during the first half of 2025, with three mature R&D entities focusing on different therapeutic areas [5]. - The company is positioning itself in the high-barrier nuclear medicine sector by establishing a new platform company for nuclear medicine products [6]. International Expansion - Overseas business is expected to be a significant support for future performance, with revenue from international markets reaching 5.478 billion yuan, accounting for 28.07% of total revenue [8]. - The company is expanding its presence in emerging markets such as the Middle East and Southeast Asia, leveraging local partnerships and registrations [8]. Asset Management - Fosun Pharma has been actively divesting non-core assets, with total signed disposal projects exceeding 2 billion yuan in 2025 [9]. - The company increased its stake in its subsidiary, Fosun Hani, from 59.56% to 63.43% by acquiring additional shares [10].