Company Overview - Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a global healthcare industry group established in 1994, focusing on pharmaceuticals, medical devices, diagnostics, and healthcare services [1] - The company operates in major markets including the US, Europe, Africa, India, and Southeast Asia, with a strong emphasis on innovative drug development in oncology and immunology [1] Innovation and Product Development - Fosun Pharmaceutical employs an open innovation model through self-research, collaboration, licensing, and industrial investment, leading to the launch of innovative products in hematological malignancies, breast cancer, and lung cancer [2] - The company has introduced China's first biosimilar drug Hanlikang®, the first domestic trastuzumab biosimilar Hanquyou®, and the world's first approved anti-PD-1 monoclonal antibody for first-line treatment of small cell lung cancer, Hanshuang® [2] - As of July 2025, Fosun has five rare disease drugs on the market and ten additional indications under research, with its innovative drug Fumainin® approved for dual indications in May 2025 [2] Market Localization and Accessibility - Fosun Pharmaceutical aims to localize international technologies and products in China, enhancing the accessibility of quality medical resources [3] - The company's subsidiary, Fosun Kite, launched the first CAR-T cell therapy product Yikaida®, which is the first CAR-T therapy approved in China, benefiting over 800 lymphoma patients by the end of 2024 [3] - The first domestically produced Da Vinci surgical system was launched in October 2023, making China the only global production base outside the US, with over 670,000 patients treated by the Da Vinci surgical robot by the end of 2024 [3] Global Health Initiatives - Fosun Pharmaceutical is committed to improving the accessibility of medicines in developing countries, particularly in combating malaria in sub-Saharan Africa, where malaria claims a life every minute [4] - The company has developed artesunate for injection, a first-line treatment for severe malaria recommended by WHO, saving over 80 million patients by the end of 2024 [4] - The completion of the first phase of the Côte d'Ivoire park in May 2025 enhances the affordability and accessibility of pharmaceutical products in the region [4]

Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 自願公告 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，並明確表示概不就因本公告全部或任何部分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。 | 產品/聯合療法 | 適應症 | 最新進展 | | --- | --- | --- | | HLX43 | 晚期/轉移性 | 於中國境內處於1期臨床試驗中 | | | 實體瘤 | （其中胸腺癌(TC)隊列為國際多 | | | | 中心試驗） | | | | 於美國、日本獲許可開展1期臨 | | | | 床試驗 | | HLX43 | 晚期非小細胞肺癌 | 於中國境內、美國、澳大利亞處 | | | (NSCLC) | 於2期臨床試驗中（國際多中心 | | | | 試驗） | | | | 於日本獲許可開展2期臨床試驗 | | HLX43單藥或 | 晚期/轉移性 | 轉移性結直腸癌(mCRC)、宮頸 | | 聯合治療 | 實體瘤 | 癌( ...

Core Viewpoint - The company has demonstrated strong international growth and operational resilience, with recent regulatory issues not impacting its current business or future prospects [1][5]. Group 1: Regulatory and Compliance - The Hong Kong Stock Exchange issued a disciplinary statement regarding a historical investment management agreement from 2019, which has been fully rectified by the company in 2023 [1]. - The company has upgraded its internal control systems and established a "Financing Management Committee" to enhance risk management [1]. - The incident is viewed as a historical procedural flaw, with no penalties imposed and no impact on the current management or business operations [1]. Group 2: Financial Performance - For the first half of 2025, the company reported total revenue of 2.8195 billion yuan, a 10.5% year-on-year increase, with a net profit of 390.1 million yuan [2]. - Operating cash flow surged to 770.9 million yuan, reflecting a dramatic increase of 206.8% year-on-year [2]. - Global product revenue exceeded 2.55 billion yuan, with overseas product profits soaring over 200% [2]. Group 3: Product Development and Market Expansion - The company's core product, Hanquyou®, has achieved significant sales of 1.44 billion yuan and has been approved in over 50 global markets [3]. - HLX14 has received recent approvals in the U.S. for multiple indications, with expectations for simultaneous approvals in the EU and Canada by the second half of 2025 [3]. - The company is advancing its innovative drug pipeline, including HLX43 and HLX22, which are positioned to address significant market needs and have shown promising clinical results [7][9]. Group 4: Strategic Collaborations - The company has formed strategic partnerships with global giants like Abbott and Organon, enhancing its market presence and operational efficiency [4]. - These collaborations are part of a broader strategy to embed itself within the global value chain and optimize revenue generation [4]. Group 5: Market Sentiment and Stock Performance - Since 2025, the company's stock price has surged over 450%, with a market capitalization exceeding 45 billion HKD, indicating strong investor confidence [6]. - Major financial institutions have raised their target prices for the company, reflecting a consensus on its growth potential and successful internationalization strategy [6]. Group 6: Innovation and R&D Capabilities - The company is focused on continuous innovation, with a robust pipeline of differentiated products and advanced technology platforms [10][11]. - The development of HLX43 and HLX22 showcases the company's commitment to addressing unmet medical needs and enhancing treatment efficacy [8][9]. - The integrated R&D system allows the company to maintain a competitive edge in the global biopharmaceutical landscape [11]. Group 7: Market Trends and Future Outlook - The company is positioned to benefit from a favorable market environment, with multiple catalysts for growth and a clear path for revenue enhancement [12]. - The combination of improved operational performance, strong product pipeline, and positive market sentiment suggests a promising trajectory for the company's future [12].

Core Viewpoint - The stock of Fuhong Hanlin (2696.HK) reached a new high of 85.95 HKD, with a year-to-date increase exceeding 250% [1] Group 1: Company Performance - The latest report from CICC initiates coverage of the company with an "outperform" rating and sets a target price of 102.91 HKD [1] - Citigroup previously raised the company's target price to 95 HKD, indicating strong market confidence in the company's international progress and core product expansion [1] Group 2: Product Portfolio - The company has established a competitive advantage through its core innovative drugs, including HLX43 (PD-L1 ADC), HLX22, and Hanshu® [1] - The contribution from biosimilars like Hanquyou® provides stable cash flow, supporting the company's dual-driven model of "innovation + commercialization" [1]

Core Insights - The company reported a revenue of 2.82 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 2.67% [1] - Gross profit reached 2.199 billion RMB, up 10.47% year-on-year, while net profit attributable to shareholders was 390 million RMB, a 0.99% increase [1] - The company invested approximately 995 million RMB in R&D, an increase of about 170 million RMB compared to the same period last year, focusing on innovative R&D projects to accelerate transformation [1] Group Performance - The overseas product sales revenue was approximately 40.6 million RMB, with profits from overseas products more than doubling compared to the same period last year, driven by the company's international strategy and increased sales in the U.S. market [1] - As of August 22, 2025, the company has successfully launched six products (covering 25 indications) in multiple countries, including China, the U.S., Europe, and others, benefiting over 850,000 patients globally [2] - The product "Hanshu" for extensive-stage small cell lung cancer was approved for first-line treatment in the EU in February 2025, marking the company's second product approved in the EU [2] - The biosimilar HLX14 received a positive opinion from the European Medicines Agency (EMA) in July 2025, paving the way for its market entry in broader overseas markets [2]

Core Viewpoint - The valuation logic of Fosun Pharma is undergoing a silent reconstruction following a $645 million licensing deal for its innovative drug XH-S004, which has seen a 235% year-to-date increase in its subsidiary, Fosun Hani. [1][3] Group 1: Licensing Deal and Market Reaction - Fosun Pharma announced a global licensing agreement (excluding China and Hong Kong) for its small molecule oral DPP-1 inhibitor XH-S004 with Expedition Therapeutics, with a potential total deal value of $645 million (approximately 4.6 billion RMB) [1] - Following the announcement, Fosun Pharma's H-shares surged by 9.4% and A-shares rose by 5.6%, indicating strong market approval for the deal [1] - XH-S004 is currently in Phase II clinical trials for non-cystic fibrosis bronchiectasis and Phase Ib trials for chronic obstructive pulmonary disease (COPD) in China [1] Group 2: Strategic Partnership and Market Position - Expedition Therapeutics focuses on innovative therapies for autoimmune diseases and has a management team with extensive experience in drug development and commercialization [2] - The partnership aims to expand the global reach of XH-S004 for patients with non-cystic fibrosis bronchiectasis and COPD [2] - The global demand for DPP-1 inhibitors is increasing due to the growing population of chronic lung disease patients, with major pharmaceutical companies like Merck and GSK intensifying their focus on this segment [2] Group 3: Innovation and Financial Performance - Fosun Pharma's licensing deal reflects the market's recognition of its pipeline value and the success of its strategic transformation [3] - The company recently issued 1 billion RMB in technology innovation bonds, marking the first mid-to-long-term technology innovation bond in China's private pharmaceutical sector, showcasing strong capital market support for its innovation efforts [3] - Fosun Hani's stock has increased by nearly 235% year-to-date, with a market capitalization of 43.1 billion HKD, driven by multiple innovative products [3] Group 4: Product Development and Clinical Advancements - HLX43, a PD-L1 ADC, is the first of its kind to enter Phase II clinical trials globally, demonstrating high response rates in specific patient groups [4] - The dual mechanism of HLX43, combining immune checkpoint blockade and cytotoxic payload, addresses treatment challenges for PD-1/L1 resistant patients, making it a notable innovation in lung cancer therapy [4] Group 5: Investment Strategy and Valuation - With the progress of HLX43 and other innovative pipelines, Fosun Hani's stock price is expected to continue rising, although it is not yet included in the Hong Kong Stock Connect, limiting direct investment opportunities for some domestic investors [5] - Investors can benefit from holding Fosun Pharma to indirectly gain from Fosun Hani's innovation value while enjoying the stability and risk mitigation from the parent company's diversified business ecosystem [5] - As of the latest closing on August 14, Fosun Pharma's H-shares were priced at 19.96 HKD, representing a 34% discount compared to its A-share price of 27.97 RMB, highlighting a significant valuation gap [5]

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，並明確表示概不就因本公告全部或任何部分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。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） HLX22（重組人源化抗HER2單克隆抗體注射液） 聯合曲妥珠單抗和化療(XELOX) 對比曲妥珠單抗和化療(XELOX)聯合或不聯合帕博利珠單抗 一線治療HER2陽性局部晚期或轉移性胃食管交界部和胃癌的 國際多中心3期臨床試驗申請於歐盟國家（德國）獲批 C. 市場情況 截至本公告日，於全球範圍內尚無同類聯合用藥治療方案獲批用於治療胃癌╱胃 食管交界部癌。 自願公告 A. 緒言 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）自願作出，以告知本公 司股東及潛在投資者本公司最新業務更新。 本公司董事會（「董事會」）欣然宣佈，近日，HLX22（重組人源化抗HER2單克隆 抗體注射液）（「HLX22」）聯合曲妥珠單抗和化療(XELOX)對比曲妥 ...

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，並明確表示概不就因本公告全部或任何部分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。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 本次研究是一項雙盲、國際多中心隨機對照3期研究，旨在比較HLX22聯合 曲妥珠單抗和化療對比曲妥珠單抗和化療聯合或不聯合帕博利珠單抗，一 線治療HER2陽性局部晚期或轉移性胃癌/胃食管交界部癌患者的療效和安 全性。符合條件的受試者將以1:1的比例隨機分配至試驗組（接受HLX22(15 mg/kg)聯合曲妥珠單抗和化療）或對照組（接受安慰劑聯合曲妥珠單抗和化 療，聯合或不聯合帕博利珠單抗）。該研究的主要終點為獨立影像評估委員會 (IRRC)基於RECIST v1.1評估的無進展生存期(PFS)和總生存期(OS)；次要終 點包括研究者評估的無進展生存期(PFS)、獨立影像評估委員會(IRRC)或研究 者評估的客觀緩解率(ORR)、下一線治療的無進展生存期(PFS2)、緩解持續 時間(DOR)、生活質量、安全性、免疫 ...