上海生物医药企业License-out交易领跑全国，2024年达成交易38起、307亿美元，占全国近三分之一。 近年来，中国生物医药产业发展进入了一个全新阶段：既保持着高速的研发和临床试验增量，还在由传 统引进向自主创新输出的方向转变发展。 将生物医药列为三大先导产业的上海，也用一组最新的数据阐明了创新生态的浓度和厚度：上海生物医 药企业License-out（许可授权）交易领跑全国，2024年达成交易38起、307亿美元，占全国近三分之 一；产业规模年均复合增长率达8.94%，今年上半年达5005.66亿元，预计今年将突破1万亿元。 随着上海生物医药产业进入新的换挡提质期，作为全国生物医药重镇，上海也正构建一流的创新生态， 打造生物医药产业集群。 "上海将全力推动基础研究、孵化转化、临床试验、审评审批、落地生产、推广应用全链条加速，增强 科技创新策源功能和高端产业引领功能，加快建设世界级生物医药创新高地和产业集群。"上海市科委 生药处处长、二级巡视员曹宏明说。 打通临床科技成果转化 生物医药在1993年就被上海列为重点发展的高新技术产业，经过30多年的发展，其工业产值截至2024年 已超过2000亿元。 " ...

Core Insights - Fosun Pharma reported a revenue of 41.067 billion yuan in 2024, a slight decrease of 0.80% year-on-year, while net profit attributable to shareholders increased by 16.08% to 2.770 billion yuan [1][2] - The company achieved a net cash flow from operating activities of 4.477 billion yuan, reflecting a significant increase of 31.13% compared to the previous year, indicating improved free cash flow to support strategic transformation and R&D investments [2][3] Financial Performance - Revenue: 41.067 billion yuan in 2024, down from 41.400 billion yuan in 2023, a decrease of 0.80% [2] - Net Profit: 2.770 billion yuan in 2024, up from 2.386 billion yuan in 2023, an increase of 16.08% [1][2] - Net Profit (excluding non-recurring items): 2.314 billion yuan, a rise of 15.10% from 2.011 billion yuan in 2023 [2] - Basic Earnings per Share: 1.04 yuan [1] Business Segmentation - Pharmaceutical Revenue: 28.924 billion yuan, a decline of 4.29% year-on-year; key products like Hanquyou® (trastuzumab) saw global sales of 2.810 billion yuan, an increase of 11% [3] - Medical Devices and Diagnostics Revenue: 4.323 billion yuan, down 1.53% due to decreased demand for COVID-19 products [3] - Healthcare Services Revenue: 7.647 billion yuan, an increase of 14.61% driven by specialized construction and smart healthcare initiatives [3] R&D and Innovation - R&D Investment: 5.554 billion yuan, accounting for 13.52% of revenue; seven innovative drugs/biosimilars were approved for market [3] - Notable Approvals: Slulizumab received EU approval, and HLX14 (biosimilar to dezuizumab) is under review in the US and EU [3] - Collaboration: The company is exploring new directions in nuclear medicine and gene therapy through partnerships with industry funds [3] Shareholder Returns - Proposed Dividend: The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) [3]

Investment Rating - The report initiates coverage with a "Strong Buy" investment rating for the company [4][8]. Core Insights - The company has a differentiated innovation pipeline with global competitiveness, showing potential to challenge current treatment standards [8][10]. - The globalization of the company is in a substantial development phase, with biosimilars continuing to expand internationally [8][10]. Financial Data and Valuation - The company’s total revenue is projected to grow from 3,215 million RMB in 2022 to 6,469 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 6% [3]. - The net profit attributable to shareholders is expected to increase from a loss of 695 million RMB in 2022 to a profit of 863 million RMB in 2026, reflecting a significant turnaround [3]. - The earnings per share (EPS) is forecasted to rise from -1.28 RMB in 2022 to 1.59 RMB in 2026, indicating strong growth potential [3]. Product Pipeline - HLX10 (PD-1 monoclonal antibody) shows significant improvement in overall survival for first-line metastatic colorectal cancer (mCRC) patients, with median progression-free survival (mPFS) of 16.8 months compared to 10.7 months for the current standard treatment [22][24]. - HLX22 (HER2 monoclonal antibody) has the potential to change the current first-line treatment for gastric cancer, with clinical studies indicating improved survival rates and manageable safety profiles [26][29]. - HLX43 (PD-L1 ADC) demonstrates excellent preclinical data and is positioned well in the competitive landscape for similar targets [2][10]. Globalization and Market Expansion - The company has successfully launched several biosimilars in over 40 countries, including the U.S. and EU, and is on track to introduce additional products like HLX11 (biosimilar to Pertuzumab) and HLX14 (biosimilar to Denosumab) in international markets [8][10]. - The company’s major shareholder, Fosun Pharma, provides a strong backing, enhancing its market position and operational capabilities [16][10].