复星医药（600196）再次发生高管变动。 10月9日，康桥资本官微发布信息称：公司任命吴以芳先生为Executive Operating Partner（执行运营合伙 人），这一变动迅速引发行业关注。 高调加入康桥 吴以芳拥有超过三十年的医药行业经验。在加入康桥资本之前，他曾任复星国际执行总裁，并在复星医 药担任董事长兼首席执行官近十年。在其任期内，复星医药成功转型为全球医药行业引领者，特别是在 疫情初期为大中华区引入BioNTech的mRNA技术，展现出卓越的战略眼光。此外，吴以芳先生还联合创 立了江苏万邦生化医药，并担任董事长兼首席执行官，为公司在生物医药创新领域奠定了坚实基础。 康桥资本认为，吴以芳先生深厚的行业洞察力和战略远见将推动康桥资本旗下的生物医药企业引领创新 转型，同时还将提升其国际化视野，为该公司全球医疗健康解决方案注入强大动力。 资料显示，康桥资本成立于2014年，公司总部位于新加坡，是亚洲一家专注于医疗健康行业投资的资产 管理公司，目前总资产管理规模为105亿美元。康桥资本产品主要包括控股型基金、固收类信贷基金和 生命科学基础设施基金。康桥资本投资的企业包括云顶新耀、昂胜医药、睿昂基因 ...

格隆汇10月9日丨复宏汉霖(02696.HK)宣布，近日，一项比较公司自主开发的汉斯状?(斯鲁利单抗 注射液)("汉斯状?")或安慰剂联合化疗(奥沙利铂+替吉奥)新辅助/辅助治疗胃癌的3期临床研究在计划的 期中分析中，经独立数据监查委员会(Independent Data Monitoring Committee，"IDMC")评估达到了无事 件生存期(EFS)的主要研究终点，可支持提前申报上市。 本研究为一项在早期胃癌患者中开展的随机、双盲、多中心的3期临床研究，旨在比较汉斯状?联合 化疗对比安慰剂联合化疗新辅助/辅助治疗早期胃癌患者的临床有效性及安全性。基于IDMC进行的预设 期中分析结果显示，汉斯状?联合化疗对比安慰剂联合化疗显示出明显的无事件生存期(EFS)改善，达到 预设的优效性标准，病理完全缓解(pCR)率为对照组的3倍以上，患者复发风险显著降低，同时安全性良 好，未发现新的安全性信号。 汉斯状?为公司自主开发的创新型抗PD-1单抗，其于中国境内(不包括中国港澳台地区，下同)已获 批上市的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 ...

复宏汉霖(02696)公布，近日，一项比较公司自主开发的汉斯状® (斯鲁利单抗注射液)或安慰剂联合化疗 (奥沙利铂+替吉奥)新辅助/辅助治疗胃癌的3期临床研究在计划的期中分析中，经独立数据监查委员会 (Independent Data Monitoring Committee，"IDMC")评估达到了无事件生存期(EFS)的主要研究终点，可 支持提前申报上市。 本研究为一项在早期胃癌患者中开展的随机、双盲、多中心的3期临床研究，旨在比较汉斯状®联合化 疗对比安慰剂联合化疗新辅助/辅助治疗早期胃癌患者的临床有效性及安全性。基于IDMC进行的预设期 中分析结果显示，汉斯状®联合化疗对比安慰剂联合化疗显示出明显的无事件生存期(EFS)改善，达到 预设的优效性标准，病理完全缓解(pCR)率为对照组的3倍以上，患者复发风险显著降低，同时安全性良 好，未发现新的安全性信号。 ...

本研究为一项在早期胃癌患者中开展的随机、双盲、多中心的3期临床研究，旨在比较汉斯状联合化疗 对比安慰剂联合化疗新辅助/辅助治疗早期胃癌患者的临床有效性及安全性。基于IDMC进行的预设期中 分析结果显示，汉斯状联合化疗对比安慰剂联合化疗显示出明显的无事件生存期(EFS)改善，达到预设 的优效性标准，病理完全缓解(pCR)率为对照组的3倍以上，患者复发风险显著降低，同时安全性良好， 未发现新的安全性信号。 智通财经APP讯，复宏汉霖(02696)公布，近日，一项比较公司自主开发的汉斯状 (斯鲁利单抗注射液)或 安慰剂联合化疗(奥沙利铂+替吉奥)新辅助/辅助治疗胃癌的3期临床研究在计划的期中分析中，经独立 数据监查委员会(Independent Data Monitoring Committee，"IDMC")评估达到了无事件生存期(EFS)的主 要研究终点，可支持提前申报上市。 ...

本研究为一项在早期胃癌患者中开展的随机、双盲、多中心的3期临床研究，旨在比较汉斯状联合化疗 对比安慰剂联合化疗新辅助/辅助治疗早期胃癌患者的临床有效性及安全性。基于IDMC进行的预设期中 分析结果显示，汉斯状联合化疗对比安慰剂联合化疗显示出明显的无事件生存期(EFS)改善，达到预设 的优效性标准，病理完全缓解(pCR)率为对照组的3倍以上，患者复发风险显著降低，同时安全性良好， 未发现新的安全性信号。 复宏汉霖(02696)公布，近日，一项比较公司自主开发的汉斯状(斯鲁利单抗注射液)或安慰剂联合化疗 (奥沙利铂+替吉奥)新辅助/辅助治疗胃癌的3期临床研究在计划的期中分析中，经独立数据监查委员会 (Independent Data Monitoring Committee，"IDMC")评估达到了无事件生存期(EFS)的主要研究终点，可 支持提前申报上市。 ...

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） C. 關於漢斯狀® 漢斯狀®為本公司自主開發的創新型抗PD-1單抗，其於中國境內（不包括中國 港澳台地區，下同）已獲批上市的適應症包括聯合化療一線治療鱗狀非小細 胞肺癌(sq-NSCLC)，廣泛期小細胞肺癌(ES-SCLC)、食管鱗狀細胞癌(ESCC) 及非鱗狀非小細胞肺癌(nsq-NSCLC)。同時，漢斯狀®亦已分別於歐盟、英 國、印度尼西亞、柬埔寨、泰國、馬來西亞、新加坡、及印度等國家/地區獲 批上市，並分別獲美國、歐盟、瑞士及韓國等國家/地區的藥品監督管理部門 授予孤兒藥資格認定(Orphan-drug Designation)。 （股份代號：2696） 自願公告 漢斯狀® （斯魯利單抗注射液）聯合化療用於 胃癌新輔助/輔助治療的3期臨床研究達到主要研究終點 A ...

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]

Core Viewpoint - Fosun Pharma's 2024 financial report shows a decline in revenue but an increase in net profit, raising concerns about the sustainability of profit growth due to significant cost reductions [1][3][11] Revenue Performance - The company achieved a revenue of 41.067 billion yuan, a year-on-year decrease of 0.80% [1] - The pharmaceutical segment generated 28.924 billion yuan, down 4.29% year-on-year, marking the second consecutive year of revenue decline [3][4] - The oncology business revenue was 8.085 billion yuan, with a growth rate that plummeted from approximately 40% to 5.84% [5][7] - The medical device and diagnostics segment reported a revenue of 4.323 billion yuan, down 1.53% year-on-year [8] Profit Analysis - The net profit attributable to shareholders was 2.770 billion yuan, an increase of 16.08% year-on-year, primarily driven by a significant reduction in operating expenses [1][3] - The pharmaceutical segment's net profit was 3.250 billion yuan, reflecting a year-on-year increase of 65.73% [3][10] - The company reduced its selling expenses by 10.63%, R&D expenses by 16.15%, and management expenses by 2.09% [3][4] Investment Income Trends - Investment income has been declining since 2022, with net investment income dropping from 46.24 billion yuan in 2021 to 21.05 billion yuan in 2024 [11][14] - The decline in investment income correlates with the company's net profit trends, indicating a reliance on investment returns for profitability [11][14] Financial Risks - As of the end of 2024, the company had 13.524 billion yuan in cash against short-term debts of 18.711 billion yuan and long-term loans of 10.204 billion yuan, indicating high debt pressure [14] - The total amount of guarantees provided by the company reached 31.237 billion yuan, accounting for 66.09% of the net assets attributable to shareholders [14]

Core Viewpoint - Fosun Pharma has returned to double-digit profit growth in 2024 after a decline in 2023, with a net profit of 2.77 billion yuan, a year-on-year increase of 16.08% despite a slight revenue drop of 0.8% to 41.068 billion yuan [1][2]. Group 1: Financial Performance - In 2024, Fosun Pharma's revenue was 41.068 billion yuan, down 0.8% year-on-year, while net profit reached 2.77 billion yuan, up 16.08% [1]. - The oncology and immunomodulation segment generated 8.085 billion yuan in revenue, a year-on-year increase of 5.84%, driven by sales growth of several key innovative drugs [2]. - Subsidiary Fuhong Hanlin achieved approximately 5.724 billion yuan in revenue, a 6.1% increase, and a net profit of about 821 million yuan, marking a 50.3% growth [2][3]. Group 2: Strategic Focus and Asset Management - Fosun Pharma is focusing on the development of innovative drugs and high-value medical devices, leading to a transformation in product structure and strategy [1]. - The company is actively divesting non-core assets, having raised nearly 3 billion yuan in cash since the beginning of 2024, and aims to optimize asset structure and enhance asset efficiency [6]. - The company plans to continue shedding non-strategic and low-efficiency assets to concentrate resources on core business areas, with a goal of maintaining a healthy cash flow [6]. Group 3: Impact of Biosimilar Drug Procurement - The potential nationwide procurement of biosimilar drugs is expected to impact the market, with the first round likely to occur within the year, although specific products and rules remain uncertain [4]. - The development of biosimilar drugs has significantly improved drug accessibility and contributed to cost savings in healthcare, despite the high R&D costs associated with these products [4][5]. - Fosun Pharma's chairman expressed the need for a balance between expanding drug accessibility through procurement and allowing space for the biosimilar industry to grow [4].