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].

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，概不對因本公告全部或任何部份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。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《2024 年年度報告摘要》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 吳以芳 中國，上海 2025 年3 月2 5 日 於本公告日期，本公司之執行董事為吳以芳先生、王可心先生、關曉暉女士及文德鏞先生；本公司之非執 行董事為陳 啟 宇先生、徐曉亮先生、潘東輝先生及陳玉卿先生；以及本公司之獨立非執行董事為李玲女士、 湯谷良先生、王全弟先生及余梓山先生。 * 僅供識別 上海复星医药（集团）股份有限公 ...

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） 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。 本公司董事會（「董事會」）欣然宣佈，近日，國家藥品監督管理局（「NMPA」） 已批准本公司自主研發的創新抗PD-1單抗漢斯狀® （斯魯利單抗注射液）（「漢 斯狀®」）聯合培美曲塞和卡鉑適用於表皮生長因子受體(EGFR)基因突變陰性 和間變性淋巴瘤激酶(ALK)陰性的不可手術切除的局部晚期或轉移性非鱗狀 非小細胞肺癌(NSCLC)的一線治療新適應症的上市註冊申請(NDA)。 此次獲批主要基於一項隨機、雙盲、多中心的3期臨床研究。研究結果表明， 漢斯狀®聯合化療（卡鉑－培美曲塞）對比化療（卡鉑－培美曲塞）一線治療晚 期非鱗狀非小細胞肺癌(NSCLC)，無進展生存期(PFS)顯著延長，達到預設的 優效標準，且具有良好的安全性，未觀察到新的安全性信號。 1 B. 藥品及本次獲 ...