Core Viewpoint - Fosun Pharma has transformed from a generic drug company to a high-level innovative enterprise, focusing on innovation and global expansion, reflecting the shift of China's pharmaceutical industry from a follower to a leader in innovation [2] Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan and a net profit attributable to shareholders of 1.702 billion yuan, representing a year-on-year growth of 38.96% [2] - Revenue from innovative drugs exceeded 4.3 billion yuan, with a year-on-year increase of 14.26%, driven by product structure optimization and sales growth [2] Innovation Strategy - The company has approved 4 innovative drugs (covering 5 indications) and 57 generic drugs during the reporting period, with 4 innovative drugs and 22 generic drugs submitted for market approval [3] - Fosun Pharma emphasizes the importance of innovation in drug development efficiency, speed to market, and commercialization [4] Global Expansion - In the first half of 2025, overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue [5] - The company has established a clinical operations team in the U.S. for the commercialization of innovative products and has set up regional distribution centers in emerging markets [5][6] Business Development - Fosun Pharma's innovative pipeline quality has improved, leading to increased business development activities and global licensing cooperation [6] - The company has achieved significant international recognition for its PD-1 monoclonal antibody, with approvals in over 30 countries and regions [6] Strategic Focus - The company is implementing a new A+H share equity incentive plan, with core performance indicators focusing on net profit and innovative drug revenue [4] - Fosun Pharma aims for a compound annual growth rate of approximately 20% in innovative drug revenue from 2025 to 2027 [4] Long-term Vision - The company is committed to its 4IN strategy: Innovation, Internationalization, Intelligentization, and Integration, aiming to enhance innovation speed and quality, as well as global reach [8]

● 本报记者 李梦扬 从仿制药起步到向高水平创新转型，从在中国市场扎根深耕到将视野拓展至全球舞台，回顾三十余年的 过往之路，复星医药与时代同频共振，持续聚焦创新转型和全球布局，成为中国医药产业从追随者向创 新引领者转变的生动缩影。 "创新已成为复星医药发展的核心引擎，我们要持续提升创新研发能力和研发效率。"复星医药董事长陈 玉卿接受中国证券报记者采访时表示，"公司针对未被满足的临床需求及核心治疗领域积极布局，聚焦 高价值管线的内部开发和外部引进，大力发展战略性产品，拓展全球市场机遇，优化资产配置，内部运 营进一步提质增效，以优化财务结构，夯实长期稳健发展的基础。" 以创新为核心发展驱动力 从复星医药近日发布的2025年半年报看，上半年公司实现营业收入195.14亿元；归母净利润为17.02亿 元，同比增长38.96%。 值得关注的是，上半年复星医药创新药品收入超43亿元，同比增长14.26%。公司半年报显示，创新产 品上市带来的产品结构优化和销售增长是报告期内业绩的主要驱动因素。复星医药通过自主研发、合作 开发、许可引进、基金孵化、产业投资等多元化、多层次的合作模式，推动创新技术和产品的开发和转 化落地。 报 ...

Core Viewpoint - Fosun Pharma has transformed from a generic drug company to a high-level innovation-driven enterprise, focusing on innovation and global expansion, reflecting the shift of China's pharmaceutical industry from follower to leader [1] Group 1: Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan and a net profit of 1.702 billion yuan, representing a year-on-year growth of 38.96% [1] - Revenue from innovative drugs exceeded 4.3 billion yuan, marking a year-on-year increase of 14.26%, driven by product structure optimization and sales growth [2] Group 2: Innovation Strategy - The company emphasizes innovation as its core development engine, focusing on unmet clinical needs and core therapeutic areas, while enhancing R&D capabilities and efficiency [1][2] - Fosun Pharma has approved 4 innovative drugs and 57 generic drugs during the reporting period, with nearly 20 innovative drug clinical trials approved by regulatory agencies [2] Group 3: Global Expansion - In the first half of 2025, overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue, with a focus on establishing a commercial presence in the U.S. market [3] - The company has built a mature commercialization system, with over 1,000 personnel in its overseas commercialization team, and aims to deepen international cooperation [4] Group 4: Strategic Initiatives - Fosun Pharma plans to launch a new A+H share equity incentive plan, with core performance indicators focusing on net profit and innovative drug revenue [2] - The company adheres to the 4IN strategy: Innovation, Internationalization, Intelligentization, and Integration, aiming to accelerate progress in these areas [6]

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 - The successful rescue of a severe case of African imported cerebral malaria at Dongguan's Ninth People's Hospital highlights the ongoing need for vigilance in malaria prevention and control, despite Dongguan having no local malaria cases for 15 consecutive years [1][3]. Group 1: Case Details - A man returning from Africa developed cerebral malaria, presenting with severe symptoms including high fever (40.0°C), altered consciousness, and significant drops in blood platelet and hemoglobin levels (hemoglobin from 138 g/L to 83 g/L, platelets from 159×10^9/L to 16×10^9/L) [2]. - The medical team initiated immediate treatment with artesunate to eliminate the malaria parasites, and after intensive care, the patient improved and was discharged after 7 days [2]. - Cerebral malaria can lead to multi-organ failure within 72 hours, with high mortality rates if not treated promptly [2]. Group 2: Malaria Prevention Efforts - Dongguan has not reported any local malaria cases since 2010 and passed provincial malaria elimination assessments in 2018, but the risk of imported cases remains high due to increased trade and travel with malaria-endemic regions [3]. - In 2023, Dongguan's Ninth People's Hospital alone treated over 10 cases of imported malaria, all linked to travel in high-risk areas [3]. - The Dongguan CDC emphasizes the importance of immediate medical attention for anyone returning from Africa or Southeast Asia who develops a fever within one month [4]. Group 3: Public Health Strategies - The Dongguan CDC employs a "monitoring - prevention - education" model to strengthen malaria prevention and control, focusing on case management and vector monitoring [4]. - Regular training sessions are conducted to enhance the diagnostic and treatment capabilities of malaria prevention teams [4]. - Public awareness campaigns utilize various media to educate the community about malaria prevention, aiming to foster a collective effort in malaria elimination [4].