Group 1 - The core point of the article is that Fosun Pharma announced the pledge and release of part of its A-share holdings by its controlling shareholder, Shanghai Fosun High Technology (Group) Co., Ltd. [1] - The number of shares pledged in this transaction is 32,000,000 shares [1]

Core Viewpoint - Fosun Pharma (02196) announced that its controlling shareholder, Fosun High Technology Group Co., Ltd., has pledged and released part of its A-share holdings in the company [1] Group 1 - The number of pledged shares is 32 million, which accounts for 3.33% of the shares held by the controlling shareholder and 1.20% of the total shares of the company [1] - The controlling shareholder released 103 million shares from pledge on January 22, 2026, leaving 476 million shares still pledged [1]

Core Viewpoint - Fosun Pharma announced a plan to spin off its subsidiary Fosun Antigen for a listing on the Hong Kong Stock Exchange, aiming to enhance financing channels and market competitiveness, despite the current downturn in the domestic vaccine industry and Fosun Antigen's poor financial performance [1][3]. Financial Performance - Fosun Antigen's revenue is projected to decline significantly from 461 million yuan in 2022 to 97.42 million yuan in 2024, with a net profit turning from a profit of 86.64 million yuan to a loss of 123.38 million yuan [3]. - The company's total assets as of December 31, 2024, are reported at 345.86 billion yuan, with a debt-to-asset ratio of 33.87% [3]. - The net cash flow from operating activities is negative at -105.29 million yuan for 2024, indicating financial strain [3]. Market Context - The domestic vaccine industry is currently facing challenges, with significant price competition among established products, leading to revenue declines for major players [6][9]. - The market for flu vaccines and rabies vaccines is particularly competitive, with price cuts from leading companies impacting overall sales [6][9]. Product Pipeline - Fosun Antigen has a limited product lineup, with four vaccines currently on the market, including rabies and flu vaccines, which are in a crowded market [5][6]. - The company is developing several vaccines, including the 13-valent and 24-valent pneumococcal conjugate vaccines, but lacks progress compared to competitors [7][10]. Competitive Landscape - The pneumococcal vaccine market is becoming increasingly competitive, with multiple players entering the space, leading to declining sales for existing products [9][12]. - Fosun Antigen's 24-valent pneumococcal vaccine is still in the early clinical trial phase, while competitors have advanced further in their development [10][12].

Core Viewpoint - Fosun Pharma (02196) announced that its controlling shareholder, Fosun High Technology Group Co., Ltd., has pledged and released part of its A-share holdings in the company [1] Group 1 - The number of pledged shares is 32 million, which accounts for 3.33% of the shares held by the controlling shareholder and 1.20% of the total shares of the company [1] - The controlling shareholder released 103 million shares from pledge on January 22, 2026, with 476 million shares remaining pledged [1]

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.* 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《關於 股東部分股份質押及解除質押的公告》，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 陳玉卿 中國，上海 2026 年1 月2 3 日 （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 於本公告日期，本公司之執行董事為陳玉卿先生、關曉暉女士、文德鏞先生、王可心先生及劉毅先生；本公 司之非執行董事為陳啟宇先生及潘東輝先生；本公司之獨立非執行董事為余梓山先生、王全弟先生、Chen Penghui先生及楊玉成先生；以及本公司職工董事為嚴佳女士。 * ...

上海复星医药（集团）股份有限公司 关于股东部分股份质押及解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示（简称同正文） ● 截 至 2026 年 1 月 22 日 收 市 ， 控 股 股 东 复 星 高 科 技 持 有 本 公 司 961,424,455 股股份（其中：A 股 889,890,955 股、H 股 71,533,500 股），约占 截至当日收市本公司股份总数的 36.00%。本次质押及解除质押后，复星高科技 质押本公司股份数量余额为 476,275,000 股（均为 A 股），约占截至当日收市本 公司股份总数的 17.84%。 证券代码：600196 股票简称：复星医药 编号：临 2026-011 ● 截至 2026 年 1 月 22 日收市，控股股东复星高科技及其一致行动人（即 复星高科技董监高、复星国际有限公司及其董高<包括本公司实际控制人>，下同） 合计持有本公司967,812,180股股份（其中：A股890,278,680股、H股77,533,500 股），约占截至当日收市本公 ...

复星医药公告称，截至2026年1月22日收市，控股股东复星高科技持有公司9.61亿股，占比36.00%；其 及其一致行动人合计持有9.68亿股，占比36.24%。当日，复星高科技质押3200万股，占其所持股份数比 例3.33%，用于偿还债务；解除质押1.03亿股，占其所持本公司股份数的比例10.68%。本次质押及解除 质押后，复星高科技质押公司股份数量余额为4.76亿股，占公司股份总数的17.84%，占其及其一致行动 人所持有公司股份数的49.21%。预计未来一年和六个月内分别有3.38亿股、1.95亿股质押到期，对应融 资余额31.54亿元、17.69亿元。 ...

Core Viewpoint - Fosun Pharma is seeking new growth opportunities in the vaccine sector through the spin-off and listing of its vaccine platform, Fosun Antigen, on the Hong Kong Stock Exchange, which is seen as a strategic move to support independent development and capitalize on the revaluation of quality assets in the market [2][10]. Group 1: Spin-off and Financials - The spin-off plan announced on January 22 involves an initial issuance not exceeding 25% of the expanded total share capital of Fosun Antigen, which will remain a subsidiary of Fosun Pharma, reflecting its financial status in the consolidated financial statements [2][3]. - Fosun Antigen's projected revenues for 2022, 2023, and 2024 are 460 million yuan, 340 million yuan, and 97.42 million yuan respectively, with net profits of 86.64 million yuan, 11.35 million yuan, and a loss of 123.39 million yuan in 2024 [3][4]. Group 2: Market Potential and Competition - The global vaccine market is experiencing rapid expansion, with a size of $77 billion in 2023 and a compound annual growth rate (CAGR) of 15% from 2019 to 2023. The Chinese vaccine market (excluding COVID-19 vaccines) is expected to reach approximately 101.77 billion yuan in 2024, growing to 300 billion yuan by 2035, with an annual growth rate of about 12% [4][5]. - The Chinese vaccine market has significant growth potential, particularly in rabies and influenza vaccines, where current vaccination rates are low, indicating room for increased demand [5][6]. Group 3: Competitive Advantages and Challenges - Fosun Antigen has established a diverse range of vaccine products, including rabies and influenza vaccines, and is developing high-end products like the 13-valent pneumococcal conjugate vaccine, which is currently in Phase III clinical trials [6][7]. - The domestic vaccine market is characterized by moderate competition compared to the pharmaceutical market, with over 40 vaccine manufacturers. The focus is on collaboration to enhance market size and vaccination rates rather than engaging in cutthroat competition [5][8]. Group 4: Future Outlook - The spin-off of Fosun Antigen is part of Fosun Pharma's broader strategy to optimize asset structure and unlock the value of its subsidiaries, with previous successful spin-offs providing a framework for this move [10][11]. - The future of the vaccine market is expected to be competitive, especially in the pneumococcal vaccine sector, where established players like Pfizer dominate. The rapid development of mRNA vaccine technology poses additional challenges for traditional vaccine companies [10][11].

Market Performance - On January 22, 2026, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 3888.60 points, up 0.34%, the Shenzhen Component Index at 12984.08 points, up 0.85%, and the ChiNext Index at 3052.59 points, up 0.70%. Over 4100 stocks rose, with total trading volume in the Shanghai and Shenzhen markets at 1.59 trillion yuan, a decrease of 120 billion yuan from the previous trading day [1] - The Hong Kong stock market showed mixed results, with the Hang Seng Index down 0.34% to 25858.89 points and a total trading volume of 146.2 billion HKD. The Hang Seng China Enterprises Index fell 0.38%, while the Hang Seng Tech Index rose slightly by 0.02%. For the month, the Hang Seng Index decreased by 0.18%, the China Enterprises Index by 0.42%, and the Tech Index by 5.23% [1] - In the U.S. stock market, all three major indices continued their upward trend, with the Dow Jones Industrial Average up 0.63% to 49,384.01 points, the S&P 500 up 0.55% to 6,913.35 points, and the Nasdaq Composite up 0.91% to 23,436.02 points [1] New Stock Offerings - One new stock, Shimon Holdings, is available for subscription today, with no new stocks listed [2] - Shimon Holdings has a stock code of 001220, an issue price of 28 yuan per share, and a price-to-earnings ratio of 15.29 times. The company focuses on providing customized, integrated, and embedded supply chain logistics solutions for multinational manufacturing enterprises, aiming to meet the efficient, timely, and flexible supply chain management needs of clients [3] Important News - On January 22, 2026, the State Council's Food Safety Office, along with other departments, initiated a public consultation on national standards for prepared dishes. This includes drafts for "National Food Safety Standards for Prepared Dishes" and "Terminology and Classification of Prepared Dishes," aimed at protecting consumer rights and promoting high-quality industry development [4] - Major banks, including ICBC, ABC, Bank of China, CCB, Bank of Communications, and Postal Savings Bank, announced the implementation of the latest fiscal subsidy policy for personal consumption loans. Key updates include extending the policy until December 31, 2026, expanding support to include credit card installment payments, and raising subsidy standards by removing previous limits on single transaction amounts and cumulative limits for borrowers [4]

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]