Market Overview - The chemical pharmaceutical sector experienced a slight decline of 0.05% on January 21, with Sunflower leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Performers - The following companies showed significant gains: - Aoheng Pharmaceutical (002437) closed at 3.51, up 10.03% with a trading volume of 1.9852 million shares and a transaction value of 693 million yuan [1] - Guobang Pharmaceutical (605507) closed at 26.96, up 6.81% with a trading volume of 132,600 shares and a transaction value of 357 million yuan [1] - Laimei Pharmaceutical (300006) closed at 5.24, up 6.50% with a trading volume of 670,800 shares and a transaction value of 345 million yuan [1] Underperformers - The following companies faced notable declines: - Sunflower (300111) closed at 4.64, down 6.07% with a trading volume of 1.514 million shares and a transaction value of 708 million yuan [2] - Hanshang Group (600774) closed at 10.94, down 6.01% with a trading volume of 436,600 shares and a transaction value of 470 million yuan [2] - Huabang Health (002004) closed at 5.40, down 4.42% with a trading volume of 1.1395 million shares and a transaction value of 618 million yuan [2] Capital Flow - The chemical pharmaceutical sector saw a net inflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 58.25 million yuan [2] - However, there was a net outflow of 297 million yuan from speculative funds [2] Individual Stock Capital Flow - Aoheng Pharmaceutical (002437) had a net inflow of 206 million yuan from institutional investors, accounting for 29.69% of its total trading [3] - Tonghua Golden Horse (000766) saw a net inflow of 74.79 million yuan from institutional investors, representing 14.69% [3] - Fuxing Pharmaceutical (600196) experienced a net inflow of 64.35 million yuan from institutional investors, making up 14.11% [3]

Core Viewpoint - Fosun Pharma's subsidiary, Fuhong Hanlin, has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for the treatment of advanced colorectal cancer [1] Group 1 - The approved drug, HLX701, is a recombinant human SIRPα-IgG4Fc fusion protein injection [1] - The clinical trials will be conducted in China once conditions are met [1]

Core Viewpoint - Fosun Pharma's subsidiary Shanghai Fuhong Hanlin Biotechnology Co., Ltd. has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer [1] Group 1: Company Developments - The clinical trials for HLX701 will be conducted in mainland China, excluding Hong Kong, Macau, and Taiwan, once conditions are met [1] - HLX701 was introduced by Fuhong Hanlin in June 2025 and has exclusive licensing rights for development, production, and commercialization in specified regions including mainland China, Hong Kong, Macau, and certain Southeast Asian, Middle Eastern, and North African countries [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer [1] Group 1 - The clinical trials for HLX701 will be conducted in mainland China, excluding Hong Kong, Macau, and Taiwan [1] - HLX701 is a recombinant human SIRPα-IgG4 Fc fusion protein injection, licensed from FBD Biologics Limited, with exclusive rights for development, production, and commercialization in specified regions [1] - As of the announcement date, there are no approved targeted CD47 SIRPα-Fc fusion proteins available globally [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer [1] Group 1 - HLX701 is a recombinant SIRPα-IgG4Fc fusion protein injection licensed from FBD Biologics Limited, with exclusive rights for development, production, and commercialization in China and certain regions [1] - The company plans to initiate clinical trials for HLX701 in mainland China, excluding Hong Kong, Macau, and Taiwan, once conditions are met [1] - As of December 2025, the cumulative R&D investment for HLX701 by the group is approximately RMB 76.09 million, including licensing fees [1] Group 2 - As of the announcement date (January 20, 2026), there are no approved targeted CD47 SIRPα-Fc fusion proteins available globally [1]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received approval from the National Medical Products Administration to conduct Phase Ib/II clinical trials for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer [1] Group 1: Clinical Trial Approval - The approval allows for the clinical trials of HLX701 to be conducted in mainland China, excluding Hong Kong, Macau, and Taiwan [1] - HLX701 is a recombinant human SIRPα-IgG4 Fc fusion protein injection [1] Group 2: Licensing and Development - HLX701 was licensed from FBD Biologics Limited in June 2025, granting exclusive rights for development, production, and commercialization in specified regions including mainland China, Hong Kong, Macau, Southeast Asia, the Middle East, and North Africa [1] - As of December 2025, the cumulative R&D investment for HLX701 by the group is approximately RMB 76.09 million, which includes licensing fees [1] Group 3: Market Context - As of the announcement date, there are no approved targeted CD47 SIRPα-Fc fusion proteins available globally [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.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 上海復星醫藥（集團）股份有限公司 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 控股子公司藥品獲臨床試驗批准的公告》，僅供參閱。 承董事會命 董事長 陳玉卿 中國，上海 2026 年1 月2 0 日 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。 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。 * ...

截至本公告日期（即 2026 年 1 月 20 日），全球范围内尚无靶向 CD47 的 SIRP α-Fc 融合蛋白获批上市。 证券代码：600196 股票简称：复星医药 编号：临 2026-007 上海复星医药（集团）股份有限公司 关于控股子公司药品获临床试验批准的公告 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。 一、概况 近日，上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公 司上海复宏汉霖生物技术股份有限公司及其控股子公司（以下合称"复宏汉霖"） 收到国家药品监督管理局关于同意HLX701（重组人SIRPα-IgG4 Fc融合蛋白注射液 ）联合西妥昔单抗和化疗治疗晚期结直肠癌开展Ⅰb/Ⅱ期临床试验的批准。复宏汉 霖拟于条件具备后于中国境内（不包括港澳台地区，下同）开展该药品的相关临床 试验。 二、HLX701 的基本信息及研究情况 HLX701 由复宏汉霖于 2025 年 6 月自 FBD Biologics Limited 许可引进，获独 家许可于区域内（即中国境内及港澳地区、约定的东南亚、中东和北非 ...

Core Viewpoint - Fosun Pharma's subsidiary, Fuhong Hanlin, has received approval from the National Medical Products Administration to conduct a Phase Ib/II clinical trial for HLX701 in combination with Cetuximab and chemotherapy for advanced colorectal cancer in China [1] Group 1: Clinical Trial Approval - The approval allows for the initiation of clinical trials for HLX701, which is a targeted CD47 SIRPα-Fc fusion protein [1] - The clinical trials are set to take place within China [1] Group 2: Financial Investment - Fosun Pharma has invested approximately 76.09 million yuan in the research and development of HLX701 as of December 2025 [1] - The drug was licensed for introduction in June 2025 [1] Group 3: Market Context - There are currently no approved targeted CD47 SIRPα-Fc fusion proteins available globally [1]

Core Insights - The article discusses the rapid growth and development of immunotherapy for cancer treatment, particularly focusing on immune cell therapies such as CAR-T, CAR-NK, TCR-T, and TIL therapies, which have become a significant fourth modality in cancer treatment alongside surgery, radiation, and drug therapy [1][4]. Industry Overview - Immunotherapy involves collecting young, healthy immune cells, expanding them in vitro, enhancing their targeting capabilities, and reinfusing them into patients to combat pathogens, cancer cells, and mutated cells [1][4]. - The global market for tumor immunotherapy products is projected to grow at a compound annual growth rate (CAGR) of 149.1% from 2017 to 2024, reaching a market size of $7.1 billion by 2025 [1][6]. - In China, the market for tumor immunotherapy products is expected to reach 2.1 billion yuan by 2025, driven by the approval of various immune cell therapy products [1][8]. Development Background - China has the highest incidence and mortality rates of cancer globally, with 4.8247 million new cases and 2.5742 million deaths reported in 2022, accounting for 24.1% and 26.5% of global totals, respectively [4]. - The increasing disposable income of Chinese residents has improved their ability to pay for medical care, with healthcare spending projected to reach 2,547 yuan per capita in 2024, growing by 3.6% [4][5]. Current Market Status - As of the end of 2024, there are 1,040 immunotherapy products in clinical trials, with the U.S. and China leading in the number of trials [10]. - CAR-T therapy is the most commercially mature and widely tested method, with 15 drugs approved globally by December 2025, 8 of which are approved in China [12]. Future Trends - The clinical transformation of immunotherapy is expected to accelerate, with market penetration likely to expand, potentially exceeding 10 billion yuan by 2027 [13]. - Advances in gene editing and AI-assisted target selection are anticipated to enhance treatment precision, while universal and multi-target cell products are expected to become mainstream in research [13][14].