绿谷医药的核心药品是甘露特钠胶囊（业内俗称"971""九期一"）。此次收购后，甘露特钠胶囊将纳入 复星医药创新药品管线。作为国产抗阿尔茨海默病药，"九期一"是自2003年以来全球第一个被批准的治 疗阿尔茨海默病新药。2019年11月，国家药品监督管理局有条件批准用于轻度至中度阿尔茨海默病，改 善患者认知功能的"九期一"上市注册，填补了全球这一领域17年无新药上市的空白。 因"九期一"的上市获批为附条件批准，国家药品监督管理局因此要求绿谷在上市后持续开展药理机制研 究及长期安全性、有效性研究，同时完善寡糖的分析方法，并按期提交相关试验数据。据公开信息，绿 谷于2024年5月启动向国家药监局递交材料的工作，申请新的药品许可批件。同年10月，监管部门提出 补充材料的要求。 来源：环球网 12月16日，上交所就复星医药对外投资绿谷（上海）医药科技有限公司（以下简称"绿谷医药"）相关事 项下发监管工作函。处理事由是关于复星医药对外投资绿谷医药相关事项，涉及对象是上市公司。此次 监管工作函的具体内容并未披露。 | | | | 代码 / 简称 / 关键词 | | Q | | --- | --- | --- | --- | ...

Core Viewpoint - The rise of Corporate Venture Capital (CVC) is significantly impacting the investment landscape, focusing on industry empowerment while facing various challenges in execution and strategy [2][5][20]. Group 1: CVC Overview and Development - The annual China Private Equity Annual Conference highlights the growing influence of CVC in the investment ecosystem, with over a thousand participants from various sectors [2]. - CVCs are increasingly recognized as vital players in the investment landscape, with a focus on both financial returns and strategic industry support [5][12]. Group 2: CVC Strategies and Missions - Different CVCs have varying missions; for instance, Huasheng Fund aims for profitability while also supporting its parent company, SANY Group, in strategic transformations [6][8]. - CVCs like Shangqi Capital focus on the automotive industry, emphasizing the importance of collaboration and resource sharing within the supply chain to enhance efficiency and innovation [9][10]. Group 3: Investment Focus and Trends - Investment trends indicate a shift towards hard technology and biomedicine, with CVCs diversifying their portfolios to include emerging sectors like AI and renewable energy [4][10]. - The automotive sector is undergoing significant transformation, with CVCs adapting to the competitive landscape by investing in new technologies and startups that align with industry trends [9][10]. Group 4: Challenges and Solutions - CVCs face challenges in quantifying the value of their empowerment efforts, particularly in sectors like automotive semiconductors, where integration into existing supply chains is complex [20][21]. - The need for CVCs to develop strong internal communication and management skills is emphasized, as they must bridge the gap between innovative startups and established industry players [21][22]. Group 5: Future Directions - The future of CVCs involves a focus on long-term investment strategies, with an emphasis on patience and the ability to navigate the complexities of the manufacturing process [22][23]. - CVCs are expected to adopt more flexible investment decision-making processes to better support early-stage projects, balancing financial returns with strategic industry insights [23][24].

上海复星基金会秉持与复星集团一样的价值观：修身、齐家、立业、助天下，2021年获评为5A级社会 组织。 作为复星集团"为全球十亿家庭智造幸福生态系统"的重要组成部分，上海复星基金会秉持与复星集团一 样的价值观：修身、齐家、立业、助天下，2021年获评为5A级社会组织。 自2012年认证为慈善组织以来，上海复星基金会一直在以"响应全球需求，调动复星生态资源，创造更 大社会价值"为使命，在应急驰援、乡村振兴、健康医疗、青年创业、教育及文化艺术等领域开展公益 活动。 在"与全球家庭共赴美好"的愿景下，上海复星基金会有两个公益目标，一是为全球家庭提供多样化的公 益服务，推动社会创新；二是让复星成为更加负责任的国际公民，"3+3"优先领域包括健康、教育、文 化艺术三大议题和助力乡村振兴、促进全球发展和应急救灾三大行动。 一直以来，上海复星基金会都在通过整合内部和外部资源来支持慈善项目，通过整合企业的核心商业能 力来提供公益服务。 以抗疫救灾服务为例，2020年武汉疫情暴发后，上海复星基金会迅速行动起来，整合复星集团的全球供 应链，在40多个国家采购医疗物资运送回国，后在全球疫情蔓延之后又去做全球驰援，2020年在全球共 ...

据天眼查APP显示，上海复星医药(集团)股份有限公司成立于1995年05月31日，注册资本267042.9325万 人民币。（数据宝） 12月17日复星医药大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 31.00 | 784.30 | 25.30 | -5.84 | 民生证券股份有限公 | 中泰证券股份有限公司杭州 | | | | | | 司北京第一分公司 | 湖墅南路证券营业部 | （文章来源：证券时报网） 复星医药12月17日大宗交易平台出现一笔成交，成交量31.00万股，成交金额784.30万元，大宗交易成交 价为25.30元，相对今日收盘价折价5.84%。该笔交易的买方营业部为民生证券股份有限公司北京第一分 公司，卖方营业部为中泰证券股份有限公司杭州湖墅南路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2602.30万元。 证券时报 ...

12月17日，复星医药大宗交易成交31万股，成交额784.3万元，占当日总成交额的1.97%，成交价25.3元，较市场收盘价26.87元折价5.84%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 31 | 民生证券股份有限 | 中泰证券股份有限 公司杭州湖暨南露 | | | 2025-12-17 | 复星医药 | 600196 | 25.3 784.3 | | | | | ...

Core Viewpoint - The recent acquisition of a 51% stake in Green Valley Pharmaceutical by Fosun Pharma aims to revive the controversial Alzheimer's drug, 甘露特钠胶囊 (known as "971"), which had previously faced significant skepticism regarding its efficacy and was halted due to unmet post-marketing clinical trial requirements [1][2][5]. Group 1: Acquisition Details - Fosun Pharma announced an investment of approximately 1.412 billion yuan to acquire a 51% stake in Green Valley Pharmaceutical [1]. - This acquisition marks the first major move by the newly appointed chairman of Fosun Pharma, Chen Yuqing, since taking office in April 2025 [2]. - Following the announcement, Fosun Pharma's stock experienced a decline, with a drop of 4.22% in A-shares and 5.81% in Hong Kong shares on December 16 [2]. Group 2: Clinical Trial Plans - Fosun Pharma plans to conduct post-marketing confirmatory clinical trials for 971, with the goal of obtaining approval by mid-2029 and entering medical insurance by 2030 [2][3]. - The estimated cost for the domestic Phase III clinical trials is around 685 million yuan, with plans for potential international multi-center trials if conditions are favorable [3]. - The clinical trial aims to enroll over 1,900 patients and will adhere to the guidelines set by the National Medical Products Administration [3]. Group 3: Market Potential - The target population for 971 is estimated to be around 3.56 million, with a projected market penetration rate of 22% [4]. - If approved by mid-2029 and included in medical insurance by 2030, the peak sales for 971 are expected to reach approximately 4 billion yuan by 2035 [4]. - In a scenario where the drug is not included in medical insurance, sales in 2030 are anticipated to exceed 1 billion yuan [4]. Group 4: Efficacy Controversies - The efficacy of 971 has been heavily debated, with notable criticisms regarding its mechanism of action and clinical trial data [5][6]. - Despite the controversies, Fosun Pharma maintains confidence in the drug's effectiveness, citing data from over 800 patients showing that 971 outperformed placebo [6]. - The drug's commercial value remains significant, with patients reportedly seeking it at prices significantly higher than previous insurance-covered rates [8]. Group 5: Company Background - Green Valley Pharmaceutical, founded by Lü Songtao in 2018, has faced scrutiny due to past controversies surrounding its products [9][10]. - The company reported revenues of 572 million yuan in 2024, but faced significant losses in 2025 due to the suspension of 971 [10]. - Following the acquisition, Green Valley will operate as a subsidiary of Fosun Pharma, with its future clinical trial efforts being a core focus [10].

Core Viewpoint - Fosun Pharma is optimistic about the potential of the Alzheimer's drug "971," expecting it to complete clinical trials by the end of 2028, receive approval in the first half of 2029, and enter health insurance by 2030, with peak sales projected to reach approximately 4 billion yuan by 2035 [1][2][5]. Group 1: Acquisition and Financial Implications - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire a 51% stake in Green Valley Pharmaceutical, known for the drug "971" [2]. - Following the acquisition announcement, Fosun Pharma's stock fell by 4.22% in A-shares and 5.81% in Hong Kong, indicating market skepticism regarding the decision [3]. - The overall cost for the domestic Phase III clinical trial is estimated to be 685 million yuan, with additional funding planned based on progress [6]. Group 2: Clinical Trial and Regulatory Path - The clinical trial for "971" will be conducted in collaboration with Green Valley Pharmaceutical, with a target of enrolling over 1,900 patients [6][7]. - The expected timeline for completing the registration-confirmatory Phase III clinical trial is by the end of 2028, with a streamlined approval process anticipated to take about 5 to 6 months [6][7]. - The drug's target patient population is estimated to be around 3.56 million, with a market penetration rate projected at 22% [7]. Group 3: Efficacy Controversies - The efficacy of "971" has faced significant scrutiny, with notable criticisms from scholars regarding its mechanism of action and clinical trial data [9][11]. - Despite the controversies, Fosun Pharma maintains confidence in the drug's effectiveness, citing clinical data from over 800 patients that reportedly show better results than placebo [9][12]. - The drug's commercial potential remains strong, with high demand leading to inflated prices in the market, significantly above previous insurance prices [12][13]. Group 4: Company Background and Future Outlook - Green Valley Pharmaceutical, founded by Lü Songtao, has a history of controversial products, but "971" has been a focal point of its business strategy [15][16]. - Following the acquisition, Green Valley will become a subsidiary of Fosun Pharma, with its future operations primarily focused on clinical trials [16]. - The financial impact of Green Valley's operations on Fosun Pharma's overall financials is expected to be minimal in the short term, as the focus will be on completing the necessary clinical work [16].

Core Viewpoint - A controversial Alzheimer's drug, known as "971," has regained the possibility of being marketed after a significant investment by Fosun Pharma, despite ongoing skepticism regarding its efficacy [2][3]. Company Summary - Fosun Pharma announced plans to invest approximately 1.412 billion yuan to acquire a 51% stake in Green Valley (Shanghai) Pharmaceutical Technology Co., known for the drug "971" [3]. - The drug was conditionally approved in China in 2019, marking the first Alzheimer's drug to enter the market in 17 years, with sales of over 2 million boxes expected in 2024 [3][13]. - Due to the failure to complete post-marketing confirmatory clinical trials, the National Medical Products Administration (NMPA) did not approve the drug's reapplication in 2025, leading to its suspension [3][5]. - Fosun Pharma's management expressed confidence in the drug's efficacy and plans to conduct the necessary clinical trials to seek reapproval by 2029, with peak sales projected to reach around 4 billion yuan by 2035 [3][5][8]. Clinical Trial and Regulatory Summary - The company aims to complete the post-marketing confirmatory clinical trials, which are estimated to cost around 685 million yuan, and will involve over 1,900 patients [6][7]. - The trials will assess cognitive and functional outcomes in accordance with international standards, with completion expected by the end of 2028 [7][10]. - Fosun Pharma has already discussed a new plan with the NMPA to meet drug registration requirements [6][8]. Market Reaction and Financial Impact - The market reacted negatively to the acquisition announcement, with Fosun Pharma's stock dropping by 4.22% in A-shares and 5.81% in Hong Kong shares on December 16 [3]. - The estimated target population for the drug is around 3.56 million, with a projected market penetration rate of 22% [8][10]. - If the drug is approved in the first half of 2029 and enters insurance coverage by 2030, peak sales could reach approximately 4 billion yuan; if delayed, sales could still exceed 1 billion yuan in 2030 [8][10]. Controversy and Efficacy Concerns - The drug's efficacy has been heavily criticized, with notable academic figures questioning its mechanism and clinical trial data [9][10]. - Despite the controversies, there is a significant demand for the drug, with prices in the market reportedly reaching 1,600 to 2,400 yuan, significantly higher than its previous insurance price [11][12]. - The ongoing debate about the drug's effectiveness continues to influence investor sentiment and market dynamics [9][10].

Policy Developments - Jiangxi Province has introduced 13 measures to promote the high-quality development of the pharmaceutical retail chain industry, including support for enterprise integration, simplified approval processes, and encouragement of innovative business models [1] - The new policies aim to address industry pain points, such as supporting mergers and acquisitions, and promoting health service extensions like chronic disease management [1] Medical Device Approvals - The National Medical Products Administration has approved two innovative medical devices: a proton therapy system for treating malignant tumors and a deep brain stimulation system for opioid addiction treatment [2] Clinical Trials - Haikang announced that its subsidiary received clinical trial approval for four innovative drugs targeting inflammatory bowel disease, respiratory diseases, acute pain, and muscular dystrophy [3] Capital Market Developments - Changchun High-tech signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to $1.365 billion in milestone payments [4][5] Industry Collaborations - Sunshine Nuohuo has partnered with Peking University to establish a joint laboratory focused on innovative drug development, particularly in cell and gene therapy [7] Regulatory Actions - The Shanghai Consumer Protection Committee has addressed issues related to Antarctic krill oil products from Beijing Tongrentang, highlighting quality control failures and potential misrepresentation [10][11]

停产危机后，九期一将易主复星医药。 12月16日，复星医药抛出一则让医药圈震动的消息，控股子公司复星医药产业拟出资约14.12亿元控股 收购绿谷医药，从而将绿谷医药核心产品甘露特钠胶囊（商品名："九期一"）收入囊中。 阿尔茨海默病（AD）有医药研发"死亡谷"之称。而2019年获批的九期一正是一款AD的治疗药物，曾被 市场寄予厚望，被认为填补了阿尔茨海默病领域17年无新药上市的空白。不过，随着九期一再注册申请 未获批准，目前该药物已停产（商业化）。由于停销核心产品，绿谷医药今年前三季度净利已出现亏 损。截至9月30日，绿谷医药净资产仅为1036万元。 复星医药相关负责人表示，此次14.12亿元的交易对价，主要是用于九期一后续的研发与临床试验。此 次收购完成后，将持续有序推进该药品的上市后确证性临床试验，以使该药品尽快获得国家药品审评部 门批准。 将控股绿谷医药 复星医药最新公告显示，控股子公司复星医药产业拟出资共计14.12亿元控股投资绿谷医药。其中，复 星医药产业拟出资1.43亿元受让转让方合计持有的标的公司2015万元注册资本。同时，复星医药产业拟 出资12.69亿元认缴标的公司约2.01亿元新增注册资本。 ...