🇭🇰 港交所FOSUN PHARMACodex · 实盘不做把握 7/10
北京时间·🕒 发布 08-03 17:34:00时区推断·⟳ 抓取 08-03 17:36:41·⚡ 决策 08-04 10:51:50 +17h15m·84.3 天前
复星医药子公司聚乙二醇3350电解质散获国家药监局批准上市
国家药监局批准苏州二叶聚乙二醇3350电解质散上市,事件本身对复星医药为正面但属于仿制药注册落地。
📄 原文FOSUN PHARMA↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 复星医药(02196.HK)
仿制药注册批准仅丰富产品线,公告披露同类市场约5.98亿元而公司年收入逾400亿元,且竞品批件多、销售未量化,当前不做。
不做 复星医药(600196.SH)
A股同一主体受益方向为正但量级太小且审批预期已有铺垫;按当前公告无法形成可执行正期望,不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 苏州二叶复方聚乙二醇电解质散儿童型补充申请已获受理,说明该审批路径此前已有公开预期。
- 复星医药披露苏州二叶聚乙二醇3350电解质散获国家药监局批准,适应症为1至11岁儿童慢性便秘及5岁以上粪便嵌塞。
关键理由
- 国家药监局批准苏州二叶聚乙二醇3350电解质散上市,事件本身对复星医药为正面但属于仿制药注册落地。
- 公司公告披露同类中国市场2025年销售额约5.98亿元,即使按全市场计算也仅约为复星医药2025年收入414.98亿元的1.4%,实际可获份额会低很多。
- 该品种已有葵花药业、亚宝药业、华润双鹤等多家获批或类似批件,竞争充分,难以形成复星医药A/H短线重定价。
主要风险
- 若后续披露该产品独家渠道、儿科院外放量或集采以外的高毛利销售数据,需重新评估;本次公告未给出销售指引。
- 申请受理已在2026年5月被公开报道,审批落地虽新鲜但预期差有限。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-03-24 · 影响 weakens
公司2025年收入约416亿元,单品理论天花板相对集团体量过小。
检索:复星医药 2025 revenue Fosun Pharma 2025 annual results 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-04-21 · 影响 weakens
同品种已有多家企业获批,获批本身难以带来稀缺性溢价。
检索:复方聚乙二醇3350电解质散 获批 国内 企业 18家 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-05-12 · 影响 weakens
苏州二叶相关申请受理已公开报道,审批落地的新鲜预期差被削弱。
检索:苏州二叶 聚乙二醇 电解质散 受理 2026 5 12 原文 ↗
原文全文
展开原文 · 4,776 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
## 上 海 復 星 醫 藥( 集 團 )股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.*
(a joint stock company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 02196)
### OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The following sets out the “Announcement in Relation to the Approval for Drug Registration of a Subsidiary” published by Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* (the “Company”) on the website of the Shanghai Stock Exchange, for your reference only. The following is a translation of the abovementioned announcement solely for the purpose of providing information. Should there be any discrepancies, the Chinese version will prevail.
By order of the Board Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* Chen Yuqing
Chairman
Shanghai, the PRC 3 August 2026
As at the date of this announcement, the executive directors of the Company are Mr. Chen Yuqing, Ms. Guan Xiaohui, Mr. Wen Deyong, Mr. Wang Kexin and Mr. Liu Yi; the non-executive directors of the Company are Mr. Chen Qiyu and Mr. Pan Donghui; the independent non-executive directors of the Company are Mr. Yu Tze Shan Hailson, Mr. Wang Quandi, Mr. Chen Penghui and Mr. Yang Yucheng; and the employee director of the Company is Ms. Yan Jia.
* for identification purposes only
Stock code: 600196 Stock abbreviation: Fosun Pharma No: Lin 2026-103
# Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* Announcement in Relation to the Approval for Drug Registration of a Subsidiary
|The board of directors of the Company and all directors warrant that this announcement does not contain any false information, misleading statement or material omission, and accept legal liability for the truthfulness, accuracy and completeness of the contents herein contained.<br><br>|
|---|
I. Overview
Recently, the drug registration application for Polyethylene Glycol (3350) and Electrolytes Powder (the “Drug”) of Suzhou Erye Pharmaceutical Co., Ltd. * (蘇州二葉 製藥有限公司), being a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* (上海復星醫藥(集團)股份有限公司) (the “Company”), has been approved by the National Medical Products Administration. The approved indication is (1) for the treatment of chronic constipation in children 1 to 11 years of age; (2)for the treatment of faecal impacion in children from the age of 5 years, defined as refractory constipation with faecal loading of the rectum and/or colon.
II. Registration Information of the Drug Generic Name: Polyethylene Glycol (3350) and Electrolytes Powder Dosage Form: Powder Strength: 6.9g per bag Registered Category: Chemicals Category 3 Marketing Authorization Holder: Suzhou Erye Pharmaceutical Co., Ltd. * (蘇州二葉
製藥有限公司) Drug Approval Number: Guo Yao Zhun Zi H20265407
III. Research and Development of the Drug and Marketing Situation of Similar Drugs
As of June 2026, the Group (i.e., the Company and its subsidiaries/units, the same hereinafter) has invested approximately RMB2.62 million (unaudited) in total in the research and development of the Drug at current stage.
According to the latest data from IQVIA CHPA1, in 2025, the sales of Polyethylene Glycol Electrolytes Powder in China (excluding Hong Kong, Macao, and Taiwan regions) were approximately RMB598 million.
IV. Impact on the Listed Company and Risk Warning This approval for marketing of the Drug will further enrich the product line of the
Group.
Due to the industry characteristics of pharmaceutical products, the specific sales performance after the market launch of pharmaceutical products may be affected by factors including, but not limited to, the demand for medication, market competition and sales channels, etc., and is subject to considerable uncertainty. Investors should take note of the investment risks.
Announcement is hereby made.
Board of Directors of Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* 3 August 2026
* For identification purposes only
1 provided by IQVIA, a provider of professional medical and health information and strategic consultation service in the world; IQVIA CHPA data represents the drug sales market of hospitals with more than 100 beds in China, the actual sales of different drugs may vary from the IQVIA CHPA data to varying degrees due to their different sales channels.
## 上 海 復 星 醫 藥( 集 團 )股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.*
(a joint stock company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 02196)
### OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The following sets out the “Announcement in Relation to the Approval for Drug Registration of a Subsidiary” published by Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* (the “Company”) on the website of the Shanghai Stock Exchange, for your reference only. The following is a translation of the abovementioned announcement solely for the purpose of providing information. Should there be any discrepancies, the Chinese version will prevail.
By order of the Board Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* Chen Yuqing
Chairman
Shanghai, the PRC 3 August 2026
As at the date of this announcement, the executive directors of the Company are Mr. Chen Yuqing, Ms. Guan Xiaohui, Mr. Wen Deyong, Mr. Wang Kexin and Mr. Liu Yi; the non-executive directors of the Company are Mr. Chen Qiyu and Mr. Pan Donghui; the independent non-executive directors of the Company are Mr. Yu Tze Shan Hailson, Mr. Wang Quandi, Mr. Chen Penghui and Mr. Yang Yucheng; and the employee director of the Company is Ms. Yan Jia.
* for identification purposes only
Stock code: 600196 Stock abbreviation: Fosun Pharma No: Lin 2026-103
# Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* Announcement in Relation to the Approval for Drug Registration of a Subsidiary
|The board of directors of the Company and all directors warrant that this announcement does not contain any false information, misleading statement or material omission, and accept legal liability for the truthfulness, accuracy and completeness of the contents herein contained.<br><br>|
|---|
I. Overview
Recently, the drug registration application for Polyethylene Glycol (3350) and Electrolytes Powder (the “Drug”) of Suzhou Erye Pharmaceutical Co., Ltd. * (蘇州二葉 製藥有限公司), being a subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* (上海復星醫藥(集團)股份有限公司) (the “Company”), has been approved by the National Medical Products Administration. The approved indication is (1) for the treatment of chronic constipation in children 1 to 11 years of age; (2)for the treatment of faecal impacion in children from the age of 5 years, defined as refractory constipation with faecal loading of the rectum and/or colon.
II. Registration Information of the Drug Generic Name: Polyethylene Glycol (3350) and Electrolytes Powder Dosage Form: Powder Strength: 6.9g per bag Registered Category: Chemicals Category 3 Marketing Authorization Holder: Suzhou Erye Pharmaceutical Co., Ltd. * (蘇州二葉
製藥有限公司) Drug Approval Number: Guo Yao Zhun Zi H20265407
III. Research and Development of the Drug and Marketing Situation of Similar Drugs
As of June 2026, the Group (i.e., the Company and its subsidiaries/units, the same hereinafter) has invested approximately RMB2.62 million (unaudited) in total in the research and development of the Drug at current stage.
According to the latest data from IQVIA CHPA1, in 2025, the sales of Polyethylene Glycol Electrolytes Powder in China (excluding Hong Kong, Macao, and Taiwan regions) were approximately RMB598 million.
IV. Impact on the Listed Company and Risk Warning This approval for marketing of the Drug will further enrich the product line of the
Group.
Due to the industry characteristics of pharmaceutical products, the specific sales performance after the market launch of pharmaceutical products may be affected by factors including, but not limited to, the demand for medication, market competition and sales channels, etc., and is subject to considerable uncertainty. Investors should take note of the investment risks.
Announcement is hereby made.
Board of Directors of Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* 3 August 2026
* For identification purposes only
1 provided by IQVIA, a provider of professional medical and health information and strategic consultation service in the world; IQVIA CHPA data represents the drug sales market of hospitals with more than 100 beds in China, the actual sales of different drugs may vary from the IQVIA CHPA data to varying degrees due to their different sales channels.
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