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Shanghai Fosun Pharmaceutical (600196) investor relations material
Shanghai Fosun Pharmaceutical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Revenue for the first three quarters of 2025 was RMB 29,393 million, down 4.91% year-over-year, mainly due to centralized and volume-based procurement, while innovative drug revenue grew 18.09% to over RMB 6,700 million.
Net profit attributable to shareholders rose 25.50% year-over-year to RMB 2,523 million, driven by gains from asset sales, including United Family Healthcare.
Excluding one-off gains, net profit was RMB 1,573 million, down 14.32% year-over-year, reflecting revenue decline and increased investment-stage losses.
R&D investment for the first three quarters totaled RMB 3,998 million, up 2.12% year-over-year, with Q3 R&D expenses up 28.81%, focused on nuclear medicine, cell therapy, and global clinical studies.
Operating cash flow for the first three quarters reached RMB 3,382 million, up 13.23% year-over-year.
Financial highlights
Gross margin remained stable at 48.2% (vs. 48.6% in 3Q24), with selling and distribution expense ratio unchanged at 21.3%.
Q3 revenue was RMB 9.88 billion, down 5.46% year-over-year.
Q3 net profit attributable to shareholders was RMB 821 million, up 4.52% year-over-year.
Cash and bank balances stood at RMB 11,478 million, down from RMB 13,524 million in 3Q24.
Debt-to-asset ratio was stable at 48.5%.
Outlook and guidance
Continued focus on innovative drugs and high-value devices to drive future growth and optimize asset and financial structure.
Ongoing optimization of asset structure and acceleration of cash return.
Emphasis on R&D resource allocation and pipeline advancement, especially in high-potential areas.
Strengthening control over selling expenses and maintaining investment in market development for new products.
Strategy for innovation drug growth offsetting procurement
Nuclear medicine platform's strategic importance?
Address core profit decline ex-non-recurring items
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Next Shanghai Fosun Pharmaceutical earnings date
H2 202524 Mar, 2026
Next Shanghai Fosun Pharmaceutical earnings date
H2 202524 Mar, 2026
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