Shanghai Fosun Pharmaceutical (600196) investor relations material

Executive summary

• 9M 2026 revenue rose 3.64% YoY to RMB30.46bn; at constant exchange rates, growth was 5.81%.

• Innovation-drug revenue increased 15.54% YoY and reached 35.43% of pharmaceutical revenue, up 3.11 percentage points; overseas revenue grew 11.62% and reached 30.96% of total revenue.

• R&D investment rose 31.24% YoY to RMB5.25bn, with 82.83% allocated to innovation drugs.

Financial highlights

• Q3 revenue was RMB10.02bn, up 1.44% YoY; Q3 total profit rose 15.49% to RMB1.29bn.

• Q3 net profit attributable to shareholders was RMB946.0m, up 15.18% YoY; adjusted net profit was RMB561.5m, down 8.32%.

• 9M net profit attributable to shareholders rose 5.71% to RMB2.67bn; adjusted net profit increased 8.42% to RMB1.71bn.

• 9M operating cash flow increased 1.34% YoY to RMB3.43bn; Q3 operating cash flow fell 19.60% to RMB1.00bn.

• 9M non-recurring gains included RMB778.5m from financial-asset fair-value changes and disposals, and RMB197.0m from non-current asset disposals.

Segment performance

• 9M pharmaceutical R&D investment was RMB4.95bn, up 38.30% YoY; pharmaceutical R&D expenses were RMB2.84bn, up 19.89%.

• Innovation-drug R&D investment reached RMB4.35bn, up 55.07% YoY, equal to 87.73% of pharmaceutical R&D investment.

• Overseas revenue rose 11.62% YoY and accounted for 30.96% of total revenue, up 2.21 percentage points.