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  1. FinanceMinerva Neurosciences, IncMinerva Neurosciences to Participate in Two Upcoming Investor ConferencesMinerva Neurosciences, Inc. (Nasdaq: NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system disorders, today announced that management will participate in two upcoming investor conferences.
  2. Biotech & pharmaSamsung Biologics拟募资逾20亿美元，为收购PolyPeptide和业务扩张提供资金Samsung Biologics计划通过配股募资逾20亿美元，为计划中的对PolyPeptide Group的收购及其制造产能扩张提供资金。 这家隶属于三星集团（Samsung Group）的韩国生物类似药制造商周五表示，将以每股1，322，000韩元的价格发行约230万股新股，以筹集约3万亿韩元（相当于21.7亿美元）的资金。这些新股计划于11月上市。 Samsung Biologics表示，计划将所募资金中的约2.71万亿韩元用于收购瑞士合同开发与制造组织PolyPeptide。该公司预计这项于7月宣布的交易将在11月完成。 这家韩国公司表示，对PolyPeptide的收购交易有望扩大Samsung Biologics的产品组合，使其在抗体和抗体药物偶联物之外，进一步拓展至多肽疗法领域，从而帮助其满足全球对多样化疗法快速增长的需求。 与此同时，该公司表示，计划到2032年将其全球制造产能从目前的845，000升提高至约14
  3. FinanceDeepening Implementation of Technological Innovation, Accelerating Transformation of Productive ForcesLegend Holdings Corporation (“Legend Holdings” or the “Company”; Stock Code: 3396.HK) announced the unaudited condensed consolidated interim results for the six months ended June 30, 2026 (the “Reporting Period”). During the Reporting Period, the Company recorded revenue of RMB362.935 billion, representing a 29% year-on-year increase, primarily driven by the significant revenue growth of its subsidiaries Lenovo and Levima Advanced Materials; net profit attributable to equity holders of the Company was RMB2.230 billion, up 219% year-on-year, driven by the recovery in portfolio value of the industrial incubations and investments segment. Excluding the impact of a one-off item, net profit attributable to equity holders of Legend Holdings was RMB5.812 billion, a year-on-year increase of 834%. In the first half of 2026, Legend Holdings remained committed to technological innovation as the key driver for high-quality development and continued to enhance its distinctive technological innovation system. The Company actively drove the coordinated advancement of “anchoring diversified-industries operations in technology-focused core businesses, extending ecosystem coverage through technology innovation funds, and driving the very early-stage industrialization of forward-looking technologies.” This expedited the transformation from scientific and technological achievements into real productive forces, and drove a steady improvement in the Company's core competitiveness, with significant performance growth, laying a solid foundation for the Company’s sustainable development. RMB 10 Billion in R&D Investment, Together with a Solidified Technology Foundation During the Reporting Period, Legend Holdings’ total R&D investment exceeded RMB10 billion, a historical record high for its midyear report. Its portfolio companies continued to deliver steady growth with solid fundamentals. Lenovo capitalized on the surge in hybrid AI, with all three major business segments delivering double-digit revenue growth and reaching record highs for the same period. AI has become Lenovo’s core growth engine, with AI-related revenue increasing by 64% for the same period and accounted for 36% of Lenovo’s total revenue. Levima Advanced Materials posted significant performance growth and made breakthroughs in a number of major projects. Among them, the m-Xylylene Diisocyanate (XDI) project was listed under the National Key R&D Program. Built on Levima’s technical expertise and R&D experience, the PEEK project has entered the construction phase. Both projects are expected to be completed and put into operation in 2027, filling domestic technology gaps. Technology Ecosystem Bearing Fruit, and 12 Portfolio Companies Successfully Listed Leveraging years of dedicated efforts in technology innovation, Legend Holdings has cultivated a robust ecosystem spanning emerging and future industries. This ecosystem is now delivering tangible returns, not only driving significant performance growth for the Company, but also accumulating momentum for long-term development. During the Reporting Period, the industrial incubations and investments segment’s depth of technology asset pipeline and ability to realize value from these assets both improved. In the first half of 2026, the Legend Holdings Family Group supported the listing of 12 portfolio companies. These listed companies spanned sectors including artificial intelligence, semiconductors, advanced manufacturing, and healthcare. More than 30 additional portfolio companies are currently in the pre-listing pipeline. The Company invested in over 80 technology projects in the first half of the year across frontier fields such as artificial intelligence, quantum computing, optical interconnects, embodied artificial intelligence, chips and semiconductors, biopharmaceuticals, and commercial aerospace. To date, Legend Holdings has invested in over 300 AI-related companies. The Company has also established a systematic presence in other frontier fields, having invested in over 110 companies in pharmaceuticals and healthcare, over 60 companies in sustainable industries and future energy, and more than 50 companies in embodied artificial intelligence. Fostering Industry-Academia-Research Collaborative Innovation and Exploring New Pathways for Commercializing Original Technologies Responding to the call to “accelerate the translation from technological advances into productive forces”, Legend Holdings leverages its Forward-Looking Technology Research Institute to actively promote industry-academia-research collaborative innovation and explore new pathways for the commercialization of pioneering technologies. In the first half of the year, Legend Holdings established the Advanced Photonic Integration Joint Laboratory with a National Key Laboratory at Peking University. Together with the research team, the Company published co-authored papers and filed joint patents, while making preparations to establish a dedicated operating entity. In addition, led by the Chinese Information Processing Society of China (CIPS), and jointly initiated by Legend Holdings and other organizations, the Industry University Research Working Committee of the Chinese Information Processing Society of China was established, focusing on frontier areas of artificial intelligence. The Committee translates real-world industry needs into concrete workstreams. The Company has built a “Covalent Innovation” model that brings real-world industry needs into the earliest stages of R&D, enabling businesses and researchers to jointly set priorities and develop solutions. It aims to create a replicable pathway for translating more creative innovation into new quality productive forces. ESG Practices Gaining Authoritative Recognition, Corporate Responsibility Underpinning the Foundation for Sustainability Legend Holdings prioritizes ecological conservation and green development. Lenovo has repeatedly received authoritative recognition both domestically and internationally in the ESG field. It has retained the highest global 3A rating in the MSCI ESG Ratings and received the EcoVadis Platinum Medal, its highest distinction, for two consecutive years. It was also included in the Fortune China ESG Impact List for five consecutive years. Its green operations continued to deliver strong results: over 90% of the electricity used in Lenovo’s global operations came from renewable energy sources. More than 360 million kilograms of end-of-life products have been recovered and reused. In photovoltaic materials, Levima Advanced Materials operates two major product lines for photovoltaic adhesive film materials, EVA and POE, with an annual production capacity exceeding 350,000 tons. In new energy battery materials, the company has built a comprehensive portfolio. In green investment, Legend Holdings has invested in more than 60 companies across new energy, energy decarbonization and so on. The Legend Star CEO Training Program has been running for over 18 years, nurturing up to 1,429 startup founders with 77 listed companies, 217 national-level specialized and innovative “Little Giant” enterprises, 930 High-and New-Technology Enterprises (HNTE), and more than 460,000 jobs created. Looking ahead, Legend Holdings will continue to closely align with national strategic needs, adhere to the main thread of technological innovation driving high-quality development, steadily improve its distinctive technological innovation system, deepen its focus on technology as its core business, and accelerate the promotion of the transformation of scientific achievements into real productive forces, making unremitting contributions to Chinese modernization and self-reliance and strength in science and technology.
  4. AI維昇藥業（02561.HK）公佈2026年中期業績香港, 2026年8月28日 - 專注於內分泌相關治療領域的創新型生物醫藥公司 - 維昇藥業(「維昇藥業」「VISEN」或「公司」，股份代號：2561.HK)，公佈2026年中期業績。核心產品隆培生長激素(lonapegsomatropin)已於2026年1月獲國家藥監局批准，是公司首款獲批的產品，標誌著公司正式邁向商業化階段。 2026年上半年，公司首次錄得收入約人民幣34.5百萬元，主要由於核心產品注射用隆培生長激素(lonapegsomatropin)的初步商業化（中國境內商品名稱：維臻高(R)及英文商品名稱：SKYTROFA(R)）。同期，實現毛利潤約人民幣18.1百萬元。另由於核心產品隆培生長激素完成進口BLA註冊，以及帕羅培特立帕肽(palopegteriparatide)及那韋培肽(navepegritide)主要臨床活動的完成，公司研究及開發成本有所减少，为人民幣37.4百萬元。 專注內分泌疾病治療 創新管線持續發力 維昇藥業於2018年11月成立，是一家處於研發後期、邁入商業化階段的生物製藥公司，專注於在中國（包括香港、澳門及台灣）提供特定內分泌疾病的治療方案。管線中擁有一款已獲批產品及兩款關鍵候選藥物。 隆培生長激素(lonapegsomatropin)是一款每週注射一次的長效生長激素療法，用於在中國治療3歲及以上兒童及青少年的生長激素缺乏症所致的生長緩慢。2026年1月26日，注射用隆培生長激素獲國家藥監局批准，標誌著公司正式進入商業化階段。中國獲批產品說明書中載入了國際和中國3期臨床試驗都證實了本品較生長激素日製劑的長高療效優效結果、釋放後的人生長激素分子量約為22kDa（與內源性生長激素相同）、不含防腐劑，以及室溫（≤30℃）可保存6個月等產品特色。目前，隆培生長激素為唯一一款在與短效（每日注射）人生長激素的陽性藥物對照及平行組試驗比較中顯示出長高療效優效性及同等安全性的長效生長激素。 於報告期內，公司全面啟動了隆培生長激素的商業化，在產品供應、渠道建設、商業化覆蓋、醫生互動及患者支持方面取得了實質性進展。不仅完成了首批商業化隆培生長激素的進口及質量放行，並透過全國分銷合作夥伴上藥控股有限公司開始商業化供應。來自首批商業化發貨的收入於2026年6月確認。於報告期後，隆培生長激素的首張商業化處方於2026年7月開出，標誌著其正式在中國患者中投入商業化使用。 - 於2026年5月，與卓正醫療訂立戰略合作，以推廣隆培生長激素的標準化臨床使用，並在私營醫療機構發展涵蓋診斷、治療及長期隨訪的綜合醫療保健服務。 - 於2026年6月，透過設立專門的兒童生長及發展門診，進一步深化與上海和睦家醫院的合作。該門診專注於疾病篩查、診斷、治療及長期隨訪，並為具有生長及發展相關醫療需求的兒童探索一種綜合疾病管理模式。 - 截至最後實際可行日期，隆培生長激素亦可於多家其他知名的私家醫院及醫療機構供處方使用，包括美中宜和、新世紀醫療、美華婦兒及小蘋果。 與此同時，公司攜手中國領先的生長激素公司之一安科生物開展商業合作，安科生物負責在中國（未由公司商業團隊覆蓋）的特定區域推廣隆培生長激素，從而公司內部商業覆蓋網絡形成補充，並支持實現更廣泛及更高效的市場滲透。於報告期內，完成了商業協調及前線團隊培訓，並正式於相關地區展開了與安科生物的聯合推廣活動。截至最後實際可行日期，安科生物已部署數百名醫藥代表，以支持隆培生長激素在該等地區的推廣。 帕羅培特立帕肽(palopegteriparatide)是一款用於治療成人甲狀旁腺功能減退症的治療解決方案。公司於2018年11月自Ascendis Pharma授權引入帕羅培特立帕肽。甲狀旁腺功能減退症目前的療法因治療效果有限、需高劑量慢性給藥補鈣以及相關併發症風險增加仍存在局限。帕羅培特立帕肽旨在每天24小時恢復甲狀旁腺激素的生理水平和活性，從而應對疾病各個方面的問題，包括使血鈣、尿鈣以及血磷恢復正常水平。公司正在中國進行一項3期關鍵性試驗，已於2023年1月完成該試驗的雙盲期試驗，關鍵數據顯示該試驗已達到主要療效終點及關鍵次要終點。於2026年1月完成了中國3期研究的開放標籤階段，並於2026年7月完成統計分析及定稿開放標籤階段的最終臨床研究報告。公司期於2026年下半年提交NDA。 公司持續推進帕羅培特立帕肽的早期准入戰略。繼2025年通過海南博鰲樂城國際醫療旅遊先行區引入後，於報告期後，該產品在北京天竺綜合保稅區罕見病藥品先行區政策下，獲北京大學第三醫院引進使用，進一步擴大了其對中國患者的早期可及性。截至最後實際可行日期，帕羅培特立帕肽亦已獲納入福建、內蒙古、四川南充及陝西的七個市級「惠民保」補充保險計劃的海外特藥目錄。 那韋培肽(navepegritide)是一款用於治療中國2至10歲軟骨發育不全兒童患者的疾病修復療法，而中國目前尚無有效的疾病修復療法獲批。公司於2018年11月自Ascendis Pharma授權引入那韋培肽。那韋培肽旨在以安全和方便的每週一次給藥來優化療效，其為中國第一款正在進行臨床開發的軟骨發育不全療法。那韋培肽在中國已經完成用於治療軟骨發育不全的2期臨床試驗的雙盲期及開放標籤階段，關鍵數據結果顯示該試驗已達到主要終點。2026年3月17日，注射用那韋培肽獲優先審評资格，用於治療骨骺尚未閉合的兩歲及以上ACH兒童患者。 AI賦能小分子發展，開闢治療新途徑 公司正透過內部舉措以及有選擇地與外部技術平台合作，加強早期藥物發現及管線創製能力。於2026年2月5日，公司與晶泰控股(2228.HK)根據一項長期戰略合作訂立了一項項目協議。該合作專注於內分泌及代謝治療領域，並正按照既定的研究里程碑及發展目標推進。首個項目為一項早期的兒科內分泌學小分子藥物發現計劃。於報告期內，推進了化合物設計與合成、活性篩選及初步藥代動力學評估。多個化合物系列展現出令人鼓舞的初步活性及藥代動力學特徵，支持將其選入後續評估及優化。該計劃目前處於早期發現階段。 堅守核心使命，重視長期價值 為完成公司成為在中國（包括香港、澳門及台灣）開發和商業化內分泌療法的領先生物製藥公司及拓展全球能力的使命，未來計劃採取多重戰略。 公司迅速推進核心產品商業化及其他管線候選藥物的臨床開發和監管審批；為核心產品執行差異化的商業化策略，並為未來候選藥物的商業化奠定基礎；建立本地化的生產能力，確保核心產品及未來潛在候選藥物在中國（包括香港、澳門及台灣）的供應；擴大核心產品、兩款關鍵候選藥物及基於暫時連接技術(TransCon)的潛在新藥所涵蓋的內分泌疾病適應症；通過內部發現、戰略性授權引入、內分泌及代謝疾病方面的合作及夥伴關係，進一步擴展產品管線組合，包括發展擁有大中華或全球權益的創新療法；及打造中國（包括香港、澳門及台灣）內分泌學及代謝領域內公認和領先的企業，同時逐步建立全球的藥物發現及發展能力，並釋放擁有全球權益的候選產品的全球價值。
  5. FinanceFaeth Therapeutics, Inc.Faeth Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)AUSTIN, Texas, August 28, 2026--Faeth Therapeutics, Inc. (Nasdaq: FTH) today announced that the Compensation Committee of Faeth’s Board of Directors granted three new employees options to purchase an aggregate of 94,000 shares of the Company’s common stock in connection with their employment (collectively, the "Option Awards"). The Option Awards were granted effective August 25, 2026, pursuant to the Company’s 2026 Inducement Plan as a material inducement to the individuals entering employment w
  6. FinanceUnited Therapeutics CorporationUnited Therapeutics Presents Data at The European Society of Cardiology Congress 2026 and The European Respiratory Society International Congress 2026SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C, August 28, 2026--United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced that four oral presentations and four poster presentations will be presented across its commercial and development portfolio at the European Society of Cardiology (ESC) Congress 2026, August 28-31 in Munich, and at the European Respiratory Society (ERS) Congress 2026, September 5-9 in Barcelona.
  7. FinanceDeepening Implementation of Technological Innovation, Accelerating Transformation of Productive ForcesLegend Holdings Corporation (“Legend Holdings” or the “Company”; Stock Code: 3396.HK) announced the unaudited condensed consolidated interim results for the six months ended June 30, 2026 (the “Reporting Period”). During the Reporting Period, the Company recorded revenue of RMB362.935 billion, representing a 29% year-on-year increase, primarily driven by the significant revenue growth of its subsidiaries Lenovo and Levima Advanced Materials; net profit attributable to equity holders of the Company was RMB2.230 billion, up 219% year-on-year, driven by the recovery in portfolio value of the industrial incubations and investments segment. Excluding the impact of a one-off item, net profit attributable to equity holders of Legend Holdings was RMB5.812 billion, a year-on-year increase of 834%. In the first half of 2026, Legend Holdings remained committed to technological innovation as the key driver for high-quality development and continued to enhance its distinctive technological innovation system. The Company actively drove the coordinated advancement of “anchoring diversified-industries operations in technology-focused core businesses, extending ecosystem coverage through technology innovation funds, and driving the very early-stage industrialization of forward-looking technologies.” This expedited the transformation from scientific and technological achievements into real productive forces, and drove a steady improvement in the Company's core competitiveness, with significant performance growth, laying a solid foundation for the Company’s sustainable development. RMB 10 Billion in R&D Investment, Together with a Solidified Technology Foundation During the Reporting Period, Legend Holdings’ total R&D investment exceeded RMB10 billion, a historical record high for its midyear report. Its portfolio companies continued to deliver steady growth with solid fundamentals. Lenovo capitalized on the surge in hybrid AI, with all three major business segments delivering double-digit revenue growth and reaching record highs for the same period. AI has become Lenovo’s core growth engine, with AI-related revenue increasing by 64% for the same period and accounted for 36% of Lenovo’s total revenue. Levima Advanced Materials posted significant performance growth and made breakthroughs in a number of major projects. Among them, the m-Xylylene Diisocyanate (XDI) project was listed under the National Key R&D Program. Built on Levima’s technical expertise and R&D experience, the PEEK project has entered the construction phase. Both projects are expected to be completed and put into operation in 2027, filling domestic technology gaps. Technology Ecosystem Bearing Fruit, and 12 Portfolio Companies Successfully Listed Leveraging years of dedicated efforts in technology innovation, Legend Holdings has cultivated a robust ecosystem spanning emerging and future industries. This ecosystem is now delivering tangible returns, not only driving significant performance growth for the Company, but also accumulating momentum for long-term development. During the Reporting Period, the industrial incubations and investments segment’s depth of technology asset pipeline and ability to realize value from these assets both improved. In the first half of 2026, the Legend Holdings Family Group supported the listing of 12 portfolio companies. These listed companies spanned sectors including artificial intelligence, semiconductors, advanced manufacturing, and healthcare. More than 30 additional portfolio companies are currently in the pre-listing pipeline. The Company invested in over 80 technology projects in the first half of the year across frontier fields such as artificial intelligence, quantum computing, optical interconnects, embodied artificial intelligence, chips and semiconductors, biopharmaceuticals, and commercial aerospace. To date, Legend Holdings has invested in over 300 AI-related companies. The Company has also established a systematic presence in other frontier fields, having invested in over 110 companies in pharmaceuticals and healthcare, over 60 companies in sustainable industries and future energy, and more than 50 companies in embodied artificial intelligence. Fostering Industry-Academia-Research Collaborative Innovation and Exploring New Pathways for Commercializing Original Technologies Responding to the call to “accelerate the translation from technological advances into productive forces”, Legend Holdings leverages its Forward-Looking Technology Research Institute to actively promote industry-academia-research collaborative innovation and explore new pathways for the commercialization of pioneering technologies. In the first half of the year, Legend Holdings established the Advanced Photonic Integration Joint Laboratory with a National Key Laboratory at Peking University. Together with the research team, the Company published co-authored papers and filed joint patents, while making preparations to establish a dedicated operating entity. In addition, led by the Chinese Information Processing Society of China (CIPS), and jointly initiated by Legend Holdings and other organizations, the Industry University Research Working Committee of the Chinese Information Processing Society of China was established, focusing on frontier areas of artificial intelligence. The Committee translates real-world industry needs into concrete workstreams. The Company has built a “Covalent Innovation” model that brings real-world industry needs into the earliest stages of R&D, enabling businesses and researchers to jointly set priorities and develop solutions. It aims to create a replicable pathway for translating more creative innovation into new quality productive forces. ESG Practices Gaining Authoritative Recognition, Corporate Responsibility Underpinning the Foundation for Sustainability Legend Holdings prioritizes ecological conservation and green development. Lenovo has repeatedly received authoritative recognition both domestically and internationally in the ESG field. It has retained the highest global 3A rating in the MSCI ESG Ratings and received the EcoVadis Platinum Medal, its highest distinction, for two consecutive years. It was also included in the Fortune China ESG Impact List for five consecutive years. Its green operations continued to deliver strong results: over 90% of the electricity used in Lenovo’s global operations came from renewable energy sources. More than 360 million kilograms of end-of-life products have been recovered and reused. In photovoltaic materials, Levima Advanced Materials operates two major product lines for photovoltaic adhesive film materials, EVA and POE, with an annual production capacity exceeding 350,000 tons. In new energy battery materials, the company has built a comprehensive portfolio. In green investment, Legend Holdings has invested in more than 60 companies across new energy, energy decarbonization and so on. The Legend Star CEO Training Program has been running for over 18 years, nurturing up to 1,429 startup founders with 77 listed companies, 217 national-level specialized and innovative “Little Giant” enterprises, 930 High-and New-Technology Enterprises (HNTE), and more than 460,000 jobs created. Looking ahead, Legend Holdings will continue to closely align with national strategic needs, adhere to the main thread of technological innovation driving high-quality development, steadily improve its distinctive technological innovation system, deepen its focus on technology as its core business, and accelerate the promotion of the transformation of scientific achievements into real productive forces, making unremitting contributions to Chinese modernization and self-reliance and strength in science and technology.
  8. FinanceCryofocus Announces 2026 Interim Results: Loss Narrows 37.9% to RMB 16.9 Million, Gross Margin Improves to 68.5%Cryofocus Medtech (Shanghai) Co., Ltd. (“Cryofocus” or the “Company,” stock code: 6922.HK), a leading innovative medical device platform specializing in minimally-invasive interventional cryotherapy, today announced its interim results for the six months ended June 30, 2026. During the Reporting Period, the Company continued to expand its product pipeline, with a significant 37.9% narrowing of its loss for the period to RMB 16.9 million. Gross profit margin improved to 68.5% from 67.1% in the same period last year, while cash and cash equivalents surged 69.2% to RMB 59.3 million compared to the end of 2025, underscoring enhanced operational quality and financial resilience. Product Pipeline Continues to Expand, Commercial Footprint Widens As a pioneer in the field of minimally-invasive interventional cryotherapy in China, Cryofocus has established a comprehensive product portfolio covering both vascular intervention and natural orifice transluminal endoscopic surgery (NOTES). As of June 30, 2026, the Company had a total of 25 products and product candidates, of which 11 had been commercialized. These include the Atrial Fibrillation Cryoablation System, Malignant Stenosis Cryoablation System, Cryoadhesion System, Bladder Cryoablation System, and Pulmonary Nodule Localization Needle, among others. In January 2026, the Company’s Endoscopic Additional Working Channel Catheter received approval from the Zhejiang Medical Products Administration, further enriching its commercial product matrix. Meanwhile, several high-value product candidates have entered the critical confirmatory clinical trial stage and are expected to receive approvals sequentially between 2027 and 2029. These include: - Vascular Intervention: Cryofocus Renal Denervation System (Cryo-RDN System): Designed to be the world’s first cryoablation product specifically targeting hypertension. It was granted Breakthrough Device designation by the U.S. FDA in December 2022. - Respiratory Intervention: COPD Cryospray System, Peri-Pulmonary Nodule Cryoablation System, Asthma Cryoablation System, and Benign Stenosis Cryoablation System: These products form a matrix of investigational devices targeting the same hospital department. As they receive approvals in the coming period, the synergistic effect of this product matrix is expected to amplify. The Company’s R&D team comprises 40 professionals. As of June 30, 2026, Cryofocus held 179 patents and 35 patent applications domestically and internationally, continuously deepening its technological moat. Loss Narrows Significantly, Gross Margin Improves Against Headwinds Alongside steady progress in its product pipeline, the Company delivered impressive financial metrics. For the first half of 2026, Cryofocus recorded revenue of RMB 40.7 million and gross profit of RMB 27.9 million. The loss for the period amounted to RMB 16.9 million, a decrease of RMB 10.3 million or 37.9% from RMB 27.2 million in the same period of 2025. Against the backdrop of an active adjustment in revenue scale, the Company’s overall gross profit margin rose from 67.1% to 68.5%, primarily driven by process improvements and optimizations for certain products. This indicates that structural improvements in the product mix and enhanced production efficiency have effectively offset the impact of revenue fluctuations on profitability. Comprehensive Cost Optimization Boosts Operating Efficiency Significantly The substantial narrowing of losses was underpinned by the Company’s holistic cost control measures: - Administrative expenses decreased by 34.0% from RMB 33.7 million to RMB 22.3 million, mainly due to reductions in staff costs and share-based payments. - Selling and distribution expenses fell by 14.5% from RMB 9.2 million to RMB 7.8 million. - Research and development expenses declined by 15.1% from RMB 17.9 million to RMB 15.2 million. - Finance costs dropped by 22.7% from RMB 1.1 million to RMB 0.8 million. Furthermore, other income and gains surged over 550% from RMB 0.5 million to RMB 3.2 million, primarily attributable to an increase in government grants. The combined effect of comprehensive cost optimization and growth in non-recurring income enabled the Company to achieve a sharp compression of losses despite a temporary decline in revenue. Cash Reserves Surge 69.2%, Strengthening Capital Position As of June 30, 2026, the Company’s cash and cash equivalents stood at RMB 59.3 million, an increase of RMB 24.2 million or 69.2% from RMB 35.0 million as of December 31, 2025. This growth was mainly driven by the completion of an H-share placing in January 2026, under which the Company issued 5,595,000 H-shares and raised net proceeds of approximately HK$29.73 million. Additionally, the Company’s current ratio improved from 1.5 to 1.7, the quick ratio rose from 1.0 to 1.2, and the gearing ratio decreased from 64.7% to 61.8%, reflecting enhanced short-term solvency and overall financial safety. Outlook: Committed to Becoming a Global Minimally-Invasive Interventional Cryotherapy Medical Device Platform, Bringing Benefits to Patients and Physicians Worldwide In the first half of 2026, the Company proactively adjusted its sales strategy to align with evolving industry demands, leading to a temporary dip in revenue. However, earnings quality improved markedly, signaling a positive trend of “structural revenue adjustment with clear profit elasticity.” Looking ahead, the Company will: - Rapidly advance the clinical development and commercialization of its product candidates based on cryotherapy technology; - Continue to focus on minimally-invasive interventional cryotherapy and further expand its product portfolio leveraging its technology platform; - Persistently research and develop various underlying and supporting technologies; and - Selectively expand its global footprint. With high-value products such as the Cryofocus Renal Denervation System, COPD Cryospray System, and Peri-Pulmonary Nodule Cryoablation System entering the regulatory submission and launch cycle, coupled with a significantly strengthened cash position and continuous loss reduction, Cryofocus is steadily accelerating toward its vision of becoming a “global minimally-invasive interventional cryotherapy medical device platform.”
  9. FinanceFosun International Delivers 160.3% YoY Profit Growth in 1H2026Companies: Fosun International LimitedOn the evening of 27 August, Fosun International announced its 2026 interim results. During the Reporting Period, its total revenue reached RMB86.96 billion; profit attributable to owners of the parent reached RMB1.72 billion, representing a year-on-year increase of 160.3%; overseas revenue reached RMB49.16 billion, with its share of total revenue rising to 56.5%; total debt to total capital ratio decreased to 55.7%. These figures show that Fosun’s results fall in the upper-middle range of the Company’s profit alert (profit attributable to owners of the parent is expected to range from approximately RMB1.5 billion to RMB1.8 billion, representing a year-on-year increase of approximately 127% to 172%) issued on 29 July. This marks Fosun’s return to a growth trajectory following the completion of a systematic realignment of “repairing the roof on a sunny day”. Over the past few years, Fosun has taken a rather unconventional path. Since 2022, in response to the severe market disruption caused by the pandemic, the Company has advanced its business streamlining and core business-focused strategy, divesting assets and businesses and generating cumulative cash proceeds of approximately RMB75 billion. In March 2026, pursuant to the principle of prudence, Fosun made one-off, non-cash impairment provisions and value revaluations on certain real estate projects with impairment indicators and goodwill and intangible assets of certain non-core business segments. The move drew considerable market attention at the time. At the Company’s 2025 annual results presentation at the end of March, Guo Guangchang, Chairman of Fosun International, explained, “This is about ‘repairing the roof on a sunny day’, allowing Fosun to focus its resources and efforts more effectively on core, high-growth areas.” The market has now responded to Fosun’s “repairing the roof on a sunny day” initiative. From the announcement of profit alert in early March to 25 August, before its interim results announcement, Fosun’s share price rose sharply from HKD3.6 to HKD5.41, representing an increase of more than 50%. The market has gradually recognized and priced in the Group’s “risk clearance” efforts. More importantly, the earnings growth driven by the Group’s businesses has begun to materialize. At the 2026 interim results presentation held in Hong Kong on 28 August, Guo Guangchang said: “The strong results recovery we delivered in the first half of the year reflects the outcome of the strategic adjustments we have made over the past few years. Our ‘repairing the roof on a sunny day’ strategy has paid off, allowing us to put historical burdens behind us. These results mark the beginning of Fosun’s continued progress along a trajectory of steady growth.” Solid Core Businesses, with Pharmaceuticals and Insurance Posting Strong Results First, let us look at Fosun’s core businesses. In the first half of 2026, its four core businesses — Fosun Pharma, Yuyuan, Fosun Insurance Portugal (Fidelidade), and the Tourism segment — generated a total revenue of RMB63.88 billion, accounting for 73.5% of the Group’s total revenue, further demonstrating the results of its core business-focused strategy. Among them, the pharmaceutical and insurance segments delivered particularly strong performance. In the first half of the year, Fosun Pharma achieved operating revenue of RMB20.377 billion. Revenue from innovative drugs recorded a year-on-year increase of 13.84%, with their contribution to pharmaceutical business revenue rising to 33.35%, establishing innovative drugs as a key growth driver. Its innovative biopharmaceutical platform, Henlius, reported revenue of RMB3.5882 billion, representing a year-on-year increase of 27.3%, while net profit amounted to RMB430.4 million, up 10.3% year-on-year, sustaining growth momentum in revenue and profit. Commercialization of innovative drugs continued to gain traction. During the Reporting Period, Fosun Pharma had a total of 20 indications of 7 innovative drugs approved for launch both domestically and overseas. With their revenue share on a steady rise, innovative drugs have become the main growth engine driving the pharmaceutical business forward. The insurance segment delivered a stellar performance, with Fosun’s domestic and overseas insurance companies all posting broad-based improvements. Fidelidade’s overall market share in Portugal reached 30.1%, and its international business accounted for 26.7% of its consolidated total business. In the first half of the year, Fidelidade recorded net profit attributable to owners of the parent of EUR165 million, up 23.8% year-on-year, maintaining steady growth. In Chinese mainland, Pramerica Fosun Life Insurance recorded gross written premiums of RMB8.38 billion in the first half of 2026, up 52.2% year-on-year. Net profit reached RMB780 million, representing a year-on-year increase of 270% and exceeding its net profit for the full year of 2025. Fosun United Health Insurance reported a 36.2% year-on-year increase in revenue and net profit of RMB572 million. Peak Reinsurance’s reinsurance revenue and gross written premiums increased by 25% and 11.8% year-on- year, respectively, while net profit after tax reached USD89.70 million. In April 2026, Moody’s upgraded Peak Re’s rating from Baa1 to A3, with a “stable” outlook. Guo Guangchang said at the results presentation: “Integrating our insurance business with industries in which we have established competitive advantages has been a strategic priority for Fosun for over three decades — a critical linkage we have long sought to unlock. I believe we have now achieved it. This integration will significantly strengthen our industrial operational capabilities and future profitability, providing sustained momentum for Fosun’s development.” “Successfully navigating another cycle” is how the market has described Fosun’s latest round of adjustments. A closer look reveals how Fosun has successfully navigated the cycle. On the one hand, the Group has continued to streamline its business to generate cash proceeds. In the first half of the year, the Group generated proceeds equivalent to more than RMB12.0 billion from the divestment of non-strategic and non-core assets. Its total debt to total capital ratio was reduced to 55.7%, while its cash, bank balances and term deposits amounted to RMB61.214 billion. On the other hand, the innovation and globalization strategy that the Group has been pursuing for years has entered a value-realization phase, serving as the core engine driving profit recovery. Integrated Innovation Strategy Bears Fruit Since innovative drugs took off in the domestic market in 2025, Fosun has repeatedly broken into the spotlight, with multiple innovative drug business development (BD) drawing significant market attention. In fact, as the saying goes, “One minute on stage takes ten years of hard work off stage”. This series of innovation achievements is the result of Fosun’s forward-looking innovation strategy established nearly two decades ago. Notably, for more than a decade, Fosun has built a globally integrated innovation system across its core business areas, combining “independent R&D + investment incubation + ecosystem collaboration”, and has consistently made substantial investments in technology innovation. In the first half of this year alone, investment in technology innovation reached RMB4.2 billion, representing a year-on-year increase of 16.7%. In the first half of this year, Fosun saw a series of innovations come to fruition. HANSIZHUANG, independently developed by Henlius, received approval from the National Medical Products Administration (NMPA) for its perioperative indication in gastric cancer, pioneering a postoperative “chemo-sparing” regimen and making it the world’s first and only anti-PD-1 monoclonal antibody approved for this indication. Its core pipeline asset, HLX43, as a potential best-in-class (BIC) broad-spectrum anti-tumor PD-L1 ADC, has demonstrated preliminary clinical efficacy characterized by high efficacy and low toxicity across multiple solid tumors, including non-small cell lung cancer (NSCLC), with over 1,500 patients enrolled globally. To date, Henlius has 10 products approved in over 60 countries and regions, and has benefited over 1.1 million patients. In addition, FUMAINING (luvoxmetinib tablets), independently developed by Fosun Pharma, was approved for the treatment of paediatric and adolescent patients with relapsed or refractory Langerhans cell histiocytosis (LCH), continuing to fill the gap in the treatment of rare diseases. In terms of neurodegenerative diseases, Fosun Pharma expanded its global collaboration with AriBio on AR1001, extending its rights to develop and commercialize the product to key markets including the U.S., Europe and Japan. Meanwhile, post-marketing confirmatory clinical trials for sodium oligomannate capsules have progressed steadily, with more than 1,000 patients enrolled as of 31 July 2026. In addition, HT001, an oral NLRP3 inhibitor for the treatment of Parkinson’s disease in-licensed by Hengtai Bio, an investee and incubated company of Fosun Pharma, commenced its Phase I clinical trial in Australia. Fosun’s innovation achievements demonstrate the forward-looking nature of its innovation strategy and its ability to identify the right opportunities in R&D. As Guo Guangchang remarked at the results presentation, through years of effort, Fosun has built globally integrated innovation capabilities rooted in China. This distinctive strength of Fosun is expected to create greater value for all in the years ahead. “Fosun has never pursued innovation behind closed doors. Instead, we leverage our resource-integration capabilities and a global perspective to drive smart innovation, bringing together the best technologies, teams and supply chains from around the world to solve real problems. This is how we unlock vast market potential,” said Guo Guangchang. Unlocking Value through Global Operations Globalization has been another forward-looking strategic move for Fosun. Since its listing in Hong Kong in 2007, when many Chinese companies were still focused primarily on their domestic markets, Fosun had already begun expanding overseas ahead of its peers. Nearly two decades later, as a growing number of Chinese companies embrace the view that they must go global or risk being left behind, and seek to capture overseas markets by taking their products overseas, Fosun has already established a profound business presence in more than 40 countries and regions. With local teams operating overseas, it has successfully operated a number of companies within the Fosun ecosystem. “Global operations” have become a defining feature of Fosun’s globalization strategy and a core engine underpinning the development of its businesses. Guo Guangchang said at the interim results presentation that Fosun continues to strengthen its global operational capabilities. On the one hand, it is helping Chinese products and services enter overseas markets. On the other hand, it is introducing high-quality products and services from around the world into China. Drawing on the global resource-mobilization capabilities it has built over the years, Fosun is able to identify high-quality projects and technologies worldwide and rapidly mobilize the resources needed to advance them. In the first half of 2026, Fosun’s overseas revenue reached RMB49.16 billion, accounting for 56.5% of total revenue, up 3 percentage points as compared to the same period of 2025 and marking a record high in the proportion of overseas revenue. In the field of pharmaceuticals and healthcare, Fosun made substantial progress in the global expansion of innovative drugs and commercial business development. Henlius’ HANSIZHUANG was approved for three new indications in the European Union (EU), while HLX11 (pertuzumab injection) was approved in the EU and HLX14 (denosumab injection) was approved in Canada. At the beginning of 2026, Fosun Pharma entered into a strategic partnership with Eisai for HANSIZHUANG, with an aggregate potential consideration exceeding USD300 million, underscoring how the global value of Chinese innovative drugs is being repriced by international markets. In the first half of the year, Yuyuan generated revenue of RMB532 million in Hong Kong SAR and Macau SAR in the first half of 2026, representing a year-on-year increase of 285.83%, while revenue from the Japanese market reached RMB306 million, representing a year-on-year increase of 6.09%. Laomiao has 15 stores in Hong Kong SAR, Macau SAR, overseas markets and duty-free channels. Club Med has also continued to expand its global footprint, with Club Med Urban Oasis Hangzhou Longwu already open and Club Med South Africa Beach & Safari now in soft opening. Leveraging Fosun’s global ecosystem, Fidelidade in the insurance segment has expanded its business from Portugal to Portuguese-speaking countries and markets across Europe, Latin America, and Africa. Its international business now accounts for 26.7% of its consolidated total business, with continued growth in Portuguese-speaking countries. Meanwhile, Peak Reinsurance has maintained steady growth thanks to its global business footprint. The guiding principle behind Fosun’s globalization strategy is “Combining Global Resources with China’s Capabilities”, deeply integrating China’s manufacturing capabilities, service capabilities, and innovation dividends, with global markets. Starting with leveraging China’s growth momentum to establish its business presence, and progressing to a two-way engagement of “mutual empowerment between China and the world”, Fosun has now entered the 3.0 phase of “global organization + local operations”. In this phase, Fosun “truly operates with a global perspective”, having developed the ability to foster cross-regional, cross-cultural, and cross-organizational synergies within its business ecosystem and support the continued growth of its overseas revenue. At the interim results presentation held on 28 August, Guo Guangchang said: “Fosun’s future development goal is to ‘spur the horse to full speed’. We have already positioned ourselves on a trajectory of steady growth. Going forward, we will continue to advance innovation-driven and global development in industries where we have established competitive advantages, building on our momentum and accelerating further.”
  10. AIClinical Trial Supply Market (2026-2031) - Growth Driven by Increasing Clinical Trial ActivityMulticountry and decentralized trials are driving demand for cross-border logistics, home delivery, cold chains, flexible packaging, comparator sourcing and AI-led inventory tools.
  11. Biotech & pharmaDrug Eluting Stent Market (2026-2031) - Rising Cardiovascular Disease Burden Drives GrowthAging populations, rising CAD and minimally invasive PCI drive demand. Opportunities center on bioresorbable, polymer-free, ultra-thin and magnesium stents, especially in Asia-Pacific.
  12. FinanceFosun International Delivers 160.3% YoY Profit Growth in 1H2026Companies: Fosun International LimitedOn the evening of 27 August, Fosun International announced its 2026 interim results. During the Reporting Period, its total revenue reached RMB86.96 billion; profit attributable to owners of the parent reached RMB1.72 billion, representing a year-on-year increase of 160.3%; overseas revenue reached RMB49.16 billion, with its share of total revenue rising to 56.5%; total debt to total capital ratio decreased to 55.7%. These figures show that Fosun’s results fall in the upper-middle range of the Company’s profit alert (profit attributable to owners of the parent is expected to range from approximately RMB1.5 billion to RMB1.8 billion, representing a year-on-year increase of approximately 127% to 172%) issued on 29 July. This marks Fosun’s return to a growth trajectory following the completion of a systematic realignment of “repairing the roof on a sunny day”. Over the past few years, Fosun has taken a rather unconventional path. Since 2022, in response to the severe market disruption caused by the pandemic, the Company has advanced its business streamlining and core business-focused strategy, divesting assets and businesses and generating cumulative cash proceeds of approximately RMB75 billion. In March 2026, pursuant to the principle of prudence, Fosun made one-off, non-cash impairment provisions and value revaluations on certain real estate projects with impairment indicators and goodwill and intangible assets of certain non-core business segments. The move drew considerable market attention at the time. At the Company’s 2025 annual results presentation at the end of March, Guo Guangchang, Chairman of Fosun International, explained, “This is about ‘repairing the roof on a sunny day’, allowing Fosun to focus its resources and efforts more effectively on core, high-growth areas.” The market has now responded to Fosun’s “repairing the roof on a sunny day” initiative. From the announcement of profit alert in early March to 25 August, before its interim results announcement, Fosun’s share price rose sharply from HKD3.6 to HKD5.41, representing an increase of more than 50%. The market has gradually recognized and priced in the Group’s “risk clearance” efforts. More importantly, the earnings growth driven by the Group’s businesses has begun to materialize. At the 2026 interim results presentation held in Hong Kong on 28 August, Guo Guangchang said: “The strong results recovery we delivered in the first half of the year reflects the outcome of the strategic adjustments we have made over the past few years. Our ‘repairing the roof on a sunny day’ strategy has paid off, allowing us to put historical burdens behind us. These results mark the beginning of Fosun’s continued progress along a trajectory of steady growth.” Solid Core Businesses, with Pharmaceuticals and Insurance Posting Strong Results First, let us look at Fosun’s core businesses. In the first half of 2026, its four core businesses — Fosun Pharma, Yuyuan, Fosun Insurance Portugal (Fidelidade), and the Tourism segment — generated a total revenue of RMB63.88 billion, accounting for 73.5% of the Group’s total revenue, further demonstrating the results of its core business-focused strategy. Among them, the pharmaceutical and insurance segments delivered particularly strong performance. In the first half of the year, Fosun Pharma achieved operating revenue of RMB20.377 billion. Revenue from innovative drugs recorded a year-on-year increase of 13.84%, with their contribution to pharmaceutical business revenue rising to 33.35%, establishing innovative drugs as a key growth driver. Its innovative biopharmaceutical platform, Henlius, reported revenue of RMB3.5882 billion, representing a year-on-year increase of 27.3%, while net profit amounted to RMB430.4 million, up 10.3% year-on-year, sustaining growth momentum in revenue and profit. Commercialization of innovative drugs continued to gain traction. During the Reporting Period, Fosun Pharma had a total of 20 indications of 7 innovative drugs approved for launch both domestically and overseas. With their revenue share on a steady rise, innovative drugs have become the main growth engine driving the pharmaceutical business forward. The insurance segment delivered a stellar performance, with Fosun’s domestic and overseas insurance companies all posting broad-based improvements. Fidelidade’s overall market share in Portugal reached 30.1%, and its international business accounted for 26.7% of its consolidated total business. In the first half of the year, Fidelidade recorded net profit attributable to owners of the parent of EUR165 million, up 23.8% year-on-year, maintaining steady growth. In Chinese mainland, Pramerica Fosun Life Insurance recorded gross written premiums of RMB8.38 billion in the first half of 2026, up 52.2% year-on-year. Net profit reached RMB780 million, representing a year-on-year increase of 270% and exceeding its net profit for the full year of 2025. Fosun United Health Insurance reported a 36.2% year-on-year increase in revenue and net profit of RMB572 million. Peak Reinsurance’s reinsurance revenue and gross written premiums increased by 25% and 11.8% year-on- year, respectively, while net profit after tax reached USD89.70 million. In April 2026, Moody’s upgraded Peak Re’s rating from Baa1 to A3, with a “stable” outlook. Guo Guangchang said at the results presentation: “Integrating our insurance business with industries in which we have established competitive advantages has been a strategic priority for Fosun for over three decades — a critical linkage we have long sought to unlock. I believe we have now achieved it. This integration will significantly strengthen our industrial operational capabilities and future profitability, providing sustained momentum for Fosun’s development.” “Successfully navigating another cycle” is how the market has described Fosun’s latest round of adjustments. A closer look reveals how Fosun has successfully navigated the cycle. On the one hand, the Group has continued to streamline its business to generate cash proceeds. In the first half of the year, the Group generated proceeds equivalent to more than RMB12.0 billion from the divestment of non-strategic and non-core assets. Its total debt to total capital ratio was reduced to 55.7%, while its cash, bank balances and term deposits amounted to RMB61.214 billion. On the other hand, the innovation and globalization strategy that the Group has been pursuing for years has entered a value-realization phase, serving as the core engine driving profit recovery. Integrated Innovation Strategy Bears Fruit Since innovative drugs took off in the domestic market in 2025, Fosun has repeatedly broken into the spotlight, with multiple innovative drug business development (BD) drawing significant market attention. In fact, as the saying goes, “One minute on stage takes ten years of hard work off stage”. This series of innovation achievements is the result of Fosun’s forward-looking innovation strategy established nearly two decades ago. Notably, for more than a decade, Fosun has built a globally integrated innovation system across its core business areas, combining “independent R&D + investment incubation + ecosystem collaboration”, and has consistently made substantial investments in technology innovation. In the first half of this year alone, investment in technology innovation reached RMB4.2 billion, representing a year-on-year increase of 16.7%. In the first half of this year, Fosun saw a series of innovations come to fruition. HANSIZHUANG, independently developed by Henlius, received approval from the National Medical Products Administration (NMPA) for its perioperative indication in gastric cancer, pioneering a postoperative “chemo-sparing” regimen and making it the world’s first and only anti-PD-1 monoclonal antibody approved for this indication. Its core pipeline asset, HLX43, as a potential best-in-class (BIC) broad-spectrum anti-tumor PD-L1 ADC, has demonstrated preliminary clinical efficacy characterized by high efficacy and low toxicity across multiple solid tumors, including non-small cell lung cancer (NSCLC), with over 1,500 patients enrolled globally. To date, Henlius has 10 products approved in over 60 countries and regions, and has benefited over 1.1 million patients. In addition, FUMAINING (luvoxmetinib tablets), independently developed by Fosun Pharma, was approved for the treatment of paediatric and adolescent patients with relapsed or refractory Langerhans cell histiocytosis (LCH), continuing to fill the gap in the treatment of rare diseases. In terms of neurodegenerative diseases, Fosun Pharma expanded its global collaboration with AriBio on AR1001, extending its rights to develop and commercialize the product to key markets including the U.S., Europe and Japan. Meanwhile, post-marketing confirmatory clinical trials for sodium oligomannate capsules have progressed steadily, with more than 1,000 patients enrolled as of 31 July 2026. In addition, HT001, an oral NLRP3 inhibitor for the treatment of Parkinson’s disease in-licensed by Hengtai Bio, an investee and incubated company of Fosun Pharma, commenced its Phase I clinical trial in Australia. Fosun’s innovation achievements demonstrate the forward-looking nature of its innovation strategy and its ability to identify the right opportunities in R&D. As Guo Guangchang remarked at the results presentation, through years of effort, Fosun has built globally integrated innovation capabilities rooted in China. This distinctive strength of Fosun is expected to create greater value for all in the years ahead. “Fosun has never pursued innovation behind closed doors. Instead, we leverage our resource-integration capabilities and a global perspective to drive smart innovation, bringing together the best technologies, teams and supply chains from around the world to solve real problems. This is how we unlock vast market potential,” said Guo Guangchang. Unlocking Value through Global Operations Globalization has been another forward-looking strategic move for Fosun. Since its listing in Hong Kong in 2007, when many Chinese companies were still focused primarily on their domestic markets, Fosun had already begun expanding overseas ahead of its peers. Nearly two decades later, as a growing number of Chinese companies embrace the view that they must go global or risk being left behind, and seek to capture overseas markets by taking their products overseas, Fosun has already established a profound business presence in more than 40 countries and regions. With local teams operating overseas, it has successfully operated a number of companies within the Fosun ecosystem. “Global operations” have become a defining feature of Fosun’s globalization strategy and a core engine underpinning the development of its businesses. Guo Guangchang said at the interim results presentation that Fosun continues to strengthen its global operational capabilities. On the one hand, it is helping Chinese products and services enter overseas markets. On the other hand, it is introducing high-quality products and services from around the world into China. Drawing on the global resource-mobilization capabilities it has built over the years, Fosun is able to identify high-quality projects and technologies worldwide and rapidly mobilize the resources needed to advance them. In the first half of 2026, Fosun’s overseas revenue reached RMB49.16 billion, accounting for 56.5% of total revenue, up 3 percentage points as compared to the same period of 2025 and marking a record high in the proportion of overseas revenue. In the field of pharmaceuticals and healthcare, Fosun made substantial progress in the global expansion of innovative drugs and commercial business development. Henlius’ HANSIZHUANG was approved for three new indications in the European Union (EU), while HLX11 (pertuzumab injection) was approved in the EU and HLX14 (denosumab injection) was approved in Canada. At the beginning of 2026, Fosun Pharma entered into a strategic partnership with Eisai for HANSIZHUANG, with an aggregate potential consideration exceeding USD300 million, underscoring how the global value of Chinese innovative drugs is being repriced by international markets. In the first half of the year, Yuyuan generated revenue of RMB532 million in Hong Kong SAR and Macau SAR in the first half of 2026, representing a year-on-year increase of 285.83%, while revenue from the Japanese market reached RMB306 million, representing a year-on-year increase of 6.09%. Laomiao has 15 stores in Hong Kong SAR, Macau SAR, overseas markets and duty-free channels. Club Med has also continued to expand its global footprint, with Club Med Urban Oasis Hangzhou Longwu already open and Club Med South Africa Beach & Safari now in soft opening. Leveraging Fosun’s global ecosystem, Fidelidade in the insurance segment has expanded its business from Portugal to Portuguese-speaking countries and markets across Europe, Latin America, and Africa. Its international business now accounts for 26.7% of its consolidated total business, with continued growth in Portuguese-speaking countries. Meanwhile, Peak Reinsurance has maintained steady growth thanks to its global business footprint. The guiding principle behind Fosun’s globalization strategy is “Combining Global Resources with China’s Capabilities”, deeply integrating China’s manufacturing capabilities, service capabilities, and innovation dividends, with global markets. Starting with leveraging China’s growth momentum to establish its business presence, and progressing to a two-way engagement of “mutual empowerment between China and the world”, Fosun has now entered the 3.0 phase of “global organization + local operations”. In this phase, Fosun “truly operates with a global perspective”, having developed the ability to foster cross-regional, cross-cultural, and cross-organizational synergies within its business ecosystem and support the continued growth of its overseas revenue. At the interim results presentation held on 28 August, Guo Guangchang said: “Fosun’s future development goal is to ‘spur the horse to full speed’. We have already positioned ourselves on a trajectory of steady growth. Going forward, we will continue to advance innovation-driven and global development in industries where we have established competitive advantages, building on our momentum and accelerating further.”