By Fineline Cube 
Fosun Pharmaceutical (Group) Co., Ltd. (SHA: 600196, HKG: 2196) today released its third‑quarter 2025 financial results. The Group’s operating revenue fell RMB 9.879 billion, a 5.46 % year‑on‑year decline. For the first nine months of 2025, total revenue totaled RMB 29.393 billion, down 4.91 % YoY, largely due to the renewal of the National Volume‑Based Procurement (VBP) program and the rollout of several local VBP initiatives.
Key Highlights
| Metric | Q3 2025 | 9‑Month 2025 | YoY Change |
|---|---|---|---|
| Operating Revenue | RMB 9.879 billion | RMB 29.393 billion | –5.46 % / –4.91 % |
| Innovative Drug Revenue (9‑M) | – | RMB 6.7 billion | +18.09 % |
| Operating Cash Flow (9‑M) | – | RMB 3.382 billion | +13.23 % |
| R&D Expense (Q3) | – | RMB 1.013 billion | +28.81 % |
Revenue Drivers
- Volume‑Based Procurement (VBP) renewal and local VBP roll‑outs exerted downward pressure on overall sales.
- Innovative drug segment delivered robust growth, exceeding RMB 6.7 billion in the first nine months—a +18 % lift versus 2024.
Operational Efficiency
The Group intensified lean‑operations initiatives, strengthened supply‑chain management, and pursued asset‑light strategies. These efforts delivered a healthy operating cash flow and positioned the company for long‑term profitability.
R&D Investment
R&D spend rose 28.8 % YoY to RMB 1.013 billion, focused on:
- Radiopharmaceuticals
- Cell‑therapy platforms
- Global multi‑center studies of high‑value pipelines such as HLX22 (humanized anti‑HER2 monoclonal antibody) and HLX43 (PD‑L1 antibody‑drug conjugate).
Forward‑Looking Statements
This release contains forward‑looking statements that involve risks and uncertainties. Actual results may differ materially.-Fineline Info & Tech