{"id":45147,"date":"2025-10-29T14:07:43","date_gmt":"2025-10-29T06:07:43","guid":{"rendered":"https:\/\/flcube.com\/?p=45147"},"modified":"2025-10-29T14:07:44","modified_gmt":"2025-10-29T06:07:44","slug":"fosun-pharmaceutical-q3-2025-revenue-slips-5-5-amid-vbp-innovative-drugs-grow-18","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=45147","title":{"rendered":"Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18%"},"content":{"rendered":"\n<p>Fosun Pharmaceutical (Group) Co.,\u202fLtd. (<a href=\"https:\/\/www.google.com\/finance\/quote\/600196:SHA\">SHA: 600196<\/a>, <a href=\"https:\/\/www.google.com\/finance\/quote\/2196:HKG\">HKG: 2196<\/a>) today released its third\u2011quarter 2025 financial results. The Group\u2019s operating revenue fell <strong>RMB\u202f9.879\u202fbillion<\/strong>, a <strong>5.46\u202f% year\u2011on\u2011year decline<\/strong>. For the first nine months of 2025, total revenue totaled <strong>RMB\u202f29.393\u202fbillion<\/strong>, down <strong>4.91\u202f%<\/strong> YoY, largely due to the renewal of the National Volume\u2011Based Procurement (VBP) program and the rollout of several local VBP initiatives.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-highlights\"><strong>Key Highlights<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Metric<\/th><th>Q3\u202f2025<\/th><th>9\u2011Month 2025<\/th><th>YoY Change<\/th><\/tr><\/thead><tbody><tr><td>Operating Revenue<\/td><td>RMB\u202f9.879\u202fbillion<\/td><td>RMB\u202f29.393\u202fbillion<\/td><td>\u20135.46\u202f% \/ \u20134.91\u202f%<\/td><\/tr><tr><td>Innovative Drug Revenue (9\u2011M)<\/td><td>\u2013<\/td><td>RMB\u202f6.7\u202fbillion<\/td><td>+18.09\u202f%<\/td><\/tr><tr><td>Operating Cash Flow (9\u2011M)<\/td><td>\u2013<\/td><td>RMB\u202f3.382\u202fbillion<\/td><td>+13.23\u202f%<\/td><\/tr><tr><td>R&amp;D Expense (Q3)<\/td><td>\u2013<\/td><td>RMB\u202f1.013\u202fbillion<\/td><td>+28.81\u202f%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-revenue-drivers\"><strong>Revenue Drivers<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Volume\u2011Based Procurement (VBP)<\/strong> renewal and local VBP roll\u2011outs exerted downward pressure on overall sales.<\/li>\n\n\n\n<li><strong>Innovative drug segment<\/strong> delivered robust growth, exceeding <strong>RMB\u202f6.7\u202fbillion<\/strong> in the first nine months\u2014a <strong>+18\u202f% lift<\/strong> versus 2024.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-operational-efficiency\"><strong>Operational Efficiency<\/strong><\/h3>\n\n\n\n<p>The Group intensified lean\u2011operations initiatives, strengthened supply\u2011chain management, and pursued asset\u2011light strategies. These efforts delivered a healthy operating cash flow and positioned the company for long\u2011term profitability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-r-amp-d-investment\"><strong>R&amp;D Investment<\/strong><\/h3>\n\n\n\n<p>R&amp;D spend rose <strong>28.8\u202f%<\/strong> YoY to <strong>RMB\u202f1.013\u202fbillion<\/strong>, focused on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Radiopharmaceuticals<\/li>\n\n\n\n<li>Cell\u2011therapy platforms<\/li>\n\n\n\n<li>Global multi\u2011center studies of high\u2011value pipelines such as <strong>HLX22<\/strong> (humanized anti\u2011HER2 monoclonal antibody) and <strong>HLX43<\/strong> (PD\u2011L1 antibody\u2011drug conjugate).<\/li>\n<\/ul>\n\n\n\n<p><strong>Forward\u2011Looking Statements<\/strong><br>This release contains forward\u2011looking statements that involve risks and uncertainties. Actual results may differ materially.<a href=\"https:\/\/flcube.com\/\">-Fineline Info &amp; Tech<\/a><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2025102801301_c.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of 2025102801301_c.\"><\/object><a id=\"wp-block-file--media-58e889bf-a9c4-4590-9768-068f65ed49c9\" href=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2025102801301_c.pdf\">2025102801301_c<\/a><a href=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2025102801301_c.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-58e889bf-a9c4-4590-9768-068f65ed49c9\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Fosun Pharmaceutical (Group) Co.,\u202fLtd. (SHA: 600196, HKG: 2196) today released its third\u2011quarter 2025 financial results&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":45150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAownpewDA:productID":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7],"tags":[27,159,893,892],"class_list":["post-45147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","tag-finanical-reports","tag-fosun-pharmaceutical","tag-hkg-2196","tag-sha-600196"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18% - Insight, China&#039;s Pharmaceutical Industry<\/title>\n<meta name=\"description\" content=\"Fosun Pharmaceutical (Group) Co.,\u202fLtd. (SHA: 600196, HKG: 2196) today released its third\u2011quarter 2025 financial results. The Group\u2019s operating revenue fell RMB\u202f9.879\u202fbillion, a 5.46\u202f% year\u2011on\u2011year decline. For the first nine months of 2025, total revenue totaled RMB\u202f29.393\u202fbillion, down 4.91\u202f% YoY, largely due to the renewal of the National Volume\u2011Based Procurement (VBP) program and the rollout of several local VBP initiatives.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/flcube.com\/?p=45147\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18%\" \/>\n<meta property=\"og:description\" content=\"Fosun Pharmaceutical (Group) Co.,\u202fLtd. (SHA: 600196, HKG: 2196) today released its third\u2011quarter 2025 financial results. The Group\u2019s operating revenue fell RMB\u202f9.879\u202fbillion, a 5.46\u202f% year\u2011on\u2011year decline. For the first nine months of 2025, total revenue totaled RMB\u202f29.393\u202fbillion, down 4.91\u202f% YoY, largely due to the renewal of the National Volume\u2011Based Procurement (VBP) program and the rollout of several local VBP initiatives.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/flcube.com\/?p=45147\" \/>\n<meta property=\"og:site_name\" content=\"Insight, China&#039;s Pharmaceutical Industry\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61566606313834\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-29T06:07:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-29T06:07:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2904.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"608\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Fineline Cube\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"Navigate the complexities of China\u2019s pharmaceutical industry with precision and clarity. 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Stay informed, stay ahead with FLCUBE.COM\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fineline Cube\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147\"},\"author\":{\"name\":\"Fineline Cube\",\"@id\":\"https:\\\/\\\/flcube.com\\\/#\\\/schema\\\/person\\\/19ad11870d326204db8524d3c3c5e66a\"},\"headline\":\"Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18%\",\"datePublished\":\"2025-10-29T06:07:43+00:00\",\"dateModified\":\"2025-10-29T06:07:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147\"},\"wordCount\":238,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/flcube.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/2904.webp\",\"keywords\":[\"Finanical Reports\",\"Fosun Pharmaceutical\",\"HKG: 2196\",\"SHA: 600196\"],\"articleSection\":[\"Company\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/flcube.com\\\/?p=45147#respond\"]}],\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147\",\"url\":\"https:\\\/\\\/flcube.com\\\/?p=45147\",\"name\":\"Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18% - Insight, China&#039;s Pharmaceutical Industry\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/flcube.com\\\/?p=45147#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/flcube.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/2904.webp\",\"datePublished\":\"2025-10-29T06:07:43+00:00\",\"dateModified\":\"2025-10-29T06:07:44+00:00\",\"description\":\"Fosun Pharmaceutical (Group) Co.,\u202fLtd. (SHA: 600196, HKG: 2196) today released its third\u2011quarter 2025 financial results. The Group\u2019s operating revenue fell RMB\u202f9.879\u202fbillion, a 5.46\u202f% year\u2011on\u2011year decline. 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(SHA: 600196, HKG: 2196) today released its third\u2011quarter 2025 financial results. The Group\u2019s operating revenue fell RMB\u202f9.879\u202fbillion, a 5.46\u202f% year\u2011on\u2011year decline. For the first nine months of 2025, total revenue totaled RMB\u202f29.393\u202fbillion, down 4.91\u202f% YoY, largely due to the renewal of the National Volume\u2011Based Procurement (VBP) program and the rollout of several local VBP initiatives.","breadcrumb":{"@id":"https:\/\/flcube.com\/?p=45147#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/flcube.com\/?p=45147"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/flcube.com\/?p=45147#primaryimage","url":"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2904.webp","contentUrl":"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2904.webp","width":1080,"height":608,"caption":"Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18%"},{"@type":"BreadcrumbList","@id":"https:\/\/flcube.com\/?p=45147#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/flcube.com\/"},{"@type":"ListItem","position":2,"name":"Fosun Pharmaceutical Q3\u202f2025 Revenue Slips 5.5% Amid VBP, Innovative Drugs Grow 18%"}]},{"@type":"WebSite","@id":"https:\/\/flcube.com\/#website","url":"https:\/\/flcube.com\/","name":"Insight, China's Pharmaceutical Industry","description":"Fineline Insights, Pharma Clarity","publisher":{"@id":"https:\/\/flcube.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/flcube.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/flcube.com\/#organization","name":"Fineline Infomation and Technology","alternateName":"Fineline Info & Tech","url":"https:\/\/flcube.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/flcube.com\/#\/schema\/logo\/image\/","url":"https:\/\/flcube.com\/wp-content\/uploads\/2024\/11\/Fineline-info-tech-scaled.jpg","contentUrl":"https:\/\/flcube.com\/wp-content\/uploads\/2024\/11\/Fineline-info-tech-scaled.jpg","width":2560,"height":1894,"caption":"Fineline Infomation and Technology"},"image":{"@id":"https:\/\/flcube.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61566606313834"]},{"@type":"Person","@id":"https:\/\/flcube.com\/#\/schema\/person\/19ad11870d326204db8524d3c3c5e66a","name":"Fineline Cube","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/89f733aaed3d2d91d7d6f45d0e9ab509e3004e8243c6e57620b36380684657f2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/89f733aaed3d2d91d7d6f45d0e9ab509e3004e8243c6e57620b36380684657f2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/89f733aaed3d2d91d7d6f45d0e9ab509e3004e8243c6e57620b36380684657f2?s=96&d=mm&r=g","caption":"Fineline Cube"},"sameAs":["https:\/\/flcube.com"],"url":"https:\/\/flcube.com\/?author=1"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/flcube.com\/wp-content\/uploads\/2025\/10\/2904.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts\/45147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45147"}],"version-history":[{"count":1,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts\/45147\/revisions"}],"predecessor-version":[{"id":45151,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts\/45147\/revisions\/45151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/media\/45150"}],"wp:attachment":[{"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}