Credit Brief — Shanghai Fosun Pharmaceutical（Group）Co., Ltd. (复星医药)
600196.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 陈玉卿
- Registered address: 上海市曹杨路510号9楼
- Office address: 上海市宜山路1289号A楼
- Controlling shareholder: 郭广昌
- Actual controller: 郭广昌
- Employees: 40,603
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 16,241.3 | 13,693.6 | 13,523.9 | 13,104.2 | 13,618.6 |
| Trading financial assets | 928.5 | 1,888.5 | 2,596.0 | 2,253.9 | 2,430.7 |
| Accounts receivable | 7,588.1 | 7,643.7 | 7,952.1 | 9,364.5 | 9,639.9 |
| Other receivables | 598.8 | 626.7 | 665.1 | 703.1 | 781.1 |
| Inventories | 6,882.4 | 7,537.8 | 7,258.6 | 6,252.5 | 5,969.0 |
| Long-term equity investments | 23,144.8 | 23,919.4 | 24,691.5 | 26,371.6 | 28,521.5 |
| Fixed assets | 10,267.9 | 15,129.4 | 17,385.2 | 17,977.3 | 18,198.7 |
| Construction in progress | 4,896.7 | 4,938.3 | 3,435.5 | 3,055.4 | 2,973.3 |
| Intangible assets | 12,471.1 | 13,482.0 | 14,468.4 | 13,999.2 | 14,425.7 |
| Total assets | 107,163.9 | 113,469.6 | 117,460.6 | 120,054.0 | 125,427.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 11,931.5 | 14,728.5 | 18,711.3 | 15,529.9 | 16,154.0 |
| Notes payable | 857.9 | 652.3 | 619.0 | 288.0 | 428.2 |
| Accounts payable | 5,426.2 | 5,507.4 | 5,378.4 | 4,856.0 | 4,596.6 |
| Contract liabilities | 1,544.8 | 1,200.5 | 1,232.3 | 1,300.0 | 989.6 |
| Other payables | 5,353.3 | 4,202.2 | 4,348.8 | 3,830.5 | 5,165.4 |
| Current portion of non-current liabilities | 5,471.3 | 4,826.6 | 4,461.3 | 7,649.5 | 8,793.0 |
| Long-term borrowings | 11,600.4 | 13,504.9 | 10,203.5 | 10,362.0 | 11,016.8 |
| Bonds payable | 499.4 | 0.0 | 240.0 | 1,500.0 | 2,000.0 |
| Total liabilities | 53,055.0 | 56,853.3 | 57,526.8 | 58,213.6 | 62,026.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,672.2 | 2,672.4 | 2,671.3 | 2,670.4 | 2,670.4 |
| Capital reserve | 16,992.1 | 16,853.5 | 16,591.5 | 16,376.9 | 16,302.5 |
| Retained earnings | 23,216.9 | 24,542.5 | 26,553.1 | 29,058.3 | 29,750.4 |
| Equity attributable to owners of the parent | 44,582.5 | 45,684.8 | 47,261.1 | 48,741.5 | 48,731.2 |
| Minority interests | 9,526.5 | 10,931.5 | 12,672.6 | 13,098.8 | 14,670.7 |
| Total equity | 54,108.9 | 56,616.3 | 59,933.7 | 61,840.3 | 63,401.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 43,951.5 | 41,399.5 | 41,067.2 | 41,661.6 | 20,442.0 |
| Cost of sales | 23,169.7 | 21,595.3 | 21,365.6 | 20,800.1 | 10,288.2 |
| Selling expenses | 9,171.2 | 9,712.2 | 8,679.8 | 9,193.0 | 4,418.1 |
| Administrative expenses | 3,828.1 | 4,374.9 | 4,283.3 | 4,583.6 | 2,199.8 |
| Finance costs | 647.4 | 984.3 | 1,110.5 | 1,153.4 | 531.1 |
| Investment income | 4,377.8 | 3,502.0 | 2,104.6 | 3,763.8 | 1,493.3 |
| Operating profit | 4,656.7 | 3,307.5 | 4,245.1 | 5,228.4 | 2,615.9 |
| Profit before tax | 4,574.4 | 3,264.6 | 4,169.3 | 5,112.0 | 2,586.6 |
| Net profit | 3,947.5 | 2,895.1 | 3,512.4 | 4,247.9 | 2,148.9 |
| Net profit attributable to owners of the parent | — | 2,386.3 | 2,769.9 | 3,370.6 | — |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.06x | 1.00x | 0.92x | 0.93x | 0.90x |
| Quick ratio | 0.85x | 0.78x | 0.73x | 0.76x | 0.75x |
| Debt-to-asset ratio | 49.5% | 50.1% | 49.0% | 48.5% | 49.5% |
| Total debt / EBITDA | 4.29x | 5.23x | 4.46x | 4.20x | 7.32x |
| EBITDA interest coverage | 7.14x | 4.77x | 5.27x | 6.59x | 8.54x |
| Gross margin | 47.3% | 47.8% | 48.0% | 50.1% | 49.7% |
| Net margin | 9.0% | 7.0% | 8.6% | 10.2% | 10.5% |
| Return on equity (ROE) | 7.3% | 5.1% | 5.9% | 6.9% | 3.4% |
| Revenue growth | — | -5.8% | -0.8% | 1.4% | -50.9% |
| Net profit growth | — | -26.7% | 21.3% | 20.9% | -49.4% |
| Receivable days | 63 | 67 | 71 | 82 | 172 |
| Cash received / revenue | 101.0% | 102.4% | 99.9% | 100.9% | 100.4% |
| Operating CF / net profit | 1.07x | 1.18x | 1.27x | 1.23x | 1.13x |
| Free cash flow | 4,217.6 | 3,414.2 | 4,477.0 | 5,213.2 | 2,424.0 |
Mechanical risk flags
- ⚠ Current ratio: 0.93 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.76 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.48 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
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9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 13,104.2 | 2025年年度报告.pdf | 146 | 货币资金 | 13104229127.57 (元) |
| Total assets | 2025 | 120,054.0 | 2025年年度报告.pdf | 146 | 资产总计 | 120053968926.05 (元) |
| Accounts receivable | 2025 | 9,364.5 | 2025年年度报告.pdf | 146 | 应收账款 | 9364522148.66 (元) |
| Fixed assets | 2025 | 17,977.3 | 2025年年度报告.pdf | 146 | 固定资产 | 17977270621.16 (元) |
| Short-term borrowings | 2025 | 15,529.9 | 2025年年度报告.pdf | 147 | 短期借款 | 15529939564.82 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.