According to financial reports, on August 30th, the China Europe Healthcare Fund managed by Ge Lan and Zhao Lei released its 2025 interim report. As of August 29th, the fund achieved a year-to-date return of 28.82%, demonstrating outstanding performance among funds with assets over 10 billion yuan.

Currently, Ge Lan manages three public funds: China Europe Healthcare, China Europe Healthcare Innovation, and China Europe Mingrui New Starting Point Hybrid Fund, with China Europe Healthcare being the largest in terms of assets under management.

During the second quarter, Ge Lan continued to increase investments in the innovative pharmaceutical and medical device industry chain, with a significant focus on increasing holdings in Shanghai Allist Pharmaceuticals Co.,Ltd. (688578.SH).

The report reveals that China Europe Healthcare's hidden heavyweight holdings (ranked 11th to 20th in the portfolio) are as follows: Huadong Medicine (000963.SZ), Haisco Pharmaceutical Group (002653.SZ), Zai Lab-U (688266.SH), Shanghai Allist Pharmaceuticals, Huahai Pharmaceutical (600521.SH), Aier Eye Hospital Group (300015.SZ), Mindray Medical (300760.SZ), Huatai Medical (688517.SH), Humanwell Healthcare (600079.SH), and InnoCare Pharma-U (688428.SH).

Among these, Shanghai Allist Pharmaceuticals saw a particularly notable increase in holdings, growing by 2,627.32% compared to the end of last year. InnoCare Pharma-U holdings increased from 90.67 million shares at the end of Q1 to 130.478 million shares at the end of Q2.

Several positions were reduced: Hengrui Medicine (600276.SH) holdings decreased from 671.739 million shares at the end of Q1 to 574.856 million shares at the end of Q2. Pharmaron Beijing (300759.SZ) holdings fell from 722.95 million shares to 633.995 million shares. Tiger Medical (300347.SZ) holdings dropped from 309.531 million shares to 276.339 million shares.

Mindray Medical and Aier Eye Hospital Group fell to the hidden heavyweight category, with reductions exceeding 50%. Dong-E-E-Jiao and China Resources Sanjiu exited the top 20 heavyweight holdings but remain in China Europe Healthcare's overall portfolio. Additionally, Humanwell Healthcare and Huahai Pharmaceutical also faced reductions.

Regarding future market outlook, Ge Lan believes that innovation upgrades, consumption recovery, and domestic substitution will remain the core driving forces for the pharmaceutical industry. Overall, the pharmaceutical sector in the second half of the year will primarily rely on innovative breakthroughs, consumption recovery, and domestic substitution to maintain growth momentum. While potential risks from global economic volatility and trade frictions persist, policy support and continuous industrial innovation upgrades will provide strong backing.

In terms of investment strategy, Ge Lan stated that he will continue to adhere to a long-term value investment framework, maintaining focus on core areas including the innovative pharmaceutical and medical device industry chain, OTC, and consumer healthcare. Investment decisions will be made through dynamic assessment based on corporate profit cycles, valuation attractiveness, and operational trends, striving to achieve steady returns for investors.