Core Viewpoint - Morgan Stanley has upgraded Fosun Pharma's rating to "Overweight" due to its anticipated profit turning point and undervalued innovative drug business, raising the target price for A-shares to 42 RMB and H-shares to 33 HKD [1] Group 1: Financial Performance - Fosun Pharma reported a revenue of 19.514 billion RMB and a net profit of 1.702 billion RMB for the first half of 2025, marking a year-on-year growth of 38.96% [1] - The revenue from innovative drugs exceeded 4.3 billion RMB, representing a year-on-year increase of approximately 14%, accounting for about 32% of the pharmaceutical business revenue [1] - Morgan Stanley projects that by 2030, the revenue from innovative drugs will constitute 45% of the company's total pharmaceutical sales [1] Group 2: Research and Development - Fosun Pharma has established three mature R&D entities focusing on key technology platforms such as antibodies, ADC, small molecules, and cell therapy, targeting core treatment areas like solid tumors and immune inflammation [2] - The innovative drug pipeline, including products like DPP-1, MEK1/2, and AR1001, is crucial for the growth of innovative drug revenue, with significant potential from core pipelines like HLX43, HLX22, and the anti-PD-1 monoclonal antibody [2] Group 3: International Market and Business Development - In the first half of 2025, Fosun Pharma's overseas revenue reached 5.478 billion RMB, accounting for approximately 28.07% of total revenue [3] - The company has strengthened global licensing collaborations, including a recent agreement with Expedition for the development and commercialization of the product XH-S004 outside of China, with a potential total value of 645 million USD [3] - A stock incentive plan introduced by Fosun Pharma has boosted market confidence, setting a compound annual growth rate target of about 20% for net profit and innovative drug revenue from 2025 to 2027 [3]

目前，复星医药拥有三大成熟的研发主体，包括上海复宏汉霖生物技术股份有限公司(以下简称"复宏汉 霖")、全球研发中心以及复星凯瑞，分别聚焦抗体、ADC、小分子及细胞治疗四大核心技术平台，围绕 实体瘤、血液瘤、免疫炎症等核心治疗领域，复星医药已逐步构建高价值管线组合，并积极拓展慢病 (心血管、肾脏与代谢)及神经领域。摩根士丹利表示，复星医药自主研发和许可引进的创新管线组合， 及其子公司复宏汉霖的创新药组合是实现创新药品收入增长的核心因素，包括DPP-1、MEK1/2、 AR1001(PDE5)等进展顺利。复宏汉霖旗下核心管线HLX43(PD-L1ADC)、HLX22(HER2单抗)和斯鲁利 单抗注射液(抗PD-1单抗)在全球市场的潜力巨大。 本报讯(记者金婉霞)近日，国际投行摩根士丹利(Morgen Stanley)最新研究报告显示，上海复星医药 （600196）(集团)股份有限公司(以下简称"复星医药")正迎来盈利拐点，其创新药业务被市场低估，叠 加2025年上半年非核心资产剥离带来的财务优化，公司A股和H股评级均获上调至"超配"(Overweight)， 并将复星医药A股目标价上调至每股42元人民币，H股目标 ...

摩根士丹利发布研报称，将复星医药（600196）(02196)投资评级由"与大市同步"上调至"增持"，表示重 新审视其研发管线后，认为创新药物组合价值被低估，加上公司持续剥离非核心资产，有助增强财务能 力，业务将见转机，盈利有望全面改善，将H股目标价从20港元上调至33港元，目前预测2025年净利润 可增长20%，2025至2027年净利润年均复合增长率料达20%。 ...

Core Viewpoint - Morgan Stanley upgraded the investment rating of Fosun Pharma (02196) from "In Line with Market" to "Overweight," citing a reassessment of its R&D pipeline and the undervaluation of its innovative drug portfolio [1] Group 1: Investment Rating and Target Price - The investment rating for Fosun Pharma has been raised to "Overweight" due to the perceived undervaluation of its innovative drug portfolio [1] - The target price for H-shares has been increased from HKD 20 to HKD 33 [1] Group 2: Financial Projections - The company is expected to see a 20% growth in net profit by 2025 [1] - The compound annual growth rate (CAGR) for net profit from 2025 to 2027 is projected to be 20% [1] Group 3: Strategic Moves - Continuous divestment of non-core assets is anticipated to enhance the company's financial capabilities [1] - These strategic moves are expected to lead to a turnaround in business performance and overall profit improvement [1]

MACD金叉信号形成，这些股涨势不错！ 消息面上，国际投行摩根士丹利发布的最新研究报告表示，复星医药正展现出盈利能力的改善趋势，其 创新药品管线价值被市场低估，叠加2025年上半年非核心资产剥离带来的财务优化，因此将公司A股和 H股评级均上调至"超配"，并将复星医药A股目标价上调至42元人民币，H股目标价上调至33港元，较 当前股价有显著上升空间。 今年上半年，复星医药实现营业收入约195.14亿元，其中，创新药品收入稳健增长，收入超43亿元，同 比增长 14.26%；归母净利润约17.02亿元，同比增长38.96%。目前，复星医药拥有三大成熟的研发主 体，包括复宏汉霖、全球研发中心以及复星凯瑞，分别聚焦抗体、ADC、小分子及细胞治疗四大核心 技术平台，围绕实体瘤、血液瘤、免疫炎症等核心治疗领域，复星医药已逐步构建高价值管线组合，并 积极拓展慢病(心血管、肾脏与代谢)及神经领域。 复星医药(02196)涨超4%，截至发稿，涨4.16%，报27.54港元，成交额5.14亿港元。 ...

消息面上，国际投行摩根士丹利发布的最新研究报告表示，复星医药正展现出盈利能力的改善趋势，其 创新药品管线价值被市场低估，叠加2025年上半年非核心资产剥离带来的财务优化，因此将公司A股和 H股评级均上调至"超配"，并将复星医药A股目标价上调至42元人民币，H股目标价上调至33港元，较 当前股价有显著上升空间。 今年上半年，复星医药实现营业收入约195.14亿元，其中，创新药品收入稳健增长，收入超43亿元，同 比增长14.26%；归母净利润约17.02亿元，同比增长38.96%。目前，复星医药拥有三大成熟的研发主 体，包括复宏汉霖、全球研发中心以及复星凯瑞，分别聚焦抗体、ADC、小分子及细胞治疗四大核心 技术平台，围绕实体瘤、血液瘤、免疫炎症等核心治疗领域，复星医药已逐步构建高价值管线组合，并 积极拓展慢病(心血管、肾脏与代谢)及神经领域。 复星医药（600196）(02196)涨超4%，截至发稿，涨4.16%，报27.54港元，成交额5.14亿港元。 ...

摩根士丹利发表研究报告指，将复星医药的评级由"与大市同步"上调至"增持"，重新审视其研发管线 后，认为创新药物组合价值被低估，加上公司持续剥离非核心资产，有助增强财务能力，业务将见转 机，盈利有望全面改善，将H股目标价从20港元上调至33港元，目前预测2025年净利润可增长20%， 2025至2027年净利润年均复合增长率料达20%。 ...

Group 1 - The core viewpoint of the article is that Fosun Pharma is showing an improving trend in profitability, with its innovative drug pipeline being undervalued by the market, alongside significant growth potential in its innovative drug business by 2025 [1] Group 2 - Fosun Pharma's innovative drug revenue reached 4.3 billion yuan in the first half of 2025, representing a year-on-year growth of 14%, accounting for 32% of its pharmaceutical business revenue [1] - Morgan Stanley projects that by 2030, innovative drug revenue will constitute 45% of the company's total pharmaceutical sales [1] Group 3 - The company has three mature R&D entities focusing on core technology platforms, including antibodies, ADC, small molecules, and cell therapy, targeting solid tumors, hematological tumors, and immune inflammation [1] Group 4 - Morgan Stanley highlights that Fosun Pharma's earlier equity incentive plan has instilled confidence in the market, setting clear growth targets for net profit attributable to shareholders and innovative drug revenue, with a compound annual growth rate of approximately 20% for both metrics from 2025 to 2027 [1] Group 5 - The current trading of Fosun Pharma corresponds to a projected price-to-earnings ratio of 20.1 times (A-shares) and 14.7 times (H-shares) for 2025, which is at a discount of 24% and 29% compared to the average P/E ratios of peers in A-shares and H-shares, indicating potential for improvement [1] - The premium rate of Fosun Pharma's A and H shares has narrowed from 62% at the beginning of the year [1]

Summary of Fosun Pharmaceutical Conference Call Company Overview - **Company**: Fosun Pharmaceutical - **Industry**: Healthcare, specifically focusing on innovative drugs and biopharmaceuticals Key Points and Arguments Turnaround Potential - Fosun is expected to experience a turnaround with improved profitability across all segments, particularly in innovative drugs [1] - The innovative drug portfolio is considered underappreciated, and divestment of non-core assets is anticipated to enhance financial stability [1] Market Performance - Fosun Pharma's A-share has underperformed compared to peers, with a year-to-date increase of only 29% versus MSCI China healthcare's 74% [2] - The H-share has increased by 86%, primarily due to a narrowing A-H premium, which decreased from 62% to 34% [2] - The subsidiary Henlius has surged by 274% year-to-date, indicating strong market performance in innovative drugs [2] Management Changes and Growth Targets - A new chairman was appointed in June, and a 2025 employee stock ownership plan (ESOP) was announced, targeting a 20% net profit CAGR and 19% sales CAGR for innovative drugs from 2024 to 2027 [2] - This guidance suggests potential upside to street estimates and is expected to drive a meaningful turnaround [2] Valuation Insights - New drugs are projected to drive 68% of Fosun's valuation, contributing to 45% of total drug sales by 2030, up from approximately 30% in 2025 [3] - The innovative portfolio of Henlius is valued at Rmb72 billion, with significant contributions from core drug candidates [3] Financial Strategy - Management has focused on reducing high debt levels by divesting non-strategic assets, achieving a return of approximately Rmb5 billion from asset sales in 2024-1H25 [4] - A commitment to Rmb3 billion in annual capital returns over the next three years is expected to improve capital structure and resource allocation for innovation [4] Share Rating and Price Target - A recommendation to upgrade A- and H-shares to Overweight (OW) with price targets raised to Rmb42 for A-shares and HK$33 for H-shares [5] - Projected 20% net profit growth in 2025 and a 20% CAGR for 2025-2027, driven by an 18% CAGR in new drug sales from 2025 to 2028 [5] R&D and Pipeline Developments - Fosun's internal R&D team has been re-prioritizing pipelines, focusing on high-value projects while discontinuing less promising ones [29] - Recent out-licensing deals indicate a strong R&D platform, with potential for significant market opportunities in various therapeutic areas [31] Subsidiary Performance - Henlius, holding a 63.4% stake by Fosun, is crucial for Fosun's valuation, contributing significantly to new drug sales [44] - Other subsidiaries like Gland Pharma and Sisram are also expected to show improvement, contributing positively to Fosun's growth [44] Financial Forecasts - Revenue forecasts indicate a gradual recovery, with new drugs expected to account for an increasing share of total sales [48] - The overall valuation framework suggests that innovative drugs and biosimilars will be the primary drivers of growth moving forward [45] Additional Important Insights - The market has not fully recognized the improving growth prospects of Fosun, which is seen as a mixed bag due to its diverse segments and past earnings challenges [10][11] - The company is strategically focusing on enhancing R&D efficiency and resource allocation to bolster its innovative capabilities [30] This summary encapsulates the critical insights from the conference call regarding Fosun Pharmaceutical's current status, future prospects, and strategic initiatives.

摩根士丹利上调复星医药评级至"增持"，称其创新药业务表现突出。 ...