Core Viewpoint - Fosun Pharma (02196) shows a significant improvement in profitability, with its innovative drug pipeline being undervalued by the market, leading to an upgrade in ratings by Morgan Stanley to "overweight" for both A-shares and H-shares [1] Financial Performance - In the first half of this year, Fosun Pharma achieved revenue of approximately 19.514 billion yuan, with innovative drug revenue growing steadily to over 4.3 billion yuan, a year-on-year increase of 14.26% [1] - The net profit attributable to shareholders was around 1.702 billion yuan, reflecting a year-on-year growth of 38.96% [1] Market Outlook - Morgan Stanley raised the target price for Fosun Pharma's A-shares to 42 yuan and H-shares to 33 Hong Kong dollars, indicating significant upside potential compared to current stock prices [1] - The financial optimization expected from the divestiture of non-core assets in the first half of 2025 is anticipated to further enhance the company's financial position [1] Research and Development - Fosun Pharma has established three major mature R&D entities focusing on antibody, ADC, small molecule, and cell therapy technologies, targeting core treatment areas such as solid tumors, hematological tumors, and immune inflammation [1] - The company is actively expanding into chronic disease areas, including cardiovascular, renal, metabolic, and neurological fields [1]

Core Viewpoint - Fosun Pharma (600196)(02196) shows a trend of improving profitability, with its innovative drug pipeline being undervalued by the market, leading to an upgrade in ratings by Morgan Stanley to "overweight" for both A-shares and H-shares [1] Financial Performance - In the first half of this year, Fosun Pharma achieved revenue of approximately 19.514 billion yuan, with innovative drug revenue growing steadily to over 4.3 billion yuan, a year-on-year increase of 14.26% [1] - The net profit attributable to shareholders was about 1.702 billion yuan, reflecting a year-on-year growth of 38.96% [1] Research and Development - Fosun Pharma has three mature R&D entities: Fuhong Hanlin, Global R&D Center, and Fosun Kerry, focusing on four core technology platforms: antibodies, ADC, small molecules, and cell therapy [1] - The company is building a high-value pipeline around key therapeutic areas such as solid tumors, hematological tumors, and immune inflammation, while actively expanding into chronic diseases (cardiovascular, renal, and metabolic) and neurology [1] Market Outlook - Morgan Stanley raised the target price for Fosun Pharma's A-shares to 42 yuan and H-shares to 33 HKD, indicating significant upside potential compared to current stock prices [1]

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。 ...

近日，国际投行摩根士丹利(Morgen Stanley)发布的最新研究报告表示，复星医药（600196） (600196.SH，02196)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"(Overweight)，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。这一预期 与复星医药近期披露的2025年半年报表现高度契合，凸显其在创新药品商业化与财务韧性上的双重突 破。 创新药业务增长潜力巨大 摩根士丹利认为复星医药当前交易对应2025年预期市盈率20.1倍(A股)/14.7倍(H股)，较A股和H股同行平 均市盈率折价24%/29%，仍有提升空间。复星医药AH股溢价率自年初的62%收窄至34%，H股表现强 劲，同时，A股H股仍均有较大的上升空间。摩根士丹利对复星医药的积极评价反映了市场对其创新药 业务发展和财务改善的认可。随着公司继续推进新药研发和优化资产结构，复星医药有望在未来的市场 竞争中脱颖而出，实现业绩和估值的双重提升。 目前，复星医药拥有三大成熟的研发主 ...

业绩增长预期明确 摩根士丹利表示，早前复星医药推出的股权激励计划给市场注入了信心，该计划明确提出了2025-2027 年归母净利润以及创新药品的收入增长目标，两项指标的年复合增长率约20%。 摩根士丹利认为复星医药当前交易对应2025年预期市盈率20.1倍(A股)/14.7倍(H股)，较A股和H股同行平 均市盈率折价24%/29%，仍有提升空间。复星医药AH股溢价率自年初的62%收窄至34%，H股表现强 劲，同时，A股H股仍均有较大的上升空间。摩根士丹利对复星医药的积极评价反映了市场对其创新药 业务发展和财务改善的认可。随着公司继续推进新药研发和优化资产结构，复星医药有望在未来的市场 竞争中脱颖而出，实现业绩和估值的双重提升。 复星医药在创新药领域的布局逐渐显现成效，2025年上半年创新药品收入43亿元，同比增长14%，占制 药业务收入32%。摩根士丹利预计到2030年，创新药品收入将占公司药品总销售额的45%。 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 ...

证券代码：600196 股票简称：复星医药 编号：临2025-145 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、概况 上海复星医药（集团）股份有限公司（以下简称"本公司"）控股子公司上海复宏汉霖生物技术股份有限 公司及其控股子公司（以下合称"复宏汉霖"）于近日获美国FDA（即美国食品药品监督管理局）批准开 展HLX17（即重组抗PD-1人源化单克隆抗体注射液，以下简称"HLX17"）用于治疗多种已切除实体瘤 患者的I期临床试验。复宏汉霖拟于条件具备后于美国开展该国际多中心临床研究。 二、HLX17的研究情况 HLX17为本集团（即本公司及控股子公司/单位，下同）自主研发的帕博利珠单抗生物类似药，潜在适 应症包括黑色素瘤、非小细胞肺癌、食管癌、头颈部鳞状细胞癌、结直肠癌、肝细胞癌、胆道癌、三阴 性乳腺癌、微卫星高度不稳定型或错配修复基因缺陷型肿瘤、胃癌等原研药已获批适应症。2024年9 月，HLX17相关适应症的临床试验申请获国家药品监督管理局批准。 上海复星医药（集团）股份有限公司 截至2025年7月，本集团（即本公 ...

证券日报网讯 9月8日晚间，复星医药发布公告称，本公司控股子公司上海复宏汉霖生物技术股份有限 公司及其控股子公司（合称"复宏汉霖"）于近日获美国FDA（即美国食品药品监督管理局）批准开展 HLX17（即重组抗PD-1人源化单克隆抗体注射液，以下简称"HLX17"）用于治疗多种已切除实体瘤患 者的I期临床试验。复宏汉霖拟于条件具备后于美国开展该国际多中心临床研究。 （文章来源：证券日报） ...