Xin Lang Cai Jing·2025-09-09 03:01Group 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]