Zhi Tong Cai Jing·2025-09-09 06:44Core 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]