Zheng Quan Ri Bao Wang·2025-09-09 07:11Core Viewpoint - Morgan Stanley's latest research report indicates that Fosun Pharma is approaching a profitability inflection point, with its innovative drug business being undervalued by the market. The company's A-shares and H-shares ratings have been upgraded to "Overweight," with target prices set at RMB 42 per share for A-shares and HKD 33 per share for H-shares [1]. Group 1 - Fosun Pharma has three mature R&D entities: Shanghai Fuhong Hanlin Biotech Co., Ltd., a global R&D center, and Fosun Kerry, focusing on four core technology platforms: antibodies, ADC, small molecules, and cell therapy [2]. - The company is building a high-value pipeline targeting core treatment areas such as solid tumors, hematological tumors, and immune inflammation, while also expanding into chronic diseases (cardiovascular, renal, and metabolic) and neurology [2]. - Morgan Stanley highlights that the innovative pipeline from Fosun Pharma, including its subsidiary Fuhong Hanlin's drug portfolio, is crucial for revenue growth in innovative pharmaceuticals, with key products like DPP-1, MEK1/2, and AR1001 (PDE5) showing promising progress [2]. Group 2 - Fuhong Hanlin's core pipeline, including HLX43 (PD-L1 ADC), HLX22 (HER2 monoclonal antibody), and SLR-1001 (anti-PD-1 monoclonal antibody), has significant potential in the global market [2].