Zhi Tong Cai Jing·2026-02-06 09:00Core Viewpoint - The report from Yuanta Securities projects that Fosun Pharma (600196)(02196) will achieve net profits of 3.32 billion, 4.68 billion, and 4.77 billion yuan from 2025 to 2027, with year-over-year growth rates of +19.9%, +40.8%, and +2.1% respectively, and corresponding EPS of 1.2 yuan, 1.8 yuan, and 1.8 yuan, indicating a low valuation for H-shares and a positive long-term outlook, maintaining a "Buy" rating [1] Group 1: Licensing Agreement - The company's subsidiary, Fosun Hani, has granted Eisai (listed on the Tokyo Stock Exchange, code 4523.T) rights for the development, production, and commercialization of the drug Surulitinib in Japan for oncology indications [1] - Eisai is required to pay up to $15.501 million in non-refundable upfront and regulatory milestone payments, including an upfront payment of $7.5 million and up to $8.001 million in regulatory milestone payments [1] - Additionally, the company may receive up to $23.333 million in sales milestone payments based on annual net sales in Japan and a double-digit percentage of sales royalties [1] Group 2: Product Competitiveness - Surulitinib, a PD-1 monoclonal antibody developed by the company, was launched in China in March 2022 and covers multiple indications including squamous non-small cell lung cancer (sqNSCLC), extensive small cell lung cancer (ES-SCLC), non-squamous non-small cell lung cancer (nsqNSCLC), and esophageal squamous cell carcinoma (ESCC) [2] - The product is expected to generate revenue of 1.31 billion yuan in 2024, reflecting a year-over-year growth of +17.2% [2] - Surulitinib received EU approval in February 2025, becoming the first PD-1 monoclonal antibody approved for first-line treatment of SCLC in the EU, and has also been approved in several other countries, enhancing its international market accessibility and recognition [2] Group 3: Ongoing Development - The bridging trial for Surulitinib in combination with chemotherapy for first-line treatment of ES-SCLC in the U.S. is progressing smoothly, with a similar trial in Japan also underway, aiming for a market application submission during Eisai's fiscal year 2026 [3] - The company is actively developing new indications, with a registration application for Surulitinib in combination with chemotherapy for gastric cancer accepted by the National Medical Products Administration of China in December 2025, and prioritized for review [3] - Clinical trials are ongoing for indications including head and neck squamous cell carcinoma, colorectal cancer, liver cancer, and advanced solid tumors, suggesting that Surulitinib will continue to experience rapid growth with new market and indication approvals [3]