On July 25th, Citic Securities released the latest research report on Fosun Pharma (2196.HK), which shows that with the negative impact of COVID-related businesses being cleared, Fosun Pharma's operation turning point is clear, and quarterly profits have returned to pre-pandemic levels. With business focus, profit margins are expected to gradually improve. Referring to comparable company valuations, giving Fosun Pharma a 27x PE ratio for 2024, corresponding to a target price of HKD 32, and maintaining a 'buy' investment rating. The report stated that by the first quarter of 2024, Fosun Pharma's net income and non-recurring net income have both returned to pre-pandemic levels in 2019. With the company's business focus and gradual divestment of non-core assets, profit margins are expected to improve. On the other hand, with the announcement in June that Fosun Pharma plans to privatize its subsidiary Henlius (02696.HK), the company is further focused on pharmaceutical business and innovative drugs.