Ge Long Hui·2025-08-20 02:37Group 1 - The core viewpoint of the report indicates that China Biopharmaceutical has experienced double-digit revenue growth in the first half of the year, driven by the expansion of innovative drugs and biosimilars [1] - The company benefited from investment income, leading to significant overall profit growth; however, the core pharmaceutical business's segment profit is slightly under pressure in the short term due to increased R&D investment [1] - Looking ahead, the firm remains optimistic about the rapid market penetration of its already launched innovative products, the long-term value realization of its self-developed pipeline, and the potential impact of recent significant BD transactions on revenue and stock price [1] Group 2 - The profit forecast for China Biopharmaceutical has been raised for the years 2025 to 2027, with adjusted net profit estimates of 5.1 billion, 4.4 billion, and 5.3 billion respectively [1] - The target price has been increased from 8 HKD to 9.1 HKD, maintaining a "buy" rating [1]