Zhi Tong Cai Jing·2025-08-20 03:19Core Viewpoint - China Biopharmaceutical (01177) has achieved double-digit revenue growth in the first half of the year driven by the expansion of innovative drugs and biosimilars, with overall profit significantly boosted by investment income, although core pharmaceutical business segment profit is slightly under pressure due to increased R&D investment [1] Group 1: Financial Performance - The target price for China Biopharmaceutical has been raised from HKD 8 to HKD 9.1, maintaining a "Buy" rating [1] - The company’s revenue forecast for 2025 has been increased by 4% to reflect contributions from milestone payments related to new technology transfers [1] - Adjusted net profit estimates for 2025 to 2027 have been revised to RMB 5.1 billion, RMB 4.4 billion, and RMB 5.3 billion respectively, reflecting higher investment income predictions and improved profit margins due to increased collaboration revenue and cost reduction efforts [1] Group 2: Future Outlook - The company is expected to benefit from the rapid expansion of its already launched innovative products and the long-term value realization of its self-developed pipeline [1] - Recent potential significant business development transactions are anticipated to enhance revenue and support stock price growth [1]