智通财经网·2025-08-20 06:52Group 1 - The core viewpoint of the article is that China Biopharmaceutical (01177) reported a 10.7% year-on-year revenue growth in the first half of the year, driven by strong sales of innovative drugs, biosimilars, and a recovery in generic drug sales [1] - The net profit from continuing operations saw a significant year-on-year increase of 140%, supported by dividend income and changes in financial assets [1] - Management maintains a double-digit growth guidance for 2025, with expectations of receiving $300 million in Merck milestone payments and potential BD licensing deals in the second half of the year [1] Group 2 - China International Capital Corporation estimates that the contribution of innovative drugs to China Biopharmaceutical's revenue is expected to rise from 50% in 2025 to 60% by 2027 [1] - The target price for China Biopharmaceutical has been raised from HKD 7.7 to HKD 8.7, while maintaining a "Buy" rating [1]