Zhi Tong Cai Jing·2025-08-20 06:51Core Viewpoint - 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] Financial Performance - The net profit from continuing operations increased significantly by 140% year-on-year, supported by dividend income and changes in financial assets [1] Future Outlook - Management maintains a double-digit growth guidance for 2025, with expectations of receiving $300 million in Merck milestone payments and potential business development licensing deals in the second half of the year [1] - China Biopharmaceutical's contribution from innovative drugs is projected to rise from 50% in 2025 to 60% in 2027 [1] Analyst Rating - CCB International raised the target price from HKD 7.7 to HKD 8.7 and maintained a "Buy" rating [1]