Zhi Tong Cai Jing·2025-08-26 09:09Core Viewpoint - UBS reports that CanSino Biologics (06185) performed slightly better than expected in Q2, with revenue growth accelerating to 38% compared to 20% in Q1, and net loss narrowing to 2 million RMB, with a total net loss of 13 million RMB in the first half, a 94% reduction year-on-year, which is less than the bank's forecast of a 31 million RMB loss [1] Financial Performance - Revenue growth in Q2 reached 38%, an increase from 20% in Q1 [1] - Net loss for Q2 was 2 million RMB, while the total net loss for the first half was 13 million RMB, a significant reduction of 94% compared to the same period last year [1] - The actual loss was lower than UBS's forecast of 31 million RMB for the first half [1] Price Target and Earnings Forecast - UBS raised the target price for CanSino from 47 HKD to 66.6 HKD and reiterated a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 were adjusted from 0.01, 1.16, and 2.39 RMB to 0.24, 1.16, and 2.55 RMB respectively [1] Market Position and Growth Potential - UBS maintains that CanSino is a preferred stock in the vaccine sector, anticipating accelerated profit growth [1] - The management reaffirmed the annual revenue guidance of 1 billion RMB [1] - Sales forecast for MCV4 was increased from 1.1 billion RMB to 1.3 billion RMB, with expectations for approval of expanded indications and increased penetration rates [1]