Zhi Tong Cai Jing·2025-11-18 02:46Core Viewpoint - Jianyin International has raised the target price for Rongchang Biologics (09995) by 9% from HKD 110 to HKD 120, maintaining an "outperform" investment rating [1] Revenue Forecast - Jianyin International has kept its revenue forecasts for Rongchang Biologics for 2025, 2026, and 2027 unchanged at RMB 2.8 billion, RMB 3.4 billion, and RMB 4.6 billion respectively [1] Loss Adjustments - Due to improved operational efficiency, the ratio of operating expenses to sales has decreased, leading to a downward adjustment of the 2025 adjusted net loss forecast from RMB 347 million to RMB 68 million [1] - The 2026 adjusted net loss forecast has also been revised down from RMB 182 million to RMB 94 million [1] Profit Forecast - The adjusted profit forecast for 2027 has been increased from RMB 923 million to RMB 960 million [1]