Ge Long Hui·2026-03-30 05:45Core Viewpoint - Bank of America Securities reports that China's biopharmaceutical revenue reached 31.8 billion yuan in the previous year, reflecting a year-on-year growth of 10.3% [1] Group 1: Financial Performance - The sales revenue from innovative drugs amounted to 15.2 billion yuan, with a year-on-year increase of 26.2%, raising its share of total revenue from 41.8% in 2024 to 47.8% [1] - The profit attributable to shareholders was approximately 2.3 billion yuan, while the adjusted profit, excluding one-time gains and losses, was 4.5 billion yuan, representing a year-on-year growth of 31.4% [1] Group 2: Future Projections - Due to intensified competition, the bank has lowered revenue forecasts for several existing drugs but has included sales projections for newly approved products, expecting drug sales to grow by 10% to 11% annually from 2026 to 2028 [1] - Revenue forecasts for the same period have been adjusted downwards by 2.6%, 1.1%, and 1.3%, while gross margin forecasts have been increased by 0.3 to 0.6 percentage points to reflect efficiency improvements [1] Group 3: Investment Rating - The target price has been revised down from 8.9 HKD to 7.4 HKD, while maintaining a "Buy" rating [1]