交银国际：降中国生物制药目标价至7.7港元 评级“买入”

Core Viewpoint - China Biopharmaceutical's adjusted net profit significantly increased by 31.4% last year, indicating strong financial performance and growth potential in the coming years [2]. Group 1: Financial Performance - The company reported a 10.3% year-on-year growth in revenue from continuing operations for 2025, aligning with earlier guidance [3]. - Revenue from innovative products grew by 26%, contributing to 48% of total revenue, showcasing the increasing importance of these products in the company's portfolio [3]. Group 2: Future Outlook - The introduction of new products such as CDK2/4/6, Zongaitin, and KRAS, which will be included in the medical insurance system, is expected to provide significant performance increments, with projected double-digit growth in product sales from 2026 to 2027 [2]. - The target price for China Biopharmaceutical has been adjusted down to HKD 7.7, while maintaining a "Buy" rating, reflecting a cautious but optimistic outlook on the company's future performance [3].