Core Viewpoint - CITIC Securities has raised the target price for Kelun-Biotech (06990) from HKD 328.4 to HKD 500.6, an increase of 52%, based on discounted cash flow (DCF) analysis, while maintaining an "Outperform" rating [1] Financial Performance - The company's first mid-term product achieved sales of RMB 310 million, primarily driven by sac-TMT [1] - The expansion of indications for second-line non-small cell lung cancer (NSCLC) is expected to further support sales growth in the second half of 2025 [1]

Core Viewpoint - CITIC Securities has adjusted the valuation of Kelun-Botai Biopharmaceutical (06990) based on the latest data, raising the target price from HKD 328.4 to HKD 500.6, an increase of 52%, while maintaining an "Outperform" rating [1] Group 1 - The group's first mid-term product achieved sales of RMB 310 million, primarily driven by sac-TMT [1] - The expansion of indications for second-line non-small cell lung cancer (NSCLC) is expected to further support sales growth in the second half of 2025 [1]

Core Viewpoint - Citigroup upgraded eBay's rating from "Neutral" to "Buy," significantly raising the target price to $100, reflecting the effectiveness of the company's strategic transformation [1] Financial Performance - eBay's Q2 financial report showed that its Focus Category GMV grew over 10% year-on-year, significantly outpacing the overall company growth [1] - The collectibles category led the growth, with trading card GMV accelerating for the 10th consecutive quarter [1] - Management raised the FY2025 guidance, expecting revenue growth of 4-6% and a non-GAAP EPS increase of 10-12% to $5.43, more specific than the previous "high single-digit" growth forecast [1] - The U.S. market GMV growth of 7% was a major driver, supported by improved consumer demand and weaker-than-expected tariff impacts [1] Strategic Transformation - eBay's strategic transformation focuses on technology upgrades and platform optimization, utilizing generative AI to enhance Google PLA listing titles and improve quality scores and rankings [2] - The proprietary large language model (LLM) is used to detect and replace low-quality listings, achieving a listing acceptance rate of over 90% [2] - The introduction of AI shopping assistants and professional agents has further enhanced platform interaction efficiency, driving accelerated GMV growth in core categories [2] Valuation and Market Confidence - Citigroup's DCF valuation model estimates eBay's value at $98, with an additional approximately $2 per share in minority shareholder equity, leading to a target price of $100 [2] - eBay's expected EV/EBITDA multiple of 14.0x and P/E multiple of 22.0x for 2026 are both above the five-year average, indicating a revaluation of its growth prospects in the e-commerce sector [2] Market Position and Risks - Despite challenges in the European market, eBay's focus on the C2C sector has mitigated international market risks [3] - The company is establishing a competitive moat in specific verticals through differentiated strategies, which is beginning to show value [3] - The rating adjustment reflects market recognition of eBay's transformation success, but ongoing attention is needed on the commercialization efficiency of technology investments and the sustainability of core category growth [3]