智通财经APP获悉，里昂发布研报称，除开发与生产外，潜在特许权使用费及里程碑费用料将成为药明 生物(02269)长期增长关键驱动力，相应将2025至2027年收入预测上调2%至9%，并将2026年至2027年净 利润预测上调6%至12%，以反映中期业绩表现强劲及订单增长稳健，目标价从28.8港元上调至34.8港 元，维持"跑赢大市"评级。 里昂表示，药明生物上半年销售额同比增长16%，经调整净利润同比增长12%，符合市场预期。管理层 将全年收入增长指引从12%至15%，上调至14%至16%，预期未完成订单加速增长，将支持公司的长期 增长。 ...

Core Viewpoint - WuXi Biologics reported a 16% year-on-year increase in sales for the first half of the year, with adjusted net profit growing by 12%, aligning with market expectations [1] Financial Performance - The management raised the full-year revenue growth guidance from 12%-15% to 14%-16%, anticipating accelerated growth in unfulfilled orders to support long-term growth [1] - The revenue forecast for 2025 to 2027 has been increased by 2% to 9%, while net profit forecasts for 2026 to 2027 have been raised by 6% to 12%, reflecting strong mid-term performance and robust order growth [1] Strategic Insights - Beyond development and production, potential royalties and milestone payments are expected to be key drivers of WuXi Biologics' long-term growth [1] - The target price has been adjusted from HKD 28.8 to HKD 34.8, maintaining an "outperform" rating [1]