Group 1 - The core viewpoint of the report indicates that CSPC Pharmaceutical Group's revenue for the first half of the year decreased by 35% year-on-year to HKD 2.147 billion, primarily due to a decline in sales volume of intravenous (IV) infusions and ampoule injections [1] - Net profit fell by 59% to HKD 284 million, reflecting the challenging market conditions [1] - In the 11th round of drug centralized procurement (GPO), CSPC has 11 drugs, including bromhexine, which are expected to account for approximately 1.5% of sales in 2024, with a significant opportunity to win peritoneal dialysis fluid contracts and renew other products [1] Group 2 - Citigroup has revised its revenue forecasts for CSPC for the fiscal years 2025 to 2027 down by 21%, 20%, and 21% respectively, and lowered earnings per share forecasts by 38% to reflect the latest sales trends and lower gross margins due to price declines [1] - The target price for CSPC has been reduced from HKD 7 to HKD 5, while maintaining a "buy" rating, as the company is viewed as a winner among generic drug firms and the largest beneficiary of drug GPOs [1]