Group 1 - The core viewpoint of the report is that the performance of Xiansheng Pharmaceutical (02096) in the first half of the year met expectations, with a revenue increase of 15% to 3.6 billion RMB, aligning with the bank's forecast [1] - Adjusted net profit reached 651 million RMB, reflecting a year-on-year growth of 21.1% [1] - The bank has slightly revised its revenue forecasts for Xiansheng Pharmaceutical for 2025 to 2027, incorporating potential BD revenue, which is expected to contribute 2%, 4%, and 7% to total revenue in those years respectively [1] Group 2 - The management maintains its expectation of over 15% year-on-year growth in sales and recurring net profit for 2025, targeting revenues and net profits of 11 billion RMB and 2 billion RMB respectively [1] - Potential licensing assets for BD projects include Xianbixin sublingual tablets, FGFR2b ADC, and CDH17 ADC [1] - Xiansheng Pharmaceutical is also focused on collaborating with global partners to develop its next-generation ADC payload platform and has recently expanded its partnership with Almirall to co-develop various bispecific antibody products for autoimmune diseases [1]

Core Viewpoint - Zhongyin International reported that the performance of Xiansheng Pharmaceutical (02096) in the first half of the year met expectations, with a revenue increase of 15% to 3.6 billion RMB, aligning with the bank's forecast [1] Financial Performance - Adjusted net profit reached 651 million RMB, reflecting a year-on-year growth of 21.1% [1] - The company maintains its expectation for sales and recurring net profit to grow by over 15% year-on-year by 2025, targeting revenues and net profits of 11 billion RMB and 2 billion RMB, respectively [1] Revenue Forecast Adjustments - The bank has slightly adjusted its revenue forecasts for Xiansheng Pharmaceutical for 2025 to 2027, incorporating potential BD income, which is expected to contribute 2%, 4%, and 7% to total revenue in those years [1] - The target price for the stock has been raised from 8.9 HKD to 16.7 HKD, maintaining a "Buy" rating [1] Business Development Projects - Potential licensing assets for BD projects include Xianbixin sublingual tablets, FGFR2b ADC, and CDH17 ADC [1] - The company is also focused on collaborating with global partners to develop its next-generation ADC payload platform and has recently expanded its partnership with Almirall to co-develop various bispecific antibody products for autoimmune diseases [1]