Core Viewpoint - Credit Suisse has raised its sales forecasts for Innovent Biologics (01801) for this year, next year, and 2027 by 2.7%, 0.8%, and 2.8% respectively, while also increasing net profit forecasts by 90.4%, 25.3%, and 25.3% for the same years, with a target price adjustment from HKD 108.4 to HKD 111.4, maintaining an "outperform" rating [1] Group 1 - Innovent Biologics reported a strong mid-year performance, with sales increasing by 50.6% year-on-year and achieving a net profit of RMB 834 million, exceeding expectations [1] - The approval of GLP-1 dual agonists and the upcoming launch of IL-23 are expected to further drive profitability growth for Innovent Biologics [1] - The highly anticipated PD-1/IL-2 drug IBI363 is ready for a global MRCT trial targeting I/O recurrent squamous non-small cell lung cancer, while the CLDN18.2 ADC is undergoing a second MRCT trial for pancreatic cancer [1]

Group 1 - The core viewpoint of the report is that Cinda Biologics (01801) has seen significant upward revisions in sales and net profit forecasts for this year, next year, and 2027, indicating strong growth potential [1] - Sales for the first half of the year increased by 50.6% year-on-year, and the company turned a profit with a net income of 834 million RMB, exceeding expectations [1] - The target price for Cinda Biologics has been raised from 108.4 HKD to 111.4 HKD, maintaining a rating of "outperform" [1] Group 2 - The approval of GLP-1 dual agonists and the upcoming launch of IL-23 are expected to further drive profitability growth for the company [1] - The highly anticipated PD-1/IL-2 drug IBI363 is ready for a global MRCT trial targeting I/O recurrent squamous non-small cell lung cancer [1] - The CLDN18.2 ADC is also undergoing a second MRCT trial for pancreatic cancer, indicating ongoing innovation and development in the company's pipeline [1]