Core Viewpoint - Bank of America Securities reports that CanSino's revenue grew by 31% year-on-year in the first half of the year, with a narrowing net loss [1] Group 1: Revenue and Profitability - CanSino's revenue from meningococcal vaccines increased by 38.4% year-on-year, driven by sales growth of MCV4 Menhycia [1] - The gross margin for vaccine products improved to 79.3%, up 12 percentage points year-on-year, benefiting from higher sales of high-margin vaccines and increased capacity utilization [1] Group 2: Earnings Forecast and Rating - Bank of America raised CanSino's earnings per share forecast for 2028 to 2034 by 7%-11%, considering the company's leading R&D capabilities across various technological routes and strong overseas expansion potential [1] - The target price for CanSino was increased from HKD 43 to HKD 56, maintaining a "Buy" rating [1]

美银证券发表研报指，康希诺上半年营收按年增长31%，净亏损收窄。由于MCV4 Menhycia的销售增 长，上半年来自脑膜炎球菌疫苗的收入按年增长38.4%。受惠于高利润疫苗销售额上升及产能利用率提 升，上半年疫苗产品的毛利率提升至79.3%，按年上升12个百分点。该行上调康希诺2028年至2034年每 股盈利预测7%-11%，考虑到其在多种技术路线的领先研发能力及强劲的海外扩张能力，重申"买入"评 级，目标价由43港元上调至56港元。 ...

Core Viewpoint - 康希诺生物 reported a significant improvement in its financial performance for the first half of 2025, with a revenue increase and a notable reduction in net loss [1] Financial Performance - The company achieved a revenue of 374 million yuan, representing a year-on-year growth of 31.1% [1] - The net loss attributable to shareholders was 13.485 million yuan, a substantial decrease from a net loss of 225 million yuan in the same period last year [1] Vaccine Sales and Profitability - Revenue from meningococcal vaccines increased by 38.4% due to the sales growth of MCV4 Menhycia [1] - The gross margin for vaccine products improved to 79.3%, up 12 percentage points year-on-year, benefiting from higher sales of high-margin vaccines and increased capacity utilization [1] Analyst Ratings and Forecasts - 美银证券 raised its earnings per share forecast for 康希诺生物 by 7%-11% for the years 2028 to 2034, citing the company's leading R&D capabilities across various technological routes and strong overseas expansion potential [1] - The target price for 康希诺生物 was increased from 43 HKD to 56 HKD, maintaining a "buy" rating [1]