The Zhitong Finance App learned that Fu Hong Hanlin (02696) rose nearly 7% in early trading. As of press release, it had risen 5.86% to HK$72.3, with a turnover of HK$14.165,500.

According to the news, Fuhong Hanlin announced interim results. Revenue for the first half of the year was 3.59 billion yuan, up 27% year on year; net profit was 430 million yuan, up 10% year on year. R&D expenditure increased by 41% year-on-year to $826 million due to the acceleration of R&D progress. During the period, global product sales revenue was 2,9386 million yuan, up 14.9% year on year; overseas product sales revenue was 105.3 million yuan, surging 159.4% year on year; overseas product profit was 595 million yuan, an increase of more than 4 times over the same period last year.

Citi released a research report saying that due to the company's strong internal innovation capabilities, the bank is optimistic about its endogenous growth and business expansion potential. The bank adjusted its revenue forecast of 8% and 3% for this year and next, raised the net profit forecast per share to 1.52 yuan and 1.79 yuan respectively, and slightly raised the target price from HK$95 to HK$95.2. Maintain a “buy” rating.

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