The Zhitong Finance App learned that CICC released a research report stating that based on operational efficiency improvements, the adjusted net profit forecast for Yao Ming Biotech (02269) in 2026 and 2027 was raised by 8% and 9.4% to 6.665 billion yuan and 7.9 billion yuan respectively, maintaining the “outperforming industry” rating. Due to the recent rise in the average valuation of the H-share pharmaceutical sector, the bank raised the target price of Pharmaceutical Biotech by 25% to HK$60, corresponding to the projected price-earnings ratio of 32.2 times and 27.1 times for the next two years.

Yao Ming Biotech's profitability improved, and the project pipeline and complex molecule business continued to expand. Its revenue for the first half of the year was RMB 11.787 billion (same below), up 18.4% year on year, up 23.4% year over year; gross margin increased 3.5 percentage points year on year to 46.2% year on year; net profit increased 4.3% year on year to 2.44 billion yuan, adjusted net profit increased 38.4% year on year to 3.306 billion yuan, and adjusted net profit margin increased 4 percentage points year on year to 28% year on year.

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