The Zhitong Finance App learned that CICC released a research report saying that Federal Pharmaceuticals (03933)'s adjusted profit for the first half of the year was in line with the forecast. Taking into account exchange losses, net profit due to mother was reduced by 9% to RMB 871 million in 2026, and adjusted net profit of RMB 957 million was maintained. Taking into account increased investment in R&D and sales expenses, net profit due to mother and adjusted net profit in 2027 will be reduced by 19.7% to RMB 1.41 billion. The target price was reduced by 25% to HK$12, taking into account central valuation adjustments in the Hong Kong stock API and intermediates business. The rating “outperforms the industry”.

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