The Zhitong Finance App learned that Lyon released a research report stating that it will maintain the “outperform the market” rating of Yao Ming Kangde (02359) and the target price of HK$262. The US Department of Defense decided to remove Yao Ming Kangde from the list of Chinese military enterprises under 1260H. The bank believes that this move will further mitigate the company's geopolitical risks, and will continue to regard Yao Ming Kangde as one of the core holdings of the global healthcare portfolio.

However, Leon warned that the US Department of Defense notice also indicated that the removal did not affect the possibility of re-listing the company for other or additional reasons in the future. In terms of profit forecasting, Lyon currently anticipates a compound annual growth rate of 25% of Yao Ming Kangde's continuing operating income from 2026 to 2028, and a compound annual growth rate of 22% for adjusted non-IFRS net profit. The bank believes that with the launch of CDMO projects in the later stages, Pharmaceutical Chemical will continue to be the company's core growth engine.

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