On August 20, SKB BIO rose 4.11% in regular trading, trading at 554.5 HKD/share with turnover of HKD 86.47 million, rebounding sharply from the prior session's pullback. On August 19, multiple international investment banks published research reports upgrading target prices: Bank of America Securities raised its target to HKD 644.4, CLSA to HKD 626.4, and UBS previously lifted its target to HKD 678, all maintaining Buy ratings.

The upgrades followed the company's H1 results showing revenue of RMB 978 million (up 2.9% YoY), with product sales surging 112% YoY to RMB 657 million driven by post-NRDL inclusion volume ramp of its TROP2 ADC. Net profit reached RMB 388 million, swinging to profitability from a loss of RMB 145 million in the year-ago period, though analysts noted a portion was attributable to one-time settlement income of RMB 702 million. CMBI maintained confidence in the global development prospects of sac-TMT, the company's core ADC asset partnered with Merck, which currently has 17 global Phase III trials underway.

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