CMB International has released a research report significantly raising the target price for INNOSCIENCE (02577) by 53.1% from HK$49 to HK$75, while maintaining a "Buy" rating. The report highlights the company's fiscal year 2025 results, which showed revenue increasing by 46.4% year-over-year to RMB 1.2 billion, with gross margin turning positive to 7.3%. Adjusted EBITDA also turned positive, marking the company's first significant operational inflection point. The improvement in profitability was primarily driven by ongoing capacity expansion, with monthly wafer capacity reaching 20,000 units by 2025, alongside simultaneous improvements in capacity utilization and yield rates. Beyond financial performance, fiscal year 2025 was also a crucial year for the company's commercial progress, including: 1) deeper collaboration with leading AI clients such as NVIDIA and Google on 800V DC power architecture; 2) initial expansion into the humanoid robotics sector through a 100V integrated GaN driver for joint modules; and 3) solid advancements in the automotive business, progressing from volume shipments of OBC/DC-DC converters to the initial verification stage for main drive inverters.