CMB International has issued a research report reiterating a "Buy" rating for SINO BIOPHARM (01177). The financial institution revised its target price for the group down to HK$8.7 from HK$9.4, based on a discounted cash flow (DCF) valuation, reflecting a downward adjustment in expectations for non-BD revenue. SINO BIOPHARM reported its 2025 financial results, showing a 10.3% year-on-year increase in revenue to RMB 318.3 billion. Revenue from innovative products grew by 26.2% year-on-year to RMB 15.2 billion, accounting for 47.8% of total revenue. Adjusted net profit attributable to shareholders rose by 31.4% year-on-year to RMB 45.4 billion. Excluding dividends from Sinovac Life Sciences, the adjusted net profit still increased by 15% year-on-year. With generic drug revenue stabilizing and sales of innovative drugs continuing to gain momentum, the institution believes the company's performance will maintain steady growth this year. It forecasts that the company's revenue for 2026 to 2028 will grow year-on-year by 13.5%, 7.1%, and 9.2% respectively (non-BD revenue: 10.5%, 10%, 9.2%), while adjusted net profit attributable to shareholders is projected to increase by 5.4%, 8.3%, and 10.5% year-on-year.