Bank of America Merrill Lynch: Maintains a "Buy" rating on Sinopharm, management reiterates confidence in achieving next year's sales target.

Bank of America Securities released a report stating that the revenue of Cinda Biotech is expected to reach 11.9 billion yuan by 2025, with an annual growth rate of 45%, which is in line with the bank's expectations. The report mentioned that during a conference call with Cinda Biotech, the management reiterated their confidence in achieving the sales target for 2027, as mature product lines such as sintilimab continue to demonstrate strong competitiveness and market share resilience. High-growth products such as mazdutide, tafolesimab, teprotumumab, and limertinib are expected to capture significant market share in the coming years. Bank of America Securities maintains a "buy" rating on Cinda Biotech with a target price of 113.5 Hong Kong dollars.