CMB International Securities: Raises Sinsomedicine's target price to 25 Hong Kong dollars, maintains "buy" rating.

CICC International Securities Report stated that SanSheng Pharmaceutical and Pfizer signed the largest single asset transaction in the Chinese biopharmaceutical industry, with a prepayment of 1.25 billion US dollars and a total scale of 6 billion US dollars. The report indicated that the company had previously reminded investors in a report about the licensing transfer of PD-1xVEGF and TL1A, and anticipated that further maturity of immunology assets could drive another valuation upgrade. Based on the company's rich product line, it is expected to launch about 10 products and submit new drug applications from this year to 2027, continuously expand indications, as well as efforts to expand new internal product lines and verified business activities in the areas of hair loss, skin diseases, and autologous immune product combinations. In addition, the company's ample cash position and continuously strengthened internal research and development team support its transformation. The firm maintains a "buy" rating on SanSheng Pharmaceutical, with a target price raised to 25 Hong Kong dollars.