Tianfeng Securities: Maintains a "buy" rating on Shiyao Group (01093.HK) and is optimistic about the company's innovation realizing long-term value.

According to the Wisdom Financial APP, TF Securities released a research report stating that it maintains a "buy" rating on Shiyao Group (01093.HK), predicting the company's operating income for the years 2025-2027 to be 283.98, 301.45, and 322.42 billion yuan respectively, with a net profit attributable to the parent company of 55.21, 59.40, and 64.57 billion yuan. The company released its mid-term performance for 2025, achieving an income of 13.273 billion yuan, a decrease of 18.5% year-on-year, and a net profit of 2.548 billion yuan, a 15.6% decrease year-on-year. The decline in performance is mainly due to the comprehensive implementation of centralized procurement, which greatly affected the revenue of the pharmaceutical business.