Lyon: Downgraded the target price of CANSINOBIO (06185) to HKD 49.6, maintaining "Outperform the Market".

CITIC Lyon released a research report stating that CANSINOBIO (06185) achieved second-quarter revenue and net profit in line with expectations, but lowered the target price from HKD 53.2 to HKD 49.6, reflecting higher R&D expenses in its pipeline, while maintaining an "outperform" rating. The bank raised its operating profit forecasts for the company for 2026-2028 to reflect management guidance, with net profit forecasts increased by 4.6%, 2%, and 1%, to RMB 121 million, RMB 323 million, and RMB 723 million, respectively. The bank expressed confidence in CANSINOBIO's strong proprietary vaccine platform, robust operational efficiency, and commercialization capability, viewing the sales growth of its tetanus vaccine following the NDA approval in August as a key catalyst.