Sino Biopharmaceutical (01177.HK) gained for a second consecutive session after Bank of America Securities raised its target price to HK$7.1 from HK$6.2 and Citi lifted its target to HK$10.8 from HK$10, with both retaining Buy ratings. The stock closed the morning session on the 21st at HK$5.585, up 3.62%, on volume of 64.6225 million shares and turnover of HK$356 million, approximately $45.4 million. It had opened 6.05% higher on the 20th, bringing the two-session gain close to 10%. First-half revenue rose 10.6% year-on-year to RMB 19.44 billion and reported net profit increased 1.4% to RMB 3.43 billion. Excluding dividend income from Sinovac Zhongwei, core profit rose 92.3% to RMB 3.34 billion. Innovative-drug and out-licensing revenue increased 44.3% to RMB 8.79 billion, lifting its share of total revenue to 45.2% from 34.7%. Management expects innovative drugs to contribute about 50% of full-year revenue. Selling and distribution, administrative and R&D expenses all declined, while gross margin expanded to 83%. BofA lowered its 2026 and 2027 revenue forecasts because of pressure on generic drugs from anti-corruption measures, but raised its profit outlook after incorporating improved expense ratios and potential upfront payments from new out-licensing deals. Citi emphasized the longer-term pipeline, including more than 30 innovative drugs planned for launch between 2026 and 2030 and domestic peak sales potential of RMB 50 billion. The company raised its interim dividend 40% to HK$0.07 per share from HK$0.05, while first-half EPS was RMB 0.191 and core EPS was approximately RMB 0.186. Investors will focus on innovative-drug growth, approvals, licensing payments and the effect of the anti-corruption environment on generic drugs. The company has a market capitalization of approximately HK$105 billion, or about $13.4 billion.