According to a report issued by BOC International, the management of Pharmaceutical Federation said that the first half of this year, new orders denominated in US dollars performed well, mainly due to high downstream R&D demand and enthusiasm for investment and financing in the XDC sector, especially strong demand from overseas customers. As the Singapore plant is about to be released by GMP, and the first CMO project is expected to generate revenue from 2027, combined with the acquisition of raw liquid and formulation production capacity brought by Dongyao, the bank believes that the company's performance has achieved management guidelines with high certainty. However, considering short-term results or being affected by transient factors, the bank lowered its revenue forecast for 2026 to 2028 by 4% and the apparent net profit forecast by 15% to 23% to reflect the short-term impact caused by exchange rate fluctuations, the increase in one-time financial expenses due to the acquisition and merger of Dongyao Pharmaceutical, and the increase in SG&A expenses. The adjusted net profit forecast also declined by 4% to 14%. The bank lowered the target price of Pharmaceutical Minglian to HK$80, maintained a “buy” rating, and maintained the CXO sector's key recommendations.

According to a report issued by BOC International, the management of Pharmaceutical Federation said that the first half of this year, new orders denominated in US dollars performed well, mainly due to high downstream R&D demand and enthusiasm for investment and financing in the XDC sector, especially strong demand from overseas customers. As the Singapore plant is about to be released by GMP, and the first CMO project is expected to generate revenue from 2027, combined with the acquisition of raw liquid and formulation production capacity brought by Dongyao, the bank believes there is a high degree of certainty that the company's performance has reached management guidelines. However, considering short-term results or being affected by transient factors, the bank lowered its revenue forecast for 2026 to 2028 by 4% and the apparent net profit forecast by 15% to 23% to reflect the short-term impact caused by exchange rate fluctuations, the increase in one-time financial expenses due to the acquisition and merger of Dongyao Pharmaceutical, and the increase in SG&A expenses. The adjusted net profit forecast also declined by 4% to 14%. The bank lowered the target price of Pharmaceutical Minglian to HK$80, maintained a “buy” rating, and maintained the CXO sector's key recommendations.