UBS said after a virtual healthcare roadshow with Xinda Biologics (01801.HK)
management that Q2 product sales momentum remains solid and is being treated as
a new normal, supported by an innovative product mix and high unmet demand.
Management said tightening of online channels for GLP‑1s has not created
pressure and cited healthy category demand during the recent 618 e‑commerce
event. UBS has included Pfizer licensing income and sales of partner asset
Abesili in its model but raised 2026–28 R&D expense forecasts to reflect
collaboration commitments, trimming EPS estimates for 2026–2028 to 1.12, 2.41
and 3.42 yuan from 1.13, 2.91 and 4.41 yuan. UBS slightly raised its target
price to HK$124.1 (from HK$124) and reiterated an upgrade/buy rating.
