Citi has released a research report indicating that HENLIUS (02696) delivered solid organic growth in the first half of 2026, with revenue reaching RMB 3.59 billion, up 27% year-on-year, and net profit hitting RMB 430 million, a 10% increase. Research and development expenses rose 41% year-on-year to RMB 826 million, driven by accelerated clinical progress.

Management holds a positive outlook for the medium-to-long term, projecting peak sales of serplulimab to reach RMB 10 billion and aiming to launch over 10 products globally in the coming years. Given the company's robust internal innovation capabilities, the bank is optimistic about its organic growth and business expansion potential.

The bank has adjusted its revenue forecasts for this year and next by 8% and 3%, respectively, while raising earnings per share projections to RMB 1.52 and RMB 1.79. Consequently, the target price has been marginally increased from HK$95 to HK$95.2, with a maintained 'Buy' rating.