Citi has issued a research report highlighting that REMEGEN (09995) posted a 433% year-on-year revenue surge in the first half, swinging to a profit of RMB 4.66 billion. Management noted that excluding BD revenue, the net loss for the period was approximately RMB 26 million, with expectations of achieving breakeven in fiscal 2026 when BD revenue is excluded.

The firm has raised its target price from HK$105 to HK$127.7, while reaffirming a "Buy/High-Risk" rating. Citi observed that Telitacicept and Disitamab Vedotin demonstrated robust sequential quarterly sales growth, and the brokerage believes the RC148 transaction could reshape the company's growth trajectory.

Consequently, Citi has upgraded its revenue forecasts for 2026 to 2028 by 3%, 22%, and 18%, respectively, and lifted its earnings per share estimates to RMB 8.5, RMB 2.2, and RMB 2.7 for the same period.