CITIC International raised the target price of KELUN PHARMA to 507.11 yuan, rating it as "Buy."

Zhaoyin International published a research report stating that KELUN PHARMA (06990.HK) achieved a total revenue of RMB 2.06 billion last year, an increase of 6.5% year-on-year, with product sales revenue of RMB 543 million. The three core assets, Sac-TMT, A167, and A140, have all successfully been included in the national medical insurance catalog, laying a solid foundation for sales growth in 2026. Although the net loss expanded to RMB 382 million due to commercialization expansion and late-stage clinical advancement, the company has ample funds, with RMB 4.6 billion in cash and financial assets as of the end of 2025.

The bank raised the company's target price from HKD 498.55 to HKD 507.11, maintaining its rating as "Buy."