China Merchants released a research report stating that it maintains 3sbio (01530) with a shareholding rating, raising the target price from HKD 10 to HKD 11, which corresponds to a forecasted PE of 10 times next year. The firm expects that 3sbio's important product "Tebentafusp" has achieved a moderate outcome in the recent national negotiation renewal, and "Limbitral" has also been successfully included in the medical insurance directory. Due to the moderate renewal outcome of Tebentafusp, the firm expects that the company will continue to achieve double-digit total revenue growth in the fiscal years 2025 and 2026.