Glonghui, April 3 丨 Goldman Sachs Research Report reports that Hualing Pharmaceutical-B (2552.HK)'s Huatangning (dogleidine tablets) have sold about 148,000 boxes by the end of January 2023, and generated net sales revenue of about RMB 49 million (unaudited data); among them, 53 million boxes were launched in the last two months of 2022, with revenue of 17.6 million yuan; it accelerated to 95,000 boxes sold in January, with revenue of about RMB 30 million. Goldman Sachs believes that in the early stages of commercialization due to supply restrictions and the impact of the COVID-19 pandemic, sales results of Huatangning (dogleidine tablets) are encouraging. Goldman Sachs expects Hualing to achieve a sales forecast of 382 million yuan; as sales volume increases, the company's gross margin in 2023 will improve markedly, and profit margins will increase significantly as sales volume increases. Looking ahead, Goldman Sachs expects Hualing's cash flow to be positive in 2023. The bank gave a “buy” rating and a 12-month target price of HK$7.53.