Glory11th November | Lyon published a research report stating that CSPC Pharma issued a profit warning for the third quarter, estimating that the revenue of the third quarter's pharmaceutical business will decrease by 19% year-on-year, and the net profit is expected to decrease by 50% compared to the same period last year. According to the latest performance forecast, Lyon predicts that CSPC Pharma's full-year profit this year can still reach 5.5 billion to 6 billion yuan, taking into account the $0.1 billion prepayment in the cooperation agreement with astrazeneca announced earlier, as well as potential prepayments for other projects. Lyon has lowered the revenue forecast for the group for 2024 to 2026 by 6%, 14%, and 12.1%, and the net profit forecast by 11.8%, 17.4%, and 18.7%. The target price is correspondingly lowered from HK$12.5 to HK$12, reiterating the "outperform" rating.