According to the research report released by Citigroup, due to the strong growth in sales of biosimilars and innovative drugs, it is expected that the performance of Sino Biopharmaceuticals (01177) in the first half of the year will be ideal, and profit is expected to increase by about 10% year-on-year. Due to the increased sales of biosimilars, G-CSF and Cataplasms, it is expected that the company will have higher visibility in the second half of the year. Citigroup has initiated a 30-day upward observation on the company with a target price of HKD 6.8 and a rating of "buy".