On September 2, GeLonghui published a research report stating that Akeso recorded a net loss of 0.239 billion yuan in the first half of the year, compared to a net profit of 2.5 billion yuan in the same period last year. The net loss under non-international financial reporting standards narrowed from 0.405 billion yuan in the first half of 2023 to 0.332 billion yuan. The bank stated that Akeso's core product, AK112, has been successfully commercialized, with monthly sales revenue exceeding 0.1 billion yuan in the first half of the year. Another core product, AK104, saw a 17% increase in mid-year sales to 0.706 billion yuan. However, taking into account the sluggish sales of product AK105 in the first half of the year, the bank has revised down the income forecast for Akeso from 2024 to 2026 by 3%, 1%, and 1%, while maintaining the forecast for expenditure to sales ratio at 147%, 90%, and 66%, respectively. The adjusted net loss forecast for the next two years has been revised from 0.716 billion and 0.155 billion yuan to 0.709 billion and 93 million yuan, and the adjusted profit forecast for 2026 has been raised by 2% to 0.92 billion yuan. With a positive outlook and the announcement of the third phase clinical data of AK112, the bank has raised Akeso's target price from HK$53 to HK$55 and maintained a "outperform" rating.