---
title: "G Sachs: CMS  1H26 Revenue Growth Slows but Earnings Resilience Strong; TP Cut to HKD17.96, Rated Buy"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296305663.md"
description: "G Sachs reports CMS1H26 revenue grew 12.5% YoY to RMB4.5bn, below the 18% expectation, though net profit rose 5% to RMB986m due to lower selling expenses. Despite strong earnings resilience, G Sachs lowered full-year revenue guidance to 15%-20% amid industry headwinds. Consequently, the broker cut its target price from HKD19.5 to HKD17.96 and reduced earnings forecasts for 2026-2028, while maintaining a Buy rating."
datetime: "2026-08-19T05:21:55.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296305663.md)
  - [en](https://longbridge.com/en/news/296305663.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296305663.md)
generator: "portal-rs"
---

# G Sachs: CMS  1H26 Revenue Growth Slows but Earnings Resilience Strong; TP Cut to HKD17.96, Rated Buy

G Sachs published a report stating that CMS (00867.HK) -0.240 (-2.044%) Short selling $19.00M; Ratio 48.043% 's revenue for 1H26 was RMB4.5 billion, up 12.5% YoY, below the broker's expected growth of 18%. The three core VBP products performed better than expected. Despite slower revenue growth, net profit still rose 5% YoY to RMB986 million, broadly in line with the broker's expectations, mainly due to lower-than-expected selling expenses, which were flat YoY and declined from 35.6% of sales to 32%. R&D expenses increased 76% YoY as the company continued to expand its internal innovation pipeline, adding 10 to 15 new projects annually. Amid a challenging industry environment marked by ongoing anti-corruption measures and medical insurance cost controls, management moderately lowered its full-year revenue growth guidance from above 20% to 15%-20%, while emphasizing upside potential for earnings from investment income in 2H26.

Following the results and adopting a more conservative view on sales growth prospects under the challenging environment, G Sachs lowered its earnings forecasts for 2026-2028 by 3.3%, 4.2% and 9.4%, respectively. The broker cut the TP from HKD19.5 to HKD17.96 and maintained the Buy rating. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-19 12:25.)

### Related Stocks

- [00867.HK](https://longbridge.com/en/quote/00867.HK.md)
- [8A8.SG](https://longbridge.com/en/quote/8A8.SG.md)
- [GS.US](https://longbridge.com/en/quote/GS.US.md)
- [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md)

## Related News & Research

- [CMS: Initial Prescriptions for Silevimig Injection, the World’s First Bispecific Antibody Against Rabies, Issued in China](https://longbridge.com/en/news/298433525.md)
- [LOG Commercial Properties publishes financial calendar update for 2026](https://longbridge.com/en/news/298951880.md)
- [KME Group reschedules board meeting to approve half-year results](https://longbridge.com/en/news/298752908.md)
- [BIOMM updates financial events calendar for 2026](https://longbridge.com/en/news/298958985.md)
- [Ecosuntek adds Q3 KPI update to 2026 corporate events calendar](https://longbridge.com/en/news/298712114.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**