Citi released a research report stating that the performance of Sino Biopharmaceutical in the first quarter met expectations, despite sales facing challenges. Management revealed two potential licensing collaborations, both expected to exceed $5 billion in scale. Citi is optimistic about Sino Biopharmaceutical's early-stage R&D pipeline competitiveness and maintains its "highly confident outperform the market" rating, with a target price of HKD 13.8.