香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而產生 或因依賴該等內容而引致之任何損失承擔任何責任。 GRAND PHARMACEUTICAL GROUP LIMITED 遠大醫藥集團有限公司* ( 於百慕達註冊成立之有限公司 ) (股份代號: 00512) 持續關連交易 持續關連交易 董事會宣佈，於二零二五年八月二十七日，本集團訂立了遠大九孚銷售協議，據此遠大 醫藥(中國)或其關連公司將向遠大九孚或其關連公司出售用於生產及銷售氨基酸產品及 其他醫藥產品的原材料。 在作出所有合理查詢後，按董事所知、所悉及所信，於本公告日期， 因此，根據上市規則第 14A章遠大九孚為本公司之關連人士，而遠大九孚銷售協議下之 交易因而構成本公司之持續關連交易。 因為遠大九孚銷售協議項下的一個或多個適用比率超過 0.1%但均少於 5%，因此在遠大 九孚銷售協議項下之交易須遵循上市規則第 14A條之報告及公告之規定，但豁免通函及 需要獲股東批准之要求。 (a) 中國遠大於 1,896,044,240 股股份中持有權益，代表本公司 ...

Core Viewpoint - The recent launch of the "Urothelial Carcinoma Early Screening and Diagnosis Project" by the company at the Pujiang Urology Oncology Academic Conference highlights its commitment to innovation in cancer diagnostics and treatment, particularly in the field of urological tumors [1][2]. Group 1: Innovation and Product Development - The company has introduced a "Four-Gene Joint Detection" project aimed at non-invasive and convenient molecular testing for urothelial carcinoma, which has been recognized in major clinical guidelines [2][3]. - The company is focusing on three core areas: molecular diagnostics, precision therapy, and nuclear medicine research, aiming to create an integrated solution for urological tumor diagnosis and treatment [2][5]. Group 2: Market Growth and Demand - The early detection of tumors is crucial for improving patient survival rates and reducing treatment costs, with the early screening market in China expected to grow significantly, reaching nearly 28.5 billion by 2030 [3]. - The increasing incidence of urological cancers in China, with over 270,000 new cases reported in 2020, indicates a strong demand for precise and non-invasive early detection methods [5]. Group 3: Nuclear Medicine and Global Strategy - Nuclear medicine has become a key growth driver for the company, with a robust product pipeline and a comprehensive industry ecosystem supporting its global strategy [6][10]. - The company is one of the few globally to commercialize innovative nuclear medicine products, with a diverse pipeline that includes 15 products in the research and registration phase [6][9]. Group 4: Financial Performance and Market Position - The company achieved a record revenue of approximately HKD 6.11 billion in the first half of the year, with a year-on-year growth of about 13% when excluding the impact of centralized procurement [13]. - The revenue from innovative and barrier products has increased to approximately 51% of total revenue, reflecting the company's strong market position and growth potential [13][14]. Group 5: Future Outlook - The company is expected to play a significant role in the global pharmaceutical market, leveraging its strong R&D capabilities to enhance its position as a leading nuclear medicine enterprise [15]. - With a pipeline of 133 projects, including 42 innovative ones, the company is well-positioned for future growth and market expansion [14].

Core Viewpoint - The recent release of the "Urothelial Carcinoma Early Screening and Diagnosis Project" by the company at the Pujiang Urological Oncology Academic Conference highlights its commitment to innovation in cancer diagnostics and treatment, showcasing its research capabilities and strategic focus on molecular diagnostics and nuclear medicine [1][2]. Group 1: Innovation and Product Development - The company launched the "Four-Gene Joint Detection Urothelial Carcinoma Early Screening and Diagnosis Project," which aims to enhance non-invasive molecular testing in clinical settings, demonstrating superior detection capabilities compared to traditional methods [2]. - The project has received recognition from authoritative bodies, being included in the "CSCO Urothelial Carcinoma Diagnosis and Treatment Guidelines 2024" and the "Bladder Cancer Early Diagnosis and Treatment Expert Consensus (2024 Edition)" [2]. - The company plans to continue focusing on molecular diagnostics, precision therapy, and nuclear medicine research, aiming to create integrated solutions for urological cancer treatment [2][5]. Group 2: Market Growth and Demand - The early detection of tumors is crucial for improving patient survival rates and reducing treatment costs, with the early screening market in China expected to grow significantly, reaching nearly 28.5 billion by 2030 [3]. - The increasing incidence of urological cancers in China, with over 270,000 new cases reported in 2020, underscores the demand for precise and non-invasive early detection methods [5]. Group 3: Nuclear Medicine and Global Strategy - Nuclear medicine has become a key growth driver for the company, with a robust product pipeline and a comprehensive industry ecosystem supporting its global strategy [6][10]. - The company is one of only four globally to commercialize innovative nuclear medicines, with a diverse product pipeline covering all stages from research to market [6][10]. - The company’s nuclear medicine products have shown significant revenue growth, with the Yttrium-90 microsphere injection achieving a nearly 106% year-on-year increase in revenue [13]. Group 4: Financial Performance and Future Outlook - The company reported a record revenue of approximately HKD 6.11 billion in the first half of the year, with a year-on-year growth of about 13% when excluding the impact of centralized procurement [13]. - The proportion of revenue from innovative and barrier products has increased to approximately 51%, reflecting the strength of its innovation strategy [13]. - The company has a pipeline of 133 research projects, with 42 being innovative, indicating a strong potential for future growth and market expansion [14].

Group 1: Core Insights - The innovative drug business has become the main driver of revenue growth for several listed pharmaceutical companies, with some companies reporting that innovative drug revenue accounts for over 50% of total revenue [1][3] - Traditional pharmaceutical companies are increasingly transforming into innovative drug companies, but international expansion primarily relies on external licensing rather than establishing independent overseas sales systems [1][5] Group 2: Company Performance - Heng Rui Pharmaceutical reported a revenue of 15.762 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, with innovative drug sales and licensing income reaching 9.561 billion yuan, accounting for 60.66% of total revenue [3] - Han Sen Pharmaceutical's innovative drug and cooperative product sales reached approximately 6.145 billion yuan, a year-on-year increase of 22.1%, making up 82.7% of total revenue [3] - Yuan Da Pharmaceutical achieved a record revenue of approximately 6.11 billion HKD, with innovative and barrier products accounting for about 51% of total revenue, a nearly 15 percentage point increase year-on-year [4] Group 3: R&D Investment - Heng Rui Pharmaceutical invested 3.871 billion yuan in R&D in the first half of 2025, with over 48 billion yuan cumulatively invested, and more than 100 innovative products in clinical development [4] - Xian Sheng Pharmaceutical's R&D investment rate reached 28.7%, with over 10 billion yuan cumulatively invested over the past decade [4] Group 4: Internationalization and Licensing - Despite the growth in innovative drug revenue, the primary market for domestic pharmaceutical companies remains within China, with only one domestic drug making it to the global top 100 sales list [5] - Companies like Heng Rui Pharmaceutical and Xian Sheng Pharmaceutical are focusing on external licensing as a primary path for internationalization, with Heng Rui having completed 15 external licensing agreements [5]

Group 1 - The executive director, Zhou Chao, increased his stake in Yuan Da Pharmaceutical (00512) by purchasing 45,500 shares at a price of HKD 9.43 per share, totaling approximately HKD 429,100 [1] - After the purchase, the total number of shares held by Zhou Chao is 452,500, representing a holding percentage of 0.01% [1]

Group 1 - The executive director, Zhou Chao, increased his stake in Yuan Da Pharmaceutical (00512) by purchasing 45,500 shares at a price of HKD 9.43 per share, totaling approximately HKD 429,100 [1] - After the purchase, the total number of shares held by Zhou Chao is 452,500, representing a holding percentage of 0.01% [1]

Core Viewpoint - The report from CICC indicates that the performance of Wande Pharmaceutical (00512) in 1H25 demonstrates strong anti-risk capabilities, leading to an upward revision of the net profit forecast for 2025 and 2026 by 3.3% and 3.4% to HKD 1.91 billion and HKD 2.10 billion respectively. The current stock price corresponds to a P/E ratio of 18.0x for 2025 and 16.4x for 2026. Given the continuous realization of the company's innovative pipeline, the firm maintains an outperform rating and raises the target price by 21.9% to HKD 11.7, implying a potential upside of 20.6% from the current stock price [1]. Group 1 - The 1H25 performance exceeded expectations, with revenue reaching HKD 6.107 billion, a year-on-year increase of 1.0%, and a net profit of HKD 1.169 billion, surpassing forecasts primarily due to higher-than-expected revenue [2]. - The company demonstrated solid operational performance supported by the growth of innovative and barrier products, which accounted for approximately 51% of total revenue in 1H25, up from 36.1% in the same period last year. Excluding the impact of the tenth batch of centralized procurement, revenue in RMB terms grew by about 13.0% year-on-year, indicating sustainable growth [3]. Group 2 - The nuclear medicine segment continued its doubling growth trend, with revenue of HKD 422 million in 1H25, reflecting a year-on-year increase of 105.5% after excluding currency effects, primarily driven by the rapid growth of Yigan Tai. Additionally, Yigan Tai received FDA approval for use in primary liver cancer, becoming the first product approved for this indication globally [4]. - The company is making significant progress in its innovative radiolabeled drug conjugate (RDC) pipeline, with TLX-591CDx completing Phase III clinical enrollment and other products entering international multi-center Phase III trials, while the self-developed innovative nuclear drug GPN02006 was showcased at an international conference [4]. Group 3 - The company is advancing the development of STC3141, a potential first-in-class treatment for sepsis, which has completed Phase II clinical trials in both overseas and China, laying the groundwork for global pivotal registration studies. The company is actively exploring various efficient global collaboration models to accelerate the product's market entry [5].

Core Viewpoint - CICC has raised the profit forecast for Far East Pharmaceutical (00512) for 2025 and 2026 by 3.3% and 3.4% to HKD 1.91 billion and HKD 2.10 billion respectively, citing strong performance in 1H25 and good risk resilience [1][2] Group 1: Financial Performance - The company reported 1H25 revenue of HKD 6.107 billion, a year-on-year increase of 1.0%, and a 2.0% increase when excluding exchange rate effects [2] - The net profit attributable to shareholders for 1H25 was HKD 1.169 billion, exceeding expectations primarily due to higher-than-expected revenue [2] - The revenue from innovative and barrier products accounted for approximately 51% of total revenue, up from 36.1% in the same period last year [2] Group 2: Product Development - The nuclear medicine segment continued to show strong growth, with revenue of HKD 422 million in 1H25, reflecting a 105.5% year-on-year increase when excluding exchange rate effects [3] - The product 易甘泰 received FDA approval for use in primary liver cancer, marking it as the first approved treatment for both primary liver cancer and colorectal cancer liver metastases [3] - The company is advancing its innovative radiopharmaceutical drug conjugate (RDC) pipeline, with TLX-591CDx completing Phase III clinical trial enrollment [3] Group 3: R&D Focus - The company is making progress in the development of STC3141 for sepsis, having completed Phase II clinical trials in both overseas and China [4] - There is potential for STC3141 to become a first-in-class treatment, and the company is exploring various global collaboration opportunities to expedite the product's market entry [4]

Group 1 - The latest shareholder equity disclosure for Yuan Da Pharmaceutical (00512) and Hongxin Jianda (09930) was conducted on August 25, 2025 [1] - Yuan Da Pharmaceutical saw an increase in shares held by Zhou Chao from 407,000 shares to 452,500 shares, maintaining a holding percentage of 0.01% [2] - Hongxin Jianda experienced an increase in shares held by Zhan Jing from 15,428,200 shares to 15,928,200 shares, with a holding percentage of 0.49% [2]

Core Insights - The company achieved a revenue of HKD 6.107 billion in the first half of 2025, representing a year-on-year growth of approximately 1.0% [1] - The net profit attributable to the parent company was HKD 1.169 billion, with a slight decline of about 5.9% compared to the same period in 2024 [1] - The company continues to invest in research and development, with total R&D expenditure amounting to approximately HKD 1.022 billion [1] Revenue and Profit Analysis - Revenue growth in RMB terms was approximately 2.0%, and if excluding the impact of the tenth batch of centralized procurement price reductions, the growth would be around 13.0% [1] - The nuclear medicine oncology diagnosis and treatment segment recorded revenue of approximately HKD 421.78 million, a significant increase of about 105.5% compared to HKD 207.24 million in the same period of 2024 [1] Product Development and Pipeline - The company has diversified its pipeline through self-developed and acquired products, with innovative and barrier products accounting for 51.0% of revenue, an increase of 14.9 percentage points year-on-year [2] - The global R&D efforts in nuclear medicine are progressing smoothly, with over 900 employees in the nuclear medicine oncology segment [2] - Five RDC drugs have been approved for clinical research globally, with four entering Phase III clinical trials, and there are 15 nuclear medicine products in the registration phase [2] Future Projections - Revenue projections for 2025-2027 are estimated at HKD 12.254 billion, HKD 13.376 billion, and HKD 14.779 billion, with year-on-year growth rates of 5.2%, 9.2%, and 10.5% respectively [3] - The net profit attributable to the parent company is projected to be HKD 2.185 billion, HKD 2.462 billion, and HKD 2.706 billion for the same period, with growth rates of -11.5%, 12.7%, and 9.9% respectively [3]