Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.07 HKD, based on a 20x PE for 2025 [5]. Core Insights - The company is positioned for accelerated growth through a dual strategy of "independent research and global expansion," which enhances its international transformation potential [1][12]. - In 2024, the company achieved a revenue of 10.784 billion RMB, a year-on-year increase of 10.59%, and a net profit of 2.286 billion RMB, up 31.28% year-on-year, driven by increased demand for core products in nuclear medicine and cardiovascular precision intervention [21]. Summary by Sections 1. Company Overview - Founded in 1939, the company operates across three main sectors: nuclear medicine for tumor diagnosis and treatment, cardiovascular precision intervention, and pharmaceutical technology [1][12]. - The company has over 10,000 employees globally and more than 30 subsidiaries, with a diverse product portfolio exceeding 200 items in the medical insurance directory [1][12]. 2. Pharmaceutical Technology - The company is focused on developing innovative drugs in respiratory and critical care, with STC3141 showing promise as a new treatment for sepsis [2][31]. - The global market for sepsis treatment is projected to grow from 12.54 billion USD in 2024 to 19.37 billion USD by 2032, indicating significant unmet clinical needs [40]. 3. Nuclear Medicine - The company has established a complete industrial chain in nuclear medicine, with its core product, Yttrium-90 microsphere injection, rapidly gaining market traction since its approval in 2022 [3][4]. - The company is advancing multiple nuclear medicine products through clinical trials, including TLX591 for prostate cancer and GPN02006 for liver cancer diagnosis, positioning itself in the global first-tier of development [4][12]. 4. Financial Forecast - Revenue projections for 2025-2027 are 12.405 billion RMB, 13.729 billion RMB, and 15.113 billion RMB, respectively, with net profits expected to be 2.121 billion RMB, 2.396 billion RMB, and 2.773 billion RMB [5].

Summary of the Conference Call for Yuan Da Pharmaceutical Company Overview - Yuan Da Pharmaceutical's core business includes three main segments: nuclear medicine for oncology and cardiovascular precision treatment, pharmaceutical technology, and biotechnology [2][5] - The company reported a revenue of HKD 11.6 billion last year, with a net profit of HKD 1.76 billion after excluding investment income, achieving a gross margin of nearly 60% and a net margin of approximately 20% [2][6] Key Points and Arguments Business Growth and Development - The E90 product has shown significant growth, contributing to the pharmaceutical technology segment's recovery post-collective procurement [2][3] - The STC3,141 product for sepsis has a domestic market potential of over HKD 10 billion and an overseas potential exceeding USD 10 billion, currently in Phase II clinical trials [2][8] - The company plans to launch multiple collaborative and self-developed products by 2030-2031, with four self-developed products already in clinical research [2][9] Financial Performance - The company maintained a double-digit revenue growth last year, with a projected similar performance for the current year [6] - The total dividend for 2024 is expected to be HKD 900 million, resulting in a dividend yield of 5% [6] Product Development - E90 is designed for treating unresectable colorectal cancer liver metastases and advanced primary liver cancer, with a focus on improving accessibility through insurance coverage [7] - The STC3,141 product is positioned as a major player in the sepsis market, with significant potential despite some uncertainties [8] Strategic Initiatives - The company is expanding its domestic production capacity to control costs and enhance its competitive edge in the synthetic drug sector [10][11] - In the pharmaceutical technology segment, the company has passed the peak of collective procurement and anticipates the launch of several ophthalmic and agricultural products in the coming years [12] Innovations in Specific Fields - In the field of otolaryngology, the company is focusing on traditional Chinese medicine and OTC innovative drugs, addressing unmet medical needs [14] - The cardiovascular emergency segment is adapting to the aging population, with new products mitigating the impact of collective procurement on short-term performance [15] - The biotechnology segment has a strong market presence with amino acids and taurine, planning to enhance high-value terminal products for future profit growth [16] Overall Market Position - The company’s overall market capitalization is estimated between HKD 55 billion to HKD 60 billion, with current market value below HKD 30 billion, indicating significant upside potential [3] Additional Important Insights - The company has a comprehensive layout in the synthetic drug field, with a first-class production base and international-level R&D platform [10] - The company is actively involved in clinical trials for sepsis and related conditions, with a focus on immune regulation [13] - The heart and brain vascular intervention segment is developing a range of innovative devices, with 27 products already in the pipeline [17] This summary encapsulates the key aspects of Yuan Da Pharmaceutical's conference call, highlighting its business segments, financial performance, product development, strategic initiatives, and overall market position.

格隆汇8月5日丨远大医药(00512.HK)宣布，公司将于2025年8月19日(星期二)举行董事会会议，藉以(其 中包括)考虑及批准公司及其附属公司截至2025年6月30日止六个月的中期业绩以及其他事项(如有)。 ...

承董事會命 遠大醫藥集團有限公司 主席 唐緯坤博士 香港，二零二五年八月五日 於本公告日期，董事會由四名執行董事唐緯坤博士、周超先生、楊光先生及林芷伊女士， 及四名獨立非執行董事蘇彩雲女士、邢麗娜博士、裴更博士及胡野碧先生組成。 * 僅供識別 ( 於百慕達註冊成立之有限公司 ) (股份代號: 00512) 董事會召開日期 遠大醫藥集團有限公司(「本公司」)之董事會(「董事會」)謹此宣佈，本公司將於 二零二五年八月十九日(星期二)舉行董事會會議，藉以(其中包括)考慮及批准本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績以及其他事項(如有)。 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* ...

远大医药集团有限公司是一家加科技创新型国际化医药企业，主要业务包括制药科技、核药抗肿瘤诊疗 及心脑血管精准介入诊疗科技，以及生物科技。该公司拥有全球超过一万名员工，30多家境内外附属公 司，5个技术平台和8个研发中心，超过200个医保目录产品和16个销售额超过一亿的产品，业务覆盖多 个医疗领域，近年来也在全球范围内布局创新药械产品，并与多家世界领先医药企业、大学和科研机构 建立合作关系。 8月5日，远大医药(00512)盘中下跌2.28%，截至15:46，报8.15元/股，成交3.0亿元。 截至2024年年报，远大医药营业总收入107.84亿元、净利润22.86亿元。 本文源自：金融界 作者：行情君 ...

Core Insights - Nuclear medicine is a crucial interdisciplinary field that combines nuclear physics, chemistry, biology, and medicine for diagnosis, treatment, and research using radioactive isotopes [1][2][4] - The market for diagnostic and therapeutic radioactive drugs in China has grown from 2.2 billion yuan in 2017 to 5.4 billion yuan in 2023, with projections of 7.1 billion yuan in 2024 and 9.3 billion yuan in 2025 [1][10] - The industry is experiencing a significant transformation from a niche technology to a core diagnostic tool for tumors and chronic diseases, marking the next decade as a golden development period [1][20] Industry Definition - Nuclear medicine involves the application of radioactive isotopes for medical diagnostics, treatment, and research, focusing on the distribution of radioactive drugs in the body to obtain physiological and pathological information [2][4] - The industry encompasses radioactive drugs, medical radiation sources, nuclear medicine imaging equipment, and radiation therapy devices [2] Development Environment - The Chinese government has been actively promoting the nuclear medicine industry through various policies, including the "Three-Year Action Plan for High-Quality Development of Nuclear Technology Application Industry (2024-2026)" [6][7] - Local governments, such as in Guangdong and Sichuan, have also introduced plans to accelerate the development of the nuclear medicine sector [6][7] Current Market Status - The nuclear medicine market in China is characterized by high market concentration, with a CR1 of 31.16%, CR2 of 50.01%, and CR3 of 53.69% [12] - The industry has seen significant advancements in technology and capabilities, transitioning from a lagging position to a competitive one [14] Competitive Landscape - Major players in the nuclear medicine market include China Nuclear Industry, East China Pharmaceutical, and Yuanda Medical, with East China Pharmaceutical holding the largest market share at 35.16% [16][18] - The market is structured into tiers, with several companies classified in the first and second tiers based on their registered capital [16] Future Trends - The nuclear medicine industry in China is poised for substantial growth due to increasing demand for precision medicine, new radioactive drug developments, and supportive policies [20] - The aging population and rising health management awareness are expected to drive explosive growth in diverse nuclear medicine services [20]

Core Insights - Nuclear medicine is a crucial interdisciplinary field that combines nuclear physics, chemistry, biology, and medicine for diagnosis, treatment, and research using radioactive isotopes [1][2][4] - The market for diagnostic and therapeutic radioactive drugs in China has grown from 2.2 billion yuan in 2017 to 5.4 billion yuan in 2023, with projections of 7.1 billion yuan in 2024 and 9.3 billion yuan in 2025 [1][10] - The industry is experiencing a significant transformation from a niche technology to a core diagnostic tool for tumors and chronic diseases, marking the next decade as a golden development period [1][20] Industry Definition - Nuclear medicine involves the application of radioactive isotopes for medical diagnostics, treatment, and research, focusing on imaging and radiotherapy [2][4] - The industry encompasses radioactive drugs, medical radiation sources, nuclear imaging equipment, and radiotherapy devices [2] Development Environment - The Chinese government has implemented various policies to support the nuclear medicine industry, including the "Three-Year Action Plan for High-Quality Development of Nuclear Technology Application Industry (2024-2026)" [6][7] - These policies aim to enhance innovation, expand clinical applications, and create new opportunities for related enterprises [6] Current Market Status - The nuclear medicine market in China is characterized by high market concentration, with a CR1 of 31.16%, CR2 of 50.01%, and CR3 of 53.69% [12] - The industry has seen significant technological advancements, moving from a lagging position to a competitive one [14] Competitive Landscape - Major players in the nuclear medicine market include China Dongfang, East Cheng Pharmaceutical, and Yuanda Medical, with East Cheng holding the largest market share at 35.16% [16][18] - The market is structured into tiers, with several companies classified in the first and second tiers based on their registered capital [16] Future Trends - The nuclear medicine industry in China is poised for substantial growth due to increasing demand for precision medicine, new drug development, and supportive policies [20] - The aging population and rising health management awareness are expected to drive explosive growth in nuclear medicine services [20]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 遠大醫藥集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00512 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD ...

Core Viewpoint - The nuclear medicine industry in China is experiencing a pivotal moment with the strategic partnership between YuanDa Pharmaceutical and IRE ELiT, enhancing the supply chain for medical-grade Ge-68/Ga-68 generators, which aligns with international standards and meets domestic regulatory requirements [1][7]. Industry Overview - The nuclear medicine sector is emerging as a new approach for cancer diagnosis and treatment, with a focus on drugs labeled with Lu-177 and Ga-68, where Ga-68 is crucial for developing next-generation PET imaging agents [2]. - The market for diagnostic and therapeutic radioactive drugs in China is projected to reach 9.3 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 22.7% to 26 billion yuan by 2030, indicating significant market potential [4]. Supply Chain Challenges - There is a current shortage in the supply of radioactive isotopes in China, primarily due to import monopolies. The short half-life of isotopes like Ga-68 necessitates a stable supply chain, making the local production of key isotopes essential for the industry's health [6]. - The collaboration with IRE ELiT aims to establish a reliable supply chain for Ga-68 generators, addressing clinical demand gaps in China [6][7]. Company Developments - YuanDa Pharmaceutical has established a comprehensive industry chain in nuclear medicine, covering research, production, sales, and regulatory qualifications, with a pipeline of 15 innovative products targeting various cancers [8][11]. - The company’s Chengdu facility, which received a Class A radiation safety license, is the world's first closed-loop platform for the entire nuclear medicine industry chain, with an investment exceeding 3 billion yuan [12]. - YuanDa's innovative product, SIR-Spheres Y-90 microspheres, has seen rapid growth, achieving nearly 500 million HKD in revenue in 2024, reflecting a year-on-year increase of over 140% [11]. Strategic Partnerships - The partnership with IRE ELiT will enable YuanDa to leverage its market capabilities to promote the registration, localization, and commercialization of Ga-68 generators in China, enhancing the availability of PET imaging technology [7][13]. - This collaboration is expected to serve as a foundation for localizing the nuclear medicine supply chain in China, improving industry resilience and safety [7][13].

我国核药产业发展迎来破局时刻！ （图源：弗若斯特沙利文） 据弗若斯特沙利文数据，2025年中国显像诊断和治疗用放射性药物市场规模预计将达93亿元，并将以22.7%的复合年增长率增至2030年的260亿元，市场空 间巨大。 （图源：弗若斯特沙利文） 与需求增长相对的是供应能力的短缺，目前我国核素供应仍存在进口垄断的问题。与此同时，鉴于以68Ga为代表的放射性核素具有半衰期较短的特性，因而 提升放射性药物的供应链稳定性尤为关键。因此，推动关键核素的规模化生产、构建可靠的供应链体系已不仅是药企发展的保障，更是推动我国核药产业健 康发展的关键因素。 在此背景下，远大医药布局比利时IRE ELiT锗-68/镓-68发生器，将为公司创新核药管线的临床及商业化奠定坚实的基础，并有望有效缓解我国临床需求缺 口。 智通财经APP获悉，在众多药企逐渐加码创新核药产品之时，核药龙头远大医药（00512）进一步夯实其核药产业布局优势，7月31日，远大医药宣布与IRE EliT公司（Institut National des Radioéléments / IRE ELiT）达成深度战略合作，获得其全球领先的药用级锗-68/镓-68（ ...