Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - The treatment of sepsis has significant unmet clinical needs, with recent success in the Phase II clinical trial of STC3141 by Yuan Da Pharmaceutical, marking a breakthrough in sepsis treatment [2][19] - Sepsis is a life-threatening syndrome caused by infection leading to organ dysfunction, with a high mortality rate. In 2017, there were approximately 48.9 million cases globally, resulting in about 11 million deaths [2][21] - Current treatments for sepsis primarily focus on symptomatic care, including antibiotics, vasopressors, and supportive therapies, with no effective curative options available [23] - The market for sepsis treatment is vast due to the severe unmet needs, highlighting the potential for new therapeutic developments [2][21] Summary by Sections 1. Weekly New Drug Market Review - From May 12 to May 16, 2025, the top five companies in the new drug sector by stock price increase were Junshengtai (19.78%), Deqi Pharmaceutical (18.34%), Jiahe Biotech (14.48%), Keji Pharmaceutical (14.46%), and Fuhong Hanlin (12.34%). The top five companies with the largest declines were Gilead Sciences (-17.10%), Canaan Pharmaceuticals (-8.72%), Yunding New Medicine (-7.77%), Zexing Pharmaceutical (-7.18%), and Chuangsheng Group (-6.96%) [1][15] 2. Key Analysis of the New Drug Industry - Sepsis treatment has critical unmet clinical needs, with Yuan Da Pharmaceutical's STC3141 achieving significant clinical endpoints in its Phase II trial in China [2][19] - Sepsis is characterized by a dysregulated host response to infection, leading to organ dysfunction and high mortality rates. Early treatment can improve survival rates [20] - In China, approximately 2.93 million cases of sepsis were reported in 2017, with 709,315 related deaths, indicating a high burden of disease [21] - Current therapies are mainly symptomatic, including antibiotics and supportive care, with no effective treatment options available [23] - The development of new drugs for sepsis is challenging, with many clinical trials failing to meet expectations. However, some therapies, such as STC3141, have shown promising early results [26][31] 3. New Drug Application Approvals and Acceptances - No new drug or new indication applications were approved this week, but eight new drug applications were accepted [4] 4. New Drug Clinical Application Approvals and Acceptances - This week, 40 new drug clinical applications were approved, and 30 new drug clinical applications were accepted [5] 5. Domestic Market Focus Events - Notable events included the initiation of a Phase III trial by BeiGene for its BTK-targeting drug BGB-16673, and the acceptance of new indication applications for drugs by Kelun-Biotech and Zexing Pharmaceutical [11] 6. Overseas Market Focus Events - Key events included AbbVie receiving FDA approval for its c-Met-targeting ADC drug, and GSK's acquisition of Boston Pharmaceuticals for $2 billion [12]

Core Viewpoint - The company, YuanDa Pharmaceutical, has achieved significant milestones in the development of its global nuclear medicine R&D and production base in Chengdu, which is set to become the world's first "zero-radiation" intelligent nuclear medicine factory, marking a strategic leap in the nuclear medicine industry [1][4][11]. Group 1: Company Developments - YuanDa Pharmaceutical's Chengdu base has received a Class A Radiation Safety License from the Ministry of Ecology and Environment, with operations expected to commence in June 2025 [1][11]. - The construction of the base has set a record in the industry, completing the main structure in just five months, and is recognized for its high level of automation and comprehensive range of isotopes [1][4]. - The company has seen its stock price rise significantly, reaching a historical high of HKD 8.95, a nearly 126% increase from its low point this year, with a market capitalization exceeding HKD 30 billion [3]. Group 2: Technological Innovations - The Chengdu base features a state-of-the-art cyclotron from Belgium's IBA, enabling the independent production of critical isotopes, addressing the domestic shortage of imported isotopes [5]. - The facility employs fully automated production processes, enhancing production stability and efficiency, and significantly reducing the production cycle by approximately 80% [7]. - A comprehensive radiation monitoring system has been integrated, ensuring compliance with international safety standards and establishing a new benchmark for safety in the nuclear medicine industry [9][12]. Group 3: Market Position and Growth - The global nuclear medicine market is projected to grow at a compound annual growth rate (CAGR) of 18% from 2022 to 2028, reaching approximately USD 18.7 billion, while China's market is expected to grow at a CAGR of 27% from 2023 to 2030, reaching around RMB 26 billion [12]. - YuanDa Pharmaceutical has established a complete industrial chain in the nuclear medicine sector, with a product pipeline that includes 15 innovative products targeting various cancers [12][15]. - The company is positioned as a leader in the nuclear medicine field, with the most extensive product pipeline and integrated treatment solutions, enhancing its competitive edge in the market [16][17].

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告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的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) 自願性公告 本集團全球領先的核藥研發及生產基地 取得甲級《輻射安全許可證》並即將投入運營 本公告乃遠大醫藥集團有限公司(「本公司」，連同其附屬公司統稱「本集團」)之董事 會(「董事會」)自願刊發。 董事會欣然公告，本集團位於成都市溫江區的全球領先的核藥研發及生產基地，近日獲 得中華人民共和國生態環境部頒發的甲級《輻射安全許可證》，並將於今年 6 月正式投 入運營。該基地於二零二二年底簽約，二零二三年四月全面啟動環境影響評估，同年十 一月獲得施工許可正式破土動工，僅五個月實現主體封頂，以兩年週期刷新行業建設紀 錄。該基地將助力本集團完善核藥全球化版圖，構建自主可控的新生態，是本集團在核 藥抗腫瘤診療領域全產業鏈建設佈局上的又一次重要里程碑進展。 該研發及 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - The treatment of sepsis has significant unmet clinical needs, with recent success in the Phase II clinical trial of STC3141 by Yuan Da Pharmaceutical, marking a breakthrough in sepsis treatment [2][19] - Sepsis is a high-mortality clinical syndrome caused by infection, with an estimated 48.9 million cases and 11 million deaths globally in 2017 according to WHO [2][21] - Current treatments for sepsis primarily focus on symptomatic care, with no effective therapeutic options available [23] - The market for sepsis treatment is vast due to the severe unmet clinical needs, highlighting the potential for new drug developments [2][26] Summary by Sections 1. Weekly New Drug Market Review - From May 12 to May 16, 2025, the top five companies in the new drug sector by stock price increase were Junshengtai (19.78%), Deqi Pharmaceutical (18.34%), Jiahe Biotech (14.48%), Keji Pharmaceutical (14.46%), and Fuhong Hanlin (12.34%) [1][15] - The top five companies by stock price decrease included Gilead Sciences (-17.10%), CanSino Biologics (-8.72%), Yunding New Medicine (-7.77%), Zai Lab (-7.18%), and Chuangsheng Group (-6.96%) [1][15] 2. Key Analysis of the New Drug Industry - Sepsis treatment faces serious unmet clinical needs, with Yuan Da Pharmaceutical's STC3141 achieving clinical endpoints in its Phase II trial in China [2][19] - Sepsis is characterized by a dysregulated host response to infection, leading to life-threatening organ dysfunction [20] - In China, approximately 2.93 million cases of sepsis occur annually, with around 709,315 related deaths [21] - Current therapies are mainly symptomatic, including antibiotics, vasopressors, and supportive care, with no effective treatment options available [23] - The development of new drugs for sepsis is challenging, with many innovative therapies failing in clinical trials [26] 3. New Drug Application Approvals and Acceptances - No new drug or new indication applications were approved this week, but eight new drug applications were accepted [4] 4. New Drug Clinical Application Approvals and Acceptances - This week, 40 new drug clinical applications were approved, and 30 new drug clinical applications were accepted [5] 5. Key Domestic Market Events - Notable events included the initiation of a Phase III trial by BeiGene for its BTK-targeting drug BGB-16673 and the priority review application for a new indication by Kelun-Biotech for SKB264 [11] 6. Key Overseas Market Events - AbbVie announced FDA approval for its c-Met-targeting ADC drug Telisotuzumab Vedotin, marking a significant milestone in the treatment of non-small cell lung cancer [12]

Group 1 - The Hang Seng Medical Index ETF has shown significant liquidity with a turnover of 1% and a transaction volume of 2.6148 million yuan, with an average daily transaction volume of 27.4616 million yuan over the past month [2] - The ETF's scale has increased by 28.6087 million yuan in the past month, ranking first among comparable funds, with a share increase of 12 million units in the last two weeks, also the highest among peers [2] - In terms of capital inflow, the ETF has seen net inflows on 5 out of the last 8 trading days, totaling 14.5271 million yuan [2] - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 23.4, which is in the 4.36% percentile over the past year, indicating a valuation lower than 95.64% of the time in the past year, suggesting historical low valuations [2] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 57.09% of the index, including companies like WuXi Biologics and BeiGene [2] Group 2 - Since the reform of new drug research and development policies in 2015, China's innovative drug industry has developed a strong ecosystem, integrating excellent resources in preclinical and clinical stages, which has gained recognition from multinational corporations (MNCs) [3] - The pharmaceutical and biotechnology sector's Q1 2025 financial reports show stable revenue and profit performance, with notable improvements in certain sub-industries, indicating a return of market enthusiasm for the sector [3] - There is a recommendation to focus on international biotech companies, revaluation of innovative pipelines in generic companies, and companies in the CXO industry with significant order and operational improvements [3] - Investors without stock accounts can access investment opportunities in the Hong Kong medical sector through the Hang Seng Medical Index ETF linked fund (018433) [3]

Group 1: Company Developments - Yuan Da Pharmaceutical (00512.HK) announced that its partner, Taisun Pharmaceutical, successfully completed Phase II and III clinical trials for APP13007, a hormone nano-suspension eye drop, which showed significant efficacy in treating postoperative inflammation and pain [1] - Junshi Biosciences (688180.SH) reported that its PARP inhibitor, senaparib, achieved the primary endpoint in a Phase III clinical trial for advanced ovarian cancer, and plans to submit a new drug application soon [4] - Zhongyuan Jianye (09982.HK) successfully held a signing ceremony for 21 projects in Henan, with a total contracted construction area of approximately 1.9515 million square meters [5] Group 2: Sales and Financial Performance - Qiu Tai Technology (01478.HK) disclosed that it sold 37.928 million camera modules in March 2023, a month-on-month increase of 41.8%, but a year-on-year decrease of 2% [2] - China Resources Land (01109.HK) reported a total contract sales amount of approximately RMB 38.8 billion in March 2023, representing a year-on-year increase of 85.7% [3] - Far East Horizon (02163.HK) achieved a revenue of HKD 36.97 million in the first quarter, reflecting a year-on-year growth of 9.41% [7] Group 3: Market and Operational Data - China Metallurgical Group (01618.HK) signed new contracts worth RMB 325.81 billion from January to March 2023, marking a year-on-year increase of 2.1% [8] - Longyuan Power (00916.HK) completed a total power generation of 19.6033 million MWh in the first quarter, a year-on-year increase of 7.61% [8] - MONGOL MINING (00975.HK) sold 1.6 million tons of washed coking coal products in the first quarter, a year-on-year increase of 343% [8]

截至2025年5月15日 10:15，恒生医疗保健指数(HSHCI)上涨0.11%，成分股远大医药(00512)上涨6.15%，诺诚健华(09969)上涨4.36%，巨子生物(02367)上涨 3.75%，药师帮(09885)上涨2.38%，健康之路(02587)上涨1.83%。恒生医疗ETF(513060)上涨0.21%， 冲击3连涨。最新价报0.48元。流动性方面，恒生医疗 ETF盘中换手2.77%，成交2.74亿元。拉长时间看，截至5月14日，恒生医疗ETF近1月日均成交12.54亿元，排名可比基金第一。 2025年5月12日，商务部公布了中美日内瓦经贸会谈联合声明。声明指出：中美双方近期会将4月2日相关的34%关税分为24%（暂缓90天）和10%，中国还将 暂停或取消自2025年4月2日起针对美国的非关税反制措施。中美双方未来还会建立机制，继续就经贸关系进行协商。 湘财证券指出，中美关税的缓和有利于国内医疗器械降低生产成本，扩大海外市场份额。而对于CXO，政策边际缓和有望迎来估值修复。我们看好医疗服 务行业，建议关注出口产业链。 恒生医疗ETF紧密跟踪恒生医疗保健指数，恒生医疗保健指数提供一项市场参考 ...

Group 1 - The company is advancing its innovative radiopharmaceuticals, including GPN02006 for diagnosing hepatocellular carcinoma (HCC), with results from clinical research expected to be presented at the 2025 SNMMI annual meeting [1] - GPN02006 is a targeted diagnostic radiopharmaceutical based on radiolabeled antibody technology, aiming to provide a new and more precise molecular imaging solution for HCC diagnosis [1] - The company has also made progress with TLX591 and TLX591-CDx, with TLX591 being a therapeutic radiopharmaceutical that has received acceptance for international multi-center Phase III clinical application [2] Group 2 - The company's nuclear medicine segment has entered a growth phase, achieving revenue of HKD 589 million in 2024, a significant increase of 177% year-on-year [3] - The core product, Yttrium-90 microsphere injection, has become a key driver of revenue growth, contributing HKD 500 million, with a year-on-year increase of over 140% [3] - The company has established a comprehensive industrial layout covering research, production, sales, and regulatory qualifications, with a global R&D and production base for radiopharmaceuticals in Chengdu [3]

Core Viewpoint - The company has made significant advancements in the field of nuclear medicine for cancer diagnosis and treatment, leading to a surge in its stock price and a historical high. Notably, a prominent investment bank has raised the company's target price multiple times this year, reflecting confidence in its innovative capabilities in nuclear medicine [1][2]. Group 1: Company Developments - The company announced promising results from its clinical research on GPN02006, a novel radioactive drug conjugate (RDC) for diagnosing hepatocellular carcinoma (HCC), which will be presented at the SNMMI annual meeting in 2025 [1][2]. - GPN02006 is based on innovative radioactive nuclide-antibody conjugation technology and has shown excellent safety and imaging efficacy, with no reported adverse reactions and high-quality imaging achieved within 30 minutes post-administration [2][5]. - The company has a robust pipeline with 15 innovative products in the nuclear medicine sector, covering various cancers and offering integrated diagnostic and therapeutic solutions [10][12]. Group 2: Market Potential - The global liver cancer diagnostic market is projected to grow at a compound annual growth rate (CAGR) of 6.53%, increasing from $1.8 billion in 2024 to $2.98 billion by 2032 [3]. - The company’s innovative products, including TLX591 and TLX591-CDx, are positioned to capture significant market share in the growing prostate cancer treatment market, which is expected to expand due to an increasing patient population [9][12]. Group 3: Strategic Positioning - The company has established a comprehensive industrial chain encompassing research, production, sales, and regulatory qualifications, with a focus on becoming a global leader in innovative nuclear medicine [13][14]. - The new nuclear medicine base in Chengdu is set to enhance the company's global pipeline and facilitate the development of high-value nuclear drug products, marking a new phase in its global expansion [14].

Core Viewpoint - CICC maintains the EPS forecast for Grand Pharmaceutical (00512) at HKD 0.6 for 2025 and HKD 0.63 for 2026, with a target price increase of 20% to HKD 9.6, indicating a potential upside of 15.4% from the current stock price [1] Company Status - On May 12, the company announced the completion of patient enrollment for the Phase III clinical study of the innovative radiolabeled drug conjugate (RDC) TLX591-CDx in China, with plans to submit a new drug application within the year [2] - On May 7, the company reported that the application for the innovative RDC product TLX591 to join an international multicenter Phase III clinical trial has been accepted by the National Medical Products Administration [2] Product Commercialization - The diagnostic radiopharmaceutical TLX591-CDx has been commercially validated overseas and is set to advance its domestic market application; it is used for prostate cancer diagnosis and screening patients eligible for PSMA-targeted RDC treatment [3] - TLX591-CDx has been approved in multiple countries, including the U.S. in December 2021, with projected global sales of approximately USD 517 million in 2024 and first-quarter 2025 sales reaching USD 151 million, reflecting a year-on-year increase of 35% [3] Clinical Trial Progress - TLX591 (177Lu-HuJ591) is an innovative monoclonal antibody product designed for treating metastatic castration-resistant prostate cancer (mCRPC) patients; it features a convenient dual-dose regimen with a 14-day interval [4] - The company aims to efficiently shorten the development cycle of therapeutic radiopharmaceuticals by joining the international multicenter Phase III clinical trial, following promising Phase II clinical data [4] Strategic Partnerships - In November 2020, the company announced a collaboration with Australian radiopharmaceutical company Telix, securing exclusive development and commercialization rights for a series of RDC drugs in several regions, with the first integrated diagnostic-therapeutic RDC pipeline nearing fruition [5] - The company is solidifying its leading position in the innovative nuclear medicine field [5]