公司创新和壁垒产品持续放量，占比快速提升。公司核药抗肿瘤诊疗板块2025H1 收入为4.2 亿港币，同 比增长106%；五官科板块2025H1 收入为14.9 亿港币，同比增长23%；呼吸及危急症板块2025H1 收入 为10.5 亿港币，同比增长10%。易甘泰、LavaTM、恩卓润比斯海乐、恩明润比斯海乐、能气朗、合心 爽/合贝爽等一系列创新和壁垒产品实现快速放量，创新成果加速涌现，2025H1 创新和壁垒产品收入占 比51.0%，同比提升14.9pcts。 事件描述 2025 年8 月19 日，远大医药发布2025 年中期业绩报告，2025H1 收入为61.1 亿港币，同比增长1.0%， 归母净利润为11.7 亿港币，同比下滑25.0%，如若剔除Telix 投资对利润端的影响，归母净利润为10.2 亿 港币，同比下滑5.9%。 事件评论 公司收入再创新高。2025H1 收入为61.1 亿港币，同比增长1.0%，归母净利润为11.7 亿港币，同比下滑 25.0%，如若剔除Telix 投资对利润端的影响，归母净利润为10.2 亿港币，同比下滑5.9%。 机构：长江证券 研究员：彭英骐/万梦蝶 核药重症迎突破， ...

机构：华泰证券 研究员：代雯/沈卢庆/孙茗馨 核药：Y90 微球快速放量，核药差异化管线或重塑价值 1H25 核药板块收入4.22 亿港币（+105.5% yoy），驱动于Y90 国内快速上量（1H25 估测收入翻番）。 我们看好该板块收入于25-27 年快速爬坡： 36.1%）；2）24 年并购标的高效整合。展望2H25，考虑2H 较低基数+制药科技/核药板块产品持续放 量，我们预计公司25 年内经营性利润稳健。考虑公司核药/STC3141 管线进展+潜在BD-in 完善制药布 局，维持"买入"。 制药科技：1H25 收入维稳，看好新品整合顺利+存量产品价值挖掘 1H25 制药科技板块实现收入38.4 亿港币(+2.9%yoy)，其中人民币口径呼吸及危重症板块收入+9.9%yoy （双恩放量+布地奈德鼻喷等产品顺利整合放量），五官科收入+22.6%yoy，急救板块收入-21.8%yoy。 我们预计25 年该板块收入有望企稳：1)呼吸:切诺或凭借独家优势稳定增长。2) 心脑血管:利舒安集采影 响进入2H25 有望逐步出清，看好板块并购/自研的新品快速增长。 3) 五官科：独家产品或稳定增长+脉血康并表整合。而 ...

Core Viewpoint - The medical device industry is increasingly relying on business development (BD) transactions rather than single product success, with a focus on cross-border introductions, capital cooperation, and ecosystem collaboration [2][5]. Group 1: Trends in Cross-Border Introductions and Exports - Cross-border transactions have become a significant part of the BD landscape, with domestic companies not only importing technologies but also exporting Chinese solutions globally [5][11]. - There is a growing alignment between products and clinical scenarios, moving beyond simple imports to addressing specific clinical challenges [5][11]. - The destinations for exports have diversified, expanding from North America to Latin America, and covering various medical fields such as cardiovascular and respiratory [5][11]. Group 2: Capital-Driven and Equity Cooperation - Capital operations have become more pronounced in the BD landscape, with strategies like license-out, option acquisitions, and strategic investments aimed at accelerating access to global markets [12][16]. - Notable examples include the collaboration between健适医疗 and Edwards Lifesciences, which involved overseas rights license-out and strategic equity investment, marking a significant step for domestic valve products in the global market [13][14]. Group 3: Collaborative Ecosystems and Channel Synergy - Companies are shifting from focusing on individual products to creating comprehensive solutions that integrate devices, tools, imaging, and channels [17][20]. - The collaboration between美敦力康辉 and罗森博特 to develop a trauma orthopedic digital platform exemplifies this trend, aiming to enhance clinical workflows and outcomes [18][20]. - The partnerships are increasingly focused on building clinical standardization capabilities, moving beyond mere sales to creating integrated treatment pathways [21][22].

丨证券研究报告丨 港股研究丨公司点评丨远大医药（0512.HK） [Table_Title] 创新和壁垒产品持续放量，研发管线齐推进 报告要点 [Table_Summary] 2025 年 8 月 19 日，远大医药发布 2025 年中期业绩报告，2025H1 收入为 61.1 亿港币，同比 增长 1.0%，归母净利润为 11.7 亿港币，同比下滑 25.0%，如若剔除 Telix 投资对利润端的影 响，归母净利润为 10.2 亿港币，同比下滑 5.9%。 分析师及联系人 [Table_Author] 彭英骐 万梦蝶 SAC：S0490524030005 SAC：S0490525050001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 远大医药（0512.HK） cjzqdt11111 [Table_Title2] 创新和壁垒产品持续放量，研发管线齐推进 2025 年 8 月 19 日，远大医药发布 2025 年中期业绩报告，2025H1 收入为 61.1 亿港币，同比 增长 1.0%，归母净利润为 11.7 亿港币，同比下滑 25.0 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 12.00 [1][5]. Core Views - The company reported a revenue of HKD 6.1 billion in 1H25, reflecting a 1% year-over-year increase, and a 25% decrease in net profit to HKD 1.17 billion [1]. - The revenue from innovative and barrier products increased to 51% in 1H25, up from 36.1% in 1H24, indicating a positive trend in product performance [1]. - The nuclear medicine segment showed significant growth, with revenue reaching HKD 422 million, a 105.5% year-over-year increase, driven by the rapid uptake of Y90 microspheres [3]. - The company expects stable operational profit in 2H25 due to a low base effect and continued growth in the pharmaceutical technology and nuclear medicine sectors [1][2]. Summary by Sections Pharmaceutical Technology - The pharmaceutical technology segment achieved revenue of HKD 3.84 billion in 1H25, a 2.9% year-over-year increase, with respiratory and critical care products growing by 9.9% [2]. - The company anticipates stabilization in revenue for 2025, driven by unique product advantages and the gradual clearing of procurement impacts [2]. Nuclear Medicine - The nuclear medicine segment's revenue surged to HKD 422 million in 1H25, primarily due to the rapid market penetration of Y90 microspheres [3]. - The company has a robust pipeline with 27 nuclear medicine projects, focusing on integrated tumor diagnosis and treatment [3]. R&D Pipeline - The STC3141 project is expected to progress to Phase III trials within the year, with promising data from Phase II trials [4]. - The company is also looking to enhance its product portfolio through potential business development opportunities [4]. Profit Forecast and Valuation - The company forecasts net profits of HKD 2.1 billion, HKD 2.4 billion, and HKD 2.6 billion for 2025, 2026, and 2027 respectively [5]. - The target price of HKD 12.00 is based on a 20x PE ratio for 2025, aligning with comparable companies in the Hong Kong market [5].

Investment Rating - The investment rating for the company is "Buy" [4][9]. 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%, with a 2.0% increase in RMB terms. Excluding the impact of the tenth batch of centralized procurement price reductions, the revenue in RMB terms increased by about 13.0% [1][4]. - The nuclear medicine oncology segment recorded revenue of approximately HKD 421.78 million, a significant increase of about 105.5% compared to the same period in 2024 [1][2]. - The company's net profit attributable to shareholders was HKD 1.169 billion, with a slight decline of about 5.9% after excluding the impact of Telix investments [1][3]. - The company continues to invest in research and development, with total R&D expenditures amounting to approximately HKD 1.022 billion [1]. Summary by Sections Performance Overview - In the first half of 2025, the company reported a revenue of HKD 6.107 billion, a year-on-year increase of approximately 1.0%. In RMB terms, the revenue grew by about 2.0%, and excluding the impact of price reductions from centralized procurement, the growth was around 13.0% [1][4]. - The nuclear medicine oncology segment saw revenue of approximately HKD 421.78 million, up about 105.5% from approximately HKD 207.24 million in the same period of 2024 [1][2]. Product Development and Pipeline - The company is focusing on innovation-driven product structure optimization, with revenue from innovative and barrier products accounting for 51.0%, an increase of 14.9 percentage points year-on-year [2]. - The company has successfully advanced its nuclear medicine innovation products globally, with over 900 employees in the nuclear medicine oncology sector [2]. Financial Forecast - Revenue projections for 2025-2027 are estimated at HKD 12.254 billion, HKD 13.376 billion, and HKD 14.779 billion, representing year-on-year growth rates of 5.2%, 9.2%, and 10.5% respectively [3]. - The net profit attributable to shareholders 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].

Core Viewpoint - The company reported a mixed performance in its 2025 interim results, with a slight increase in revenue but a significant decline in net profit, primarily due to price reductions from the tenth batch of centralized procurement and increased marketing expenses for new products [2][3]. Financial Performance - The company achieved a revenue of HKD 6.107 billion in the first half of the year, representing a year-on-year increase of 1% [2]. - The net profit attributable to shareholders was HKD 1.169 billion, a decrease of approximately 25% year-on-year. Excluding the impact of Telix investments, the net profit was around HKD 1.017 billion, down about 5.9% year-on-year [2][3]. Product Performance - Revenue from innovative and barrier products accounted for over 50% of total revenue for the first time, contributing approximately 51% [3]. - The nuclear medicine oncology segment saw a remarkable revenue growth of 105.5% in the first half, following a 107.6% increase in the same period last year [3]. Strategic Focus - The company is focusing on innovative products as a key driver for future performance recovery [2]. - The company has a pipeline of 15 innovative products in the research and development phase, with the fastest progress being made on TLX591-CDx for prostate cancer diagnosis, which has completed patient enrollment for its Phase III clinical study [3][4]. Internationalization Efforts - The company aims to increase its international revenue, with a target of achieving over 30% of total revenue from international markets in the next 3 to 5 years [5]. - Currently, the overseas business accounts for approximately 40% of total revenue, with amino acid segment sales covering over 140 countries and regions [5]. Recent Developments - The company has made significant advancements in nuclear medicine, including the FDA approval of Yttrium-90 microsphere injection for treating unresectable hepatocellular carcinoma (HCC) [6]. - A new nuclear medicine research and production facility in Chengdu has commenced operations, designed to be one of the most automated and comprehensive in the world [6].

Core Viewpoint - The company, Yuan Da Pharmaceutical, has demonstrated robust growth in its mid-year performance, achieving a record revenue of approximately 6.11 billion HKD, with significant contributions from innovative and barrier products [1] Financial Performance - The company reported a revenue of approximately 6.11 billion HKD for the first half of the year, marking a historical high [1] - Revenue from innovative and barrier products accounted for about 51% of total revenue, an increase of nearly 15 percentage points year-on-year [1] - Excluding the impact of centralized procurement and exchange rates, the company's revenue grew approximately 13% year-on-year [1] - The net profit for the period was recorded at approximately 1.17 billion HKD [1] Product Development - On July 7, the Yttrium-90 microsphere injection received early formal approval from the FDA for a new indication for unresectable hepatocellular carcinoma (HCC), with no restrictions on tumor diameter [1] - The product, Yigan Tai, is the first and only selective internal radiation therapy product approved by the FDA for both unresectable HCC and colorectal cancer liver metastases [1] - Since its approval in China, the Yttrium-90 microsphere injection has rapidly gained traction, treating nearly 2,000 patients by the end of 2024, with projected sales revenue of nearly 500 million HKD for 2024, reflecting a year-on-year growth rate exceeding 140% [1]

Investment Rating - The report assigns a "Buy" rating for the company [4][6]. Core Views - The company is experiencing rapid growth in nuclear medicine and is advancing its innovative pipeline across multiple fields [2][3]. - Despite a slight increase in revenue, the company's profitability has declined due to increased sales expenses related to new product launches [1][4]. Financial Summary - For the first half of 2025, the company reported revenue of HKD 6.107 billion, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of HKD 1.169 billion, a decrease of 24.96% [1]. - The normalized profit attributable to shareholders, excluding the impact of Telix investment, was HKD 1.017 billion, down 5.92% year-on-year [1]. - The gross margin for the first half of 2025 was 58.95%, a decrease of 0.44 percentage points year-on-year [1]. - The company expects revenues of HKD 122.91 billion, HKD 137.62 billion, and HKD 152.62 billion for 2025, 2026, and 2027 respectively, with net profits of HKD 20.39 billion, HKD 24.66 billion, and HKD 28.63 billion for the same years [4][5]. Business Segments - The nuclear medicine and cardiovascular intervention segment generated revenue of HKD 5.78 billion, with nuclear medicine revenue at HKD 4.22 billion, reflecting a significant increase of 105.5% in RMB terms [2]. - The pharmaceutical technology segment reported revenue of HKD 38.45 billion, with respiratory and critical care products contributing HKD 10.47 billion, a 9.9% increase in RMB terms [2]. - The biotechnology segment's revenue was HKD 16.84 billion, with amino acid revenue at HKD 13.47 billion, showing a decline of 9.5% in RMB terms [2]. Clinical Development - The nuclear medicine pipeline is advancing rapidly, with several key clinical milestones achieved, including FDA approval for Yttrium-90 microspheres for unresectable HCC and progress in various clinical trials for prostate cancer and neuroendocrine tumors [3].

Core Viewpoint - The company has achieved significant innovation progress and robust financial performance in 2025, driven by high R&D investment and strategic policy support [1][2][27]. Financial Performance - In the first half of 2025, the company reported a record revenue of approximately HKD 61.1 billion, with net profit around HKD 11.7 billion [1]. - R&D investment reached about HKD 10.2 billion, leading to 38 major R&D milestones, including 16 innovative products [1]. Innovation and Product Development - The company’s Yttrium-90 microsphere injection received FDA approval for primary liver cancer, achieving a 98.5% objective response rate [2][7]. - The company has successfully integrated multiple innovative products into the commercial insurance directory, enhancing its market presence [2][3]. - The nuclear medicine segment has become a core revenue driver, with approximately HKD 4.2 billion in revenue, reflecting over 100% growth [4]. Market Potential and Strategy - The global liver cancer treatment market is projected to reach USD 9.81 billion by 2030, indicating significant growth potential for the company's innovative therapies [6]. - The company is positioned to leverage its comprehensive clinical and commercialization network across Europe, the US, and Japan to enhance product penetration [2][9]. Regulatory and Policy Support - Recent policy measures from the National Healthcare Security Administration have established a stable pricing mechanism for innovative drugs, further empowering the company's growth [1][27]. - The establishment of a zero-radiation smart nuclear medicine factory in Chengdu represents a strategic investment in advanced manufacturing capabilities [15][16]. Competitive Landscape - The company is one of only four globally to commercialize innovative nuclear medicines, positioning it as a leader in the field [3][9]. - The market for radiopharmaceuticals is rapidly expanding, with significant transactions involving major multinational corporations [9][10]. Product Pipeline and Future Outlook - The company has a robust pipeline with 15 innovative products targeting various cancers, including prostate and kidney cancers, with several in Phase III clinical trials [10][12]. - The innovative eye drug OC-01 for dry eye syndrome has shown promising clinical results and is expected to capture a significant market share in China [25][26]. Investment Sentiment - The company's strategic value has been recognized by the capital market, with multiple institutions raising their ratings and target prices significantly [27].