Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].

智通财经APP讯，近日，港股科技创新型医药企业远大医药(00512)传来利好，公司在放射性核素偶联药物(RDC)领域的重要战略合作伙伴Telix Pharmaceuticals Limited (ASX: TLX)公布了用于治疗胶质母细胞瘤(脑癌)的全球创新RDC产品TLX101的海外II期临床试验(IPAX-Linz研究)的初步结果，证实 了患者的获益。这是远大医药在核药抗肿瘤诊疗领域全球布局的一项重要进展。 TLX101产品潜力可观，已获FDA孤儿药认定 据悉，TLX101自由通过血脑屏障进入大脑，并靶向胶质母细胞瘤过度表达的L型氨基酸转运蛋白1 (LAT-1)精准辐射癌细胞并促使其凋亡以达到治疗效果。 该产品已获FDA孤儿药认定。目前，TLX101全球研发进展顺利，其中国I期临床已于2023年4月获批;海外方面，该产品有望于2025年上半年向美国FDA提交 新药临床试验(IND)，并在2025年下半年开启临床试验。 本次IPAX-Linz研究是一项研究者发起的II期临床研究，旨在评估TLX101联合外照射放射治疗(EBRT)在首次或第二次复发的高级别胶质瘤(HGG)患者(包括胶 质母细胞瘤)中的安全性、 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector [1]. Core Insights - The commercialization of nuclear medicine is accelerating, with significant growth in diagnostic nuclear drugs and the potential for domestic nuclear drugs to reach a commercialization inflection point [3][17]. - The report highlights the successful commercialization of Pluvicto and Lutathera, which are expected to generate substantial revenues, with Pluvicto projected to exceed $5 billion in peak sales [3][12]. - The report emphasizes the similarities between Radioligand Therapy (RDC) and Antibody-Drug Conjugates (ADC), suggesting that RDC could replicate the success of ADC in the market [3][22]. Summary by Sections Part 1: Overseas Nuclear Drug Rapid Growth, Domestic Commercialization Period - Overseas nuclear drugs are experiencing rapid commercialization, with Pluvicto achieving $1.392 billion in revenue in 2024, a 42% increase, and Lutathera generating $724 million, a 20% increase [3][12]. - The combined revenue from these two drugs for Novartis reached $2.116 billion, indicating the ongoing value realization of nuclear drugs [3][12]. - The report notes that the domestic nuclear drug market is set to expand significantly, with five new nuclear drugs approved since 2020, including Yttrium-90 microspheres from Yuan Da Pharmaceutical, which is expected to generate nearly HKD 500 million in revenue in 2024, a growth rate exceeding 140% [3][20]. Part 2: RDC Expected to Replicate ADC Success Path - RDC shares structural and mechanistic similarities with ADC, consisting of a targeting ligand, a linker, and a radioactive nuclide [3][22]. - The report outlines that both RDC and ADC have followed similar validation timelines, with ADC gaining market traction after the success of Enhertu, while RDC is now gaining attention following the success of Pluvicto [3][22]. - The market for new nuclear drugs is projected to reach approximately $4-5 billion in 2024, comparable to the ADC market size around 2021 [3][22]. Part 3: Domestic Nuclear Drug Pipeline Overview - The report details the current pipeline of domestic nuclear drugs, with three products in the NDA stage, including Novartis's PSMA diagnostic and therapeutic drugs [3][49]. - The leading targets in domestic research remain PSMA, FAP, and SSTR, with companies like Yuan Da Pharmaceutical and Xiantong Pharmaceutical leading in clinical project numbers [3][53]. - The anticipated approval of Novartis's two PSMA-targeted products in Q2 2025 is expected to further stimulate the domestic nuclear medicine market [3][20].

Summary of Conference Call Notes Company and Industry Overview - The conference call involved **Yuan Da Pharmaceutical**, discussing its performance and strategies in the **pharmaceutical industry**, particularly focusing on **nuclear medicine** and **innovative drug development** [1][2][29]. Key Points and Arguments Financial Performance - **Total revenue** for the year reached **HKD 11.64 billion**, a **12.8%** increase year-over-year [2]. - The **Hoya segment** showed remarkable growth, achieving **HKD 590 million** in revenue, up **176.6%** year-over-year, indicating strong innovation and market demand [2]. - The company maintained a **dividend payout** of **HKD 910 million**, consistent with the previous year [2]. Product Development and Innovation - A total of **33 products** were launched last year, including **2 innovative products** and **21 major milestones** in clinical trials [3]. - The company has expanded its product lines in various segments, including cardiovascular devices and respiratory products, contributing to sustained revenue growth [3][4]. - The **nuclear medicine** sector is highlighted as a key growth area, with ongoing collaborations with international firms like **Telix** and **IPM** to enhance product offerings [6][38]. Market Strategy and Future Outlook - The company aims to launch **23 innovative products** by **2025**, focusing on high-demand areas such as interventional medicine and respiratory treatments [24][25]. - There is a strong emphasis on expanding the **nuclear medicine** market, with plans to enhance clinical trial submissions to the **FDA** and **CDE** [50][51]. - The company is positioning itself as a leader in the **nuclear medicine** field, with a focus on addressing unmet clinical needs and expanding its global footprint [41][42]. Challenges and Responses - The pharmaceutical industry is undergoing significant reforms, presenting both opportunities and challenges. The company is adapting by enhancing its product pipeline and focusing on innovative solutions [1][5]. - The management expressed confidence in navigating financial pressures and emphasized a proactive approach to product development and market expansion [30][32]. Additional Important Content - The company has established a **global supply network** for nuclear medicine, covering over **50 countries** and regions, which is crucial for its international growth strategy [9]. - There is a notable increase in the **academic promotion team**, with a **90%** growth in team members and an **80%** increase in trained surgeons, which is expected to drive product adoption [10]. - The company is committed to maintaining a strong pipeline of **generic drugs** while transitioning towards more innovative products, reflecting a strategic shift in its business model [29][32]. This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, product innovation, market strategies, and future outlook within the pharmaceutical industry.

证券研究报告 | 2025年04月11日 远大医药（00512.HK） 优于大市 2024 年归母净利同比增长 31%，核药龙头杨帆启航 收入同比增长 10.6%，归母净利润同比增长 31.3%。2024 年公司实现收入 116.45 亿港币，同比增长 10.6%，扣除汇率变动影响同比增长约 12.8%；实 现归母溢利 24.68 亿港币，同比增长 31.3%；若扣除对 Telix 投资的公允价 值变动收益（7.08 亿港币），正常化归母溢利约 17.61 亿港币，同比增长约 2.5%，进一步扣除汇率变动的影响后同比增长约 4.6%，在较大的外部环境压 力下保持业绩的良好增长。 五官科和呼吸类产品表现亮眼，核药抗肿瘤板块持续高速放量。扣除汇率变 动影响，2024 年制药科技板块实现收入 73.18 亿港币，同比增长 9.6%，其 中呼吸及危重症业务收入 17.09 亿港币，同比增长约 26.9%，主要因为核心 产品切诺的临床需求持续增长以及新产品恩卓润、恩明润和布地奈德鼻喷雾 剂的快速放量；五官科业务收入 27.04 亿港币，同比增长 19.3%，主要是新 品销售带来增长；心脑血管急救业务收入 21.76 亿 ...

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) 於二零二五年四月十日舉行之股東週年大會之 投票表決結果 茲提述遠大醫藥集團有限公司 (「本公司」) 於二零二五年三月十九日發出之通函 (「通函」) 及所有於股東週年大會通告 (「通告」) 中提呈之決議案。於本公佈內所用 之釋義，除文義另有所指外，將與該通函所定之意義相同。 表決結果 董事會宣佈，於二零二五年四月十日舉行之股東週年大會中，所有提呈之決議案均以投 票方式獲正式通過。 - 主席兼執行董事唐緯坤博士及行政總裁兼執行董事周超先生親身出席； - 執行董事楊光先生及林芷伊女士，非執行董事蘇彩雲女士，邢麗娜博士及胡野碧先 生均透過電話形式出席；及 - 非執行董事裴更博士因其他公務而缺席股東週年大會。 於股東週年大會當日，本公司之已發行股份數目為 3,5 ...

EF001 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 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、胡野碧 先生及裴更博士組成。 第 2 頁 共 2 頁 v 1.1.1 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 遠大醫藥集團有限公司 | | 股份代號 | 00512 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年十二月三十一日止年度之末期股息 | | 公告日期 | 2025年3月12日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更改派發日 | | 股息信息 | | | 股息類型 | 末期 ...

中金报告指出，远大医药2024年纯利同比增长31.3%至24.7亿港元，超出预期，主要得益于核药销售超 预期和Telix股权投资收益。 校对：祝甜婷 核药板块高速增长，RDC管线预计2025年开始贡献收益，传统板块保持稳健。 公司STC3141脓毒症临床结果预计2025年上半年公布。 中金上调远大医药目标价33.3%至7.2港元，维持"跑赢行业"评级，维持2025年每股盈利预测0.6港元，并 预计2026年每股盈利0.63港元。 ...

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 此外，本集團於二零二四年十二月獲得中華人民共和國國家藥品監督管理局「( 藥監局」) 批准在中國開展另一項 ITM-11 的 III 期臨床試驗（「COMPETE 橋接試驗」），旨 在評估 ITM-11 多肽受體放射性核素治療（PRRT）對比標準治療，在不可手術、進 展性、高分化 1 級或 2 級、SSTR+的 GEP-NETs 患者中的有效性和安全性。海外研 究方面，ITM SE 開展的 COMPETE III 期臨床試驗於二零二五年一月成功達到了主 要臨床終點，這也將會為中國的 COMPETE 橋接試驗提供積極的數據支持。這兩項 III 期臨床試驗將有助於 ITM-11 產品對於 GEP-NETs 各階段病程的全方位覆蓋。 本集團於 2024 ...

Core Viewpoint - CICC maintains a "outperform" rating for Yuan Da Pharmaceutical (00512) and raises the target price by 33.3% to HKD 7.2 [1] Financial Performance - The company reported a net profit of HKD 2.47 billion, a year-on-year increase of 31.3%, exceeding CICC's expectations [1] - The growth was primarily driven by higher-than-expected nuclear medicine volume and gains from Telix equity investments [1] Earnings Forecast - CICC maintains the earnings per share (EPS) forecast for this year at HKD 0.6 and introduces a new EPS forecast of HKD 0.63 for 2026 [1] Business Segments - The nuclear medicine segment is experiencing rapid growth, with the RDC pipeline expected to start generating revenue in 2025 [1] - The traditional business segment remains stable, with attention on the clinical results of STC3141 for sepsis, with preliminary results expected in the first half of this year [1]