Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of HKD 10.15, based on a 17x PE for 2025 [1][8][6]. Core Viewpoints - The company is positioned as a significant player in China's nuclear medicine industry, with a diversified portfolio across pharmaceutical technology, biotechnology, nuclear medicine, and cardiovascular precision intervention [1][5]. - The traditional business segments are expected to maintain steady growth, providing a solid foundation for future development [1][5]. - The nuclear medicine segment is anticipated to experience rapid revenue growth from 2025 to 2027, driven by the commercialization of Y90 microspheres and a robust pipeline of differentiated products focused on integrated tumor diagnosis and treatment [2][20]. Summary by Sections Nuclear Medicine - The company has a unique position in the nuclear medicine market with commercialized products and a differentiated pipeline. Revenue from this segment is expected to grow rapidly from 2025 to 2027, with Y90 microspheres projected to peak at over HKD 3 billion in sales [2][20]. - The low penetration rate of Y90 microspheres presents significant growth potential, supported by hospital access, new indications, and potential insurance coverage [2][21]. Pharmaceutical Technology - The pharmaceutical technology segment is projected to achieve a CAGR of approximately 7% from 2025 to 2027, driven by strong demand for exclusive products in respiratory and cardiovascular categories [3][21]. - The segment is expected to remain stable despite short-term fluctuations due to centralized procurement, with new acquisitions and self-research initiatives supporting growth [3][21]. Biotechnology - The biotechnology segment is expected to maintain steady revenue growth, benefiting from a leading market share in taurine and cysteine, with a nearly 50% global market share in taurine as of 2023 [4][21]. - The segment's performance is supported by stable market demand and the company's strong position in the amino acid market [4][21]. Financial Projections - The company forecasts a net profit of HKD 2.12 billion, HKD 2.33 billion, and HKD 2.68 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year changes of -14%, +10%, and +15% [6][7]. - Revenue is expected to reach HKD 12.65 billion in 2025, with a growth rate of 8.63% year-on-year [7][6].

港股医药股多数高开，三生制药(01530.HK)开涨14.9%，石药集团(01093.HK)开涨3.87%，翰森制药 (03692.HK)、远大医药(00512.HK)等跟涨。 ...

Core Viewpoint - The recent diagnosis of prostate cancer in former U.S. President Biden has highlighted the importance of early cancer screening, which aligns with the comprehensive strategies of Yuan Da Pharmaceutical in the prostate cancer sector [1][3]. Company Overview - Yuan Da Pharmaceutical has established a robust presence in the prostate cancer market with innovative medical devices and a comprehensive product portfolio that integrates diagnosis and treatment [1][2]. - The company has seen a significant stock price increase, reaching a nearly ten-year high of 9 HKD per share, with a cumulative rise of approximately 50% over the past two weeks [1]. Market Dynamics - The global prostate cancer treatment market is projected to grow from 13.5 billion USD in 2025 to 29.9 billion USD by 2034, with a CAGR of 9.2% [7]. - In China, the prostate cancer medication market was valued at approximately 30.3 billion CNY in 2023, reflecting a year-on-year growth of 15.07% [7]. Early Screening Importance - The early detection rate of prostate cancer in China is only 32%, significantly lower than the 92% in the U.S., leading to a higher incidence of late-stage diagnoses [9]. - Early-stage prostate cancer patients have a survival rate of up to 100%, while those with metastatic disease have only a 31% five-year survival rate [3]. Product Development and Clinical Trials - Yuan Da Pharmaceutical's innovative products include TLX591-CDx, which has completed patient enrollment for its Phase III clinical trial in China and is expected to submit for market approval within the year [2][10]. - The company has a pipeline of 15 innovative products in the nuclear medicine sector, covering multiple cancer types, and has achieved significant clinical milestones [16][17]. Strategic Positioning - The establishment of a global nuclear medicine R&D and production base in Chengdu, set to commence operations in June 2025, will enhance Yuan Da's capabilities in the nuclear medicine field [19]. - The company aims to create a comprehensive ecosystem for urogenital system diseases, integrating early screening and treatment solutions [15][20]. Future Outlook - Yuan Da Pharmaceutical is positioned to become a key player in the global pharmaceutical market, with a focus on innovation and expanding its market share in cancer diagnostics and treatment [20].

金十数据5月19日讯，据香港联交所披露易数据显示，CDH Fund V, L.P.于5月16日减持远大医药 (00512.HK)约5054.8万股，平均价格为7.71港元，涉资约3.89亿港元，持股比例由10.05%降至8.62%。 远大医药：被CDH Fund减持约3.89亿港元 ...

Core Viewpoint - The company, Yuan Da Pharmaceutical, has made significant progress in the development of global innovative nuclear medicines, with the announcement of its Chengdu Wenjiang nuclear medicine global R&D and production base receiving a Class A "Radiation Safety License" from the National Ecological Environment Department, set to commence operations in June 2025 [1][2] Group 1 - The Chengdu Wenjiang base is positioned as a global highland for the industrialization of innovative nuclear medicines, being the world's first "zero radiation" intelligent nuclear medicine factory with a full-process radiation monitoring system meeting nuclear power safety standards [1] - The base covers an area of 50 acres, with the first phase utilizing 25 acres, and a total planned investment exceeding 3 billion yuan, focusing on isotope process development, nuclear medicine coupling technology, and automated labeling technology [2] - The construction includes 14 high-standard GMP production lines capable of producing various isotopes such as 18F, 64Cu, and 89Zr, while also reserving production lines for alpha-emitting radiopharmaceuticals to meet diverse therapeutic and diagnostic nuclear medicine needs [2]

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]