Group 1 - The core point of the article is that Yuan Da Pharmaceutical is strategically expanding its biotechnology sector by acquiring Hebei Yuan Da Jiu Fu Biotechnology Co., thereby enhancing its amino acid industry chain layout [1] - The acquisition will improve the stability of upstream amino acid raw material supply, enrich the midstream product pipeline, and accelerate market penetration of downstream health products, achieving synergistic development of the industry chain [1][6] - This move is expected to strengthen the company's competitive edge and global market influence, laying a solid foundation for its diversified development strategy in the biotechnology field [1][4] Group 2 - The amino acid industry is experiencing significant growth, with the global market size reaching approximately $26.19 billion in 2021 and projected to grow at a compound annual growth rate of about 7.5% to approximately $49.42 billion by 2030 [2] - China holds a dominant position in the global amino acid market, accounting for 32.23% of the market share in 2020, making it the largest producer and consumer of amino acids [2][4] - Yuan Da Pharmaceutical has over 20 years of experience in the amino acid sector, with a diverse product matrix and strong technical advantages, including nearly 50 types of amino acids and the highest number of registered amino acid raw material numbers in China [4][5] Group 3 - The company has established a comprehensive sales network, serving high-quality clients, including Fortune 500 companies, with approximately 40% of its business coming from overseas markets [5] - In the first half of 2025, the amino acid segment (including taurine) generated revenue of HKD 1.347 billion, solidifying the company's leading position in the amino acid industry [5] - The acquisition will allow Yuan Da Pharmaceutical to quickly gain advanced production technologies, quality customer resources, and mature sales channels, enhancing efficiency in raw material procurement, production collaboration, and market expansion [7][8] Group 4 - The acquired company possesses unique technical advantages and a diverse product pipeline in the amino acid field, contributing to a complete industry chain from raw materials to end health products [6][8] - The integration of the acquired company's mature technologies in fermentation and enzyme engineering with Yuan Da's synthetic biology technology platform will further strengthen technical barriers [8] - The company aims to focus on high-value areas such as high-end parenteral nutrition formulations, innovative peptide drugs, and health-related products, continuously enhancing its core competitiveness in high-quality amino acids [8]

Core Viewpoint - The company, Yuan Da Pharmaceutical (00512.HK), announced the acquisition of two companies for a total consideration of RMB 316 million, which will enhance its portfolio in the amino acid and thiol product sectors [1] Group 1: Acquisition Details - The acquisition involves Hubei Yuan Da, a subsidiary in which the company holds a 99.84% indirect non-wholly owned interest, as the buyer [1] - The sellers are China Yuan Da Group Co., Ltd. and Wuhan Jiu Xiang Biotechnology Partnership (Limited Partnership) [1] - The target companies include Hebei Yuan Da Jiu Fu Biotechnology Co., Ltd., established in 2004, focusing on the production and sales of amino acid products, and Baoding Jia He Fine Chemical Co., Ltd., established in 2005, specializing in the processing, manufacturing, and sales of thiol products [1]

Core Viewpoint - The acquisition of Hebei Yuanda Jiufu Biotechnology Co., Ltd. by Yuanda Pharmaceutical marks a significant strategic expansion in the biotechnology sector, particularly in the amino acid segment, enhancing the company's supply chain stability and market penetration capabilities [1] Group 1: Company Strategy and Expansion - The acquisition integrates the entire supply chain of the amino acid sector, allowing for improved production technology and market channel consolidation [1] - This strategic move aims to strengthen the company's competitive edge and global market influence, laying a solid foundation for diversified development in the biotechnology field [1][6] Group 2: Industry Overview - The global amino acid market reached approximately $26.19 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of about 7.5%, reaching around $49.42 billion by 2030 [2] - China holds a significant position in the global amino acid industry, accounting for 32.23% of the market share in 2020, making it the largest producer and consumer of amino acids [2] Group 3: Company Position and Product Offering - Yuanda Pharmaceutical has over 20 years of experience in the amino acid sector, with a diverse product matrix of nearly 50 types of amino acids and the highest number of registered amino acid raw material numbers in China [4] - The company has developed advanced production technologies, including synthetic biology and fermentation engineering, establishing a unique technical advantage in the industry [4][8] Group 4: Market and Sales Channels - The company has a well-established sales network, serving high-quality clients, including Fortune 500 companies, with approximately 40% of its business coming from overseas markets [5] - In the first half of 2025, the amino acid segment generated revenue of HKD 1.347 billion, reinforcing the company's leading position in the industry [5] Group 5: Future Outlook and Innovation - The acquisition will enable Yuanda Pharmaceutical to enhance its production efficiency, reduce operational costs, and improve market share through the integration of advanced technologies and customer resources [7][8] - The company plans to focus on high-value areas such as high-end parenteral nutrition formulations, innovative peptide drugs, and health-related products, further solidifying its leadership in the amino acid sector [8]

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。 ( 於百慕達註冊成立之有限公司 ) (股份代號: 00512) 關連交易 收購河北遠大九孚生物科技有限公司及 保定加合精細化工有限公司全部股權 於二零二五年十二月三十一日，湖北遠大作為買方與兩位賣方訂立了股權購買協議，據 此賣方同意出售及湖北遠大同意收購目標公司的 100%，總代價為人民幣 316,000,000 元。待完成股權購買協議後，目標公司將會成為本公司之間接非全資附屬公司。 於本公告日期，賣方 I 為中國遠大 (為本公司主要股東，持有本公司 53.42%股權)。因 此，根據上市規則 14A 章賣方 I 為本公司之關連人士，而根據上市規則 14A 章交易事項 構成本公司之關連交易。 因為交易事項之一個或多個適用百分比率(定義見上市規則 14.07 條)超過 0.1%但所有適 用比率少於 5%，交易事項需遵循上市規則 14A 章之報告及公告要求，但獲豁免通函及 獨立股東批准之要求。 Grand Ph ...

Core Insights - The global nuclear medicine industry is rapidly advancing towards an integrated diagnosis and treatment era, with YuanDa Pharmaceutical being one of the few companies successfully commercializing innovative nuclear drugs globally [1][2]. Group 1: Nuclear Medicine Achievements - YuanDa Pharmaceutical's GPN01530, a novel radiolabeled drug, has received FDA approval for I/II phase clinical trials for diagnosing solid tumors, marking a significant step in its global commercialization efforts [1][11]. - The TLX591-CDx, used for prostate cancer diagnosis, has shown positive results in its Phase III clinical trial in China, achieving its primary clinical endpoint with a positive predictive value (PPV) of 94.8% [3][4]. - The company has established a comprehensive industry chain in nuclear medicine, covering research, production, sales, and regulatory qualifications, positioning itself as a leading player in the global nuclear medicine market [2][24]. Group 2: Financial Performance and Market Potential - TLX591-CDx is projected to generate global sales of $517 million in 2024, with a year-on-year growth of over 25% in the first three quarters of 2025 [6]. - The global prostate cancer market is expected to grow from $23.76 billion in 2025 to $36.26 billion by 2030, with a compound annual growth rate (CAGR) of 8.82% [6][9]. - The Chinese prostate cancer treatment market is anticipated to reach $1.514 billion by 2030, with a CAGR of 8.5% from 2025 to 2030, indicating significant growth opportunities [9]. Group 3: Innovative Product Development - Neffy, the world's first epinephrine nasal spray for emergency treatment of type I allergic reactions, has been approved for commercialization in China, filling a gap in the domestic emergency market [17][18]. - GPN01360, an innovative traditional Chinese medicine for depression, has successfully reached its clinical endpoint in Phase II trials, showcasing significant efficacy and safety advantages [17][19]. - The company has developed a multi-targeted integrated diagnosis and treatment strategy, exemplified by the TLX250-CDx/TLX250 combination for renal cell carcinoma, which has shown promising clinical results [10]. Group 4: Strategic Global Expansion - YuanDa Pharmaceutical's "Go Global" strategy is supported by a robust R&D infrastructure, with eight research centers and five core technology platforms, leading to a total of 133 projects in development [23][24]. - The company has established a fully autonomous production capability for nuclear drugs at its Chengdu facility, addressing supply chain challenges and ensuring the scalability of its innovative products [26]. - The successful commercialization of its core product, Yttrium-90 microspheres, is expected to achieve nearly HKD 500 million in sales in 2024, reflecting a growth rate of over 140% [25].

Core Insights - The global nuclear medicine industry is rapidly advancing towards an integrated diagnosis and treatment era, with Yuan Da Pharmaceutical being one of the few companies successfully commercializing innovative nuclear drugs globally [1][2] Group 1: Nuclear Medicine Achievements - Yuan Da Pharmaceutical's GPN01530, a radioactive nuclide-conjugated drug, has received FDA approval for I/II phase clinical trials for diagnosing solid tumors, marking a significant step in its global commercialization efforts [1][11] - The TLX591-CDx, used for prostate cancer diagnosis, has shown positive results in its Phase III clinical trial in China, achieving its primary clinical endpoint with a positive predictive value (PPV) of 94.8% [3][4] - The company has established a comprehensive industrial chain in nuclear medicine, covering research, production, sales, and regulatory qualifications, positioning itself as a leading player in the global nuclear medicine market [2][23] Group 2: Product Innovations and Market Potential - The TLX591-CDx has demonstrated a high clinical decision-making value, with over 67.2% of patients adjusting their treatment plans post-diagnosis [4][6] - The global prostate cancer market is projected to grow from $23.76 billion in 2025 to $36.26 billion by 2030, with a compound annual growth rate (CAGR) of 8.82% [6][9] - Yuan Da Pharmaceutical's GPN01530 targets fibroblast activation protein (FAP), which is highly expressed in over 90% of epithelial-derived solid tumors, indicating significant market potential [11][14] Group 3: Strategic Developments in Other Therapeutic Areas - The company has launched Neffy®, the first epinephrine nasal spray for emergency treatment of type I allergic reactions, filling a gap in the domestic emergency market [2][17] - GPN01360, an innovative traditional Chinese medicine for depression, has shown significant efficacy and safety in its Phase II clinical trial, addressing the need for safer antidepressant options [2][19] - The Chinese depression medication market is expected to grow at a CAGR of 8.1%, reaching a scale of over 10 billion yuan by 2029, highlighting the potential for GPN01360 [19] Group 4: Comprehensive Innovation Strategy - Yuan Da Pharmaceutical has established eight R&D centers and five core technology platforms, with a total of 133 projects in development, including 42 innovative projects with high clinical potential [22] - The company has invested over 1 billion HKD in R&D in the first half of 2025, ensuring the steady progression of its innovation pipeline [22] - The integrated approach of "self-research + global expansion" has positioned the nuclear medicine sector as a key growth engine for the company, driving high-quality development [22][25]

远大医药介绍，公司计划在产品获批后的24个月之内实现本地化生产。未来，依托远大医药在急救领域 的强大商业化体系，该产品有望在国内市场加速渗透，重塑我国肾上腺素类药物市场格局。 肾上腺素是一种由人体肾上腺髓质分泌的激素，也可通过人工合成制备，在机体应急反应中起重要的作 用。在临床上，肾上腺素可广泛用于抢救心脏骤停、治疗过敏性休克等危急重症。该药物起效迅速，可 为患者挽救宝贵的急救时间，尤其对于危及生命的严重过敏反应等病症具有不可替代的作用，是严重过 敏反应的首选急救药物，受到了国内外主流严重过敏反应临床指南或专家共识的明确推荐。 根据远大医药公告，优敏速®采用创新的鼻喷给药方式，使用便捷，小巧易携带，能够在发生过敏反应 的紧急情况下，第一时间由患者本人或他人完成给药。同时，该产品拥有长达30个月的保质期，能显著 减少因药品过期造成的浪费，减轻患者的经济与用药负担。 本报讯 （记者张敏）12月29日，港股上市公司远大医药集团有限公司（以下简称"远大医药"）发布的 公告显示，该公司近期布局的全球首款用于紧急治疗成人和30kg及以上儿童患者（2mg规格）I型过敏 反应（包括严重过敏反应）的肾上腺素鼻喷雾剂Neffy® ...

Core Insights - The announcement from the Hong Kong-listed company, Yuan Da Pharmaceutical Group, reveals that its product Neffy® (优敏速®), a nasal spray for emergency treatment of type I allergic reactions, has received drug registration certification from the National Medical Products Administration of China [1] Group 1: Product Development and Market Impact - Neffy® is the first non-injection epinephrine product approved in China for severe allergic reactions, filling a gap in emergency medication for severe allergy patients outside of hospital settings [1] - The company plans to achieve localized production of Neffy® within 24 months post-approval, aiming for accelerated market penetration in China [1] - The introduction of Neffy® is expected to reshape the epinephrine drug market in China, leveraging Yuan Da Pharmaceutical's strong commercialization system in the emergency field [1] Group 2: Clinical Significance and Usage - Epinephrine plays a crucial role in emergency responses, particularly for life-threatening allergic reactions, and is recommended by clinical guidelines for severe allergic reactions [1] - The timely and convenient administration of epinephrine is critical for patients with severe allergies, as the median time to death can be as short as 5 to 30 minutes [2] - Neffy® utilizes an innovative nasal spray delivery method, making it easy to carry and use, which can significantly improve the success rate of emergency treatments for severe allergic reactions [2] Group 3: Future Product Strategy - The successful launch of the 2mg Neffy® is a key achievement under the company's "self-research + introduction" product strategy [3] - In addition to the 2mg formulation, the company is also developing a 1mg version for children weighing 15kg to 30kg, which has already been approved in the US and Japan [3] - This strategy aims to provide a comprehensive range of medication options for different age groups within the severe allergy patient population [3]

Core Viewpoint - The approval of Neffy, the world's first non-injection epinephrine nasal spray for emergency treatment of severe allergic reactions, marks a significant advancement in the treatment options available for patients in China, filling a critical gap in out-of-hospital emergency care [1][2]. Group 1: Product Approval and Market Impact - The product Neffy has received a drug registration certificate from the National Medical Products Administration, making it the first non-injection epinephrine product approved for severe allergic reactions in China [1]. - The company plans to achieve localized production of Neffy within 24 months post-approval, aiming to accelerate market penetration and reshape the epinephrine drug market in China [1]. - Neffy is expected to enhance the accessibility and convenience of epinephrine administration, which is crucial for patients experiencing severe allergic reactions [2]. Group 2: Innovation and Usage - Neffy utilizes an innovative nasal spray delivery method, making it easy to carry and administer, which is essential for timely treatment in emergency situations [2]. - The product has a shelf life of 30 months, reducing waste from expired medications and alleviating economic burdens on patients [2]. - The introduction of Neffy is anticipated to gradually change the reliance on injection-based epinephrine administration in China, improving public awareness and response capabilities regarding severe allergic reactions [2]. Group 3: Product Line Expansion - The successful launch of the 2mg Neffy is a key outcome of the company's "self-research + introduction" product strategy, with plans for a 1mg version aimed at children weighing 15kg-30kg [3]. - The 1mg product has already been approved in the US and Japan, and the company intends to submit a market application for it in China, expanding treatment options for a broader range of allergic patients [3].

Group 1 - The core investment theme for the pharmaceutical sector in 2026 is the innovation drug industry chain, with a clear trend towards international business development and accelerated commercialization of domestic products [2][3]. - The CXO sector is experiencing continuous improvement in performance and orders, supported by favorable financing conditions that benefit the industry's upward trajectory [3]. - The medical device sector is focusing on two main lines: international expansion and innovation [3]. Group 2 - The latest trends in medical insurance show a decline in total expenditure for the first ten months of 2025, amounting to 1,903.6 billion yuan, a year-on-year decrease of 1% [5][7]. - The total income of the medical insurance fund for the same period reached 2,352 billion yuan, with a year-on-year growth of 2%, indicating a slowdown in income growth [7][11]. - The number of medical insurance beneficiaries and hospitalization cases continues to grow, with 6.07 billion total beneficiaries in 2024, a year-on-year increase of 18% [11]. Group 3 - The average medical insurance cost per visit decreased in 2024, with the average cost for employees at 629 yuan (down 10%) and for residents at 351 yuan (down 12%) [15]. - The average hospitalization cost also saw a decline, with employees averaging 11,707 yuan (down 3.8%) and residents at 7,408 yuan (down 3.5%) [15]. Group 4 - The Chinese pharmaceutical industry is witnessing a significant increase in license-out transactions, with over 100 deals completed in 2025, totaling more than 110 billion USD [21][32]. - The number of license-out transactions involving upfront payments exceeding 100 million USD has also risen, indicating a growing interest from global pharmaceutical companies in Chinese innovations [21][32]. - The ADC (Antibody-Drug Conjugate) market is expanding rapidly, with a projected market size exceeding 16 billion USD in 2025, driven by several successful product launches [38]. Group 5 - The Chinese government is actively supporting the innovation drug sector through various policies aimed at enhancing accessibility and encouraging high-quality innovation [16][18]. - The proportion of medical insurance spending on innovative drugs is steadily increasing, with 149 innovative drugs included in the insurance coverage over the past seven years [90][94]. - The average price reduction for innovative drugs during negotiations with the national medical insurance has been around 60%, with some drugs seeing reductions as high as 94% [88][94].