Core Viewpoint - The company is strategically focusing on the nuclear medicine sector, with a comprehensive and diversified product layout, aiming to capture market share in a rapidly growing market projected to reach $21.9 billion by 2029, with a CAGR of 16.4% from 2024 to 2029 [1] Group 1: Nuclear Medicine Sector - The company has established a global full industry chain layout in targeted anti-tumor drugs, with its core product, Yttrium-90 microsphere injection (Egan Tai), being the first nuclear medicine for liver cancer treatment in China, having treated nearly 2,000 patients [1] - The company’s domestic sales revenue for the core product is expected to reach HKD 500 million in 2024, representing a year-on-year increase of 140% [1] - The company has formed a pipeline of 12 clinical registrations through acquisitions and independent research, covering various cancers, with 4 domestic pipelines entering clinical phase III [1] Group 2: Respiratory and Critical Care Business - The revenue from the respiratory and critical care segment increased by 26.9% year-on-year [2] - The company’s innovative sepsis drug STC3141 has shown significant efficacy in clinical trials, with a notable reduction in SOFA scores in the treatment group compared to the placebo group, indicating a potential breakthrough in sepsis treatment [2] - The successful launch of STC3141 is expected to enhance the company’s international competitiveness in critical care treatment [2] Group 3: Traditional Pharmaceutical Sector - The traditional pharmaceutical sector remains solid, with a focus on nuclear medicine, cardiovascular precision intervention, pharmaceutical technology, and biotechnology [2] - In the first half of 2025, the company achieved revenue of HKD 6.11 billion, a year-on-year increase of 1.0%, and a net profit of HKD 1.17 billion, a year-on-year decrease of 26.1% [2] - The pharmaceutical technology segment accounted for 63.0% of total revenue, with key products in various therapeutic areas [2] Group 4: Valuation and Growth Potential - The company is positioned as a domestic leader in nuclear medicine and high-end formulations, with a comprehensive pipeline covering multiple cancer indications [3] - The company is valued at a PE of 17 times for 2025, which is lower than the average PE of comparable companies at 22 times [3] - Projected net profits for the company are expected to reach HKD 2.021 billion, HKD 2.347 billion, and HKD 2.756 billion for 2025, 2026, and 2027 respectively, with corresponding PEs of 17, 14, and 12 times [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Grand Pharmaceutical (0512.HK) [7]. Core Views - Grand Pharmaceutical is positioned as a leading player in the nuclear medicine and high-end formulation sectors, with a comprehensive pipeline and a focus on innovative drug development. The company is expected to achieve significant growth driven by its nuclear medicine products and a robust traditional pharmaceutical segment [6][7]. Summary by Sections 1. Innovation Leading Nuclear Medicine Development - The company has established a comprehensive industrial chain covering research, production, and commercialization in nuclear medicine and precision intervention fields [11]. - Grand Pharmaceutical's core product, Yttrium-90 microsphere injection (易甘泰®), is the first approved nuclear medicine for liver cancer treatment in China, with a significant market presence [11][14]. - The nuclear medicine segment is expected to grow rapidly, with projected sales of 500 million HKD in 2024, reflecting a year-on-year increase of 140% [6]. 2. Nuclear Medicine Pipeline Entering Harvest Phase - The global nuclear medicine market is projected to grow at a compound annual growth rate (CAGR) of 16.4%, reaching 21.9 billion USD by 2029 [6][25]. - The company has a rich pipeline with 12 clinical candidates, including four in Phase III trials, targeting various cancers such as prostate and kidney cancer [6][11]. - The report highlights the potential of STC3141, a novel treatment for sepsis, which has shown significant efficacy in clinical trials [6][7]. 3. Financial Performance and Forecast - The company achieved a revenue of 61.1 billion HKD in the first half of 2025, with a year-on-year growth of 1.0%, while the net profit was 11.7 billion HKD, down 26.1% year-on-year [14][18]. - The report forecasts net profits of 20.21 billion HKD, 23.47 billion HKD, and 27.56 billion HKD for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 [7][14]. - The traditional pharmaceutical segment remains stable, contributing 63% of total revenue, with key products in respiratory and critical care showing solid growth [18][20]. 4. Competitive Positioning - Grand Pharmaceutical's valuation is attractive, with a 2025 P/E ratio of 17, lower than the average of comparable companies at 22 [7]. - The company has established a global sales network covering over 50 countries, demonstrating its international competitiveness [22][24]. - The report emphasizes the strategic acquisitions and partnerships that have strengthened the company's market position and product offerings [11][22].

Core Viewpoint - The increasing prevalence of throat diseases due to environmental pollution, lifestyle changes, and an aging population is driving the demand for throat traditional Chinese medicine (TCM), with the market expected to reach 7.4 billion yuan in 2024, reflecting a year-on-year growth of 7.49% [1][9]. Overview - Throat diseases are primarily caused by various factors such as wind-heat invasion and internal heat, leading to symptoms like sore throat and hoarseness. Throat TCM is made from traditional Chinese medicinal ingredients and is used to treat throat-related ailments, characterized by stable efficacy and minimal side effects [1][3]. Development History - The throat medicine industry in China began relatively late, with significant advancements in chronic pharyngitis research in the 1980s leading to the development of throat medications. The market was initially fragmented, but the introduction of products like Guangxi Jinsongzi's throat lozenges in 1995 marked a turning point, establishing a competitive landscape [4][5]. Market Policy - The Chinese government has implemented various policies to support the development of the TCM industry, creating a favorable environment for throat TCM growth. These include measures to enhance TCM regulation and promote innovation [5][6]. Industry Chain - The throat TCM industry consists of an upstream segment focused on medicinal herb cultivation, a midstream segment for manufacturing, and a downstream segment involving sales through medical institutions, pharmacies, and e-commerce platforms. The primary consumer groups include individuals who use their voices frequently and patients with chronic throat conditions [6][7][8]. Current Market Situation - The throat TCM market is experiencing rapid growth, with a projected sales figure of 7.4 billion yuan in 2024. Tablets represent the largest segment at 41.65%, followed by granules and pills [1][9]. Competitive Landscape - The throat TCM market is characterized by high concentration, with the top five companies holding over 50% market share in retail pharmacies. Guangxi Jinsongzi leads with a market share of 16.95% [10][11]. Key Companies - Guangxi Jinsongzi Group is a major player in the throat TCM market, with a projected revenue of 1.185 billion yuan in 2024 and a gross profit margin of 75.46% [12]. - Guilin Sanjin Pharmaceutical Co., Ltd. is another key player, with a projected revenue of 2.194 billion yuan in 2024 and a gross profit margin of 73.41% [12]. Future Trends - The throat TCM industry is expected to focus on improving the quality of raw materials and production processes to meet rising consumer demands for high-quality products. Additionally, there is potential for international market expansion, particularly in Southeast Asia, as awareness and acceptance of TCM grow [13].

Core Viewpoint - The announcement indicates that the company has entered into a sales agreement with Yuan Da Jiu Fu for the sale of raw materials used in the production and sale of amino acid products and other pharmaceutical products, effective August 27, 2025 [1] Group 1 - The agreement involves Yuan Da Pharmaceutical (China) or its related companies selling raw materials to Yuan Da Jiu Fu or its related companies [1] - The focus of the sales agreement is on amino acid products and other pharmaceutical products [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佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而產生 或因依賴該等內容而引致之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) 持續關連交易 持續關連交易 董事會宣佈，於二零二五年八月二十七日，本集團訂立了遠大九孚銷售協議，據此遠大 醫藥(中國)或其關連公司將向遠大九孚或其關連公司出售用於生產及銷售氨基酸產品及 其他醫藥產品的原材料。 在作出所有合理查詢後，按董事所知、所悉及所信，於本公告日期， 因此，根據上市規則第 14A章遠大九孚為本公司之關連人士，而遠大九孚銷售協議下之 交易因而構成本公司之持續關連交易。 因為遠大九孚銷售協議項下的一個或多個適用比率超過 0.1%但均少於 5%，因此在遠大 九孚銷售協議項下之交易須遵循上市規則第 14A條之報告及公告之規定，但豁免通函及 需要獲股東批准之要求。 (a) 中國遠大於 1,896,044,240 股股份中持有權益，代表本公司 ...

Core Viewpoint - The recent launch of the "Urothelial Carcinoma Early Screening and Diagnosis Project" by the company at the Pujiang Urology Oncology Academic Conference highlights its commitment to innovation in cancer diagnostics and treatment, particularly in the field of urological tumors [1][2]. Group 1: Innovation and Product Development - The company has introduced a "Four-Gene Joint Detection" project aimed at non-invasive and convenient molecular testing for urothelial carcinoma, which has been recognized in major clinical guidelines [2][3]. - The company is focusing on three core areas: molecular diagnostics, precision therapy, and nuclear medicine research, aiming to create an integrated solution for urological tumor diagnosis and treatment [2][5]. Group 2: Market Growth and Demand - The early detection of tumors is crucial for improving patient survival rates and reducing treatment costs, with the early screening market in China expected to grow significantly, reaching nearly 28.5 billion by 2030 [3]. - The increasing incidence of urological cancers in China, with over 270,000 new cases reported in 2020, indicates a strong demand for precise and non-invasive early detection methods [5]. Group 3: Nuclear Medicine and Global Strategy - Nuclear medicine has become a key growth driver for the company, with a robust product pipeline and a comprehensive industry ecosystem supporting its global strategy [6][10]. - The company is one of the few globally to commercialize innovative nuclear medicine products, with a diverse pipeline that includes 15 products in the research and registration phase [6][9]. Group 4: Financial Performance and Market Position - The company achieved a record revenue of approximately HKD 6.11 billion in the first half of the year, with a year-on-year growth of about 13% when excluding the impact of centralized procurement [13]. - The revenue from innovative and barrier products has increased to approximately 51% of total revenue, reflecting the company's strong market position and growth potential [13][14]. Group 5: Future Outlook - The company is expected to play a significant role in the global pharmaceutical market, leveraging its strong R&D capabilities to enhance its position as a leading nuclear medicine enterprise [15]. - With a pipeline of 133 projects, including 42 innovative ones, the company is well-positioned for future growth and market expansion [14].

Core Viewpoint - The recent release of the "Urothelial Carcinoma Early Screening and Diagnosis Project" by the company at the Pujiang Urological Oncology Academic Conference highlights its commitment to innovation in cancer diagnostics and treatment, showcasing its research capabilities and strategic focus on molecular diagnostics and nuclear medicine [1][2]. Group 1: Innovation and Product Development - The company launched the "Four-Gene Joint Detection Urothelial Carcinoma Early Screening and Diagnosis Project," which aims to enhance non-invasive molecular testing in clinical settings, demonstrating superior detection capabilities compared to traditional methods [2]. - The project has received recognition from authoritative bodies, being included in the "CSCO Urothelial Carcinoma Diagnosis and Treatment Guidelines 2024" and the "Bladder Cancer Early Diagnosis and Treatment Expert Consensus (2024 Edition)" [2]. - The company plans to continue focusing on molecular diagnostics, precision therapy, and nuclear medicine research, aiming to create integrated solutions for urological cancer treatment [2][5]. Group 2: Market Growth and Demand - The early detection of tumors is crucial for improving patient survival rates and reducing treatment costs, with the early screening market in China expected to grow significantly, reaching nearly 28.5 billion by 2030 [3]. - The increasing incidence of urological cancers in China, with over 270,000 new cases reported in 2020, underscores the demand for precise and non-invasive early detection methods [5]. Group 3: Nuclear Medicine and Global Strategy - Nuclear medicine has become a key growth driver for the company, with a robust product pipeline and a comprehensive industry ecosystem supporting its global strategy [6][10]. - The company is one of only four globally to commercialize innovative nuclear medicines, with a diverse product pipeline covering all stages from research to market [6][10]. - The company’s nuclear medicine products have shown significant revenue growth, with the Yttrium-90 microsphere injection achieving a nearly 106% year-on-year increase in revenue [13]. Group 4: Financial Performance and Future Outlook - The company reported a record revenue of approximately HKD 6.11 billion in the first half of the year, with a year-on-year growth of about 13% when excluding the impact of centralized procurement [13]. - The proportion of revenue from innovative and barrier products has increased to approximately 51%, reflecting the strength of its innovation strategy [13]. - The company has a pipeline of 133 research projects, with 42 being innovative, indicating a strong potential for future growth and market expansion [14].

创新药业务的崛起离不开药企持续加大的研发投入。2025年上半年，恒瑞医药研发投入38.71亿元（其中费用化研发投入32.28亿元），截至6月底 累计研发投入超480亿元，目前有100多个自主创新产品处于临床开发阶段，400余项临床试验在国内外同步开展。先声药业当期研发投入率达 28.7%，过去十年累计研发投入超百亿元，建成覆盖全球的创新药研发管线超60个。中国生物制药（01177.HK）虽创新药收入占比44.4%尚未过 半，但通过并购加速布局——2025年7月以5亿美元净对价全资收购上海创新药企礼新医药，以增强相关领域的核心竞争力与国际影响力。 值得注意的是，尽管国内药企创新药收入增长明显，但主要市场仍集中于国内。Insight数据库数据显示，2024年全球销售额前100的药物榜单中， 仅百济神州的BTK抑制剂泽布替尼（2024年收入26.44亿美元）一款国产药物上榜，且百济神州并非传统转型药企。全球TOP100药物的年销售额 门槛超17亿美元，且普遍在全球多市场销售。 【环球网财经综合报道】近日，多家上市药企发布的2025年半年报显示，创新药业务已成为企业业绩增长的核心驱动力，部分公司创新药收入占 比已突破 ...

Group 1 - The executive director, Zhou Chao, increased his stake in Yuan Da Pharmaceutical (00512) by purchasing 45,500 shares at a price of HKD 9.43 per share, totaling approximately HKD 429,100 [1] - After the purchase, the total number of shares held by Zhou Chao is 452,500, representing a holding percentage of 0.01% [1]

Group 1 - The executive director, Zhou Chao, increased his stake in Yuan Da Pharmaceutical (00512) by purchasing 45,500 shares at a price of HKD 9.43 per share, totaling approximately HKD 429,100 [1] - After the purchase, the total number of shares held by Zhou Chao is 452,500, representing a holding percentage of 0.01% [1]