普通话的华语声音好嘞 谢谢谢谢大博士大博士 能听到我的密码吗我再确认一下能听到 非常清楚好嘞 讲到我们就开始了各位投资者粉丝朋友们大家早上好我是远大医药的总裁周高首先还是请代表我们公司的王雅诚欢迎各位参加远大医药2024年的疫情发挥同时也非常感谢今天阿联酒券 中银公司国际证券 西都证券中信证券 星叶证券 延安证券国盛证券 广华证券 国家安全首先一定要认识作为选举机会的联谊主持人 我觉得大家应该都有同样的感受吧,就像刚才赵文波所讲的,机遇和挑战并存一方面我们整个大的医药行业进入了改革的这个深水区,行业生态在持续向往重促另一方面呢,整个国产的创新药也迎来了全面调的政策支持,为整个医药行业进入了比较强劲的发展动能 在这样一个大体背景下,我们原来一样的使用了坚实的以创新为驱动,预教我们的核心领域不仅实现了整体业绩的稳定增长,更在创新要领域取得了比较显著的成效整个公司的产品管线持续的进行多元化的升级为未来的可视域发展建立了一个比较 坚持着进步然后我们来去看一下那个数据吧可以看到我们学中资全年体现的收入大概是116.4亿港币同比增长了12.8%规模间对外24.7亿港币同比增长了34% 而且值得注意的是,对于大家最为关注的 ...

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 ...

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。 ...

该行称，远大医药去年纯利同比升31.3%至24.7亿港元，超该行预期，主要因为核药放量逾预期及Telix 股权投资收益影响。该行指出，核药板块实现高速增长，RDC管线有望2025年开始收成，传统板块稳 健，关注STC3141脓毒症临床结果，料今年上半年取得初步临床结果。 智通财经APP获悉，中金发布研报称，维持远大医药(00512)"跑赢行业"评级，目标价上调33.3%至7.2港 元。该行考虑到公司核药创新转型顺利，保持今年每股盈利预测0.6港元，并引入2026年的每股盈利预 测0.63港元。 中金：维持远大医药(00512)"跑赢行业"评级 上调目 标价至7.2港元 ...

Industry Growth and Market Potential - In 2024, China's pharmaceutical manufacturing industry saw a year-on-year growth of 3.6% in industrial added value above designated size, although this was lower than the overall industrial growth rate[6]. - The Chinese market for radiopharmaceuticals is projected to reach RMB 9.3 billion by 2025, with a compound annual growth rate (CAGR) of 22.7% from 2025 to 2030[9]. - The innovative ophthalmic drug market in China is expected to grow to RMB 44 billion by 2025 and RMB 116.6 billion by 2030, with a CAGR of approximately 19.8%[11]. - The pharmaceutical industry in China is expected to experience strong growth driven by policy reforms and globalization, with increased demand for innovative drugs[13]. Strategic Acquisitions and Partnerships - The company successfully completed strategic acquisitions, including 100% stakes in Tianjin Tanabe Pharmaceutical Co., Nanchang Baiji Pharmaceutical Co., and Jiangxi Bai'an Baiyu Pharmaceutical Technology Co., significantly expanding its presence in cardiovascular and respiratory fields[8]. - The group acquired 100% of Tianjin Tanabe for approximately RMB 486 million, entering the chronic disease market and expanding its cardiovascular product portfolio[31]. - The group purchased 100% of Baiji Pharmaceutical for about RMB 260 million, becoming one of the companies with the most comprehensive product pipeline for allergic rhinitis in China[31]. - The company has established strategic partnerships and collaborations, including with Telix Pharmaceutical Limited, enhancing its product pipeline in the nuclear medicine field[9]. - A strategic cooperation agreement has been reached with Jixing Pharmaceutical Hong Kong Co., Ltd. for the exclusive development and commercialization rights of the innovative nasal spray products OC-01 and OC-02 in the Greater China region[28]. Research and Development Initiatives - The company has 147 ongoing research and development projects with an investment of approximately HKD 2.27 billion[21]. - 63 significant milestones were achieved in the R&D efforts during the year[21]. - The R&D portfolio consists of 47 innovative projects, accounting for 32% of the total, and 100 generic and other projects, making up 68%[23]. - The company is focusing on innovation in nuclear medicine, respiratory and critical care, ophthalmology, and cardiovascular precision intervention[15]. - The company plans to enhance its R&D capabilities through collaboration with leading medical institutions domestically and internationally[15]. Financial Performance - The company's revenue for the year ended December 31, 2024, reached HKD 11,644,892, representing a 10.6% increase from HKD 10,529,590 in 2023[40]. - The profit before tax for 2024 was HKD 2,852,363, up from HKD 2,344,197 in 2023, indicating a growth of 21.7%[40]. - Net profit attributable to shareholders for 2024 was HKD 2,466,059, a 30% increase compared to HKD 1,895,442 in 2023[40]. - Total assets as of December 31, 2024, amounted to HKD 24,991,165, an increase from HKD 22,515,326 in 2023, reflecting a growth of 11.0%[42]. - The company achieved a compound annual growth rate (CAGR) of 12% in revenue from 2020 to 2024[45]. Product Development and Innovations - The company introduced innovative products, including a unique eye formulation for treating Demodex blepharitis and a new mechanism nasal spray for treating dry eye syndrome, enhancing its portfolio in the ophthalmology sector[8]. - The innovative product STC3141 for severe diseases has successfully completed all patient enrollments in Phase II clinical trials in China[12]. - The global innovative ophthalmic drug GPN01768 (TP-03, Loteprednol Etabonate eye drops, 0.25%) has submitted a New Drug Application (NDA) to the regulatory authority and received acceptance[28]. - The innovative drug GPN00833 for postoperative inflammation and pain has received FDA approval in March 2024 and has shown significant statistical differences in anti-inflammatory and analgesic effects compared to the control group in clinical trials[116]. - The company has launched 14 new commercialized products in 2024, including innovative products in oncology and cardiovascular intervention sectors[49]. Market Expansion and Globalization - The international sales network covers over 140 countries and regions, with overseas business accounting for more than 40% of total sales[141]. - The company is expanding its R&D capabilities with multiple platforms globally, including a focus on mRNA technology for anti-tumor and anti-infection drugs[156]. - The company has accelerated its globalization efforts, with over 320 employees overseas and 8 clinical approvals in the US, Australia, Belgium, Poland, and the UK[164]. Regulatory Approvals and Clinical Trials - The global innovative RDC drug ITM-11 for treating gastroenteropancreatic neuroendocrine tumors has received formal approval for a Phase III clinical study (COMPETE bridging trial) in China[27]. - The global innovative temperature-sensitive embolic agent GPN00289 has completed the first patient enrollment in a registration clinical study for primary liver cancer transarterial chemoembolization in China[28]. - The NDA application for the global innovative drug Ryaltris® nasal spray for allergic rhinitis has been accepted by the drug regulatory authority[31]. - The company has submitted Investigational New Drug (IND) applications for two Phase III clinical trials for ITM-11, targeting gastroenteropancreatic neuroendocrine tumors (GEP-NETs), which have been approved by the regulatory authority[51]. Corporate Governance and Sustainability - The company is actively pursuing ESG initiatives, promoting green pharmaceutical practices and enhancing access to quality medical resources[12]. - The group is committed to environmental sustainability through initiatives like water conservation and recycling[187]. - The group has established long-term relationships with suppliers, ensuring compliance with quality and ethical standards[190]. Challenges and Legal Matters - The company has been involved in several lawsuits related to product quality issues, with a total compensation of approximately RMB 40,199,645.99 paid as a result of 75 court judgments as of December 31, 2024[171]. - The company has successfully recovered RMB 10,000,000 from a previous equity transfer agreement and is pursuing an additional RMB 11,228,044.48 from the seller due to unmet performance commitments[172].

另外，公司去年呼吸及危重症板块录得收入约17.1亿港元，同比增长约26.9%。 收入盈利双增下，公司拟分红总计约9.1亿港元。 业务方面，公司去年核药板块实现收入近5.9亿港元，同比增长近177%。 人民财讯3月13日电，3月12日晚间，远大医药公布了2024年度业绩：公司全年实现收入约116.4亿港 元，剔除汇率影响同比增长约12.8%；归母净利润约24.7亿港元，剔除汇率影响同比增长约34.0%。 ...

Financial Performance - For the year ending December 31, 2024, the company's revenue was approximately HKD 11,644,890,000, representing a year-on-year growth of about 10.6%[3] - The profit attributable to shareholders for the same period was approximately HKD 2,468,380,000, an increase of about 31.3% compared to the previous year[3] - The distribution costs and administrative expenses for the year were approximately HKD 3,256,890,000 and HKD 1,365,370,000, respectively, reflecting increases of about HKD 689,260,000 and HKD 130,990,000 compared to the previous year[150] - The pharmaceutical technology products recorded revenue of approximately HKD 7,317,840,000, which is a year-on-year increase of about 9.6%[148] - The biotechnology products generated revenue of approximately HKD 3,510,840,000, marking a year-on-year increase of about 5.9%[149] Research and Development - The company invested approximately HKD 2,273,960,000 in research and development, including capitalized R&D expenses and prepayments for new projects[3] - The company has a total of 147 projects in the research pipeline, with 47 innovative projects at various stages from preclinical to new drug application[160] - The R&D team consists of over 770 personnel, with more than 525 holding master's or doctoral degrees, representing approximately 68% of the team[164] - The group applied for 98 new patents during the reporting period, with 78 being invention patents, accounting for 80% of the total[168] - The group has a total of 741 valid patents, including 453 invention patents, emphasizing the importance of intellectual property protection in innovation[168] Product Development and Innovation - The company launched 14 new commercialized products this year, including 1 new nuclear medicine product for early detection of urinary tract cancer and 5 cardiovascular intervention products[23] - The innovative drug CBT-001 for treating pterygium has completed patient enrollment in its Phase III clinical study in China[12] - The innovative product Yigan Tai® Yttrium-90 microsphere injection has been used by over 150,000 patients across more than 50 countries, and is recommended by multiple international clinical guidelines[45] - The company is focusing on expanding its product pipeline in the fields of ophthalmology and respiratory diseases, with multiple innovative products reaching significant R&D milestones[18] - The company is advancing its innovative pipeline with a well-structured layout, creating a strong ladder effect in drug development[160] Strategic Acquisitions and Partnerships - The company completed strategic acquisitions, including a controlling stake in DPT Pharmaceuticals and 100% ownership of Tianjin Tanabe Pharmaceutical and Nanchang Baiji Pharmaceutical[8] - The company has established strategic partnerships with several biotech firms to expand its innovative ophthalmic product pipeline, including the preservative-free nasal spray OC-01[12] - The group acquired 100% equity of Baiji Pharmaceutical for approximately RMB 260 million, gaining access to advanced nasal spray technology[175] - The group agreed to acquire 100% equity of Tianjin Tanabe for approximately RMB 486 million, enhancing its capabilities in the cardiovascular emergency sector[177] - A strategic cooperation agreement was reached to introduce a global innovative eye treatment product for meibomian gland dysfunction, with an upfront payment of $15 million[174] Market Trends and Projections - The nuclear medicine sector is projected to grow significantly, with the market size expected to reach RMB 9.3 billion by 2025, and a compound annual growth rate of 22.7% from 2025 to 2030[9] - The Chinese ophthalmic drug market is projected to reach RMB 44 billion by 2025 and RMB 116.6 billion by 2030, with a compound annual growth rate of approximately 19.8%[14] - The pharmaceutical industry in China is expected to experience significant growth driven by policy reforms and globalization, with a focus on innovation and regulatory efficiency[16] - The company is committed to expanding its capabilities in rare diseases and protein replacement therapies through its mRNA technology platform[163] - The group plans to focus on high-end parenteral nutrition formulations, innovative peptide drugs, and other high-value areas in the health consumption sector, indicating strong future growth potential[143] Corporate Social Responsibility and Governance - The company is committed to ESG principles, promoting green pharmaceutical practices and enhancing access to quality medical resources[15] - The group has been recognized with multiple awards for investor relations, including the "Best Investor Relations Company Award" in the pharmaceutical and healthcare sector in February 2024[181] - The group is actively pursuing litigation related to product quality incidents, with compensation payments totaling approximately RMB 40,199,645.99 made as a result of 75 court judgments[183] - The group plans to utilize its operating income, internal resources, and bank credit for its operational and investment activities, indicating a stable financial position[190] - The group has established a share incentive plan, with approximately HKD 278,560,000 allocated to the trust, resulting in the purchase of 47,761,500 shares, representing about 1.35% of the company's issued shares[197]

| --- | --- | |------------|-------------| | | | | 目标价： | 8.28 港元 | | 现 价： | 4.74 港元 | | 预计升幅 : | 74.6% | 主要股东 相关报告 | --- | |-------------------------| | | | | | | | 研究部 | | 姓名：林兴秋 | | SFC ： BLM040 | | 电话： 0755-21519193 | | Email:linxq@gyzq.com.hk | 买入 创新推动业绩持续增长，创新药 RDC 管线丰富 24 年中期公司实现营收约 60.47 亿港元，同比增长 1.0%（剔除汇 率影响后增长 5.4%）。期内，公司拥有人应占溢利约为 15.58 亿港 元，同比增长 51.4%（剔除汇率影响后增长 58.0%）。主要业务板 块中，核药抗肿瘤及心脑血管精准介入诊疗科技产品表现尤为突 出，录得收入 3.43 亿港元，同比增长 140.8%，主要得益于核心产 品易甘泰®钇[90Y]的临床需求快速增加。新药如呼吸及危重症板 块的恩卓润®比斯海乐®和恩明润®比斯海乐®、心脑血管 ...

Acquisitions and Strategic Partnerships - The company acquired 100% of Tianjin Tanabe for approximately RMB 488 million, entering the chronic disease market and expanding its cardiovascular product portfolio [23]. - The acquisition of 100% of Baiji Pharmaceutical for about RMB 260 million positions the company as one of the leading firms in China for allergic rhinitis treatment, enhancing its nasal spray platform [23]. - The company has acquired 90% of the equity of DuPont Pharmaceutical Technology for approximately RMB 631.8 million, enhancing its market position in the treatment of cardiovascular and cerebrovascular diseases [26]. - The company has acquired 90% equity in Chongqing Duoputai Pharmaceutical Technology Co., Ltd. for approximately RMB 631.8 million, enhancing its traditional Chinese medicine product pipeline [172]. - The company completed a total acquisition of Tianjin Tanabe for approximately RMB 488 million, further strengthening its position in the cardiovascular emergency sector [176]. - The company has entered into a strategic cooperation agreement with LianTuo Biotechnology and Tarsus to acquire exclusive development, production, and commercialization rights for the innovative ophthalmic formulation TP-03 in Greater China for $15 million upfront and milestone payments [24]. Product Development and Innovation - The company aims to provide comprehensive coverage in cardiovascular disease treatment, from emergency rescue to chronic disease management, and from injectable to oral formulations [23]. - The company continues to strengthen its product pipeline and R&D capabilities, focusing on unmet clinical needs and technological innovation [17]. - The company is committed to becoming a respected international pharmaceutical enterprise through technological innovation and global outreach [17]. - The innovative drug ITM-11 for treating gastrointestinal pancreatic neuroendocrine tumors has received approval from the drug regulatory authority to commence Phase III clinical trials [24]. - The NDA application for the innovative nasal spray Ryaltris® for treating allergic rhinitis has been accepted by the drug regulatory authority [26]. - The innovative nuclear medicine product TLX250-CDx for diagnosing clear cell renal cell carcinoma has completed Phase I clinical trials in China and has entered confirmatory clinical research [40]. - The innovative drug GPN00187 for treating respiratory diseases has been approved to commence Phase I clinical trials [42]. - The innovative drug GPN00884 for delaying myopia progression in children has been approved to commence Phase I clinical trials in China [43]. - The therapeutic tumor vaccine ARC01 for HPV-16 positive advanced unresectable or recurrent/metastatic solid tumors has been approved to commence Phase I clinical trials in China [44]. - Five products have been approved for market launch, including three functional foods in China and six raw material drug products [47]. - The group has a total of 141 projects in the innovation pipeline, with 49 of them being innovative projects at various stages from preclinical to new drug application [159]. Financial Performance - The group’s revenue for the six months ended June 30, 2024, was approximately HKD 6,047,240,000, representing a year-on-year increase of about 1.0% [144]. - The net profit attributable to the company's owners for the same period was approximately HKD 1,557,950,000, an increase of about 51.4% year-on-year [144]. - The revenue from nuclear medicine oncology diagnosis and cardiovascular precision intervention technology products was approximately HKD 342,750,000, a year-on-year increase of about 140.8% [144]. - The amino acid segment (including taurine) generated revenue of approximately HKD 1,502,070,000, reflecting a stable growth of about 2.2% year-on-year [147]. - The group invested approximately HKD 1,480,000,000 in research and development and project inputs during the reporting period [151]. Corporate Governance and Compliance - The company is actively enhancing corporate governance and maintaining transparent communication with investors through various channels, including roadshows and conference calls [179]. - The company has established a remuneration committee to consider the compensation of all directors and senior management [195]. - The company has complied with all applicable corporate governance codes as of June 30, 2024 [193]. - The audit committee has reviewed the interim financial statements for the six months ending June 30, 2024, which are unaudited [194]. Research and Development - The company has established multiple R&D centers globally, including in Wuhan, Australia, and Nanjing, to support pharmaceutical technology innovation [87]. - The group has over 700 R&D personnel, with more than 450 holding master's or doctoral degrees, representing over 60% of the team [163]. - The group has established eight major technology platforms in synthetic biology, enzyme engineering, and fermentation, enhancing product development and industrialization capabilities [136]. Market Position and Product Offerings - The respiratory and critical care segment includes leading products like Qino® and Enzhuorun® with a strong market position and ongoing innovative product development [88]. - Qino® is a unique mucolytic agent in China, recommended in numerous clinical guidelines, and has been recognized as a potential brand in the retail market [90]. - Enzhuorun® Biselai (Indacaterol/Mometasone inhalation powder) is the first approved triple combination inhaler for asthma in China, showing a 43% reduction in the annualized risk of moderate acute exacerbations over 24 weeks compared to high-dose Salmeterol/Fluticasone [92]. - The cardiovascular intervention segment has launched 14 products, with 8 approved in China, including NOVASIGHT Hybrid, which was approved in May 2023 [72]. Litigation and Legal Matters - The company is involved in ongoing litigation related to a product quality incident, with a total compensation of approximately RMB 40.2 million paid as a result of 75 court judgments [180]. - The company has recovered RMB 10,000,000 from a bank account related to the acquisition of Tianjin Jingming, along with interest of RMB 644,135 [182]. - The seller is required to return an additional RMB 11,200,000 due to unmet performance commitments from the acquisition agreement [182].

远大医药（00512.HK） 优于大市 上半年营收同比微增，核药抗肿瘤板块进入快速放量期 收入同比微增，扣除 Telix 投资的公允价值变动的正常化溢利快速增长。 2024 年上半年公司实现收入 60.47 亿港币，同比增长 1.0%，扣除汇率变动 影响同比增长约 5.4%；实现归母溢利 15.58 亿港币，同比增长 51.4%；若扣 除对 Telix 投资的公允价值变动收益（4.77 亿港币），正常化归母溢利约 10.81 亿港币，同比增长约 35.1%，进一步扣除汇率变动的影响后同比增长 约 41.0%。 呼吸类产品表现亮眼，核药抗肿瘤板块进入高速放量阶段。扣除汇率变动影 响，2024 年上半年制药科技板块实现收入 37.73 亿港币，同比基本持平，其 中呼吸及危重症业务收入 9.63 亿港币，同比增长约 21.0%，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、恩明润的放量增长；五官科 业务收入 12.31 亿港币，同比基本持平；心脑血管急救业务收入 11.67 亿港 币，同比下降 16.6%，主要因为肾上腺素产品受到集采降价影响。核药抗肿 瘤诊疗及心脑血管精准介入诊疗科技板块实现收入 3. ...