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，概不對因本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。 CHINA ISOTOPE & RADIATION CORPORATION 中國同輻股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1763） 內幕消息 中核高通透過公開掛牌方式進行潛在增資事項 潛在增資事項的對價將基於一名有信譽的估值師對中核高通進行的評估值釐定。 進行潛在增資事項的理由及裨益 截至2024年12月31日，中核高通資產負債率為68.41%，為解決發展資金需求及優 化其資本結構，中核高通擬透過潛在增資事項緩解其資金壓力，支持其核心業務 拓展及運營能力提升。董事會認為，此次增資既能保障中核高通的可持續發展， 亦符合本集團整體財務管控要求，有利於增強本集團整體資產品質和抗風險能力。 1 有關中核高通的資料 中核高通為本公司的非全資附屬公司，主要從事放射性同位素產品的開發、生產 和銷售，兼營進出口貿易、貨物運輸。截至本公告日期，本公司、四川青衣開發 投資集團有限公司、瑪西 ...

香港联交所最新资料显示，7月24日，瑞银增持中国同辐(01763)3.42万股，每股作价15.9819港元，总金 额约为54.66万港元。增持后最新持股数目约为403.05万股，最新持股比例为5.04%。 ...

智通财经APP获悉，香港联交所最新资料显示，7月24日，瑞银增持中国同辐(01763)3.42万股，每股作 价15.9819港元，总金额约为54.66万港元。增持后最新持股数目约为403.05万股，最新持股比例为 5.04%。 ...

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

Core Viewpoint - The management of state-owned enterprises (SOEs) in China has shifted from policy advocacy to substantive implementation, with expectations for valuation restructuring and market confidence enhancement as assessment mechanisms and supporting policies improve [1][5]. Group 1: SOE Value Management - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized improving the quality of SOEs' listed companies and enhancing value management to stabilize market expectations [1][4]. - Several SOEs have held performance briefings and investor engagement activities, committing to increase dividend payouts and enhance shareholder returns while focusing on core business improvement and innovation [1][2]. - China National Nuclear Corporation (CNNC) reported a market value of approximately 260 billion yuan, with a year-on-year increase of over 30%, highlighting its commitment to shareholder value through strategic investments [1][2]. Group 2: Dividend Policies - China National Power has maintained a cash dividend payout ratio exceeding 35% for ten consecutive years, with the 2024 dividend ratio reaching a historical high of 41.92%, totaling over 24 billion yuan in cumulative dividends [2]. - China Nuclear Technology has consistently returned cash dividends for 18 years, with a 2024 payout ratio of 32.43% and an average payout ratio exceeding 30% from 2020 to 2024 [2]. - China Huaneng Group is focused on enhancing dividend frequency and amounts across its listed companies to stabilize market value [2]. Group 3: Innovation and Reform - Accelerating innovation and deepening reforms are crucial for SOEs to enhance value management and improve the quality of listed companies [3][4]. - The State Grid Corporation is implementing multiple measures to promote high-quality development of its listed companies, focusing on energy transition and new power system construction [3]. - China Aerospace Science and Technology Corporation aims to enhance innovation capabilities and integrate technology and industry innovation to improve value creation [3]. Group 4: Regulatory Framework - The SASAC has issued guidelines to improve the market value management of SOEs, emphasizing the importance of maintaining investor rights and promoting healthy capital market development [3][4]. - Recent analyses indicate that value management is essential for listed companies to enhance intrinsic value and market performance through various compliant methods [4][5]. - SOEs are increasingly formalizing their value management practices, including the establishment of value enhancement plans and regular communication with investors [5].

Group 1 - The core viewpoint is that China National Nuclear Corporation (CNNC) expects a market capitalization of approximately 260 billion yuan for its listed companies in 2024, with an annual growth rate exceeding 30% [1] - CNNC emphasizes the importance of market value performance for its listed companies, with several achieving an A-grade in information disclosure assessments from stock exchanges in 2024 [1] - China Nuclear Power successfully completed a 14 billion yuan refinancing project for A-shares in 2024 [1] Group 2 - China Nuclear Construction is enhancing its nuclear power construction capabilities and actively expanding into international markets, achieving significant milestones in the International Thermonuclear Experimental Reactor (ITER) project [1] - Tongfang Co. is focusing on strategic leadership and innovation, resulting in significant market development achievements and continuous growth in overseas revenue [1] - China Isotope & Radiation is deepening its "6+N" industry layout strategy, forming a collaborative ecosystem in core businesses such as nuclear medicine and irradiation technology applications [1] Group 3 - CNNC's overall performance is steadily improving, having received an A-grade in annual performance assessments from the State-owned Assets Supervision and Administration Commission for 19 consecutive years [2] - The year 2025 marks the 70th anniversary of China's nuclear industry and is designated as CNNC's "Pursuit of Excellence Year," aiming to support high-quality development of its listed companies through excellent operational performance and management efficiency [2] - CNNC plans to leverage capital market functions to assist in industrial transformation and upgrading, promoting high-level circulation of technology, industry, and finance [2]

Industry Overview - The nuclear medicine market is experiencing robust growth due to increasing health awareness and rapid advancements in medical technology [1] - As of July 4, 2024, 88 radioactive new drugs have been approved globally, with only 18 for treatment purposes [1] - From 2021 onwards, China's policies have strongly supported the nuclear medicine industry, which is expected to drive its development [1] - According to Ping An Securities, the nuclear medicine market in China is projected to grow from 5 billion yuan to 26 billion yuan at a CAGR of 26.6% from 2023 to 2030 [1] Company Highlights - Yuan Da Pharmaceutical (00512) is a notable player in the nuclear medicine sector, with a successful Phase II clinical trial for its global innovative product STC3141 [2] - CICC maintains profit forecasts for Yuan Da Pharmaceutical at 2.131 billion yuan for 2025 and 2.235 billion yuan for 2026 [2] - The company has received approval for its innovative drug ITM-11 to conduct Phase III clinical trials, targeting neuroendocrine tumors [3] - China Tongyuan (01763) is a leading enterprise in the nuclear medicine industry, dominating the market for radioactive pharmaceuticals and being the largest supplier of radiation source products in China [4] - In October 2023, China Tongyuan began mass production of a new dual-spiral CT radiation therapy platform, marking a significant advancement in domestic high-end radiation therapy products [4]

Company Overview - As of December 31, 2024, the company has established a network of 37 medical centers and 7 R&D and production bases, serving over 18,000 medical institutions and more than 60 million people annually[10]. - The company employs 3,367 staff as of December 31, 2024, and was listed on the Main Board of the Stock Exchange on July 6, 2018[7]. - The company has a stock code of 1763 and was listed on July 6, 2018[25]. - The company has appointed Ms. Wang Cangren and Ms. Kwan Sau In as joint company secretaries[22]. - The company’s auditor is Shinewing (HK) CPA Limited[22]. - The company has established various committees under the board, including the Audit and Risk Management Committee and the Science and Technology Innovation Committee[21]. Financial Performance - The company achieved an operating income of RMB 7.575 billion, representing a year-on-year increase of 14.2%[30]. - Total profit reached RMB 1.045 billion, reflecting a year-on-year increase of 13.3%[30]. - Net profit was RMB 880 million, also showing a year-on-year increase of 13.3%[30]. - As of December 31, total assets amounted to RMB 14.767 billion, with net assets totaling RMB 7.745 billion[33]. - The gearing ratio stood at 47.56%[33]. - For the year ended December 31, 2024, the company achieved revenue of RMB 7,574.8 million, representing a year-on-year increase of 14.2%[110]. - The net profit for the same period was RMB 879.5 million, reflecting a year-on-year increase of 13.3%, with net profit attributable to the parent company reaching RMB 406.6 million, up 9.6% year-on-year[110]. - The gross profit margin decreased to 48.6% from 52.5% in the previous year, while the operating profit margin slightly improved to 14.3%[106]. Market Position and Products - The company supplies over 40,000 sets of ancillary radioactive source equipment and has captured nearly 70% of the large-scale Class A radiotherapy equipment market in China, making it the leading brand in this category[10]. - CIRC is the largest manufacturer of imaging diagnostic and therapeutic radiopharmaceuticals in China, and the only service provider covering the entire process of irradiation stations[8]. - The company launched the sodium fluorine-18 injection, the first PET imaging agent approved for bone imaging in China, filling a market gap[114]. - The therapeutic sodium iodine-131 capsule's negotiated price was officially implemented, meeting more clinical needs[114]. - The Group's nuclear medical equipment and related services generated RMB1,223.0 million in revenue, marking a year-on-year growth of 31.0%[129]. Research and Development - In 2024, the company achieved a significant milestone with the completion of the first domestic production line for carrier-free lutetium-177 with an annual output of 10,000 curies and a production capacity of thousands of germanium-gallium generators, marking the capability for large-scale commercial production of these nuclides in China[35][36]. - The annual R&D investment reached RMB 660 million, representing a year-on-year increase of 3.3%, with an investment intensity of 8.6%[35][36]. - The company was granted 224 new patent authorizations in 2024, including 65 invention patents[35][43]. - The R&D team consists of 507 personnel focused on optimizing production technologies and developing new products, contributing to technological innovation across various industrial fields[165]. Strategic Initiatives - The company aims to enhance its core functions and competitiveness, focusing on the "6+N" industrial layout, which includes nuclides, nuclear medicines, and irradiation applications[11]. - The company is committed to providing integrated solutions for nuclear medicine and radiotherapy, contributing to the development of a "strong nuclear power nation" and a "healthy China"[7]. - The company is implementing the "Healthy China" strategy to enhance core functions and competitiveness[33]. - The company aims to stabilize growth, strengthen innovation, and promote reform in the nuclear healthcare sector[33]. - The Group aims to support the "Healthy China" strategy by providing integrated solutions for nuclear medicine and radiotherapy, enhancing healthcare delivery across the country[181]. International Expansion - The company won the bid for a million-curie gamma irradiation station project in Bangladesh, marking its first breakthrough in overseas government agency EPC projects[36][41]. - The Group successfully signed the irradiation station project of Bangladesh Nuclear Agricultural Research Institute in 2024, marking the first overseas government agency irradiation station and the first overseas EPC project[140]. - The overall supply project of nuclear medical equipment in Nigeria was successfully signed, representing the first successful implementation of the Group's overall nuclear medical equipment supply project[140]. - The Group improved its layout in the ASEAN market with the successful export of cold medicine supporting radiopharmaceuticals to Thailand, contributing to new growth in export revenue[140]. Corporate Governance and Changes - The company appointed Mr. Han Yongjiang as the Chairman of the Strategy Committee on September 25, 2024[19]. - The company reported a resignation of Mr. Chen Shoulei from the Audit and Risk Management Committee on June 14, 2024, due to a change in work arrangement[17]. - The company experienced the unfortunate passing of Mr. Tian Jiahe on July 21, 2024, due to illness[19]. - The company reported the resignation of Ms. Liu Xiuhong from the Remuneration and Appraisal Committee on March 28, 2025, due to a change in work arrangement[18]. Social Responsibility and Community Engagement - Over 700 public welfare activities were conducted during the reporting period, demonstrating the company's commitment to social responsibility[114]. - The Group is committed to enhancing nuclear medicine's role in diagnosing and treating major diseases, contributing to the "Healthy China" initiative[200]. - The Group's focus on quality has resulted in multiple national awards for quality control groups and trustworthy teams[197]. Technological Advancements - The company has entered the high-end radiotherapy equipment market in collaboration with U.S. Accuray, focusing on advanced technologies such as spiral tomography systems and radiosurgery robots[8]. - The world's first spiral tomotherapy system, Tomo C, was officially completed and delivered from CNNC Accuray's Tianjin plant on June 25, 2024[49]. - The Precision treatment planning system for the Tomo C was approved by the National Medical Products Administration on June 5, 2024, providing a comprehensive treatment planning solution[62]. - The Group's digital transformation initiatives include real-time data collection and analysis of key equipment, aimed at optimizing operational processes[167]. Industry Trends and Future Outlook - By 2023, the direct economic output value of China's nuclear technology application industry was approximately RMB240 billion, with an industry scale of about RMB540 billion, maintaining a growth rate of 15% to 20% for several consecutive years[102][104]. - The Three-Year Action Plan for the High-Quality Development of Nuclear Technology Application Industry (2024-2026) aims for the annual direct economic output value to reach RMB400 billion by 2026, indicating strong future growth prospects[102][104]. - The nuclear technology application industry aligns with national strategies such as Healthy China and is supported by various government initiatives aimed at enhancing public health and medical technology[100][101].

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].

Core Viewpoint - China Zhongfu (01763) announced that its subsidiary, China Nuclear High-Tech, signed a capital increase agreement with 404 Chengdu, Chengdu Nuclear General, and Sichuan Tongyuan, raising a total of RMB 2.35 million to enhance the registered capital of Sichuan Tongyuan from RMB 100 million to RMB 123 million [1][2] Group 1 - The capital increase agreement involves 404 Chengdu contributing RMB 12.3457 million and Chengdu Nuclear General contributing RMB 11.1111 million [1] - After the capital increase, China Nuclear High-Tech will hold 81% of Sichuan Tongyuan, while 404 Chengdu and Chengdu Nuclear General will hold 10% and 9%, respectively [1] - Sichuan Tongyuan, established in May 2019, is positioned as a world-class research and production base for radiation sources and is currently in the early stages of project construction and operational layout [1] Group 2 - The funds raised from the capital increase will be used to support the construction and operational funding of the radiation source research and production base project, which will help maintain a reasonable asset-liability structure for Sichuan Tongyuan [1] - The agreement aims to leverage the R&D and production advantages of the shareholders to achieve resource sharing and accelerate the localization of raw materials for radiation sources [2] - This collaboration is expected to create a stable supply chain for raw materials and enhance the industrial synergy among the shareholders, aligning with the overall interests of the company and its stakeholders [2]