Investment Rating - The report assigns a "Buy" rating for the company [4][6]. Core Views - The company is experiencing rapid growth in nuclear medicine and is advancing its innovative pipeline across multiple fields [2][3]. - Despite a slight increase in revenue, the company's profitability has declined due to increased sales expenses related to new product launches [1][4]. Financial Summary - For the first half of 2025, the company reported revenue of HKD 6.107 billion, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of HKD 1.169 billion, a decrease of 24.96% [1]. - The normalized profit attributable to shareholders, excluding the impact of Telix investment, was HKD 1.017 billion, down 5.92% year-on-year [1]. - The gross margin for the first half of 2025 was 58.95%, a decrease of 0.44 percentage points year-on-year [1]. - The company expects revenues of HKD 122.91 billion, HKD 137.62 billion, and HKD 152.62 billion for 2025, 2026, and 2027 respectively, with net profits of HKD 20.39 billion, HKD 24.66 billion, and HKD 28.63 billion for the same years [4][5]. Business Segments - The nuclear medicine and cardiovascular intervention segment generated revenue of HKD 5.78 billion, with nuclear medicine revenue at HKD 4.22 billion, reflecting a significant increase of 105.5% in RMB terms [2]. - The pharmaceutical technology segment reported revenue of HKD 38.45 billion, with respiratory and critical care products contributing HKD 10.47 billion, a 9.9% increase in RMB terms [2]. - The biotechnology segment's revenue was HKD 16.84 billion, with amino acid revenue at HKD 13.47 billion, showing a decline of 9.5% in RMB terms [2]. Clinical Development - The nuclear medicine pipeline is advancing rapidly, with several key clinical milestones achieved, including FDA approval for Yttrium-90 microspheres for unresectable HCC and progress in various clinical trials for prostate cancer and neuroendocrine tumors [3].
远大医药（00512）：核药持续高速增长，多领域创新管线迅速推进