Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of HKD 6.11 billion for H1 2025, representing a year-on-year growth of 1.0%. However, the net profit attributable to shareholders was HKD 1.17 billion, a decline of 25.0% year-on-year. Excluding the impact of Telix investment, the net profit would be HKD 1.02 billion, reflecting a decrease of 5.9% year-on-year [2][6]. - The company's innovative and barrier products continue to gain traction, with significant revenue contributions. The revenue from the nuclear medicine oncology segment reached HKD 420 million, a year-on-year increase of 106%. The ENT segment generated HKD 1.49 billion, up 23% year-on-year, while the respiratory and critical care segment reported HKD 1.05 billion, a growth of 10% year-on-year. The revenue from innovative and barrier products accounted for 51.0% of total revenue, an increase of 14.9 percentage points year-on-year [6][9]. - The company has made breakthroughs in nuclear medicine and is advancing its innovative pipeline. The first fully automated "zero radiation" nuclear medicine R&D and production facility has received a Class A radiation safety license and is now operational. The product Yttrium-90 microsphere injection has received FDA approval for a new indication, and five innovative RDC drugs have been approved for registration clinical trials in China, with four entering Phase III trials [6][9]. - Revenue forecasts for the company are projected at HKD 12.25 billion, HKD 13.51 billion, and HKD 15.12 billion for 2025-2027, with net profits expected to be HKD 2.12 billion, HKD 2.45 billion, and HKD 2.80 billion respectively. Corresponding EPS estimates are HKD 0.60, HKD 0.69, and HKD 0.79 [6][9].
远大医药(00512):创新和壁垒产品持续放量,研发管线齐推进