R&D Center Layout - The company utilizes a central research institute to coordinate and integrate regional R&D resources across four major centers [2] - The Kunming center focuses on traditional Chinese medicine and natural drug research [2] - The Beijing center collaborates with Peking University for academic and commercial research [2] - The Shanghai center develops innovative nuclear medicine products [2][3] - The Wuxi center specializes in medical device development for chronic disease treatment [3] Nuclear Medicine R&D System - Strong R&D capabilities with a rich reserve of leading talents, leveraging Peking University's resources for drug target discovery [4] - Integrated industrial chain capabilities through collaboration with top research institutions and strategic partnerships [4] - Proactive strategic layout in nuclear medicine, addressing unmet clinical needs in oncology and immunology [4] - Financial strength to support long-term R&D investments across all stages of drug development [5] Cloud Nuclear Medicine Overview - Cloud Nuclear Medicine was established in July 2023 in Tianjin, with a construction area of over 6,000 square meters [6] - Equipped with advanced facilities for drug screening, development, and clinical sample production [6] - Received radiation safety certification in October 2024, enabling the use of radioactive isotopes for drug development [6] INR101 Nuclear Medicine Project - INR101 is a Class 1 radioactive diagnostic drug for prostate cancer, initiated in September 2022 [7] - Clinical approval obtained in May 2024, with promising stability and safety results reported in November [7][8] - Phase III clinical trials commenced in May 2025, involving over 30 top GCP institutions [8] INR102 Nuclear Medicine Project - INR102 is a targeted radioactive ligand drug for prostate cancer, utilizing Lu-177 for precise delivery [9] - First-in-human clinical trials began in October 2024, with 12 patients enrolled showing good safety and efficacy [9][10] - Clinical trial approval received in April 2025, marking a new phase in the project [10][11]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 10.841 billion CNY, a year-on-year increase of 0.62% [2] - The net profit attributable to shareholders was 1.935 billion CNY, up 13.67% year-on-year [2] - The basic earnings per share reached 1.08 CNY, reflecting a 13.66% increase compared to the previous year [2] - The net cash flow from operating activities was 714 million CNY, showing a significant growth of 35.39% [2] - The weighted average return on equity was 4.86%, an increase of 0.68 percentage points year-on-year [2] - The company had a cash balance of 11.062 billion CNY and total assets of 54.253 billion CNY [2] Group 2: Pharmaceutical Business Performance - The pharmaceutical segment focused on pain management, enhancing brand recognition and product ecosystem [4] - Clinical research in areas such as diabetic foot and skeletal pain showed steady progress, expanding product application scenarios [4] - Successful marketing initiatives, including the 'Walk and Play' campaign, contributed to brand youthfulness and increased product penetration [4] - The company established an efficient operational system to enhance production and marketing effectiveness [4] Group 3: Traditional Chinese Medicine (TCM) Supply Chain Development - The company is committed to leading the TCM supply chain in Yunnan, focusing on seed industry, cultivation, processing, and branding [6] - A new company was established for TCM seed industry, providing control over genetic resources [6] - The processing platform saw a production increase of 180% for medicinal materials and 182% for health products [6] - The 'Smart Cloud Medicine' platform was launched, facilitating transactions exceeding 100 million CNY [6] - The company participated in the revision of standards for TCM products, leading in the development of processing standards [6] Group 4: Nuclear Medicine Research Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with positive stability and safety results reported [8] - The company’s subsidiary received approval for clinical trials of INR102, an innovative radioactive treatment for prostate cancer [8]

Core Viewpoint - Xiantong Pharmaceutical is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the development and commercialization of radiopharmaceuticals, but faces significant competition and market challenges [1][2]. Company Overview - Xiantong Pharmaceutical is one of the earliest companies in China engaged in nuclear drug research and development, having previously listed on the New Third Board in 2016 [1]. - The company is the first in China to receive approval for innovative radiopharmaceuticals and has completed clinical trials for therapeutic radioligands [1][2]. Market Position and Competition - The core diagnostic drug, Oweining®, is facing intense competition shortly after its launch, with a narrowing "blue ocean" window [1][4]. - The therapeutic pipeline is crowded with targets such as SSTR and PSMA, with strong competitors like Novartis and Dongcheng [1][7]. - The nuclear pharmacy resources are dominated by major players, controlling 94% of the market, making it difficult for Xiantong to establish its own [1][9]. Financial Performance - In 2023 and 2024, Xiantong achieved revenues of 10.232 million and 44.064 million yuan, respectively, with product sales contributing minimally [3][4]. - The company reported losses of 309 million yuan in 2023 and 156 million yuan in 2024 [3]. Research and Development Pipeline - Xiantong has 15 pipeline assets, with two products, XTR008 and XTR012, expected to receive NDA and ANDA approvals by 2026 [2][5]. - The pipeline includes several diagnostic radiopharmaceuticals, with increasing competition in the domestic market [5][6]. Industry Trends - The global market for radiopharmaceuticals is evolving, with a shift towards therapeutic applications, projected to dominate the market by 2030 [7]. - The construction of nuclear pharmacies is capital-intensive and time-consuming, creating barriers for new entrants [9]. Investor Sentiment - Prior to the IPO application, several investors exited their positions, raising concerns about the company's stability and future prospects [10][11].

Group 1: Pharmaceutical Business Performance - In 2024, the pharmaceutical segment achieved a revenue of 6.924 billion CNY, a year-on-year increase of 11.8% [2] - The sales revenue of Yunnan Baiyao aerosol exceeded 2.1 billion CNY, growing over 26% [2] - The sales of other traditional Chinese medicine products, such as Pudilan's anti-inflammatory tablets, reached nearly 200 million CNY, with a significant growth of over 22% [4] Group 2: Traditional Chinese Medicine Supply Chain Development - Yunnan Baiyao is committed to being the "chain leader" in the traditional Chinese medicine supply chain in Yunnan Province [3] - The company established a specialized traditional Chinese medicine seed company to control genetic resources [4] - The "Shuzhi Cloud Medicine" platform was launched, facilitating transactions exceeding 100 million CNY [4] Group 3: Oral Care Product Sales and Market Strategy - The health product segment generated 6.526 billion CNY in revenue, with a year-on-year growth of 1.6% [5] - Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care sector [5] - The company is enhancing its channel strategy by optimizing traditional offline channels and exploring new retail formats [5] Group 4: Q1 2025 Financial Performance - In Q1 2025, the company reported a revenue of 10.841 billion CNY, a year-on-year increase of 0.62% [7] - The net profit attributable to shareholders was 1.935 billion CNY, growing by 13.67% [7] - The cash flow from operating activities reached 714 million CNY, up 35.39% year-on-year [7] Group 5: Nuclear Medicine Research Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024 and completed its I/IIa phase clinical summary report in November [8] - The company’s subsidiary received approval for the clinical trial of INR102, aimed at treating metastatic castration-resistant prostate cancer [9]

Core Viewpoint - The company has made significant advancements in the field of nuclear medicine for cancer diagnosis and treatment, leading to a surge in its stock price and a historical high. Notably, a prominent investment bank has raised the company's target price multiple times this year, reflecting confidence in its innovative capabilities in nuclear medicine [1][2]. Group 1: Company Developments - The company announced promising results from its clinical research on GPN02006, a novel radioactive drug conjugate (RDC) for diagnosing hepatocellular carcinoma (HCC), which will be presented at the SNMMI annual meeting in 2025 [1][2]. - GPN02006 is based on innovative radioactive nuclide-antibody conjugation technology and has shown excellent safety and imaging efficacy, with no reported adverse reactions and high-quality imaging achieved within 30 minutes post-administration [2][5]. - The company has a robust pipeline with 15 innovative products in the nuclear medicine sector, covering various cancers and offering integrated diagnostic and therapeutic solutions [10][12]. Group 2: Market Potential - The global liver cancer diagnostic market is projected to grow at a compound annual growth rate (CAGR) of 6.53%, increasing from $1.8 billion in 2024 to $2.98 billion by 2032 [3]. - The company’s innovative products, including TLX591 and TLX591-CDx, are positioned to capture significant market share in the growing prostate cancer treatment market, which is expected to expand due to an increasing patient population [9][12]. Group 3: Strategic Positioning - The company has established a comprehensive industrial chain encompassing research, production, sales, and regulatory qualifications, with a focus on becoming a global leader in innovative nuclear medicine [13][14]. - The new nuclear medicine base in Chengdu is set to enhance the company's global pipeline and facilitate the development of high-value nuclear drug products, marking a new phase in its global expansion [14].

Financial Performance - In 2024, the company achieved a revenue of CNY 40.033 billion, a year-on-year increase of 2.36% [2] - The net profit attributable to shareholders reached CNY 4.749 billion, up 16.02% from CNY 4.094 billion in the previous year [2] - The net profit excluding non-recurring items was CNY 4.523 billion, a 20.18% increase from CNY 3.764 billion [2] - Operating cash flow net amount was CNY 4.297 billion, growing by 22.68% [3] - The weighted average return on equity was 11.99%, an increase of 1.48 percentage points [3] - Basic earnings per share were CNY 2.66, reflecting a growth of 16.16% [3] Business Structure and Efficiency - Industrial revenue accounted for 36.14% of total revenue, with an industrial revenue growth rate of 5.30% [3] - The industrial gross profit margin was 65.93%, up 1.69 percentage points from the previous year [3] - Sales expenses decreased by 2.26% and management expenses decreased by 1.98% compared to the previous year [4] Asset Management - As of the end of the reporting period, total assets were CNY 52.914 billion, with net assets attributable to shareholders at CNY 38.832 billion [4] - The debt-to-asset ratio stood at 26.55% [4] - Cash and cash equivalents amounted to CNY 10.888 billion [4] R&D Progress - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024 and completed its I/IIa phase clinical summary report in November [5] - The INR102 injection clinical trial application was approved for prostate cancer treatment [5] Health Products Division - The health products division generated revenue of CNY 6.526 billion, a year-on-year increase of 1.6% [6] - Profit from the health products division was CNY 2.191 billion, up 8.36% [6] - Yunnan Baiyao toothpaste maintained the top market share in the domestic oral care market [7] - The Yangyuanqing hair care products achieved sales of CNY 422 million, a growth of 30.3% [7] Dividend Distribution - The company proposed a cash dividend of CNY 11.85 per 10 shares, totaling CNY 2.164 billion for the 2024 special dividend [8] - The total cash dividend for 2024 is CNY 23.98 per 10 shares, amounting to CNY 4.279 billion, which represents 90.09% of the net profit attributable to shareholders [8]

Group 1: Marketing and Sales Performance - The pharmaceutical marketing network covers all provinces, districts, counties, and townships in China, with a focus on 5,000 leading chain stores and over 400,000 retail outlets, achieving high coverage and market control, especially in East China, Hunan, Hubei, and Yunnan [2] - In 2024, Yunnan Baiyao toothpaste maintained the top market share in the domestic all-channel market [3] - During major sales events like "618" and "Double Eleven," Yunnan Baiyao's oral health brand ranked first in online oral care [4] Group 2: Product Development and Innovation - The INR101 diagnostic nuclear medicine project received clinical approval in May 2024, with promising stability and safety results reported in November [5] - The company’s subsidiary, Yunke Medical, received approval for clinical trials of INR102, a new radioactive treatment for metastatic castration-resistant prostate cancer [5] Group 3: Dividend Distribution - The company plans to distribute a cash dividend of 11.85 CNY per 10 shares based on a total share capital of 1,784,262,603 shares, with a total cash dividend amounting to 4,278,661,722.00 CNY, accounting for 90.09% of the net profit attributable to shareholders in 2024 [7]