科技创新铸就核心实力，抗肿瘤产品组合企稳领先地位 在本次浦江泌尿肿瘤学术大会上，远大医药联合多方学术力量，正式发布"四基因联检尿路上皮癌早筛早诊项目"，该项目面向尿路上皮癌诊断、随访、疗效 评估等关键场景，推动无创、便捷、可重复的分子检测进入日常临床路径，其四基因联检拥有基因突变+甲基化双重检测机制、补足传统方法盲区的卓越检 出性能、无创便捷，以及高级别证据导向等技术要点——相关注册临床研究已发布在国际权威期刊《Molecular Cancer》，并成功纳入《中国临床肿瘤学会 (CSCO)尿路上皮癌诊疗指南2024》及《膀胱癌早诊早治专家共识(2024年版)》，获得国内外专业权威认可。 公司表示，未来将持续深耕分子诊断、精准诊疗与核药研发三大核心领域，并依托全球核药等创新资源与自主研发体系，致力于打造泌尿肿瘤诊疗一体化解 决方案。 智通财经APP获悉，近日，浦江泌尿肿瘤学术大会暨上海市抗癌协会泌尿肿瘤专委会年会在上海举行，国内外泌尿肿瘤领域顶尖专家齐聚一堂，远大医药 (00512)在会上重磅发布"尿路上皮癌早筛早诊项目"，并带来专题报告《尿路上皮癌精准诊疗与泌尿肿瘤核药研发进展》，集中展示公司在早筛早诊、精准 ...

机构：华泰证券 研究员：代雯/沈卢庆/孙茗馨 核药：Y90 微球快速放量，核药差异化管线或重塑价值 1H25 核药板块收入4.22 亿港币（+105.5% yoy），驱动于Y90 国内快速上量（1H25 估测收入翻番）。 我们看好该板块收入于25-27 年快速爬坡： 36.1%）；2）24 年并购标的高效整合。展望2H25，考虑2H 较低基数+制药科技/核药板块产品持续放 量，我们预计公司25 年内经营性利润稳健。考虑公司核药/STC3141 管线进展+潜在BD-in 完善制药布 局，维持"买入"。 制药科技：1H25 收入维稳，看好新品整合顺利+存量产品价值挖掘 1H25 制药科技板块实现收入38.4 亿港币(+2.9%yoy)，其中人民币口径呼吸及危重症板块收入+9.9%yoy （双恩放量+布地奈德鼻喷等产品顺利整合放量），五官科收入+22.6%yoy，急救板块收入-21.8%yoy。 我们预计25 年该板块收入有望企稳：1)呼吸:切诺或凭借独家优势稳定增长。2) 心脑血管:利舒安集采影 响进入2H25 有望逐步出清，看好板块并购/自研的新品快速增长。 3) 五官科：独家产品或稳定增长+脉血康并表整合。而 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 12.00 [1][5]. Core Views - The company reported a revenue of HKD 6.1 billion in 1H25, reflecting a 1% year-over-year increase, and a 25% decrease in net profit to HKD 1.17 billion [1]. - The revenue from innovative and barrier products increased to 51% in 1H25, up from 36.1% in 1H24, indicating a positive trend in product performance [1]. - The nuclear medicine segment showed significant growth, with revenue reaching HKD 422 million, a 105.5% year-over-year increase, driven by the rapid uptake of Y90 microspheres [3]. - The company expects stable operational profit in 2H25 due to a low base effect and continued growth in the pharmaceutical technology and nuclear medicine sectors [1][2]. Summary by Sections Pharmaceutical Technology - The pharmaceutical technology segment achieved revenue of HKD 3.84 billion in 1H25, a 2.9% year-over-year increase, with respiratory and critical care products growing by 9.9% [2]. - The company anticipates stabilization in revenue for 2025, driven by unique product advantages and the gradual clearing of procurement impacts [2]. Nuclear Medicine - The nuclear medicine segment's revenue surged to HKD 422 million in 1H25, primarily due to the rapid market penetration of Y90 microspheres [3]. - The company has a robust pipeline with 27 nuclear medicine projects, focusing on integrated tumor diagnosis and treatment [3]. R&D Pipeline - The STC3141 project is expected to progress to Phase III trials within the year, with promising data from Phase II trials [4]. - The company is also looking to enhance its product portfolio through potential business development opportunities [4]. Profit Forecast and Valuation - The company forecasts net profits of HKD 2.1 billion, HKD 2.4 billion, and HKD 2.6 billion for 2025, 2026, and 2027 respectively [5]. - The target price of HKD 12.00 is based on a 20x PE ratio for 2025, aligning with comparable companies in the Hong Kong market [5].

Investment Rating - The investment rating for the company is "Buy" [4][9]. Core Insights - The company achieved a revenue of HKD 6.107 billion in the first half of 2025, representing a year-on-year growth of approximately 1.0%, with a 2.0% increase in RMB terms. Excluding the impact of the tenth batch of centralized procurement price reductions, the revenue in RMB terms increased by about 13.0% [1][4]. - The nuclear medicine oncology segment recorded revenue of approximately HKD 421.78 million, a significant increase of about 105.5% compared to the same period in 2024 [1][2]. - The company's net profit attributable to shareholders was HKD 1.169 billion, with a slight decline of about 5.9% after excluding the impact of Telix investments [1][3]. - The company continues to invest in research and development, with total R&D expenditures amounting to approximately HKD 1.022 billion [1]. Summary by Sections Performance Overview - In the first half of 2025, the company reported a revenue of HKD 6.107 billion, a year-on-year increase of approximately 1.0%. In RMB terms, the revenue grew by about 2.0%, and excluding the impact of price reductions from centralized procurement, the growth was around 13.0% [1][4]. - The nuclear medicine oncology segment saw revenue of approximately HKD 421.78 million, up about 105.5% from approximately HKD 207.24 million in the same period of 2024 [1][2]. Product Development and Pipeline - The company is focusing on innovation-driven product structure optimization, with revenue from innovative and barrier products accounting for 51.0%, an increase of 14.9 percentage points year-on-year [2]. - The company has successfully advanced its nuclear medicine innovation products globally, with over 900 employees in the nuclear medicine oncology sector [2]. Financial Forecast - Revenue projections for 2025-2027 are estimated at HKD 12.254 billion, HKD 13.376 billion, and HKD 14.779 billion, representing year-on-year growth rates of 5.2%, 9.2%, and 10.5% respectively [3]. - The net profit attributable to shareholders is projected to be HKD 2.185 billion, HKD 2.462 billion, and HKD 2.706 billion for the same period, with growth rates of -11.5%, 12.7%, and 9.9% respectively [3].

Core Viewpoint - The company reported a mixed performance in its 2025 interim results, with a slight increase in revenue but a significant decline in net profit, primarily due to price reductions from the tenth batch of centralized procurement and increased marketing expenses for new products [2][3]. Financial Performance - The company achieved a revenue of HKD 6.107 billion in the first half of the year, representing a year-on-year increase of 1% [2]. - The net profit attributable to shareholders was HKD 1.169 billion, a decrease of approximately 25% year-on-year. Excluding the impact of Telix investments, the net profit was around HKD 1.017 billion, down about 5.9% year-on-year [2][3]. Product Performance - Revenue from innovative and barrier products accounted for over 50% of total revenue for the first time, contributing approximately 51% [3]. - The nuclear medicine oncology segment saw a remarkable revenue growth of 105.5% in the first half, following a 107.6% increase in the same period last year [3]. Strategic Focus - The company is focusing on innovative products as a key driver for future performance recovery [2]. - The company has a pipeline of 15 innovative products in the research and development phase, with the fastest progress being made on TLX591-CDx for prostate cancer diagnosis, which has completed patient enrollment for its Phase III clinical study [3][4]. Internationalization Efforts - The company aims to increase its international revenue, with a target of achieving over 30% of total revenue from international markets in the next 3 to 5 years [5]. - Currently, the overseas business accounts for approximately 40% of total revenue, with amino acid segment sales covering over 140 countries and regions [5]. Recent Developments - The company has made significant advancements in nuclear medicine, including the FDA approval of Yttrium-90 microsphere injection for treating unresectable hepatocellular carcinoma (HCC) [6]. - A new nuclear medicine research and production facility in Chengdu has commenced operations, designed to be one of the most automated and comprehensive in the world [6].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.07 HKD, based on a 20x PE for 2025 [5]. Core Insights - The company is positioned for accelerated growth through a dual strategy of "independent research and global expansion," which enhances its international transformation potential [1][12]. - In 2024, the company achieved a revenue of 10.784 billion RMB, a year-on-year increase of 10.59%, and a net profit of 2.286 billion RMB, up 31.28% year-on-year, driven by increased demand for core products in nuclear medicine and cardiovascular precision intervention [21]. Summary by Sections 1. Company Overview - Founded in 1939, the company operates across three main sectors: nuclear medicine for tumor diagnosis and treatment, cardiovascular precision intervention, and pharmaceutical technology [1][12]. - The company has over 10,000 employees globally and more than 30 subsidiaries, with a diverse product portfolio exceeding 200 items in the medical insurance directory [1][12]. 2. Pharmaceutical Technology - The company is focused on developing innovative drugs in respiratory and critical care, with STC3141 showing promise as a new treatment for sepsis [2][31]. - The global market for sepsis treatment is projected to grow from 12.54 billion USD in 2024 to 19.37 billion USD by 2032, indicating significant unmet clinical needs [40]. 3. Nuclear Medicine - The company has established a complete industrial chain in nuclear medicine, with its core product, Yttrium-90 microsphere injection, rapidly gaining market traction since its approval in 2022 [3][4]. - The company is advancing multiple nuclear medicine products through clinical trials, including TLX591 for prostate cancer and GPN02006 for liver cancer diagnosis, positioning itself in the global first-tier of development [4][12]. 4. Financial Forecast - Revenue projections for 2025-2027 are 12.405 billion RMB, 13.729 billion RMB, and 15.113 billion RMB, respectively, with net profits expected to be 2.121 billion RMB, 2.396 billion RMB, and 2.773 billion RMB [5].

Summary of YD Pharma Conference Call Company Overview - YD Pharma's total assets reached HKD 24.9 billion in 2024, with revenue of HKD 11.64 billion and net profit attributable to shareholders of HKD 2.47 billion, marking a 17.7% year-on-year growth in the pharmaceutical segment [2][5] - The company operates in three main areas: nuclear medicine for oncology, cardiovascular intervention technology, and formulation technology [2][6] Financial Performance - In 2024, YD Pharma's revenue grew by 12.8% year-on-year in RMB terms, with a net profit increase of 34% [4] - The company declared a dividend of HKD 910 million, with a net profit of HKD 1.76 billion excluding fair value changes [5] - The nuclear medicine and cardiovascular intervention segments saw a revenue increase of 148.3% [2][6] Business Segments Nuclear Medicine - The nuclear medicine segment has established a global integrated production and research layout, with significant revenue from the Hepatocyte Injection reaching nearly HKD 500 million [2][7] - The Chengdu production base was completed, enhancing production capabilities for all research pipeline products [7][30] Cardiovascular Intervention - The company focuses on both acute rescue and chronic disease management, with products like Coenzyme Q10 and a second-generation aldosterone receptor antagonist contributing to growth [12] Respiratory and Critical Care - The core product, Ceno, continues to lead the oral market, with plans for various inhalation formulations [9] - A new nasal spray for allergic rhinitis, Raltex, is set to launch in 2025 [9] Research and Development - YD Pharma has 15 innovative products in the registration phase, covering five collaborative projects and seven cancer types [8] - Three products are in Phase III clinical trials, with one international multi-center trial already submitted for approval [8] Sepsis Treatment - Sepsis is a major focus, with YD Pharma's product SC3,141 targeting the overactive immune response associated with the condition [10][11] - The company plans to advance research in this area, addressing a significant public health issue [10] Market Potential - The FDA approved a new indication for the 190 microsphere product for primary liver cancer, expected to significantly boost global sales, particularly in China [16][19] - The domestic sales peak for this product is projected to reach at least RMB 5 billion due to the high incidence of liver cancer in China [19][34] Future Outlook - YD Pharma anticipates a challenging year in 2025 due to the impact of the tenth batch of centralized procurement, but aims for positive revenue growth [39] - The company expects to achieve higher growth rates in 2026, potentially reaching double-digit growth [39] Additional Insights - The Chengdu production base is designed to meet high safety standards and will support the nuclear medicine segment's growth [30] - YD Pharma is exploring partnerships for global sales of its nuclear medicine products, aiming to compete with larger pharmaceutical companies [36][37]

Core Viewpoint - Global nuclear medicine leader, YuanDa Pharmaceutical, has achieved a significant milestone in overseas research and development, particularly in the treatment of unresectable hepatocellular carcinoma (HCC) with its innovative product SIR-Spheres® Yttrium-90 microsphere injection (EganTai®) [2] Group 1: Product Approval and Market Potential - The FDA has granted early approval for SIR-Spheres® Yttrium-90 microsphere injection for the treatment of unresectable HCC, with no restrictions on tumor diameter, marking it as the first and only product approved for both unresectable HCC and colorectal cancer liver metastases [2][3] - The product utilizes advanced interventional techniques to deliver high-energy beta radiation directly to liver tumors, combining the benefits of radiopharmaceuticals and precise interventional therapy [3] - The global liver cancer treatment market is projected to reach $9.81 billion by 2030, indicating a substantial opportunity for innovative treatments like EganTai® [5] Group 2: Clinical Recognition and Usage - Since its launch, SIR-Spheres® has been used by over 150,000 patients across more than 50 countries, receiving endorsements from multiple international clinical guidelines [4] - In China, EganTai® has treated nearly 2,000 patients, achieving sales revenue of approximately HKD 500 million in 2024, with a year-on-year growth rate exceeding 140% [4] Group 3: Comprehensive Industry Position - YuanDa Pharmaceutical has established a full industry chain in nuclear medicine, encompassing research, production, sales, and regulatory qualifications, positioning itself as a leading player in the field [6] - The company has a robust pipeline of 15 innovative products targeting various cancers, including prostate, kidney, and brain cancers, utilizing five types of radioactive isotopes [6][7] - YuanDa aims to strengthen its nuclear medicine segment and expand its product pipeline, focusing on creating a comprehensive cluster of anti-tumor diagnostic and therapeutic products centered around EganTai® [7]

Core Insights - The article highlights the significant milestone achieved by YuanDa Pharmaceutical with its innovative nuclear medicine product, SIR-Spheres Yttrium-90 microsphere injection, which has received FDA approval for dual indications in treating unresectable hepatocellular carcinoma (HCC) and colorectal cancer liver metastases [1][2][3] Product Development and Approval - SIR-Spheres Yttrium-90 microsphere injection is the first and only selective internal radiation therapy (SIRT) product globally approved by the FDA for both unresectable HCC and colorectal cancer liver metastases, showcasing its clinical value [1][2] - The product achieved a remarkable objective response rate of 98.5% and a local tumor control rate of 100% in the DOORwaY90 clinical trial, with a median duration of response exceeding 300 days [2][3] - The FDA's early approval for the new indication of unresectable HCC, without restrictions on tumor diameter, reflects the product's significant advantages over competitors [2][3] Market Potential and Clinical Impact - The global liver cancer treatment market is projected to reach USD 9.81 billion by 2030, indicating a substantial opportunity for innovative therapies like SIR-Spheres [7] - With liver cancer being the sixth most common and the third deadliest cancer globally, and China accounting for a significant portion of new cases and deaths, the product is positioned to address a critical healthcare need [4][7] Company Positioning and Strategy - YuanDa Pharmaceutical has established a comprehensive nuclear medicine ecosystem, encompassing research, production, sales, and regulatory compliance, positioning itself as a leader in the nuclear medicine field [8][15] - The company has a robust pipeline of 15 innovative products targeting various cancers, supported by a state-of-the-art production facility that meets international standards [8][13][15] - The successful operation of the Chengdu Wenjiang nuclear medicine R&D and production base marks a strategic leap for the company, enabling it to meet global demand for therapeutic and diagnostic nuclear medicines [13][15]

Core Viewpoint - The company is experiencing stable growth in traditional business while new sectors are contributing significantly to high growth, particularly in nuclear medicine, cardiovascular precision intervention, pharmaceutical technology, and biotechnology [1] Group 1: Nuclear Medicine Development - The demand for nuclear medicine is increasing due to aging populations and rising cancer incidence, leading to market expansion for diagnostic and therapeutic applications [1] - The core commercial product, Yttrium-90 microspheres, is expected to grow over 140% in 2024, supported by training of over 1,100 doctors across more than 70 hospitals and inclusion in 45 health insurance plans [1] - The company has 12 innovative RDC products in its pipeline, with 4 approved for clinical research and 3 in Phase III trials, including TLX591-CDx for prostate cancer and TLX250-CDx for renal cell carcinoma [1] Group 2: New Product Opportunities - The company has a diverse range of existing products, but the inclusion of Lishuan in the 10th batch of national procurement is expected to exert short-term pressure on performance [2] - New products in sepsis (STC3141) and ophthalmology are anticipated to have significant market potential, with STC3141 projected to reach peak sales of 10 billion yuan based on a 20% market share and a unit price of 8,000 yuan [3] - The company is also advancing in the ENT field with multiple products in development, including a nasal spray expected to be approved by the end of 2024 [3] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 12.203 billion, 13.292 billion, and 14.663 billion HKD, with net profits of 2.076 billion, 2.422 billion, and 2.764 billion HKD respectively, indicating a low valuation compared to peers [4] - The current price-to-earnings (PE) ratios are projected at 15, 13, and 11 times for the respective years, compared to an average of 25, 23, and 20 times for comparable companies, suggesting the company is undervalued [4]