公 司 报 告 2025年08月26日 医药 东诚药业(002675.SZ) 18F-FDG增速回升，看好核药价值兑现 强烈推荐( 维持) 股价:17.61元 行情走势图 相关研究报告 【平安证券】东诚药业（002675.SZ）*年报点评*24 年研发投入加大，25年或迎多个重要节点*强烈推荐 20250227 【平安证券】东诚药业（002675.SZ）*季报点评 *24Q3单季度收入降幅收窄，创新核药进展顺利*强烈 推荐20241029 【平安证券】东诚药业（002675.SZ）*半年报点评* 原料药拖累短期业绩，持续看好核医学中长期发展前 事项： 公司公布2025年半年报，实现收入13.84亿元，同比下降2.60%；实现归母净 利润8865万元，同比下降20.70%；实现扣非后归母净利润8047万元，同比下 降23.90%；EPS为0.11元/股。公司业绩符合预期。 平安观点： 证 券 公 司 半 年 报 点 评 研 究 报 告 景*强烈推荐20240902 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | ...

Core Insights - The company reported a record revenue of approximately HKD 61.1 billion for the first half of 2025, with innovative and barrier products accounting for about 51% of total revenue, reflecting a year-on-year increase of nearly 15 percentage points [1] - The net profit for the period was approximately HKD 11.7 billion, indicating strong financial performance [1] - The company achieved 38 significant milestones during the first half of the year, including 16 innovative products, and successfully launched the world's first closed-loop nuclear medicine R&D and production base [1] Revenue and Growth - The revenue from the nuclear medicine segment reached approximately HKD 4.2 billion, maintaining a substantial year-on-year growth of 106% [5] - Excluding the impact of centralized procurement and exchange rates, the company's revenue grew by about 13% year-on-year [1] Product Development and Innovation - The company is advancing its innovative drug pipeline, with STC3141 for sepsis completing its domestic Phase II clinical study, representing a novel treatment approach [3] - The nasal spray product OC-01 for dry eye syndrome achieved over 97,000 prescriptions in its first year in the U.S., generating approximately USD 42 million in sales in 2023 [4] - The global innovative eye drug GPN01768 (TP-03) reported overseas sales exceeding USD 100 million in the first half of the year, a year-on-year increase of nearly 152% [4] Nuclear Medicine Advancements - The company has developed a robust product pipeline in nuclear medicine, with 15 innovative products in the research and registration phase [7] - The flagship nuclear medicine product, 易甘泰® (Yigantai), received FDA approval for treating unresectable hepatocellular carcinoma (HCC), becoming the first and only product approved for both HCC and colorectal cancer liver metastasis [6][7] Global Expansion and Infrastructure - The company’s nuclear medicine R&D and production base in Chengdu, which is the world's first closed-loop platform, commenced operations in June, enhancing its global innovation and R&D capabilities [8] - The facility is designed to be one of the most automated and comprehensive in the international market, addressing import dependency issues [8]

Core Viewpoint - The stock price of Yuan Da Pharmaceutical (00512) surged over 7% ahead of its earnings announcement, reflecting positive market sentiment following the FDA approval of its radioactive product for treating unresectable hepatocellular carcinoma (HCC) [1] Company Developments - Yuan Da Pharmaceutical plans to hold a board meeting on August 19 to approve its interim results [1] - The company announced that its yttrium-90 microsphere injection has received FDA approval for a new indication, making it the first and only selective internal radiation therapy product approved for both unresectable HCC and colorectal cancer liver metastases [1] - The company has established a complete industrial chain in the nuclear medicine sector, with its core product, Yttrium-90 microsphere injection, rapidly gaining market traction since its domestic approval in 2022 [1] Market Performance - As of the report, Yuan Da Pharmaceutical's stock rose by 6.92%, trading at 8.96 HKD with a transaction volume of 283 million HKD [1] - Tianfeng Securities noted that the product has treated nearly 2,000 patients by the end of 2024, projecting sales revenue of nearly 500 million RMB for that year [1] Future Outlook - The company aims to build a comprehensive layout in tumor interventional therapy and the RDC platform, actively advancing multiple nuclear medicine products in clinical research [1] - The firm is expected to enter an accelerated development phase, supported by its innovative product offerings and market positioning [1]

证券代码：002675 证券简称：东诚药业 烟台东诚药业集团股份有限公司投资者关系活动记录表 编号：2025-003 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他 （电话会议） 参与单位名称及 人员姓名 东吴证券医药团队、中金证券医药团队、平安证券医药团队、开源证 券医药团队、中信证券医药团队、信达证券医药团队、天风证券医药 团队、中泰证券医药团队、西部证券医药团队、中邮证券医药团队、 农银国际医药团队及多家券商、公募基金、私募基金经理、研究员参 与调研 时间 2025 年 8 月 15 日 15:30-16:30 地点 电话会议 上市公司接待人 员姓名 副总经理、董事会秘书：刘晓杰 副总经理：吴晓明 证券事务代表：李季 投资者关系活动 主要内容介绍 2025 年半年报解读及近期公司经营发展情况交流 会议纪要主要内容： 问题一：2025 年半年度基本情况介绍 答： （一）经营业绩 公司实现营业收入 13.84 亿元，同比下降 2.60%。归属于上市公司股东的净利润 0.89 亿元，同比下降 20.70%。 核药业务板块销售收入 5. ...

Core Viewpoint - Yunnan Baiyao Group's subsidiary, Yunhe Pharmaceutical, has successfully completed the first patient dosing in the I/IIa clinical trial of its innovative nuclear drug INR102 injection, marking a new phase in clinical research [1] Group 1: Clinical Development - The innovative nuclear drug INR101 injection has entered the III phase of clinical trials, while INR102 injection has initiated the I/IIa phase [1] - The company has also received clinical approval for the chemical drug JZ-14 capsule, aimed at treating ulcerative colitis, which is a First-in-Class small molecule immunomodulator [1] - The company is developing the antibody drug KA-1641, which is currently in the preclinical research phase [1] Group 2: Strategic Focus and Financial Outlook - The company is focusing on its core business, enhancing quality and efficiency across the entire chain, and emphasizing research and innovation along with digital transformation [1] - Due to significant cost reduction and efficiency improvement results, the profit forecast for 2025-2026 has been slightly raised to 5.271 billion and 5.849 billion yuan, respectively, reflecting a 2% increase from previous estimates [1] - The profit forecast for 2027 has been added at 6.492 billion yuan, with the current stock price corresponding to PE ratios of 19/17/15 times [1] - The company maintains an "overweight" rating [1]

Core Viewpoint - The article highlights the successful clinical trial progress of innovative nuclear medicine developed by Yunnan Baiyao Group, alongside the company's financial performance and strategic initiatives in digital transformation and drug innovation [4][5][6]. Group 1: Financial Performance - In 2024, the company achieved revenue of 40.033 billion, a year-on-year increase of 2.36%; the net profit attributable to the parent company, excluding non-recurring items, was 4.523 billion, up 20.18%, marking a historical high [5]. - The operating cash flow reached 4.297 billion, reflecting a year-on-year growth of 22.68%; the weighted average return on net assets was 11.99%, an increase of 1.48 percentage points year-on-year [5]. - In Q1 2025, the company reported revenue of 10.841 billion, a year-on-year increase of 0.62%, and a net profit of 1.887 billion, up 11.65% [5]. Group 2: Strategic Initiatives - The company is advancing its digital transformation strategy, utilizing data and AI technologies to enhance all aspects of its industrial chain, leading to business innovation and development [5]. - The company is focusing on both traditional Chinese medicine and innovative drugs, with ongoing projects in short, medium, and long-term drug development [6]. - The establishment of the Tianjin R&D platform by the central research institute is expected to facilitate the clinical advancement of multiple nuclear medicine products [6]. Group 3: Drug Development Progress - The company has made significant progress in drug development, with several projects at different clinical trial stages, including the innovative nuclear medicine INR102 injection, which has entered the I/IIa phase [4][6]. - The company is also advancing other drug candidates, such as the JZ-14 capsule for ulcerative colitis, which has been approved for clinical trials [6]. - The introduction of the antibody drug KA-1641 is currently in the preclinical research phase, indicating a broadening of the company's drug portfolio [6].

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 growth of 13.66% [2] - The net cash flow from operating activities was 714 million CNY, an increase of 35.39% [2] - The weighted average return on equity was 4.86%, up by 0.68 percentage points year-on-year [2] - The company held cash and cash equivalents of 11.062 billion CNY, with total assets amounting to 54.253 billion CNY [2] R&D Advantages - Strong R&D capabilities with a rich reserve of leading talents, established a joint research center with Peking University [3][4] - Integrated R&D resources across multiple cities, enhancing collaboration with top research institutions [4] - Proactive strategic layout in nuclear medicine, focusing on unmet clinical needs in oncology and immunology [4] - Financial strength to support long-term R&D investments in nuclear medicine [4] Traditional Chinese Medicine (TCM) Supply Chain Development - The company is taking the lead in the TCM supply chain in Yunnan, focusing on seed industry, planting, processing, marketing, and branding [5][6] - Established a specialized company for TCM seed industry, with 4,593 acres of GAP varieties reported in 2024 [6] - Significant growth in production, with a 180% increase in fresh processing and 182% in food and health products [6] - Launched the 'Smart Cloud Medicine' platform, facilitating over 100 million CNY in transactions [6] - Participated in the revision of standards for TCM in the 2025 edition of the Chinese Pharmacopoeia [6] Pharmaceutical Business Growth - The pharmaceutical division focused on comprehensive pain management, enhancing brand recognition in the field [7][8] - Continued clinical research on core products, expanding applications in various medical scenarios [8] - Successful marketing initiatives aimed at younger demographics, leading to increased sales [8] - Established efficient online business processes to enhance operational effectiveness [8]

Summary of Yunnan Baiyao Conference Call Company Overview - **Company**: Yunnan Baiyao - **Industry**: Pharmaceutical and Healthcare Key Financial Performance - **2024 Revenue**: Exceeded 40 billion CNY, a year-on-year increase of 2.36% [2] - **2024 Net Profit**: 4.749 billion CNY, a year-on-year increase of 16% [2] - **2024 Non-recurring Net Profit**: Increased by 20.18% [2] - **Q1 2025 Revenue**: 10.841 billion CNY, a year-on-year increase of 0.62% [2] - **Q1 2025 Net Profit**: Increased by 13.67% [2] - **Q1 2025 Non-recurring Net Profit**: Increased by 11.65% [2] Business Segment Performance - **Pharmaceutical Division**: Revenue of 6.924 billion CNY in 2024, up 11.8%, with aerosol sales exceeding 2.1 billion CNY, a growth of 26% [2][10] - **Health Products Division**: Revenue of 6.526 billion CNY, up 1.6%, maintaining a leading position in oral care and hair loss prevention [2][10] - **Traditional Chinese Medicine Resources**: Revenue of 1.751 billion CNY, up 3.13%, with a cost reduction of 30 million CNY [2][10] - **Medical Devices and Health Supplements**: Revenue growth of 61% and 101% respectively [2][11] Research and Development - **Current Projects**: Four transdermal patch products under development, with four patents obtained [2][12] - **Innovative Drug Development**: Focus on nuclear medicine, with INR101 (prostate cancer diagnosis) and INR102 (prostate cancer treatment) progressing through clinical trials [2][13] Future Projections - **Revenue Forecast (2025-2027)**: Expected to be 41.7 billion, 43.5 billion, and 45.2 billion CNY, with a growth rate of approximately 4% [4][8] - **Net Profit Forecast**: Expected to be 5.1 billion, 5.6 billion, and 6.0 billion CNY, with growth rates of 8%, 9.6%, and 6% respectively [4][8] - **Earnings Per Share (EPS)**: Projected at 2.8 CNY, 3.16 CNY, and 3.36 CNY for the respective years [8] Shareholder Returns - **Cumulative Net Profit**: 49.545 billion CNY since listing, with cumulative dividends of 28.735 billion CNY [7] - **Dividend Payout Ratio**: Average over 90% in the last three years, with a cash dividend of 4.279 billion CNY in 2024 [7] Valuation Comparison - **Valuation Relative to Peers**: Yunnan Baiyao's expected PE ratio is around 20, compared to an average of 25 for peers like Pian Zai Huang and Tong Ren Tang, indicating potential for valuation recovery [4][9][15] Strategic Insights - **Core Business Segments**: Includes pharmaceutical, health products, traditional Chinese medicine resources, and medical devices [3] - **R&D Strategy**: Short-term focus on major traditional Chinese medicine products, mid-term on transdermal patches, and long-term on nuclear medicine [5][14] Conclusion Yunnan Baiyao demonstrates steady growth across its business segments, with a strong focus on R&D and innovation. The company is well-positioned for future growth, with a favorable valuation compared to industry peers, making it an attractive investment opportunity.

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]