目前临床上常用的PET/CT显像剂是氟[18F]-氟代去氧葡萄糖("F-FDG")，通过对病灶葡萄糖代谢水平的 高低对疾病做出相应判断和评估，但其灵敏度较低(40%~68%)，在肿瘤早期诊断中的价值有限。而靶向 FAP的显像剂具有泛实体瘤应用前景和灵敏度高的特点，已成为放射性药物研究的热门靶点之一。集团 自主研发的GPN01530优化了FAP配体的结构，提高了其在肿瘤组织中的摄取，同时降低其在正常组织 中的摄取。临床前研究结果表明，本产品与其它FAP配体相比，表现出快速的肿瘤靶向、更高的肿瘤摄 取和更优的药代动力学特性。 此外，在已开展的IIT人体研究中显示，本产品安全性良好，具备快速的背景清除、强而持久的病灶摄 取，与F-FDG相比表现出更优的临床图像对比度和阳性病灶的准确检出率。基于已有临床前及临床研究 结果，本产品显著提升了FAP靶点类的RDC药物的诊断效能，并有望为广大的实体瘤患者提供一款全新 的肿瘤诊断方案。 作为集团首款获得FDA批准开展临床研究的自研RDC产品，GPN01530临床研究的成功获批为集团核药 产品管线的国际化开发提供了重要范式，是集团核药抗肿瘤诊疗板块全球化研发与注册进程中的重要里 ...

Core Viewpoint - The company plans to acquire 72.86% of Kanglu Bio for 291 million yuan, with a total investment of 328 million yuan to eventually hold 82% of the shares, enhancing its position in the tumor diagnosis market [1][2] Acquisition Details - The acquisition will make Kanglu Bio a subsidiary, included in the company's consolidated financial statements [1] - The company will further acquire an additional 9.14% of shares in 2026 and 2027, contingent on meeting specific conditions [1] Company Profile - Kanglu Bio specializes in the FISH and PCR molecular diagnostics fields, being a leader in pathological diagnosis [2] - Its core FISH products are used in high-value detection areas such as tumor screening and companion diagnostics, with proprietary technology for rapid probe preparation [2] Regulatory Approvals - Kanglu Bio has received 4 NMPA-approved Class III medical device registrations and 161 Class I medical device filings for its FISH products, covering various solid tumors and hematological malignancies [2] - The PCR products have 5 NMPA-approved Class III medical device registrations and are used in over 600 tertiary hospitals [2] Strategic Synergies - The acquisition is expected to create synergies in development strategy, market channels, and product technology, enhancing the company's competitive edge in tumor diagnostics [2][3] - The combined product offerings will provide a comprehensive solution from early screening to companion diagnostics, increasing customer loyalty [3] Market Presence - The company has a sales network covering 31 provinces in China, primarily targeting tertiary hospitals, which aligns with Kanglu Bio's existing market [3] R&D Collaboration - The R&D teams of both companies will collaborate closely to expand clinical solutions and improve the quality of in vitro diagnostic offerings [3] - This collaboration aims to enhance R&D efficiency and the commercialization of results, leading to cost reduction and increased effectiveness [3] Performance Commitments - Kanglu Bio has performance commitments for net profit and R&D expense ratios from 2025 to 2027, with minimum net profits of 22 million, 32 million, and 38 million yuan, and an R&D expense ratio of no less than 10% each year [3] Financial Projections - The company maintains its profit forecast, expecting net profits of 40 million, 50 million, and 60 million yuan from 2025 to 2027, with corresponding PE ratios of 78, 61, and 46 [4] - The DCF model estimates a reasonable market value of 3.6 billion yuan, with a target price of 22 yuan, maintaining a "recommended" rating [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next six months [2][24]. Core Viewpoints - The company plans to acquire 72.86% of Kanglu Bio for 291 million yuan, which will enhance its competitive advantage in the tumor diagnostics field. The total transaction amount will reach 328 million yuan upon completion of the acquisition [2]. - The acquisition is expected to create synergies in development strategy, market channels, and product technology, allowing the company to offer comprehensive solutions in tumor diagnostics [8]. - The financial forecast for the company shows a projected net profit of 34 million yuan in 2024, increasing to 62 million yuan by 2027, with corresponding growth rates of 5.7%, 27.2%, and 32.9% [4][8]. Financial Summary - Total revenue is projected to grow from 437 million yuan in 2024 to 588 million yuan in 2027, with growth rates of -19.5%, 0.4%, 15.4%, and 16.1% respectively [4]. - The company's earnings per share (EPS) is expected to rise from 0.21 yuan in 2024 to 0.38 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 82 to 46 over the same period [4][8]. - The company’s total market capitalization is currently 28.3 billion yuan, with a circulating market value of 23.97 billion yuan [5].