核心观点 2025H1 业绩符合预期，中山海济及红岸基元的并表增厚公司业绩，公司表观收入实现稳健增长，内生 业务方面，由于呼吸道发病率相比去年同期处于较低水平，叠加增值税率调整影响，公司内生增长有所 承压。25Q3 呼吸道的发病率仍处于较低水平，预计25Q3 内生收入增长仍有所承压，25Q4 业绩仍需观 测呼吸道疾病发病情况，下半年表观收入同比预计仍有望实现稳定增长。公司作为分子诊断行业龙头， 产品矩阵丰富，行业认可度高，在呼吸道检测领域先发优势明显，居家检测服务的拓展进一步带来业绩 增量，同时看好公司通过并购+自研布局诊疗一体化。 对外投资与并购拓展新增长点，有望打造覆盖全产业链生态的平台型企业公司积极寻找优质标的，通过 设立产业基金，进一步加大对外投资与合作。2025 年初，公司收购中山海济100%股权，布局生长激素 领域，此次收购不仅为公司在儿科领域的长期发展奠定了坚实的基础，更有助于实现打造"诊断+治 疗"一体化健康方案的综合战略布局。此外，公司进一步增资真迈生物，继续深化合作，加速基因测序 国产方案的替代和推动基因技术的国际化突破。上半年，公司测序业务实现营业收入超三千万元，同比 增长三倍。同时进一 ...

远大医药(00512)发布公告，集团全球创新温度敏感性栓塞剂产品GPN00289在中国开展的用于原发性肝 癌经动脉化疗栓塞的注册性临床研究，于近日完成了全部患者入组。该研究是一项前瞻性、多中心、随 机、平行对照临床研究，旨在评估GPN00289用于原发性肝癌经动脉化疗栓塞的安全性和有效性。此次 GPN00289的注册性临床研究完成全部患者入组是集团在核药抗肿瘤诊疗领域在肿瘤介入方向上的又一 次重大的研发进展。 板块内创新产品全球研发工作顺利推进。中国方面，易甘泰钇[90Y]微球注射液于2022年1月顺利上市， 用于治疗结直肠癌肝转移，并于2025年5月获得中国药监局批准开展治疗不可切除HCC的II期注册性临 床试验;全球创新温度敏感性栓塞剂GPN00289于2024年12月完成了注册性临床研究的首例患者入组。海 外注册方面，SIR-Spheres钇[90Y]微球注射液(易甘泰)于2025年7月在美国提前正式获批新适应证，用于 治疗不可切除HCC，标志着SIR-Spheres钇[90Y]微球注射液成为全球首个且唯一获FDA批准用于不可切 除HCC和结直肠癌肝转移双重适应症的选择性内放射治疗产品;于2025年9月 ...

Core Viewpoint - The company has successfully completed the initial enrollment and administration of the desensitization drug MM09 sublingual spray in a Phase III clinical trial, in collaboration with Inmunotek [1] Group 1: Company Developments - The company received notification from its wholly-owned subsidiary, Shanghai Haooubo Biopharmaceutical Co., Ltd., regarding the successful completion of the first batch of subject enrollment for the MM09 sublingual spray [1] - The company is positioned as a leading entity in the field of allergy diagnosis and is expanding its business into allergen desensitization treatment, filling a domestic gap in this area [1] Group 2: Industry Impact - The development of the MM09 sublingual spray is expected to promote the company's "diagnosis and treatment integration," enhancing the synergy between allergy diagnosis and desensitization treatment [1] - This initiative aims to provide a more convenient and efficient desensitization treatment solution for domestic allergy patients [1]

Core Viewpoint - The company is deepening its strategic investment in urology treatment products, aiming to tap into a market potential worth billions through a partnership with Shanghai Yingtai Weilu Medical Device Co., Ltd. [1][3] Group 1: Strategic Partnership - The collaboration with Shanghai Yingtai Weilu Medical Device Co., Ltd. grants the company exclusive global commercialization rights for the VTAS steam ablation product, designed for treating benign prostatic hyperplasia (BPH) [1][3] - The partnership will establish a joint laboratory to enhance drug-device research and development, expanding the company's industrial ecosystem [1][3] Group 2: Market Potential and Treatment Landscape - BPH is a common urological condition among middle-aged and elderly men, with over 100 million men in China affected, and the prevalence increases with age [4][6] - Traditional treatment methods include medication and invasive surgeries, which have various drawbacks such as impact on sexual function and surgical risks [4][5] Group 3: Advantages of VTAS Technology - The VTAS steam ablation technology offers significant advantages, including a short operation time of under 10 minutes, minimal invasiveness, and a lower recurrence rate, making it a promising alternative to traditional treatments [6][7] - The product features unique technology with a patented steam generation and control method, ensuring high precision and stability in treatment [6][7] Group 4: Comprehensive Product Portfolio - The company has developed a diverse product portfolio in the urology field, covering various conditions including urinary tract cancer and prostate cancer, enhancing its market competitiveness [8][9] - The company holds exclusive commercialization rights for several innovative products, including early detection tools for urinary tract cancer, which have received breakthrough device designation from the FDA [9][10] Group 5: Global Expansion Strategy - The company is committed to a "Go Global" strategy, aiming to establish a global pharmaceutical brand by leveraging its comprehensive capabilities across the entire supply chain [10][13] - The establishment of a joint laboratory is expected to enhance the company's competitive edge in the urology product sector and drive long-term innovation [12][13]

Core Viewpoint - Shanghai is promoting the orderly opening and application of clinical data to enhance the development of the high-end medical device industry, which is considered one of the three leading industries in the city [1][7]. Group 1: Action Plan Overview - On September 15, Shanghai released a three-year action plan aimed at promoting the full-chain development of the high-end medical device industry, with goals set for 2027 [2]. - The action plan targets the approval of over 500 new domestic Class III medical device registrations and over 100 medical device products approved in overseas markets [2]. - The plan aims to cultivate two leading enterprises with an annual output value exceeding 10 billion and establish three high-end medical device industry clusters [2]. Group 2: Industry Development and Focus Areas - The medical device industry in Shanghai has rapidly developed, with a manufacturing output value of 55.51 billion, accounting for 27.6% of the biopharmaceutical output [3]. - The action plan outlines seven areas of focus, deploying 20 key tasks related to innovation, clinical empowerment, review and approval, hospital application, enterprise cultivation, industrial ecology, and international development [3]. Group 3: Key Product Development - The action plan emphasizes the development of "7+X" key products, including high-end medical imaging products, high-end implantable products, high-end surgical systems, high-end in vitro diagnostic products, high-end radiation therapy products, high-end rehabilitation products, high-end artificial intelligence medical devices, and future innovative devices [6]. - Shanghai aims to enhance its innovation capabilities by tackling cutting-edge technologies such as brain-computer interfaces and integrated diagnosis and treatment [6]. Group 4: Regulatory and Financial Support - The action plan proposes to strengthen pre-guidance services for the registration review of Class II and III innovative medical devices, aiming to reduce the average review time for Class II devices to within 40 working days [8][9]. - Financial support will be provided through collaboration between leading industry funds and biopharmaceutical merger funds, focusing on disruptive and cutting-edge technology innovations [10]. - Shanghai Guotou will prioritize investments in key areas such as brain-computer interfaces and high-end medical equipment, providing capital support for core technology development and process optimization [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 869 million yuan for the first half of 2025, representing a year-over-year increase of 21.15%, with a net profit attributable to shareholders of 163 million yuan, up 3.84% year-over-year [6] - The integration of Haiji has significantly enhanced performance, while the IVD business faces short-term pressure [6] - The company has launched several innovative products in key areas such as respiratory diseases, gene sequencing, and maternal and child health, with a threefold increase in revenue from the gene sequencing business in the first half of 2025 [7] - The company is establishing a "diagnosis + treatment" dual-driven model through acquisitions and strategic partnerships, aiming to create a comprehensive ecosystem in the life sciences sector [8] - Revenue projections for 2025-2027 are expected to reach 2.008 billion yuan, 2.398 billion yuan, and 2.931 billion yuan, with corresponding net profits of 358 million yuan, 454 million yuan, and 592 million yuan, indicating strong growth [9] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 393 million yuan, a year-over-year increase of 20.59%, but net profit decreased by 6.21% [6] - The company’s revenue for the first half of 2025 was impacted by a high base from the previous year, with a decline of approximately 10% when excluding the contributions from Haiji and Hong'an [6] Business Development - The company has made significant strides in integrating its operations, with the acquisition of Zhongshan Shengxiang Haiji enhancing its production capabilities and revenue [8] - The company is focusing on a comprehensive medical service system that combines hospital support, community platforms, and home-based care [7] Future Outlook - The company anticipates revenue growth of approximately 37.7%, 19.4%, and 22.2% for the years 2025, 2026, and 2027, respectively [9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.62 yuan, 0.78 yuan, and 1.02 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 33x, 26x, and 20x [9]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth driven by strategic acquisitions and product innovations, despite some challenges in traditional diagnostic business segments [1][2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 869 million yuan, representing a year-over-year increase of 21.15%, and a net profit attributable to shareholders of 163 million yuan, up 3.84% year-over-year [1]. - The second quarter of 2025 saw revenue of 393 million yuan, with a year-over-year growth of 20.59%, but net profit decreased by 6.21% to 70.98 million yuan [1]. Business Segments - The integration of Zhongsheng Haiji has significantly boosted performance, contributing 240 million yuan in revenue and 97 million yuan in net profit, marking a 120% year-over-year increase [2]. - Excluding the impact of the consolidation of Zhongsheng Haiji and Hong'an Jiyuan, the company's revenue in the first half of 2025 would have declined by approximately 10%, primarily due to domestic centralized procurement and VAT rate adjustments [2]. Strategic Initiatives - The company is focusing on international expansion, establishing subsidiaries in key markets such as Indonesia, France, the UK, the Philippines, the US, and Canada, leading to over 60% year-over-year growth in overseas revenue [2]. - The company is advancing its "diagnosis + treatment" strategy through strategic acquisitions and R&D, aiming to create a comprehensive ecosystem that includes instruments, reagents, therapeutic drugs, and third-party testing [3]. Future Outlook - Revenue projections for 2025-2027 are 1.836 billion, 2.183 billion, and 2.526 billion yuan, with year-over-year growth rates of 25.9%, 18.9%, and 15.8% respectively [3]. - Expected net profits for the same period are 310 million, 407 million, and 499 million yuan, with respective growth rates of 12.7%, 31.2%, and 22.6% [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 869 million yuan in the first half of 2025, representing a year-on-year increase of 21.15%, with a net profit of 163 million yuan, up 3.84% year-on-year [2][3] - The acquisition of Hai Ji has enhanced the company's performance, and the traditional diagnostic business is expected to return to a rapid growth trajectory [3] - The company is focusing on international expansion, with overseas business revenue growing over 60% year-on-year, driven by the continuous output of the "Shengxiang Plan" [3] - The company is establishing a "diagnosis + treatment" dual-driven model through strategic acquisitions and independent research and development [3] - Revenue forecasts for 2025-2027 are 1.836 billion, 2.183 billion, and 2.526 billion yuan, with corresponding net profits of 310 million, 407 million, and 499 million yuan, indicating growth rates of 25.9%, 18.9%, and 15.8% respectively [3][4] Financial Summary - The total revenue for 2025 is projected to be 1.836 billion yuan, with a year-on-year growth rate of 25.9% [4] - The net profit for 2025 is expected to be 310 million yuan, reflecting a year-on-year increase of 12.7% [4] - The gross margin is forecasted to be 75.5% in 2025, with a return on equity (ROE) of 4.3% [4] - The earnings per share (EPS) for 2025 is estimated at 0.54 yuan, with a price-to-earnings (P/E) ratio of 39.84 [4]

Group 1 - The company reported a revenue of 869 million yuan for the first half of 2025, representing a year-over-year increase of 21.15%, and a net profit attributable to shareholders of 163 million yuan, up 3.84% year-over-year [1] - In Q2 2025, the company achieved a revenue of 393 million yuan, a year-over-year increase of 20.59%, but the net profit attributable to shareholders decreased by 6.21% to 71 million yuan [1] - The company plans to distribute a cash dividend of 2.62 yuan for every 10 shares for the first half of 2025 [1] Group 2 - The company's overseas business grew rapidly, with revenue increasing by over 60% year-over-year in the first half of 2025, and it has established subsidiaries in countries like Indonesia, France, the Philippines, and Canada [1] - The company is focusing on expanding its market penetration in private hospitals in France and Italy, and has developed product solutions for the U.S. market targeting respiratory and urinary tract infections [1] Group 3 - The company is advancing its "diagnosis + treatment" integration strategy, having fully acquired Zhongshan Haiji, which generated 240 million yuan in revenue and 97 million yuan in net profit, a 120% year-over-year increase [2] - The sequencing business revenue exceeded 30 million yuan in the first half of 2025, marking a threefold year-over-year increase [2] - The company has increased its investment in strategic sectors, with over 100 million yuan in new investments, a year-over-year increase of over 40% [2] Group 4 - The company's gross margin for the first half of 2025 was 73.28%, a decrease of 3.99 percentage points year-over-year [3] - Sales expenses rose to 276 million yuan, a year-over-year increase of 23.67%, primarily due to higher promotional and technical consulting costs [3] - Research and development expenses were stable at 119 million yuan, with ongoing development of diagnostic solutions in respiratory and maternal-child health fields [3] Group 5 - Revenue forecasts for the company from 2025 to 2027 are projected at 1.862 billion, 2.120 billion, and 2.311 billion yuan, with year-over-year growth rates of 27.71%, 13.84%, and 9.04% respectively [3] - Net profit attributable to shareholders is expected to be 303 million, 408 million, and 546 million yuan for the same period, with growth rates of 10.06%, 34.52%, and 33.79% respectively [3] - The current price-to-earnings ratios are projected at 40x, 30x, and 22x for 2025, 2026, and 2027 [3]

Core Viewpoint - The company reported a steady revenue growth in H1 2025, driven by strategic acquisitions and a focus on integrated diagnosis and treatment services [1][2] Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 870 million yuan, representing a 21.2% increase year-on-year [1] - The net profit attributable to shareholders was 160 million yuan, up 3.8%, while the net profit excluding non-recurring items was 140 million yuan, reflecting a 12.2% growth [1] Group 2: Strategic Developments - The acquisition of Zhongshan Haiji in January 2025 allowed the company to enter the growth hormone sector, with Zhongshan Haiji generating 240 million yuan in revenue and 100 million yuan in net profit in H1 2025 [1] - The company’s high-throughput gene sequencing business saw revenue exceed 30 million yuan, tripling year-on-year, aided by the launch of the Sansure Seq1000 sequencer [1] - Investment in Shengweikunteng focuses on developing next-generation portable molecular POCT systems, enhancing the QPOC 2.0 platform with AI algorithms for improved diagnostic accuracy [1] - The company is expanding its routine business in respiratory diagnostics and leveraging the launch of domestic nine-valent HPV vaccines to create a synergistic service model in maternal and child health [1] Group 3: International Expansion - The company is transitioning its international strategy from traditional product output to ecological collaboration, with overseas revenue growing over 60% in H1 2025 [2] - In Europe, the company is increasing market penetration in private hospitals in France and Italy through a platform integration model [2] - In the ASEAN region, a training center in Jakarta is facilitating outreach to neighboring countries, while collaboration with Universiti Malaya focuses on tropical disease detection [2] - In Africa, a national cervical cancer HPV screening project in Sierra Leone has screened over 10,000 women and received a national public health contribution award [2] Group 4: Future Outlook - The company forecasts revenues of 2 billion yuan, 2.3 billion yuan, and 2.6 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 310 million yuan, 360 million yuan, and 410 million yuan [2] - The integrated diagnosis and treatment layout is becoming increasingly comprehensive, suggesting a positive investment outlook [2]