Investment Rating - The industry investment rating is "stronger than the market" indicating an expected performance that exceeds the market by more than 5% over the next six months [30]. Core Insights - Novartis' radioligand therapy drug Pluvicto has received approval for two indications in China, which is expected to boost the domestic nuclear medicine industry [3]. - BeiGene has raised its revenue guidance for 2025, now expecting between RMB 362 billion and RMB 381 billion, driven by strong product sales and improved operational efficiency [3]. Summary by Sections Industry Overview - Novartis' Pluvicto is approved for treating specific types of prostate cancer, with projected sales of USD 1.389 billion (approximately RMB 9.9 billion) for the first three quarters of 2025 [3]. - The approval of Pluvicto is anticipated to stimulate growth in the nuclear medicine sector, with a focus on companies leading in new isotopes and targets, such as Dongcheng Pharmaceutical and Yunnan Baiyao [3]. Company Performance - BeiGene's revenue for the first three quarters of 2025 reached RMB 275.95 billion, a year-on-year increase of 44.2%, surpassing the total revenue of RMB 272.1 billion for the previous year [3]. - The company has adjusted its 2025 revenue guidance upwards due to strong growth from its leading product, Brukinsa (Zebutinib), in the U.S. market and ongoing expansion in Europe and other key markets [3]. Investment Strategy - The report suggests focusing on innovative pharmaceutical companies with rich pipelines, such as Heng Rui Medicine and BeiGene, as well as those with high potential single products like Yipin Hong and Sanofi [5]. - It also highlights the importance of companies with leading positions in cutting-edge technology platforms, such as Dongcheng Pharmaceutical and Yuanda Medicine [5].