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].

Core Viewpoint - China Tongdun (01763) reported its mid-year performance for 2025, showing a mixed financial outcome with revenue growth but a decline in profit before tax [1] Financial Performance - The company achieved operating revenue of 831 million, representing a year-on-year increase of 4.24% [1] - The total profit amounted to 171 million, reflecting a year-on-year decrease of 1.93% [1] - The net profit reached 148 million, indicating a year-on-year growth of 4.55% [1]

Group 1 - The core viewpoint of the article highlights the significant breakthroughs achieved by the research team at Nanhua University in the extraction and purification of medical isotopes, particularly strontium-90 and yttrium-90, from high-level waste liquid [1][3] - The team has developed a complete technical system for the separation, purification, and drug preparation of yttrium-90, addressing China's reliance on imports for this isotope [3][4] - The innovative techniques include the use of crown ether supramolecular design and new adsorption materials, which enable efficient capture of strontium-90 from nuclear waste [3][4] Group 2 - The future market demand for yttrium-90 in China is expected to be substantial, but current domestic technologies for its preparation and clinical application require further development [3] - The research team aims to tackle the large-scale production technology of lead-212 and establish a thorium-based isotope factory, positioning itself to become the largest producer of medical alpha isotopes globally [4] - The team is also focused on the research and clinical translation of new nuclear drugs, including lead-212 and bismuth-212 labeled drugs [4]