Core Viewpoint - The company Aorite (605116.SH) announced a share reduction plan due to the funding needs of some partners, with a maximum reduction of 2,176,600 shares, accounting for 0.54% of the total share capital [1] Group 1: Shareholding Structure - As of the announcement date, the total number of shares of the company is 406,195,234, with Tian Tai Bo Rong and its concerted parties holding a total of 170,096,400 shares, representing 41.88% of the total share capital [1] - Tian Tai Bo Rong holds 9,907,200 shares, accounting for 2.44% of the total share capital, while Zhejiang Tong Ben holds 153,583,200 shares, representing 37.81% [1] Group 2: Fundraising and Projects - Aorite was listed on the Shanghai Stock Exchange on September 21, 2020, with a total fundraising amount of 34,317.00 million yuan, and a net amount of 28,404.13 million yuan after deducting issuance costs [2] - The funds raised are intended for projects including the technical transformation of production lines for various pharmaceutical products and the construction of a pilot experimental center [2][3] - The total investment for the projects is 46,110.00 million yuan, with specific allocations for each project detailed in the report [3] Group 3: Convertible Bonds - Aorite plans to issue convertible bonds with a total face value of 81,212.00 million yuan, raising approximately 800,471,428.30 yuan after deducting issuance costs [4] - The issuance is conducted by the lead underwriter Guotai Junan Securities Co., Ltd., and the funds have been verified and deposited into the company's fundraising supervision account [4]

Core Viewpoint - The company is experiencing stable growth in traditional business while new sectors are contributing significantly to high growth, particularly in nuclear medicine, cardiovascular precision intervention, pharmaceutical technology, and biotechnology [1] Group 1: Nuclear Medicine Development - The demand for nuclear medicine is increasing due to aging populations and rising cancer incidence, leading to market expansion for diagnostic and therapeutic applications [1] - The core commercial product, Yttrium-90 microspheres, is expected to grow over 140% in 2024, supported by training of over 1,100 doctors across more than 70 hospitals and inclusion in 45 health insurance plans [1] - The company has 12 innovative RDC products in its pipeline, with 4 approved for clinical research and 3 in Phase III trials, including TLX591-CDx for prostate cancer and TLX250-CDx for renal cell carcinoma [1] Group 2: New Product Opportunities - The company has a diverse range of existing products, but the inclusion of Lishuan in the 10th batch of national procurement is expected to exert short-term pressure on performance [2] - New products in sepsis (STC3141) and ophthalmology are anticipated to have significant market potential, with STC3141 projected to reach peak sales of 10 billion yuan based on a 20% market share and a unit price of 8,000 yuan [3] - The company is also advancing in the ENT field with multiple products in development, including a nasal spray expected to be approved by the end of 2024 [3] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 12.203 billion, 13.292 billion, and 14.663 billion HKD, with net profits of 2.076 billion, 2.422 billion, and 2.764 billion HKD respectively, indicating a low valuation compared to peers [4] - The current price-to-earnings (PE) ratios are projected at 15, 13, and 11 times for the respective years, compared to an average of 25, 23, and 20 times for comparable companies, suggesting the company is undervalued [4]