丨证券研究报告丨 港股研究丨公司点评丨远大医药（0512.HK） [Table_Title] 创新和壁垒产品持续放量，研发管线齐推进 报告要点 [Table_Summary] 2025 年 8 月 19 日，远大医药发布 2025 年中期业绩报告，2025H1 收入为 61.1 亿港币，同比 增长 1.0%，归母净利润为 11.7 亿港币，同比下滑 25.0%，如若剔除 Telix 投资对利润端的影 响，归母净利润为 10.2 亿港币，同比下滑 5.9%。 分析师及联系人 [Table_Author] 彭英骐 万梦蝶 SAC：S0490524030005 SAC：S0490525050001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 远大医药（0512.HK） cjzqdt11111 [Table_Title2] 创新和壁垒产品持续放量，研发管线齐推进 2025 年 8 月 19 日，远大医药发布 2025 年中期业绩报告，2025H1 收入为 61.1 亿港币，同比 增长 1.0%，归母净利润为 11.7 亿港币，同比下滑 25.0 ...

公司点评 | 远大医药 业绩概述：2025 年上半年实现收入 61.07 亿港元，同比增长约 1.0%，人民 币口径收益同比上涨约 2.0%；如剔除第十批集采降价影响，人民币口径上 涨约 13.0%；核药抗肿瘤诊疗板块录得收益约港币 4.2178 亿元，较 2024 年同期（约港币 2.0724 亿元）上涨约 105.5%（剔除人民币兑港元汇率变动 影响）；公司归母净利润 11.69 亿港元；剔除 Telix 投资影响后经调净利润 10.17 亿港元，较 2024 年同期轻微下滑约 5.9%，主要受第十批集采降价及 新产品加速放量导致的市场推广费用增加所致；剔除汇率影响后，轻微下滑 约 5.0%。持续投入资源推进在研项目及引进创新项目，研发总投入（研发 费用加上资本化研发支出、新项目预付款及其他投入）约港币 10.22 亿元。 自研+并购推动管线多元化焕新，支撑业绩增量。公司坚持创新驱动产品结 构优化，创新和壁垒产品营收占比 51.0%，同比提升 14.9 个百分点。易甘 泰®、Lava™、恩卓润®比斯海乐®、恩明润®比斯海乐®、能气朗®、合心爽 ®/合贝爽®等一系列创新和壁垒产品实现快速放量。虽然受集采降价 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and strategic initiatives of the company, with a revenue of HKD 6.107 billion for the first half of 2025, reflecting a year-on-year increase of 0.99% [1] - The company achieved a gross profit of HKD 3.6 billion, up 0.25% year-on-year, and a shareholder profit of HKD 1.169 billion, with basic earnings per share at HKD 0.3338 [1] - The company has maintained a compound annual growth rate (CAGR) of 12.1% in revenue over the past five years, despite facing significant pressure from price reductions due to centralized procurement [1] Group 2 - The company has a diverse and differentiated pipeline that establishes its competitive advantage in niche markets, particularly in the nuclear medicine oncology treatment sector, where it has one of the richest product lines globally [2] - The nuclear medicine segment saw a doubling of revenue, driven by the growth of products like Yttrium-90 microsphere injection and liquid embolic agent Lava [2] - In the cardiovascular emergency sector, products such as Coenzyme Q10 tablets continue to lead the market, with significant growth from the recently acquired Tianjin company [2] Group 3 - Innovation is identified as the core driver for the company's future, with substantial investment in R&D and the establishment of eight research platforms across major global markets [3] - The company’s innovation pipeline spans early research, clinical development, and registration processes, with projects extending from China to the US, Australia, and Europe [3] - The focus on cutting-edge technologies such as nuclear medicine, high-end medical devices, glycomics, and mRNA is emphasized as part of the company's strategic direction [3]