公司将建设放射性药物中试平台，依托微流控技术在放射性药物制备过程的显著优势，为放射性药物研 发团队提供产品概念验证及CRO、CDMO等服务，包括产品概念验证、技术二次开发熟化、生物分 布、质量研究、产品评价以及核素标记等服务。平台将吸引全国乃至全球高校及科研院所核医药科技成 果转化，助力核医药产业发展。 四川省科创投董事长陈庆红表示：核医疗产业正以迅猛之势崛起，成为全球医疗健康领域的焦点。从全 球视角来看，核医疗产业正处于快速发展的黄金时期，治疗性核药已在欧美等国家上市销售，我国也有 多款肿瘤治疗的核药进入临床试验并取得进展。四川迈锐迪医疗科技有限公司是一家依托四川大学微流 控技术团队和四川大学华西医院核医学科专家团队联合发起设立的一家专注核药开发的平台型企业，通 过微流控的平台性技术，给更多的核药提供技术二次开发和成果转化。本次对迈锐迪的投资，既是对核 医疗产业发展方向的认可，更是对高校科技成果转化的持续助力。 迈锐迪医疗总经理刘承红表示：感谢各位投资人对迈锐迪的认可与支持，在当前中国核医药高速发展的 关键时期，投资人的大力支持是迈锐迪前进的重要动力。迈锐迪将依托微流控及微反应器技术搭建核素 分离与纯化技术 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY based on a 46x PE for 2026 [3][5]. Core Insights - The company has seen a significant increase in new orders, with a year-on-year growth of 29.4% in new signed orders for the first three quarters of 2025, indicating a clear turning point in performance [9]. - The company’s revenue for the first three quarters of 2025 was 570 million CNY, a decrease of 35.3% year-on-year, primarily due to intense domestic market competition and pricing factors [9]. - The company is expected to reach an upward performance inflection point in 2026, driven by new capacity ramp-up and strong demand for new molecular entities in the industry [9]. Financial Summary - Revenue projections for 2025-2027 have been adjusted to 855 million CNY, 1,046 million CNY, and 1,305 million CNY respectively, with corresponding EPS estimates of 0.14 CNY, 1.02 CNY, and 1.59 CNY [3]. - The company’s gross margin is projected to improve from 27.9% in 2025 to 39.5% in 2027, while net profit margin is expected to rise from 2.4% in 2025 to 17.2% in 2027 [4]. - The company’s net profit attributable to the parent company is forecasted to be 20 million CNY in 2025, with a significant recovery to 143 million CNY in 2026 and 224 million CNY in 2027 [4].

Core Viewpoint - The article highlights the 80th anniversary of Russia's nuclear industry, celebrating its historical achievements and looking forward to new projects by the Russian State Atomic Energy Corporation [1][9]. Group 1: Historical Development - The establishment of the nuclear industry in Russia dates back to August 20, 1945, when the Soviet Union formed a special committee for atomic energy utilization, marking the beginning of its nuclear history [3]. - Key figures in the development of the Soviet nuclear industry included prominent scientists and Nobel laureates, contributing to the establishment of closed nuclear cities for research and development [4]. Group 2: Technological Achievements - The first nuclear power plant for peaceful energy use, the Obninsk Nuclear Power Plant, was launched in 1954, significantly changing global perceptions of nuclear energy [5]. - Russia currently operates 11 nuclear power plants, contributing nearly 20% to the country's total electricity generation, with plans for additional plants under construction [5]. Group 3: Current Operations and Global Presence - The Russian State Atomic Energy Corporation is a leading producer of radioactive pharmaceuticals and ranks among the top five isotope producers globally, with operations in over 60 countries [7][8]. - The corporation has significant uranium reserves, ranking second globally, and is the third-largest in uranium mining and nuclear fuel production [8]. Group 4: Economic Impact - In 2024, the corporation's revenue is projected to exceed 3 trillion rubles, with record investments in the Russian economy and social sectors [8]. - The official slogan for the 80th anniversary celebration, "Glory, Inspiration, Dreams," reflects the industry's commitment to peaceful nuclear energy and its ongoing expansion [8].

Core Viewpoint - China Tongru (01763) has been recognized for its ESG practices at the ESG China Innovation Annual Conference (2025), highlighting its commitment to health and sustainable development through nuclear technology [1] Group 1: ESG Recognition - The company received the "China ESG Excellence Practice (2025)" award from the China Enterprise Reform and Development Research Association [1] - It was also listed among the "China ESG Listed Central Enterprises Pioneer 100 (2025)" by the China Central Radio and Television [1] Group 2: Technological Innovation - The company has established a comprehensive innovation system covering radioactive drugs, nuclide preparation, and nuclear medical equipment [1] - It focuses on addressing critical technology challenges and positions itself as a guardian of public health [1] Group 3: Sustainable Development - The company promotes green development to facilitate its transformation and upgrade [1] - It has innovated a circular economy development model for nuclear technology applications, achieving a balance between economic, environmental, and social benefits [1]

Core Viewpoint - China Tongru (01763) has been recognized for its ESG practices at the ESG China Innovation Annual Conference (2025), highlighting its commitment to health and sustainable development through nuclear technology [1] Group 1: ESG Recognition - The company received the China ESG Excellence Practice (2025) award from the China Enterprise Reform and Development Research Association [1] - It was also listed among the China ESG Listed Central Enterprises Pioneer 100 (2025) by the China Central Radio and Television [1] Group 2: Innovation and Development - The company has established a comprehensive innovation system covering radioactive drugs, nuclide preparation, and nuclear medical equipment [1] - It focuses on addressing critical technology challenges and positions itself as a guardian of public health [1] Group 3: Sustainable Development - The company promotes green development to facilitate its transformation and upgrade [1] - It has innovated a circular economy development model for nuclear technology applications, achieving synergy between economic, environmental, and social benefits [1]

Core Viewpoint - China Tongru (01763.HK) has been recognized for its ESG practices at the ESG China Innovation Conference (2025), highlighting its commitment to health and sustainable development through nuclear technology [1] Group 1: ESG Recognition - The company received the "China ESG Excellence Practice (2025)" award from the China Enterprise Reform and Development Research Association [1] - It was also listed among the "China ESG Listed Central Enterprises Pioneer 100 (2025)" by the China Central Radio and Television [1] Group 2: Innovation and Development - The company has established a comprehensive innovation system covering radioactive drugs, nuclide preparation, and nuclear medical equipment [1] - It emphasizes technological innovation to address critical technology challenges and positions itself as a guardian of public health [1] Group 3: Sustainable Development - The company promotes green development to facilitate its transformation and upgrade [1] - It aims to achieve a synergistic development of economic, environmental, and social benefits through innovative applications of nuclear technology and a circular economy model [1]

Core Viewpoint - China Dongfang (01763) has been recognized for its ESG practices at the ESG China Innovation Conference 2025, highlighting its commitment to health and sustainable development through nuclear technology [1] Group 1: ESG Recognition - The company received the China ESG Excellence Practice (2025) award from the China Enterprise Reform and Development Research Association [1] - It was also listed among the China ESG Listed Central Enterprises Pioneer 100 (2025) by the China Central Radio and Television [1] Group 2: Technological Innovation - The company is building a comprehensive innovation system covering radioactive drugs, nuclide preparation, and nuclear medical equipment [1] - It is focusing on addressing critical technology challenges and positioning itself as a guardian of public health [1] Group 3: Sustainable Development - The company promotes green development to facilitate its transformation and upgrade [1] - It aims to achieve a synergistic development of economic, environmental, and social benefits through innovative applications of nuclear technology and a circular economy model [1]

Core Insights - The nuclear technology application industry in China is experiencing rapid growth, with a projected output value of 890 billion yuan in 2024, representing a 27% increase from 2022 and a compound annual growth rate of 15.6% from 2020 to 2024 [1][2] - The industry is expected to reach a market size of one trillion yuan by 2025, with significant growth anticipated to continue through 2030, potentially doubling the current scale [2] - Compared to developed countries, China's nuclear technology application market has substantial room for improvement, with its output value expected to account for 0.66% of GDP in 2024, significantly lower than the 2-3% seen in countries like the US, Japan, and South Korea [2] Industry Development - The nuclear technology application sector encompasses various fields, including industrial applications (42.7%), nuclear medicine (21.7%), and agriculture (13.9%), among others [1] - Recent regulatory developments, including the passage of the first Atomic Energy Law, provide a legal framework to support the growth of the nuclear technology application industry [4] - The National Energy Administration is enhancing top-level design for the industry, with key documents outlining long-term development plans and action schemes [4] Company Initiatives - China National Nuclear Corporation (CNNC) is focusing on three core areas: nuclear medicine, security, and auxiliary applications, establishing a complete industrial ecosystem in nuclear medicine [5] - CNNC is a major supplier of radioactive isotopes, producing 25 types of radioactive drugs and supplying nearly 60% of China's nuclear medicine needs [5] - China General Nuclear Power Group (CGN) is set to launch its first proton therapy device in November 2024, marking a significant advancement in domestic production capabilities for high-performance medical equipment [5] - State Power Investment Corporation (SPIC) has made strides in semiconductor technology, achieving breakthroughs in hydrogen ion implantation, which expands the application of nuclear technology into the semiconductor industry [6][7]

Financing Overview - A total of 22 financing events occurred in Shanghai from September 29 to October 12, with 11 disclosing amounts totaling approximately 3.502 billion yuan [5][10] - The majority of financing events took place in the Pudong New Area, with 9 occurrences, while other districts had 1 or 2 events each [5] - The most common financing rounds were angel rounds with 7 occurrences, followed by Series A with 6 [7] Company Dynamics - Jingzhi Technology participated in the "Qiaojuzhijiang AI Future" event on September 23 [3] - Longdao Technology officially settled in the Shanghai Integrated Circuit Design Industrial Park on October 10 [3] Hot Industry Focus - On October 11, Zhiyuan Robotics and Longqi Technology announced a deep strategic cooperation for embodied intelligent robot applications in industrial scenarios [4] - Cloud Deep Technology launched the new generation waterproof and dustproof humanoid robot DR02 on October 9 [4] - Figure released the third generation humanoid robot Figure 03 for home scenarios on October 10 [4] - Shanghai issued measures to accelerate the promotion of cutting-edge technology innovation and future industry cultivation on October 11 [4] Notable Financing Highlights - Didi Autonomous Driving secured 2 billion yuan in Series D financing on October 11, aimed at enhancing AI R&D and promoting L4 autonomous driving applications [13][14] - Ruilian Technology completed a financing round of 77 million USD on September 30, focusing on the development of its global radioactive drug pipeline [15][16] - Shouxing Technology raised over 100 million yuan in a strategic financing round on September 29, with plans to enhance its emotional base model and multi-scenario applications [17][18] - Jingzhi Technology completed several million yuan in Series A financing on October 9, focusing on the development of its quadruped robot [19][20] Industry Insights - Three financing events occurred in the robotics sector this week, including one for robot manufacturing, one for commercial robots, and one for medical robots [21] - Shanghai is accelerating the embodied intelligence revolution, with policies and ecosystem support driving the industry forward [21] - The government is providing substantial incentives, including up to 40 million yuan in computing subsidies and 5 million yuan in data support, to foster innovation in the robotics sector [21]

Group 1 - Zhongyuan Environmental Protection Co., Ltd. focuses on major strategic opportunities such as the Belt and Road Initiative and carbon neutrality goals, committing to an innovative, green, low-carbon, and high-quality development path [1][2] - The company has established a full industrial chain service capability in wastewater treatment, sludge treatment, and reclaimed water utilization, aiming for a development pattern that is rooted in Henan, covers the whole country, and extends to the world [1] - Zhongyuan Environmental actively responds to the Belt and Road Initiative by promoting advanced technologies and "one-stop" environmental service models in water treatment, solid waste disposal, and watershed management, with operations in countries like Thailand, Egypt, and the UAE [1][2] Group 2 - The company integrates digital technology with ecological protection, exploring areas such as smart water management and low-carbon parks, thereby supporting high-quality development in the ecological and environmental industry [2] - Zhongyuan Environmental emphasizes international cooperation, having engaged in technical exchanges with global partners like Veolia Environment Group, to strengthen international collaboration for a greener future [2] Group 3 - China National Nuclear Corporation's subsidiary, China Tongru, focuses on nuclear technology applications in medicine and industry, establishing a "6+N" industrial system that covers key areas such as nuclear medicine and radiation applications [3][4] - The company has developed a comprehensive solution for radioactive drugs and has built a delivery system that supplies nearly 60% of the national demand, while also maintaining a leading position in the domestic radiation source industry [3] Group 4 - China Tongru has engaged in extensive international cooperation with over 30 countries, exporting products to more than 80 nations, thereby enhancing its global presence [4] Group 5 - Yunnan Energy Investment Group leverages green energy to contribute to regional energy security and sustainable development [5][6] - The company has initiated several projects in Laos and Myanmar, including solar power and hydropower projects, significantly improving local energy supply and stability [6] Group 6 - China Copper actively responds to the Belt and Road Initiative, deepening international cooperation in resource development and supply chain security, with significant investments in Peru and Africa [8][9] - The company has established stable procurement channels with over 20 Belt and Road countries, enhancing resource security and creating numerous job opportunities [9] Group 7 - The Cuba Latin America News Agency emphasizes the importance of media cooperation in combating misinformation and promoting dialogue among nations, supporting initiatives like the Belt and Road Initiative [10][11] Group 8 - Fudan University highlights the significance of the Belt and Road Initiative in addressing regional economic governance challenges, promoting a community of shared future and regional public goods [12][13] Group 9 - Chongqing High-tech Zone has become a hub for international cooperation and technological innovation, facilitating the export of scientific achievements and enhancing trade networks [14][15] - The zone has attracted numerous semiconductor companies and developed a comprehensive service platform for enterprises looking to expand internationally [15][16]