1H25，公司核药抗肿瘤板块收入4.22亿港币，剔除汇率影响同比+105.5%，主要由于国内易甘泰快速放 量。此外，报告期内易甘泰获FDA批准用于原发性肝细胞癌，成为全球首个获批原发性肝细胞癌和结直 肠癌肝转移的内放射治疗产品。RDC方面公司临床推进顺利，TLX-591CDx完成三期临床入组， TLX591、ITM-11等产品加入国际多中心III期临床试验，自研创新核药GPN02006亮相国际会议。 公司公布1H25业绩：收入61.07亿港币，同比+1.0%，剔除汇率影响同比+2.0%;归母净利润11.69亿港 币，超该行预期，主要由于收入超预期。 在创新和壁垒产品放量的支持下，公司上半年经营业绩稳健，体现良好的抗风险能力 智通财经APP获悉，中金发布研报称，由于1H25远大医药(00512)业绩体现了较好的抗风险能力，上调 2025年/2026年归母净利润预测3.3%/3.4%至19.1亿/21.0亿港币。当前股价对应2025年/2026年18.0倍/16.4 倍P/E。考虑到公司创新管线不断兑现，该行维持跑赢行业评级，上调目标价21.9%至11.7港币，对应 2025年/2026年21.7倍/19.8倍P ...

在创新和壁垒产品放量的支持下，公司上半年经营业绩稳健，体现良好的抗风险能力 根据公司公告，1H25公司持续推动创新结构转型，创新和壁垒产品收入占比约51%(vs去年同期 36.1%)。易甘泰、Lava、恩卓润/恩明润、能气朗、合心爽/合贝爽等产品快速增长。剔除第十批集采影 响，公司人民币口径收入同比增长约13.0%，支持收入实现可持续增长。 核药板块延续翻倍增长态势，创新核素偶联药物(RDC)管线进展丰富 中金发布研报称，由于1H25远大医药(00512)业绩体现了较好的抗风险能力，上调2025年/2026年归母净 利润预测3.3%/3.4%至19.1亿/21.0亿港币。当前股价对应2025年/2026年18.0倍/16.4倍P/E。考虑到公司创 新管线不断兑现，该行维持跑赢行业评级，上调目标价21.9%至11.7港币，对应2025年/2026年21.7 倍/19.8倍P/E，较当前股价有20.6%的上行空间。 中金主要观点如下： 1H25业绩超该行预期 公司公布1H25业绩：收入61.07亿港币，同比+1.0%，剔除汇率影响同比+2.0%;归母净利润11.69亿港 币，超该行预期，主要由于收入超预期。 关注 ...

机构：华泰证券 研究员：代雯/沈卢庆/孙茗馨 核药：Y90 微球快速放量，核药差异化管线或重塑价值 1H25 核药板块收入4.22 亿港币（+105.5% yoy），驱动于Y90 国内快速上量（1H25 估测收入翻番）。 我们看好该板块收入于25-27 年快速爬坡： 36.1%）；2）24 年并购标的高效整合。展望2H25，考虑2H 较低基数+制药科技/核药板块产品持续放 量，我们预计公司25 年内经营性利润稳健。考虑公司核药/STC3141 管线进展+潜在BD-in 完善制药布 局，维持"买入"。 制药科技：1H25 收入维稳，看好新品整合顺利+存量产品价值挖掘 1H25 制药科技板块实现收入38.4 亿港币(+2.9%yoy)，其中人民币口径呼吸及危重症板块收入+9.9%yoy （双恩放量+布地奈德鼻喷等产品顺利整合放量），五官科收入+22.6%yoy，急救板块收入-21.8%yoy。 我们预计25 年该板块收入有望企稳：1)呼吸:切诺或凭借独家优势稳定增长。2) 心脑血管:利舒安集采影 响进入2H25 有望逐步出清，看好板块并购/自研的新品快速增长。 3) 五官科：独家产品或稳定增长+脉血康并表整合。而 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 12.00 [1][5]. Core Views - The company reported a revenue of HKD 6.1 billion in 1H25, reflecting a 1% year-over-year increase, and a 25% decrease in net profit to HKD 1.17 billion [1]. - The revenue from innovative and barrier products increased to 51% in 1H25, up from 36.1% in 1H24, indicating a positive trend in product performance [1]. - The nuclear medicine segment showed significant growth, with revenue reaching HKD 422 million, a 105.5% year-over-year increase, driven by the rapid uptake of Y90 microspheres [3]. - The company expects stable operational profit in 2H25 due to a low base effect and continued growth in the pharmaceutical technology and nuclear medicine sectors [1][2]. Summary by Sections Pharmaceutical Technology - The pharmaceutical technology segment achieved revenue of HKD 3.84 billion in 1H25, a 2.9% year-over-year increase, with respiratory and critical care products growing by 9.9% [2]. - The company anticipates stabilization in revenue for 2025, driven by unique product advantages and the gradual clearing of procurement impacts [2]. Nuclear Medicine - The nuclear medicine segment's revenue surged to HKD 422 million in 1H25, primarily due to the rapid market penetration of Y90 microspheres [3]. - The company has a robust pipeline with 27 nuclear medicine projects, focusing on integrated tumor diagnosis and treatment [3]. R&D Pipeline - The STC3141 project is expected to progress to Phase III trials within the year, with promising data from Phase II trials [4]. - The company is also looking to enhance its product portfolio through potential business development opportunities [4]. Profit Forecast and Valuation - The company forecasts net profits of HKD 2.1 billion, HKD 2.4 billion, and HKD 2.6 billion for 2025, 2026, and 2027 respectively [5]. - The target price of HKD 12.00 is based on a 20x PE ratio for 2025, aligning with comparable companies in the Hong Kong market [5].

Core Viewpoint - The company has achieved significant innovation progress and robust financial performance in 2025, driven by high R&D investment and strategic policy support [1][2][27]. Financial Performance - In the first half of 2025, the company reported a record revenue of approximately HKD 61.1 billion, with net profit around HKD 11.7 billion [1]. - R&D investment reached about HKD 10.2 billion, leading to 38 major R&D milestones, including 16 innovative products [1]. Innovation and Product Development - The company’s Yttrium-90 microsphere injection received FDA approval for primary liver cancer, achieving a 98.5% objective response rate [2][7]. - The company has successfully integrated multiple innovative products into the commercial insurance directory, enhancing its market presence [2][3]. - The nuclear medicine segment has become a core revenue driver, with approximately HKD 4.2 billion in revenue, reflecting over 100% growth [4]. Market Potential and Strategy - The global liver cancer treatment market is projected to reach USD 9.81 billion by 2030, indicating significant growth potential for the company's innovative therapies [6]. - The company is positioned to leverage its comprehensive clinical and commercialization network across Europe, the US, and Japan to enhance product penetration [2][9]. Regulatory and Policy Support - Recent policy measures from the National Healthcare Security Administration have established a stable pricing mechanism for innovative drugs, further empowering the company's growth [1][27]. - The establishment of a zero-radiation smart nuclear medicine factory in Chengdu represents a strategic investment in advanced manufacturing capabilities [15][16]. Competitive Landscape - The company is one of only four globally to commercialize innovative nuclear medicines, positioning it as a leader in the field [3][9]. - The market for radiopharmaceuticals is rapidly expanding, with significant transactions involving major multinational corporations [9][10]. Product Pipeline and Future Outlook - The company has a robust pipeline with 15 innovative products targeting various cancers, including prostate and kidney cancers, with several in Phase III clinical trials [10][12]. - The innovative eye drug OC-01 for dry eye syndrome has shown promising clinical results and is expected to capture a significant market share in China [25][26]. Investment Sentiment - The company's strategic value has been recognized by the capital market, with multiple institutions raising their ratings and target prices significantly [27].

Core Insights - The company reported a revenue of approximately HKD 6.11 billion for the first half of 2025, representing a year-on-year growth of about 1.0% [1] - Net profit for the period was approximately HKD 1.17 billion, with a slight decline of 5.9% in normalized profit [1] - The revenue share of innovative and high-barrier products increased to 51.0%, up from 36.1% in the same period last year, indicating a shift towards higher value-added products [1] - The decline in profit was attributed to price pressures from centralized procurement and increased marketing expenses for new product launches, which are seen as strategic investments for future growth [1] Financial Performance - The company achieved a revenue of approximately HKD 4.22 billion in its nuclear medicine segment, with a remarkable year-on-year growth of 105.5% [10][11] - The core product, Yttrium microsphere injection, drove this growth, with commercialization progressing in over 70 hospitals across 22 provinces in China [11] - The company invested approximately HKD 1.022 billion in research and development during the first half of 2025 [9] Product Development - The global innovative drug STC3141 for treating sepsis successfully reached its primary clinical endpoint in a Phase II trial in China [5] - The company holds global intellectual property rights for STC3141, which has the potential to become a First-in-Class (FIC) drug [6][8] - The innovative pipeline includes products like OC-01 and GPN01768, which have shown strong performance in overseas markets, with GPN01768 generating over USD 100 million in revenue, a nearly 152% increase year-on-year [7] Global Strategy - The company has established a global operational network, with a new radioactive drug research and production base in Chengdu, which is the first of its kind to cover the entire nuclear medicine value chain [15] - The base is equipped with 14 high-standard GMP production lines, ensuring a stable supply chain and supporting global market needs [15] - The company aims to build its global pharmaceutical brand through its "Go Global" strategy, leveraging its innovative products and international clinical trial capabilities [15] Conclusion - The mid-year financial report highlights a significant shift in the company's business structure, with innovative products now constituting over half of its revenue [16] - The pipeline of FIC drugs and the integrated diagnostic and therapeutic platform in nuclear medicine are expected to contribute significantly to revenue growth [16] - The operational infrastructure in Chengdu supports the execution of the company's global strategy, positioning it for future expansion [16]

Core Insights - Company reported record revenue of approximately HKD 6.11 billion for the first half of 2025, with innovative and barrier products accounting for about 51% of total revenue, a year-on-year increase of nearly 15 percentage points [1] - Net profit for the period was approximately HKD 1.17 billion, with a year-on-year revenue growth of about 13% after excluding the impact of centralized procurement and exchange rates [1] - The company achieved significant milestones in its research and development efforts, with total investment in R&D and projects amounting to approximately HKD 1.02 billion, resulting in 38 major milestone advancements [1] Nuclear Medicine Segment - As a leader in nuclear medicine, the company achieved impressive performance in the nuclear medicine oncology diagnosis and treatment sector, generating a record revenue of HKD 420 million, reflecting a year-on-year growth of nearly 106% [1][2] - The product Yttrium-90 microsphere injection (易甘泰®) continues to demonstrate strong market potential, maintaining rapid growth [1][2] - The company received early FDA approval for 易甘泰® for the treatment of unresectable hepatocellular carcinoma (HCC), becoming the first and only selective internal radiation therapy product approved for both unresectable HCC and colorectal cancer liver metastases [2] Innovative Products and Clinical Research - The company’s innovative product STC3141 for treating sepsis has successfully reached the endpoint of its Phase II clinical trial in China, representing a potential breakthrough in sepsis treatment [3] - STC3141 is the first global product aimed at re-establishing immune homeostasis for sepsis treatment, with clinical approvals obtained in five countries across three continents [3] - In the respiratory and critical care sectors, the company is advancing several innovative products, including nasal sprays and coenzyme Q10 tablets, which are expected to enhance commercial performance [4] Overall Growth and Competitive Advantage - The company has established a mature technological innovation development system, continuously reinforcing its differentiated advantages across various sectors [4] - The successful commercialization of innovative products is expected to provide ongoing development momentum, enhancing the company's core competitive advantages and creating value for investors [4]

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.07 HKD, based on a 20x PE for 2025 [5]. Core Insights - The company is positioned for accelerated growth through a dual strategy of "independent research and global expansion," which enhances its international transformation potential [1][12]. - In 2024, the company achieved a revenue of 10.784 billion RMB, a year-on-year increase of 10.59%, and a net profit of 2.286 billion RMB, up 31.28% year-on-year, driven by increased demand for core products in nuclear medicine and cardiovascular precision intervention [21]. Summary by Sections 1. Company Overview - Founded in 1939, the company operates across three main sectors: nuclear medicine for tumor diagnosis and treatment, cardiovascular precision intervention, and pharmaceutical technology [1][12]. - The company has over 10,000 employees globally and more than 30 subsidiaries, with a diverse product portfolio exceeding 200 items in the medical insurance directory [1][12]. 2. Pharmaceutical Technology - The company is focused on developing innovative drugs in respiratory and critical care, with STC3141 showing promise as a new treatment for sepsis [2][31]. - The global market for sepsis treatment is projected to grow from 12.54 billion USD in 2024 to 19.37 billion USD by 2032, indicating significant unmet clinical needs [40]. 3. Nuclear Medicine - The company has established a complete industrial chain in nuclear medicine, with its core product, Yttrium-90 microsphere injection, rapidly gaining market traction since its approval in 2022 [3][4]. - The company is advancing multiple nuclear medicine products through clinical trials, including TLX591 for prostate cancer and GPN02006 for liver cancer diagnosis, positioning itself in the global first-tier of development [4][12]. 4. Financial Forecast - Revenue projections for 2025-2027 are 12.405 billion RMB, 13.729 billion RMB, and 15.113 billion RMB, respectively, with net profits expected to be 2.121 billion RMB, 2.396 billion RMB, and 2.773 billion RMB [5].

Group 1 - The report indicates that the influx of funds into Hong Kong since May has not significantly boosted the stock market, as these funds have primarily flowed into deposits, bond trading, and other areas rather than equities, leading to a negative sentiment shift [1][2] - Investors who previously sold stocks are now considering re-entering the market, believing that a significant downturn in Hong Kong stocks is unlikely, which could create new incremental capital [2][3] - The report suggests that returning investors are likely to favor undervalued stocks rather than high-flying thematic stocks, focusing on those with lower price-to-earnings ratios [2] Group 2 - The report lists a selection of recommended stocks, including Tencent Holdings (market cap: 470.47 billion, 2025 EPS: 22.9), Xiaomi Group (market cap: 152.97 billion, 2025 EPS: 1.5), and others across various sectors [3][8] - Tencent Holdings is highlighted for its strong competitive position in gaming and advertising, with expected EPS growth driven by AI integration and a robust ecosystem [11][12] - Xiaomi Group is noted for its innovative automotive segment and strong performance in the smartphone market, with a focus on high-margin products and AI applications [19][20] - Sunny Optical Technology is recognized for its growth in the automotive sector and advancements in optical technology for smartphones, projecting significant revenue increases [27][28] - Anta Sports is expected to benefit from strong brand performance and strategic acquisitions, enhancing its market position [33][34] - Greentown Service is identified as a quality property management company with strong growth potential and high dividend yields [39][40] - Yuehai Investment is focusing on core water supply operations, with expectations for stable cash flow and high dividends following the divestment of non-core assets [44][45] - Jiufang Zhitu Holdings is positioned for growth in the online investment space, leveraging technology to enhance its service offerings [49][50] - Dashih Holdings is expanding its store network significantly, with a focus on delivery services and menu optimization [56][57] - Far East Pharmaceutical is projected to see rapid growth in its nuclear medicine segment, with several innovative products in the pipeline [62][63] - Haitian International is expected to benefit from domestic upgrades and international expansion, with a focus on high-end markets [68][69] Group 3 - Financial data for the recommended stocks shows projected revenues and net profits for 2025, with Tencent Holdings expected to generate 716.55 billion in revenue and 210.26 billion in net profit [75] - Xiaomi Group is projected to achieve 491.83 billion in revenue and 39.60 billion in net profit for 2025 [75] - Sunny Optical Technology is expected to generate 42.68 billion in revenue and 3.32 billion in net profit in 2025 [75] - Anta Sports is projected to achieve 78.17 billion in revenue and 13.23 billion in net profit for 2025 [75] - Greentown Service is expected to generate 19.98 billion in revenue and 898 million in net profit in 2025 [75] - Yuehai Investment is projected to achieve 18.54 billion in revenue and 4.27 billion in net profit for 2025 [75] - Jiufang Zhitu Holdings is expected to generate 3.58 billion in revenue and 1.29 billion in net profit in 2025 [75] - Dashih Holdings is projected to achieve 5.37 billion in revenue and 129 million in net profit for 2025 [75] - Far East Pharmaceutical is expected to generate 12.20 billion in revenue and 2.08 billion in net profit in 2025 [75] - Haitian International is projected to achieve 18.25 billion in revenue and 3.52 billion in net profit for 2025 [75]