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]

Core Insights - Telix Pharmaceuticals Limited is hosting an Investor Day on June 11, 2025, in New York City, focusing on growth opportunities in precision medicine and therapeutic radiopharmaceuticals [1][4] Company Overview - Telix is a biopharmaceutical company dedicated to developing and commercializing therapeutic and diagnostic radiopharmaceuticals, headquartered in Melbourne, Australia, with operations in the U.S., Brazil, Canada, Europe, and Japan [4] - The company is addressing significant unmet medical needs in oncology and rare diseases through its clinical and commercial stage products [4] Event Details - The Investor Day will feature key opinion leaders discussing the clinical utility and opportunities for Telix's theranostic candidates [2] - In-person attendance is available for institutional investors and analysts, with advance registration required [3] Key Opinion Leaders - Dr. Oliver Sartor, an expert in prostate cancer, will discuss TLX591, having published over 500 peer-reviewed articles and led pivotal Phase 3 studies [7] - Dr. John de Groot, a neuro-oncology expert, will present on TLX101, with over 200 peer-reviewed publications and significant involvement in clinical studies [7] - Dr. Joseph Osborne, specializing in renal cancer imaging, will cover TLX250-CDx, focusing on advancing molecular imaging [7]

智通财经APP获悉，继前列腺癌诊疗创新核药TLX591-CDx、TLX591接连迎来临床研究新进展后，远大医药(00512)核药管线再度释放产品利好。近日，公 司重磅创新核药产品易甘泰钇[Y]微球注射液多项研究成果亮相美国临床肿瘤学会年会(ASCO)以及2025年亚太原发性肝癌专家会议(APPLE)，药物潜力深受 国际认可，集中展示远大医药核药产品的巨大临床潜力。 从入选的研究成果数量来看，该产品已成为全球肝细胞癌(HCC)治疗的关注焦点。在此届ASCO年会中入选的超70项中国研究中，远大医药易甘泰钇[Y]微球 注射液独占两项，分别来自清华大学附属长庚医院的董家鸿院士团队和陆军军医大学第一附属医院的张辉教授团队。此外，有15篇中国钇-90树脂微球研究 成果获APPLE年会收录。这也代表着，易甘泰钇[Y]微球注射液已经成为肝细胞癌(HCC)的前沿主流治疗方式。 好事成双，远大医药在眼科领域同时也迎来了创新产品的上市喜讯，公司用于治疗蠕形螨睑缘炎的全球创新眼科药物GPN01768(TP-03，洛替拉纳滴眼液， 0.25%)近日已在中国澳门正式获批上市，不仅为该产品未来在粤港澳大湾区的获批奠定了基础，也有望进一步促 ...

Core Insights - The recent announcement of former US President Biden's prostate cancer diagnosis has brought attention to prostate cancer, the second most common malignancy among men globally [2] - The incidence and mortality rates of prostate cancer in China are rising, with 134,200 new cases and 47,500 deaths reported in 2022 [2] - The treatment landscape for prostate cancer is evolving, with numerous innovative pharmaceutical companies developing new therapies, enhancing treatment options for patients [2][4] Market Dynamics - The global prostate cancer treatment market was valued at $35.3 billion in 2022 and is projected to grow to $56.4 billion by 2028, with a compound annual growth rate (CAGR) of 8.3% [4] - Major pharmaceutical companies are competing in this lucrative market, with Pfizer and Astellas' enzalutamide generating $5.926 billion in global sales in 2023, ranking sixth among oncology drugs [3][4] - Chinese pharmaceutical companies are transitioning from generic to innovative drug development, with Heng Rui Medicine's new drug, Rivelutamide, set to launch in December 2024 [4] Treatment Advances - Treatment options for prostate cancer have expanded significantly, with survival rates improving from 2-3 years to over 5 years due to advancements in therapies such as new anti-androgens and PARP inhibitors [3] - The introduction of targeted therapies, such as Novartis' Pluvicto, which achieved $271 million in its first year, indicates a shift towards precision medicine in prostate cancer treatment [3][4] Screening Challenges - Early detection of prostate cancer remains a challenge, with many patients diagnosed at advanced stages due to the disease's asymptomatic nature in early stages [5][6] - The five-year survival rate for prostate cancer patients in China is approximately 66.4%, significantly lower than over 95% in developed countries, highlighting the need for improved screening practices [5] - PSA testing is the primary screening method, and initiatives are underway to increase screening coverage in China, aiming for 40% coverage in the next five years [7]

实际上，有着"男性沉默杀手"之称的前列腺癌，是全球最为常见的男性癌症之一，且伴随着人口老龄化的加剧，其患者规模也正不断扩大。根据Frost & Sullivan统计，2020年中国前列腺癌患者数为44万人，四年复合增长率达26.8%，预计2025年将增长至108万人。根据GLOBOCAN 2022数据，全球前列腺癌 的发生率ASR为29.4，死亡率ASR为7.3，其中亚洲死亡占比为全球第一，占全球死亡人数的30.3%。 此次估值重构背后，是公司创新药产业化的"三重爆发"——技术平台进入兑现周期、国际化产线全面投产、头部产品市场准入落地，创新研发利好信息包 括：全球创新产品STC3141在中国开展的II期临床研究成功达到临床终点，创新放射性核素偶联药物TLX591-CDx 中国III期临床研究完成全部患者入组给药 并计划今年内递交上市申请，全球创新放射性核素偶联药物 TLX591 加入国际多中心 III 期临床试验的申请已获中国药监局受理，肝癌创新精准诊断RDC产 品GPN02006临床结果将亮相SNMMI大会，全球领先的核药研发及生产基地取得甲级《辐射安全许可证》并即将投入运营，泌尿系统肿瘤早检产品在中国大 ...

文/曹萌 5月19日， 2025年的网络情人节"520"即将到来，而在这男女表达爱意的时点，大西洋彼岸传来一 则有关美国前总统拜登的噩耗，他被确诊为前列腺癌。 援引央视新闻，根据拜登办公室发布的一份声明， 拜登被确诊患有恶性前列腺癌，癌细胞已扩散至 骨骼。 声明指出，拜登上周因泌尿系统症状加剧而新发现一个前列腺结节，医生在进一步评估后于 16日诊断拜登患有前列腺癌。 此外，声明称，虽然这是一种更具侵袭性的癌症，但这种癌症似乎对激素敏感，因此可以进行有效治 疗，拜登及其家人正在与他的医生共同探讨治疗方案。 对于拜登出现的新病情，美国现任总统特朗普送上了早日康复的祝愿。如此来看，虽然美国男性总统 可以前赴后继的涌现，但他们的前列腺却只有一个，需格外呵护。 "男人至死是少年"是一句当下流行的网络用语 ，但对于那些已经步入知天命的男人来说，内心深处 留存的纯真、热血还能保留多少，尚未可知。而他们却已被列为前列腺癌的高发人群。 从前列腺癌的治疗方式分析，目前主要包括：药物治疗、手术治疗和放射治疗等。而在A股和港股 中，也有一些相关的上市公司，例如，奥翔药业生产的前列腺素类产品，在2024年的营收为2208万 元，同比下 ...

Core Viewpoint - The company, YuanDa Pharmaceutical, has achieved significant milestones in the development of its global nuclear medicine R&D and production base in Chengdu, which is set to become the world's first "zero-radiation" intelligent nuclear medicine factory, marking a strategic leap in the nuclear medicine industry [1][4][11]. Group 1: Company Developments - YuanDa Pharmaceutical's Chengdu base has received a Class A Radiation Safety License from the Ministry of Ecology and Environment, with operations expected to commence in June 2025 [1][11]. - The construction of the base has set a record in the industry, completing the main structure in just five months, and is recognized for its high level of automation and comprehensive range of isotopes [1][4]. - The company has seen its stock price rise significantly, reaching a historical high of HKD 8.95, a nearly 126% increase from its low point this year, with a market capitalization exceeding HKD 30 billion [3]. Group 2: Technological Innovations - The Chengdu base features a state-of-the-art cyclotron from Belgium's IBA, enabling the independent production of critical isotopes, addressing the domestic shortage of imported isotopes [5]. - The facility employs fully automated production processes, enhancing production stability and efficiency, and significantly reducing the production cycle by approximately 80% [7]. - A comprehensive radiation monitoring system has been integrated, ensuring compliance with international safety standards and establishing a new benchmark for safety in the nuclear medicine industry [9][12]. Group 3: Market Position and Growth - The global nuclear medicine market is projected to grow at a compound annual growth rate (CAGR) of 18% from 2022 to 2028, reaching approximately USD 18.7 billion, while China's market is expected to grow at a CAGR of 27% from 2023 to 2030, reaching around RMB 26 billion [12]. - YuanDa Pharmaceutical has established a complete industrial chain in the nuclear medicine sector, with a product pipeline that includes 15 innovative products targeting various cancers [12][15]. - The company is positioned as a leader in the nuclear medicine field, with the most extensive product pipeline and integrated treatment solutions, enhancing its competitive edge in the market [16][17].

中证报中证网讯(记者傅苏颖)5月14日，中国证券报记者从远大医药获悉，公司用于诊断肝细胞癌(HCC) 的全球创新放射性核素偶联药物(RDC)GPN02006，在中国开展的研究者发起的临床研究(IIT临床研究) 结果将于2025年北美核医学与分子影像学会(SNMMI)年会中公布。 近年来，以核医学为代表的分子影像检测技术发展迅速，其特殊机制可在分子水平实现无创可视和量化 评价而用于疾病诊断。其中，开发高靶向HCC特异性分子探针是HCC精准个体化诊疗的重要发展趋 势。GPN02006是基于放射性核素-抗体偶联技术的靶向磷脂酰肌醇蛋白聚糖3(GPC-3)的诊断型放射性药 物，有望为全球HCC诊断提供全新且更加精准、高效的分子影像诊疗方案。 5月以来，远大医药先后公布了TLX591和TLX591-CDx等多项创新核药进展。其中，TLX591是携带治 疗性放射性核素的单克隆抗体药物，其提交的国际多中心III期临床申请已获得国家药监局受理。此外， 公司诊断性全球创新RDC药物TLX591-CDx全球注册上市的工作进展顺利，该产品近期已完成国内III期 临床的全部患者入组，并计划于今年内提交国内上市申请。据悉，TLX591 ...

近年来，以核医学为代表的分子影像检测技术发展迅速，其特殊机制可在分子水平实现无创可视和量化 评价而用于疾病诊断。其中，开发高靶向HCC特异性分子探针是HCC精准个体化诊疗的重要发展趋 势。未来若GPN02006开发顺利，则有望为全球HCC诊断提供全新且更加精准、高效的分子影像诊疗方 案。 核药研发连获突破，诊疗一体化产品组合优势显现 智通财经APP获悉，5月以来，远大医药(00512)在核药抗肿瘤诊疗以及危重症领域取得显著进展，促进 公司股价一路高走并创下历史新高。同样引人注意的是，知名投行中金公司于5月13日再次紧急上调了 远大医药的目标价20%至9.6港元，并指出远大医药核药领域创新领先地位正不断巩固，这已是中金公 司年内第三次上调远大医药目标价。 5月14日，远大医药再度公布核药领域利好消息，公司用于诊断肝细胞癌(HCC)的全球创新放射性核素 偶联药物(RDC) GPN02006在中国开展的研究者发起的临床研究(IIT临床研究)结果将于2025年北美核医 学与分子影像学会(SNMMI)年会中公布。 核药创新结硕果，登全球核药舞台再迎新机遇 据悉， SNMMI年会是全球核医学和分子成像领域首屈一指的教育、 ...

Core Viewpoint - CICC maintains the EPS forecast for Grand Pharmaceutical (00512) at HKD 0.6 for 2025 and HKD 0.63 for 2026, with a target price increase of 20% to HKD 9.6, indicating a potential upside of 15.4% from the current stock price [1] Company Status - On May 12, the company announced the completion of patient enrollment for the Phase III clinical study of the innovative radiolabeled drug conjugate (RDC) TLX591-CDx in China, with plans to submit a new drug application within the year [2] - On May 7, the company reported that the application for the innovative RDC product TLX591 to join an international multicenter Phase III clinical trial has been accepted by the National Medical Products Administration [2] Product Commercialization - The diagnostic radiopharmaceutical TLX591-CDx has been commercially validated overseas and is set to advance its domestic market application; it is used for prostate cancer diagnosis and screening patients eligible for PSMA-targeted RDC treatment [3] - TLX591-CDx has been approved in multiple countries, including the U.S. in December 2021, with projected global sales of approximately USD 517 million in 2024 and first-quarter 2025 sales reaching USD 151 million, reflecting a year-on-year increase of 35% [3] Clinical Trial Progress - TLX591 (177Lu-HuJ591) is an innovative monoclonal antibody product designed for treating metastatic castration-resistant prostate cancer (mCRPC) patients; it features a convenient dual-dose regimen with a 14-day interval [4] - The company aims to efficiently shorten the development cycle of therapeutic radiopharmaceuticals by joining the international multicenter Phase III clinical trial, following promising Phase II clinical data [4] Strategic Partnerships - In November 2020, the company announced a collaboration with Australian radiopharmaceutical company Telix, securing exclusive development and commercialization rights for a series of RDC drugs in several regions, with the first integrated diagnostic-therapeutic RDC pipeline nearing fruition [5] - The company is solidifying its leading position in the innovative nuclear medicine field [5]