GRAND PHARMA (00512) reported a 55% year-on-year increase in revenue from its nuclear medicine business in the first half of the year, with collaborative innovation across multiple business segments sparking new vitality.

In the first half of 2026, the China Meheco Group has entered a development phase where the focus is on the concentrated validation of innovative achievements. At this stage, GRAND PHARMA (00512) has delivered a business report demonstrating both pipeline strength and industry foundation. In the first half of the year, the company achieved revenues of approximately HKD 6.39 billion, a year-on-year increase of 3.2%; adjusted operating profit was around HKD 970 million, maintaining robust profitability. During the period, the company made significant progress with 18 important milestones, including 8 innovative products, accounting for nearly half, which intuitively validates the effectiveness of the innovation strategy. The company has established a multi-dimensional development pattern that relies on innovative drugs to break new ground, traditional advantageous industries as a foundation, and industrial cooperation to improve the operational ecosystem. A solid product base has formed the strong foundation for GRAND PHARMAs steady performance growth. The company has over 130 products listed in the National Essential Medicines List (2026 Edition) and more than 260 products included in the National Medical Insurance, Workers' Injury Insurance, and Maternity Insurance Drug List (2025 Edition), fully demonstrating its depth in clinical demand segments and market penetration capabilities. Meanwhile, innovative and barrier products like Yttrium-90 microsphere injection and LavaTM liquid embolic agents continue to accelerate their market expansion, with GRAND PHARMAs innovative products speeding up the realization of commercial value, driving the companys performance towards robust growth. In recent years, GRAND PHARMA has consistently implemented an innovation-driven strategy and a Go Global development strategy, focusing on high-barrier segments such as nuclear medicine for oncology and critical anti-infection treatments, while also entering cutting-edge fields like mRNA innovative drugs and ophthalmic innovative drugs. The company has established a full-chain R&D platform and is deepening the advancement of global clinical trials, creating an international development path for its innovative products through dual submissions in China and the U.S. Several products have received clinical permits from international drug regulatory agencies, and core products have achieved clinical results published in top international journals and included in authoritative domestic and foreign treatment guidelines, effectively supporting the commercialization process. GRAND PHARMA currently has over 30 high-value innovative projects under development, with expectations of reaching concentrated R&D milestones and delivering stable growth momentum for the company's long-term steady development by 2027-2028. A closed-loop integration of nuclear medicine diagnosis and treatment is taking shape, driven by a dual focus on commercialization and R&D. Nuclear medicine for oncology is the most prominent business segment of GRAND PHARMA. In the first half of the year, it achieved revenue of approximately HKD 660 million, a year-on-year increase of 55%, maintaining rapid growth. The core product Yttrium-90 microsphere injection, as the worlds first and currently the only FDA-approved Selective Internal Radiation Therapy (SIRT) product for the dual indications of unresectable hepatocellular carcinoma (HCC) and colorectal cancer liver metastasis (mCRC), continuously enhances market penetration with clear clinical efficacy. It is currently in formal surgery at over 70 hospitals across 22 provinces and municipalities. Additionally, Yttrium-90 has entered over 50 health insurance plans and one special drug insurance plan, covering more than 30 provincial-level administrative regions and over 100 cities, significantly improving product accessibility. As the commercialization potential continues to materialize, Yttrium-90 is increasingly gaining wide attention and recognition from the international academic community. In the first half of this year, its research findings were again showcased at the American Society of Clinical Oncology (ASCO) annual meeting. To date, high-value real-world data for Yttrium-90 has been presented in 100 poster displays and 7 oral reports at top international oncology and liver disease conferences, with related findings continuously published in authoritative international journals. Overseas, the market potential for Yttrium-90 is expected to further release with the expansion of new indications. The product has already obtained CE certification in Europe for the treatment of liver cancer patients, and its clinical research conducted in the U.S. for the treatment of unresectable HCC reached its clinical endpoint in April this year, achieving an impressive 90% complete response rate, 99% best overall response rate, and 100% local tumor control rate. With the steady progress of clinical studies for new indications, Yttrium-90s long-term growth potential is further enriched, and it is expected to become a standard regimen for pan-liver cancer treatment. The steady advancement of Yttrium-90's overseas development is a strong testament to GRAND PHARMAs capability in global clinical registration and commercialization operations, while GPN01530-2 further validates the company's robust global R&D and registration layout. GPN01530-2 is a globally innovative FAP-targeted drug independently developed by GRAND PHARMA, which has been approved in the U.S. to conduct Phase I/II clinical studies for solid tumor diagnostics and has been granted fast track designation (FTD) by the FDA. This recognition not only affirms its clinical value but also paves the way for subsequent priority reviews, allowing global patients to benefit sooner, marking a breakthrough for Chinese innovative nuclear medicine in the forefront of the FAP-targeted nuclear medicine field, achieving global leadership, standard synchronization, and prioritized benefits. From the results of clinical studies, GPN01530-2 possesses significant Best-in-class potential. Compared to the current mainstream diagnostic product 18F-FDG, this product exhibits superior clinical imaging contrast and accurate detection rates of positive lesions. Additionally, compared to other FAP-targeted products, GPN01530-2 shows advantages in tumor targeting performance, tumor uptake rates, and pharmacokinetic characteristics. If subsequent development proceeds smoothly, GPN01530-2 could become an important breakthrough in resolving solid tumor diagnostic challenges, benefiting approximately 20 million cancer patients globally. Under the product tiered strategy of growing a group, introducing a group, and reserving a group, GRAND PHARMAs nuclear medicine industry is steadily realizing its commercial value. In 2026, the new drug application (NDA) for the RDC product TLX591-CDx used for diagnosing prostate cancer was accepted by the National Medical Products Administration. This product, since its overseas launch in 2021, has shown immense commercial explosive potential, achieving over USD 600 million in revenue for the year 2025, with a year-on-year growth exceeding 20%. If successfully launched in China, it is expected to provide a new treatment experience for domestic prostate cancer patients and, leveraging GRAND PHARMAs established nuclear medicine commercialization network, quickly reach the clinical sector, becoming another strong growth engine for the company. From already marketed products to those in the NDA phase, and even to those in the clinical research phase, from the Chinese market to the global market, GRAND PHARMA has developed a clearly tiered nuclear medicine matrix, with 14 innovative products in the R&D registration stage and over 10 products in early R&D phases, allowing them to provide patients with multiple treatment options across various indications and an integrated approach to global leading anti-tumor solutions. In terms of the industrial chain, as a leader in nuclear medicine, GRAND PHARMA has achieved a comprehensive layout of R&D, production, distribution, and sales, providing strong support for the steady implementation of its pipeline. The companys Chengdu nuclear medicine base is the worlds first closed-loop platform for the entire nuclear medicine industrial chain and is one of the most comprehensive and highest-automation intelligent factories for radionuclide types internationally, capable of 100% independent production, solving the bottleneck problem in nuclear medicine, thus laying a solid foundation for the domestic production and global competitiveness of the companys radioactive drugs. Currently, nuclear medicine has become a strategic high ground for global pharmaceutical giants. According to The Business Research Company, the global radiopharmaceutical market is expected to reach USD 8.25 billion by 2026, growing at a compound annual growth rate of 13.5% to USD 13.68 billion by 2030. The domestic radiopharmaceutical market size is expected to grow from RMB 9.3 billion in 2025 to RMB 26 billion by 2030. With the recent completion of several mergers and acquisitions in the industry, the landscape of the domestic nuclear medicine industry might have quietly transformed: corporate competition has shifted from a rivalry of product pipelines to a contest of overall industrial chain capabilities. Based on a comprehensive industrial chain layout, GRAND PHARMA has taken a leading position in this round of nuclear medicine development and stands poised to leverage its rich pipeline matrix and R&D production closed-loop platform to fully seize the opportunities for expansion in both domestic and global nuclear medicine markets. Furthermore, the companys dual submissions strategy for product clinical registrations will further amplify the global value of its pipeline in the nuclear medicine market, strengthening its competitive edge in the global nuclear medicine sector. The synergy of diverse business segments is flourishing, and ecological advantages empower high-quality growth. As the development prospects of the nuclear medicine oncology sector become increasingly clear, GRAND PHARMA has also made significant progress in the fields of otolaryngology, mRNA, respiratory, and critical care. In particular, the otolaryngology sector has not only seen TP-03 achieve approval for market launch without any need for supplementation, adding new momentum for performance growth, but the company is also continuously expanding into chronic disease treatment through traditional Chinese medicine. TP-03, as the worlds first and only approved product for the treatment of Demodex blepharitis, provides targeted therapeutic options for the 50 million patients in China suffering from this condition. Notably, in the innovative ophthalmic drug market, a blue ocean space, GRAND PHARMA adheres to a specialized developmental path, having established a professional, full-series, multi-variety innovative drug product system, and has reserved several globally innovative products for treating dry eye syndrome, Demodex blepharitis, postoperative inflammation and pain in ophthalmology, pinguecula, and myopia, thereby building a leading differentiated competitive advantage. In the area of traditional Chinese medicine, GRAND PHARMA continues to deepen its R&D path of classic formulas + modern technology, pushing traditional Chinese medicine towards standardization. In the first half of the year, two important Class 1.1 innovative Chinese medicine products achieved new milestone progress: GPN01360 for treating depression completed the first patient enrollment for Phase III clinical trials in the domestic market; and GPN01020 for preventive treatment of migraines was approved by the drug regulatory agency to conduct Phase II clinical research. Both products are based on Chinese medicinal resources, optimized through modern pharmacology and clinical research, and conducted complete clinical trials according to modern evidence-based medical standards, providing new practical samples for the modernization of Chinese medicine innovation and offering a Chinese solution for depression and migraines. Meanwhile, the companys innovative capabilities in the respiratory and critical care sectors are also prominent. GRAND PHARMAs self-developed small molecule compound STC3141, which possesses a globally patented mechanism of action against sepsis, is the first globally prioritizing treatment strategy for sepsis centered on reconstructing immune homeostasis. Currently, this products domestic Phase II clinical study has successfully reached its main endpoint, with results showing that the high-dose groups sequential organ failure assessment (SOFA) score improvements were significantly better than the placebo group. Sepsis represents a major unmet clinical need globally, with high R&D barriers and low past success rates for new drug development; however, it has a vast market potential, with approximately 49 million new cases globally each year. If clinical research for STC3141 proceeds smoothly in the future, it is expected to fill the gap in specific treatment medications for sepsis worldwide, becoming a significant product in critical care treatment. Additionally, in the recently highly regarded mRNA field, GRAND PHARMA has also made forward-looking layouts. The company has established a globally leading mRNA technology platform centered around Nanjing Aurobio, with proprietary core technologies for mRNA nucleic acid drug development and lipid nanoparticle (LNP) delivery, solving numerous industry-critical pain points such as vaccine antigen design and LNP targeted delivery and process development. Its technology base possesses the capability of cross-project reuse and is highly expandable, supporting the development of diversified mRNA candidate drugs. The current R&D focus is on major clinical and public health significance areas such as cancer treatment and infectious disease prevention, particularly advancing the R&D of therapeutic mRNA vaccines for HPV-16 cervical cancer and HSV-2 genital herpes, and conducting several early-stage R&D project concept verifications based on its self-developed platform technology. Relying on this forward-looking layout, GRAND PHARMA has achieved early positioning in products and technology in the mRNA field, providing important support for the companys long-term innovation iteration and future product growth reserves. Leveraging its forward-looking product layout, the company is making smooth progress in commercializing differentiated new products in the respiratory and critical care sectors. In the respiratory and critical care field, the allergic rhinitis product Leyiteling completed its first prescription roll-out in the first half of the year, filling a gap in combination treatment for moderate to severe allergic rhinitis for children aged 6 and above in China; innovative products such as Enzongrun and Enmingrun are continuing to gain market traction. As relevant new products with clinical differentiation value are successively pushed to market, they not only improve GRAND PHARMAs product matrix but also open up new sources of performance growth, constructing a solid foundation for the companys long-term development. In addition to new product launches, GRAND PHARMA is also actively strengthening its innovation capabilities, further improving its innovation platform through school-enterprise cooperation and other means. In the first half of the year, the company reached a strategic cooperation agreement with the University of Hong Kong and its wholly-owned subsidiary HKUST SENG, which will deepen cooperation in academic research, resource sharing, talent training, and product development. This may effectively break through various barriers in converting research into marketed drugs, accelerating the industrialization process of innovative drugs, and is expected to efficiently realize the industrial transformation of cutting-edge scientific research. Looking back at the business performance of the first half of 2026, GRAND PHARMAs core competitiveness has surpassed a single product or single track, manifesting more in systematic advantages of multi-business segment synergy, multi-disease coverage, and full-chain capability integration. The companys various segments not only achieved vertical integration across the industrial chain but also formed efficient collaborations in technology, channels, and clinical resources in horizontal dimensions. As each business segment transitions from single-point breakthroughs to systemic synergy, GRAND PHARMAs R&D, production, and growth logic is evolving from being product-driven to being ecology-driven. In the context of continuously released innovation momentum, the company is expected to further consolidate its leading advantage in high-quality development through its unique layout that advances across multiple tracks while ensuring connectivity across the entire chain.