Core Viewpoint - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog, which will be implemented nationwide starting January 1, 2026 [1] Group 1 - The new dual catalog for medical insurance and commercial health insurance will officially take effect on January 1, 2026 [1] - Several listed companies, including Heng Rui Medicine, Fosun Pharma, Hai Si Ke, Bei Hai Kang Cheng, and Junshi Biosciences, have announced new drug inclusions, renewals, or new indications added to the updated national medical insurance catalog and the first edition of the commercial health insurance innovative drug catalog [1]

Core Viewpoint - Fosun Pharma's stock price increased by 0.7% to 27.33 yuan, with a total market capitalization of 72.983 billion yuan, following the announcement of new drugs being included in the national medical insurance and commercial insurance innovation drug directories [1] Group 1: Stock Performance - As of December 8, 2025, Fosun Pharma's stock opened at 27.5 yuan, reached a high of 27.6 yuan, and a low of 27.28 yuan, with a trading volume of 3.57 billion yuan and a turnover rate of 0.62% [1] Group 2: Drug Inclusion Announcement - Fosun Pharma announced that several of its drugs have been newly included in the 2025 National Medical Insurance Directory and the Commercial Health Insurance Innovation Drug Directory, effective January 1, 2026 [1] - Newly included drugs in the national medical insurance directory include Luvofexin tablets, Vorasine citrate capsules, and Pirfenidone oral suspension, while Akaluzumab injection is included in the commercial insurance innovation drug directory [1] Group 3: Financial Impact - The sales revenue of the newly included drugs is expected to account for approximately 0.98% of the group's revenue in 2024 and about 3.04% in the first three quarters of 2025 [1] - The inclusion of these drugs is anticipated to enhance drug accessibility and market promotion, positively impacting future annual performance, although the specific effects are subject to various factors [1]

Group 1 - The National Medical Products Administration of China announced on December 4 that 35 batches of drugs produced by 29 companies do not meet regulatory standards [1] - Among the non-compliant products, four batches of coenzyme Q10 injection produced by Jiangsu Wanbang Biopharmaceutical Group Co., Ltd. and others were flagged for issues related to appearance, insoluble particles, and visible foreign matter [1][2] - Specific batches of coenzyme Q10 injection from Jiangsu Wanbang Biopharmaceutical Group were identified with batch numbers 52401106 and 52404105, both showing non-compliance in multiple inspection criteria [1][2] Group 2 - Fosun Pharma's annual report indicates that Jiangsu Wanbang Biopharmaceutical Group Co., Ltd. is a wholly-owned subsidiary of the company [4] - For the first three quarters of 2025, Fosun Pharma reported a revenue of 29.393 billion yuan, a year-on-year decrease of 4.91%, while the net profit attributable to shareholders increased by 25.50% to 2.523 billion yuan [4] - The company's non-recurring net profit decreased by 14.32% to 1.573 billion yuan, and the stock option incentive plan did not include the declining revenue and non-recurring net profit as assessment indicators [4]

格隆汇12月7日丨复星医药(600196.SH)公告，根据2025年12月7日国家医疗保障局、人力资源社会保障 部发布的《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(以下简称"2025年国家医保目 录")以及首次发布的《商业健康保险创新药品目录(2025年)》(以下简称"商保创新药目录")，上海复星医 药(集团)股份有限公司及控股子公司/单位(以下简称"本集团")多款已上市产品获首次纳入或涉及备注信 息调整。 前述新获纳入或涉及备注信息调整的药品2024年度及2025年前三季度的销售额合计分别约为人民币4.01 亿元、8.92亿元，分别约占同期本集团营业收入的0.98%、3.04%。本次新获纳入2025年国家医保目录/ 商保创新药目录将有利于进一步提升该等药品的可及性、减轻患者用药负担，同时也将有助于推动该等 药品的市场推广和销售，预计将对本集团后续年度业绩产生积极影响。 2025年国家医保目录、商保创新药目录将于2026年1月1日起执行。其中，2025年国家医保目录的具体医 保支付标准、医保报销细则、谈判药品的协议有效期等信息，须以国家医疗保障局等相关政府部门公示 信息为准。 ...

Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued a new drug catalog for basic medical insurance, maternity insurance, and work injury insurance, which will take effect on January 1, 2026. This marks the 8th adjustment of the medical insurance drug catalog since the establishment of the National Healthcare Security Administration [1] - The recent adjustment adds 114 new drugs, including 50 first-class innovative drugs. Notably, several rare disease medications have been included in the 2025 medical insurance catalog and the commercial health insurance innovative drug catalog [1] - Specific drugs such as Fosun Pharma's Luvofemin and Beihai Kangcheng's Vilazodone have been included in the 2025 medical insurance catalog and the commercial health insurance innovative drug catalog, respectively. Additionally, five CAR-T therapies have been added to the commercial health insurance innovative drug catalog [1] Group 2 - John Yang, the Asia-Pacific healthcare research director at Citibank, stated that biotechnology, particularly innovative drugs, will be a top priority for China in the coming years. He emphasized the need for China to upgrade production lines and capabilities, as well as expand clinical management capabilities to develop the entire ecosystem [1] - Morgan Stanley's healthcare research head in China, Yang Huang, echoed similar sentiments, noting that biomanufacturing has been identified by the government as a key economic growth driver during the 14th Five-Year Plan period [1] Group 3 - The head of the National Healthcare Security Administration, Zhang Ke, indicated plans to accelerate the construction of a healthcare imaging cloud based on medical insurance data, aiming for nationwide interoperability and recognition of medical insurance imaging by 2027 [4]

Core Viewpoint - The National Medical Products Administration (NMPA) has listed two batches of Coenzyme Q10 injection produced by Fosun Pharma's subsidiary, Wanbang Biopharma, as non-compliant, raising concerns about product quality and regulatory compliance [1][4]. Group 1: Regulatory Issues - The NMPA announced that two batches of Coenzyme Q10 injection from Wanbang Biopharma did not meet regulatory standards, with issues related to appearance, insoluble particles, and visible foreign matter [1][4]. - The NMPA has mandated that companies involved take risk control measures, including halting sales and conducting investigations into the non-compliance [5]. Group 2: Company Performance - For the first three quarters of 2025, Fosun Pharma reported a revenue of CNY 29.393 billion, a decrease of 4.91% year-on-year, while the net profit attributable to shareholders increased by 25.50% to CNY 2.523 billion [2][10]. - Wanbang Biopharma, a core subsidiary of Fosun Pharma, generated revenues of CNY 7.992 billion and CNY 3.736 billion in 2024 and the first half of 2025, respectively, accounting for approximately 19% of Fosun Pharma's total revenue [8][9]. - Fosun Pharma's revenue has been declining, with 2023 and 2024 revenues reported at CNY 41.4 billion and CNY 41.067 billion, reflecting year-on-year decreases of 5.81% and 0.80% [9][10]. Group 3: Management and Strategy - The 2025 stock option incentive plan for Fosun Pharma's executives does not include overall revenue or non-recurring net profit as performance assessment metrics, focusing instead on net profit and innovative drug revenue targets [10][11]. - As of the end of Q3 2025, Fosun Pharma had cash and cash equivalents of CNY 11.478 billion, indicating potential liquidity challenges with short-term borrowings of CNY 16.447 billion and long-term borrowings of CNY 9.431 billion [11].

Core Points - The National Healthcare Security Administration announced the 2025 National Medical Insurance Drug List, which will take effect on January 1, 2026, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [2][4] Group 1: Drug List Adjustments - The total number of drugs in the directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2][4] - The 2025 adjustment marks the 8th update since the establishment of the National Healthcare Security Administration [7] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products have been included in the new directory, with many innovative drug companies benefiting from this inclusion [4] - Zai Lab's drug, Jikaxitinib, has been included in the directory, which is expected to enhance sales and improve patient accessibility [4] - Junshi Biosciences reported that its products, including Toripalimab and an additional indication for another drug, have been successfully included in the directory [4] - Innovent Biologics' drug, IBI301, has also been added to the new directory, marking a significant milestone for the company [5] - Leading A-share pharmaceutical companies like Fosun Pharma, East China Pharmaceutical, and Heng Rui Medicine have also had several products included, with Heng Rui reporting a combined sales figure of approximately 8.66 billion yuan for the newly added drugs in 2024 [6][7]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据2025年12月7日国家医疗保障局、人力资源社会保障部发布的《国家基本医疗保险、生育保险和工 伤保险药品目录（2025年）》（以下简称"2025年国家医保目录"）以及首次发布的《商业健康保险创新 药品目录（2025年）》（以下简称"商保创新药目录"），上海复星医药（集团）股份有限公司及控股子 公司/单位（以下简称"本集团"）多款已上市产品获首次纳入或涉及备注信息调整，现将有关情况公告 如下： 一、新获纳入或涉及备注信息调整的主要品种 ■ 2025年国家医保目录、商保创新药目录将于2026年1月1日起执行。其中，2025年国家医保目录的具体医 保支付标准、医保报销细则、谈判药品的协议有效期等信息，须以国家医疗保障局等相关政府部门公示 信息为准。 前述新获纳入或涉及备注信息调整的药品2024年度及2025年前三季度的销售额合计分别约为人民币4.01 亿元、8.92亿元，分别约占同期本集团营业收入的0.98%、3.04%。本次新获纳入2025年国家医保目录/ 商保创新药目录将有利于 ...

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. has announced the inclusion of several of its products in the 2025 National Medical Insurance Directory and the newly established Commercial Health Insurance Innovative Drug Directory, which is expected to enhance drug accessibility and reduce patient medication costs [1][2]. Group 1: New Inclusion and Adjustments - The 2025 National Medical Insurance Directory and the Commercial Health Insurance Innovative Drug Directory will take effect on January 1, 2026 [1]. - Several listed products from the company have been newly included or have had their remarks adjusted in these directories [1]. Group 2: Financial Impact - The sales revenue of the newly included or adjusted drugs for the year 2024 and the first three quarters of 2025 is approximately RMB 401 million and RMB 892 million, respectively, accounting for about 0.98% and 3.04% of the company's total revenue during the same periods [2]. - The inclusion in these directories is expected to positively impact the company's future performance by promoting market sales and enhancing drug accessibility [2]. Group 3: Market Considerations - The specific sales performance of the pharmaceutical products will be influenced by factors such as medication demand, market competition, and sales channels, making the exact impact of the directory inclusion on future operating performance uncertain [2].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been announced, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as oncology and chronic diseases [4][9]. Group 1: Drug List Adjustments - The 2025 National Medical Insurance Drug List will be implemented on January 1, 2026, with a total of 3,253 drugs, including 1,857 Western medicines and 1,396 traditional Chinese medicines [4]. - The list includes 50 first-class innovative drugs and removes 29 drugs that are either not clinically available or can be replaced by better alternatives [4]. Group 2: Impact on A-Share Companies - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly benefiting innovative drug companies [6]. - Zai Lab's drug, Jikaxitinib, was included, which is used for treating specific types of myelofibrosis, enhancing its market accessibility and sales potential [6]. - Junshi Biosciences reported that its products, including Toripalimab and Oncorine, were added to the list, with all four of its commercialized products now covered [6]. Group 3: Major Pharmaceutical Companies - Leading A-share pharmaceutical companies like Fosun Pharma, Hengrui Medicine, and others have also had products included in the new list, with Hengrui having 10 drugs added and several others with new indications [7]. - Hengrui's drugs are projected to generate approximately 8.66 billion yuan in sales for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [8]. Group 4: Complementary Innovations - In addition to the basic medical insurance list, 19 drugs have been added to the first version of the commercial insurance innovative drug list, including treatments for rare diseases and Alzheimer's, providing a complementary framework to the basic insurance [9].