Core Viewpoint - Fosun Pharma's subsidiary, Yaoyou Pharmaceutical, has entered into a licensing agreement with Pfizer for the development and commercialization of GLP-1R agonists, including YP05002, with significant financial implications for both companies [1] Group 1: Licensing Agreement Details - The licensing agreement grants Pfizer exclusive rights to develop, use, produce, and commercialize GLP-1R agonists globally across all human and animal indications [1] - Yaoyou Pharmaceutical will receive an upfront payment of $15 million and up to $35 million in development milestone payments [1] - Pfizer will also pay up to $158.5 million in sales milestone payments based on the annual net sales performance of the licensed products [1]

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]

Core Viewpoint - The recent adjustment of the National Basic Medical Insurance Directory has led to a significant increase in the number of drugs covered, positively impacting A-share pharmaceutical stocks, with notable gains observed in companies like Rongke Technology and Huashi Technology [1][2]. Group 1: National Basic Medical Insurance Directory Adjustments - The total number of drugs in the basic medical insurance directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [1]. - A total of 114 new drugs have been added, with 50 classified as Class 1 innovative drugs, covering various fields such as oncology, chronic diseases, mental health, and pediatric medications [1]. - Several rare disease medications have also been included, addressing conditions like neurofibromatosis, thalassemia, hemophilia, multiple sclerosis, and growth hormone deficiency in children [1]. Group 2: Commercial Insurance Innovative Drug Directory - The first version of the commercial insurance innovative drug directory includes 19 drugs, featuring CAR-T therapies for cancer treatment and medications for rare diseases and Alzheimer's disease, complementing the basic medical insurance [1]. - Notably, Eli Lilly's tirzepatide injection, a new global "drug king," has been included for the treatment of adult type 2 diabetes, alongside similar drugs from Silver Noble Pharmaceuticals [2]. Group 3: Company Announcements and Financial Impact - As of December 8, 16 A-share listed pharmaceutical companies have reported their products being included in the national medical insurance drug directory or the commercial insurance innovative drug directory [2]. - Leading companies like Fosun Pharma, Huadong Medicine, and Heng Rui Medicine have had several products added, with Heng Rui reporting an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 from these newly included drugs [2]. - Innovative drugs such as JAK inhibitors for myelofibrosis and PD-1 monoclonal antibodies have also been successfully negotiated into the national medical insurance directory, enhancing their market potential [3].

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。 ...

Core Viewpoint - The article highlights a significant rise in the stock prices of several innovative pharmaceutical companies following the announcement of the 2025 National Medical Insurance drug list, which includes a substantial number of new innovative drugs [1] Group 1: Stock Performance - WuXi AppTec (02126) saw an increase of 8.77%, trading at HKD 3.35 [1] - Kintor Pharmaceutical (02171) rose by 3.8%, reaching HKD 18.87 [1] - Beihai Kangcheng (01228) increased by 3.38%, priced at HKD 2.45 [1] - Junshi Biosciences (01877) gained 2.29%, with a share price of HKD 24.1 [1] Group 2: Drug List Adjustments - The 2025 National Medical Insurance drug list is the 8th adjustment since the establishment of the National Healthcare Security Administration [1] - A total of 114 new drugs were added to the list, including 50 Class 1 innovative drugs [1] Group 3: Notable Drug Inclusions - Fosun Pharma's (600196) Luwomei Tablets and Beihai Kangcheng's injectable Vilazodone Beta were included in the commercial insurance innovative drug list [1] - The highly anticipated CAR-T cell therapies from various companies, including Fosun Kairui's Acalabrutinib Injection and WuXi AppTec's Regorafenib Injection, were also included in the first batch of commercial insurance innovative drug list [1]

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]