Group 1 - Heng Rui Pharmaceutical has 9 drugs included in the national medical insurance directory for the first time, with an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 [5] - Junshi Biosciences' products Tuoyi® and Junshida® have been added to the national medical insurance directory, enhancing patient affordability and market promotion [6] - Huadong Medicine's subsidiary has products included in the national medical insurance and commercial insurance innovative drug directories, expected to aid in market promotion [7] Group 2 - Aidi Pharmaceutical's two innovative HIV drugs have successfully renewed their inclusion in the national medical insurance directory, with specific reimbursement prices set [8] - Fuxing Pharmaceutical has multiple products newly included in the national medical insurance directory, which is anticipated to positively impact future performance [9] - Weichuang Biotechnology's product has been included in the national medical insurance directory, which is expected to enhance market promotion and sales [10] Group 3 - Muxi Co., Ltd. announced a final online issuance rate of 0.03348913% after the mechanism was activated, with a total of 22.83 million shares issued [2] - Doushan New Materials reached a consensus on production reduction in the BOPET industry, although the sustainability of long-term price increases remains uncertain [2] - Guanglian Aviation's controlling shareholder has had the detention lifted, allowing normal operations to resume [3] Group 4 - Jiangjian Co., Ltd. clarified that it bears no obligations for any overdue financial products related to its controlling shareholder, confirming normal operations [4] - Tian Ci Materials' controlling shareholder has committed not to reduce holdings, holding 34.35% of the shares [13] - Annie Co., Ltd. is planning a change in control, with stock resuming trading on December 8 [14]

Core Insights - The National Medical Insurance Drug List for 2025 includes 11 anti-tumor products from Heng Rui Medicine, with 5 innovative drugs newly added to the national insurance directory, enhancing accessibility for patients [1] - Heng Rui's oncology division has developed a differentiated product matrix covering various high-incidence tumors, including immunotherapy and targeted therapy [1][5] Group 1: New Drug Inclusion - Five innovative drugs newly included in the insurance directory are: - Injection of Rukang Trastuzumab (Aivida®) - Injection of Phronolapitan Palonosetron (Ruitanning®) - Malic Acid Famitinib Capsules (Aibite®) - Acetate Abiraterone Tablets (II) (Airiji®) - Liposomal Irinotecan Injection (II) (Yueyouli®) [1][2] - These drugs address long-standing treatment gaps in various cancers, providing improved accessibility and efficacy for patients [1][2] Group 2: Expanded Indications - Three existing drugs in the insurance directory have expanded indications: - Fluorouracil Capsules (Airiyi®) now includes treatment options for breast cancer patients with specific genetic markers - Apatinib Tablets (Aitan®) have new indications for combination therapy - Injection of Carrelizumab (Airika®) is now indicated for recurrent/metastatic cervical cancer [3][4] Group 3: Long-term Drug Continuity - Three key products have successfully renewed their insurance coverage, ensuring continuous access for patients: - Pyrotinib Tablets (Airini®) for HER2-positive breast cancer - Hecoriparib Ethanolamine Tablets (Hengqu®) for immune thrombocytopenia and severe aplastic anemia - Sulfapeginterferon Injection (Aido®) for reducing infection risk in chemotherapy patients [4][5] Group 4: Overall Coverage - Out of 16 innovative drugs launched by Heng Rui, 14 have been included in the national insurance directory, achieving near-complete coverage of innovative results [5] - The company aims to continue focusing on patient needs while expanding its technological platforms and diverse pipeline to meet unmet clinical demands [5]

Core Viewpoint - The recent adjustments to the national basic medical insurance directory and the introduction of the commercial insurance innovative drug directory mark significant steps towards enhancing access to innovative treatments in China, particularly for high-cost therapies like CAR-T drugs [2][6]. Summary by Sections National Basic Medical Insurance Directory Adjustments - A total of 114 new drugs were added to the basic medical insurance directory, including 50 first-class innovative drugs [2]. - The total number of drugs in the basic medical insurance directory has increased to 3,253, comprising 1,857 Western medicines and 1,396 traditional Chinese medicines [3]. - New inclusions cover various fields such as oncology, chronic diseases, mental health, and pediatric medications, with several rare disease treatments also added [3]. Commercial Insurance Innovative Drug Directory - The commercial insurance innovative drug directory aims to include high-innovation drugs that exceed the basic insurance scope but offer significant clinical value and patient benefits [6]. - A total of 121 drugs underwent formal review for the commercial insurance directory, with 24 entering price negotiation, ultimately resulting in 19 drugs from 18 companies being included [6]. - Notable inclusions are five CAR-T therapies, which previously cost over one million yuan per injection, making them unaffordable for many patients [6]. Performance of Pharmaceutical Companies - Several leading pharmaceutical companies have reported their successes in the 2025 national medical insurance negotiations, with Heng Rui Pharmaceutical having 20 drugs included, contributing 7.554 billion yuan to their total revenue [5]. - Innovent Biologics announced that 7 of its new drugs were included in the updated national medical insurance directory, with 12 of its 17 innovative drugs now covered [5]. Specific Drug Inclusions - The directory includes drugs for Alzheimer's disease, such as the monoclonal antibodies from Eisai and Eli Lilly, and several rare disease treatments [7]. - Some high-profile drugs, like Novo Nordisk's semaglutide and Bristol-Myers Squibb's nivolumab, were not included despite passing the formal review [8]. Implementation Timeline - The new directory is set to be officially implemented nationwide on January 1, 2026 [9].

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology industry, specifically recommending companies such as Heng Rui Medicine and BeiGene for investment [1]. Core Insights - The report emphasizes optimism regarding the international expansion of innovative drugs, highlighting Heng Rui Medicine's comprehensive layout in drug development and its strong performance in both domestic and international markets [1][4]. - The A-share pharmaceutical index has shown a year-to-date increase of 15.86%, although it has underperformed compared to the CSI 300 index by 0.65% [4][9]. - The report identifies a ranking of preferred sub-industries, with innovative drugs at the top, followed by research services, CXO, traditional Chinese medicine, medical devices, and pharmacies [10][12]. Summary by Sections Industry Trends - The report notes that various sectors within the pharmaceutical industry have experienced mixed performance, with pharmaceutical commerce and traditional Chinese medicine showing slight increases, while raw materials, chemical pharmaceuticals, medical devices, and biological products have seen declines [4][9]. Company Focus: Heng Rui Medicine - Heng Rui Medicine has established itself as a leader in innovative drug commercialization, with the highest number of approved innovative drugs in China and a strong pipeline for future approvals [4][12]. - The company has engaged in significant business development (BD) activities, totaling nearly $28 billion over the past three years, which is expected to provide ongoing revenue streams [4][12]. Recommended Stocks - The report suggests specific stocks to watch within various segments: - For innovative drugs: Focus on companies like XinDa Biologics, BeiGene, and Heng Rui Medicine [12]. - For CXO and research services: Consider WuXi AppTec and other related firms [12]. - For medical devices: Look at companies such as Yuyue Medical and others [12]. - For AI drug development: Keep an eye on JingTai Holdings [12]. - For GLP-1 related products: Monitor companies like LianBang Pharmaceutical and others [12].

Core Viewpoint - Heng Rui Medicine has successfully included several of its products in the National Medical Insurance Catalog for 2025, which is expected to enhance sales and positively impact the company's performance in the future [1][2]. Group 1: Inclusion in National Medical Insurance Catalog - Heng Rui Medicine's products such as injection of Rukang Trastuzumab, Apixaban capsules, and others have been newly included in the National Medical Insurance Catalog [1]. - Additional indications for products like injection of Carrelizumab and Fluorouracil capsules have also been successfully added to the catalog [1]. - Existing products such as Pyrotinib tablets and others have successfully renewed their contracts to remain in the National Medical Insurance Catalog [1]. Group 2: Financial Impact - The total sales for the aforementioned drugs in 2024 are estimated to be approximately 8.66 billion yuan, while for the first three quarters of 2025, the sales are projected to be around 7.55 billion yuan [2]. - The impact on the company's operating performance due to the inclusion in the National Medical Insurance Catalog is currently indeterminate [2]. - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with further details on payment standards and reimbursement guidelines to be announced by relevant government departments [2].

Core Insights - The Chinese medical insurance directory will undergo its largest expansion of innovative drugs in history starting January 1, 2026, adding 114 new drugs, including 50 class 1 innovative drugs, while removing 29 drugs that are either unavailable or can be replaced by better alternatives [1][2] - The total number of drugs in the directory will increase to 3,253, significantly enhancing coverage for key areas such as oncology, chronic diseases, mental health, rare diseases, and pediatric medications [1][2] - The inclusion of innovative drugs in the medical insurance directory reflects a strong commitment to support genuine innovation and differentiated innovation in the healthcare sector [1][2] Medical Insurance Directory Expansion - The new directory will include 114 drugs, with nearly 44% being class 1 innovative drugs, indicating a growing emphasis on innovative treatments [1][2] - The directory will enhance the insurance coverage for critical areas, improving access to necessary medications for patients [1][2] Innovative Drug Market Dynamics - The entry of innovative drugs into the medical insurance directory is a key driver for market growth, with those included typically experiencing rapid sales growth within a year [4] - Companies like Heng Rui Medicine and Innovent Biologics have successfully included multiple innovative products in the new directory, indicating a trend towards increased market access for innovative therapies [4][5] Clinical Needs and Treatment Options - The new directory addresses significant clinical needs, particularly in oncology, with new drugs targeting various types of cancers, thereby expanding treatment options for patients [9][10] - The inclusion of targeted therapies for conditions like severe asthma and breast cancer provides patients with more accessible and effective treatment options [6][10] Commercial Insurance Directory - The introduction of a commercial insurance directory for innovative drugs aims to balance clinical value, corporate profits, and the sustainability of insurance funds [2][12] - The commercial insurance directory includes 19 innovative drugs, highlighting a focus on high-value treatments that exceed basic insurance coverage [12][15] Policy and Regulatory Environment - Recent reforms in drug approval and medical insurance payment systems have created a conducive environment for the development of innovative drugs in China [17][18] - The acceleration of drug approvals and the establishment of a more rigorous evaluation system for innovative drugs are reshaping the landscape for pharmaceutical companies [17][18] Future Outlook - The ongoing expansion of the medical insurance directory signifies a shift towards making innovative drugs more accessible and affordable for the general population, enhancing overall healthcare outcomes [20][21] - The collaboration between policy, industry, and capital markets is essential for fostering high-quality development in the innovative drug sector [19][20]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has successfully included several of its products in the National Medical Insurance Directory, which is expected to enhance the accessibility of its medications and potentially increase sales revenue [1] Group 1: Inclusion of Products - The following products have been newly included in the National Medical Insurance Directory: injection of Rukang Qutuzumab, Apixaban Famitinib Capsules, injection of Funaqi Zhumab, Sulfate Amasitinib Tablets, injection of Phosphorola Pitant Palonosetron, injection of Ruikasi Dantab, Acetate Abiraterone Tablets (II), Liposomal Irinotecan Injection (II), and Regaglitin Metformin Tablets (I)/(II), as well as Perfluorohexyl Octane Eye Drops [1] - New indications for the following products have also been successfully added: injection of Karilizumab, Fluorouracil Capsules, and injection of Fumaric Acid Tegafur [1] - The following products have successfully renewed their contracts to remain in the National Medical Insurance Directory: Maleate Pyrotinib Tablets, Hecorapam Ethanolamine Tablets, Phosphate Regaglitin Tablets, injection of Tanshinone IIA, and Sulfate Pevonedistat Injection [1] Group 2: Adjustments and Management - The indications for Methoxamine Apatinib Tablets and Bupivacaine Liposome Injection have been newly added and adjusted to regular directory management [1]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has successfully included several of its products in the National Medical Insurance Directory, which is expected to enhance market access and potentially increase sales revenue for the company [1] Group 1: Inclusion of Products - The following products have been newly included in the National Medical Insurance Directory: - Injection of Rukang Qutuzumab - Apixaban Famitinib Capsules - Injection of Funaqi Qutuzumab - Sulfate of Amagatin Tablets - Injection of Phosphororapitant Palonosetron - Injection of Ruikaxizumab - Acetate of Abiraterone Tablets (II) - Liposomal Injection of Irinotecan (II) - Regaglitin Metformin Tablets (I)/(II) - Perfluorohexyl Octane Eye Drops [1] - The following products have successfully added new indications to the National Medical Insurance Directory: - Injection of Karilizumab - Fluorouracil Capsules - Injection of Fumaric Acid Tegafur [1] - The following products have successfully renewed their contracts to remain in the National Medical Insurance Directory: - Maleate of Pyrotinib Tablets - Hecorapam Ethanolamine Tablets - Phosphate of Regaglitin Tablets - Injection of Tofisopam - Injection of Sulfapegfilgrastim [1] Group 2: Adjustments and Management - The following products have had new indications added and adjusted to regular directory management: - Mesylate of Apatinib Tablets - Liposomal Injection of Bupivacaine [1]

12月7日，医保、商保"双目录"发布。国家医保局、人力资源社会保障部印发《国家基本医疗保险、生育保险和工伤保险药品目录》以及《商业健康保险 创新药品目录》（2025年）。新版目录将于2026年1月1日在全国范围内正式实施。 2025年国家医保药品目录新增114种药品，其中，50种为1类创新药。同时，首版商保创新药目录共纳入19种药品，既有CAR-T等肿瘤治疗药品，也有神经 母细胞瘤、戈谢病等罕见病治疗药品，还有阿尔茨海默病治疗药品等，涉及北海康成、复星医药、药明巨诺、百济神州等国内多家上市药企。 图片来源：国家医保局网站 支持"真创新" 本次调整后，2025年国家医保药品目录内药品总数增至3253种，其中西药1857种、中成药1396种，肿瘤、慢性病、精神疾病、罕见病、儿童用药等重点领 域的保障水平得到明显提升。 中国证券报记者梳理发现，恒瑞医药、信达生物、众生药业、智翔金泰、康诺亚等多家国内上市公司产品被纳入。 恒瑞医药共有11款抗肿瘤产品被纳入，包括5款首次纳入国家医保目录的创新产品，3款创新药的关键新适应症，以及3款重点产品的医保目录内续约。恒 瑞医药肿瘤领域共16款已上市创新药中，已有14款纳入国家医 ...

Core Viewpoint - Heng Rui Medicine announced the inclusion of several drugs in the national medical insurance directory, which is expected to positively impact sales, although the exact effect on the company's performance is currently indeterminate [1] Group 1: Drug Inclusion in National Medical Insurance - The following drugs have been newly included in the national medical insurance directory: injection of Rukang Qumatuozhuzhantang, Appleseed Famitinib capsules, injection of Funachizhu single antibody, and several others [1] - New indications for injection of Karilizhu single antibody, Fluorozolpali capsules, and Fumaric acid Tejilidin injection have also been successfully added to the national medical insurance directory [1] - The renewal of the following drugs has been successful, allowing them to remain in the national medical insurance directory: Malate Pyrotinib tablets, Hecoropag Ethanolamine tablets, and several others [1] Group 2: Financial Impact - The total sales revenue for the aforementioned drugs is estimated to be approximately 8.66 billion yuan for the year 2024 [1] - For the first three quarters of 2025, the estimated sales revenue for these drugs is around 7.55 billion yuan [1] - The inclusion of these drugs in the national medical insurance directory is expected to facilitate sales, although the specific impact on the company's operational performance remains uncertain [1]