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]

Core Viewpoint - Heng Rui Medicine has successfully included several of its products in the National Medical Insurance Directory, which is expected to enhance sales and potentially improve the company's operational performance, although the exact impact remains uncertain [1][2]. Group 1: Inclusion in National Medical Insurance Directory - Heng Rui Medicine's products such as injection of Rukang Qutuzumab and others have been included in the National Medical Insurance Directory for 2025 [1]. - New indications for existing products like injection of Karilizumab and others have also been successfully added to the directory [1]. - Some products have retained their status in the directory, while others have had their indications adjusted to regular management [1]. Group 2: Financial Impact - The total sales for the aforementioned products are estimated to be approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [2]. - The implementation of the National Medical Insurance Directory will officially begin on January 1, 2026, with further details on payment standards and reimbursement to be announced by relevant government departments [2].

通过医保谈判，注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊、夫那奇珠单 抗注射液、硫酸艾玛昔替尼片、注射用磷罗拉匹坦帕洛诺司琼、注射用瑞卡西单 抗、醋酸阿比特龙片（Ⅱ）、盐酸伊立替康脂质体注射液（Ⅱ）、瑞格列汀二甲 双胍片（Ⅰ）/（Ⅱ）、全氟己基辛烷滴眼液首次纳入国家医保目录；注射用卡 瑞利珠单抗、氟唑帕利胶囊、富马酸泰吉利定注射液新增适应症成功纳入国家医 保目录；马来酸吡咯替尼片、海曲泊帕乙醇胺片、磷酸瑞格列汀片、注射用甲苯 磺酸瑞马唑仑、硫培非格司亭注射液续约成功保留在国家医保目录；甲磺酸阿帕 替尼片和布比卡因脂质体注射液新增适应症并调整至常规目录管理。具体情况如 下： | | | | 治疗。 | | --- | --- | --- | --- | | | | | 3.本品用于既往接受过一线化疗后疾病进展或 | | | | | 不可耐受的局部晚期或转移性食管鳞癌患者的 | | | | | 治疗。 | | | | | 4.本品用于既往接受过二线及以上化疗后疾病 | | | | | 进展或不可耐受的晚期鼻咽癌患者的治疗。 | | | | | 5.本品联合顺铂和吉西他滨用于局部复发或转 | | | | | 移性鼻咽 ...

Group 1 - The company announced that 9 of its drugs have been included in the national medical insurance catalog for the first time, including injection of Rukang Qutuzumab and Apixaban Famitinib capsules [1] - Additionally, 11 drugs have either new indications or successful renewals, including injection of Carrelizumab and Fluorouracil capsules [1] - The total sales for these drugs are projected to be approximately 8.66 billion yuan for the year 2024 and about 7.55 billion yuan for the first three quarters of 2025 [1] Group 2 - The national medical insurance catalog for 2025 will officially be implemented starting January 1, 2026 [1]

Core Viewpoint - Heng Rui Medicine (600276) announced on December 7 that several of its products have been included in the National Medical Insurance Directory as per the notice from the National Healthcare Security Administration and the Ministry of Human Resources and Social Security [1] Group 1: Inclusion in National Medical Insurance Directory - 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 Amagatinib Tablets, Injection of Phosphororapitant Palonosetron, Injection of Ruikaxizumab, Acetate of Abiraterone Tablets (II), Lipid Injection of Irinotecan Hydrochloride (II), and Regaglitin Metformin Tablets (I)/(II), as well as Perfluorohexyl Octanoate Eye Drops [1] - The following products have successfully added new indications to the National Medical Insurance Directory: Injection of Karilizumab, Fluorazepam 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 of Pyrotinib Tablets, Hecorapam Ethanolamine Tablets, Phosphate of Regaglitin Tablets, Injection of Tansuzumab, and Sulfate of Pevotizumab Injection [1] Group 2: Adjustments and Management - The indications for Methoxysulfonamide Apatinib Tablets and Lipid Injection of Bupivacaine have been newly added and adjusted to regular directory management [1]

Core Viewpoint - Heng Rui Medicine announced that several products will be included in the National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug List (2025), effective from January 1, 2026 [1] Group 1: Product Inclusion - Ten products, including injection of Rui Kang Qu Tuo Zhuan Tan, are newly included in the drug list [1] - Three products, including injection of Ka Li Li Zhuan Tan, have new indications added to the list [1] - Five products, including Maleate Pyrolitin Tablets, have successfully renewed their contracts [1] Group 2: Adjustments and Sales Impact - Two products, including Methanesulfonic Acid Apatinib Tablets, have new indications and are adjusted to regular directory management [1] - The total sales revenue of the aforementioned drugs is approximately 8.66 billion yuan for the year 2024 and about 7.55 billion yuan for the first three quarters of 2025 [1] - The impact on the company's performance from these changes is currently difficult to estimate [1]