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]

Core Viewpoint - Heng Rui Medicine has successfully included 10 new products in the 2025 National Medical Insurance Drug List, marking a significant milestone for the company in expanding its market presence in various therapeutic areas [1] Group 1: New Drug Inclusion - Heng Rui Medicine's 10 products cover multiple fields including oncology, metabolism, cardiovascular diseases, immune system diseases, and ophthalmology [1] - The specific drugs included are: - Injection of Rukang Qutuzumab - Sulfate of Amaglimin Tablets - Injection of Funachizumab - Injection of Rikasimab - Injection of Phosphororapitan Palonosetron - Regaglitin Metformin Tablets (I)/(II) - Famitin Acid Capsules - Acetate of Abiraterone Tablets (II) - Lipid Injection of Irinotecan Hydrochloride (II) - Perfluorohexyl Octane Eye Drops [1]

从今日举行的2025创新药高质量发展大会现场获悉，恒瑞医药共10款产品首次被纳入新版国家医保药品 目录，覆盖肿瘤、代谢、心血管疾病、免疫系统疾病、眼科等多个领域，具体包括注射用瑞康曲妥珠单 抗、硫酸艾玛昔替尼片、夫那奇珠单抗注射液、注射用瑞卡西单抗、注射用磷罗拉匹坦帕洛诺司琼、瑞 格列汀二甲双胍片(I)/(II)、苹果酸法米替尼胶囊、醋酸阿比特龙片（II）、盐酸伊立替康脂质体注射液 （II）、全氟己基辛烷滴眼液。 ...

Core Viewpoint - Heng Rui Pharmaceutical is actively enhancing its international management team by recruiting senior talents from global pharmaceutical companies, aiming to strengthen its capabilities in the global innovative drug competition landscape [4][9]. Group 1: Leadership Changes - On December 3, Heng Rui announced the appointment of Zhu Guoxin as Senior Vice President, marking another significant step in the company's strategy to attract senior talent from multinational pharmaceutical firms [4]. - Zhu Guoxin has over 30 years of experience in global drug research and development, with expertise spanning various therapeutic areas including diabetes, obesity, and oncology [6]. - Prior to joining Heng Rui, Zhu held a Vice President position at Eli Lilly, overseeing multiple discovery and early development projects [6]. Group 2: Recent Executive Appointments - In September, Heng Rui appointed Hu Xinhui as Vice President and Chief Technology Officer, who has extensive experience in global technology and commercialization from companies like GSK and Merck [8]. - Sun Zhigang joined as Vice President and Chief Quality Officer from Green Leaf Pharmaceutical Group [8]. - Feng Ji was appointed as General Manager and Chief Operating Officer, bringing over 20 years of experience from AstraZeneca [8]. Group 3: Strategic Implications - The recent appointments reflect Heng Rui's strategy to accelerate the internationalization of its management team, enhancing its capabilities in research, production, quality, and commercialization [9]. - The influx of talent from leading pharmaceutical companies indicates a commitment to improving operational efficiency and strategic management within Heng Rui [9].

恒瑞医药最新一期业绩显示，截至2025三季报，公司营业总收入231.88亿元、同比增长14.85%，归属净 利润57.51亿元，同比增长24.50%，扣非净利润55.89亿元，同比增长21.08%，流动比率6.546、速动比率 6.197、资产负债率12.14%。 天眼查商业履历信息显示，江苏恒瑞医药股份有限公司，成立于1997年，位于连云港市，是一家以从事 医药制造业为主的企业。企业注册资本637900.2274万人民币，实缴资本6190万人民币。公司法定代表 人为孙飘扬。 通过天眼查大数据分析，江苏恒瑞医药股份有限公司共对外投资了37家企业，参与招投标项目5000次， 知识产权方面有商标信息397条，专利信息1591条，此外企业还拥有行政许可1617个。 来源：市场资讯 据交易所数据显示，截至2025年12月5日收盘，恒瑞医药（600276）报收于61.62元，上涨0.6%，换手率 0.36%，成交量23.12万手，成交金额14.19亿元。 资金流向方面，今日主力资金净流入4403.55万元，占比成交额3.1%。其中，超大单净流出1.65万元、 占成交额0.0%，大单净流入4405.20万元、占成交额3. ...

朱国新是恒瑞医药今年引入的第二位跨国药企核心高管，或将 成为这家公司的7号人物。 作者： 刘晓诺 封图：图虫创意 想出海的"医药一哥"，正不断引进有海外经验的"船长"和"大副"。 2025年12月3日，恒瑞医药（600276.SH/01276.HK）宣布提名聘任朱国新为高级副总裁。公开信 息显示，加入恒瑞之前，朱国新曾是跨国公司礼来的新药研发中心副总裁。 胡新辉任副总裁与首席技术官。据公开资料，2005—2018年，胡新辉曾在葛兰素史克、默沙东、 强生、罗氏上海研发中心等多家跨国药企任职。此后，他先后担任云顶新耀（01952.HK）首席技 术官、凯莱英（002821.SZ/06821.HK）首席技术官兼首席商务官。 孙志刚任副总裁与首席质量官。加入恒瑞医药之前，他是绿叶制药（02186.HK）集团高级副总 裁。他曾在美国FDA工作近12年，负责药品质量审评和GMP现场检查等工作。 尹航任副总裁与肿瘤事业部总经理。他曾任职于诺和诺德，2019年加入礼来中国，2021年8月起任 礼来肿瘤事业部副总裁，直至2025年9月离任。 此外，10月10日，恒瑞医药控股的互联网医疗公司医朵云也迎来新高管：前阿斯利康中国副总裁 ...

一位上市创新药企董事长对经济观察报说："朱国新应该算华人在跨国药企中位子比较高的人了。这个人口碑相当不错，年纪也正当年，应该是1968-1969年 出生。我觉得对今天的恒瑞是一个很好的选择。" 朱国新是恒瑞医药今年引入的第二位跨国药企核心高管。4月，冯佶成为恒瑞医药近年引进的首位跨国药企中国区"一把手"。 她生于1970年，曾就职于上海仁济医院、诺华和安万特。此后，冯佶在阿斯利康工作20多年，曾担任中国区总经理、亚洲区区域副总裁、全球商业洞察与卓 越业务高级副总裁等职务。 10月，恒瑞医药还官宣了三位新任副总裁，均有海外背景： 胡新辉任副总裁与首席技术官。据公开资料，2005—2018年，胡新辉曾在葛兰素史克、默沙东、强生、罗氏上海研发中心等多家跨国药企任职。此后，他先 后担任云顶新耀（01952.HK）首席技术官、凯莱英（002821.SZ/06821.HK）首席技术官兼首席商务官。 经济观察报 记者 刘晓诺 想出海的"医药一哥"，正不断引进有海外经验的"船长"和"大副"。 2025年12月3日，恒瑞医药（600276.SH/01276.HK）宣布提名聘任朱国新为高级副总裁。公开信息显示，加入恒瑞之前，朱国 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting it to outperform the CSI 300 index by more than 10% in the next six months [4][26]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.25% from November 21 to December 4, 2025, which is approximately 0.85 percentage points lower than the index [4][11]. - Most sub-sectors within the industry recorded negative returns during the same period, with the pharmaceutical distribution and offline pharmacy sectors showing positive growth of 4.18% and 0.37%, respectively. In contrast, the medical research outsourcing and vaccine sectors experienced declines of 4.57% and 4.45% [4][12]. - Approximately 35% of stocks in the industry recorded positive returns, while about 65% saw negative returns during the reporting period [4][13]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 51.20 times as of December 4, 2025, indicating a decline in industry valuation [4][17]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.25% from November 21 to December 4, 2025 [11]. - Most sub-sectors recorded negative returns, with pharmaceutical distribution and offline pharmacies performing relatively well [12]. - About 35% of stocks in the industry had positive returns, while 65% had negative returns [13]. - The industry valuation has decreased, with a PE ratio of 51.20 times [17]. 2. Industry News - The report highlights significant industry news, including the announcement of centralized procurement results for medical consumables in Liaoning Province, which included 799 products [24]. - The report also mentions the release of the "Clinical Blood Use Technical Specifications (2025 Edition)" by the National Health Commission [20]. 3. Company Announcements - Dongcheng Pharmaceutical announced that its subsidiary received a production license for radioactive pharmaceuticals, which is not expected to significantly impact current performance [25]. 4. Weekly Industry Outlook - The report maintains an "Overweight" rating for the industry, suggesting a focus on investment opportunities in the flu-related sector due to increased flu cases compared to the previous year [26][29]. - Recommended stocks include leading companies in medical devices, pharmaceutical retail, aesthetic medicine, scientific services, and traditional Chinese medicine [26][29].

证券之星消息，12月4日，医疗健康（980016）指数报收于6253.16点，涨0.38%，成交141.17亿元，换手 率0.51%。当日该指数成份股中，上涨的有22家，泽璟制药以3.73%的涨幅领涨，下跌的有27家，华大智 造以3.25%的跌幅领跌。 医疗健康（980016）指数十大成份股详情如下： | 医疗健康指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh603259 | 药明康德 | 13.66% | 89.59 | 2.25% | | 2673.15 | 医药生物 | | sh600276 | 恒瑞医药 | 11.00% | 61.25 | 0.46% | | 4065.28 | 医药生物 | | sz300760 | 迈瑞医疗 | 7.57% | 200.00 | 0.25% | | 2424.88 | 医药生物 | | sh688271 | 联影医疗 | 4.27% | 128.87 | -0.0 ...