Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Core Viewpoint - Recent developments for Fuyuan Pharmaceutical (601089) include participation in national centralized procurement and the approval of a new drug, which are expected to stabilize market share and enhance product offerings [1] Group 1: Key Events - On February 11, the company announced that several of its drugs, including Ezetimibe tablets, are set to be included in the national centralized procurement agreement, with implementation expected by the end of March [1] - On February 10, the company's wholly-owned subsidiary received a drug registration certificate for Ambroxol Hydrochloride Oral Solution, indicating successful consistency evaluation and expanding the product line [1] Group 2: Stock Performance - The stock has shown a downward trend, closing at 25.42 yuan on February 13, down 2.79% for the day and a total decline of 4.44% over the past five days [1] - Trading volume increased to 89.02 million yuan with a turnover rate of 0.72%, while there was a net outflow of 7.75 million yuan in main funds on February 13 [1] - The pharmaceutical and biotechnology sector experienced a decline of 1.06%, with the company's performance lagging behind the industry [1] Group 3: Institutional Insights - Institutional interest remains high, with Tongyuan Investment conducting research on February 9 to understand the progress of innovative drug development, particularly the Phase I clinical results of FY101 injection meeting expectations [1] - The current average target price set by institutions is 31.00 yuan, indicating potential upside from the current price [1] - Revenue growth is projected at 10.94% for 2026, although short-term performance is under pressure, with a forecasted net profit decline of 4.84% for 2025 [1]

Core Viewpoint - Beijing Fuyuan Pharmaceutical Co., Ltd. has participated in the national organized procurement for expiring drug agreements and has several products expected to be selected for continued procurement, which is anticipated to positively impact the company's market share and future operating performance [1][2]. Group 1: Announcement of Selected Products - The company participated in the national organized procurement for expiring drug agreements on February 9, 2026, and has several key products expected to be selected for this procurement [1]. - The selected products include the top five in terms of revenue scale, with additional products such as Venlafaxine Hydrochloride Sustained-Release Capsules also participating [1]. - The procurement cycle for the selected products will run from the date of selection until December 31, 2028 [1]. Group 2: Impact of Selection on the Company - The expected selection of products is projected to stabilize the company's existing market share despite a decrease in sales prices [2]. - The company aims to leverage its brand influence and reliable supply capabilities to further increase its market share, which is expected to have a positive impact on future operating performance [2]. - The implementation of the procurement results is anticipated to begin by the end of March 2026, with provincial medical institutions signing procurement contracts based on the selection results [2].

Core Viewpoint - Fuyuan Pharmaceutical announced participation in the national organized procurement for drugs, with a procurement period extending until December 31, 2028 [1] Group 1: Company Participation - The company will be involved in the continuation of procurement for five main products, including Eplerenone tablets, Telmisartan tablets, Gliclazide sustained-release tablets, Olmesartan medoxomil tablets, and Repaglinide tablets [1] - Additionally, the company plans to include eight other drugs, such as Venlafaxine hydrochloride sustained-release capsules, in the procurement process [1]

Core Viewpoint - The company Fu Yuan Pharmaceutical (601089.SH) announced participation in the national organized procurement for drugs whose agreements are expiring, with selected products including Ezetimibe tablets, which are expected to positively impact future operating performance despite a decrease in sales prices [1] Group 1: Procurement Participation - The company participated in the national organized procurement for drugs with expiring agreements on February 9, 2026 [1] - The results of the procurement are expected to be implemented by the end of March 2026, with provincial medical institutions signing procurement contracts based on the selected results [1] Group 2: Market Impact - Selected products in this procurement, including Ezetimibe tablets, are anticipated to have a decrease in sales prices [1] - The company aims to stabilize its existing market share and potentially increase market penetration due to brand influence and reliable supply capabilities [1] - The positive impact on the company's future operating performance is expected as a result of these developments [1]

一、主要拟中选药品基本情况 注 1：上述主要拟中选药品系公司参与本次接续采购的药品中收入规模排名前五的品种； 证券代码：601089 证券简称：福元医药 公告编号：临 2026-006 北京福元医药股份有限公司 关于公司参与国家组织集采药品协议期满品种 接续采购拟中选的公告 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。 2026 年 2 月 9 日，北京福元医药股份有限公司（以下简称"公司"）参加了国 家组织集采药品协议期满品种接续采购办公室（以下简称"接续采购办公室"）组 织的集采药品协议期满品种接续采购(以下简称"本次接续采购")。根据接续采购 办公室于 2026 年 2 月 10 日发布的《国家组织集采药品协议期满品种接续采购拟中 选结果公示》，公司部分药品拟中选本次接续采购。现将相关情况公告如下： | 序号 | 品种名称 | 药品适应症 | 规格包装 | | --- | --- | --- | --- | | 1 | 依折麦布片 | 原发性高胆固醇血症。 | 10mg | | 2 | 替米沙坦片 | 用于成年人原发性 ...

Core Viewpoint - The company, Fuyuan Pharmaceutical (601089.SH), participated in the national organized procurement for drugs whose agreements are expiring, with selected products expected to positively impact future business performance despite a decrease in sales prices [1] Group 1: Procurement Participation - The company announced its participation in the national organized procurement for drugs with expiring agreements on February 9, 2026 [1] - The results of the procurement are expected to be implemented by the end of March 2026, with provincial medical institutions signing contracts based on the selected results [1] Group 2: Selected Products and Market Impact - The company has several products, including Ezetimibe tablets, proposed for selection in this procurement [1] - Although the sales prices of selected drugs are expected to decrease, the company aims to stabilize its existing market share and potentially increase market penetration due to its brand influence and reliable supply capabilities [1]

Core Viewpoint - The company, Fuyuan Pharmaceutical (601089.SH), has participated in a national procurement process for drugs whose agreements have expired, with some of its products expected to be selected in the upcoming procurement results, which will positively impact its market share and future performance [1]. Group 1: Procurement Participation - On February 9, 2026, the company participated in the national organized procurement for drugs with expired agreements [1]. - The procurement results are expected to be implemented by the end of March 2026, allowing provincial medical institutions to sign contracts with manufacturers based on the selected results [1]. Group 2: Market Impact - Although the sales prices of the selected drugs are expected to decrease, the company aims to stabilize its existing market share [1]. - The company is positioned to potentially increase its market share due to its brand influence and reliable supply capabilities, which will have a positive effect on its future operating performance [1].

Core Viewpoint - The company, Fuyuan Pharmaceutical (601089.SH), participated in a national procurement process for drugs whose agreements have expired, with some of its products expected to be selected in the upcoming procurement results [1] Group 1: Procurement Details - The company attended the national organized procurement for drugs with expired agreements on February 9, 2026 [1] - The results of the procurement are expected to be implemented by the end of March 2026, with provincial medical institutions beginning to sign procurement contracts based on the selected results [1] Group 2: Market Impact - Although the sales prices of the selected drugs are expected to decrease, the company aims to stabilize its existing market share [1] - The company is positioned to potentially increase its market share due to its brand influence and reliable supply capabilities, which may positively impact its future operating performance [1]

Core Viewpoint - The company has participated in the national organized procurement for drugs whose agreements are expiring, with several drugs expected to be selected in this follow-up procurement [1] Group 1 - The main drugs expected to be selected include Ezetimibe tablets, Telmisartan tablets, Gliclazide sustained-release tablets, Olmesartan medoxomil tablets, and Repaglinide tablets [1]