Core Viewpoint - Junshi Biosciences (01877) saw a morning increase of over 3%, currently up 3.23% at HKD 24.28, with a trading volume of HKD 3.177 million. The company announced that its products, Toripalimab injection (brand name: Tuoyi, product code: JS001) and Engreztinib injection (brand name: Junshida, product code: JS002), have been included in the National Medical Insurance Catalog (2025) under Category B, effective January 1, 2026 [1]. Group 1 - The company has successfully added two new indications for Toripalimab and has included Engreztinib in the National Medical Insurance Catalog [1]. - All 12 approved indications for Toripalimab in mainland China have been included in the National Medical Insurance Catalog, making it the only anti-PD-1 monoclonal antibody in the catalog for the treatment of renal cancer, triple-negative breast cancer, and melanoma [1]. - Engreztinib is newly included in the catalog and is the only domestic PCSK9-targeted drug for patients intolerant to statins in the new version of the catalog [1].

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]

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、准确性和完整性依法承担法律责任。 近日，上海君实生物医药科技股份有限公司（以下简称"公司"）产品特瑞普利单抗注射液（商品名：拓 益，产品代号：JS001）2项新增适应症、昂戈瑞西单抗注射液（商品名：君适达，产品代号：JS002） 成功纳入《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"国家医保目 录"）乙类范围。新版国家医保目录将于2026年1月1日起正式实施。 截至本公告披露日，公司4款商业化产品拓益、阿达木单抗注射液（商品名：君迈康，产品代号： UBP1211）、氢溴酸氘瑞米德韦片（商品名：民得维，产品代号：VV116/JT001）和君适达均已纳入国 家医保目录。拓益已在中国内地获批上市的12项适应症全部纳入国家医保目录，是目录中唯一用于肾 癌、三阴性乳腺癌和黑色素瘤治疗的抗PD-1单抗药物；君适达为首次纳入，是新版目录中唯一用于他 汀不耐受人群的国产PCSK9靶点药物。现将相关情况公告如下： 一、药品相关情况 （一）拓益 药品名称：特瑞普利单抗注射液 注册类别：治疗用生物制品 ...

Core Viewpoint - Shanghai Junshi Biosciences Co., Ltd. announced the inclusion of its products Tuoyi (Tremelimumab injection) and Junshida (Angrezi monoclonal antibody injection) in the National Medical Insurance Directory, effective January 1, 2026, highlighting the recognition of their clinical value and innovation by the National Healthcare Security Administration [1][6]. Group 1: Product Information - Tuoyi (Tremelimumab injection) has received approval for 12 indications, all of which are now included in the National Medical Insurance Directory, making it the only PD-1 monoclonal antibody drug listed for the treatment of renal cancer, triple-negative breast cancer, and melanoma [1][2]. - Junshida (Angrezi monoclonal antibody injection) is the only domestic PCSK9-targeted drug included in the new insurance directory for patients intolerant to statins, marking its first inclusion [1][5]. Group 2: Market Impact - The inclusion of both drugs in the National Medical Insurance Directory is expected to enhance patient affordability and accessibility, thereby promoting market expansion and increasing sales scale for the company [6]. - The company plans to actively cooperate with the implementation of insurance policies and expand its market coverage to improve patient access to medications [6]. Group 3: Internationalization - Tuoyi has been approved for marketing in multiple countries and regions, including the United States, European Union, and several others, indicating a strong international presence [3].

12月7日，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）。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等。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。 国投证券指出，商业健康保险创新药品目录出台后有望改善高价值创新药支付难的问题，在基本医保支 付之外多一个支付路径，打破既往销售天花板。中泰证券研报称，创新药行情有望持续。创新药仍是目 前医药板块最重要的主线，且近2—3个月实现了震荡调整，股价位置、市场预期、资金配置等均回到了 相对合理偏低的位置，投资安全边际及收益回报价值凸显。建议积极布局2026年伴随价格出清、需求复 苏、经营周期拐点有望出现基本面改善的板块及个股。 公司方面，据证券时报表示， 泽璟制药：公司处于产品快速放量阶段，且在研项目丰富，ZG ...

Core Viewpoint - The 2025 National Medical Insurance Drug List has been announced, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as oncology and chronic diseases [4][9]. Group 1: Drug List Adjustments - The 2025 National Medical Insurance Drug List will be implemented on January 1, 2026, with a total of 3,253 drugs, including 1,857 Western medicines and 1,396 traditional Chinese medicines [4]. - The list includes 50 first-class innovative drugs and removes 29 drugs that are either not clinically available or can be replaced by better alternatives [4]. Group 2: Impact on A-Share Companies - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly benefiting innovative drug companies [6]. - Zai Lab's drug, Jikaxitinib, was included, which is used for treating specific types of myelofibrosis, enhancing its market accessibility and sales potential [6]. - Junshi Biosciences reported that its products, including Toripalimab and Oncorine, were added to the list, with all four of its commercialized products now covered [6]. Group 3: Major Pharmaceutical Companies - Leading A-share pharmaceutical companies like Fosun Pharma, Hengrui Medicine, and others have also had products included in the new list, with Hengrui having 10 drugs added and several others with new indications [7]. - Hengrui's drugs are projected to generate approximately 8.66 billion yuan in sales for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [8]. Group 4: Complementary Innovations - In addition to the basic medical insurance list, 19 drugs have been added to the first version of the commercial insurance innovative drug list, including treatments for rare diseases and Alzheimer's, providing a complementary framework to the basic insurance [9].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, adding 114 new drugs, including 50 innovative drugs, while removing 29 drugs that are no longer clinically available or can be replaced by better alternatives [2][5]. Group 1: New Additions to the Drug List - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting many innovative drug companies [5]. - Zai Lab's drug, Jikaxitinib, has been included in the National Medical Insurance Drug List, which is expected to enhance sales and improve patient accessibility [5][6]. - Junshi Biosciences has added two new indications for its drug, Toripalimab, and successfully included another drug, Oncorine, in the Class B category of the National Medical Insurance List [5]. Group 2: Impact on Major Pharmaceutical Companies - Leading A-share pharmaceutical companies such as Fosun Pharma, East China Pharmaceutical, and Hengrui Medicine have also had products included in the National Medical Insurance List [7]. - Hengrui Medicine has 10 drugs newly added to the list, with a total sales revenue of approximately 8.66 billion yuan in 2024 and about 7.55 billion yuan in the first three quarters of 2025 [8]. - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales, although the exact effect on operating performance is currently uncertain [8]. Group 3: Overall Changes in the Drug List - The total number of drugs in the National Medical Insurance Drug List has increased to 3,253, with significant improvements in coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2]. - This adjustment marks the 8th update since the establishment of the National Medical Insurance Bureau, indicating ongoing efforts to enhance drug accessibility and affordability [8].

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as cancer, chronic diseases, and rare diseases [4][5][10]. Group 1: New Drug Inclusion - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting innovative drug companies [7]. - Zai Lab's drug, Jikaxitinib, has been included in the list, which is expected to enhance sales and market accessibility for patients [7]. - Junshi Biosciences has multiple products included, with two new indications for its drug Toripalimab and another drug successfully included in the Class B category [7]. Group 2: Impact on Major Pharmaceutical Companies - Leading companies like Hengrui Medicine have had 10 products included in the new list, with an estimated combined sales of approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [9]. - Other major players such as Fosun Pharma and Huadong Medicine also have products included, indicating a broad impact across the industry [8]. Group 3: Overall Drug List Changes - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [5]. - The adjustment marks the eighth update since the establishment of the National Medical Insurance Bureau, reflecting ongoing efforts to enhance drug accessibility and affordability [10].

Core Viewpoint - Junshi Biosciences has received the acceptance notice from the National Medical Products Administration for its new drug application for JS005, a monoclonal antibody injection for treating moderate to severe plaque psoriasis in adults [1] Group 1 - The product JS005 is a recombinant humanized anti-IL-17A monoclonal antibody injection [1] - The indication for JS005 is for adult patients suitable for systemic therapy or phototherapy for moderate to severe plaque psoriasis [1]

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]