Core Viewpoint - XuanTai Pharmaceutical (688247.SH) has successfully renewed the inclusion of its product, Sitagliptin Metformin Extended-Release Tablets (II), in the National Medical Insurance Catalog (2025) through a national negotiation process, indicating recognition of the drug's clinical value by the National Healthcare Security Administration [1] Summary by Relevant Categories Product Inclusion - The Sitagliptin Metformin Extended-Release Tablets (II) have been renewed for inclusion in the National Medical Insurance Catalog, reflecting the government's acknowledgment of its clinical value [1] Market Impact - The inclusion in the insurance catalog is expected to enhance the affordability and accessibility of the drug for patients, which will facilitate market promotion and increase sales scale [1] Long-term Development - This development is viewed positively for the company's long-term operational growth, as it aligns with the goal of benefiting more patients through improved healthcare policies [1]

Group 1 - The founder and director of Xuantai Pharmaceutical, Fang Yun, emphasized that the pharmaceutical industry has a long investment and return cycle, characterizing it as a typical long-cycle industry [2] - Fang Yun expressed a desire to collaborate with patient capital, highlighting that the company's return rate is not low, but the time required for returns is longer, necessitating capital with a long-term vision [2]

0:00 宣泰医药（688247.SH）创始人、董事方云日前做客《沪市汇・硬科硬客》第二季第6期"供应链'再出 海'"时表示，产品在市场上的受重视程度与利润和规模密切相关。 方云表示，若产品利润空间不足，就难以获得足够关注。只有当产品具备充足的利润和较大的市场体 量，才会吸引更高的市场关注度。利润和规摸是产品市场竞争力的核心决定因素。这已经成为全球商业 的共识。（中经记者 罗辑 北京报道） ...

Core Viewpoint - The connectivity, sustainability, and resilience of drug supply are crucial for pharmaceutical products to establish a foothold in the global market, as delays or quality issues can severely impact patient outcomes and lead to loss of market share [2] Company Overview - Xuantai Pharmaceutical (688247.SH) was founded with a global development goal and has successfully achieved international supply for ten products, covering markets in the United States, Canada, Israel, the European Union, and Southeast Asia [2]

Core Viewpoint - The discussion centers around the concept of "supply chain re-export" and the transition from globalization 1.0 to 2.0, emphasizing the need for Chinese companies to build resilient, efficient, and risk-averse value creation networks globally rather than merely exporting products [1][3]. Group 1: Reasons for "Re-export" - Chinese companies are shifting from merely selling products abroad to relocating industries overseas as a response to trade barriers and a trend towards globalization and localization [5]. - Companies must adopt a global perspective while also integrating into local markets, providing high-quality products and services, and harmonizing with local ecosystems [5]. Group 2: Market Selection Factors - Companies face the challenge of selecting target markets after establishing their "re-export" strategy, with factors such as existing client relationships and market maturity influencing their decisions [11]. - Middle Eastern and European markets are highlighted as strategic locations for establishing operations, with specific examples of companies building factories in India and Saudi Arabia [11]. Group 3: Local Integration Strategies - Strategies for local integration include forming partnerships with influential local companies to mitigate risks and sourcing materials locally to build competitive supply chains [13]. - Companies like 宣泰医药 utilize an agency model in fragmented markets like Europe to navigate diverse regulatory requirements [13]. Group 4: Risk Management - A dynamic risk assessment mechanism is crucial for companies to adapt to political, supply chain, and operational compliance risks, with regular updates to a "global risk map" [16]. - Companies are encouraged to diversify their supply chains and establish monitoring systems to manage risks effectively [17]. Group 5: Capital Market Support - The capital market plays a vital role in supporting companies' internationalization efforts by providing funding for R&D, production expansion, and talent acquisition [20]. - Companies express the need for more long-term, low-cost financing tools and support for cross-border mergers and acquisitions to facilitate their global strategies [20][21].

"过去中国药企'出海'，多凭借成本优势参与低端市场竞争。现在，国际市场更看重企业是否具备国际 化质量体系、持续交付能力和全流程服务能力。质量体系和合规能力是进入全球市场的'硬门槛'。"宣 泰医药（688247.SH）创始人、董事方云日前做客《沪市汇·硬科硬客》第二季第6期节目"供应链'再出 海'"时如是说。 方云表示，在全球化局部加速与国际竞争日趋激烈的当下，供应链已从企业运营的支撑环节升级为核心 竞争力的关键载体。对于受到严格监管的医药行业而言，供应链的稳定性、合规性与全球化适配能力， 直接关系到患者用药可及性与企业生存的命脉。 作为科创板上市的医药企业，宣泰医药成立之初便确定了国际化发展路径，按国际标准建设研发与生产 体系，并通过多方面设计和不断完善，构建起极具强韧性的供应链，成为中国医药产业供应链"再出 海"的鲜活样本。 宣泰医药创始人、董事方云 战略迭代：从产品"出海"到能力输出的本质跨越 中国企业的"出海"历程，正经历着从规模扩张到价值深耕的深刻变革。 在方云看来，对制药体系而言，"走出去"是一个必需的环节。过去，医药行业"出海"聚焦产品出口。而 当前，医药行业"再出海"早已完成了两大核心转变，即从 ...

Core Viewpoint - The upcoming episode of "Supply Chain 'Going Overseas'" will feature discussions among leaders of key companies in the Sci-Tech Innovation Board, focusing on the strategies for effectively expanding supply chains internationally rather than debating whether to do so [3]. Group 1 - The episode will include prominent guests such as Cai Hao, Chairman and General Manager of Zhongxinbo, Xiong Yuqian, Chairman and President of Foxit Software, and Fang Yun, Founder and Director of Xuantai Pharmaceutical [3]. - The discussion emphasizes that the question has shifted from "whether to go overseas" to "how to do it well," indicating a strategic focus on execution in international supply chain management [3].

11月26日宣泰医药大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | | | 33.00 | 346.50 | 10.50 | 0.00 | 民生证券股份有限公司 | 广发证券股份有限 | | | | | | 苏州分公司 | 公司总部 | 宣泰医药11月26日大宗交易平台出现一笔成交，成交量33.00万股，成交金额346.50万元，大宗交易成交 价为10.50元。该笔交易的买方营业部为民生证券股份有限公司苏州分公司，卖方营业部为广发证券股 份有限公司总部。 证券时报·数据宝统计显示，宣泰医药今日收盘价为10.50元，上涨0.19%，日换手率为1.08%，成交额为 5200.03万元，全天主力资金净流入488.75万元，近5日该股累计下跌1.22%，近5日资金合计净流出 286.51万元。 两融数据显示，该股最新融资余额为1.12亿元，近5日增加16.19万元，增幅为0.14%。 据天眼查APP显示，上海宣泰医药科 ...

Group 1 - The major shareholder, Nanjing Qihe Venture Capital Partnership, held 25,798,000 shares of Shanghai Xuantai Pharmaceutical Technology Co., Ltd., accounting for 5.6907% of the total share capital before the reduction plan [1] - The reduction plan announced on July 15, 2025, indicated that the shareholder planned to reduce up to 4,500,000 shares through centralized bidding and up to 2,500,000 shares through block trading between August 5, 2025, and November 4, 2025 [1] - As of November 4, 2025, the shareholder reduced 3,218,000 shares through centralized bidding, representing 0.7098% of the current total share capital [2] Group 2 - The reduction plan was fully implemented as the actual reduction met the minimum reduction quantity disclosed earlier [3] - There were no early terminations of the reduction plan, confirming that the plan proceeded as scheduled [3]

Summary of Key Points Core Viewpoint - Several shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership dynamics within the market [1]. Group 1: Shareholder Reductions - Hongbo New Materials' shareholder, Xinyu Baolong, intends to reduce its stake by 3% [1]. - Dayilong's shareholder, Lefeng Investment, has reduced its stake by 3% [1]. - Ningbo Zhongbai's Zhang Jiangbo plans to reduce his stake by 1% [1]. - Founder Securities reports that China Cinda plans to reduce its stake by 1% within three months [1]. - Liqun Co., Ltd.'s director, Hu Peifeng, intends to reduce his stake by 0.08% [1]. - Suli Co., Ltd.'s Guosheng Investment plans to reduce its stake by 0.4816% [1]. - Jinzhen Co., Ltd.'s Zhao Jian and Xu Minbo have reduced their stakes by 0.98% and 0.11%, respectively [1]. - Shenkong Technology's Wang Huan and Zhou Baocong plan to reduce their stakes by up to 0.0263% and 0.0210% within three months [1]. - Huaxi Biological's shareholder, Guoshou Chengda, plans to reduce its stake by no more than 2% [1]. - Xuanta Pharmaceutical's Qihe Venture has reduced its stake by 0.7098% [1]. - Desheng Technology's actual controller, Guo Xiaobin, has reduced his stake by 0.51% [1]. - Liren Technology's Liren Investment has reduced its stake by 0.0779% [1]. Group 2: Shareholder Increases - Zhongju Gaoxin's Li Ruxiong has increased his stake by 0.0129% [1].