Core Insights - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has two products included in the National Medical Insurance Directory for 2025, namely Jinsai Zeng (long-acting growth hormone injection) and Meishiya (oral suspension of medroxyprogesterone acetate) [1][2] Group 1: Jinsai Zeng - Jinsai Zeng is the world's first long-acting growth hormone approved for market in January 2014, with indications for growth hormone deficiency in children, Turner syndrome, and idiopathic short stature [1] - It is the only long-acting growth hormone product in China with over 150,000 real-world data points validating its long-term efficacy and safety [1] - Ongoing clinical trials include Phase III for adult growth hormone deficiency and Phase II for short stature in children due to being born small for gestational age, indicating potential for broader patient treatment needs [1] Group 2: Meishiya - Meishiya, developed by Bosheng Pharmaceutical Co., Ltd., has been exclusively licensed to Jinsai Pharmaceutical for distribution in mainland China, Hong Kong, Macau, and Singapore since 2024 [2] - Approved indications include treatment for anorexia in patients with acquired immunodeficiency syndrome and significant weight loss due to cachexia in cancer patients [2] - The product utilizes innovative nanotechnology to address clinical issues faced by cachexia patients, providing faster and more effective treatment, and has been recommended in clinical guidelines for cancer-related anorexia-cachexia syndrome [2]

Core Insights - Changchun Gaoxin announced that its subsidiary, Changchun Jinsai Pharmaceutical, has two products included in the National Medical Insurance Directory for 2025, which may enhance their market potential and accessibility [1][2] Group 1: Product Overview - Jinsai Zeng (known as Jin Pei Growth Hormone Injection) is a long-acting growth hormone approved in January 2014, with indications for various growth disorders in children and is the only long-acting growth hormone in China with over 150,000 real-world data validating its long-term efficacy and safety [1] - Meishiya (known as Acetate Medroxyprogesterone Oral Suspension) is developed by Bosheng Pharmaceutical and has been authorized for exclusive distribution by Jinsai Pharmaceutical in several regions, with indications for treating anorexia in patients with acquired immune deficiency syndrome and cachexia in cancer patients [2] Group 2: Clinical Development - Jinsai Zeng is currently undergoing Phase III clinical trials for treating adult growth hormone deficiency and Phase II trials for addressing growth retardation in children born small for gestational age, indicating ongoing efforts to expand its therapeutic applications [1] - Meishiya utilizes innovative nanotechnology to improve treatment efficacy and speed for cachexia patients, addressing a significant clinical gap, and is recommended in clinical guidelines for cancer-related anorexia-cachexia syndrome [2]

Core Viewpoint - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd. (referred to as "Jinsai Pharmaceutical"), has two products newly included in the National Medical Insurance Directory for 2025, which may enhance the company's market position and revenue potential [1] Group 1 - The products included are Jinsai Zeng (now known as "Jin Pei Growth Hormone Injection") and Meishiya (known as "Medroxyprogesterone Acetate Oral Suspension") [1] - The inclusion in the National Medical Insurance Directory indicates a significant regulatory approval that could lead to increased accessibility and demand for these medications [1]

关于控股子公司两款药品新纳入国家医保目录的公告 证券代码：000661 证券简称：长春高新 公告编号：2025-151 长春高新技术产业（集团）股份有限公司 新纳入医保目录的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 根据国家医疗保障局及人力资源社会保障部发布的《国家基本医疗保险、生 育保险和工伤保险药品目录（2025 年）》（医保发〔2025〕33 号，以下简称"国 家医保目录"），长春高新技术产业（集团）股份有限公司（以下简称"公司"） 控股子公司长春金赛药业有限责任公司（以下简称"金赛药业"）自主研发的金 赛增（现通用名为"金培生长激素注射液"）、合作引进的美适亚（通用名为"醋 酸甲地孕酮口服混悬液"）均被新纳入国家医保目录。现将相关信息公告如下： 医保支付范围：限内源性生长激素缺乏（GHD）所引起的儿童生长缓慢 药品医保支付标准有效期：2026 年 1 月 1 日至 2027 年 12 月 31 日。 1 一、本次新纳入国家医保目录药品信息 1、金赛增 通用名：金培生长激素注射液（曾用名：聚乙二醇重组人生长激素注射液） 中文商品名：金赛增 医 ...

Core Viewpoint - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has two products newly included in the National Medical Insurance Directory for 2025, which may enhance the company's market position and revenue potential [1] Group 1: Company Developments - Changchun Jinsai Pharmaceutical's self-developed product, Jinsai Zeng (now known as Jintai Growth Hormone Injection), has been added to the national medical insurance directory [1] - The product Meishiya (known as Acetate Medroxyprogesterone Oral Suspension) has also been included in the national medical insurance directory through collaboration [1]

Core Viewpoint - Changchun Gaoxin (000661) announced on December 8 that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has successfully included its independently developed Jin Sai Zeng (now known as "Jin Pei Growth Hormone Injection") and the collaboratively introduced Mei Shi Ya (known as "Acetate Medroxyprogesterone Oral Suspension") in the national medical insurance catalog for 2025 [1] Group 1 - Changchun Gaoxin's subsidiary has developed Jin Sai Zeng, which is now part of the national medical insurance catalog [1] - The company has also introduced Mei Shi Ya into the national medical insurance catalog [1]

Core Viewpoint - Changchun High-tech announced that its subsidiary, Jinsai Pharmaceutical, has received inclusion of its self-developed JinSaiZeng (growth hormone injection) and the co-introduced Meishiya (medroxyprogesterone acetate oral suspension) into the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] Group 1 - The inclusion of these drugs reflects national recognition and is expected to facilitate market promotion and enhance sales scale [1] - The medical insurance payment standards will be effective from January 1, 2026, to December 31, 2027 [1] - The impact on the company's performance from this inclusion is currently difficult to estimate [1] Group 2 - The new drug list will be implemented starting January 1, 2026, with reimbursement details to be determined by government announcements [1]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The 2025 National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs were released, adding 114 new drugs to the national insurance list, with a success rate of 88%, significantly higher than the previous year's 76% [2] - The first three quarters of 2025 saw a notable recovery in domestic innovative drug financing, with 324 financing events totaling $5.51 billion, a 67.6% increase year-on-year [3] - The flu positivity rate has not peaked yet, with a significant increase in flu cases, indicating a growing market for flu medications [4] - The report highlights breakthroughs in dual-target and new-target opportunities in the autoimmune field, with several companies making significant advancements [5] - There is a focus on inhalation formulations in respiratory diseases, with new drugs showing promising results [6] - Progress in liver-targeted small nucleic acids is noted, with companies like Arrowhead Pharmaceuticals making strides in this area [7] Summary by Sections 1. National Medical Insurance and Commercial Insurance Innovation Drug Catalogs - The 2025 catalog added 114 new drugs, including 50 innovative drugs, with a success rate of 88% [2] 2. Financing Trends and CXO Order Changes - Innovative drug financing events increased by 5.2% year-on-year, with total financing amounting to $5.51 billion [3] 3. Flu Positivity Rates - The flu positivity rate reached 51.1%, indicating a rising demand for flu medications [4] 4. Autoimmune Field Developments - Significant partnerships and advancements in dual-target drugs for autoimmune diseases were reported [5] 5. Inhalation Formulations in Respiratory Diseases - New inhalation drugs are showing positive clinical results, indicating a shift in treatment approaches [6] 6. Progress in Liver-Targeted Small Nucleic Acids - Arrowhead Pharmaceuticals achieved a milestone payment for its innovative RNA therapy, expanding its research pipeline [7] 7. Stock Recommendations - The report recommends stocks in various sectors, including inhalation formulations, small nucleic acids, and innovative drugs, highlighting specific companies for investment [8]

Investment Rating - The report maintains a "positive" outlook on the pharmaceutical industry, particularly focusing on innovative drug sectors [3]. Core Insights - The pharmaceutical sector's performance saw a decline of 0.7% this week, while the Shanghai Composite Index rose by 0.4%. The pharmaceutical index ranked 21st among 31 sub-industries [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024. The first commercial health insurance innovative drug list includes 19 drugs, enhancing coverage for critical areas such as cancer and chronic diseases [3][12][14]. - The establishment of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, facilitating global pricing strategies for innovative drugs [17][18]. Market Performance - The pharmaceutical index's valuation stands at 29.3 times earnings, ranking 10th among 31 primary industries [6]. - The performance of various sub-sectors includes: raw materials (-2.5%), chemical preparations (-0.9%), and medical devices (-0.9%), while medical circulation saw an increase of 6.5% [6][4]. Recent Key Events - The report highlights significant clinical trial results from companies like Junsheng Pharmaceutical, which demonstrated advantages in glycemic control and cardiovascular benefits with its new drug HTD1801 [25]. - The report notes the strategic partnership between Kelun Pharmaceutical and Crescent for developing ADC therapies, with potential milestone payments reaching up to $1.25 billion [27][28]. - The report also mentions the IPO application of Lingke Pharmaceutical, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases, with a post-investment valuation of 3.42 billion yuan [30]

人民财讯12月7日电，长春高新（000661）子公司金赛药业相关产品金培生长激素注射液(金赛增)、醋 酸甲地孕酮口服混悬液(美适亚)纳入新版基本医保药品目录。 ...