本报（chinatimes.net.cn）记者赵文娟 于娜 北京报道 一份略显疲软的三季报，与一则产品准入的利好公告，先后出现在投资者面前，勾勒出长春高新 （000661.SZ）当下的复杂图景。 在核心产品生长激素面临市场竞争加剧与业绩增长乏力的双重压力下，长春高新（000661.SZ）近日迎 来政策利好。12月8日，公司公告称旗下金赛增（金培生长激素注射液）与美适亚（醋酸甲地孕酮口服 混悬液）双双纳入2025年国家医保目录，这一进展被市场视为公司应对业绩颓势、加速创新转型的重要 信号。然而，结合2025年三季报披露的净利润同比下滑近六成的财务数据，此次医保纳入能否成为扭转 乾坤的"胜负手"，仍需观察产品放量节奏与成本控制能力的平衡。 知名商业顾问，企业战略专家霍虹屹向《华夏时报》记者分析，"医保准入对长春高新来说，是'短期阵 痛与长期机会并存'的选择。短期看，价格下降的冲击很直接，生长激素这类产品毛利率原本很高，一 旦降价幅度超过40%，即便销量有增长，利润也难免被压缩，这也是市场担忧的核心。但长期看，医保 能把原来因价格高而用不起药的患者纳入进来，比如基层市场、经济欠发达地区的需求会被激活，市场 规模可能 ...

Core Viewpoint - The inclusion of two drugs, JinSaiZeng and MeiShiYa, in the National Medical Insurance Directory for 2025 reflects the recognition of their clinical value and innovation by the National Healthcare Security Administration, which is expected to enhance market promotion and sales scale for the company [1][4]. Group 1: Drug Information - JinSaiZeng (Generic name: JinPei Growth Hormone Injection) is a long-acting growth hormone approved in January 2014, indicated for various growth disorders in children and is the only long-acting growth hormone product in China with over 150,000 real-world data supporting its long-term efficacy and safety [1]. - MeiShiYa (Generic name: Acetate Medroxyprogesterone Oral Suspension) is developed by Baosheng Pharmaceutical and authorized for exclusive distribution by JinSai Pharmaceutical, indicated for appetite loss in patients with acquired immunodeficiency syndrome and cachexia in cancer patients [3]. Group 2: Insurance Payment Scope - JinSaiZeng is covered for children with endogenous growth hormone deficiency (GHD) causing growth retardation, with the insurance payment standard effective from January 1, 2026, to December 31, 2027 [2]. - MeiShiYa is covered for appetite loss in patients with acquired immunodeficiency syndrome and significant weight loss due to cachexia in cancer patients, with the same insurance payment standard effective period [4]. Group 3: Impact on the Company - The inclusion of these drugs in the National Medical Insurance Directory is expected to positively impact the company's market presence and sales performance, although the exact financial implications remain uncertain at this time [4].

Core Insights - Changchun High-tech's subsidiary, Changchun JinSai Pharmaceutical, has two products newly included in the National Medical Insurance Directory: JinSaiZeng (long-acting growth hormone) and MeiShiYa (oral suspension of medroxyprogesterone acetate) [2][3] - JinSaiZeng is the world's first long-acting growth hormone approved in January 2014, with multiple indications beyond primary growth hormone deficiency, including Turner syndrome and idiopathic short stature [2] - MeiShiYa is developed by Bosheng Pharmaceutical and is indicated for appetite loss in AIDS patients and significant weight loss in cancer patients [3] R&D Investment and Strategy - In the first three quarters, Changchun High-tech's R&D expenses increased by 22.96% year-on-year, reaching 1.733 billion yuan, with R&D accounting for 17.68% of total revenue [3] - This increase reflects the company's commitment to R&D and its transition towards becoming an innovative global pharmaceutical company [3] - The approval of clinical trial applications for GenSci142 capsules, aimed at treating bacterial vaginosis, indicates the company's efforts to diversify and optimize its product structure [3]

《关于控股子公司两款药品新纳入国家医保目录的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 近日，长春高新发布公告称，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）》，公司控股子公司金赛药业自主研发的金培生长激素注射液 （商品名：金赛增）和合作引进的醋酸甲地孕酮口服混悬液（商品名：美适亚）被新纳入国家医保目 录。金赛增限用于内源性生长激素缺乏所致儿童生长缓慢，美适亚限用于艾滋病患者厌食症及癌症、艾 滋病患者恶病质引起的体重明显减轻。医保支付标准有效期为2026年1月1日至2027年12月31日。新版目 录自2026年1月1日起执行。 最新公告列表 截至2025年12月8日收盘，长春高新（000661）报收于99.2元，较前一交易日下跌0.53%，最新总市值为 404.67亿元。该股当日开盘100.07元，最高100.45元，最低99.02元，成交额达5.43亿元，换手率为 1.37%。 ...

Core Viewpoint - Changchun High-tech's subsidiary, Gensci Pharmaceutical, has two products, Jinsai Zeng and Meishiya, newly included in the National Medical Insurance Directory for 2025, indicating recognition of their clinical value and innovation by the National Healthcare Security Administration [1][2] Group 1: Product Information - Jinsai Zeng, a long-acting growth hormone, is the only product in China with multiple approved indications beyond pediatric growth hormone deficiency, supported by over 150,000 real-world data cases demonstrating long-term efficacy and safety [1] - Meishiya, developed by Bosheng Pharmaceutical, addresses clinical issues for patients with cachexia and has received direct recommendations in clinical guidelines, showcasing its innovative nano-technology [2] Group 2: Financial and Operational Impact - The inclusion of these products in the National Medical Insurance Directory is expected to enhance market promotion and sales scale, although the exact impact on the company's financial performance is currently unquantifiable [2] - Changchun High-tech's R&D expenses increased by 22.96% year-on-year to 1.733 billion yuan, reflecting the company's commitment to innovation and its transition towards becoming a global pharmaceutical leader [3]

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 关于控股子公司两款药品新纳入国家医保目录的公告 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： 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 医保分类：乙类 生产许可持有人：长春金赛药业有限责任公司 1 2、美适亚 通用名：醋酸甲地孕酮口服混悬液 中文商品名：美适亚 医保分类：乙类 生产许可持有人：保盛药 ...

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

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]