Core Insights - Huadong Medicine's subsidiary has entered into an exclusive commercialization agreement for the product Linaclotide with several biotech companies, indicating a strategic move to enhance its portfolio in the digestive disease sector [1][5] Group 1: Product and Market Potential - Linaclotide is a new generation potassium-competitive acid blocker (P-CAB) developed for treating digestive system diseases, with its first indication for gastroesophageal reflux disease (GERD) already approved in China and included in the 2025 National Medical Insurance Catalog [1][2] - The drug has shown rapid onset and long-lasting acid suppression, with a half-life of 8.68 hours, which is longer than other P-CABs, making it a promising treatment option for GERD patients [2][3] - The global market for P-CABs is validated by the sales of the first P-CAB drug, which exceeded 5 billion yuan in 2024, highlighting the market potential for Linaclotide [3] Group 2: Strategic Positioning and Growth - Huadong Medicine's strategic introduction of Linaclotide reflects its commitment to advancing innovative therapies and expanding its presence in the digestive disease market [3][5] - The company has a robust commercialization platform that is expected to facilitate rapid market penetration for Linaclotide, further solidifying its leading position in the digestive sector [5][6] - The inclusion of Linaclotide in the new drug catalog enhances its accessibility, which is anticipated to significantly boost its market uptake [4] Group 3: Research and Development - Huadong Medicine is focusing on innovation in three core therapeutic areas: oncology, endocrinology, and autoimmune diseases, with over 90 pipeline projects, positioning it among the top tier in the domestic pharmaceutical industry [4] - The company reported a substantial increase in revenue from innovative products, with sales reaching 1.675 billion yuan in the first three quarters of 2025, marking a 62% year-on-year growth [4]

Core Insights - Huadong Medicine has entered into an exclusive commercialization agreement for the product Linaracast (戊二酸利那拉生酯胶囊) with Sinopharm Biotech and its subsidiaries, marking a significant strategic move in the digestive health sector [1][2] - The new drug has been included in the 2025 National Medical Insurance Directory, enhancing its market accessibility and potential for commercial success [1][4] Group 1: Product and Market Potential - Linaracast is a new generation potassium-competitive acid blocker (P-CAB) developed for treating digestive system diseases, specifically gastroesophageal reflux disease (GERD), and has already been approved for commercialization in China [2][3] - The drug's inclusion in the National Medical Insurance Directory is expected to significantly improve its accessibility for patients, potentially leading to increased sales and market penetration [3][4] - The market for P-CABs is growing, with the first P-CAB drug, Vonoprazan, achieving sales exceeding 5 billion yuan in 2024, indicating strong clinical value and market potential for Linaracast [3] Group 2: Strategic Positioning and Commercialization - Huadong Medicine's strategic introduction of Linaracast reflects its commitment to advancing innovative therapies and expanding its product offerings in the digestive health sector [3][5] - The company has established a robust commercialization platform, which has successfully launched multiple core products, including the CAR-T product Zewokaiolun (赛恺泽), demonstrating its market strength [5] - With the addition of Linaracast to its portfolio, Huadong Medicine is poised to enhance its competitive position in the digestive disease market, leveraging its established sales network and commercialization capabilities [5]

Core Viewpoint - The announcement from Huadong Medicine indicates that several of its products have been included in the new drug catalog released by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security, which is expected to aid future market promotion without significant immediate impact on recent performance [1] Group 1: Product Inclusion - Huadong Medicine's subsidiary, China-US Huadong, has its Ustinumab injection adjusted to routine catalog management, with changes in payment scope [1] - The cooperative products, Senaparib capsules and Vutrisiran capsules, have been included in the negotiated drug list during the agreement period [1] - The drug Zevulonase injection has been included in the commercial insurance innovative drug catalog [1] Group 2: Future Implications - The new drug catalog will be implemented starting in 2026, suggesting a longer-term benefit for the company's market positioning [1] - The inclusion of these products is expected to facilitate future market promotion efforts [1]

Core Viewpoint - The announcement by Huadong Medicine indicates changes in the management of its products under the new national medical insurance directory, which may impact the company's revenue and market positioning [1] Group 1: Product Adjustments - Huadong Medicine's subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., has had its Ustinumab injection liquid adjusted to regular directory management, with changes in the payment scope compared to the previous version of the drug directory [1] - The company's cooperative products, Senapali capsules and Pentanedioic acid linaclotide capsules, have been included in the negotiated drug section within the agreement period [1] - The drug Zewokaiolun injection liquid has been included in the commercial insurance innovative drug directory [1] Group 2: Other Products - Other products from the subsidiary that are already included in the national medical insurance directory have not experienced any changes in their directory status during this update [1]

Core Viewpoint - Huadong Medicine has entered into an exclusive commercialization agreement for the product Linarazepine with several partners, coinciding with the inclusion of this product in the new national medical insurance directory, indicating a significant advancement in the company's strategic positioning in the digestive disease sector [1][5]. Group 1: Product and Market Potential - Linarazepine is a new generation potassium-competitive acid blocker (P-CAB) developed for treating digestive system diseases, specifically gastroesophageal reflux disease (GERD), and has been approved for commercialization in China [2][3]. - The drug has shown rapid onset and prolonged acid suppression, with a half-life of 8.68 hours, making it a promising alternative to traditional proton pump inhibitors (PPIs) [3][4]. - The market potential for Linarazepine is underscored by the success of the first P-CAB drug, which achieved sales exceeding 5 billion yuan in 2024, validating the clinical value of this drug class [4]. Group 2: Strategic Developments - The inclusion of Linarazepine and other products in the 2025 national medical insurance directory enhances patient accessibility and is expected to significantly boost sales [5][6]. - Huadong Medicine's strategic focus on innovative therapies in the digestive field reflects its commitment to addressing unmet clinical needs and expanding its product portfolio [4][8]. - The company has a robust commercialization platform, which is expected to facilitate rapid market penetration for Linarazepine and strengthen its leading position in the digestive disease sector [6][8]. Group 3: Financial Performance and Growth - In the first three quarters of 2025, Huadong Medicine reported a 62% year-on-year increase in revenue from innovative pharmaceutical products, amounting to 1.675 billion yuan [6]. - The company has successfully established a comprehensive commercialization team to promote its products, including Linarazepine, across various regions in China [5][6]. - The ongoing development of over 90 pipeline projects positions Huadong Medicine among the top tier of the domestic pharmaceutical industry, providing a strong foundation for future growth [6][7].

证券代码：000963 证券简称：华东医药 公告编号：2025-110 华东医药股份有限公司 关于全资子公司产品及合作产品纳入国家医保及商保创新 药目录的公告 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。 2025年12月07日，国家医保局、人力资源社会保障部发布【关于 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）的通知（医保发〔2025〕33 号）】（以下简称新版药品目录、商保创新药目录），华东医药股份 有限公司（以下简称"公司"）部分产品及合作产品被纳入新版药品 目录及商保创新药目录。 公司全资子公司杭州中美华东制药有限公司（以下简称"中美华 东"）乌司奴单抗注射液调整至常规目录管理，支付范围较前一版药 品目录有所变动。公司合作产品塞纳帕利胶囊、戊二酸利那拉生酯胶 囊被纳入协议期内谈判药品部分，泽沃基奥仑赛注射液被纳入商保创 新药目录。 详细情况如下： 一、新纳入新版药品目录情况 | | 药品名称 | | 药 品 | | | 协议 有效 | | | --- | --- | --- | --- | - ...

Core Viewpoint - The company has successfully achieved the conditions for the third unlock period of its 2022 restricted stock incentive plan, allowing 77 eligible participants to unlock a total of 1.27512 million shares, representing 0.07% of the company's total share capital, with the unlock date set for December 10, 2025 [2][33]. Summary by Sections Incentive Plan Approval and Execution - The company held its 11th Board of Directors' fifth meeting on November 20, 2025, where it approved the achievement of the third unlock conditions for the 2022 restricted stock incentive plan [2][8]. - The initial approval process for the incentive plan included multiple meetings and independent opinions confirming its alignment with the company's long-term development [4][5]. Unlock Conditions and Share Details - The third unlock period for the restricted stock began on November 17, 2025, and allows for a 40% unlock of the initially granted shares [18][19]. - The total number of shares eligible for unlock is 1.27512 million, with 77 participants meeting the conditions [33]. Adjustments and Repurchases - The company has made adjustments to the incentive plan, including the repurchase of shares from participants who no longer qualify due to personal reasons or performance issues, totaling 9.78 million shares [19][20]. - The repurchase price for the shares has been adjusted based on the company's profit distribution plan, ensuring compliance with regulatory requirements [23][24]. Future Share Structure Changes - The company anticipates changes in its share structure following the unlock of restricted stocks, although the exact impact will be confirmed by the relevant regulatory bodies [35][36].

Core Viewpoint - Next week, a total of 38 stocks will be unlocked, with a combined market value of 39.63 billion yuan based on the latest closing prices [2]. Group 1: Stock Unlocking Details - Ningbo Yiyang will have 1.06 billion shares listed for circulation, primarily from the original shareholders' restricted shares, with an unlocking market value of 9.71 billion yuan [3]. - EVE Energy ranks second in unlocking market value, with 125 million shares to be unlocked, mainly from the placement of shares to targeted investors, totaling 8.62 billion yuan [3]. - In contrast, Longxun Co., Xinghao Pharmaceutical, and Yinlong Co. have relatively low unlocking pressure, with unlocking market values of less than 10 million yuan each [4]. Group 2: Unlocking Proportions - The stocks with the highest unlocking ratios include Ningbo Yiyang, Oke Technology, and Jingpin Special Equipment, all exceeding 50% [5]. Group 3: Institutional Attention - Eight stocks facing unlocking have garnered significant institutional attention, with over 30 institutions conducting research since the fourth quarter [7]. - Among these, Juhe Materials has a market value of 1.056 billion yuan facing unlocking, and has received research from 161 institutions. The company specializes in the research, production, and sales of fluorochemical products [8]. - Huadong Medicine has received research from 132 institutions and has begun exporting some of its pharmaceutical products internationally, while also expanding its medical aesthetics business globally [9]. Group 4: Stock Performance - Among the 38 stocks facing unlocking, the average stock price has decreased by 0.14% since December [8]. - Changying Tong has the highest price increase, with a cumulative rise of 9.94% in December, while Sanfu Xinke has the largest decline, with a cumulative drop of 12.37% [8].

（文章来源：证券日报） 证券日报网讯 12月5日晚间，华东医药发布公告称，公司2022年限制性股票激励计划首次授予限制性股 票第三个解除限售条件成就，本次符合解除限售条件的激励对象共计77人，可解除限售的限制性股票数 量为127.512万股，占目前公司总股本的0.07%，上市流通日为2025年12月10日。 ...

Group 1 - The company emphasizes the importance of its internationalization strategy [1] - The pharmaceutical industrial segment has already exported some formulation products to international markets [1] - The innovative drug business is focusing on strengthening independent research and development while actively exploring business development opportunities with global peers [1]