Core Insights - The conference "2025 Financial Empowerment of the Medical and Health Industry (Guangxi) Innovation Conference" was successfully held in Nanning, focusing on building a closed-loop ecosystem of "technology innovation + capital empowerment + industry landing" to support Guangxi in becoming a healthcare industry hub facing ASEAN [2] - The "2025 China Innovative Drug Industry Investment Blue Book" was jointly released, providing authoritative and practical development trend analysis and investment layout guidance for industry participants, investors, and policymakers [2] Industry Development Background - The demand for innovative drugs is shifting from "curative" to "long-term management" and "precision" due to population aging and chronic diseases [6] - The number of rare diseases is increasing, necessitating the development of effective treatments [6] - AI-driven drug development is shortening research cycles, and innovative biopharmaceutical technologies are flourishing [6] Global Innovative Drug Development Trends - The number of innovative drugs in the oncology field is steadily increasing, with its share rising from 35% in 2020 to 45% in 2024, driven by breakthroughs in targeted therapies and CAR-T cell therapies [8] - From 2015 to 2024, a total of 12,263 innovative drugs are expected to be developed globally, with 9,427 still active by the end of 2024 [10] - China has become the country with the most innovative drugs since 2020, reaching 704 by 2024, surpassing the U.S. [11] China’s Innovative Drug Industry Development - The Chinese innovative drug industry has evolved through four stages: initial stage, combination of imitation and innovation, rise of innovation, and globalization [19] - The policy environment has increasingly focused on supporting innovative drugs, with a systematic policy matrix established to accelerate their transition from laboratory to clinical application [17] Market Size and Financing Trends - The innovative drug market in China is projected to reach CNY 1,620 billion by 2024, with commercial health insurance accounting for only 7.7% of the payment market [25] - The financing landscape has shifted from a focus on quantity to quality, with a notable increase in the proportion of domestic companies' innovative drugs approved in China, rising from under 10% in 2015 to 50% in 2024 [23] Future Opportunities and Challenges - The aging population and the demand for innovative drugs in oncology and chronic diseases are expected to continue growing [69] - The industry faces challenges such as geopolitical tensions, regulatory tightening, and high-risk characteristics of drug development, which typically takes over 10 years and requires substantial investment [71][72]

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. has announced that five of its products have been included in the National Medical Insurance Directory for 2025, which is expected to enhance market expansion and sales scale for the company [1][2]. Group 1: Product Inclusion - Five products from the company and its subsidiaries have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory for 2025 [1]. - The total sales of these products for the year 2024 are approximately 51.69 million yuan, and for the first half of 2025, the sales are approximately 309.75 million yuan, accounting for about 0.24% and 3.41% of the company's revenue during the respective periods [1]. Group 2: Impact on the Company - The inclusion of products in the 2025 Drug Directory is expected to facilitate the company's market network expansion and increase sales scale, although the exact impact on operating performance cannot be estimated at this time [2]. - The National Medical Insurance Directory will officially take effect on January 1, 2026, with further details on payment standards and reimbursement rules to be provided by relevant government departments [2].

Group 1 - The core announcement is that Kelun Pharmaceutical has had five products included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List for 2025 [2] - The announcement was made on the evening of December 8, indicating the company's proactive communication regarding its product portfolio [2] - The inclusion in the drug list is a significant development for the company, potentially enhancing its market access and revenue opportunities [2] Group 2 - The announcement was made by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security [2] - The notification regarding the drug list was officially published on December 7, 2025 [2] - This inclusion reflects the government's ongoing efforts to expand access to essential medications for the population [2]

Core Viewpoint - Kolun Pharmaceutical (002422.SZ) announced that five of its products have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) as per the notification from the National Healthcare Security Administration and the Ministry of Human Resources and Social Security [1] Group 1 - The inclusion of five products in the National Basic Medical Insurance Drug Catalog is a significant development for the company [1] - This move is expected to enhance the market access and sales potential of the included products [1] - The announcement reflects the company's alignment with national healthcare policies and its commitment to expanding its product offerings in the healthcare sector [1]

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. and its subsidiaries have five products included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List for 2025, which is expected to enhance market expansion and sales scale for the company [1] Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued a notice regarding the inclusion of specific drugs in the 2025 drug list [1] - The inclusion of these products is anticipated to positively impact the company's market network and sales, although the exact effect on operating performance is currently unquantifiable [1] - The 2025 drug list will be officially implemented on January 1, 2026, with further details on reimbursement standards and policies to be announced by relevant government departments [1]

Core Viewpoint - The announcement by Kelun Pharmaceutical indicates that five of its products have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog for 2025, as released by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security [1] Group 1 - Kelun Pharmaceutical and its subsidiaries have a total of five products included in the 2025 drug catalog [1]

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. and its subsidiaries have five products included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog for 2025, which is expected to enhance market expansion and sales scale for the company [1] Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued a notice regarding the 2025 drug catalog [1] - The inclusion of the company's products in the 2025 drug catalog is anticipated to positively impact the company's market network and sales [1] - The official implementation date for the 2025 drug catalog is set for January 1, 2026, with further details on reimbursement standards to be provided by relevant government departments [1]

Core Viewpoint - Kolun Pharmaceutical has announced that five of its products have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] Group 1: Financial Impact - The total sales revenue of the aforementioned drugs for the year 2024 is approximately 51.69 million yuan [1] - For the first half of 2025, the combined sales revenue is expected to be around 309.75 million yuan [1] - These sales figures represent approximately 0.24% and 3.41% of the company's revenue for the respective periods [1]

关于公司药品纳入国家医保目录的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 2025 年 12 月 7 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）。根据该通知，四川科伦药 业股份有限公司（以下简称"公司"）及其控股子公司共计 5 个品种纳入《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"《2025 年药品目录》"）。现将相关信息公告如下： 一、产品情况 | （一）本次纳入国家医保目录情况 | | --- | | 药品名称 | 规格 | 适应症 | 协议有效期 | 是否为独 家品种 | | --- | --- | --- | --- | --- | | | 粉体室：按美罗培南 (C17H25N3O5S)计 0.5g; | 适用于成人和儿童由单一或多种对美罗培南敏感的细菌引起的感 染：肺炎（包括院内获得性肺炎）、尿路感染、腹腔内感染、妇科 | | | | 注射用美罗 | 液体室:氯化钠 ...

Core Viewpoint - The strategic partnership between Kolon Pharmaceutical's subsidiary Kolon Biotech and Crescent Biopharma aims to develop and commercialize cancer treatment methods, with potential milestone payments reaching up to $1.25 billion, amidst Kolon Pharmaceutical's declining performance and Kolon Biotech's profitability challenges [1][4]. Group 1: Partnership Details - The collaboration focuses on two early-stage cancer drug candidates: Kolon Biotech's antibody-drug conjugate (ADC) SKB105 and Crescent's PD-1×VEGF dual antibody CR-001, both expected to enter Phase 1/2 clinical trials in Q1 2026 [2][3]. - Kolon Biotech grants Crescent exclusive global development and commercialization rights for SKB105 outside Greater China, while Crescent transfers corresponding rights for CR-001 in Greater China to Kolon Biotech. Both companies plan to explore monotherapy and combination therapy for the drugs [3]. Group 2: Financial Aspects - Kolon Biotech can receive an upfront payment of $80 million and up to $1.25 billion in milestone payments, while Crescent will receive $20 million upfront and $30 million in milestone payments, with both parties entitled to tiered royalties on sales [3]. - Kolon Pharmaceutical's revenue fell by 23.2% year-on-year to 9.083 billion yuan, and net profit decreased by 44.41% to 1.001 billion yuan in the first half of the year, indicating significant pressure on its core business [4]. Group 3: Market Context and Challenges - The collaboration is seen as a potential breakthrough for Kolon Biotech, which reported a loss of 145 million yuan in the first half of 2025, marking a 146.8% year-on-year decline, amid pressures from traditional business and new growth engines [4]. - The development of SKB105 and CR-001 faces significant uncertainties, particularly regarding the inherent risks of drug development and competition from other companies with similar products [5][6]. Group 4: Competitive Landscape - SKB105 targets the relatively niche integrin β6 (ITGB6), with increasing competition in the ADC space, while CR-001 faces a more challenging environment due to the established market presence of competitors like the anti-PD-1 antibody from Kangfang Biologics [6]. - Kolon Biotech must demonstrate superior clinical data or differentiated advantages to successfully promote CR-001 in Greater China, given the competitive landscape [6]. Group 5: Funding and Financial Viability - Kolon Biotech's financial strain is exacerbated by the need for substantial funding for the clinical development, production, and marketing of CR-001, raising concerns about the sustainability of financial support from its parent company, Kolon Pharmaceutical [7].