Healthcare Policy - National Healthcare Security Administration held a series of discussions on the adjustment of the disease-based payment grouping scheme 3.0, involving over 70 representatives from medical institutions and industry associations [1] Drug and Medical Device Approvals - Shijiazhuang Pharmaceutical Group's application for the listing of Pertuzumab injection has been accepted by the National Medical Products Administration, targeting HER2-positive breast cancer [1] - Huason Pharmaceutical received a registration certificate for its special medical purpose formula food, Ganyimei®, designed for patients over 10 years old with strict fat restrictions and digestive absorption disorders [2] - United Imaging Healthcare's subsidiary obtained a medical device registration certificate for its color Doppler ultrasound diagnostic system, enhancing its product range across various market segments [3] - Yiling Pharmaceutical's application for the listing of Memantine Hydrochloride, a drug for treating moderate to severe Alzheimer's disease, has been approved [4] - Zhifei Biological's clinical trial application for a freeze-dried varicella inactivated vaccine has been accepted by the National Medical Products Administration [10] - Changchun High-tech's subsidiary received approval for a clinical trial of an acellular pertussis-diphtheria-tetanus combined vaccine for adolescents and adults [11] Capital Market Activities - Peking University Pharmaceutical announced the release of 34,615,386 shares from pledge, representing 51.52% of the pledged shares and 5.81% of the total share capital [5] - Kelun Pharmaceutical received approval for a registration of 4 billion yuan in ultra-short-term financing bonds, with a validity period of 2 years [6][7] - Baili Tianheng decided to delay its global offering and listing of H-shares due to current market conditions [8] - Aipeng Medical announced a plan for a shareholder to reduce holdings by up to 1% of total shares, citing personal funding needs [12] - Hendi Pharmaceutical's shareholders plan to collectively reduce their holdings by up to 2.33% of total shares for personal financial planning [13] Financial Adjustments - Baihua Pharmaceutical plans to use 1.91 billion yuan from its capital reserve to cover losses, primarily due to goodwill impairment from a previous major asset restructuring [14]

Core Viewpoint - Huason Pharmaceutical has received the Special Medical Purpose Formula Food Registration Certificate from the National Market Supervision Administration, indicating regulatory approval for its products [2] Group 1 - The company announced the receipt of the registration certificate on November 12 [2] - The certificate is crucial for the company's product offerings in the specialized medical food sector [2]

Core Insights - The company, Huason Pharmaceutical, has received a registration certificate for its special medical purpose formula food from the National Market Supervision Administration, indicating a significant milestone in its product development [1][2] Group 1: Product Details - The special medical purpose formula food is designed for individuals with restricted diets, digestive absorption disorders, metabolic disorders, or specific disease states, requiring special nutritional needs [1] - The product, Gan Yimei liquid formula food, is specifically developed for patients over 10 years old who need strict fat restrictions and have digestive absorption issues, featuring a scientific formula with 0 fat and 0 fiber, and a carbohydrate energy supply ratio of 87% [1] Group 2: Market Position and Production Capacity - This registration certificate is the second obtained by the company in the special medical purpose formula food category, enhancing its research and development capabilities and market competitiveness [2] - The company established the first special medical food production line in the Sichuan-Chongqing region in June 2022, ensuring adequate production capacity for related products [2]

证券代码：002907 证券简称：华森制药 公告编号：2025-084 重庆华森制药股份有限公司 关于公司获得特殊医学用途配方食品注册证书 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。 重庆华森制药股份有限公司（以下简称"公司"）于近日收到国家市场监督 管理总局核准签发的关于公司产品的《特殊医学用途配方食品注册证书》，现将 相关情况公告如下： 一、注册证书基本信息 | 通 | 用 | 名 | 称：特殊医学用途流质配方食品 | | --- | --- | --- | --- | | 商 | 品 | 名 | 称：甘亦美® | | 企 | 业 | 名 | 称：重庆华森制药股份有限公司 | | 生 | 产 | 地 | 重庆市荣昌区昌州街道昌州大道东段 27 号（重庆市荣 址： 昌区工业园区） | | 审 | 批 | 结 | 论：经审核，该产品符合《中华人民共和国食品安全法》 | | | | | 《特殊医学用途配方食品注册管理办法》及有关规定， | | | | | 现予批准注册。 | | 注 | | 册 | 号：国食注字 TY20250053 | | 有 | ...

Core Viewpoint - Huason Pharmaceutical (002907.SZ) has received approval from the National Market Supervision Administration for its product "Ganyimei®," which is a special medical purpose formula food aimed at individuals over 10 years old with conditions requiring restricted fat intake and digestive absorption disorders [1] Group 1 - The approval represents the company's second special medical purpose formula food registration certificate, following the product "Teyimei®" [1] - This achievement further recognizes and enhances the company's research and development capabilities and market competitiveness in the field of special medical purpose formula foods [1] - The new registration increases the company's product portfolio, contributing to improved market competitiveness [1]

Core Viewpoint - Huason Pharmaceutical (002907.SZ) has received approval from the National Market Supervision Administration for its product "Ganyimei®," which is a special medical purpose formula food aimed at individuals over 10 years old with conditions requiring restricted fat intake and digestive absorption disorders [1] Group 1 - The approval represents the second special medical purpose formula food registration certificate obtained by the company, following the product "Teyimei®" [1] - This achievement further enhances the company's research and development capabilities and market competitiveness in the special medical purpose formula food sector [1] - The new certification increases the company's product portfolio, contributing to improved market competitiveness [1]

Core Viewpoint - On November 12, Huason Pharmaceutical executed a block trade of 1.1338 million shares, amounting to 16.9501 million yuan, which accounted for 12.07% of the total trading volume for the day, with a transaction price of 14.95 yuan, representing an 11.7% discount compared to the market closing price of 16.93 yuan [1] Summary by Categories - **Trading Activity** - Huason Pharmaceutical's block trade involved 1.1338 million shares [1] - The total transaction value reached 16.9501 million yuan [1] - This block trade constituted 12.07% of the total trading volume on that day [1] - **Price Analysis** - The transaction price was set at 14.95 yuan [1] - This price reflects an 11.7% discount from the market closing price of 16.93 yuan [1]

Core Viewpoint - Huason Pharmaceutical's stock has shown a significant increase this year, with a year-to-date rise of 31.24%, indicating strong market interest and performance [2]. Group 1: Stock Performance - As of November 12, Huason Pharmaceutical's stock price rose by 2.05% to 16.95 CNY per share, with a market capitalization of 7.078 billion CNY [1]. - The stock has experienced a 3.99% increase over the last five trading days and a 1.13% increase over the last 20 days, while it has decreased by 5.65% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Huason Pharmaceutical reported a revenue of 626 million CNY, reflecting a year-on-year growth of 1.90%, while the net profit attributable to shareholders was 72.4556 million CNY, a decrease of 2.84% year-on-year [3]. - The company has distributed a total of 192 million CNY in dividends since its A-share listing, with 100 million CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 33,100, with an average of 9,063 circulating shares per person, a slight decrease of 0.83% [3]. - The fifth largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 1.4123 million shares to 2.6207 million shares [4]. Group 4: Business Overview - Huason Pharmaceutical, established on November 4, 1996, operates in the pharmaceutical industry, focusing on research, production, and sales, with a revenue composition that includes 34.24% from ENT medications, 23.16% from digestive system medications, and 18.37% from psychiatric medications [2]. - The company is categorized under the pharmaceutical and biological industry, specifically in traditional Chinese medicine and generic drugs [2].

Core Viewpoint - Huason Pharmaceutical is making significant strides in international market expansion, innovative drug development, and specialized medical food, despite facing short-term profit pressures due to increased R&D investments and tax payments [2][3][6]. Group 1: International Market Expansion - The company has successfully passed the FDA's cGMP inspection for its fifth production base, establishing a foundation for international quality and capacity [2]. - Key traditional Chinese medicine products have obtained sales qualifications for the Singapore market, marking a significant milestone for overseas expansion [2]. Group 2: Innovative Drug Development - Huason Pharmaceutical has seven 1.1 class innovative drug projects in clinical stages, targeting diseases such as HLH, glaucoma, lung cancer, and breast cancer [3]. - The lead project, ORIC-1940, is in clinical Ia/Ib trials and is expected to be the first original 1.1 innovative drug for secondary HLH in China [3]. - The company plans to submit an IND application for another project by the end of 2025 or early 2026, indicating a robust pipeline for future growth [3]. Group 3: Specialized Medical Food - The global specialized medical food market is valued at approximately $3 billion, with the Chinese market around 7 billion RMB, presenting significant growth opportunities [4]. - Huason Pharmaceutical has four self-developed specialized medical food projects, with the TY005 project receiving regulatory approval, filling a market gap in Chongqing [4][5]. Group 4: Financial Performance - In Q3 2025, the company reported a revenue of 184 million RMB, a year-on-year decrease of 6.3%, while year-to-date revenue increased by 1.9% to 626 million RMB [6]. - Net profit for Q3 decreased by 32.37%, primarily due to increased R&D spending and tax payments, although excluding tax effects, net profit showed a 4.25% increase [6]. Group 5: Sales Strategy - The company maintains a stable sales strategy, with approximately 70% of sales coming from public hospitals, while also expanding into grassroots hospitals, private hospitals, retail pharmacies, and e-commerce platforms [7]. - The focus remains on rapid market entry for chemical generics and academic promotion for key traditional Chinese medicines [7]. Group 6: Future Outlook - The company aims to enhance R&D investments and optimize its pipeline layout, anticipating that new product launches will create new profit growth points [8].

Group 1: Company Performance and Financials - In Q3 2025, the company achieved revenue of 184 million RMB, a decrease of 6.30% year-on-year; cumulative revenue for 2025 reached 626 million RMB, an increase of 1.90% year-on-year [8] - Net profit attributable to shareholders decreased by 32.37% year-on-year, primarily due to increased R&D expenses and tax payments; excluding tax impacts, net profit increased by 4.25% [8] - The company has developed a clear strategy to enhance revenue, optimize costs, and control expenses to stabilize performance and drive recovery [8] Group 2: Product Development and Market Expansion - The company has made significant progress in overseas product exports, with key products receiving registration approvals in Singapore, marking a milestone for international market entry [2][3] - The company has integrated its R&D capabilities through a strategic investment in Chengdu Aorui Pharmaceutical, enhancing its pipeline of innovative drugs, including 7 projects targeting various cancers and autoimmune diseases [3][4] - The global market for special medical foods is approximately $3 billion, with China's market at around 7 billion RMB; the company aims to leverage its pharmaceutical expertise to enter this high-barrier market [6] Group 3: Sales Strategy and Market Positioning - The sales strategy remains stable, focusing on rapid market entry for chemical generics and academic promotion for traditional Chinese medicine [9] - The company is expanding its sales channels beyond public hospitals, targeting retail pharmacies and e-commerce platforms to increase market share [9] - The company has established multiple digital marketing channels to promote its products, including flagship stores on major e-commerce platforms [7]