一品红公告，全资子公司广州一品红制药有限公司于近日收到国家药品监督管理局核准签发的关于草酸 艾司西酞普兰滴剂的《药品注册证书》。草酸艾司西酞普兰滴剂适应症为：治疗抑郁症。治疗伴有或不 伴有广场恐怖症的惊恐障碍。公司获批的草酸艾司西酞普兰滴剂是以化学药品 3 类申报注册，视同通过 一致性评价。根据米内网数据，2024年艾司西酞普兰在中国城市和县级公立医院的销售规模约为18.8亿 元人民币。 ...

Core Insights - The introduction of the first commercial insurance innovative drug directory marks a significant shift in China's healthcare payment landscape, allowing for a dual-directory system that includes both basic medical insurance and commercial health insurance [2][3] - This new model aims to alleviate the financial burden on patients for high-priced innovative drugs and provides pharmaceutical companies with more flexible pricing strategies and market coverage options [2][3] - The concept of "first commercial insurance, then basic insurance" is proposed for innovative drugs that are not yet covered by basic medical insurance, allowing for the accumulation of real-world data before negotiating for inclusion in the basic insurance directory [2][3] Industry Dynamics - The commercial insurance sector's involvement in innovative drug payments is seen as crucial for creating a complete commercial loop in the Chinese innovative drug market, which has undergone significant transformation over the past decade [3][4] - Despite the potential benefits, uncertainties remain regarding the implementation of commercial insurance policies, including fairness, price negotiation, and the lack of mature operational experience [4][5] - The current commercial insurance innovative drug directory serves as a guideline, with local execution and detailed implementation still needing observation and refinement [4][5] Pricing and Economic Evaluation - Drug economic evaluation is becoming an essential tool for drug reimbursement and payment decisions, focusing on the effectiveness, safety, economic viability, and patient benefits of drugs [6][8] - Companies are exploring differentiated pricing strategies based on economic evaluations to achieve a balance between patient access, corporate returns, and manageable healthcare costs [6][8] - The recent policy direction emphasizes the use of drug economic evaluation in determining reimbursement standards, aiming to align with China's national conditions and market status while recognizing the value of innovative drug development [8]

Group 1 - The core viewpoint of the article highlights the performance of the E Fund Healthcare Industry Mixed A Fund, which has shown significant returns over various time frames [1] - As of August 24, 2025, the latest net value of the fund is 4.7380 yuan, with a weekly return of -0.94%, a three-month return of 31.94%, and a year-to-date return of 55.55% [1] - The fund was established on January 28, 2011, and as of June 30, 2025, it has a total scale of 3.944 billion yuan [1] Group 2 - The top ten stock holdings of the fund include companies such as Heng Rui Medicine, Rejig Bio, Xin Li Tai, BeiGene-U, Hai Si Ke, and others, with a total holding percentage of 58.14% [1] - The fund manager is Yang Zhenshao, who oversees the investment strategy and portfolio management [1]

Core Viewpoint - The financial performance of Yipinhong (300723) for the first half of 2025 shows significant declines in revenue and profit, indicating challenges in the market environment and increased operational costs [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 584 million yuan, a decrease of 36.02% compared to 913 million yuan in 2024 [1]. - The net profit attributable to shareholders was -73.54 million yuan, down 258.3% from a profit of 46.46 million yuan in the previous year [1]. - The gross margin decreased to 58.28%, down 19.36% year-on-year, while the net margin fell to -13.32%, a decline of 491.7% [1]. - The total of selling, administrative, and financial expenses reached 404 million yuan, accounting for 69.21% of total revenue, an increase of 37.93% year-on-year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents increased by 41.63% due to a rise in net cash flow from financing activities [3]. - Long-term borrowings surged by 149.59% as the company required additional funds for production and expansion [3]. - The net cash flow from operating activities decreased by 109.32%, attributed to reduced cash receipts from sales [10]. Expense Breakdown - Operating costs fell by 3.75%, primarily due to a lack of scale in production leading to increased manufacturing costs [5]. - Selling expenses decreased by 34.03% due to lower sales revenue [6]. - Management expenses rose by 36.32%, driven by increased brand promotion and stock compensation provisions [7]. - Financial expenses increased by 47.14% due to higher interest costs from increased bank borrowings [8]. Investment and Market Position - The company has a historical median ROIC of 13.43%, but the worst year recorded a ROIC of -15.24% in 2024, indicating poor investment returns [13]. - The company has faced one loss year since its listing, necessitating careful examination of underlying causes [13]. Fund Holdings - The largest fund holding Yipinhong is the E Fund Healthcare Industry Mixed A, with a scale of 3.944 billion yuan and a recent net value of 4.738, reflecting a 64.32% increase over the past year [15].

目前，公司研发管线共有14个创新药项目，其中，用于治疗高尿酸血症的创新药AR882和用于降糖/减 重的创新药APH01727片，两款药品已进入临床试验阶段；其余产品尚处于临床前研究阶段。 据一品红介绍，AR882是由一品红、美国Arthrosi合作研发，主要用于治疗痛风和痛风石。目前， Arthrosi组织开展的AR882用于治疗痛风和痛风石的全球关键性Ⅲ期临床试验已完成全部受试者入组。 分业务来看，一品红当前营收仍主要来源于儿童药，2025年上半年，儿童药收入为3.57亿元，同比下 降-28.93%，占医药制造业务收入的61.65%，共有27个儿童药注册批件。同期，慢病药收入为1.33亿 元，同比下降-58.16%，占医药制造业务收入的22.91%。可以看出，一品红传统业务支撑力减弱，当前 正面临创新转型期的阵痛。 不过，一品红在创新药研发方面已取得积极进展。 8月21日盘后，一品红公布了最新业绩报告，2025年上半年，实现营业收入为5.84亿元，同比下降 36.02%；净利润亏损7354.22万元，而上年同期净利润为4645.83万元。截至报告期末，一品红总资产为 49.81亿元，较年初增长13.10%。 ...

8月21日晚间，一品红发布2025年半年报。2025年上半年，公司实现营业收入5.84亿元；归属于上市公 司股东的净利润-7354.22万元。报告期内，公司围绕儿童药、慢病药及创新药持续深耕布局，研发管线 不断拓展。 今年以来，AR882的研发进展备受市场关注，一品红也因此在创新药"牛市"中股价接连创新高。一品红 药业集团董事长李捍雄表示，不断创新、研发新药，解决人类尚未攻克的疾病，是医药发展的根本使 命，也是科学家和医药企业家的责任。作为医药企业，一品红的研发创新是建立在"全球新"的基础上， 希望做到BIC"Best-in-class"（同类最佳）和FIC"First-in-class"（同类首创），培育出大单品，走向全 球。 创新药AR882全球研发提速 一品红创立于2002年，是一家集药品研发、生产、销售为一体的创新型生物医药企业，聚焦于儿童药和 慢病药领域。 2024年为一品红的转型、创新之年，公司正处于传统业务向创新药转型的换挡期。半年报显示，一品红 创新药的研发管线主要聚焦痛风、糖尿病、肥胖及免疫炎症等多种疾病，共有10多个在研创新药项目， 其中用于治疗高尿酸血症的创新药AR882处于三期临床试验 ...

其中，安信医药健康股票A（010709）二季度减持113.92万股，持有股数185.51万股，占基金净值比例为9.83%，位居第二大重仓股。根据测算，今日浮亏损失约649.27万元。 安信新回报混合A（002770）二季度减持9万股，持有股数53万股，占基金净值比例为9.04%，位居第三大重仓股。根据测算，今日浮亏损失约185.5万元。 安信洞见成长混合A（016558）二季度减持17.5万股，持有股数28.5万股，占基金净值比例为8.96%，位居第三大重仓股。根据测算，今日浮亏损失约99.75万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人 责任编辑：小浪快报 8月22日，一品红跌5.02%，截至发稿，报66.22元/股，成交3.68亿元，换手率1.30%，总市值299.11亿元。 资料显示，一品红药业集团股份有限公司位于广东省广州市黄埔区广州国际生物岛寰宇一路27号云润大厦15-19层，成立日期2002年2月4日，上市日期2017年11月16日，公司主营业务涉及自 从基金十大 ...

截至发稿，马毅累计任职时间11年159天，现任基金资产总规模60.63亿元，任职期间最佳基金回报 44.58%， 任职期间最差基金回报-0.61%。 从基金十大重仓股角度 数据显示，同泰基金旗下1只基金重仓一品红。同泰大健康主题混合A（011002）二季度减持1.91万股， 持有股数2.69万股，占基金净值比例为5.99%，位居第二大重仓股。根据测算，今日浮亏损失约9.41万 元。 同泰大健康主题混合A（011002）成立日期2021年4月8日，最新规模618.23万。今年以来收益51.96%， 同类排名304/8192；近一年收益60.49%，同类排名1079/7956；成立以来亏损37.65%。 同泰大健康主题混合A（011002）基金经理为马毅、麦健沛。 8月22日，一品红跌5.02%，截至发稿，报66.22元/股，成交3.66亿元，换手率1.30%，总市值299.11亿 元。 资料显示，一品红药业集团股份有限公司位于广东省广州市黄埔区广州国际生物岛寰宇一路27号云润大 厦15-19层，成立日期2002年2月4日，上市日期2017年11月16日，公司主营业务涉及自有药品的研发、 生产和销售及代理药品的销 ...

（原标题：3倍医药"牛股"突报亏损，紧急公布利好？） 【导读】一品红上半年突然盈转亏，"自愿披露"痛风创新药进展 中国基金报记者 南深 在创新药热炒背景下，一品红凭借一款在研痛风新药，年内区间最大涨幅高达4.4倍，目前回调后涨幅 也超过3倍。然而，就在8月21日晚，公司突然扔出一颗重磅"业绩雷"——上半年大幅亏损。 就在股吧投资者哀声一片时，公司"自愿披露"了前述痛风创新药研发进展，称"公司参股公司Arthrosi组 织开展的AR882（通用名：氘泊替诺雷）胶囊用于治疗痛风和痛风石全球关键性Ⅲ期临床试验，已完成 全部受试者入组"。 具体来看，今年上半年，一品红销售费用为2.08亿元，占营业收入的35.6%，今年一季度这一比例为 34%，去年全年占比为34.86%，去年上半年占比为34.61%。 同步披露痛风创新药研发进展 就在披露半年报后约一个小时，一品红发布了一份"自愿披露关于痛风创新药AR882全球Ⅲ期临床试验 完成全部受试者入组的公告"。 据公告，AR882是公司与美国Arthrosi合作研发的1类创新药，是一种高效选择性尿酸转运蛋白 （URAT1）抑制剂，旨在通过抑制尿酸重吸收使尿液尿酸盐排泄正常化， ...

（文章来源：证券日报） 证券日报网讯 8月21日晚间，一品红发布公告称，公司第四届董事会第十一次会议审议通过了《关于的 议案》。 ...