Zheng Quan Ri Bao Wang·2025-11-04 11:41Core Viewpoint - The company, XinHua Pharmaceutical, has indicated that it operates with a diverse range of products including raw materials, formulations, and pharmaceutical intermediates, with a relatively small proportion of sales coming from awarded products [1] Group 1: Impact of National Drug Procurement Policy - The gross margin of awarded products has decreased following the implementation of the national drug procurement policy [1] - The company aims to mitigate the impact of this margin decline through scale effects, refined management, and expanding market share [1] Group 2: Improvement in Payment Settlement - The implementation of the national procurement policy has led to an improvement in the payment settlement cycle for the company, as the National Healthcare Security Administration gradually expands the direct settlement range of medical insurance funds with pharmaceutical companies [1]