全国药品流通市场销售规模略有增长；大宗中药材降价

Industry Overview - The national pharmaceutical circulation market sales scale has shown slight growth, with total sales of 29,470 billion yuan, reflecting a year-on-year increase of 0.6% after excluding non-comparable factors [1] - A survey conducted by the China Pharmaceutical Commercial Association on 630 pharmaceutical wholesale enterprises across 31 provinces revealed that the average accounts receivable collection period for medical institutions is 154 days, indicating financial pressure on pharmaceutical wholesalers [1] Regulatory Updates - The Guangdong Provincial Health Commission and the Guangdong Provincial Drug Administration announced the addition of 27 new designated medical institutions under the "Hong Kong-Macao Drug and Medical Device Access" initiative, with one institution being removed [2] Drug Approvals - Ganli Pharmaceutical announced that its subsidiary received a clinical trial approval notice for GLR1044 injection, a biosimilar drug for treating moderate to severe atopic dermatitis, with a cumulative R&D investment of 65.7245 million yuan as of September 30, 2025 [3] - Shiyao Group reported that its subsidiary's second application for marketing authorization of Semaglutide injection has been accepted by the National Medical Products Administration, aimed at long-term weight management in overweight/obese adults [4] Capital Market Developments - Tailong Pharmaceutical disclosed that its controlling shareholder has reached an agreement with relevant parties regarding a potential change in company control, with stock resumption scheduled for December 9, 2025, pending necessary internal decisions and regulatory approvals [5] Market Trends - The price of traditional Chinese medicinal materials, such as Angelica and Codonopsis, has significantly decreased, with Angelica prices dropping from approximately 70-80 yuan per kilogram last year to 30-40 yuan currently, attributed to increased production capacity following previous price surges [6]