CSBIO(SZ:300255) Xin Lang Cai Jing·2026-01-16 09:12Core Viewpoint - A recent announcement from the National Medical Insurance Administration has highlighted compliance and operational risks for Hebei Changshan Biochemical Pharmaceutical Co., Ltd. due to its involvement in a commercial bribery case related to its product "Wanmai Ning" [1][5]. Group 1: Company Risks - The case reveals that Changshan Pharmaceutical's sales growth model for its key product "Wanmai Ning" (Dalteparin Sodium Injection) relies on non-compliant commercial practices, raising concerns about its sustainability [3][7]. - Financial data indicates that Changshan Pharmaceutical is facing significant losses, with a net profit loss exceeding 44 million yuan in the first three quarters of 2025, a staggering 714% year-on-year decline, and an estimated annual net loss of 1.24 billion yuan for 2023 [3][7]. - The company’s future growth prospects, particularly for its GLP-1 class diabetes/weight loss drug "Aibenna", are highly uncertain due to regulatory hurdles and intense competition from established products like Semaglutide [3][7]. Group 2: Industry Implications - The National Medical Insurance Administration's announcement underscores that commercial bribery has inflated drug prices, which do not contribute to legitimate profits or innovation, but rather distort competition and increase burdens on patients and insurance funds [4][8]. - The enforcement of the price procurement credit evaluation system signals a shift in the pharmaceutical industry towards prioritizing drug quality, clinical efficacy, and genuine innovation costs, moving away from reliance on high marketing expenses and gray market practices [4][8]. - For investors, assessing pharmaceutical companies' investment value now requires a focus on their compliance systems, channel management capabilities, and risk isolation mechanisms with agents, as compliance has become a critical survival factor in the industry [4][8].