医药生物：安徽省中成药集采目录更新，感冒灵等被移除

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The report highlights the recent update of the Anhui Province Traditional Chinese Medicine (TCM) centralized procurement directory, which has reduced the number of products from 35 to 22, removing items like Ganmaoling [2][4] - The procurement includes both non-exclusive and exclusive products, with significant implications for companies involved in OTC products and unique offerings [2][4] - The report suggests that the impact of centralized procurement on leading companies is limited, particularly for OTC products that have strong pricing power and low hospital sales ratios [4] Summary by Sections Centralized Procurement Update - The Anhui Province has announced a reduction in the centralized procurement directory for TCM, with 12 groups and 22 products now included, down from 35 [2] - Notable removals include the Ganmaoling procurement group, which directly affects companies like China Resources Sanjiu [2][4] Product Categories - The procurement directory consists of two categories: 1. Non-exclusive products, which include OTC items like Xiaorifei Kexiao Granules and Hepatoprotective Tablets, primarily sold outside hospitals [2][4] 2. Exclusive products, such as the He Shen Song Yang Xin Capsules from Yiling Pharmaceutical and the Wenxin Granules from Buchang Pharmaceutical [3][4] Investment Recommendations - For non-exclusive products, the report emphasizes the resilience of OTC products in the market, suggesting that the centralized procurement will have a minimal impact on leading companies [4] - For exclusive products, the report indicates that companies like Buchang Pharmaceutical and Yiling Pharmaceutical will experience manageable price reductions due to their unique market positions [4]