这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！政策动 向 医疗反腐持续加码 2026年1月12日，国家医保局官微发布《党某海犯非国家工作人员受贿罪案》显示，2012年至2023年期 间，被告人党某海在担任双丰林业局职工医院内科医生期间，利用开具处方的职务便利，收受多家医药 公司业务员和销售经理给予的药品回扣款，共计78.91万元。 医药行业因资金链条长、权力集中度高、利润空间较大，历来是腐败风险高发领域。步入"十五五"开局 之年的2026年，医疗反腐力度持续加码，中央纪委国家监委网站开年以来已密集刊发多篇文章，进一步 释放持续深化医疗反腐的强烈信号。 其中，1月8日，中央纪委国家监委网站发布《书记谈丨深化整治群众身边不正之风和腐败问题》一文， 明确将"带金销售"、收受回扣等乱象纳入严查范围。 21点评:医药卫生行业具有专业性强、复杂性高、封闭性明显等特点，对其开展有效监督监管存在一定 难度。医疗反腐必须持续发力、集中攻坚，推动相关工作不断向纵深推进，才能切实净化行业生态，守 护好群众的切身利益。药械审批 华兰生物（002007）：参股公司收到阿达木单抗注射液境内生 ...

记者丨韩利明 编辑丨季媛媛 医药领域关乎民生福祉，医疗反腐是守护群众切身利益的关键防线。2025年，我国医疗反腐工作持续推进，中央纪委 国家监委网站在《2025年度十大反腐热词》中明确"反腐为了人民"，并将持续深化医保基金管理领域突出问题治理列 为重要内容。 医保基金牵动千家万户切身利益，监管力度始终不减。2025年收官当日，中央纪委国家监委网站发布《四川:坚持办案 引领 从严查处医保基金管理领域突出问题》，明确提出严肃查处内外勾结欺诈骗保、违规套取医保基金等行为，以及 监督管理乏力背后的不正之风和腐败问题，以强有力的监督执纪执法筑牢医保基金安全防线。 医药行业因资金链条长、权力集中度高、利润空间较大，历来是腐败风险高发领域。步入"十五五"开局之年的2026 年，医疗反腐力度持续加码，中央纪委国家监委网站开年以来已密集刊发多篇文章，进一步释放持续深化医疗反腐的 强烈信号。 有业内人士对21世纪经济报道指出，在医疗这个与百姓生命健康安全密切相关的行业大力反腐，对于捍卫人民生命健 康，保障行业风清气正，助力行业长久良性发展都具有重要意义。随着相关工作的持续深入，2026年医疗反腐将向更 深层次推进，为医药行业高质 ...

Core Viewpoint - The article discusses the ongoing price war in the medical equipment industry due to centralized procurement, leading to significant price drops and market share losses for some multinational companies [1][2][3]. Group 1: Market Dynamics - The centralized procurement of medical devices began in 2020 in provinces like Anhui and Fujian, but has recently expanded nationwide, affecting market dynamics significantly [2][13]. - Prices for various medical devices have plummeted, with examples including digital X-ray (DR) prices dropping from over 1 million to 200,000, and CT prices falling to historical lows of 600,000 [3][11]. - The procurement process has become more competitive, with many projects being canceled or re-tendered due to complaints from companies, indicating a turbulent market environment [9][10]. Group 2: Impact on Distributors - Medical equipment distributors are facing severe challenges, with many considering transitioning to other business areas due to shrinking profit margins from centralized procurement [4][5]. - The profit margins for distributors have drastically decreased, with potential earnings from projects dropping from millions to tens of thousands [5][6]. - It is estimated that only about 10% of medical equipment distributors will remain in the industry post-procurement, primarily focusing on after-sales services [6][7]. Group 3: Competitive Landscape - Domestic companies are gaining market share at the expense of smaller multinational firms, with companies like Wandong Medical achieving high bid rates in centralized procurement [10][11]. - The article highlights that while domestic companies are performing well, the overall profit margins in the industry are under pressure due to the aggressive pricing strategies adopted during centralized procurement [11][12]. Group 4: Future Trends - The trend of centralized procurement is expected to continue expanding across provinces, with most regions likely to implement such measures in the next 3 to 5 years [15][16]. - The article suggests that centralized procurement for medical devices is simpler to implement compared to pharmaceuticals due to fewer product categories and more straightforward technical specifications [15][16].

Group 1: Legal and Regulatory Issues - The National Healthcare Security Administration disclosed a bribery case involving Huang Mouyun, who was found guilty of bribing multiple healthcare professionals to increase sales of a traditional Chinese medicine product [1][2] - Huang Mouyun paid a total of 1.9263 million yuan in bribes to 15 doctors at a local hospital to secure sales, with the product achieving over 10 million yuan in sales since December 2018 [1][2] - The court ruled that Huang Mouyun's actions constituted bribery of non-state personnel, and he may receive a lighter sentence due to his confession [2] Group 2: Pharmaceutical Developments - Huason Pharmaceutical announced that its product, Amlodipine Besylate Tablets, has completed domestic production registration, aimed at enhancing market competitiveness amid an aging population [1] - Fosun Pharma's subsidiary has had its PD-1 monoclonal antibody, used for gastric cancer treatment, included in the breakthrough therapy designation, marking a significant advancement in cancer treatment options [3] - Tianyi Medical received a medical device registration certificate for its blood dialysis concentrate, which is intended for patients with acute and chronic renal failure [4] Group 3: Clinical Research and Results - Innovent Biologics reported that its drug, Ma Shidu Peptide, achieved a weight reduction of up to 20.1% in obese patients during a Phase III clinical trial, with significant improvements in various health metrics compared to the placebo group [5][6] - The trial involved 462 participants, with the Ma Shidu Peptide group showing an average weight loss of 18.55% after 60 weeks, while the placebo group only lost 3.02% [6] Group 4: Corporate Governance - Changchun High-tech announced a change in the shareholding structure of its controlling shareholder, which will not affect the company's operations or control [4][5] - Guangji Pharmaceutical's independent director, Guo Wei, resigned due to personal reasons, which may impact the board's composition and the presence of accounting professionals [8]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for investment opportunities in this industry [4]. Core Insights - The pharmaceutical sector is experiencing performance divergence, with the medical device segment showing signs of a turning point [1]. - For the first three quarters of 2025, the total revenue of 461 A-share pharmaceutical companies was CNY 17,876.4 billion, a year-on-year decrease of 2%, while net profit attributable to shareholders was CNY 1,435.7 billion, down 6.43% year-on-year [10][29]. - In Q3 2025, the industry showed signs of improvement, with total revenue reaching CNY 5,936.9 billion, a year-on-year increase of 0.51%, and net profit of CNY 419.4 billion, down only 0.95% year-on-year [33]. Summary by Sections 1. Market Review - The pharmaceutical and biotechnology index increased by 21.1% year-to-date, outperforming the CSI 300 index by 3.17 percentage points, with the medical services sub-sector showing the highest growth at 40.25% [17]. 2. Industry Performance - The medical commercial and medical service sectors are the only segments showing positive revenue growth in the first three quarters of 2025, with revenues of CNY 7,723.1 billion and CNY 1,374.9 billion, respectively [29]. - The chemical preparation and medical service sectors demonstrated significant profit growth in Q3, with net profits increasing by 10.43% and 25.80%, respectively [33]. 2.1 Raw Materials and Auxiliary Drugs - The raw materials sector reported total revenue of CNY 670.65 billion, down 7.56% year-on-year, with net profit of CNY 61.01 billion, down 11.18% year-on-year [35]. - The report suggests focusing on high-quality raw material companies such as Shanhe Pharmaceutical and Weier Pharmaceutical [42]. 2.2 Chemical Preparations & Innovative Drugs - The chemical preparations sector achieved total revenue of CNY 3,050.25 billion, down 3.79% year-on-year, with net profit of CNY 320.73 billion, down 15.09% year-on-year [43]. - The report highlights the significant growth of innovative drugs, with 43 new drugs approved in the first half of 2025, a 59% increase year-on-year [47]. 2.3 Traditional Chinese Medicine - The traditional Chinese medicine sector reported total revenue of CNY 2,512.22 billion, down 3.84% year-on-year, with net profit of CNY 292.63 billion, down 1.16% year-on-year [49]. - The sector is transitioning towards quality-oriented development, with a focus on improving the quality of raw materials [57]. 2.4 Biological Products - The biological products sector reported total revenue of CNY 802.59 billion, down 15.34% year-on-year, with net profit of CNY 123.48 billion, down 28.73% year-on-year [58]. - The report suggests monitoring companies with strong internationalization efforts, such as Kangtai Biological [62]. 2.5 Medical Commerce - The medical commerce sector achieved total revenue of CNY 7,723.15 billion, up 0.56% year-on-year, with net profit of CNY 160.9 billion, up 4.94% year-on-year [63]. - The report emphasizes the importance of diversified development in pharmacies, supported by national policies promoting health consumption [68].

Core Viewpoint - The article discusses the resignation of Zhou Wei, the chairman of Weining Health, following a bribery conviction, and highlights the company's declining financial performance over recent years [4][6][7]. Group 1: Company Leadership Changes - Zhou Wei resigned as chairman and legal representative of Weining Health but will continue as an advisor. Liu Ning, one of the founders, has been elected as the new chairman [4]. - Zhou Wei was convicted of bribery, receiving a sentence of 18 months in prison and a fine of 200,000 yuan, while the subsidiary Weining Zhongtian was fined 800,000 yuan [7][8]. Group 2: Financial Performance - Weining Health's net profit has significantly declined from 519 million yuan in 2016 to only 88 million yuan in 2024 [6][15]. - In the first three quarters of 2025, the company reported a revenue of 1.296 billion yuan, a decrease of 32.27% year-on-year, and a net loss of 241 million yuan, a decrease of 256.1% [17][21]. - This marks the first time since 2010 that Weining Health has reported a loss in the first three quarters [18]. Group 3: Impact of Bribery Case on Company Operations - Weining Health claims that the bribery case will have a limited impact on its operations, as Weining Zhongtian only accounts for a small percentage of the company's overall revenue and profit [8][10]. - The fine imposed on Weining Zhongtian represents only 0.9% of the company's most recent audited net profit, indicating minimal financial impact [9]. Group 4: Industry Challenges - The medical information technology industry is facing challenges due to the expiration of policy incentives, increased budget constraints, and stricter regulatory environments [22]. - The company's core software sales and technical service revenue decreased by 22.78% to 1.098 billion yuan in the first three quarters of 2025 [22]. - Weining Health has adjusted its strategy to focus on operational quality and has reduced low-margin innovative businesses, leading to a significant decline in revenue from its internet healthcare segment [23].

Core Viewpoint - GE Healthcare is undergoing significant organizational changes in its China operations, including personnel adjustments and leadership changes, while exploring strategic options such as the potential sale of its China stake, amidst a challenging market environment [2][17]. Group 1: Organizational Changes - GE Healthcare China has initiated an organizational restructuring in its core CT and MR business lines, affecting hundreds of positions, although the company denies any large-scale layoffs, emphasizing efficiency and optimization [4][5]. - The company maintains a stable workforce of approximately 7,000 employees in China, with ongoing recruitment in various business lines [4]. - The restructuring reflects a reassessment of business structure and a potential shift of resources towards high-end CT and MR localization [4]. Group 2: Leadership Changes - Jennifer Lu has been appointed as the new CFO for GE Healthcare China, succeeding Richard Li, who is leaving for family reasons after six years in the role [5][6]. - Eric Yu, a millennial executive with extensive experience in multinational management, has been appointed as the General Manager for the ultrasound business line in China [7][9]. Group 3: Financial Performance - In 2024, GE Healthcare's revenue in China is projected to be $2.4 billion, accounting for 12% of global revenue, while the first half of 2025 shows a slight decline of approximately 2% year-on-year [15]. - The company faces challenges from a medical anti-corruption campaign and new tariff policies, which could result in a revenue loss of up to $500 million in 2025 [15]. - Local competitors have increased their market share in the high-end imaging sector, reducing growth opportunities for foreign brands [15]. Group 4: Strategic Context - The adjustments at GE Healthcare are part of a broader trend among foreign companies in the medical device sector, facing local policy, technological competition, and compliance challenges [16][17]. - The company is still committed to its ultrasound headquarters project in Wuxi, which is crucial for its manufacturing capabilities, despite rumors of divestment [10][12].

Core Viewpoint - The company, established in 1996, has built a comprehensive information product portfolio targeting practicing physicians, becoming a leading professional physician platform that covers 88% of practicing doctors in China. It provides services such as medication guidelines and reference literature, balancing professionalism with commercialization, and relies on precise marketing as its core monetization strategy. The main business benefits from the trends of medical anti-corruption and innovative drugs, indicating a broad growth outlook [1]. Group 1 - The company is optimistic about AI empowering platform operations and commercialization. It has a deep understanding of cutting-edge professional medical knowledge and the profiles of most practicing physicians in China, accumulating high-quality vertical data assets. The AI applications developed are expected to enhance internal medical information content production, improve service for professional physicians, and provide more value-added services for physicians and pharmaceutical companies, leading to diversified monetization [1]. - The digital medical precision marketing market is vast. In 2024, the total sales expenses of 496 listed pharmaceutical companies in A-shares are expected to reach 226.93 billion yuan, accounting for 28.47% of the same period's operating income. The penetration rate of digital medical marketing has been steadily increasing since 2018 but remains low, with only about 2.3% in 2020 compared to Japan's 9.5% [2]. - The deepening of medical anti-corruption in 2023 has catalyzed the demand for online precision marketing among pharmaceutical companies. Compared to traditional offline promotion by medical representatives, digital precision marketing shows significant advantages in compliance, cost-effectiveness, and time efficiency. The company's performance in the first half of 2023-2025 has already reflected this trend, and it is expected to continue benefiting from the normalization of medical anti-corruption [2]. - The company's core service products are those that are marketed after approval and before centralized procurement. The trend of innovative drugs is expected to increase the number of such products, and the increase in BD funding for innovative drug companies is likely to boost investment in digital marketing, enhancing market potential [2]. Group 2 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 322 million, 364 million, and 426 million yuan, representing year-on-year growth of 2.3%, 13.0%, and 17.0% respectively. After excluding interest income and other revenues, the year-on-year growth rates are projected to be 55.8%, 39.9%, and 31.1%. The corresponding PE ratios are 28.9, 25.6, and 21.9 [2]. - The company is assigned a 35x PE for 2025, corresponding to a market value of 11.28 billion yuan and a target price of 15.4 yuan (16.8 HKD), with an initial coverage rating of "Buy" [3].

Investment Rating - The report recommends focusing on leading companies in various segments of the high-value consumables and medical device sectors, indicating a positive outlook for recovery and growth in these areas [4][30]. Core Insights - High-value consumables have begun to recover from the impacts of centralized procurement, with leading companies regaining profitability levels seen before the procurement initiatives [4][32]. - The medical device and IVD sectors are expected to show signs of recovery, with significant improvements anticipated in financial performance by Q3 2025 for device companies and by Q4 2025 for IVD companies [4][30]. - The report highlights specific high-growth segments, including vascular intervention, orthopedics, and IVD, suggesting that these areas will continue to attract investment due to their growth potential and market dynamics [4][30]. Summary by Sections Medical Devices - The medical device sector is projected to experience a revenue decline in 2024, with a further drop of -5.18% expected in the first half of 2025, but recovery is anticipated thereafter [9][12]. - Despite revenue challenges, the overall gross margin and net profit margin have remained stable, with R&D expenses increasing from approximately 7% pre-pandemic to around 10% currently [10][12]. - Companies in the imaging equipment segment are expected to see improved performance in Q3 2025 as inventory issues are resolved and new procurement projects are executed [13][18]. High-Value Consumables - The high-value consumables sector has shown revenue growth in the first half of 2025, indicating a recovery from previous declines, with profit margins returning to levels seen in 2021 [32][33]. - Specific segments such as vascular intervention and orthopedics are highlighted for their resilience and growth potential, with companies like Huatai Medical and Weigao Orthopedics showing significant revenue increases [38][43]. IVD and Other Segments - The IVD sector is expected to see improvements by Q4 2025, with overall industry recovery projected for the first half of 2026 [4][30]. - The report emphasizes the importance of innovation and market expansion for companies in the rehabilitation and home medical device sectors, with firms like Sanofi and Kefu Medical showing strong growth despite market challenges [24][26].

Core Viewpoint - Jianfa Zhixin (建发致新) is set to launch its initial public offering (IPO) on the ChiNext board, aiming to enhance its market presence and operational capabilities in the medical device supply chain sector [1][3]. Company Overview - Founded in 2010 and headquartered in Shanghai, Jianfa Zhixin focuses on the medical device supply chain, operating in a rapidly growing industry driven by aging population, policy support, and technological innovation [3]. - The company has established itself as a key player in the medical device sector, providing services to over 3,300 hospitals across 31 provinces and regions in China, with a projected revenue of 17.9 billion in 2024 and a compound annual growth rate (CAGR) exceeding 20% over the past five years [3][5]. Business Model and Services - Jianfa Zhixin primarily engages in direct sales and distribution of medical devices, offering centralized operation services for medical consumables (SPD) [5]. - The company plays a crucial role in the medical device supply chain, linking manufacturers, distributors, and healthcare institutions [5]. Financial Performance - The company has demonstrated strong growth in its main business, with revenue growth rates of 18.57%, 29.89%, and 16.01% for the years 2022, 2023, and 2024, respectively [8]. - Jianfa Zhixin plans to expand its product lines and brand partnerships to enhance service coverage to healthcare institutions, capitalizing on the growing market and increasing concentration in the medical device sector [8]. IPO Objectives - The funds raised from the IPO will be used to improve the precision and intelligence of its information systems for medical device distribution, optimize financial structure, and reduce operational risks [5]. - The IPO is expected to enhance the company's visibility and competitiveness in the market, positioning it as a leading medical device distribution service provider in China [5].