（编辑 袁冠琳） 证券日报网讯 福安药业9月26日发布公告，在公司回答调研者提问时表示，公司将根据行业政策变化情 况，积极参与国家药品集采的同时，努力开拓市场，优化产品结构，提高抗风险能力，增强核心竞争 力，力争保持稳定发展。 ...

近期，上海阳光医药采购网发布消息，国家药品联采办正式公告《全国药品集中采购文件（GY - YD2025 - 1）》。参与集采的药品须于9月28日前取得国内 有效注册批件，并在"国家医保服务平台"完成信息填报，开标仪式将于2025年10月21日在上海举行。国家医保局表示，此次集采方案制定修改充分遵循"稳 临床、保质量、防围标、反内卷"原则。 截图来源：上海阳光医药采购网 表：各省份对碳酸氢钠注射液的报量情况（前10名） | 排名 | 常保 | 总报量 | 未指定厂牌 | 主要偏好厂家 | | --- | --- | --- | --- | --- | | | | (万单位) | 报量占比 | | | 1 | 云南 | 685.05 | 30.95% | 河北天成药业(22.90%) | | 2 | 江苏 | 599.28 | 19.70% | 石家庄四药(29.61%) | | 3 | 河南 | 589.12 | 47.26% | 石家庄四药(17.08%) | | 4 | 广东 | 439.53 | 76.24% | 石家庄四药(8.83%) | | 5 .. | 河北 | 437.27 | 50.56% | ...

Summary of the Conference Call on the 11th National Drug Procurement Industry Overview - The conference call discusses the 11th batch of National Drug Procurement in China, focusing on the pharmaceutical industry and its regulatory environment. Key Points and Arguments Core Objectives of the 11th Batch Procurement - The primary goal remains "stabilizing clinical use" by ensuring continuity of essential medications and minimizing drug substitutions, with a reported actual reporting rate of around 50% for drugs not reported by brand name [1][8] Changes in Procurement Rules - Introduction of brand-name reporting and quantity distribution mechanisms aims to reduce competition and ensure drug quality, but may limit new entrants, particularly those with innovative formulations [1][6] - The requirement for at least two years of formulation production experience and GMP compliance documentation is expected to impact around 50 product approvals, potentially excluding new entrants [1][5][19] Competitive Landscape - The average number of competing companies per product has increased to 16, indicating intensified competition compared to 13 in the previous batch [5][15] - The new pricing anchor mechanism (average price at 50% and minimum price at 1.8 times) has limited effectiveness, as most bids remain below the average price [1][16] Marketing and Sales Strategies - Companies are encouraged to invest in marketing to drive hospital reporting from the product launch phase, rather than waiting for procurement results [1][17] Price Reduction Expectations - The anticipated price reduction in this batch is expected to be more severe than in the previous batch, with some products facing competition from over 16 companies [15] - The overall average price reduction is unlikely to be milder than in the 10th batch, with significant downward pressure on prices due to intense competition [15] Regulatory Stability and Future Outlook - Future procurement rules are expected to stabilize, with the National Healthcare Security Administration favoring large enterprises to optimize the industry [2][24] - The continuation of the "one product, dual regulation" policy may affect the execution of brand-name reporting, potentially leading to adjustments in the future [21] Major Drug Categories in the 11th Batch - Key drugs in this procurement include Dapagliflozin (7.5 billion), Cefazolin (4 billion), and Oseltamivir granules (2.5 billion), with significant discrepancies between actual sales prices and set limits [23] Implications of New Regulations - The two-year production experience requirement has raised concerns about its relevance to product quality and may lead to insufficient competition in certain categories [20] Other Important Considerations - The cancellation of the minimum price preference and the introduction of a revival mechanism for non-selected companies are designed to enhance market participation but may not significantly alter competitive dynamics [8][11] - The overall sentiment indicates that while the rules aim to stabilize the market, the competitive pressure remains high, making price increases unlikely [10][24]

专家表示，此次集采进一步完善了"防围标"的措施。对于国家组织药品集采中围标串标的企业，除按采 购标书有关条款列入"违规名单"外，还将根据医药价格和招采信用评价制度，按最严格规定顶格处置。 （央视财经《经济信息联播》）今天下午（20日），国家组织药品联合采购办公室，发布第十一批集中 采购文件，标志着采购进入现场竞价倒计时。本次集采出现了一些新的动向，如不再采用最低报价、允 许医疗机构按厂牌报采购量，要求异常报价企业提交报价合理性声明等，一起来了解。 专家表示，保障临床用药需求稳定是国家集采的基本目标，也是此次优化集采措施的重点。 首都医科大学国家医疗保障研究院院长助理 蒋昌松：最大的变化还是稳临床，比如报量，以前都是按 通用名报量，第十一批国家组织药品集中采购规则优化为既可以按通用名报量，又可以按厂牌名报量， 完完全全地尊重临床、尊重医生、尊重医院的选择。 在"保质量"方面，本次集采充分征求并采纳其他相关部门的意见，在保持公平的基础上，对投标企业的 质量控制水平提出了更高要求。优先考虑临床认可、质量稳定的企业。 中国社科院民族经济研究室主任 姚宇：一旦发现之后，违规企业是要很长一段时间禁止进入集采的市 场，最少 ...

Group 1 - The optimization of the 11th batch of national drug procurement rules aims to prevent excessive low-price competition among companies, ensuring product quality and reasonable profit margins, which benefits generic drug companies with cost advantages and promotes the industry's transition towards innovation [1] - Innovative drug companies are achieving significant research and development results, with Dongyang Sunshine Pharmaceutical successfully listing to support its innovative R&D and international expansion, while companies like Heng Rui Medicine and Di Zhe Medicine have received FDA recognition, accelerating their overseas registration and commercialization processes [1] - Overall, the industry is shifting towards innovation-driven and internationalization strategies, with increased policy support for innovative drugs, enhanced R&D capabilities of domestic pharmaceutical companies, and improved competitiveness of innovative drugs in both domestic and international markets [1] Group 2 - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which selects listed companies involved in bioproducts, vaccine research and development, and related industry chains to reflect the overall performance of the vaccine sector [1] - Investors without stock accounts can consider the Guotai Guozheng Vaccine and Biotechnology ETF Initiated Link A (017185) and Link C (017186) [1]

Core Viewpoint - The hypertension medication market in China is experiencing significant changes due to national centralized procurement, leading to a decline in overall sales and a shift in market dynamics [1][2][18]. Market Overview - The sales scale of hypertension medications in the hospital terminal market has decreased from over 60 billion yuan in 2019 to 47.726 billion yuan in 2024, reflecting a year-on-year decline of 4.16% [2][18]. - Prior to 2018, the market growth rate was consistently above 10%, peaking at 60.932 billion yuan in 2019 [2]. Drug Categories - Drugs acting on the renin-angiotensin system (RAS) hold the largest market share at 41.22%, followed by calcium channel blockers at 37.57% [4]. - Oral medications dominate the market, accounting for over 90% of sales, while intravenous injections represent 8.42% [4]. Top 10 Drugs - The top 10 hypertension medications in 2024 include: 1. Sacubitril/Valsartan 2. Nifedipine Controlled Release 3. Amlodipine Besylate 4. Metoprolol Succinate 5. Lercanidipine 6. Irbesartan/Hydrochlorothiazide 7. Valsartan/Amlodipine 8. Felodipine Controlled Release 9. Valsartan/Hydrochlorothiazide 10. Aliskiren [6][8]. Sales Performance - Among the top 10 drugs, only two achieved positive growth in 2024: Sacubitril/Valsartan with a 30.96% increase and Aliskiren with a 20.89% increase [9]. - Nifedipine Controlled Release, once the market leader, has seen its sales drop significantly, nearing a halving since the implementation of centralized procurement [10][18]. Competitive Landscape - The market is characterized by intense competition, with 27 manufacturers producing Nifedipine Controlled Release, leading to a drastic reduction in its market share [10][12]. - In 2024, foreign companies like Novartis and Bayer continue to dominate the top positions in the hypertension medication market, while six domestic companies have also made it to the top 10 [15][18]. Conclusion - The implementation of centralized procurement has reshaped the hypertension medication market, resulting in a significant decline in sales and a rise of innovative drugs like Sacubitril/Valsartan, which combines blood pressure reduction with heart protection [18].

Core Insights - The eleventh batch of national drug procurement has initiated the reporting of demand from medical institutions, which is crucial for the effectiveness of the procurement process [1] Group 1: Changes in Reporting Rules - A new option for reporting demand by drug brand has been introduced, allowing medical institutions to report based on brand names rather than just generic names, addressing diverse medication needs [2] - A total of 55 drug varieties are involved in this procurement, covering treatment areas such as anti-infection, anti-tumor, anti-allergy, diabetes, and cardiovascular medications, with 480 companies having submitted relevant drug information [2] Group 2: Demand Reporting Flexibility - Medical institutions are generally required to report an annual demand of no less than 80% of the average usage from 2023 to 2024, but exceptions can be made for significant decreases in clinical demand or business adjustments [3] - Institutions may reduce reported quantities based on actual needs, provided they submit a written explanation [3] Group 3: Participation Encouragement - Private medical institutions and retail pharmacies are encouraged to participate in the procurement reporting, facilitating easier access for the public to selected drugs [4] Group 4: Procurement Policy Clarifications - The policy emphasizes that while selected drugs should be prioritized, it does not mandate exclusive use, allowing institutions to procure both selected and non-selected drugs [5] - Since 2018, ten batches of national drug procurement have cumulatively procured 435 types of drugs, improving the affordability and accessibility of medications for the public [5]

Core Viewpoint - The eleventh batch of national organized drug procurement has officially launched, involving 55 varieties of drugs, with optimized reporting rules to enhance participation from medical institutions [1] Group 1: Drug Procurement Details - The new reporting rules allow medical institutions to report demand based on generic names without distinguishing brands, or to specify brands, encouraging participation from recognized companies [1] - Each medical institution is required to report an annual demand of no less than 80% of the average usage for the 2023-2024 period for each drug variety [1] - Medical institutions can provide written explanations for significant decreases in expected usage due to clinical demand changes or business adjustments, allowing for actual demand reporting [1] Group 2: Special Considerations - The reporting system includes specific annotations for essential drug specifications, allowing institutions to determine conversion ratios if the specification has not passed quality and efficacy consistency evaluations [1] - For pediatric formulations that have not passed consistency evaluations and are deemed irreplaceable, institutions can report based on actual needs with appropriate explanations [1]

Group 1: Market Overview - The Hang Seng Index fell by 1.11%, down 284 points, closing at 25,383 points, while the Hang Seng Tech Index dropped by 1.69% [1] - The early trading volume in Hong Kong stocks reached 151 billion HKD [1] Group 2: Medical Sector - Medical device stocks rose in early trading, with the national drug procurement policy indicating a move away from internal competition, leading institutions to view this as a turning point for the industry [1] - Aikang Medical (01789) increased by 7.93%, and Weigao Group (01066) rose by 4.37% [1] - Yongsheng Medical (01612) saw a surge of over 27% following a profit warning, with sales orders increasing and expected mid-term net profit growth exceeding 50% year-on-year [2] - CRO concept stocks continued to rise, with Citigroup noting that the CXO sector is gaining market attention ahead of earnings season [2] - Kanglong Chemical (300759) (03759) rose by 8.4%, while Zhaoyan New Drug (603127) (06127) increased by 5.7%, and WuXi Biologics (02269) rose by 4.5% [2] Group 3: Consumer Sector - Nongfu Spring (09633) increased by over 3.56%, reaching a three-and-a-half-year high, with institutions expecting the company's first-half revenue growth to exceed market expectations [3] Group 4: Other Notable Stocks - Jihong Co., Ltd. (002803) (02603) rose by 16%, with two main business segments performing well, and expected first-half net profit growth of up to 65% [4] - China Merchants Port (01199) increased by over 4%, following reports that China Merchants Group plans to acquire assets from Cheung Kong Ports [5] - Guichuang Tongqiao (02190) rose by 2.6%, with expected mid-term net profit growth of 66.9%, as the company embraces procurement and actively expands overseas [6] Group 5: Lithium and Duty-Free Sector - News of supply disruptions in the lithium market led to Tianqi Lithium (002466) (09696) rising by 3.6% [7] - China Duty Free Group (601888) (01880) fell by over 6%, with pending details on Hainan's duty-free policies, and institutions noting that the closure operations have a dual impact on offshore duty-free business [7] Group 6: Technology Sector - Qianxun Technology (01640) fell by over 3%, having retreated 23% from its previous high, with recent comments from Yu Weiwen emphasizing the need to avoid excessive speculation on stablecoins [8]

股票简称：科源制药 股票代码：301281 山东科源制药股份有限公司 Shandong Keyuan Pharmaceutical Co.,Ltd. （山东济南市山东商河经济开发区科源街） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二零二三年四月 特别提示 山东科源制药股份有限公司（以下简称"公司""发行人"或"科源制 药"）股票将于 2023 年 4 月 4 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面 临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露 的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《山东科源制药股 份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股 说明书"）中的相同。 1 第一节 重要声明与提示 一、 重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真 实 ...