Core Viewpoint - The new National Medical Insurance Directory and the first Commercial Health Insurance Innovative Drug Directory will be implemented nationwide starting January 1, 2026, providing a dual-track system for basic and innovative drug coverage [1][2]. Group 1: National Medical Insurance Directory - A total of 114 new drugs have been added to the National Medical Insurance Directory, with 111 being new products launched within the last five years, representing 97.3% of the new entries [2]. - Among the new additions, 50 are classified as Class 1 innovative drugs, with an overall success rate of 88%, an increase from 76% in 2024 [2]. - The total number of drugs in the directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [2]. Group 2: Company Announcements - Several listed companies, including Heng Rui Medicine and Fuxing Medicine, announced new drug entries or renewals in the National Medical Insurance Directory [3]. - Heng Rui Medicine reported that 20 products/indications were included in the new directory, with a projected sales revenue of approximately 8.66 billion yuan in 2024 and about 7.55 billion yuan in the first three quarters of 2025 [4]. - Hai Si Ke's two Class 1 innovative drugs were also included, with applications in sedation and pain management [6]. Group 3: Commercial Health Insurance Innovative Drug Directory - The first Commercial Health Insurance Innovative Drug Directory includes 19 new drugs from 18 innovative pharmaceutical companies, with 9 being Class 1 innovative drugs [11]. - Notably, 5 CAR-T products were included, representing over half of the CAR-T products available in China, addressing previous challenges in pricing negotiations [11][12]. - The directory also includes treatments for rare diseases and high-profile conditions such as Alzheimer's disease, enhancing the coverage provided by basic medical insurance [11][13].

公司独家品种银杏二萜内酯葡胺注射液在《国家医保目录》（2025年版）中成药部分医保支付范围描述 略有变化，由原"限二级及以上医疗机构脑梗死恢复期患者，单次住院最多支付14天。"调整为"限二级 及以上医疗机构脑梗死恢复期患者，住院方可支付，单次最多支付14天。"；公司非独家品种泊沙康唑 肠溶片支付范围解除限制；公司非独家品种西格列汀二甲双胍片（II）、恩格列净片、盐酸左沙丁胺醇 雾化吸入溶液、骨化三醇软胶囊是公司2025年新获批品种，为《国家医保目录》（2025年版）常规目录 品种。 除上述调整的产品外，公司其他纳入《国家医保目录》（2025年版）的品种与《国家医保目录》（2024 年版）保持不变。目前，公司共有123个品种纳入《国家医保目录》（2025年版），其中甲类48个，乙 类75个。 格隆汇12月8日丨康缘药业(600557.SH)公布，2025年12月7日，国家医保局、人力资源社会保障部发布 了《关于印发<国家基本医疗保险、生育保险和工伤保险药品目录>以及<商业健康保险创新药品目录> （2025年）的通知》。根据该通知，江苏康缘药业股份有限公司独家品种温阳解毒颗粒、玉女煎颗粒， 国内首家仿制药品种舒马 ...

Core Insights - The new National Medical Insurance Directory has added 114 new drugs, surpassing last year's addition of 91, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, an improvement from 76% in 2024 [1][2] Group 1: New Drug Additions - The total number of drugs in the directory has increased to 3,253, significantly enhancing coverage for key areas such as oncology and chronic diseases [2] - The directory includes 38 global innovative drugs and 50 first-class innovative drugs, marking a historical high for new additions [2] - Notable inclusions are the first globally approved red blood cell maturation agent, Rotecip, for treating lower-risk myelodysplastic syndromes, and the first domestically developed IL-4Rα antibody drug, Kangyueda, for multiple indications [3][4] Group 2: Oncology Innovations - Several innovative oncology drugs have been added, including Tagolizumab, the first PD-L1 monoclonal antibody approved for nasopharyngeal carcinoma, and non-covalent BTK inhibitor, Jebatib, for relapsed mantle cell lymphoma [4][5][6] - ADCs (antibody-drug conjugates) have gained attention, with new entries like Lukanasatuzumab and Ruikangquzuzumab, targeting advanced breast cancer and non-small cell lung cancer [7][8] Group 3: Chronic Disease Treatments - The directory has included innovative drugs for chronic diseases, such as Novartis' PCSK9 mRNA interference drug for cholesterol management, addressing patients who cannot reach LDL-C targets [14] - AstraZeneca's biologic drug Benralizumab for severe eosinophilic asthma has also been added, providing targeted treatment options for patients [15][16] Group 4: Influenza Treatments - The new directory has incorporated two domestic antiviral drugs for influenza, Masurashave and Angladiv, which have shown promising clinical results in reducing symptoms and viral load [17]

Core Viewpoint - Health元药业集团股份有限公司 has successfully had 218 products included in the new National Medical Insurance Directory, which is expected to positively impact the company's future operating performance, although it will not have a significant effect in the current period [1]. Group 1: Stock Performance - As of December 8, 2025, Health元's stock closed at 12.54 yuan, down 0.79% from the previous trading day, with a total market capitalization of 22.941 billion yuan [1]. - The stock opened at 12.63 yuan, reached a high of 12.76 yuan, and a low of 12.48 yuan, with a trading volume of 2.51 billion yuan and a turnover rate of 1.09% [1]. Group 2: Product Inclusion in National Medical Insurance Directory - On December 7, 2025, the National Medical Insurance Bureau released the updated National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory, which includes 218 products from Health元 and its subsidiaries [1]. - Among the included products, 94 are classified as Category A and 124 as Category B [1]. - Notable inclusions are the injectable Aripiprazole microspheres and the injectable Triptorelin acetate microspheres, which now have an added indication for endometriosis [1]. - The renewal of the Tobramycin inhalation solution and injectable Esomeprazole sodium was also successful, with no products being removed from the directory [1]. - The new directory will take effect on January 1, 2026, and while it is expected to have a positive impact on future sales, the sales performance remains subject to policy and market uncertainties [1].

Core Viewpoint - The recent adjustment of the National Basic Medical Insurance Directory has led to a significant increase in the number of drugs covered, positively impacting A-share pharmaceutical stocks, with notable gains observed in companies like Rongke Technology and Huashi Technology [1][2]. Group 1: National Basic Medical Insurance Directory Adjustments - The total number of drugs in the basic medical insurance directory has increased to 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [1]. - A total of 114 new drugs have been added, with 50 classified as Class 1 innovative drugs, covering various fields such as oncology, chronic diseases, mental health, and pediatric medications [1]. - Several rare disease medications have also been included, addressing conditions like neurofibromatosis, thalassemia, hemophilia, multiple sclerosis, and growth hormone deficiency in children [1]. Group 2: Commercial Insurance Innovative Drug Directory - The first version of the commercial insurance innovative drug directory includes 19 drugs, featuring CAR-T therapies for cancer treatment and medications for rare diseases and Alzheimer's disease, complementing the basic medical insurance [1]. - Notably, Eli Lilly's tirzepatide injection, a new global "drug king," has been included for the treatment of adult type 2 diabetes, alongside similar drugs from Silver Noble Pharmaceuticals [2]. Group 3: Company Announcements and Financial Impact - As of December 8, 16 A-share listed pharmaceutical companies have reported their products being included in the national medical insurance drug directory or the commercial insurance innovative drug directory [2]. - Leading companies like Fosun Pharma, Huadong Medicine, and Heng Rui Medicine have had several products added, with Heng Rui reporting an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 from these newly included drugs [2]. - Innovative drugs such as JAK inhibitors for myelofibrosis and PD-1 monoclonal antibodies have also been successfully negotiated into the national medical insurance directory, enhancing their market potential [3].

格隆汇12月7日丨复星医药(600196.SH)公告，根据2025年12月7日国家医疗保障局、人力资源社会保障 部发布的《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(以下简称"2025年国家医保目 录")以及首次发布的《商业健康保险创新药品目录(2025年)》(以下简称"商保创新药目录")，上海复星医 药(集团)股份有限公司及控股子公司/单位(以下简称"本集团")多款已上市产品获首次纳入或涉及备注信 息调整。 前述新获纳入或涉及备注信息调整的药品2024年度及2025年前三季度的销售额合计分别约为人民币4.01 亿元、8.92亿元，分别约占同期本集团营业收入的0.98%、3.04%。本次新获纳入2025年国家医保目录/ 商保创新药目录将有利于进一步提升该等药品的可及性、减轻患者用药负担，同时也将有助于推动该等 药品的市场推广和销售，预计将对本集团后续年度业绩产生积极影响。 2025年国家医保目录、商保创新药目录将于2026年1月1日起执行。其中，2025年国家医保目录的具体医 保支付标准、医保报销细则、谈判药品的协议有效期等信息，须以国家医疗保障局等相关政府部门公示 信息为准。 ...

12月7日，国家医保局公布了2025年版《国家基本医疗保险、生育保险和工伤保险药品目录》和首版 《商业健康保险创新药品目录》。新公布的医保药品目录有什么新变化？又如何更好地满足大家的用药 需求呢？ 本次目录调整新增114种药品，其中50种为一类创新药，同时调出了29种临床没有供应或可被其他药物 更好替代的药品。本次调整后，目录内药品总数增至3253种，其中西药1857种、中成药1396种，肿瘤、 慢性病、精神疾病、罕见病、儿童用药等重点领域的保障水平得到明显提升。新版目录将于2026年1月1 日在全国范围内正式实施。 今年的药品目录调整与此前有哪些不同？ 公布新增纳入目录的114种药品，是非小细胞肺癌、宫颈癌、罕见病的患者在等待的创新药、救命药。 比如说今年有一款药，打一针可维持半年有效的降血脂的效果，上市不久就能纳入医保，患者可以以非 常合理的价格控制血脂，这对患者来说，就是民生。 而人们对于健康的不懈追求，一方面推动着药品日新月异的发展，同时也要求政策的调整，要跟得上行 业的变化。所以医保局成立以来，每年一次药品目录的调整，都是对民生需求的回应。 不断纳入新药 医保基金能承受吗？ 八年八次调整，每次都新增 ...

Group 1: National Medical Insurance Drug List Update - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List will be released on December 7, 2023, adding 114 new drugs, including 50 innovative Class 1 drugs [2] - The first Commercial Health Insurance Innovative Drug List will also be released on the same day, including 19 drugs, such as CAR-T and Alzheimer's treatment drugs [2] - The new drug list will officially take effect on January 1, 2026 [2] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, with many innovative drug companies benefiting [2] - Zai Lab announced that its self-developed drug, Gilteritinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market promotion [2] - Junshi Biosciences, ZhiXiang JinTai, and Elysium also had products included in the list, with Junshi's products gaining new indications and being classified under Category B of the National Medical Insurance [3] Group 3: Sales Impact - Heng Rui Medicine stated that the total sales of the newly included drugs for 2024 are estimated to be approximately 8.66 billion yuan, with 7.55 billion yuan expected for the first three quarters of 2025 [4] - The inclusion of these drugs in the National Medical Insurance Drug List is anticipated to positively impact sales, although the exact effect on operating performance is currently uncertain [4]

Group 1: Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List was released on December 7, 2023, adding 114 new drugs, including 50 innovative drugs [1] - A new Commercial Health Insurance Innovative Drug List was also published, including 19 drugs, such as CAR-T therapies and Alzheimer's disease treatments [1] - The updated drug list will take effect on January 1, 2026 [1] Group 2: Company Announcements - On December 7, 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly many innovative drug companies [2] - Zai Lab announced that its self-developed drug, Jikaxitinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market accessibility [2] - Junshi Biosciences and other innovative drug companies also had products included, with Junshi's products gaining new indications in the National Medical Insurance List [2][3] Group 3: Market Impact - Heng Rui Medicine reported that the total sales of its newly included drugs are estimated to be approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [3] - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales and long-term business development for the companies involved [2][3]

Group 1: National Medical Insurance and Commercial Health Insurance - The National Healthcare Security Administration has released the latest version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, which includes 114 new drugs, of which 50 are first-class innovative drugs, achieving a success rate of 88%, an increase from 76% in 2024 [1] - The updated National Medical Insurance Drug Catalog will be implemented starting January 1, 2026, marking the eighth adjustment since the establishment of the National Healthcare Security Administration and the first introduction of a commercial health insurance innovative drug catalog [1] Group 2: Haiwang Bio - Haiwang Bio announced that its stock price had deviated significantly, with a cumulative increase of over 100% from November 26 to December 5, 2025, indicating severe abnormal trading [2] - The company reported a price-to-book ratio of 7.64, which differs from industry peers, suggesting potential risks of market overheating and irrational speculation [2] Group 3: Shengxiang Bio - Shengxiang Bio disclosed that 20.72 million shares (3.58% of total shares) owned by shareholder Chen Wenyin are subject to judicial freezing, with a provision allowing for the sale of up to 4 million shares under specific conditions [3] - The judicial freeze may exert short-term pressure on the stock price, but the set minimum price for the sale provides some stability [3] Group 4: Kang En Bei Management Changes - Kang En Bei announced the resignation of Chairman Jiang Yi and board member Jiang Qian due to work adjustments, raising concerns about potential governance structure changes [4] - The departure of key executives may lead to market apprehension, but if there are no significant changes in business strategy, growth potential remains [4]