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。 ...

Core Insights - The National Healthcare Security Administration (NHSA) announced the 2025 version of the National Basic Medical Insurance Drug List, which includes 114 new drugs, 50 of which are innovative drugs, while 29 drugs were removed due to lack of supply or better alternatives [1][2][4] Group 1: Drug List Adjustments - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines, significantly enhancing coverage for critical areas such as cancer, chronic diseases, mental health, rare diseases, and pediatric medications [1][4] - The new directory will be implemented nationwide starting January 1, 2026 [1] Group 2: Innovative Drug Access Challenges - Despite the inclusion of innovative drugs in the directory, there are challenges in getting these drugs into hospitals due to limited capacity in hospital drug lists, which typically accommodate only 1,500 to 2,000 drugs [6][9] - Hospitals face difficulties in deciding whether to replace existing drugs with newly added "nationally negotiated drugs," leading to a cautious approach in procurement [7][11] Group 3: Financial Implications for Healthcare Providers - The NHSA has assessed the budget impact of new drugs on the healthcare fund, indicating that the overall financial burden will remain manageable within the national healthcare budget [5] - Hospitals are under pressure to control costs, especially as high-priced innovative drugs could lead to reduced budget surpluses or even deficits [13][15] Group 4: Dual-Channel Policy for Drug Distribution - The "dual-channel" policy allows patients to access "nationally negotiated drugs" through designated hospitals and retail pharmacies, ensuring equal reimbursement rates [16][18] - This policy has successfully increased the availability of critical drugs, with sales of "nationally negotiated drugs" rising from under 4 billion yuan in 2020 to nearly 15 billion yuan in 2024 [21] Group 5: Commercial Health Insurance Innovations - The NHSA introduced the first Commercial Health Insurance Innovative Drug List, which includes 19 drugs, to complement the basic medical insurance system and address the coverage gap for high-value innovative drugs [31][34] - This new list aims to facilitate better access to expensive treatments that are not covered by basic insurance, thereby reducing the financial burden on patients [40][42]

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]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 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，现将有关情况公告 如下： 一、新获纳入或涉及备注信息调整的主要品种 ■ 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。 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 ...

Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released a notification regarding the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory, as well as the Commercial Health Insurance Innovative Drug Directory for 2025 [1] - The company's subsidiary, Hangzhou Sino-American East Pharmaceutical Co., Ltd., has its product Ustinumab Injection adjusted to regular directory management, with changes in payment scope compared to the previous version [1] - The company's cooperative products, Senapali Capsules and Pentanoic Acid Linaclotide Capsules, have been included in the negotiated drug section, while Zewokiorunsai Injection is included in the Commercial Health Insurance Innovative Drug Directory [1] Group 2 - The new drug directory will officially take effect on January 1, 2026, and the relevant information regarding medical insurance payment standards and reimbursement details will be based on announcements from the National Healthcare Security Administration and other relevant government departments [1] - The inclusion of these products in the national medical insurance and commercial health insurance innovative drug directories is not expected to have a significant impact on the company's recent performance but is anticipated to assist in product market promotion in the future [1]

Core Viewpoint - Shanghai Fosun Pharmaceutical Group Co., Ltd. has announced the inclusion of several of its products in the 2025 National Medical Insurance Directory and the newly established Commercial Health Insurance Innovative Drug Directory, which is expected to enhance drug accessibility and reduce patient medication costs [1][2]. Group 1: New Inclusion and Adjustments - The 2025 National Medical Insurance Directory and the Commercial Health Insurance Innovative Drug Directory will take effect on January 1, 2026 [1]. - Several listed products from the company have been newly included or have had their remarks adjusted in these directories [1]. Group 2: Financial Impact - The sales revenue of the newly included or adjusted drugs for the year 2024 and the first three quarters of 2025 is approximately RMB 401 million and RMB 892 million, respectively, accounting for about 0.98% and 3.04% of the company's total revenue during the same periods [2]. - The inclusion in these directories is expected to positively impact the company's future performance by promoting market sales and enhancing drug accessibility [2]. Group 3: Market Considerations - The specific sales performance of the pharmaceutical products will be influenced by factors such as medication demand, market competition, and sales channels, making the exact impact of the directory inclusion on future operating performance uncertain [2].

Core Points - The announcement details that certain products from East China Pharmaceutical Co., Ltd. and its wholly-owned subsidiary, Hangzhou Sino-American East China Pharmaceutical Co., Ltd., have been included in the new National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs [1][4] - The inclusion of the products is expected to aid in market promotion, although it will not have a significant impact on the company's recent performance [4] Group 1: New Inclusion in Drug Catalogs - The company's product, Ustinumab injection, has been adjusted to regular catalog management, with changes in payment scope compared to the previous version [1][2] - Collaborative products, Senapali capsules and Butanedioic acid linaclotide capsules, have been included in the negotiated drug section, while Zewokiorunsai injection is part of the commercial health insurance innovation drug catalog [1][3] Group 2: Impact on the Company - Other products already included in the National Medical Insurance catalog have not been removed in this update [4] - The new drug catalog will take effect from January 1, 2026, and the specific reimbursement standards and details will be based on announcements from relevant government departments [4]