Core Viewpoint - The recent inclusion of innovative cardiovascular and metabolic disease drugs in China's medical insurance directory is expected to accelerate access and affordability for patients, particularly for diabetes and cholesterol management medications [3][4][7]. Group 1: Drug Inclusion and Pricing - The GLP-1 class diabetes drug, Tirzepatide (brand name: Mufengda), has been included in the medical insurance directory less than a year after its market approval in China, specifically for adult type 2 diabetes patients [3][4]. - The long-acting PCSK9 inhibitor, Inclisiran (brand name: Lekewai), is expected to see a price reduction of over 60% after being included in the insurance directory, potentially dropping from 9,988 RMB per injection to around 3,000 RMB [4][7]. - The monthly treatment cost for Tirzepatide ranges from 1,758 RMB to 4,758 RMB, indicating a significant financial burden for patients even after insurance coverage [4][5]. Group 2: Public Health Implications - The rising prevalence of dyslipidemia and diabetes in China, with adult dyslipidemia rates at 35.6% and over 140 million diabetes patients, underscores the importance of including effective innovative drugs in the insurance system to alleviate patient financial burdens and improve chronic disease management [5][6]. - The inclusion of these drugs in the insurance directory is seen as a public health advancement, enhancing patient access to high-quality treatments and improving adherence to long-term management of chronic diseases [7][8]. Group 3: Future Drug Development - The inclusion of innovative drugs in the insurance directory is expected to accelerate the development and introduction of next-generation drugs by multinational pharmaceutical companies in the Chinese market [8]. - Clinical trials for new oral PCSK9 inhibitors and other innovative therapies are being initiated in China, reflecting the country's efficient patient recruitment process and lower costs compared to the U.S. and Europe [8].

Core Viewpoint - The company, Innovent Biologics (01801), has successfully included seven innovative products in the new National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025), enhancing patient accessibility and affordability for critical diseases in China [1] Group 1: Product Inclusion - Seven innovative drugs have been added to the updated National Medical Insurance Drug List, effective January 1, 2026 [1] - The included products are: - Daboshu (Sintilimab injection, anti-PD-1 monoclonal antibody) with new indications - Xinbimin (Tremelimumab N01 injection, anti-IGF-1R monoclonal antibody) - Aoyixin (Leratinib tablets, EGFR TKI) - Dabotai (Fuzuloparib tablets, KRAS G12C inhibitor) - Dabolet (Entrectinib capsules, ROS1 TKI) - Ruituo (Sepantronium capsules, RET inhibitor) - Jiepalin (Pirtobrutinib tablets, BTK inhibitor) [1] Group 2: Impact on Patients - The inclusion of these drugs covers significant diseases such as lung cancer, liver cancer, gastric cancer, esophageal cancer, gynecological tumors, hematological tumors, as well as cardiovascular and metabolic diseases [1] - The company aims to enhance the accessibility and affordability of medications for patients, aligning with its mission to develop high-quality biologics that are affordable for the public [1] Group 3: Commitment to Patients - The company is committed to a patient-centered approach and will actively cooperate with medical insurance policies to ensure the effective implementation of these drugs across various regions [1] - The goal is to expedite the availability of high-quality medications to more patients and families [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 信達生物製藥 INNOVENT BIOLOGICS, INC. （於開曼群島註冊成立的有限公司） （股份代號：1801） 自願公告 達伯舒®、信必敏®等七款創新產品（含新適應症） 成功納入2025年版國家醫保藥品目錄 本公告由信達生物製藥（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以 告知本公司股東及潛在投資者本集團最新業務更新。 本公司董事會（「董事會」）欣然宣佈，本公司七款創新產品成功納入新版《國家基 本醫療保險、生育保險和工傷保險藥品目錄（2025年）》（「國家醫保藥品目錄」）， 包括：達伯舒® （信迪利單抗注射液，抗PD-1單克隆抗體）新增適應症、信必敏® （替妥尤單抗N01注射液，抗IGF-1R單克隆抗體）、奧壹新® （利厄替尼片，EGFR TKI）、達伯特® （氟澤雷塞片，KRAS G12C抑制劑）、達伯樂® （己二酸他雷替尼膠 囊，ROS1TKI）、睿妥® （塞普替尼膠囊，RET ...

Core Insights - The recent inclusion of innovative drugs in China's medical insurance system is expected to significantly reduce prices and improve access for patients, particularly for those with metabolic diseases like diabetes and high cholesterol [1][4][5] Group 1: Drug Inclusion and Pricing - The innovative drug Tirzepatide (brand name: Mounjaro) has been included in the medical insurance directory for adult type 2 diabetes patients, marking its entry into the market less than a year after approval [1] - The long-acting PCSK9 inhibitor Inclisiran (brand name: Leqvio), which was priced at 9,988 RMB per injection, is projected to see a price drop of over 60% after being included in the insurance system, potentially reducing the cost to around 3,000 RMB per injection [3][4] - The monthly treatment cost for Tirzepatide ranges from 1,758 RMB to 4,758 RMB, which remains a significant financial burden for patients despite the insurance coverage [3] Group 2: Public Health Impact - The inclusion of these innovative therapies in the insurance system is crucial for alleviating the financial burden on patients and enhancing chronic disease management efficiency, especially given the rising prevalence of conditions like diabetes and high cholesterol in China [4][5] - China has the highest number of diabetes patients globally, with over 140 million adults affected, leading to substantial healthcare expenditures [4] Group 3: Future Drug Development - The acceleration of innovative drug inclusion in the insurance system is expected to stimulate multinational pharmaceutical companies to expedite the development and market introduction of next-generation drugs in China [6] - Clinical trials for new oral PCSK9 inhibitors and other innovative treatments are currently being initiated in China, reflecting a growing focus on advancing therapeutic options in the cardiovascular and metabolic disease sectors [6][7]

Core Viewpoint - The A-share and Hong Kong stock markets experienced a pullback, particularly in the pharmaceutical sector, with innovative drugs, medical devices, and CXO concepts facing significant declines. However, several representative ETFs showed premium, indicating some capital may be moving against the trend [1][3][5]. Group 1: Market Performance - The A-share innovative drug sector saw a notable decline, with Kanghong Pharmaceutical dropping 6.79%, and other companies like ShenZhou Cell and BaiLi TianHeng falling over 5%. The only drug ETF (562050) closed down 2.22%, marking a new low in this adjustment phase [1]. - The medical sector also declined, with CXO concepts collectively falling. Notable drops included Zhaoyan New Drug at 4.81% and WuXi AppTec at 2.7%. The largest medical ETF (512170) fell 1.63% [3]. - The Hong Kong innovative drug ETF (520880) experienced a 2.61% drop after two consecutive days of gains, with a total transaction volume of 347 million yuan. Only one of the 37 covered innovative drug companies, Hengrui Medicine, saw a gain, while major stocks like Kangfang Biotech and 3SBio fell by 6% and 5.85%, respectively [5]. Group 2: Policy and Future Outlook - The recent conclusion of the five-day medical insurance negotiations and the pricing discussions for innovative drug catalogs has drawn attention, with a focus on high-value innovative drugs and CAR-T therapies. The final results of the 2025 medical insurance catalog adjustments are expected in early December [7]. - According to Open Source Securities, the current innovative drugs included in the medical insurance and commercial insurance are mostly in the early stages of volume expansion. The ongoing policy support for innovative drugs is expected to lead to rapid revenue growth for these drugs, benefiting patients and driving growth for related companies [7]. - Zhongtai Securities views the recent adjustments in the innovative drug sector as relatively benign, with no negative changes in the industry fundamentals. The pharmaceutical sector is believed to be at a relatively low point, with strong safety margins and potential for upward movement as market dynamics shift [7]. Group 3: Investment Strategies - The current market conditions are seen as a favorable time for medium to long-term investments in the biopharmaceutical sector, with recommendations for balanced allocations within the sector. This includes a rotation towards large-cap blue-chip companies and balancing investments in underperforming segments like medical devices and services [7]. - The investment strategies suggest focusing on specific ETFs: the Hong Kong innovative drug ETF (520880) for pure innovative drug exposure, the drug ETF (562050) as the only one tracking the pharmaceutical index, and the medical ETF (512170) as the largest in the market [8][9].