Summary of Xiansheng Pharmaceutical Conference Call Company Overview - **Company**: Xiansheng Pharmaceutical - **Industry**: Pharmaceutical, focusing on oncology and neurology Key Points Oncology Pipeline Highlights - **Core Products**: - Enze Shou (苏维西西达单抗) has been approved and included in the medical insurance directory, showing clear overall survival (OS) benefits for platinum-resistant ovarian cancer [6] - Kexaila (曲拉西利) is a CDK46 inhibitor, conditionally approved in 2022, expected to enter the medical insurance directory by the end of 2024 [6] - Enlituz (EGFR monoclonal antibody) is also expected to enter the medical insurance directory by the end of 2024 [6] New Product Launches - **Dali Le Sheng**: A new insomnia drug with significant market potential, expected to enhance performance rapidly. It reaches plasma peak in 1-2 hours and has an 8-hour half-life, aligning with human sleep cycles [2][3][7] - **Future Innovations**: Multiple innovative drugs are expected to launch in the coming years, including: - Madunosawe (抗流感), anticipated approval in 2026 [11] - New RSV infection drug, currently in slower clinical progress [11] Research and Development Investments - **R&D Spending**: In the first half of 2025, R&D investment reached 1.03 billion yuan, accounting for approximately 29% of revenue [4] - **Funding**: Raised 1.5 billion HKD through share placement, with 90% allocated for R&D [4] - **BD Collaborations**: Significant partnerships with companies like AbbVie, indicating international recognition of innovation capabilities [5] Market Potential and Competitive Landscape - **Insomnia Market**: The insomnia prevalence in China is 29.2%, with Dali Le Sheng addressing unmet needs in sleep onset and maintenance without next-day drowsiness [7][10] - **Safety Profile**: Dali Le Sheng is classified as a non-controlled substance, indicating a high safety profile and no addiction potential, allowing for broader market access [10] Financial Projections - **Short-term Growth**: Existing products entering the medical insurance directory and new launches like Dali Le Sheng are expected to drive revenue and profit growth [8][14] - **Long-term Outlook**: Continuous R&D investment and a robust pipeline suggest sustained growth momentum, with a target price of 20.16 HKD and a total market value of 48 billion RMB, indicating over 60% upside potential from current prices [4][8] Risks and Challenges - **Market Risks**: Potential risks in the autoimmune sector, particularly with the consistency evaluation of existing products, but new products like Jack One inhibitors are expected to mitigate these risks [15][16] Summary of Current Pipeline Performance - **Core Products**: The existing pipeline is performing well, with significant market share for key products like Xianbixin injection [15] - **Growth Opportunities**: New indications for existing drugs, such as Shisuan Jianjia for post-stroke cognitive impairment, are being explored for additional growth [16]

Core Viewpoint - The latest data from the Hong Kong Stock Exchange indicates that on December 24, shareholders of Innovent Biologics (01801) deposited shares worth HKD 45.98 billion, representing 3.31% of the total [1] Group 1: Company Developments - UBS reported that six new products from Innovent Biologics and a new indication for Tyvyt (sintilimab) have been included in the latest version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] - Innovent Biologics has officially been included in the Hang Seng Index [1] Group 2: Analyst Ratings - UBS maintains a "Buy" rating for Innovent Biologics with a target price of HKD 137.4 [1]

Group 1: Innovative Drug Development - The company focuses on independent research and development, integrating internal and external resources to address unmet clinical needs, particularly in metabolic and respiratory diseases [1] - As of now, two innovative drug projects have been approved for market, with several others in clinical trial stages [1] - ZSP1601, an innovative drug for treating metabolic dysfunction-related fatty liver disease (MASH), has shown significant efficacy in reducing liver inflammation markers in clinical trials [2] Group 2: Clinical Trials and Results - RAY1225 injection, a dual agonist for GLP-1 and GIP receptors, is currently undergoing multiple Phase III clinical trials for obesity and type 2 diabetes, with positive results reported in Phase II trials [2][12] - The company is advancing RAY1225's clinical trials for treating MASH, with the drug showing potential in improving liver conditions in animal models [13][15] - The company is also conducting Phase III trials for the innovative drug Anlavi (昂拉地韦) for treating influenza, with successful results in previous phases [3][5] Group 3: Market Access and Insurance Inclusion - Anlavi has been included in the 2025 National Medical Insurance Directory, enhancing patient access to this innovative treatment [7][9] - The company’s core products, including Lai Rui Te Wei (来瑞特韦) and other formulations, continue to be part of the updated medical insurance directory, ensuring broader patient coverage [9] Group 4: Future Directions and Research Focus - The company is exploring new drug development avenues in metabolic diseases, focusing on multi-target therapies and long-acting formulations [6] - There is a strategic emphasis on addressing unmet clinical needs in respiratory diseases, particularly with new antiviral agents targeting RSV [5][6]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Xuan Bamboo Biotech-B (2575.HK), which surged by 25.19% to HKD 96.9, reaching a market capitalization of over HKD 50 billion [1] - The stock has risen 735.34% from its IPO price of HKD 11.6 since its listing on October 15 this year, indicating strong investor interest and market performance [1] - The company announced that its innovative drug, Pirlosil, branded as Xuan Yuening®, has been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025), which will take effect on January 1, 2026 [1] Group 2 - The inclusion of Xuan Yuening® in the medical insurance list is expected to enhance the drug's affordability and accessibility for patients, thereby promoting its market penetration and sales growth [1] - The company plans to actively support the implementation of the insurance policy, continue hospital access initiatives, expand core markets, and increase market coverage to improve patient access to medication [1]

Group 1 - The core point of the article is that Xuan Bamboo Biotech-B (02575) has seen a stock price increase following the announcement that its innovative drug, Pirlosil, has been included in the 2025 National Basic Medical Insurance Directory [1] - As of the report, the stock price rose by 1.98% to HKD 66.95, with a trading volume of HKD 15.1953 million [1] - The inclusion of Pirlosil in the insurance directory is expected to enhance its affordability and accessibility for patients, which will positively impact the drug's market promotion and sales growth [1] Group 2 - The 2025 National Basic Medical Insurance Directory will officially take effect on January 1, 2026 [1] - The company plans to actively support the implementation of the insurance policy, continue hospital access efforts, and expand its core market to improve patient access to medication [1] - This development is viewed as beneficial for the company's long-term operational growth [1]

Core Viewpoint - Xuan Bamboo Biotech-B (02575) shares rose nearly 3%, currently up 1.98% at HKD 66.95, with a trading volume of HKD 15.1953 million following the announcement of its innovative drug, Pirlosil, being included in the 2025 National Basic Medical Insurance Directory [1] Group 1 - The innovative drug Pirlosil (brand name: Xuan Yue Ning) has been included in the 2025 National Basic Medical Insurance Directory, which will be implemented on January 1, 2026 [1] - The inclusion in the insurance directory is expected to enhance the affordability and accessibility of Xuan Yue Ning for patients, thereby promoting market expansion and increasing sales scale [1] - The company plans to actively support the implementation of the insurance policy, continue to advance hospital access, expand core markets, and increase market coverage to improve patient access to medication [1]

Group 1 - The core announcement is that the company's drugs,环泊酚注射液 and 安瑞克芬注射液, have been included in the National Medical Insurance Catalog (2025 version) [1][2] - 环泊酚注射液 is a new intravenous anesthetic developed by the company, with its active ingredient being the (R)-configured isomer, which acts as a GABAA receptor agonist [1] - 安瑞克芬注射液 is a high-selectivity peripheral kappa opioid receptor agonist and is the first non-narcotic prescription opioid analgesic approved for pain relief without being classified as a controlled substance [2] Group 2 - The inclusion of these drugs in the National Medical Insurance Catalog is expected to facilitate market promotion and future sales of innovative products [2] - The National Medical Insurance Catalog (2025 version) will officially take effect on January 1, 2026, and is not expected to have a significant short-term impact on the company's operating performance [2]

Core Viewpoint - Haisun Pharmaceutical has successfully renewed the contract for its product, Landeolol Hydrochloride Injection (50mg), and has newly included the 150mg specification in the National Medical Insurance Directory, which is expected to positively impact the company's long-term operations [1]. Group 1: Stock Performance - As of December 8, 2025, Haisun Pharmaceutical's stock closed at 52.31 yuan, up 2.09% from the previous trading day, with a total market capitalization of 6.277 billion yuan [1]. - The stock opened at 51.36 yuan, reached a high of 52.65 yuan, and a low of 51.31 yuan, with a trading volume of 2.26 billion yuan and a turnover rate of 5.28% [1]. Group 2: Product and Revenue Impact - The product Landeolol Hydrochloride Injection (50mg) has a reimbursement price of 168 yuan per unit, while the 150mg specification is set at 389.55 yuan per unit, with the same payment scope [1]. - The agreement for these products is effective from January 1, 2026, to December 31, 2027 [1]. - In 2024, the sales revenue from the 50mg specification is projected to be 337.77 million yuan, accounting for 67.27% of the company's total revenue [1]. - The renewal of the 50mg specification is not expected to affect performance, while the inclusion of the 150mg specification is anticipated to have a positive long-term impact on operations [1].

Core Viewpoint - Jiahe Biotech-B (06998.HK) announced that its drug Lairosili (GB491) has been included in the National Medical Insurance Drug List (2025) released by the National Healthcare Security Administration on December 7, 2025, marking its first inclusion in the national medical insurance drug list [1] Group 1 - Lairosili (GB491) is a novel, highly selective oral CDK4/6 inhibitor indicated for adult patients with hormone receptor-positive, HER2-negative locally advanced or metastatic breast cancer [1] - The new National Medical Insurance Drug List will take effect on January 1, 2026 [1] - The inclusion of Lairosili (GB491) in the medical insurance list is expected to significantly enhance patient accessibility to the drug and reduce their financial burden [1] Group 2 - The company believes that the inclusion in the insurance list will accelerate the commercialization process and market penetration of Lairosili (GB491), further boosting innovation returns [1]

Core Viewpoint - The announcement highlights that Shijiazhuang Yiling Pharmaceutical Co., Ltd.'s subsidiary, Beijing Yiling Pharmaceutical Co., Ltd., has successfully negotiated to include its product, Qifang Bitong Pian, in the National Medical Insurance Directory for 2025, which is expected to positively impact the company's market promotion and sales scale [1][2]. Group 1: Product Inclusion in National Medical Insurance - Qifang Bitong Pian is a proprietary product developed by the company, classified as a Class 1 traditional Chinese medicine, specifically for treating persistent allergic rhinitis [1]. - The product has been assigned a medical insurance payment standard of 1.78 yuan per tablet, with a validity period for the agreement from January 1, 2026, to December 31, 2027 [1]. - The company holds complete intellectual property rights for Qifang Bitong Pian, which received its drug registration certificate from the National Medical Products Administration in January 2025 [1]. Group 2: Impact on Company Operations - In addition to Qifang Bitong Pian, the company has 11 other proprietary products included in the National Medical Insurance Directory for 2025, which may enhance the company's market presence and sales [2]. - The inclusion of these 12 proprietary traditional Chinese medicine products in the insurance directory is expected to have a positive long-term impact on the company's operational development, although the short-term effects on financial performance are currently uncertain [2].