在业绩连续三年下降的阴霾下，体外诊断企业透景生命（300642）祭出了一招"三步走"棋局，公司拟以 3.28亿元分阶段将专注肿瘤分子病理检测的武汉康录生物技术股份有限公司（以下简称"康录生物"） 82%股权收入囊中。这场旨在构建"流式荧光+PCR+FISH"全链条诊断能力的并购，伴随着逾两倍的评估 溢价，埋下一定的商誉隐患。值得一提的是，此次交易的定价方式较为特殊，系"差异化定价"，不同交 易对象的交易价格差异较大，在上市公司并购中较为少见。此外，在康录生物应收账款高企的情况下， 能否实现未来三年累计不低于9150万元的业绩承诺，将成为此次并购的关键考验。 分三步收购康录生物82%股份 8月4日晚间，透景生命发布公告称，公司拟先行收购康录生物约72.86%的股份。在公司收购康录生物 72.86%股份完成后，康录生物将成为公司控股子公司，纳入公司合并报表范围。 此外，2026年及2027年，若满足本次交易有关协议约定的前置条件，公司将进一步向陈刚和谢俊收购其 所持康录生物约9.14%的股份，前述三步收购完成后，公司将合计持有康录生物82%股份。 经交易各方协商确定，本次收购康录生物约72.86%股份的交易金额为 ...

[ 一名受访保司人士认为，尽管业界估算惠民保有150亿~200亿元的保费市场，但保司兴趣始终不大， 主要原因之一就是惠民保作为一种社商融合性特殊险种，其产品设计不太符合商保逻辑。差异化定价或 为市场破冰带来更多可能性。 ] 惠民保，这一长期承担着介于社保与商保之间社会保障功能的特殊商业健康险险种，再度站在了发展的 十字路口。 近日，国家金融监督管理总局办公厅发布《关于推动城市商业医疗险高质量发展的通知》（下称《通 知》），提出城市定制型商业医疗保险应该及时将医疗新技术、新药品、新器械应用纳入责任范围；遵 循风险对价原则，实现差异化定价；不得搞低价无序"内卷式"竞争，不得进行垄断性、排他性销售等系 列要求。 该《通知》提及的"城市商业医疗险"，即通常所说的城市定制型商业补充医疗险（下称"惠民保"）。 《通知》明确，推动相关参与方准确把握商业保险与社会保险的区别，避免模糊或混淆二者的关系，促 进全社会形成合理保障预期。 同时，"下半年，国家医保局主导的商保创新药目录的遴选和落地在即，从短期落地来看，该目录可能 率先嵌入城市惠民保中。"一名受访的惠民保领域资深学者说。 近期，第一财经对话了多名业界专家、地方医保部门 ...

2025.08.03 本文字数：4559，阅读时长大约10分钟 作者 |第一财经 吴斯旻 惠民保，这一长期承担着介于社保与商保之间社会保障功能的特殊商业健康险险种，再度站在了发展的 十字路口。 近日，国家金融监督管理总局办公厅发布《关于推动城市商业医疗险高质量发展的通知》（下称《通 知》），提出城市定制型商业医疗保险应该及时将医疗新技术、新药品、新器械应用纳入责任范围；遵 循风险对价原则，实现差异化定价；不得搞低价无序"内卷式"竞争，不得进行垄断性、排他性销售等系 列要求。 该通知提及的"城市商业医疗险"，即通常所说的城市定制型商业补充医疗险（下称"惠民保"）。通知明 确，推动相关参与方准确把握商业保险与社会保险的区别，避免模糊或混淆二者的关系，促进全社会形 成合理保障预期。 同时，"下半年，国家医保局主导的商保创新药目录的遴选和落地在即，从短期落地来看，该目录可能 率先嵌入城市惠民保中。"一名受访的惠民保领域资深学者说。 近期，第一财经对话了多名业界专家、地方医保部门及惠民保承办方相关负责人、保司及创新药企人 士，他们均提出，目前，政府多部门将反"内卷式"竞争、"差异化定价"、支持创新药发展等诸多期待集 惠 ...

2025.08. 03 惠民保，这一长期承担着介于社保与商保之间社会保障功能的特殊商业健康险险种，再度站在了发展 的十字路口。 近日，国家金融监督管理总局办公厅发布《关于推动城市商业医疗险高质量发展的通知》（下称《通 知》），提出城市定制型商业医疗保险应该及时将医疗新技术、新药品、新器械应用纳入责任范围； 遵循风险对价原则，实现差异化定价；不得搞低价无序"内卷式"竞争，不得进行垄断性、排他性销 售等系列要求。 该通知提及的"城市商业医疗险"，即通常所说的城市定制型商业补充医疗险（下称"惠民保"）。通 知明确，推动相关参与方准确把握商业保险与社会保险的区别，避免模糊或混淆二者的关系，促进全 社会形成合理保障预期。 同时，"下半年，国家医保局主导的商保创新药目录的遴选和落地在即，从短期落地来看，该目录可 能率先嵌入城市惠民保中。"一名受访的惠民保领域资深学者说。 近期，第一财经对话了多名业界专家、地方医保部门及惠民保承办方相关负责人、保司及创新药企人 士，他们均提出，目前，政府多部门将反"内卷式"竞争、"差异化定价"、支持创新药发展等诸多期 待集惠民保于一身，但无论是惠民保与商保创新药目录的衔接，还是前述《通知》 ...

惠民保，这一长期承担着介于社保与商保之间社会保障功能的特殊商业健康险险种，再度站在了发展的 十字路口。 近日，国家金融监督管理总局办公厅发布《关于推动城市商业医疗险高质量发展的通知》（下称《通 知》），提出城市定制型商业医疗保险应该及时将医疗新技术、新药品、新器械应用纳入责任范围；遵 循风险对价原则，实现差异化定价；不得搞低价无序"内卷式"竞争，不得进行垄断性、排他性销售等系 列要求。 这些担忧至少包括三点：其一，今后惠民保究竟如何定位？尤其是实施差异化定价后，产品是否仍符合 惠民属性？其二，为减少无序竞争，近年来惠民保产品大量合并，在"一城一保"乃至"一省一保"的区域 市场，如何界定"垄断性销售"？其三，对于实施产品准入和价格封顶的惠民保产品而言，政府协商价能 发挥多大效用？如果一款创新药被纳入商保创新药目录但尚未衔接进入地方惠民保，能否享有"进院"优 待？ 差异化定价之争 "0~22岁(含)无既往症人群一年69元，23~50岁(含)无既往症人群一年99元，50岁以上及既往症人群一年 149元。" 近年来，有部分地区正尝试惠民保产品差异化定价，比如前述中部某市惠民保的保费设计。自2021年产 品上线以来，该 ...

Core Viewpoint - The development pattern of "Hui Min Bao" products, as an important carrier for multi-level payment of innovative drugs and medical devices in China, is set to undergo significant adjustments [1][2]. Group 1: Regulatory Changes - The National Financial Supervision Administration issued a notice on July 31 to further standardize the business model of urban customized commercial health insurance, emphasizing scientific premium setting and differentiated pricing principles [2]. - Insurance companies are required to base premium rates on reliable historical data regarding disease incidence, payout rates, and cost rates, ensuring fairness and adaptability in products and services [2]. Group 2: Market Trends - The scale of medical insurance premiums has been growing, with the scale surpassing critical illness insurance in 2024, indicating a significant boost from "Hui Min Bao" for insurance companies in the medical sector [3]. - In 2024, there were 173 "Hui Min Bao" products operating across 30 provinces, with an average operational time of 3.6 years, and the premium scale reached 20 billion yuan [3]. Group 3: Industry Collaboration and Product Development - There is a need for better collaboration between pharmaceutical companies and insurance providers to develop specialized insurance products for innovative drugs and medical devices [5]. - The establishment of a selection mechanism for innovative drugs based on clinical value is essential, along with exploring innovative payment methods linked to clinical outcomes [5]. Group 4: Future Directions - The focus will be on designing insurance products for individuals with pre-existing conditions and enhancing patient service experiences [3][4]. - The integration of innovative drugs into insurance product directories should not lead to price competition but rather promote a fair distribution of benefits among stakeholders [4].

Core Viewpoint - The recent notice from the National Financial Supervision Administration emphasizes the need for high-quality development of urban commercial medical insurance, particularly focusing on product management and precise pricing strategies [2][6]. Group 1: Market Overview - Urban commercial medical insurance, known as "惠民保," serves as a supplementary insurance for individuals with basic medical insurance, covering large medical expenses not reimbursed by basic insurance [3]. - The market for "惠民保" has seen a slowdown in growth over the past two years, with the number of operational products decreasing from 211 to 199 compared to 2023 [3]. Group 2: Regulatory Changes - The notice outlines six key requirements, including the need for differentiated pricing based on factors such as age, gender, and health status, moving away from the current uniform pricing model [2][8]. - The notice reinforces the commercial nature of "惠民保," urging insurance companies to operate independently and ensuring that consumers voluntarily choose to participate [6][12]. Group 3: Pricing and Product Management - The notice mandates that insurance companies utilize reliable historical data to determine insurance rates and implement differentiated pricing to enhance fairness and adaptability of products [8][9]. - Currently, many "惠民保" products use a uniform rate model, which may lead to issues such as adverse selection and imbalance in risk sharing [9]. Group 4: Market Conduct and Competition - The notice prohibits low-price, disorderly competition and emphasizes fair competition principles, ensuring that insurance companies do not engage in monopolistic practices [10][11]. - There is a growing concern regarding the sustainability and quality of "惠民保" products due to low pricing and similar coverage, prompting some regions to introduce upgraded versions with higher premiums [11]. Group 5: Future Directions - The notice encourages the exploration of differentiated pricing mechanisms, which could lead to improved product sustainability and better alignment with the needs of different demographic groups [9][12]. - It also highlights the importance of distinguishing between commercial insurance and social insurance to clarify responsibilities and optimize the insurance structure [12].

Core Viewpoint - The new regulatory guidelines emphasize the importance of balancing the inclusive nature and commercial attributes of urban commercial health insurance (惠民保), aiming for sustainable development while adhering to market principles [1][5]. Group 1: Regulatory Guidelines - The Financial Regulatory Bureau issued a notification on July 31, requiring urban commercial health insurance to focus on inclusivity while maintaining its commercial nature [1]. - The notification mandates that insurance companies optimize product offerings to meet diverse health protection needs, ensuring broad coverage and reasonable premiums [2][5]. - Insurance companies are instructed to base pricing on reliable historical data, ensuring fair and differentiated pricing according to factors like age, gender, and health status [3][5]. Group 2: Market Competition - The notification prohibits "involution-style" competition, urging insurance companies to avoid chaotic price wars and maintain fair competition [4][5]. - Companies must enhance product diversity and adhere to internal control management during product development, sales, and claims processes [4]. - Sales practices must be transparent, with clear communication of product functions and obligations to prevent misleading information [4][5]. Group 3: Long-term Development - Experts believe the guidelines aim to curb unhealthy competition and ensure service quality, promoting the long-term health of 惠民保 [5]. - The focus is on transitioning from short-term expansion to long-term value creation, supporting a multi-tiered medical insurance system [5].

Core Viewpoint - The new regulatory guidelines aim to enhance the quality and accessibility of urban commercial health insurance (惠民保), emphasizing a balance between inclusivity and commercial viability [1][4]. Group 1: Regulatory Guidelines - The Financial Regulatory Bureau issued a notification on July 31, promoting high-quality development of urban commercial health insurance, focusing on inclusivity and adherence to insurance principles [1]. - The notification mandates that insurance companies implement differentiated pricing based on factors such as age, gender, and health status to improve fairness and adaptability of products [2][3]. - Insurance companies are required to base their pricing on reliable historical data regarding disease incidence, payout rates, and cost rates, ensuring scientific and accurate pricing [2]. Group 2: Market Conduct - The notification emphasizes the need for insurance companies to operate independently while ensuring voluntary participation from consumers, promoting a sustainable business model [2]. - Companies are instructed to avoid "involution" or cutthroat competition, ensuring fair competition and maintaining service quality [4]. - The guidelines also prohibit setting predetermined payout rates or creating discriminatory entry and exit conditions for insurance contracts [4]. Group 3: Industry Impact - The new regulations are expected to optimize the risk pool structure by implementing tiered pricing, which aligns costs with risk profiles [3]. - The guidelines aim to enhance consumer satisfaction and trust in the insurance industry by promoting transparency and ethical practices [2][4]. - The notification serves as a strategic framework for the sustainable development of urban commercial health insurance, contributing to a multi-tiered medical security system [4].