Group 1 - Roche's CEO Thomas Schinecker proposed a direct-to-patient sales model to potentially cut U.S. drug prices by 50% by bypassing intermediaries like Pharmacy Benefit Managers (PBMs) [1] - The current supply chain allows PBMs to capture up to 50% of the profits without bearing any risk for innovation, which Roche aims to address through its new strategy [1] - Roche is in discussions with the U.S. government regarding this proposal, highlighting the complexity of the existing distribution system as a key factor in high drug prices [1] Group 2 - The proposal comes amid increasing pressure from the Trump administration, which has signed an executive order aimed at significantly reducing drug prices, potentially by 50% to 90% [2] - The executive order mandates that U.S. drug prices should not exceed the lowest prices paid in other developed countries, posing a significant threat to the pharmaceutical industry [2] - A study by Rand Corporation indicates that U.S. drug prices are, on average, 2.3 times higher than those in 32 other OECD countries, emphasizing the need for reform [2] Group 3 - In response to potential policy impacts, Roche has taken defensive measures, including expanding production and relocating inventory to the U.S. to prepare for possible tariffs [3] - Roche announced a $50 billion investment in the U.S. for production and research, aiming to demonstrate its commitment to meeting U.S. drug needs [3] - The company maintains its 2025 performance guidance, expecting mid-single-digit sales growth and high-single-digit growth in core earnings per share [3]

4月2日晚，贵州茅台（600519.SH）发布年报显示，2024年公司实现营业总收入1741.44亿元，同比增长15.66%；归母净利润862.28亿元，同比增 长15.38%。 2024年1月—12月，"i茅台"数字营销平台实现销售收入200.24亿元，同比下降10.51%，其他线上平台销售收入同比增长14.44%。这是"i茅台"上线 以来首次出现收入下滑。 "i茅台"是贵州茅台推出的线上直销平台，2022年3月上线试运营。该APP支持消费者在线注册、实名认证、线上线下支付、取消退款、门店提货等 功能，消费者每天可在平台预约申购茅台产品。该平台的推出意在增加毛利率更高的直销收入。 白酒行业分析师肖竹青说，"i茅台"收入下滑主要与供给量下降有关，供求关系决定茅台产品的价格，降低"i茅台"体系供应量以稳定茅台酒的市场 成交价格。2024年，茅台酒市场价格大跌，从最高位3000多元一瓶，跌到2250元。截至发稿，飞天茅台的最新市场价为2135元/瓶。 "i茅台"推出后，直销渠道营收增加。2022年，贵州茅台直销渠道营收达493.7亿元，同比增长105.4%。其中，"i茅台"贡献了118.8亿元的销售收 入，占直销 ...