为医疗机构发放医保结余留用资金。 转自：草原云 下一步，乌兰察布市医保部门将持续规范医疗机构采购行为，稳步提升药品耗材网采率和配送率，并通 过深化医保支付方式改革、优化基层医保支付政策、构建高效医保结算服务等举措，助力基层医疗机构 高质量发展。各医疗机构将不断优化处方开具流程，强化药品配备保障，提升药事服务能力和基层诊疗 水平，发挥好"健康守门人"作用，助力分级诊疗和医防融合体系建设，切实让群众的获得感成色更足、 幸福感更可持续、安全感更有保障。 1月7日，记者从乌兰察布市医疗保障局举办的2025年度药品集中采购医保结余留用资金发放仪式上获 悉，为落实国家组织药品集中带量采购政策，及时足额兑现结余留用资金，激励公立医疗机构积极参与 药品集采、优先使用中选药品，切实减轻群众医药费用负担，乌兰察布市医疗保障局为乌兰察布市中心 医院、乌兰察布市中医蒙医医院、四子王旗人民医院等172家医疗机构发放1997万余元集采药品结余留 用医保资金。 "十四五"期间，乌兰察布市医疗保障局坚持以保障人民群众健康为中心，以降低虚高药价、减轻群众用 药负担、规范流通秩序、保障临床供应为核心目标，常态化制度化落实药品集中带量采购改革任务 ...

来源：新浪证券 从全年业绩来看，蔓迪国际的营收、净利润均处于增长之中，但增速有所放缓。2022-2024年，公司营 业收入分别为9.8亿元、12.3亿元及14.5亿元，2023年、2024年分别同比增长25.08%、18.49%；年内溢利 分别为2.0亿元、3.4亿元及3.9亿元，2023年、2024年分别同比增长68.96%、14.54%。2025年上半年，公 司营收进一步增长至7.43亿元，同比增幅20.2%，净利润达1.7亿元，同比增长64%。 （资料来源：公司招股书） 另一方面，公司上市前夕大手笔分红7.7亿元，这一数额甚至超过了同期净利润，致使流动资产净额大 幅下降不足百万，但却募资补充营运资金。一边大手笔分红，一边上市募资，一边大砍研发开支，一边 募资提升研发能力，蔓迪国际的招股书似乎充满了"自相矛盾"。 超90%营收靠蔓迪产品系列 核心产品米诺地尔酊剂销售额下滑、分销商数量持续下降 出品：新浪财经上市公司研究院 作者：木 近日，蔓迪国际向港交所递交招股书，拟向港交所递交主板上市申请，华泰国际担任独家保荐人。近年 来，蔓迪国际随保持业绩双增，但公司经营上却仍存在一些问题不容忽视。如公司超90%营收 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 除此之外，公司本次募资必要性也受到质疑，一方面，公司拟将募集资金用于增强早期研发能力、拓展 产品等，但是公司的研发收入却远不及营销开支，2025年上半年公司研发开支同比下降67.41%至0.195 亿元，销售开支却高达3.75亿元，销售费用率达50.4%。 另一方面，公司上市前夕大手笔分红7.7亿元，这一数额甚至超过了同期净利润，致使流动资产净额大 幅下降不足百万，但却募资补充营运资金。一边大手笔分红，一边上市募资，一边大砍研发开支，一边 募资提升研发能力，蔓迪国际的招股书似乎充满了"自相矛盾"。 超90%营收靠蔓迪产品系列 核心产品米诺地尔酊剂销售额下滑、分销商数量持续下降 蔓迪国际是中国领先的专业消费医药公司，致力于开发并提供全面和长期的皮肤健康及体重管理解决方 案。公司主要专注于更广泛的皮肤健康行业中的头发健康领域，并在此领域确立了领导地位。蔓迪国际 的商业叙事建立在两个强大的基础之上：一个规模超过3亿人的庞大脱发人群市场，以及一款在该市场 占据绝对统治地位的产品。 据灼识谘询的资料，按零售额计，蔓迪 ...

作为聚乙二醇蛋白质长效药物领域的龙头，特宝生物的业绩表现十分亮眼。2016-2024年间，公司营业 收入从2.8亿元增长至28亿元，营业利润从0.3亿元增长至9.7亿元。2025年前三季度公司营业收入同比增 长26.85%，营业利润同比增长16.11%，归母净利润同比提升20.21%。 文 | 财经思享汇，作者 | 王璇，编辑 | 管东生 2025年10月，派格宾新增"联合核苷（酸）类似物用于成人慢性乙型肝炎患者的HBsAg持续清除"适应 症，成为全球首个获批该适应症的药物，标志着乙肝临床治愈成为现实，实现这一突破的公司正是特宝 生物（688278.SH）。 图 公司营业总收入、营业利润、归母净利润情况 为股东创造财富的效率同样突出，自2019年以来，公司净资产收益率一直保持在10%以上，并呈现逐年 增长的趋势，而资产负债率并不高，截至2025年前三季度仅为20.52%。 公司业绩增长背后的核心动力是什么？这样的增长还能持续多久？ 大单品护城河 公司现有产品包含三个板块，分别为抗病毒用药（派格宾）、血液/肿瘤用药（珮金、特尔立、特尔 津、特尔康）、内分泌用药（益佩生）。其中，派格宾作为核心大单品，占到公司20 ...

对于延期原因，仙琚制药表示，鉴于部分已申报产品仍处于待获批过程，相关生产线尚未正式投入使 用。为推进该募投项目稳步实施，降低募集资金使用风险，公司根据募投项目的产品申报进度、实际建 设情况，经过谨慎研究，决定将以下募投项目达到预定可使用状态的时间进行适当延期至2026年12月31 日。同时，仙琚制药表示，本次相关募集资金投资项目延期不会对公司当前生产经营造成重大影响。 仙琚制药主营业务为甾体原料药和制剂的研制、生产与销售，主要产品分为皮质激素类药物、性激素类 药物（妇科及计生用药）、麻醉肌松类药物和呼吸科类药物四大类。 新京报讯（记者刘旭）11月27日晚，浙江仙琚制药股份有限公司（简称"仙琚制药"）发布公告表示，公 司同意对募投项目"高端制剂国际化建设项目"延期至2026年12月31日。 2020年，仙琚制药通过非公开发行股票募集资金10亿元，扣除相关发行费用后，实际募集资金净额9.87 亿元，用于高端制剂国际化建设项目、偿还银行借款及补充流动资金。其中，"高端制剂国际化建设项 目"承诺投资7亿元，原计划2025年12月31日达到预定可使用状态。 截至2025年10月31日，该项目已投入6.36亿元，投资进度 ...

证券日报网讯济川药业11月25日在互动平台回答投资者提问时表示，公司产品布洛芬混悬液在广东联盟 双氯芬酸等药品集中带量采购中中标，将有助于该产品在中标区域的放量。该产品非公司核心品种，对 公司经营影响有限。公司将密切关注集采相关动态，积极应对集采带来的机遇及挑战，多渠道巩固并拓 展现有品种市场份额，并持续通过外部引入+自研方式布局新产品，丰富公司的产品线，提升业务发展 稳定性。 （文章来源：证券日报） ...

Core Insights - The article discusses the impact of the "volume-based procurement" policy on the Chinese generic drug industry, highlighting increased competition and challenges such as product homogeneity and cost-cutting in production [2][3][11] Market Overview - The Chinese generic drug market has maintained a scale of approximately 900 billion yuan, with an increase in the number of companies and products intensifying market competition [2] - As of 2024, the number of generic drugs that have passed consistency evaluations or are considered equivalent has increased by over two-thirds compared to three years prior, primarily driven by a few companies and previously approved products [2][7] Regulatory Environment - The Chinese government has emphasized improving the quality of generic drugs as a key reform goal since 2015, with consistency evaluations becoming a prerequisite for participation in centralized procurement [4][5] - Despite the increase in evaluated products, a significant proportion of generic drugs have yet to meet the evaluation standards, indicating a low market concentration [5][7] Product Trends - In 2024, the number of evaluated or equivalent generic drug varieties reached 914, a significant increase from 543 in 2021, with 70% of these concentrated in 33% of companies [7] - The report indicates that the market for biosimilars is also experiencing similar trends, with over 50% of the 87 approved biosimilars being antibody biosimilars [11] Production Dynamics - The report notes a significant increase in the participation of contract manufacturing in centralized procurement, with 31% of selected products in the tenth round being produced by contract manufacturers, up from 3% in the second round [13][15] - The need for effective quality management and regulatory oversight in contract manufacturing has become increasingly critical as the industry faces pressures from policy changes and market competition [15][16]

Core Viewpoint - China Resources Double Crane is strategically positioning itself for high-quality development in the pharmaceutical industry by aligning with national strategies and public health needs, focusing on a dual approach of prescription drug leadership and breakthroughs in synthetic biology [1][3]. Group 1: Strategic Development - The company has established a comprehensive product system covering multiple fields such as anti-infection, chronic diseases, and specialized areas, maintaining robust vitality amid market changes [1]. - The implementation of the national drug centralized procurement policy has provided an opportunity for the company to enhance its core capabilities, with nearly 60 products winning bids in national procurement and over 70% in provincial and alliance procurements [1][2]. Group 2: Cost Control and Marketing Strategy - Participation in centralized procurement is seen as a key to building low-cost capabilities across the entire value chain, necessitating industry-leading cost control and large-scale production advantages [2]. - The company has optimized its marketing strategy by developing differentiated promotion tactics for different product types, focusing on broad coverage for key products and specialized promotion for non-procurement products [2]. Group 3: R&D and Innovation - The company has increased its R&D investment intensity from 3.7% to nearly 8%, while maintaining sustainable revenue and profit growth through a strategy of cost control, precise R&D, and model innovation [3][5]. - The company has adopted a "precise project initiation + risk control" approach to enhance R&D efficiency and has established overseas authorization evaluation standards to validate R&D quality [2][5]. Group 4: Growth Strategy - The company aims to establish itself as the "number one brand in prescription drugs" and to create a second growth curve through synthetic biology technology, with external mergers and acquisitions being a key strategy [3][4]. - Recent acquisitions, such as that of Henan Zhongshuai, exemplify the company's strategy to enhance its product pipeline and profitability while addressing unmet clinical needs [3][4]. Group 5: Internationalization - The company has developed an international network covering over 50 countries, focusing on raw material drug exports, and aims to extend its reach into formulation exports during the "14th Five-Year Plan" [6][7]. - The internationalization strategy includes establishing production bases for complex injectables and leveraging tax incentives in Hainan to create an international production base in the health sector [6][7].

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) dropped over 6% following the release of its third-quarter results, reflecting market concerns over declining revenue and profit margins [1] Financial Performance - For the first three quarters, the company reported revenue of 19.891 billion RMB, a year-on-year decrease of 12.32% [1] - The profit attributable to the company's owners was 3.511 billion RMB, down 7.06% compared to the previous year [1] Business Segment Analysis - The prescription drug business generated revenue of 15.450 billion RMB, representing a year-on-year decline of 17.2% [1] - The decline in revenue is primarily attributed to the ongoing impact of centralized drug procurement and price adjustments in the national medical insurance drug list [1]

Core Viewpoint - The stock price of CSPC Pharmaceutical Group (01093) dropped over 6% following the release of its Q3 earnings report, reflecting ongoing challenges in the pharmaceutical industry due to policy impacts on drug pricing and procurement [1] Financial Performance - For the first three quarters, the company reported a revenue of 19.891 billion RMB, a year-on-year decrease of 12.32% [1] - The profit attributable to shareholders was 3.511 billion RMB, down 7.06% compared to the previous year [1] - The revenue from the prescription drug business was 15.450 billion RMB, which represents a year-on-year decline of 17.2% [1] Industry Impact - The decline in revenue is primarily attributed to the ongoing effects of centralized drug procurement and adjustments in the National Medical Insurance drug list pricing policies [1]