国内专科商业化领军企业，创新转型开启新一轮成长周期康哲药业创立于1992 年，是国内领先的开放 式医药平台企业，以药品代理业务起步，历经三十余年发展，成功转型为创新型综合性医药企业。自国 家集采政策实施以来，公司原成熟产品如黛力新、波依定、优思弗一度承压，2023-2024 年收入下滑， 集采负面影响在2025 年上半年基本消化，公司营收与归母净利润增速均由负转正，心脑血管、消化等 基石业务企稳，皮肤健康、眼科等新兴业务快速增长。 机构：信达证券 研究员：唐爱金 报告内容摘要: 盈利预测与投资评级：我们预计2025-2027 年公司营业收入分别为82.16亿元、98.59 亿元、120.28 亿 元，同比增速分别为10%、20%、22%；归母净利润分别为16.15 亿元、18.50 亿元、22.38 亿元，同比增 速分别为0%、15%、21%。我们看好公司中长期成长性，首次覆盖给予"买入"评级。 风险提示：药品集中采购政策风险；创新产品研发与上市不及预期风险；创新产品商业化风险；国际化 经营风险。 国内商业化能力卓越，海外东南亚市场研产销布局完备公司具备卓越的、覆盖全链路的商业化能力，拥 有约4700 人的专 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 三、相关风险提示 公司拟中选产品的采购合同签订等后续事项以及带量采购后市场销售执行情况尚具有不确定性。敬请广 大投资者谨慎决策，注意投资风险。 特此公告。 珠海润都制药股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 珠海润都制药股份有限公司（以下简称"公司"）参加了国家组织集采药品协议期满品种接续采购办公室 (以下简称"接续采购办公室")组织的国家组织集采药品协议期满品种接续采购的投标工作(以下简称"本 次接续采购")，根据接续采购办公室于2026年02月10日发布的《国家组织集采药品协议期满品种接续采 购拟中选结果公示》，公司部分药品拟中选本次接续采购，现将相关情况公告如下： 一、拟中选产品情况 ■ 二、本次拟中选对公司的影响 本次接续采购品种为第1-8批国家组织集采协议期满的品种，各采购品种的约定采购量以医药机构填报 各企业采购品种需求量为基数，按照中选价格梯度确定带量比例，本次拟中选药品的采购周期自中选结 果实际执行日起至2028年12月31日。 在采购周期内，医疗机构将优先使用本次药品接续 ...

Core Viewpoint - Tianyao Pharmaceutical Co., Ltd. and its subsidiaries have participated in the national centralized procurement for drugs whose agreements have expired, with some products expected to be selected for the continuation of procurement [1][2]. Group 1: Selected Products Information - The company and its subsidiaries are involved in the national centralized procurement for drugs, with results expected to be finalized by the end of March 2026 [1]. - The specific details of the selected drugs will be based on the final data released by the procurement office [1]. Group 2: Impact on the Company - The selected drugs are projected to generate sales revenue of approximately RMB 323 million in 2024, accounting for 10.03% of the company's total revenue for that period [2]. - For the first three quarters of 2025, the expected sales revenue from these drugs is RMB 250 million (unaudited), representing 11.20% of the company's revenue for that timeframe [2]. - The implementation of the procurement results is anticipated to enhance product sales, increase market share, improve brand image, and promote the development of the company's formulation business [2].

2026.02. 12 本文字数：26863，阅读时长大约5分钟 作者 | 第一 财经 吴斯旻 2月11日，国家卫生健康委等11部门联合印发新版《国家基本药物目录管理办法》（下称"管理办 法"），并于发布之日起施行。原国家卫计委2015年2月13日发布的旧版基药目录管理办法同时废 除。 国家基本药物制度是国家药品供应保障体系的基础，各级医疗卫生机构需形成以基本药物为主导 的"1+X"用药模式。自2009年新一轮医改启动中国基本药物制度建设以来，基药目录清单经历了 2012年、2018年两次更新调整。 近年来，国内外创新机制治疗药品快速进入临床使用，临床用药结构发生了显著变化。与此同时，由 于基本药物制度并无筹资体系和支付机制，临床使用时还是需要靠品种纳入医保目录后用医保基金支 付。所以基药目录的更新频次、结构优化方向备受关注。 作为基药制度的重要配套文件，新修订版管理办法提出基药目录遴选应"突出药品临床价值"，强 调"调整周期原则上不超过3年"的制度刚性，同时明确基药目录与医保目录，以及与集采、分级诊疗 等政策的衔接和协同。 突出药品临床价值 基本药物是指满足疾病防治基本用药需求，适应现阶段基本国情和保障能力 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [4] Core Insights - The recent results of the national centralized procurement for batches 1-8 have been released, which is expected to benefit leading companies with scale effects, particularly those integrated in raw material and formulation production [6] - The procurement process involved 5.1 million medical institutions and 1,091 domestic and foreign companies, with 4,163 products selected from 1,020 companies, indicating a high participation rate and a stable supply of selected products [6] - The procurement cycle is set to last until the end of 2028, allowing selected companies to secure a three-year national market, which is beneficial for capacity planning and cost optimization [6] Summary by Sections Industry Overview - The industry comprises 502 listed companies with a total market value of 73,023.15 billion yuan and a circulating market value of 67,026.08 billion yuan [2] Procurement Results - The procurement covers 316 commonly used drugs across 26 therapeutic areas, with a high selection rate of 93% for participating companies [6] - The average number of selected companies per product is 14, ensuring a diverse supply base and rich clinical choices [6] Competitive Landscape - The procurement reflects a shift in policy from "price reduction and expansion" to "price stability and quality assurance," favoring leading companies with compliance capabilities and scale advantages [6] - Companies like Huahai Pharmaceutical and Kelun Pharmaceutical have significant advantages in their respective fields, with high selection rates for major products [6] Future Outlook - The procurement process is expected to stabilize prices and industry expectations, moving the focus from "lowest price competition" to a comprehensive competition based on quality, capacity, compliance, and brand [6] - The new requirements for production experience and compliance are likely to accelerate the exit of smaller, weaker companies from the market [6]

Core Viewpoint - The company, Stone Four Pharmaceutical Group, announced that it is expected to win bids for 45 products in the upcoming national centralized procurement in China, which is anticipated to positively impact its business [1] Group 1: Product Categories - The 45 products cover various therapeutic areas including anti-infection, cardiovascular system, respiratory system, digestive system, and nervous system [1]

Group 1 - The core viewpoint of the articles highlights the Chinese government's initiatives to promote high-quality development in the pharmaceutical retail industry, including encouraging participation in centralized procurement and supporting mergers and acquisitions among retail pharmacies [1] - The Chinese pharmaceutical export value reached $100.895 billion in the first 11 months of 2025, indicating a continuous optimization of product structure [1] - Traditional products such as traditional Chinese medicine and chemical active pharmaceutical ingredients maintain a strong global market share, with export scales continuing to grow [4] Group 2 - Chinese pharmaceutical companies set a record of $135.7 billion through multinational licensing agreements in 2025, showing significant year-on-year growth and increasing global recognition of Chinese pharmaceutical innovation [4] - Strengthened cooperation between China and ASEAN has led to the establishment of a pharmaceutical trade regional platform, with transaction volumes exceeding 10 million RMB and attracting 224 companies, thereby promoting regional trade [4] - The platform is built on transparency, regulatory credibility, and public health commitments, serving as a valuable bridge of trust between ASEAN countries and China [4]

Core Viewpoint - The enthusiasm of pharmacies to participate in drug centralized procurement needs to be improved, despite the government's push for their involvement [1][3]. Group 1: Government Initiatives - On January 22, the Ministry of Commerce and nine other departments issued an opinion to promote high-quality development in the drug retail industry, encouraging pharmacies to participate in centralized procurement [2]. - The opinion aims to enhance the bargaining power of pharmacies and improve supply chain efficiency by allowing them to procure through provincial medical procurement platforms [3]. Group 2: Challenges Faced by Pharmacies - Pharmacies face significant challenges in participating in centralized procurement, including the requirement for "zero markup" sales, which compresses profit margins and may lead to unprofitable operations [4]. - The lack of significant increases in prescriptions flowing from hospitals to pharmacies further restricts their willingness to engage in centralized procurement [4]. Group 3: Recommendations for Improvement - To enhance pharmacy participation, it is essential to improve the prescription flow mechanism and optimize the settlement methods for medical insurance funds, potentially reducing settlement periods from quarterly to monthly [4]. - The government should establish a robust prescription flow mechanism and improve communication channels among stakeholders to address supply shortages and ensure timely delivery of drugs [5].

Overall Requirements - The drug retail industry is a crucial part of the national healthcare system, impacting public health and safety. The government aims to enhance the professional services, health promotion, and emergency supply capabilities of the drug retail sector to better meet the healthcare needs of the population [1] Improving Pharmaceutical Services - The industry is encouraged to enhance pharmacy service capabilities by providing guidelines for retail pharmacy operations and expanding pharmacy services. Retail enterprises are urged to employ licensed pharmacists and health consultants, and to establish pharmacy service platforms for remote prescription reviews and medication guidance [2] - The reform of the medical and health system will continue, promoting the flow of external prescriptions and improving the efficiency of electronic prescription platforms [2] - Retail pharmacies will be allowed to provide insurance coverage for medications purchased with prescriptions from designated medical institutions, aligning payment standards with those of primary healthcare institutions [3] - The industry is encouraged to participate in centralized drug procurement to enhance bargaining power and ensure supply stability [3] Innovating Health Services - Retail pharmacies are urged to expand health management services, including medication guidance and health consultations, and to collaborate with community organizations to provide care services [5] - The development of digital and intelligent health services is encouraged, including the establishment of health consultation centers in retail pharmacies [6] - The industry is encouraged to explore new retail formats and enhance the shopping experience for consumers [6] Strengthening Emergency Services - Retail pharmacies are encouraged to improve their emergency supply capabilities, including establishing dynamic demand forecasting and inventory warning systems [7] - The industry is urged to participate in monitoring key drug markets and to provide services during emergencies, such as free delivery and 24-hour operations [7] Optimizing Industry Structure - The industry is encouraged to pursue mergers and acquisitions to optimize the retail pharmacy landscape and streamline operations [8] - Integration of wholesale and retail operations is promoted to enhance supply chain efficiency and reduce operational costs [8] - The marketing system for pharmaceuticals is to be optimized to ensure fair competition and reasonable pricing [8] Regulating Industry Order - The development of smart regulation is encouraged, with a focus on accurate tracking and verification of drug traceability codes [9] - The industry is urged to maintain fair competition, with strict regulations against illegal practices in online and offline settings [9] - Industry self-discipline is emphasized, with a call for the establishment of industry standards and accountability mechanisms [10]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued opinions to promote high-quality development in the pharmaceutical retail industry, emphasizing the importance of collective procurement and enhanced bargaining power for retail pharmacies [1] Group 1: Policy Recommendations - The policy encourages industry associations or leading regional pharmaceutical distribution enterprises to guide retail pharmacies in participating in centralized bulk procurement of drugs [1] - Retail pharmacies are encouraged to consolidate procurement demands and engage in joint purchasing for other drugs, aiming to link volume with pricing and improve negotiation capabilities [1] - Support is provided for retail pharmaceutical enterprises to procure through provincial medical procurement platforms as per regulations, with a focus on ensuring supply security from manufacturers [1]