证券代码：688247 证券简称：宣泰医药 公告编号：2026-009 上海宣泰医药科技股份有限公司 2025年度业绩快报公告 ■ 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 本报告期，公司实现营业总收入44,649.88万元，同比下降12.73%；归属于母公司所有者的净利润为 4,894.63万元，同比下降61.67%，归属于母公司所有者的扣除非经常性损益的净利润为3,137.69万元， 同比下降72.47%。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以上海宣泰医药 科技股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 币种：人民币 （二）主要财务数据和指标增减变动幅度达3 ...

主要原因系：(1)报告期内，国家组织第十批药品集采开始执行，公司产品泊沙康唑肠溶片虽未中选本 次集采，但在集采带来的整体市场价格下行压力下，价格也随之下降，产品利润同比下降;(2)在美国市 场，受获批仿制药厂家增加及关税上升等因素影响，美沙拉秦肠溶片销售额与盈利水平同比下降;(3)公 司基于谨慎性原则，按照《企业会计准则》的相关规定，对相关的应收账款、存货、商誉等计提了减值 损失，对当期净利润产生了负面影响。 宣泰医药(688247.SH)发布2025年度业绩快报，报告期，公司实现营业总收入44,649.88万元，同比下降 12.73%;归属于母公司所有者的净利润为4894.63万元，同比下降61.67%。 ...

商业化能力卓越，创新转型迎业绩长周期增长 [Table_CoverStock] —康哲药业(0867.HK)公司首次覆盖报告 [Table_ReportDate] 2026 年 2 月 24 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 S1500523080002 tangaijin@cindasc.com 证券研究报告 公司研究 上次评级 [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 康哲药业 恒生综合指数 资料来源：iFinD，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 15.44 | | --- | --- | | 52 周内股价波动区间(港元) | 7.15-15.45 | | 最近一月涨跌幅(％) | 13.03% | | 总股本(亿股) | 24.40 | | 流通股比例(％) | 100% | | 总市值(亿港元) | 376.66 | | 资料来源：iFinD，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣 ...

本报讯（记者柴嵘）市医保局近日介绍，第十一批国家组织药品集采、二十六省联盟药品集采及2025年 本市药品集采中选结果，将于2月28日在本市所有公立医疗机构落地执行。高血压、糖尿病、肿瘤等多 个病种患者将受益。 3个批次集采覆盖临床多领域用药，各有侧重：第十一批国家集采共纳入55种药品，覆盖抗感染、抗过 敏、抗肿瘤、降血糖、降血压、降血脂、消炎镇痛等领域常用药品；二十六省联盟集采由北京、天津、 山西等省份联合开展，聚焦临床高频使用药品，通过跨省联盟集中采购模式降低价格，保障药品稳定供 应；本市药品集采聚焦区域就医需求，与国家、省联盟集采形成品类互补，进一步丰富临床用药选择。 医疗机构须按进价零差率销售3个批次集采中选药品。 医保部门将建立监督考核机制，把医疗机构中选药品配备使用、采购量完成情况、回款效率等纳入考 核，结果与医保总额预算质量评价挂钩，未完成采购量将扣减相应医保基金。自集采结果落地执行第3 个月起，各区还将排查中选药品进院情况，推动各级医疗机构落实供应，确保政策红利惠及患者。 ■新闻名词 药品集采 集采全称为集中带量采购，由国家或省级层面组织。它类似于大型"团购"，政府将医疗机构零散的药品 采购需求 ...

（来源：嘉兴日报） 自2018年版基药目录实施以来，已有8年未变。其间，集采已开展多批，医保目录也每年动态调整，而 基药目录静止不动，导致许多基层医院的药品配备更新滞后。集采中选的质优价廉药品若未在基药目录 内，基层医院受制于"基药配备品种金额占比"等考核，往往难以或不愿大量采购配备。结果便是，集采 省下的钱、医保扩大的保障网，在抵达基层患者时出现了令人遗憾的"断点"。 基药目录只有顺势调整，才能赶上惠民的快车。新《办法》将基药目录调整周期明确为"原则上不超过3 年"，正是为了扭转这种滞后局面。唯有让基药目录及时吸纳经过集采验证的药品，将临床必需且医保 覆盖的新药好药纳入其中，才能让惠民政策形成合力，畅通无阻地抵达基层。 此次新《办法》的出台，为基药目录"新陈代谢"建立了更科学、更规范的机制。目录调整只是起点，其 与集采、医保支付等政策的深度衔接能否在操作层面无缝落地，能否切实打破基层用药壁垒，仍需拿出 更精细的配套方案和更大的执行力度。只有当基药目录赶上惠民政策的快车，广大患者方能及时在家门 口获得药价大降和新药增加等红利。 春节前，国家卫生健康委等11部门联合印发新的《国家基本药物目录管理办法》，其中特别 ...

北京市医保局近日发布通知，第十一批国家组织药品集采、二十六省联盟药品集采及2025年本市药品集 采中选结果，将于2月28日在本市所有公立医疗机构落地执行。高血压、糖尿病、肿瘤等多个病种患者 将受益。 3个批次集采覆盖临床多领域用药，各有侧重：第十一批国家集采共纳入55种药品，覆盖抗感染、抗过 敏、抗肿瘤、降血糖、降血压、降血脂、消炎镇痛等领域常用药品；二十六省联盟集采由北京、天津、 山西等省份联合开展，聚焦临床高频使用药品，通过跨省联盟集中采购模式降低价格，保障药品稳定供 应；本市药品集采聚焦区域就医需求，与国家、省联盟集采形成品类互补，进一步丰富临床用药选择。 医疗机构须按进价零差率销售3个批次集采中选药品。 2月24日起，本市医保药品招采子系统将统一调整中选药品价格；2月24日至27日为过渡期，医疗机构应 完成中选药品品种、价格、医保支付标准及信息系统调整调试等工作，并开始网上采购中选药品。2月 28日起，本市所有公立医疗机构全面执行中选结果及对应医保支付标准。3个批次集采采购周期分别 为：国家第十一批集采至2028年12月31日，二十六省联盟集采至2027年12月31日，本市药品集采为3 年。 来源：北 ...

经济观察网 安科生物（300009）近期在药品集采及创新药研发方面取得多项进展。 抗感染药物AK1012项目（干扰素α2b吸入溶液）正在开展II/III期临床试验。 参股公司博生吉安科的PA3-17注射液（CD7-CAR-T疗法）被纳入突破性治疗品种，处于关键II期临床； 元宋生物的"重组L-IFN腺病毒注射液"推进至IIa期。 与阿法纳合作的AFN0328注射液（治疗HPV相关病变）完成I期临床，属首创药物。 战略推进 股票近期走势 国家集采接续采购中选：2026年2月11日，公司公告其阿托西班注射剂（适用于推迟早产）和丙酚替诺 福韦口服常释剂型（适用于慢性乙型肝炎）拟中选国家组织药品集采协议期满品种接续采购。采购周期 计划至2028年12月31日，若后续合同落地，可能对销售量及市场占有率产生积极影响。 产品研发进展 在研产品临床试验推进：根据2026年2月6日公司披露，多项创新药研发取得进展： HER2靶点药物如HuA21注射液（已完成Ib/II期入组，计划III期）、AK2024注射液（I期临床）和HK010 双抗（II期首例入组）正处于关键阶段。 生长激素领域，AK2017注射液（重组人生长激素-Fc ...

Group 1 - The stock price of Hanchang Group (600774) has shown relatively stable fluctuations over the past week, with a range of -0.10% and an amplitude of 4.68%. The closing price on February 13, 2026, was 9.82 yuan, with a single-day increase of 0.51% and a trading volume of 51.65 million yuan, indicating low short-term capital participation as the main capital outflow was 4.38 million yuan [1] - On February 9, 2026, a national drug procurement bidding was held, involving 316 types of chemical drugs, which may impact pricing and sales expectations in the pharmaceutical sector. Hanchang Group's main business includes chemical drug formulations, accounting for 47.74% of its operations [2] - According to the Q3 2025 financial report, Hanchang Group achieved an operating income of 764 million yuan from January to September 2025, a year-on-year decrease of 15.49%. However, the net profit attributable to shareholders increased significantly by 274.07% to 9.33 million yuan, mainly due to cost control and improvements in non-recurring income, although the overall profitability remains under pressure with a negative price-to-earnings ratio [3] Group 2 - Institutional attention towards Hanchang Group is low, with the latest sentiment being neutral and no recent research records. All institutional ratings are neutral, with no clear target price or profit forecast adjustments, indicating a lack of short-term expectations from the market [4]

Core Viewpoint - Beijing Shuanglu Pharmaceutical Co., Ltd. is facing severe financial difficulties, with a projected net profit loss of between -290 million to -200 million yuan for 2025, representing a maximum decline of 291.54% compared to the previous year [1][6]. Group 1: Investment Business - The company has expanded its investment portfolio over the past few years, focusing on early-stage equity investments in the pharmaceutical sector, participating in seven financing rounds since 2010, with investments ranging from tens of millions to over a hundred million yuan [7]. - In 2024, the company extended its investments into the securities market, but this led to significant fluctuations in performance due to market volatility [7]. - The company reported a fair value loss of 178 million yuan in 2024 due to stock price declines of its investments, while the first three quarters of 2025 saw a fair value gain of approximately 128 million yuan, which was later reversed in the fourth quarter, resulting in an overall loss for the investment business [2][7]. Group 2: Main Business Decline - Since 2021, the company's revenue has continuously declined from 1.215 billion yuan to 459 million yuan in the first three quarters of 2025 [8][11]. - The biopharmaceutical and biochemical segments saw revenue declines of 18.71% in the first half of 2025, while the chemical drug segment experienced a more significant drop of 27.54% due to the impact of centralized procurement policies [8]. - Sales of several core pharmaceutical products have significantly decreased, with the sales revenue of the core product in trauma repair, recombinant human basic fibroblast growth factor, dropping by 28.38% [9]. Group 3: Strategic and Financial Concerns - The dual challenges of investment losses and main business decline have led to a "dual-line loss" situation for the company, highlighting its inadequate response to industry policy adjustments and a lack of clear strategic direction [10]. - The company's early-stage equity investments are characterized by long cycles, high risks, and low liquidity, while its foray into securities investments has further amplified performance volatility [10]. - The ongoing centralized procurement policies have compressed profit margins for the company's pharmaceutical products, and specific measures to mitigate these risks have not been disclosed [10].

Core Insights - Company plans to select seven products, including Ceftriaxone Sodium Injection, in the national drug centralized procurement, which is expected to enhance its market share in core antibiotic products [1][2] - The sales revenue of these products is approximately 414 million yuan, accounting for 21.45% of the company's total revenue for the first three quarters of 2025 [1][2] - The procurement cycle is anticipated to run from the end of March 2026 to the end of December 2028 [2] Recent Events - On February 11, 2026, the company announced that its subsidiaries are set to be selected for the procurement of seven products, which will help consolidate its market position [2] - The company’s subsidiary, Guangdong Jincheng Jinsuo Pharmaceutical Co., Ltd., has been re-certified as a high-tech enterprise, which may provide tax benefits and policy support for three years [2] - As of January 30, 2026, the number of shareholders has slightly increased to 29,200, reflecting a 0.31% growth, with an average shareholding value rising by 1.68% [2] Stock Performance - Over the past week (February 6 to 12, 2026), the company's stock price fluctuated between 15.30 yuan and 15.29 yuan, with a slight overall decline and a price range fluctuation of 2.32% [3] - As of February 12, 2026, the stock price was 15.29 yuan, down 1.55%, underperforming the pharmaceutical and biotechnology sector, which fell by 0.60% [3] - Recent capital flow indicates a net outflow of major funds, with a net outflow of 8.5 million yuan on February 12, while small and medium-sized investments showed a net inflow, indicating higher retail investor participation [3]