Group 1: Healthcare Policy Changes - The new national medical insurance drug list has been implemented, adding 114 new drugs covering areas such as cancer, diabetes, and rare diseases [2] - A new batch of centralized procurement for 55 drugs will take place in February 2026, including medications for allergies, diabetes, and antiviral treatments [2] - The National Health Commission mandates that primary healthcare institutions must be equipped with at least five categories of antihypertensive drugs starting March 1, 2026 [3] Group 2: Maternal and Child Health Initiatives - From July 1, 2025, Jiangsu Province has implemented a "zero out-of-pocket" policy for hospital deliveries, with the aim to expand this benefit nationwide by 2026 [4] - The 2026 initiatives include increasing maternity subsidies, expanding coverage for flexible workers and migrant workers, and integrating suitable pain relief methods into medical insurance [4] Group 3: Long-term Care Insurance Developments - Long-term care insurance is currently focused on severely disabled individuals, with plans to include moderately disabled individuals by 2026 [6] - An action plan to enhance elderly care services will be launched, establishing geriatric departments in hospitals and extending care services to communities and homes [6] Group 4: Medical Service Accessibility and Efficiency - The medical imaging cloud platform will expand its cross-province data sharing capabilities, aiming for over 300 mutual recognition projects among medical institutions by the end of 2027 [8] - Starting January 1, 2026, all medical institutions must implement full collection and upload of drug traceability codes to combat illegal use of medical insurance funds [8]

Group 1: New Drug Policies - The new national medical insurance drug list has been implemented, adding 114 new drugs covering areas such as cancer, diabetes, and rare diseases [2] - A new batch of centralized procurement for 55 drugs will take place in February 2026, including medications for allergies, diabetes, and antiviral treatments [2] - The first version of the commercial insurance innovative drug directory has been released, providing 19 innovative drugs for reference in product design [2] Group 2: Maternal and Child Health - From July 1, 2025, Jiangsu province implemented a "zero out-of-pocket" policy for hospital deliveries, with the aim to expand this benefit nationwide by 2026 [4] - The 2026 initiatives include increasing maternity subsidies, expanding coverage for flexible workers and migrant workers, and incorporating suitable pain relief methods into medical insurance [4] - A series of measures are being introduced to support child health and development, including direct disbursement of maternity benefits to insured individuals [4] Group 3: Elderly Care and Long-term Insurance - Long-term care insurance is expanding to cover more individuals, with a focus on enhancing elderly care services starting in 2026 [6][7] - The initiative includes establishing geriatric departments in hospitals and extending care services to community and home settings [6] Group 4: Healthcare Accessibility and Insurance Fund Security - The medical imaging cloud platform will enhance the sharing of diagnostic data across provinces, aiming for over 300 mutual recognition projects by the end of 2027 [8] - The implementation of cross-province use of employee medical insurance accounts will be fully realized in 2026 [8] - A new drug traceability system will be enforced from January 1, 2026, to combat illegal activities related to medical insurance funds [8]

Investment Rating - The report suggests a positive outlook for the pharmacy and traditional Chinese medicine sectors, anticipating a recovery in 2026 after a weak performance in 2025 [2][5]. Core Insights - The pharmacy sector is expected to benefit from market consolidation, with leading companies likely to increase their market share through mergers and acquisitions during the industry clearing phase [3][11]. - The traditional Chinese medicine sector is projected to stabilize and potentially recover, driven by an increase in flu incidence and the upcoming update of the essential drug list [57][60]. Summary by Sections Pharmacy Sector - **Market Review**: The pharmacy sector faced significant challenges in 2025, with a decline in same-store sales and an overall reduction in the number of operating stores since Q4 2024 [5][20]. - **Policy Environment**: Regulatory measures are promoting a more compliant and healthier industry ecosystem, which is expected to benefit leading companies [14][15]. - **Market Size**: In the first ten months of 2025, the sales scale of physical pharmacies was 501.3 billion yuan, a year-on-year decrease of 1.6%, primarily due to a decline in non-pharmaceutical sales [16][21]. - **Competitive Landscape**: The number of pharmacies in China reached approximately 684,000 by the end of 2024, with a notable increase in store closures, particularly among smaller chains [20][24]. - **Marginal Performance**: There has been a slight recovery in retail sales data, with leading companies showing improved performance through cost reduction and efficiency measures [32][34]. - **Outlook for 2026**: Focus on market consolidation and the development of non-pharmaceutical products is recommended, as leading companies are expected to enhance their market share [44][52]. Traditional Chinese Medicine Sector - **Market Review**: The traditional Chinese medicine sector experienced overall weak performance in 2025, with some companies seeing temporary valuation increases due to innovative pipelines [57][58]. - **In-Hospital Opportunities**: The upcoming update of the essential drug list is expected to benefit companies with products that have the potential to be included [60]. - **Out-of-Hospital Opportunities**: An increase in flu incidence in Q4 2025 is anticipated to aid in inventory digestion, with some companies expected to see improved performance [60]. - **High Dividend Stocks**: Companies such as Lingrui Pharmaceutical, Jichuan Pharmaceutical, and Dong'e Ejiao are highlighted as stable high-dividend investment opportunities [60].

精彩内容 近期，集采消息频传：江苏63个品种集采开标在即，国采1-8批接续来袭，浙江拟开展第六批集采，河南34个国采可替代、用量大、金额高的药品集采提 上日程，不乏顺铂注射剂等同为国家基药和医保甲类药品种，以及丙帕他莫注射剂等2024年在河南省公立医院终端销售额超8000万元的畅销药。国家重磅 会议释放新一轮国采信号，超140个品种满足7家及以上的企业竞争格局，齐鲁、远大、倍特等过评品种数惊人。 集采品种目录再优化，聚焦可替代、用量大、金额高 今年4月，河南省医保局发布《关于开展部分药品信息摸底工作的通知》（下文简称《通知》），拟对47个国采可替代药品进行摸底，并纳入参考监测清 单。 时隔约8个月（12月9日），《河南省牵头34种药品省际联盟采购规则要点（征求意见稿）》（下文简称《意见稿》）出炉，河南牵头拟对34个国采可替代 品种以及本省遴选的用量大、金额高药品开展新一轮带量集采（下文简称"河南省集采"）。 来源：河南省医保局 从集采品种上看，《意见稿》对比《通知》剔除了氨溴索口服液体剂、硝酸异山梨酯口服常释剂型、左西替利嗪口服液体剂、脂肪乳(C14-24)注射剂、普 拉洛芬滴眼剂、七氟烷吸入剂、卡铂注射剂、 ...

年末各个地方集采仍在持续开展。 同期值得注意的是，推进的河北牵头京津冀赣化药集采规模再创新高，187个纳入品种中不乏水飞蓟 宾、复方氨酚烷胺、塞替派等重磅产品。其中水飞蓟宾胶囊2024年销售额6.98亿元，2025年上半年达 3.31亿元；维生素D滴剂作为首年约定采购量最大的品种，仅河北、江西两省填报总量就接近2400万 瓶，2024年销售额达18.88亿元。 2025 年末，地方联盟集采进入集中落地期，多省联动采购模式持续扩容，纳入品种均聚焦临床用量 大、市场规模高的核心品类，形成 "国家集采补位 + 地方特色覆盖" 的全方位采购体系。 本月，地方药品集采密集落地——河南牵头34种药品省际联盟集采、京津冀赣化学药品集中带量采购、 河北联盟集采到期接续采购等多项举措接连推进，地方联盟集采的扩面提速态势显著。 此外，国家医保局年初已明确规划，2025年将在地方层面开展具备专业特色的全国联盟采购预计达到20 个左右，包括中成药、中药饮片以及高值耗材等，预计2025年国家和联盟组织开展的药品集采品种将达 到700个。 本月初，河南省医保局启动省际联盟集采，覆盖 34 个市场关注度较高的品种，剂型分布呈现 "注射剂 ...

Core Viewpoint - The company Fangsheng Pharmaceutical is initiating the liquidation of five subsidiaries that have not been operational or have ceased operations, following the previous liquidation of eight companies within four months, totaling thirteen companies [1][3][4]. Group 1: Company Actions - Fangsheng Pharmaceutical announced the liquidation of five subsidiaries, including Hunan Fangtai No. 2 to No. 5 Management Partnership and Hunan Fangsheng Tang Traditional Chinese Medicine Technology Co., Ltd. [3][16]. - The registered capital of these companies ranges from 8.78 million yuan (Fangtai No. 5) to 30 million yuan (Fangsheng Tang) [3][16]. - The company aims to reduce management costs and optimize resource allocation to enhance operational efficiency, consistent with the reasons for the previous liquidation [4][17]. Group 2: Financial Performance - In 2024, Fangsheng Pharmaceutical achieved a revenue of 1.777 billion yuan, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 255 million yuan, up 36.61% [6][18]. - The first three quarters of 2025 saw a net profit of 268 million yuan, representing a year-on-year growth of 17.60% [6][18]. - However, the medical business and other segments experienced a significant revenue decline of 41.12% to 76.96 million yuan in 2024, primarily due to the exit of three companies from the consolidated financial statements [6][18]. Group 3: Business Structure and Challenges - The company’s core products include various medications, with some experiencing revenue declines due to centralized procurement price reductions and the divestiture of pharmaceutical commercial operations [20][22]. - Despite the growth in core product sales, the overall revenue growth is hindered by price reductions and the exit of certain business segments [20][22]. - Fangsheng Pharmaceutical's total market value as of December 17 was 4.878 billion yuan, which is below the industry median, and its revenue of 1.777 billion yuan is only 35% of the industry average [22][23].

证券研究报告·公司深度报告 2025 年 12 月 11 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（首次） | | --- | --- | | 当前价格: | 3.22元 | | 目标价格: | 3.64元 | | 目标期限: | 6 个月 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 2232.03 | | A 股股本(百万股) | 2232.03 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 98.46 | | 12 个月最高/最低(元) | 4.08/2.12 | | 第一大股东 | 沈臻宇 | | 第一大股东持股比例(%) | 4.92 | | 上证综指/沪深 300 | 3878.00/4531.05 | % 1 个月 3 个月 12 个月 相对收益 -4.31 -6.61 8.72 绝对收益 -6.94 -5.01 23.37 数据来源：聚源 注：相对收益与沪深 300 相比 医药行业研究组 分析师：吴春红 誉衡药业 002437.SZ 医药生物行业 双核心业务筑牢基本盘，多矩阵 ...

证券代码：300705 证券简称：九典制药 债券代码：123223 债券简称：九典转 02 湖南九典制药股份有限公司 投资者关系活动记录表 编号：2025-28 | | □分析师会议 特定对象调研 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 其他 | | 参与单位名称及 | 深圳晋合投资、汇智融达基金、湖南三十九铺投资者代表共 3 | | 人员姓名 人 | | | 时间 2025 | 年 12 月 8 日上午 10:00-11:30 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总经理兼董事会秘书：曾蕾 | | 员姓名 | | | | 首先董事会秘书简要介绍了公司的基本情况，接下来主要采 | | | 用解答投资者提问的方式进行，主要问题回复如下： | | | 1、洛索洛芬钠凝胶贴膏集采落地后，公司有哪些具体应对措 | | 施？ | | | | 回复：洛索洛芬钠凝胶贴膏作为公司重点产品，其集采 | | | 落地后，公司将通过多维举措积极应对：在销售端，我们将 | | 投资者关系活动 | 依 ...

【深圳商报讯】(记者陈燕青)随着流感高发季来临，流感药需求激增，奥司他韦等销量均出现明显增 长。记者注意到，在放弃集采后，近期东阳光（600673）药推出的一款奥司他韦颗粒新品价格出现涨 价。 奥司他韦由罗氏制药于1997年研发成功，1999年在美国首次获批医疗用途，2002年进入中国市场。2006 年东阳光药获得该药物专利授权，开启本土化大规模生产并迅速占领市场。不过，随着奥司他韦专利期 结束，市场竞争进一步加剧，目前该药物在销企业超过40家，包括双鹭药业（002038）、科伦药业 （002422）等上市药企。 东阳光药的核心产品"可威"(磷酸奥司他韦)曾一度占据国内90%市场份额。2023年贡献55.46亿元收入， 占公司总营收近九成。然而，2024年，该药的销售收入降至25.8亿元，占营收比例下降至64.2%。 奥司他韦是目前销售额最高的流感特效药，也是第11批国家组织药品集采中标结果最令行业意外的品 种。11批国采的奥司他韦颗粒剂，常年占据七成以上市场份额、报量最大的东阳光药竟未中标，反而是 湖南慧泽与成都第一制药入围。不过，有消息称东阳光药并非落选，而是主动报高价弃标。 ...

Core Viewpoint - The National Healthcare Security Administration (NHSA) is committed to institutionalizing and regularizing the drug procurement process to enhance the organization of medical procurement at both national and local levels [1] Group 1: Drug Procurement Optimization - The NHSA will continuously optimize drug procurement measures, focusing on clinical needs and ensuring quality and supply security [1] - There is an emphasis on increasing the accessibility of procured drugs to grassroots medical institutions, private medical facilities, and retail pharmacies [1] Group 2: Direct Settlement and Efficiency - The NHSA aims to accelerate direct settlement between medical insurance and pharmaceutical companies [1] - The goal is to make medication use more secure and reassuring for the public [1]