订立收购协议前，外商独资企业(目标公司的间接全资附属公司)已与前海公司(即深圳前海北京同仁堂国 际电子商务有限公司)、银川公司(即银川同仁堂国际互联网医院有限公司)及登记股东(视情况而定)订立 一系列结构性合约，以获取合并联属实体的全部经济利益及裨益。为合约安排的目的，前海公司为银川 公司的直接境内控股公司，持有银川公司100%股权，而银川公司主要于中国从事互联网医疗及互联网 医院服务、线上医疗咨询及相关增值健康管理服务，该等业务须遵守中国法律法规项下的外国所有权限 制。透过合约安排，外商独资企业将实际控制合并联属实体的财务及营运，并将享有合并联属实体所产 生的经济利益及裨益的100%。收购协议项下的收购事项完成后(合约安排已订立)，合并联属实体的财务 业绩将并入集团综合财务报表，而合并联属实体将成为公司的间接附属公司。 目标集团主要从事跨境电商业务，于中国香港及中国为品牌产品(包括中成药、膳食补充剂及营养补充 剂产品，以下简称"健康与保健产品")提供网上零售、市场推广及物流支援服务。其亦透过合约安排在 中国经营互联网医疗服务及互联网医院，提供线上医疗咨询及相关增值健康管理服务。 目标公司(即Top Emin ...

证 券 研 究 报 告 [Table增_R持at（ing维] 持） | [行Ta业ble_Industry] : | 医药生物 | | --- | --- | | 日期: | 2026年02月26日 shzqdatemark | | [T分ab析le师_Author] : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | 《诺华 siRNA 降脂药物在华获批新适应 症，关注 PCSK9 及小核酸赛道》 《并购与授权合作持续活跃，关注创新药 领域资源整合加速》 ——2026 年 01 月 23 日 《产业化进程加速，脑机接口发展进入快 车道》 产业链体系持续完善、板块业绩回暖在望，关 注中药高质量发展 ——医药生物行业周报（20260209-0213） [Tab主le_要Su观mm点ary] 中药高质量发展方案发布，产业链协同体系持续完善。近期，工业和 信息化部等八部门关于印发《中药工业高质量发展实施方案（2026— 2030年）》（以下简称《实施方案》）。《实施方案》指出，加快中 药工业结构优化和转型升级，全面提升中药工业产业 ...

融资方面，葵花药业当日融资买入340.09万元。当前融资余额1.28亿元，占流通市值的1.56%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，葵花药业2月25日融券偿还2500.00股，融券卖出500.00股，按当日收盘价计算，卖出金额 7045.00元；融券余量15.45万股，融券余额217.69万元，超过近一年90%分位水平，处于高位。 资料显示，葵花药业集团股份有限公司位于黑龙江省哈尔滨高新技术产业开发区迎宾路集中区东湖路18 号，成立日期2005年9月7日，上市日期2014年12月30日，公司主营业务涉及各类中成药、化学药品(包 括生物制药)的研发、生产和销售。主营业务收入构成为：中成药64.83%，化学药26.56%，营养保健 8.22%，其他(补充)0.39%。 2月25日，葵花药业涨0.43%，成交额3013.84万元。两融数据显示，当日葵花药业获融资买入额340.09 万元，融资偿还408.11万元，融资净买入-68.02万元。截至2月25日，葵花药业融资融券余额合计1.31亿 元。 机构持仓方面，截止2025年9月30日，葵花药业十大流通股东中，易方达中证红利ETF（51518 ...

2月24日，山东科源制药股份有限公司（简称"科源制药"）发布2025年度业绩预告修正公告，将归母净 利润预期从同比下降35%-55%大幅下修至下降70%-80%，预计全年归母净利润仅1208.97万元至1813.45 万元。这场业绩"跳水"的直接导火索，是子公司一桩突如其来的合同纠纷诉讼。 公告显示，科源制药子公司山东力诺制药有限公司（简称"力诺制药"）于2月14日收到江苏省灌南县人 民法院《民事判决书》，就其与江苏赛邦药业有限公司的销售代理合同纠纷一案作出一审判决。依据该 判决，力诺制药需承担赔偿责任1610.70万元，该事项属于资产负债表日后调整事项，是公司无法合理 预见的事项，因此公司需对2025年度业绩预告情况作出修正：确认营业外支出约1610.70万元，同时相 应减少归属于上市公司股东的净利润。 科源制药认为，此次业绩修正源于上述判决对公司非经常性损益项目的影响，影响金额预计约1610.70 万元。业绩修正后，科源制药预计归母净利润为1208.97万元至1813.45万元，比上年同期下降70%至 80%。此前，科源制药预计归母净利润为盈利2720.19万元至3929.16万元，比上年同期下降35%至 ...

（编辑 袁冠琳） 证券日报网讯 2月24日，信邦制药在互动平台回答投资者提问时表示，公司从道地药材基地采购的中药 材用于自身生产中药饮片和中成药。公司已建立常用中药材战略储备机制，对冲中药材市场波动风险， 可以有效降低中药材价格异动对公司经营的影响。 ...

证券之星消息，2月23日南向资金增持26.4万股中国中药（00570.HK）。近5个交易日中，获南向资金减 持的有3天，累计净减持1560.2万股。近20个交易日中，获南向资金增持的有10天，累计净增持1971.2万 股。截至目前，南向资金持有中国中药（00570.HK）16.12亿股，占公司已发行普通股的32.0%。 中国中药控股有限公司是一家主要从事中药制造及销售的投资控股公司。该公司通过四个分部运营业 务。一方分部主要从事中药配方颗粒、中药大健康产品及中药饮片的生产及销售。天江分部主要从事中 药配方颗粒、中药饮片及中药大健康产品的生产及销售。该分部还透过其线下医疗机构提供中医药相关 的医疗保健解决方案,包括中医问诊诊断、中医理疗、中药配方颗粒处方药等产品。同济堂分部主要从 事中药配方颗粒、中药饮片及中成药的生产及销售。该分部还从事大健康产业的各种大健康产品的生产 及销售及透过线下医疗机构提供中药医疗保健解决方案。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - Chongqing Weier Kangqi Hui Pharmaceutical Co., Ltd. has been found to have safety hazards, leading to a suspension of sales as a risk control measure by the Chongqing Drug Administration [2] Company Summary - Company Name: Chongqing Weier Kangqi Hui Pharmaceutical Co., Ltd. [2] - License Number: 渝AA0230793 [2] - Business Address: No. 827, Section 33, Erhuan South Road, Tangxiang Street, Dazhu District, Chongqing [2] - Warehouse Address: No. 827, Section 33, Erhuan South Road, Tangxiang Street, Dazhu District, Chongqing, covering multiple floors [2] - Business Scope: Includes chemical raw materials and their preparations, antibiotic raw materials and their preparations, biochemical products, traditional Chinese medicine, Chinese medicinal materials, Chinese medicinal pieces, biological products, protein anabolic agents, and peptide hormones [2] Regulatory Actions - The Chongqing Drug Administration has implemented a sales suspension for the company due to identified safety hazards [2] - The company is required to strictly fulfill its primary responsibility to eliminate quality safety hazards and submit a rectification report to the Chongqing Drug Administration [2] - The risk control measures will be lifted only after a re-inspection confirms compliance with the necessary conditions [2]

Core Viewpoint - The National Healthcare Security Administration (NHSA) is set to adjust the National Medical Insurance Drug List in 2026, focusing on optimizing the review process and ensuring alignment with the current healthcare fund capabilities and drug supply conditions [1][4]. Group 1: Drug List Adjustment - The adjustment will prioritize Traditional Chinese Medicine (TCM) that has unclear adverse reactions, which will be targeted for removal from the list [1][3]. - The NHSA emphasizes a transparent and scientific review process, enhancing public communication regarding the adjustment logic and evaluation criteria [1][2]. Group 2: Reference Drug Communication - The NHSA has introduced a "Reference Drug Communication Method" to optimize the evaluation rules, allowing innovative drugs to apply for reference drug status earlier in the process [2][4]. - The selection of reference drugs will now occur before the traditional evaluation phase, enabling companies to prepare more comprehensive economic and clinical data [2][3]. Group 3: Focus on Traditional Chinese Medicine - TCM drugs with "unclear" labels regarding contraindications and adverse reactions will face stricter scrutiny, with new applications likely to be denied if such issues are present [3][5]. - A significant increase in drug applications is expected, with a 30% to 40% rise in 2025 compared to 2024, driven by a large existing drug inventory and accelerated approvals of innovative drugs [3][6]. Group 4: Regulatory Measures and Market Dynamics - The NHSA's ongoing efforts to regulate TCM include a focus on improving the quality of drug labels and ensuring that outdated or ineffective drugs are phased out [6][8]. - High-priced TCM products lacking unique therapeutic effects will be increasingly excluded from the market, as the NHSA has initiated multiple price governance actions [9].

Core Viewpoint - The National Healthcare Security Administration (NHSA) is set to adjust the National Medical Insurance Drug List in 2026, focusing on optimizing the review process and ensuring alignment with the current healthcare fund's payment capacity and drug supply situation [1][7]. Group 1: Drug List Adjustment Principles - The adjustment will adhere to the principles of steady progress and continuous optimization, emphasizing transparency and scientific evaluation in the review process [1][5]. - Traditional Chinese medicine (TCM) products with unclear adverse reactions will be prioritized for removal from the list [1][7]. Group 2: Reference Drug Communication Method - The NHSA has introduced a trial method for reference drug communication, which will allow for the selection of reference drugs to assess the value of new drug applications [3][5]. - This method aims to enhance the preparation of economic and clinical data by allowing early application for reference drug determination [5]. Group 3: Focus on Traditional Chinese Medicine - TCM products will be a key focus in the upcoming adjustments, particularly those with "unclear" labels in their instructions regarding contraindications and adverse reactions [5][7]. - From July 1, 2026, TCM products with unclear safety information will not be approved for re-registration, impacting those already on the list [5][11]. Group 4: Increase in Drug Applications - The number of drug applications for the National Medical Insurance Drug List has surged, with a projected increase of 30% to 40% in 2025 compared to 2024, and further growth expected in 2026 [6]. - The rapid approval of innovative drugs, with 76 new first-class innovative drugs approved in 2025, contributes to this increase [6]. Group 5: Regulatory Trends and Challenges - The tightening of regulations around TCM products indicates a rising barrier to entry, with a focus on eliminating products that lack clinical efficacy and have unclear safety profiles [11][12]. - The NHSA has been actively conducting price governance actions against TCM products that are overpriced without unique therapeutic effects, leading to their potential exclusion from reimbursement [12].

Core Insights - The adjustment of China's medical insurance drug catalog for 2026 will focus on traditional Chinese medicines (TCM) with unclear contraindications, adverse reactions, and precautions in their instructions [1][2] - The principle of supporting innovation in medical insurance remains unchanged, with a dynamic adjustment approach that emphasizes the clinical value of innovations [1] - Drugs that have been clinically replaced, have uncertain clinical effects, or have not been produced for a long time will be prioritized for removal from the catalog [1] Group 1 - The National Medical Insurance Administration indicated that TCM with "unclear" items in their instructions may be removed from the insurance catalog [1] - The adjustment process will maintain a balance of adding and removing drugs, focusing on those that do not meet current clinical needs [1] - The recent regulations from the National Medical Products Administration state that any TCM with unclear contraindications, adverse reactions, or precautions will not be re-registered after July 1, 2026, potentially leading to a significant exit of TCM from the market [1] Group 2 - TCM applications for inclusion in the insurance catalog will face challenges if their instructions contain "unclear" items [2] - Existing TCM in the current catalog may also be removed if they have unresolved issues in their instructions, aligning with national safety and rational medication requirements [2]