Core Viewpoint - Huadong Medicine (000963) has seen a slight increase in stock price and market capitalization, with recent announcements regarding the inclusion of its products in national medical insurance and commercial health insurance directories, which may benefit future market promotion but will not significantly impact recent performance [1]. Group 1: Stock Performance - As of December 8, 2025, Huadong Medicine's stock closed at 42.52 yuan, up 0.93% from the previous trading day [1]. - The stock opened at 42.58 yuan, reached a high of 43.07 yuan, and a low of 42.09 yuan, with a trading volume of 2.94 billion yuan and a turnover rate of 0.39% [1]. Group 2: Product Inclusion in Directories - On December 7, 2025, the National Healthcare Security Administration and other departments released a new version of the drug directory and commercial health insurance innovative drug directory [1]. - Huadong Medicine's subsidiary, Sino-American Huadong, has had its Ustinumab injection included in the regular directory management, with payment scope remaining unchanged [1]. - The company's cooperative products, Senapali capsules and Pentanedioic acid linaclotide capsules, have been included in the negotiated drug directory, while Zevokiorun injection has been added to the commercial insurance innovative drug directory [1]. - The new directory will take effect on January 1, 2026, and the inclusion of these products is expected to facilitate future market promotion, although it will not have a significant impact on the company's recent performance [1].

Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released a notification regarding the new National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory, as well as the Commercial Health Insurance Innovative Drug Directory for 2025 [1] - The company's subsidiary, Hangzhou Sino-American East Pharmaceutical Co., Ltd., has its product Ustinumab Injection adjusted to regular directory management, with changes in payment scope compared to the previous version [1] - The company's cooperative products, Senapali Capsules and Pentanoic Acid Linaclotide Capsules, have been included in the negotiated drug section, while Zewokiorunsai Injection is included in the Commercial Health Insurance Innovative Drug Directory [1] Group 2 - The new drug directory will officially take effect on January 1, 2026, and the relevant information regarding medical insurance payment standards and reimbursement details will be based on announcements from the National Healthcare Security Administration and other relevant government departments [1] - The inclusion of these products in the national medical insurance and commercial health insurance innovative drug directories is not expected to have a significant impact on the company's recent performance but is anticipated to assist in product market promotion in the future [1]

Core Points - The announcement details that certain products from East China Pharmaceutical Co., Ltd. and its wholly-owned subsidiary, Hangzhou Sino-American East China Pharmaceutical Co., Ltd., have been included in the new National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs [1][4] - The inclusion of the products is expected to aid in market promotion, although it will not have a significant impact on the company's recent performance [4] Group 1: New Inclusion in Drug Catalogs - The company's product, Ustinumab injection, has been adjusted to regular catalog management, with changes in payment scope compared to the previous version [1][2] - Collaborative products, Senapali capsules and Butanedioic acid linaclotide capsules, have been included in the negotiated drug section, while Zewokiorunsai injection is part of the commercial health insurance innovation drug catalog [1][3] Group 2: Impact on the Company - Other products already included in the National Medical Insurance catalog have not been removed in this update [4] - The new drug catalog will take effect from January 1, 2026, and the specific reimbursement standards and details will be based on announcements from relevant government departments [4]

（编辑 王江浩） 证券日报网讯 12月7日晚间，华东医药发布公告称，公司全资子公司杭州中美华东制药有限公司乌司奴 单抗注射液调整至常规目录管理，支付范围较前一版药品目录有所变动；公司合作产品塞纳帕利胶囊、 戊二酸利那拉生酯胶囊被纳入协议期内谈判药品部分，泽沃基奥仑赛注射液被纳入商保创新药目录。 ...

Corporate Announcements - China Pacific Insurance announced that Vice President Yu Ze is under investigation for serious violations of discipline and law, but this will not affect the company's management [2] - Guanglian Aviation reported that its controlling shareholder and chairman Wang Zengduo has had his detention lifted, allowing him to resume his duties, with normal operations continuing [3] - China Communications Construction Company clarified that it bears no repayment or guarantee obligations related to overdue financial products linked to its controlling shareholder, and its operations remain normal [4] - Annie Co. is planning a change in control, with stock trading resuming on December 8, 2025, after a share transfer agreement is signed [5] - Guoao Technology announced that its actual controller is planning a change in control, leading to a temporary suspension of its stock [6] - ST Tianrui terminated its planned change in control due to a lack of consensus, with stock resuming trading on December 8, 2025 [7] Industry Developments - Double Star New Materials noted that leading companies in the BOPET industry have reached a consensus on production cuts to balance supply and demand, although the sustainability of long-term price increases remains uncertain [8] - First Venture received a notice of administrative penalty for failing to diligently supervise a bond project, resulting in fines and warnings, but this will not significantly impact its operations [12] - China Chemical announced that its nylon new materials project has reached full production capacity, enhancing efficiency and market competitiveness [14] Pharmaceutical Sector Updates - Hengrui Medicine reported that nine of its drugs have been included in the national medical insurance directory, with a total expected sales of approximately 8.66 billion yuan for 2024 [15] - Junshi Biosciences announced that its products have received new indications and have been included in the national medical insurance directory, enhancing market accessibility [16] - Huadong Medicine's subsidiary has had its products included in the national medical insurance and commercial insurance innovation drug directories, aiding market promotion [17] - Aidi Pharmaceutical's two innovative HIV drugs have been renewed for inclusion in the national medical insurance directory, with specific pricing established [18] - ZhiXiang JinTai's monoclonal antibody has been included in the national medical insurance directory, which is expected to positively impact future sales [19] - Fosun Pharma announced multiple products have been newly included in the national medical insurance directory, which is anticipated to positively influence future performance [20] - Zejing Pharmaceutical's drug has been included in the national medical insurance directory, which will enhance affordability and market promotion [21] - Micron Biologics' product has been included in the national medical insurance directory, with no significant impact on current performance expected [22] Shareholder Commitments - Tianci Materials' controlling shareholder has committed not to reduce his shareholding in the company for six months, reflecting confidence in the company's future [23] Major Contracts - Guangqi Technology's subsidiary signed contracts worth 696 million yuan for the mass production of metamaterials, expected to impact the company's performance in 2026 [24]

Core Viewpoint - The announcement from Huadong Medicine indicates that several of its products have been included in the new drug catalog released by the National Healthcare Security Administration and the Ministry of Human Resources and Social Security, which is expected to aid future market promotion without significant immediate impact on recent performance [1] Group 1: Product Inclusion - Huadong Medicine's subsidiary, China-US Huadong, has its Ustinumab injection adjusted to routine catalog management, with changes in payment scope [1] - The cooperative products, Senaparib capsules and Vutrisiran capsules, have been included in the negotiated drug list during the agreement period [1] - The drug Zevulonase injection has been included in the commercial insurance innovative drug catalog [1] Group 2: Future Implications - The new drug catalog will be implemented starting in 2026, suggesting a longer-term benefit for the company's market positioning [1] - The inclusion of these products is expected to facilitate future market promotion efforts [1]

Core Viewpoint - The announcement by Huadong Medicine indicates changes in the management of its products under the new national medical insurance directory, which may impact the company's revenue and market positioning [1] Group 1: Product Adjustments - Huadong Medicine's subsidiary, Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., has had its Ustinumab injection liquid adjusted to regular directory management, with changes in the payment scope compared to the previous version of the drug directory [1] - The company's cooperative products, Senapali capsules and Pentanedioic acid linaclotide capsules, have been included in the negotiated drug section within the agreement period [1] - The drug Zewokaiolun injection liquid has been included in the commercial insurance innovative drug directory [1] Group 2: Other Products - Other products from the subsidiary that are already included in the national medical insurance directory have not experienced any changes in their directory status during this update [1]

Core Insights - Newnow's performance has been under pressure since its transition to innovative drugs, resulting in its first quarterly loss since going public in 2019, with a net profit of -24.05 million yuan for the first three quarters of this year, a year-on-year decline of 117.26% [1][2] Financial Performance - The sales expenses for Newnow increased by 87.12% to 202 million yuan, primarily due to increased marketing investments in the biopharmaceutical sector [2] - Research and development expenses rose by 49.56% to 683 million yuan, driven by Giant Stone Biotech's increased investment in R&D [2] - Newnow's net cash flow from operating activities was -175 million yuan for the first three quarters [4] Strategic Moves - Newnow is planning to further acquire a 29% stake in Giant Stone Biotech for 1.1 billion yuan, increasing its ownership from 51% to 80% [2] - The company aims to list on the Hong Kong Stock Exchange to enhance its global strategy and improve its capital operation platform [4] Market Performance - Newnow's stock price experienced significant volatility, with a cumulative increase of 134.65% from January 2 to June 6, followed by a decline of 47.89% from June 9 to November 5 [5] - As of November 5, Newnow's stock closed at 32.6 yuan per share, with a total market capitalization of 45.79 billion yuan [6] Management Issues - The former chairman of Newnow, Pan Weidong, was penalized for insider trading, leading to his resignation [7] - A planned acquisition of Shiyao Baike was ultimately terminated in April, indicating challenges in the company's strategic initiatives [8]

Core Viewpoint - Since transitioning to innovative drugs, the company has faced continuous pressure on its performance, resulting in its first-ever quarterly loss since its listing in 2019 [1][3]. Financial Performance - For the first three quarters of the year, the company reported a net profit attributable to shareholders of -24.04 million yuan, a year-on-year decline of 117.26% [2][3]. - Revenue for the same period was 1.59 billion yuan, reflecting a year-on-year increase of 7.71% [2][3]. - Sales expenses surged by 87.12% to 202 million yuan, primarily due to increased marketing investments in the biopharmaceutical sector [3]. - R&D expenses rose by 49.56% to 683 million yuan, driven by significant investments in innovation following the acquisition of Giant Bio [3]. Strategic Initiatives - The company is planning to strengthen its control over Giant Bio by acquiring an additional 29% stake for 1.1 billion yuan, increasing its ownership from 51% to 80% [3]. - The transition to innovative drugs is seen as a necessary move, despite its impact on short-term profits due to high R&D and marketing costs [4]. Market Activity - The company is preparing for an IPO in Hong Kong to enhance its global strategy and improve its capital operations [6]. - The company's cash flow from operating activities for the first three quarters was -175 million yuan, indicating financial strain [6]. Stock Performance - The company's stock has experienced significant volatility, with a 134.65% increase in the first half of the year, followed by a decline of over 40% since June 9 [7]. - As of November 5, the stock price was 32.6 yuan per share, with a total market capitalization of 45.79 billion yuan [8]. Management Changes - The former chairman was penalized for insider trading, which has raised concerns about governance [9]. - Following the resignation of the former chairman, the company appointed a new chairman, Yao Bing [10].

Core Viewpoint - Huadong Medicine has received acceptance for the marketing authorization application of its innovative topical formulation Roflumilast Cream (ZORYVE) 0.3%, aimed at treating plaque psoriasis in patients aged 6 and above, which is expected to enhance the company's competitiveness in the autoimmune disease sector and provide breakthrough treatment options for psoriasis patients in China [1][4]. Market Opportunity - The active ingredient Roflumilast is a highly selective non-steroidal phosphodiesterase-4 (PDE4) inhibitor, approved by the FDA for treating various skin conditions, including plaque psoriasis, and is the first topical PDE4 inhibitor approved for this indication globally [2][3]. - The psoriasis market in China has shown significant growth, with the market size increasing from $604 million in 2018 to $1.436 billion in 2022, reflecting a compound annual growth rate (CAGR) of 24.2% [4]. - The Chinese psoriasis drug market is projected to reach ¥139 billion in 2023 and is expected to grow to ¥894 billion by 2032, with a CAGR of 59.1% [4]. Product Advantages - Roflumilast Cream demonstrates significant clinical advantages, including rapid onset of action, effective reduction of plaques, and significant relief from itching, while its unique HydroARQ technology enhances user comfort [2][3]. - The cream is non-hormonal, allowing for long-term use without restrictions, making it suitable for sensitive areas such as the face and underarms [2]. Company Strategy and Pipeline - Huadong Medicine is focusing on the autoimmune disease sector, which is experiencing rapid global growth, with the market expected to rise from $132.3 billion in 2022 to $176.7 billion by 2030 [5]. - The company has developed a diverse product pipeline in the autoimmune field, covering various conditions, and has over 20 innovative products in development [6]. - Huadong Medicine has established a "golden product combination" for psoriasis treatment, including monoclonal antibodies and both oral and topical formulations, aiming to provide comprehensive treatment options for patients [6]. Future Outlook - The acceptance of the Roflumilast Cream application marks the seventh marketing application milestone for Huadong Medicine in 2023, indicating a strong pipeline of innovative products [6]. - The company is expected to see multiple innovative drugs approved between 2025 and 2026, further solidifying its competitive position in the pharmaceutical market [9]. - Huadong Medicine aims to enhance its core competitiveness and market position by focusing on clinical needs and integrating global innovative resources [9].