（文章来源：证券日报） 证券日报网讯 2月26日，常山药业在互动平台回答投资者提问时表示，公司正在开展依诺肝素钠注射液 在美国市场的销售相关工作，由于药品出口销售容易受到海外市场政策环境变化、销售渠道、汇率波 动、市场竞争等因素的影响，依诺肝素钠注射液未来在美国销售情况具有较大不确定性。股东协议转让 股份事项如有重大进展，公司将根据有关规则及时公告。阿贝那肽上市申请仍处于审评中，审评后续进 展请以公示信息为准。 ...

经济观察网常山药业（300255）近期在业绩、监管、研发及公司行动等方面有多项动态值得关注。 业绩经营情况 公司依诺肝素钠注射液于2026年1月9日获美国FDA批准，用于预防静脉血栓栓塞性疾病。在研GLP-1类 药物艾本那肽注射液的2型糖尿病适应症上市申请已获受理，减重适应症临床试验于2025年6月获批，但 审评时间仍存不确定性。 公司结构与治理 2025年12月30日，公司公告拟吸收合并全资子公司梅山科技，以整合资源、降本增效，该事项已完成董 事会审议。此外，公司于2025年12月被调入深交所创业板指和创业板50指数样本股。 股票近期走势 近期股价呈现高位波动，2026年2月11日单日主力资金净流出4652.67万元，年内股价跌幅达24.64%。股 东户数截至2026年2月10日增至4.43万户，较上期增加2581户。 以上内容基于公开资料整理，不构成投资建议。 公司于2026年1月30日发布业绩预告，预计2025年归母净利润亏损1.9亿至2.85亿元，主要因肝素行业竞 争加剧、集采影响及毛利率承压。2025年年报预约于2026年4月25日披露。 监管情况 河北证监局于2026年2月5日通报，拟对常山药业信 ...

Core Viewpoint - China Resources Double Crane Pharmaceutical Co., Ltd. has announced that several of its drugs are expected to be selected in the continuation procurement organized by the National Organization for Drug Procurement, which is set to stabilize or further reduce prices while enhancing the selection power of medical institutions [1][4]. Group 1: Selected Drugs - The company participated in the continuation procurement for drugs whose agreements have expired, with several key products expected to be selected, including those that rank among the top five in revenue [1][2]. - The procurement cycle for the selected drugs will last until December 31, 2028 [1]. Group 2: Financial Impact - In 2024, the sales revenue for Valsartan Hydrochlorothiazide Tablets is projected to be 517 million yuan, accounting for 4.61% of the total revenue; for Nifedipine Controlled-Release Tablets, it is expected to be 147 million yuan, or 1.31% [3]. - For the first three quarters of 2025, the sales revenue for Valsartan Hydrochlorothiazide Tablets is estimated at 426 million yuan, representing 5.14% of total revenue; for Nifedipine Controlled-Release Tablets, it is projected at 138 million yuan, or 1.67% [3]. Group 3: Market Dynamics - The continuation procurement is expected to maintain price stability or further decrease prices, allowing medical institutions greater choice among selected suppliers, which may help ensure continuity in clinical medication and reduce risks associated with drug switching [4]. - Although the selection may lead to a decrease in overall sales revenue, it is anticipated that the company can solidify its existing market share and potentially increase its market penetration due to its brand influence and reliable supply capabilities [4].

Core Viewpoint - The company, China Resources Double Crane (华润双鹤), is participating in a national procurement process for pharmaceutical products, with some of its drugs expected to be selected in the upcoming procurement results, which will be implemented by the end of March 2026 [1][2] Group 1: Company Performance - In the first three quarters of 2025, the sales revenue of Valsartan and Hydrochlorothiazide tablets was 426 million yuan, accounting for 5.14% of the total revenue [1] - The sales revenue of Nifedipine Controlled-Release Tablets was 138 million yuan, representing 1.67% of the total revenue [1] - The sales revenue of Enoxaparin Sodium Injection was 119 million yuan, making up 1.43% of the total revenue [1] - The sales revenue of Nifedipine Sustained-Release Tablets (II) was 108 million yuan, accounting for 1.30% of the total revenue [1] - The sales revenue of Irbesartan Dispersible Tablets was 79 million yuan, which is 0.95% of the total revenue [1] Group 2: Industry Context - The upcoming procurement process aims to maintain stable or decreasing prices, providing medical institutions with greater choice among selected suppliers, which helps ensure continuity in clinical medication and reduces the risk of medication switching due to centralized procurement [2] - Although the selection may lead to a decrease in overall sales revenue, it is expected to solidify the company's existing market share, with potential for increased market penetration due to brand influence and reliable supply capabilities [2]

Core Viewpoint - China Resources Double Crane announced that the company and some subsidiaries participated in the national organized procurement for drugs whose agreements are expiring, with several drugs expected to be selected for procurement [1] Group 1: Selected Drugs and Revenue Impact - The main drugs expected to be selected include: - Valsartan and Hydrochlorothiazide Tablets with projected sales revenue of 517 million yuan, accounting for 4.61% of the 2024 annual revenue [1] - Nifedipine Controlled-Release Tablets with projected sales revenue of 147 million yuan, accounting for 1.31% of the 2024 annual revenue [1] - Enoxaparin Sodium Injection with projected sales revenue of 128 million yuan, accounting for 1.14% of the 2024 annual revenue [1] - Nifedipine Sustained-Release Tablets (II) with projected sales revenue of 118 million yuan, accounting for 1.05% of the 2024 annual revenue [1] - Irbesartan Dispersible Tablets with projected sales revenue of 110 million yuan, accounting for 0.98% of the 2024 annual revenue [1]

Core Viewpoint - The company, China Resources Double Crane (华润双鹤), is participating in a national procurement process for drugs whose agreements have expired, with some of its products expected to be selected in this procurement [1][2]. Group 1: Company Performance - In the first three quarters of 2025, the sales revenue for Valsartan and Hydrochlorothiazide tablets was 426 million yuan, accounting for 5.14% of total revenue [1]. - Sales revenue for Nifedipine Controlled Release Tablets was 138 million yuan, representing 1.67% of total revenue [1]. - Sales revenue for Enoxaparin Sodium Injection was 119 million yuan, making up 1.43% of total revenue [1]. - Sales revenue for Nifedipine Sustained Release Tablets (II) was 108 million yuan, which is 1.30% of total revenue [1]. - Sales revenue for Irbesartan Dispersible Tablets was 79 million yuan, accounting for 0.95% of total revenue [1]. Group 2: Industry Context - The procurement process is expected to stabilize or further reduce prices, providing medical institutions with greater choice among selected suppliers, which helps ensure continuity in clinical medication and reduces risks associated with drug switching due to centralized procurement [2]. - Although the selection may lead to a decrease in overall sales amounts, it is anticipated to solidify existing market shares, with the company likely to enhance its market share due to its brand influence and reliable supply capabilities [2].

Core Viewpoint - The investigation into commercial bribery involving the drug Wanmai Ning has led to the initiation of a credit evaluation for Changshan Pharmaceutical, highlighting ongoing issues of corruption in the pharmaceutical industry and the impact on market practices [1][2][5]. Group 1: Investigation and Findings - The Shanghai Municipal Market Supervision Administration discovered that Shanghai Haiyilai Consulting Management Partnership engaged in commercial bribery to promote the sales of Wanmai Ning [1]. - Between January and December 2023, a total of approximately 35,000 yuan was paid in bribes to doctors, resulting in the issuance of around 18,300 prescriptions for Wanmai Ning [1][2]. - Shanghai Haiyilai earned approximately 868,700 yuan from its marketing and information services related to Wanmai Ning during the same period [1]. Group 2: Regulatory Actions and Implications - The Shanghai Municipal Market Supervision Administration imposed a fine of 300,000 yuan on Shanghai Haiyilai for its commercial bribery practices [2]. - The National Healthcare Security Administration has established a credit evaluation system for pricing and procurement, which may affect companies with negative records, including Changshan Pharmaceutical [2][3]. - Following the investigation, the Shanghai Pharmaceutical Affairs Office will initiate a credit evaluation for Hebei Changshan Biochemical Pharmaceutical Company, which is linked to Changshan Pharmaceutical [3]. Group 3: Company Performance and Market Impact - Changshan Pharmaceutical's stock price fell by 2.02% to 57.79 yuan per share, with a market capitalization of 53.1 billion yuan as of January 12 [5]. - The company has experienced significant revenue declines, with a reported 10% drop in revenue for the first three quarters of 2025 compared to the previous year, attributed to centralized procurement and falling prices of heparin raw materials [9]. - The company’s revenue from heparin products accounted for approximately 60% of its total income in 2023, indicating a heavy reliance on this segment [7].

Group 1 - The State Council will hold a press conference on January 12 to introduce the preparations for the 6th Asian Beach Games [2] - The 44th J.P. Morgan Healthcare Conference will take place from January 12 to 15, serving as a core platform for showcasing clinical data and discussing overseas cooperation [2] - ST Keli Da will resume trading on January 12, with a proposed change in actual control [2] - ST Xin Ya will be suspended for one day on January 12 and will resume trading on January 13, with other risk warnings lifted and the stock name changed to "Xin Ya Zhi Cheng" [2] - Aisheren will be available for subscription on January 12, with an issue price of 15.98 yuan per share and a price-to-earnings ratio of 14.99 times [2] Group 2 - The National Business Work Conference held on January 10-11 emphasized the implementation of consumption-boosting actions and the creation of the "Buy in China" brand [4] - The Ministry of Commerce has issued a task for nine cities, including Dalian and Shenzhen, to expand the opening of the service industry [4] - The Ministry of Finance and the State Administration of Taxation announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026 [4] Group 3 - The China Securities Regulatory Commission and the Ministry of Finance have revised the regulations on reporting illegal activities in the securities and futures markets, significantly increasing the reward standards [5] - The Dalian Commodity Exchange will adjust the price limit for platinum and palladium futures contracts to 16% starting January 13, 2026 [5] Group 4 - The Shanghai Composite Index successfully surpassed the 4100-point mark on January 9, reaching a new high since July 2015, with daily trading volume exceeding 3 trillion yuan [7] - Multiple research institutions believe that the A-share market still has upward potential, with favorable conditions for bullish sentiment continuing into the spring [7][8] - Recommendations for sectors to focus on include electronics, power equipment, and non-ferrous metals, with a continued emphasis on commercial aerospace concepts [8] Group 5 - The "Tianma-1000" unmanned transport aircraft developed by Xi'an Aisheng Technology Group successfully completed its first flight test, showcasing its capabilities for logistics transport and emergency rescue [10] - The Chinese civil drone market is expected to grow significantly, with a projected market size of approximately 146.8 billion yuan in 2024 and over 400 billion yuan by 2030, reflecting a compound annual growth rate of 18.3% [10] Group 6 - The Baotou Rare Earth Products Exchange has launched a rare earth price index, which aims to serve as a price "barometer" for the rare earth market [13] - The average price of praseodymium and neodymium oxide was reported at 624,900 yuan per ton as of January 9, showing a slight increase [13] - Analysts expect the rare earth price center to rise due to ongoing supply-demand improvements in 2026 [13] Group 7 - Three companies, Tianpu Co., Guosheng Technology, and Jiamei Packaging, will resume trading on January 12 after completing their suspension for verification [17] - Zhonghua Equipment plans to issue shares to acquire 100% equity of Yiyang Rubber Machine and Blue Star North Chemical, with a transaction price of 1.202 billion yuan [17] - Kewen Biological expects to achieve a net profit of 235 million to 271 million yuan in 2025, driven by revenue growth and improved profitability [18]

Core Viewpoint - Changshan Pharmaceutical (300255.SZ) has received approval from the U.S. Food and Drug Administration (FDA) for its new drug application (ANDA) for Enoxaparin Sodium Injection, which is used for the prevention and treatment of venous thromboembolism and other related conditions [1]. Group 1: Product Approval - The FDA approval pertains to Enoxaparin Sodium Injection, which is indicated for the prevention of venous thromboembolic diseases, particularly related to orthopedic or general surgery [1]. - The drug is also used for the treatment of established deep vein thrombosis, with or without pulmonary embolism, in clinically stable patients, excluding those requiring surgical intervention or thrombolytic therapy for pulmonary embolism [1]. - Additionally, it is indicated for use in combination with aspirin for the treatment of unstable angina and non-ST elevation myocardial infarction [1]. Group 2: Clinical Applications - Enoxaparin Sodium Injection is utilized in hemodialysis to prevent thrombosis during extracorporeal circulation [1].

Core Viewpoint - Changshan Pharmaceutical (300255.SZ) has received approval from the U.S. Food and Drug Administration (FDA) for its new abbreviated new drug application (ANDA) for Enoxaparin Sodium Injection, indicating a significant milestone for the company in the U.S. market [1] Group 1: Product Approval - The Enoxaparin Sodium Injection is indicated for the prevention of venous thromboembolic diseases, particularly related to orthopedic or general surgery [1] - It is also used for the treatment of established deep vein thrombosis, with or without pulmonary embolism, in clinically stable patients, excluding those requiring surgical intervention or thrombolytic therapy for pulmonary embolism [1] - The product can be used in combination with aspirin for the treatment of unstable angina and non-Q-wave myocardial infarction [1] - Additionally, it is utilized in hemodialysis to prevent thrombosis during extracorporeal circulation [1]