Core Insights - The release of the 2025 National Medical Insurance Drug List and the first version of the Commercial Health Insurance Innovative Drug List has significantly benefited innovative drug companies on the Sci-Tech Innovation Board [1] - A total of 9 innovative drugs from Sci-Tech Innovation Board companies have been included in the new list, showcasing their strong capabilities [1] - The simultaneous release of the commercial insurance drug list marks a substantial breakthrough in the multi-layered payment system of "medical insurance + commercial insurance" [1] Group 1: Inclusion in Medical Insurance - Nearly 90% of innovative drugs from Sci-Tech Innovation Board companies have received medical insurance support, accelerating their value release and development [2] - Junshi Bioscience's drug, Junsida, is the only domestic PCSK9-targeted drug for statin-intolerant patients included in the new medical insurance list [2] - Haichuang Pharmaceutical's drug, Hainaan, has been approved for treating metastatic castration-resistant prostate cancer and will enhance market promotion and patient accessibility [2] Group 2: New Drug Development - New anti-tumor drugs from companies like Ailis, Yifang Biotech, and Shenzhou Cell provide precise treatment options for major diseases such as lung cancer and head and neck squamous cell carcinoma [3] - Several drugs covering endocrine, hematology, tumor support, and autoimmune treatment areas have been quickly included in the medical insurance list, demonstrating efficient drug review and approval processes [3] Group 3: Commercial Health Insurance Directory - The first version of the Commercial Health Insurance Innovative Drug List enhances the national multi-layered medical security system, with a clear division of roles between basic medical insurance and commercial insurance [4] - Innovative drugs from leading companies like BeiGene have been among the first to be included in this new directory, showcasing their clinical value [4][5] Group 4: Renewal and Market Expansion - Successful renewal negotiations confirm the exceptional value and clinical status of innovative drugs from Sci-Tech Innovation Board companies [6] - Junshi Bioscience's drug, Tuoyi, has expanded its medical insurance coverage with new indications, benefiting a broader patient population [6] Group 5: R&D Investment and Innovation Cycle - R&D investment among Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42% [7] - The formation of a virtuous cycle of "R&D investment - innovation results - medical/commercial insurance support - market returns - reinvestment in R&D" is evident in the industry [7]

Core Insights - The new National Medical Insurance Directory and the first Commercial Health Insurance Innovative Drug Directory will be implemented nationwide starting January 1, 2026, showcasing the government's commitment to enhancing healthcare access [1] Group 1: National Medical Insurance Directory - Nine innovative drugs from the STAR Market have been included in the new National Medical Insurance Directory, highlighting the strength and vitality of innovative pharmaceutical companies [1] - The inclusion of products like Baiyue Shenzhou's Baihe An and Kaize Bai in the first Commercial Health Insurance Innovative Drug Directory provides broader payment pathways for cutting-edge treatments [1][4] Group 2: Innovative Drug Companies - Nearly 90% of STAR Market biopharmaceutical companies have received medical insurance support for their newly approved drugs, indicating a favorable environment for innovation [2] - Junshi Biosciences' drug, Junshida, is the only domestic PCSK9-targeted drug for statin-intolerant patients included in the new medical insurance directory [2] - Haichuang Pharmaceutical's first marketed drug, Hainan An, is set to launch in May 2025 for treating metastatic castration-resistant prostate cancer, with its inclusion in the 2025 medical insurance directory expected to enhance market promotion and patient accessibility [2] Group 3: Drug Development and Market Integration - New cancer drugs from companies like Shanghai Ailis and Yifang Biotech provide precise treatment options for major diseases, demonstrating the efficient integration of new drug reviews and medical insurance payments in China [3] - Successful renewal negotiations for innovative drugs from companies like Baiyue Shenzhou and Junshi Biosciences further expand medical insurance coverage, benefiting a wider patient population [5] Group 4: R&D Investment and Future Outlook - R&D investment among STAR Market innovative drug companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42%, significantly surpassing the overall A-share level [6] - The continuous improvement and collaboration of support policies like medical insurance and commercial insurance are expected to foster the emergence of more world-class new drugs, contributing to the health of the Chinese population [6]

Group 1 - The core announcement is that BeiGene has multiple commercialized products and new indications included in the National Medical Insurance Administration's 2025 drug catalogs [1] - The newly released commercial health insurance innovative drug catalog includes two products: Baihe'an (Zanidatamab injection) and Kaizebai (Daratumumab β injection), which are used for specific cancer treatments [1] - Baihe'an is indicated for patients with unresectable locally advanced or metastatic biliary tract cancer (BTC) with high HER2 expression (IHC3+) [1] - Kaizebai is indicated for high-risk and relapsed/refractory neuroblastoma patients [1]