在国家政策对创新药的大力支持下，我国已有多款BTK抑制剂成功上市并纳入医保目录。截至目前，国 家医保目录纳入了多款BTK抑制剂，其中包括奥布替尼片、阿可替尼胶囊/马来酸阿可替尼片、匹妥布 替尼片等。今年，马来酸阿可替尼片用于CLL/SLLL（慢性淋巴细胞白血病/小淋巴细胞淋巴瘤）等适应 证被正式纳入医保，加之其他药物的成功续约，实现该类血液肿瘤多个疾病阶段的医保覆盖。 科技日报记者 张佳星 12月7日，国家医疗保障局正式公布2025年《国家基本医疗保险、生育保险和工伤保险药品目录》（以 下简称医保目录）。本次调整新增114种药品，目录内药品总数增至3253种，覆盖肿瘤、慢性病、罕见 病等多个治疗领域。肿瘤领域中的马来酸阿可替尼片等多款血液肿瘤新药被纳入。 哈尔滨血液病肿瘤研究所所长、中国临床肿瘤学会监事会监事长马军教授表示，对于慢性淋巴细胞白血 病、套细胞淋巴瘤等血液肿瘤患者来说，避免复发、延长无进展生存期是控制疾病关键。然而，淋巴瘤 临床诊疗长期面临着传统药物安全性不足、易复发、老年患者治疗棘手、与抗酸药等联用兼容性差等痛 点。 随着医学研究的深入发展，布鲁顿氏酪氨酸激酶（BTK）抑制剂等新型靶向药物问世， ...

两份药品清单，让新药、好药更加触手可及。 聚焦临床急需、医保可负担——进医保的114种药品中，有36个肿瘤用药、12个糖尿病等慢性病用药、 13个抗感染类药品、10个罕见病用药等，29种临床用不上、或有更好替代的药品被调出目录。 一些能够弥补基本医保保障空白的药品进入医保目录，用于治疗三阴性乳腺癌的芦康沙妥珠、胰腺癌用 药伊立替康脂质体、套细胞淋巴瘤用药匹妥布替尼片等"救命药"入围；一年仅需两针就可以有效降低血 脂水平的英克司兰钠、糖尿病用药替尔泊肽等慢性病新药也进了医保。 此次调整中，一款用于治疗KRAS靶点肺癌的新药格外引人关注，这款药有多新？它在2025年5月刚刚 获批。 查询新版医保药品目录，不乏刚获批不久的新药，如流感用药昂拉地韦片、玛舒拉沙韦片等。此次调整 有50种药品为一类创新药，创新药正以更快速度惠及患者。 人力资源社会保障部工伤保险司司长郑玄波介绍，此次调整后，新版国家医保目录内药品总数增至3253 种，其中西药1857种、中成药1396种。 近年来，医保目录持续扩容，但部分救急、救命的创新药在刚上市时价格高昂，基本医保目录难以覆 盖，不少患者依然难以负担。 新华财经广州12月8日电（记者彭 ...

一年一度的国家医保药品目录调整，始终牵动着万千百姓的心。 12月7日，在2025创新药高质量发展大会上，新版国家医保药品目录及首版商保创新药目录正式发布，114种药品成功纳入医保、19种新药进 商保创新药目录，对参保人"药篮子"全面升级。 人力资源社会保障部工伤保险司司长郑玄波介绍，此次调整后，新版国家医保目录内药品总数增至3253种，其中西药1857种、中成药1396 种。 近年来，医保目录持续扩容，但部分救急、救命的创新药在刚上市时价格高昂，基本医保目录难以覆盖，不少患者依然难以负担。 今年，对这些患者来说，也许希望能够被重新定义。 聚焦创新程度高、临床价值大、患者获益显著且超出基本医保保障范围的创新药，商保创新药目录纳入了CAR-T、TCE疗法、双特异性抗体 等靶点肿瘤药物，也有短肠综合征、戈谢病等罕见病药物，阿尔茨海默症治疗药物等，共计19种新药。 两份药品清单，让新药、好药更加触手可及。 聚焦临床急需、医保可负担——进医保的114种药品中，有36个肿瘤用药、12个糖尿病等慢性病用药、13个抗感染类药品、10个罕见病用药 等，29种临床用不上、或有更好替代的药品被调出目录。 一些能够弥补基本医保保障空 ...

Group 1 - Shengnuo Bio expects a net profit attributable to shareholders of 77.03 million to 94.14 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - The significant growth in Shengnuo Bio's performance is primarily attributed to the strong performance of its peptide raw material business, which is closely related to GLP-1 formulations [1] Group 2 - Shanghai Laishi has completed the acquisition of 100% equity in Nanyue Bio for 4.2 billion yuan, with an additional contingent payment of 50 million yuan if the company processes 305 tons of plasma by 2025 [2] - The completion of the acquisition and registration marks a significant step forward in Shanghai Laishi's "plasma expansion" strategy, although it is expected to add substantial goodwill, raising concerns about future impairment risks [2] Group 3 - Beijing Saisheng Pharmaceutical has signed a new drug technology transfer agreement with its affiliate, transferring technology related to the NeoAB33 new drug project for a total of 20 million yuan [3] - The transfer may optimize the asset structure of Huada Protein, which reported a loss of 8.3 million yuan in 2024, while Saisheng Pharmaceutical reported a net profit of 39.97 million yuan in the first quarter of 2025, indicating its financial capability to advance research and development [3] Group 4 - Eli Lilly's reversible BTK inhibitor, Pirtobrutinib, has had its new indication application accepted for review in China, targeting patients with chronic lymphocytic leukemia/small lymphocytic lymphoma who have previously received BTK inhibitor treatment [4] - If approved, Pirtobrutinib will provide a new treatment option for patients who have failed previous covalent BTK inhibitor therapies, further solidifying its market position in the treatment of B-cell malignancies [4] Group 5 - Innovent Biologics' CLDN-18.2 ADC product, IBI343, is proposed to be included as a breakthrough therapy for locally advanced or metastatic pancreatic cancer expressing CLDN 18.2, after at least two systemic treatments [5] - As the first CLDN18.2 ADC to achieve a breakthrough in pancreatic cancer, IBI343 is expected to fill a gap in second-line and later treatments, providing new options for patients [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Insights - The company achieved a significant turnaround in 2024, with total revenue reaching 94.22 billion yuan, a year-on-year increase of 51.8%. Product revenue was 82.28 billion yuan, up 43.6% year-on-year, and the company reported a Non-IFRS net profit of 3.32 billion yuan, marking a 164.4% year-on-year improvement [6][9] - The company maintains a strong growth trajectory, with a target of 20 billion yuan in revenue by 2027, supported by the robust performance of its leading product, Sintilimab (PD-1), and the rapid commercialization of new products [7][9] - The company plans to accelerate its pipeline development, aiming to have five innovative products enter global Phase III clinical trials by 2030, indicating strong potential for international expansion [7] Financial Summary - In 2024, the company reported a gross profit of 79.12 billion yuan, a 56.1% increase year-on-year, and a net loss of 0.95 billion yuan, which represents a 90.8% reduction in losses [6][9] - The company's financial projections for 2025 to 2027 indicate a steady increase in revenue and profitability, with expected net profits of 1.62 billion yuan in 2025, 11.29 billion yuan in 2026, and 27.21 billion yuan in 2027 [6][9] - Key financial ratios show an improvement in profitability, with a projected net profit margin of 14.6% by 2027 and a return on equity (ROE) of 18.4% [9][11]