创新中药头部企业以岭药业再有一款新药通过谈判，被纳入国家医保目录。 近日，国家医保局公布了《国家基本医疗保险、生育保险和工商保险药品目录(2025年)》，以岭药业独 家品种芪防鼻通片位列其中，成为新进目录的中成药。 以岭药业董事长吴相君在2025创新药高质量发展大会上发言时指出，治疗过敏性鼻炎的芪防鼻通片获批 纳入医保目录，成为以岭药业第5个通过国家医保谈判的创新中药。这既是对企业创新价值的认可，更 是企业沉甸甸的责任。以岭药业将充分发挥理论创新和研发生产优势，全力做好药品供应保障。 行业人士表示，今年医保调整，体现出医保部门对创新药"真支持创新、支持真创新、支持差异化创 新"的导向。 今年1月，以岭药业发布公告称，芪防鼻通片新药注册申请获正式批准，注册分类为中药1.1类创新药； 7月，芪防鼻通片通过澳门特别行政区政府药物监督管理局注册审批，成为首个在澳门获批注册的创新 中药。 芪防鼻通片治疗过敏性鼻炎(肺脾两虚证)有效性和安全性的多中心、随机、双盲、安慰剂平行对照的Ⅲ 期临床试验结果在国际SCI期刊《民族药理学》杂志刊发。研究显示，芪防鼻通片能显著改善过敏性鼻 炎患者的鼻部症状、眼部症状和全身症状。在鼻部症 ...

Core Viewpoint - Yiling Pharmaceutical has demonstrated significant growth in its core profitability indicators, with a revenue of 4.04 billion yuan and a net profit of 669 million yuan, reflecting a year-on-year increase of 26.03% [1] Group 1: Financial Performance - The company plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) [1] - The average annual R&D investment over the past three years has been 900 million yuan, maintaining a top-three position in the industry [2] - The R&D expense accounted for 13.94% of revenue in 2024, significantly higher than the industry average [2] Group 2: R&D and Innovation - Yiling has a unique rhythm of "launching a batch, applying for a batch, and researching a batch," which is rare among domestic traditional Chinese medicine companies [3] - Over the past five years, Yiling has had five Class 1 new drugs approved, with four included in the medical insurance directory [4] - The company has 9 traditional Chinese medicine and 3 chemical drug projects in clinical stages as of last year [2] Group 3: Market Position and Global Expansion - Yiling's theory of treating diseases is gaining international recognition, with several products published in top medical journals [7] - The company has over 10 traditional Chinese medicine products registered and sold in more than 50 countries and regions [7] Group 4: Valuation Perspective - The current market valuation of Yiling largely relies on traditional Chinese medicine PE frameworks, which do not account for its R&D pipeline [8] - A segmented valuation approach suggests a potential market value of 30 billion yuan, not including the value of ongoing innovative traditional Chinese medicine and health segments [9] - The market consensus may underestimate Yiling's value by 20%-30% [9] Group 5: Regulatory Environment - Recent regulatory changes indicate a favorable environment for innovative traditional Chinese medicine, with accelerated clinical trial approvals [10] - Yiling is positioned as a modern research-driven pharmaceutical company with international vision, moving beyond traditional definitions of a Chinese medicine enterprise [10]

Core Viewpoint - The announcement by the National Medical Products Administration regarding the optimization of clinical trial review and approval for innovative drugs is a significant positive development for the industry, particularly as it reduces the review time from 60 to 30 working days for innovative drug applications, including traditional Chinese medicine (TCM) [1] Group 1: Industry Overview - The recognition of TCM as an essential part of innovative drugs contrasts with the capital market's perception, which has not seen significant growth in TCM companies despite a surge in innovative drug stocks this year [1] - The modernization of TCM is gaining traction, supported by national policies, emphasizing the integration of traditional advantages with modern scientific techniques [3][4] Group 2: Company Profile - Yiling Pharmaceutical - Yiling Pharmaceutical is a leading innovative drug company with a focus on TCM, biopharmaceuticals, and health products, with TCM being the primary revenue and profit contributor [1] - As of the end of 2024, Yiling Pharmaceutical holds 17 patented TCM products covering eight major clinical disease systems, leading in the cardiovascular and respiratory disease treatment sectors [1] Group 3: Financial Performance - In 2024, Yiling Pharmaceutical's revenue from cardiovascular drugs exceeded 3.8 billion, while respiratory drugs accounted for less than 800 million, together representing over 70% of total revenue [9] - The company has experienced a decline in revenue over the past two years, primarily due to a significant drop in demand for its product Lianhua Qingwen post-pandemic [11] Group 4: Research and Development - Yiling Pharmaceutical has consistently ranked among the top in R&D investment within the A-share TCM sector, with annual R&D expenditures of approximately 895 million, 935 million, and 908 million over the past three years, representing 7.15%, 9.06%, and 13.94% of revenue respectively [5] - The company has achieved notable academic breakthroughs, including a landmark study published in a top medical journal demonstrating the efficacy of its product Tongxinluo in reducing cardiovascular events [6] Group 5: Growth Potential - Yiling Pharmaceutical's core competitive advantage lies in its founder's innovative theory on vascular diseases, which has attracted international research interest [12] - The company has five new drugs approved in the past five years, with four included in the medical insurance directory, indicating a strong pipeline for future growth [12] - The current market valuation of Yiling Pharmaceutical is estimated to be around 300 billion, with potential for significant appreciation as the market begins to recognize the value of innovative TCM [16]

Group 1 - The core viewpoint of the news is that Yiling Pharmaceutical has been awarded the "2025 ESG Social Responsibility Practice Leading Enterprise" by Guangdong Times Media Group, highlighting its commitment to ESG principles and social responsibility [1][3] - The "Golden Antelope Award" was established to encourage enterprises and individuals leading in ESG practices, showcasing exemplary cases of sustainable development [3] - Yiling Pharmaceutical has developed 17 innovative patented traditional Chinese medicines, with 11 included in the national medical insurance directory and 5 in the national essential drug list, demonstrating its focus on healthcare and innovation [3] Group 2 - Yiling Pharmaceutical integrates ESG principles into its operations by promoting rural revitalization and farmer prosperity through innovative collaboration models, such as "company + base + farmers" [4] - The company has established over 60 standardized medicinal herb bases across 20 provinces in China, ensuring quality and contributing to local economies and ecological sustainability [4] - These bases not only enhance the quality of medicinal herbs but also promote environmental greening and tourism, achieving a balance between economic growth and ecological preservation [4]