Core Viewpoint - The new National Medical Insurance Drug List will be officially implemented on January 1, 2026, expanding the inclusion of innovative drugs while removing 29 drugs from the list, raising concerns among patients about potential increased costs and reduced insurance coverage [1][3]. Summary by Relevant Sections Drug List Adjustments - The National Medical Insurance Bureau has adjusted the drug list for eight consecutive years, with a total of 467 drugs removed to date [1]. - The updated list includes 3,253 drugs, with 114 new additions primarily targeting cancer, mental health, and pediatric medications [1]. Reasons for Drug Removals - Among the 29 drugs removed, there are 21 Western medicines and 8 traditional Chinese medicines, many of which have alternative options available in the insurance list [3]. - The reasons for removal can be categorized into three main types: 1. Strong clinical substitutability, with many drugs having more effective and safer alternatives [3]. 2. Low reimbursement rates, with 15 of the removed drugs having less than 0.01% reimbursement from the insurance fund in 2024, indicating minimal patient benefit [3]. 3. Low cost-effectiveness, where some drugs, despite being effective, are priced higher than similar alternatives without offering additional benefits [3]. Impact of New Additions - The inclusion of 114 new drugs enhances the choices available to clinicians and patients, better meeting patient needs, especially with the increased speed and quantity of innovative drugs being added [4]. - Although the inclusion of innovative drugs may exert some pressure on the insurance fund, management tools such as total budget control and reasonable drug use management are in place to mitigate significant impacts on the fund [4]. Patient Guidance - Patients are advised to follow the guidance of healthcare professionals regarding medication adjustments and should not self-medicate, as all drugs in the insurance list are prescription medications [5].

Core Viewpoint - Shanghai Kaibao (300039.SZ) announced that it and its wholly-owned subsidiary, Shanghai Kaibao Xinyi (Xinxiang) Pharmaceutical Co., Ltd., have a total of 92 drugs included in the National Medical Insurance Directory, with 50 classified as Category A and 42 as Category B [1] Group 1: Drug Inclusion in National Medical Insurance Directory - The company has three exclusive products (Tanreqing Injection, Tanreqing Capsules, and Qishen Capsules) and one exclusive dosage form (Duo Suo Tea Alkaloid Capsules) continuing in the National Medical Insurance Directory (2025) [1] - The company's products Linggui Zhugan Decoction Granules, Yiguan Decoction Granules, and the subsidiary's Duo Suo Tea Alkaloid Tablets are included in the National Medical Insurance Directory (2025) [1] - The exclusive product Tanreqing Capsules remains in the National Medical Insurance Directory (2025) with a reimbursement standard of 4.09 yuan per (0.4g/piece), valid from January 1, 2026, to December 31, 2027 [1] Group 2: Changes in Drug Status - The subsidiary's products, Compound Robama Tablets and Baldness Pills, have been removed from the National Medical Insurance Directory (2025) [1] - Currently, the removal of the aforementioned products from the insurance directory has no substantial impact on the company's operating performance [1] - Other products' inclusion in the National Medical Insurance Directory (2025) remains unchanged compared to the National Medical Insurance Directory (2024) [1]

Core Viewpoint - Shanghai Kaibao (300039.SZ) announced that it and its wholly-owned subsidiary, Shanghai Kaibao Xinyi (Xinxiang) Pharmaceutical Co., Ltd., have a total of 92 drugs included in the National Medical Insurance Directory, with 50 classified as Category A and 42 as Category B [1] Group 1 - The company has three exclusive products (Tan Re Qing injection, Tan Re Qing capsules, and Qi Shen capsules from the subsidiary) and one exclusive dosage form (Duo Suo Tea Alkaloid capsules) that continue to be included in the National Medical Insurance Directory (2025) [1] - The company's products Ling Gui Zhu Gan Tang granules, Yi Guan Jian granules, and the subsidiary's Duo Suo Tea Alkaloid tablets are also listed in the National Medical Insurance Directory (2025) [1] - The exclusive product Tan Re Qing capsules remains in the National Medical Insurance Directory (2025) with a reimbursement standard of 4.09 yuan per (0.4g/piece), with the agreement valid from January 1, 2026, to December 31, 2027 [1] Group 2 - The subsidiary's products, Compound Luo Bu Ma tablets and Ban Hu Wan, have been removed from the National Medical Insurance Directory (2025), but this adjustment has no substantial impact on the company's operating performance [1] - Other products' inclusion in the National Medical Insurance Directory (2025) remains unchanged compared to the National Medical Insurance Directory (2024) [1]