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]

Company Announcements - *ST Zhengping has completed the stock suspension review and will resume trading on November 12, confirming normal production and operation without significant changes [1] - Upwind New Materials is in the product development stage for its embodied intelligent robot business, which has not yet achieved mass production or revenue generation [2] - Shannon Chip Innovation's fourth largest shareholder, Shenzhen Xinlianpu, has pledged 1.27 million shares for financing purposes [3] - Qing Shui Yuan's phosphorus trichloride products are primarily used in the production of water treatment agents [4] - Midea Group announced a cash dividend plan of 5 yuan per 10 shares, totaling 3.448 billion yuan, with the record date on November 17 [4] - Huiyuan Communication is planning a change of control, leading to a stock suspension starting November 12 [5] - Shen Gong Co. has clarified that some research reports on its performance forecasts represent only analysts' personal views [6] - World is developing diamond micro-drills for PCB processing, which are still in the R&D phase [6] - Haike New Source has signed an agreement with Kunlun New Materials for the purchase of 596,200 tons of electrolyte solvent [7] - Tongxing Technology plans to invest 3.2 billion yuan in a project to produce 100,000 tons of sodium battery cathode materials and 6 GWh battery cells [8] Investments & Contracts - Zhongjin Irradiation is investing 200 million yuan to build an electronic accelerator intelligent manufacturing project [10] - Hongri Da is collaborating with Te Du Technology and Hongke Tongchuang to establish a joint venture for semiconductor packaging [10] Shareholding Changes - Jian Kai Technology's controlling shareholder Xuanzhao plans to transfer 3% of its shares through a pricing inquiry [12] - Yue Wannianqing's shareholder Hehe Investment intends to reduce its stake by up to 3% [14] Financing & Capital Increase - Weiteng Electric plans to raise up to 300 million yuan through a private placement for various manufacturing projects [22] Other Developments - Zhifei Biological has received approval for clinical trials of a vaccine for adolescents and adults [23] - Shanghai Kaibao has obtained approval for clinical trials of a drug for acute ischemic stroke [24]

Core Viewpoint - The company, Anglikang (002940.SZ), has received approval from the National Medical Products Administration for its drug, Doxofylline Tablets, which has passed the consistency evaluation of quality and efficacy for generic drugs [1] Group 1 - The approved Doxofylline Tablets are available in dosages of 0.2g and 0.4g [1] - Doxofylline Tablets are indicated for bronchial asthma, asthmatic chronic bronchitis, and other respiratory difficulties caused by bronchospasm [1]

Overview - The market for Doxofylline tablets in China is steadily growing, driven by a large population of asthma patients, with sales expected to reach 125 million yuan in 2024, representing a year-on-year growth of 4.17% [1][8] - Public medical institutions account for over 90% of the sales, and the aging population is expected to further increase demand for Doxofylline tablets [1][8] Industry Chain - The upstream of the Doxofylline tablet industry includes raw materials, excipients, packaging materials, and pharmaceutical equipment; the midstream consists of production enterprises; and the downstream includes public medical institutions, physical pharmacies, e-commerce channels, and end consumers [4][5] Market Demand - The demand for Doxofylline tablets is significantly influenced by the procurement needs of public medical institutions, which are the primary sales channel due to the prescription nature of the drug [6] - As of the end of 2024, the number of medical institutions in China is projected to reach 1.092 million, a year-on-year increase of 2.0%, which will further expand the demand for Doxofylline tablets [6] Patient Demographics - The number of asthma patients in China is expected to reach 72.4 million in 2024, with a year-on-year growth of 4.32%, contributing to the increasing clinical demand for Doxofylline tablets [8] Competitive Landscape - The Doxofylline tablet market in China features both international companies and domestic firms, with local companies dominating the market. The competitive landscape is expected to evolve due to regulatory policies and procurement reforms [9][10] - Key domestic players include Fuan Pharmaceutical and Zhejiang Anglikang Pharmaceutical, with Fuan Pharmaceutical reporting a total revenue of 2.391 billion yuan and a gross profit margin of 52.96% in 2024 [10][11] Future Trends - The demand for Doxofylline tablets is anticipated to grow significantly in grassroots medical institutions as healthcare policies advance, leading to a downward trend in treatment accessibility [11] - Continuous implementation of volume-based procurement policies will encourage companies to enhance production efficiency and cost control, potentially increasing market concentration and optimizing the competitive landscape [11]

Core Viewpoint - Shanghai Kaibao reported strong financial performance in the first half of 2025, with significant revenue and profit growth, alongside advancements in research and product development [1] Financial Performance - The company achieved operating revenue of 605 million yuan in the first half of 2025, with a net profit attributable to shareholders of 122 million yuan [1] - The net cash flow from operating activities was 160 million yuan, reflecting a year-on-year increase of 21.92% [1] Research and Development - In the first half of 2025, the company invested 54.41 million yuan in research and development [1] - The company obtained one invention patent, one utility model patent, and one design patent during the reporting period [1] Product Development - The company received drug registration certificates for its classic formulations, including "Guo Yi Jian Granules" and "Ling Gui Zhu Gan Decoction Granules" [1] - The "Tan Re Qing Capsules" received approval for a new indication for use in the treatment of mild symptoms related to COVID-19, such as fever, cough, and sore throat [1] - Subsidiary Xinyi Pharmaceutical obtained registration approval for "Doxofylline Tablets," further enhancing the company's product line and market competitiveness [1] Company Overview - Shanghai Kaibao is primarily engaged in the research, production, and sales of modern traditional Chinese medicine [1] - The company is recognized as a national high-tech industrialization demonstration project base for modern traditional Chinese medicine and is among the first batch of traditional Chinese medicine enterprises to pass the new GMP certification [1] - The company has established three main product lines: respiratory products represented by "Tan Re Qing Injection/Capsules," cardiovascular products represented by "Qi Shen Capsules," and digestive products represented by "Sulfapyridine Series" [1]