不卷吗？ …… 文/陈岩鹏 药品集采"卷"吗？ 不卷吗？ 卷吗？ 哎，大家研究研究嘛，何必那么认真呢？——可药企老板们真的没法不认真！毕竟，价格战卷起来的刀光剑影， 砍的可是真金白银的身家性命啊！ 曾几何时，国家集采的擂台一摆，药企们便如"价格敢死队"般冲锋。"最低价中标"的号角一响，管它成本几何， 先砍为敬！9分钱一片的氨氯地平片横空出世，比街边口香糖还便宜，堪称医药界的"地板价"行为艺术。四批集采 下来，全国药品市场规模生生被削去483亿元，仿制药企的利润薄如蝉翼，老板们梦里都是成本倒挂的噩耗。 更绝的是"同质化修罗场"。一个奥美拉唑，竟有50多家企业撸起袖子过评抢入场券。中标率低得像中彩票！研 发？创新？别闹了！能活着交标书就不错了！有企业为控成本铤而走险，原料标准一降再降，工艺一简再简，断 供和质量警报此起彼伏——这哪是集采？分明是"卷到死"的生死时速！ 好在，第十一批集采的紧箍咒终于念起来了—— "反内卷"大旗迎风飘扬！政策制定者一拍脑门：不能再让良币被 劣币卷成渣了！新规则招招直指"卷王"命门： 命门一："唯低价"变"看性价比" 最低价不再通吃，价差熔断机制取消，允许合理溢价空间。报价最低的还得站 ...

总体而言，"稳临床、保质量、防围标、反内卷"这四大原则，将成为此次集采的关键词。第十一批集采 目前已完成拟采购品种遴选，即将开展医疗机构报量工作。新增两条品种遴选规则 21世纪经济报道记者贺佳雯北京报道 2025年7月15日，国家组织药品联合采购办公室发布《关于开展第十一批国家组织药品集中采购相关药 品信息填报工作的通知》。备受社会各界关注的第十一批国家组织药品集采报量工作启动了。 记者从国家医保局进一步获悉了此次集采品种遴选的有关情况。与往年情况对比，梳理出今年的遴选过 程和值得关注的遴选变化。 什么样的药纳入集采？科学确定采购品种是社会各界关切的首要问题。 记者了解到，多年来，集采药品一直坚持新药不集采、集采非新药的原则。此次以2025年3月31日为品 种遴选截止时间，沿用第十批集采的以"参比制剂+通过质量和疗效一致性评价"的企业数量合计达到7家 作为门槛，在此基础上进一步优化品种遴选的条件。 所以，集采药品都是已经上市多年、主要成分过了专利保护期、多家企业生产的品种，也就是说临床使 用成熟的"老药"才会纳入集采范围，创新药不会被纳入集采。 对于这一政策设计的思路，国家医保局相关司负责人解释，首先就考虑到 ...

智通财经编辑 | 谢欣 7月5日，医药外包服务商阳光诺和公告称，公司与湖南恒生制药陷入了一场民事诉讼；阳光诺和是被告方，案件涉案金 额2000万元。 二级市场上，阳光诺和报收48.4元/股，跌2.36%，最新市值54.21亿元。 据阳光诺和7月5日公告，2018年3月28日，湖南恒生制药与阳光诺和签署《技术开发合同》，阳光诺和被委托研发替格 瑞洛原料药及片剂。替格瑞洛是一种抗血小板药物，主要用于心血管疾病。 智通财经记者 | 黄华 7月7日，就前述公告内容，智通财经记者致电阳光诺和信披电话，接线人员向智通财经记者表示，依照合同约定，如果 湖南恒生制药没有支付剩余研发费用的50%，生产批号是直接转给阳光诺和，因此湖南恒生的起诉点站不住脚，公司会 积极应诉。 阳光诺和接线人员向智通财经记者提出："因为它（湖南恒生制药）没有支付研发费用的话，生产证件批号是自动转到 我们公司（阳光诺和）这边来的。" 阳光诺和的公告显示，据合同约定，若湖南恒生制药在取得生产批件后10个工作日内，没有按照合同约定支付研发费用 总额的50%，则应当无条件将生产批件所有权以药品上市许可持有人形式转让给阳光诺和；该产品的生产权保留在湖南 恒生 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-02 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.85 | | --- | --- | | 总股本/流通股本（亿股）37.08 | / 27.89 | | 总市值/流通市值（亿元）662 | / 498 | | 52 周内最高/最低价 | 22.07 / 17.47 | | 资产负债率(%) | 62.1% | | 市盈率 | 14.51 | | 第一大股东 | 上药集团 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 上海医药(601607) 我 们 预 计 公 司 2025-2027 年 营 收 分 别 为 2903.88/3053.49/3212.44 亿 元 ， 归 母 净 利 润 分 别 为 50.01/54.75/60.42 亿元，当前股价对应 PE 分别为 13/12/11 倍， ...

北陆药业的碘帕醇注射液于2022年在第七批国家药品集中采购中中标，是该批唯一入选的造影 剂。北陆药业以第一位拟中标，中选价格为91.3元/支。 6月10日，经济观察报就此次被通报事项分别联系丽珠集团和北陆药业，截至发稿，尚未收到回 复。 此外，苏州特瑞药业涉及的品种为注射用艾司奥美拉唑钠，属重症抑酸类药物；广东赛烽医药科技 则涉及左氧氟沙星氯化钠注射液，属于常用抗菌药物。上述两种药品均在第五批国家集采中中选。 江西永丰康德医药所涉及的盐酸托莫西汀胶囊，用于治疗注意缺陷多动障碍（ADHD），则被纳入 第九批国家集采目录。 在医用耗材方面，英国施乐辉的"全膝系统-股骨髁"、北京富乐科技的"椎体成形器械包-骨导向 器"，分别纳入国家人工关节类和骨科脊柱类耗材首轮集采目录。 此前，辽宁、海南、广州等地均曾通报集采中选企业未能及时 供应药品的情况。广州的最新数据显示，截至5月底，443个 品规药物集采后未及时建立配送关系。 作者：张英 卢丹云 封图：图虫创意 6月9日，河北省医用药品器械集中采购中心公告，个别企业"集采中选品种配送服务不及时不到 位 " ， 拟 评 定 为 " 一 般 " 失 信 。 拟 评 定 名 单 ...

Core Viewpoint - The announcement from the Hebei Provincial Medical Supplies Procurement Center indicates that several companies are being rated as "generally" untrustworthy due to inadequate delivery services for selected products in the national centralized procurement process [1][2][3] Group 1: Companies Involved - Companies listed for potential untrustworthiness include Suzhou Terui Pharmaceutical, Sihuan Pharmaceutical, Lijun Group, Jiangxi Yongfeng Kande Pharmaceutical, Guangdong Saifeng Pharmaceutical, Beijing Fule Technology, and Beijing Beilu Pharmaceutical [1][2] - Lijun Group's voriconazole injection was selected in the eighth batch of national procurement at a price of 29.19 yuan per unit, down from a previous market price of 700-800 yuan, representing a price drop of over 90% [1] - Beilu Pharmaceutical's iopamidol injection was selected in the seventh batch of national procurement at a price of 91.3 yuan per unit, being the only contrast agent selected in that batch [1] Group 2: Regulatory Framework - The Hebei Provincial Medical Security Bureau established a credit evaluation system for drug pricing and procurement in late 2020, categorizing untrustworthy behavior into four levels: "general," "moderate," "serious," and "particularly serious" [3] - The "general" untrustworthiness rating applies to companies that fail to fulfill procurement or delivery contracts without valid reasons and do not notify procurement agencies in advance, provided it does not severely impact clinical treatment [3] - Once a company is rated as untrustworthy, the provincial procurement center will implement measures such as written warnings, risk notifications on procurement platforms, and restrictions on procurement qualifications [3] Group 3: Broader Industry Context - The issue of supply shortages is not limited to medical institutions; designated pharmacies in Hebei also face significant shortages, with 422 drugs reported as unavailable [4] - Other regions, including Liaoning, Hainan, and Guangzhou, have also reported issues with selected companies failing to deliver drugs on time since the implementation of centralized procurement policies [4] - As of May 31, 2023, 443 drug varieties had not established timely delivery relationships post-procurement, with nearly 70% of the identified varieties having a delivery rate of 0% [4] Group 4: Future Developments - By the end of 2024, 612 companies were rated as generally untrustworthy, 76 as moderately untrustworthy, 40 as seriously untrustworthy, and 7 as particularly seriously untrustworthy [5] - A new standard for credit evaluation will be implemented starting from the third quarter of 2025, simplifying the rating system from four levels to three: "untrustworthy," "seriously untrustworthy," and "particularly seriously untrustworthy" [6]

Core Viewpoint - The company, Yuekang Pharmaceutical, reported a decline in revenue for 2024, with total revenue of 3.781 billion yuan, a year-on-year decrease of 9.90% [1] Group 1: Operating Performance - The revenue breakdown shows that cardiovascular and anti-infection products generated 2.105 billion yuan and 789 million yuan, respectively, with declines of 20.73% and 22.67% [1][4] - The gross profit margin for the company was 58.76%, with significant differences among product categories; anti-infection products had a gross margin of 6.91%, while cardiovascular products had a margin of 91.08% [1][4] - The company provided a detailed table of sales revenue, volume, unit price, and year-on-year changes for different product types [2][3] Group 2: Revenue Analysis - The decline in cardiovascular product revenue was primarily due to a drop in sales of Ginkgo biloba extract injection, which saw an 8.47% decrease in volume and a reduction in average selling price [5] - The anti-infection product revenue decline was attributed to a shrinking market demand and increased competition, leading to lower sales volumes [5] - Conversely, the digestive system product revenue increased by 123.04% due to improved sales of omeprazole enteric-coated capsules, driven by enhanced marketing strategies [5] Group 3: Gross Margin Analysis - The gross margin differences among product types were influenced by drug classification and centralized procurement impacts [6][7] - Cardiovascular products maintained high margins due to effective market development and production cost management, while anti-infection products faced lower margins due to competitive pricing pressures [7] - The company’s gross margins were compared with industry peers, showing that its margins were generally in line with industry averages [8] Group 4: Sales and Marketing Expenses - The company reported a decrease in marketing and promotion expenses from 1.715 billion yuan in 2023 to 1.242 billion yuan in 2024, a reduction of 27.59% [10][11] - The decrease was attributed to the expansion of centralized procurement, which stabilized sales volumes in public medical institutions, leading to reduced promotional activities [11] - The company’s pricing strategy for major products considered various factors, including R&D costs, market demand, and competition [12] Group 5: Related Party Transactions - The company increased its purchases from Anhui Hengshun Information Technology Co., Ltd. to 221.678 million yuan in 2024, a significant increase from the previous year [18][20] - Anhui Hengshun primarily engages in the production and sale of various pharmaceutical intermediates, and the increase in purchases was due to expanded sales channels and cost advantages [19][20] - The procurement prices from Anhui Hengshun were found to be fair and competitive compared to other suppliers [21]

Core Viewpoint - The article highlights the progress of Yuekang Pharmaceutical Group in developing innovative traditional Chinese medicine (TCM) products, emphasizing their commitment to high-quality drug development and the potential market opportunities for their new drugs [2][3][5]. Group 1: Product Development and Clinical Value - Yuekang Pharmaceutical is currently in the New Drug Application (NDA) review stage for three major products targeting cardiovascular, neurological, and respiratory diseases, showcasing the advantages of TCM's multi-target collaborative treatment [3][5]. - Clinical experts have expressed optimism about the three innovative drugs, with specific praise for the multi-target mechanism of Hydroxy Safflower Yellow A, which may improve long-term neurological function in acute ischemic stroke patients [3]. - The compound TCM Tongluo Jianbrain Tablets is noted for its effectiveness in treating vascular dementia, reflecting the TCM principle of addressing both symptoms and root causes [3][5]. Group 2: Market Position and Innovation - The pharmaceutical industry is transitioning from rapid growth to high-quality development, with innovation becoming the core driving force for companies to stand out [4][5]. - Yuekang Pharmaceutical is expected to solidify its industry-leading position through precise market understanding and continuous technological innovation [5]. Group 3: Internationalization and Digital Transformation - The Chinese biopharmaceutical industry is shifting towards high-quality development, with innovation and internationalization as key drivers [6]. - Yuekang Pharmaceutical has established a 500-member international R&D team and developed multiple core technology platforms, achieving significant patent breakthroughs [6][7]. - The company has partnered with Huawei for digital transformation, enhancing efficiency across various operational areas, including R&D and supply chain management [7][8]. Group 4: Commitment to Quality - The company emphasizes a strict quality control philosophy, ensuring high standards in every aspect of drug production, from raw materials to final products [2][3]. - Yuekang Pharmaceutical's commitment to quality is reflected in its extensive quality inspection center and rigorous production standards [2].

Core Viewpoint - The transfer of 14.16% of shares from the controlling shareholders of Sailong Pharmaceutical to Hainan Yayi will result in a change of control, with Hainan Yayi becoming the new controlling shareholder, although the company will have no actual controller [1][3]. Group 1: Share Transfer and Control Change - The controlling shareholders Cai Nanguai and Tang Lin plan to transfer their shares at a price of 8 yuan per share, totaling 199 million yuan [1]. - After the transfer, Hainan Yayi will hold 24.60% of the voting rights in Sailong Pharmaceutical, making it the controlling shareholder [3]. - Hainan Yayi was established on May 15, 2025, specifically for this transaction and currently has no actual business operations [3]. Group 2: Financial Performance and Risks - Sailong Pharmaceutical has been facing financial difficulties, with only one profitable year since 2020, and has reported losses in other years [4]. - Revenue figures from 2020 to 2024 were 121 million yuan, 247 million yuan, 264 million yuan, 311 million yuan, and 264 million yuan, while net profits were -67.22 million yuan, -23.34 million yuan, -37.31 million yuan, 9.534 million yuan, and -33.1456 million yuan respectively [4]. - The first quarter of 2025 showed a revenue of 54.09 million yuan, a year-on-year decrease of 22.2%, and a net loss of 1.04 million yuan, a decline of 163.9% year-on-year [4]. Group 3: Regulatory and Market Context - Sailong Pharmaceutical's stock was placed under delisting risk warning on April 28, 2025, due to negative profit figures and revenue below 300 million yuan [5]. - The company has outlined strategies to improve its financial situation, including expanding sales channels, increasing marketing efforts, and optimizing internal management [6].

Core Viewpoint - The company reported a significant increase in revenue but continued to face net losses, indicating ongoing challenges in the pharmaceutical industry amid regulatory pressures and market competition [4][26]. Financial Performance - The company achieved operating revenue of 37,978.02 million yuan, a year-on-year increase of 92.95% [4][26]. - The net profit attributable to the parent company was -13,076.37 million yuan, a reduction in losses by 13.68% compared to the previous year [4][26]. - The total assets decreased by 22.73% to 125,533.36 million yuan, with a notable decline in both current and non-current assets [26][27]. Industry Context - The pharmaceutical industry is undergoing a transformation, with increasing regulatory scrutiny and a shift towards high-quality development [4][15]. - The government continues to expand centralized procurement policies, which are impacting pricing and competition within the industry [15][16]. - The aging population in China is driving demand for healthcare products and services, presenting opportunities for growth in the pharmaceutical sector [16]. Strategic Initiatives - The company is focusing on enhancing its product pipeline by investing in high-difficulty generics and innovative drugs, aiming to strengthen its competitive edge [5][10]. - A strategic partnership with Laboratoire Bailly-Creat aims to expand the company's market reach, particularly in emerging markets along the Belt and Road Initiative [7][17]. - The company is committed to improving its internal control systems and operational efficiency to adapt to the evolving regulatory landscape [18][19].