以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 流传消息指出，根据国家将于2026年1月1日正式施行的《中华人民共和国增值税法》相关规定，避孕药品的增值税政策将进行调整。为积极响应国 家政策，并基于当前市场环境与公司战略发展需要，某药业经审慎研究，决定对"左炔诺孕酮肠溶片"的价格体系进行相应变更。 针对避孕药是否会涨价的相关问题，12月12日，该药业回复21世纪经济报道记者称，网传信息不实，该产品目前还没有明确的调价计划，未来是否 调整还需等待相关部门的通知。 权威、专业、深度、有趣！用经济思维看世界。 互联网新闻信息服务许可证编号：44120180007 来源|21世纪报道 记者丨闫硕 编辑丨季媛媛 近日，一则避孕药将涨价的消息传出，引发广泛关注。 业内观点认为，受我国人口政策调整影响，避孕药品和用具的税收优惠政策应当相应调整。这一政策变化将推动企业重新评估成本结构、优化产品定 价策略，新增成本可能传导至终端售价，最终推动相关产品价格上涨。也有专家认为企业经营的实际税负增加较为有限，不会造成价格的大幅波动。 记者也就相关话题同步联系了行业龙头紫竹药业，但截至发稿尚未得到回复。 01 不 ...

记者丨 闫硕 编辑丨季媛媛 近日，一则避孕药将涨价的消息传出，引发广泛关注。 流传消息指出，根据国家将于2026年1月1日正式施行的《中华人民共和国增值税法》相关规 定，避孕药品的增值税政策将进行调整。为积极响应国家政策，并基于当前市场环境与公司战 略发展需要，某药业经审慎研究，决定对"左炔诺孕酮肠溶片"的价格体系进行相应变更。 针对避孕药是否会涨价的相关问题， 12月12日，该药业回复21世纪经济报道记者称，网传信 息不实，该产品目前还没有明确的调价计划，未来是否调整还需等待相关部门的通知。 业内观点认为，受我国人口政策调整影响，避孕药品和用具的税收优惠政策应当相应调整。 这一政策变化将推动企业重新评估成本结构、优化产品定价策略，新增成本可能传导至终端售 价，最终推动相关产品价格上涨。也有专家认为企业经营的实际税负增加较为有限，不会造成 价格的大幅波动。 根据2024年12月25日第十四届全国人大常委会第十三次会议通过的《中华人民共和国增值税 法》，明确 自2026年1月1日起，避孕药品和用具将不再享受免征增值税政策。新增托儿所、 幼儿园等提供的育养服务，以及婚姻介绍服务免征增值税。 一减一增之间，彰显了国 ...

21世纪经济报道记者闫硕 近日，一则避孕药将涨价的消息传出，引发广泛关注。 避孕药品和用具的免征增值税政策始于上世纪90年代，彼时，为配合计划生育国策，1993年首次公布的 《中华人民共和国增值税暂行条例》，将避孕药品和用具列入其中，这一政策延续了30余年。 根据2024年12月25日第十四届全国人大常委会第十三次会议通过的《中华人民共和国增值税法》，明确 自2026年1月1日起，避孕药品和用具将不再享受免征增值税政策。新增托儿所、幼儿园等提供的育养服 务，以及婚姻介绍服务免征增值税。一减一增之间，彰显了国家鼓励生育、优化人口结构的政策导向。 然而，取消避孕药品和用具的免征增值税政策，将对企业带来一定的影响，"免税时期企业购进原材 料、生产设备等的进项税额无法抵扣，沉淀为隐性成本；恢复征税后虽可抵扣进项税额，但销售环节需 缴纳销项税，面临一定的成本压力。"北京中医药大学卫生健康法学教授、博士生导师邓勇向21世纪经 济报道记者表示。 他进一步指出，对中小企业而言，抗风险能力弱，利润空间被直接压缩，部分低价避孕药的盈利空间甚 至可能骤缩到难以维持的水平。对相关产品年销售额5亿元的大型生产企业，通过相关计算可知，利 ...

近日，一则避孕药将涨价的消息传出，引发广泛关注。 流传消息指出，根据国家将于2026年1月1日正式施行的《中华人民共和国增值税法》相关规定，避孕药 品的增值税政策将进行调整。为积极响应国家政策，并基于当前市场环境与公司战略发展需要，某药业 经审慎研究，决定对"左炔诺孕酮肠溶片"的价格体系进行相应变更。 针对避孕药是否会涨价的相关问题，12月12日，该药业回复21世纪经济报道记者称，网传信息不实，该 产品目前还没有明确的调价计划，未来是否调整还需等待相关部门的通知。 业内观点认为，受我国人口政策调整影响，避孕药品和用具的税收优惠政策应当相应调整。这一政策变 化将推动企业重新评估成本结构、优化产品定价策略，新增成本可能传导至终端售价，最终推动相关产 品价格上涨。也有专家认为企业经营的实际税负增加较为有限，不会造成价格的大幅波动。 需要指出的是，企业调整价格时，需要做好消费者接受度与企业经营目标的平衡。邓勇认为，可以实施 差异化定价策略，像紧急避孕药这类价格透明、占销售额比重大且复购率高的产品，可压缩企业自身利 润，将涨幅控制在3%-5%以内，避免客群大量流失；而短效口服避孕药等客群忠诚度高的产品，可按合 理税负比 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 13.11 CNY [6][13]. Core Views - The company's existing business is under short-term pressure, but improvements are expected in the second half of 2025 as the innovation pipeline progresses [2][13]. - The revenue for the first half of 2025 is reported at 1.869 billion CNY, a decrease of 12.56% year-on-year, with a net profit attributable to the parent company of 308 million CNY, down 9.26% [13]. - The report highlights the impact of raw material price competition and centralized procurement on the company's performance, leading to a downward adjustment of EPS forecasts for 2025-2026 [13]. Financial Summary - Total revenue projections are as follows: 2023A: 4,123 million CNY, 2024A: 4,001 million CNY, 2025E: 3,910 million CNY, 2026E: 4,327 million CNY, and 2027E: 4,898 million CNY, reflecting a decline of 5.9% in 2023 and a gradual recovery thereafter [4][14]. - Net profit attributable to the parent company is forecasted to be 563 million CNY in 2023, decreasing to 397 million CNY in 2024, then rebounding to 592 million CNY in 2025, 679 million CNY in 2026, and 781 million CNY in 2027 [4][14]. - The report indicates a projected EPS of 0.60 CNY for 2025, 0.69 CNY for 2026, and 0.79 CNY for 2027 [13][14]. Business Segments - The raw material and intermediate segment reported revenue of 730 million CNY, down 20%, while the formulation segment generated 1.127 billion CNY, a decrease of 7.2% [13]. - The report notes that the gynecology segment saw revenue of 207 million CNY, down 11%, while respiratory formulations increased by 13% to 446 million CNY [13]. Innovation and Growth Potential - The company is collaborating with Omir Pharmaceuticals on a new drug, Omeros Sodium, which has submitted an NDA and is currently in the pharmaceutical review phase [13]. - The report anticipates that new products such as the long-acting analgesic injection CZ1S and the combination inhalation spray will contribute to future growth [13].

Group 1 - The company reported a 6.2% decline in revenue for the first half of 2025, totaling 12.064 billion yuan, while net profit attributable to shareholders increased by 3.92% to 1.155 billion yuan [1] - Subsidiary Yichang Renfu is the largest designated research and production base for anesthetic drugs in Asia, holding over 60% of the domestic market share for anesthetic drugs and maintaining leading market positions for several core anesthetic and psychiatric products [1] - Subsidiary Gedian Renfu is a leading domestic enterprise in the field of sexual health hormone drugs, with the highest global market share for progesterone raw materials and leading positions for other raw materials such as finasteride and budesonide [1] Group 2 - Gedian Renfu has registered and sold raw material products in over 60 countries and regions, and its formulation product line includes unique varieties such as compound mifepristone tablets [1] - The company is actively promoting a full industry chain layout for sexual health hormone drugs, with several products like abiraterone acetate tablets and dienogest tablets launched in recent years [1]

Summary of Xianju Pharmaceutical Conference Call Company Overview - **Company**: Xianju Pharmaceutical - **Date**: August 27, 2025 Key Points Industry and Company Performance - Core formulation business slightly decreased, with self-operated raw materials down by 66 million yuan, exports down 10%, and domestic market down 27% [2][4] - Gross profit slightly increased, but operating expenses significantly grew, with financial expenses reduced by over 20 million yuan due to declining deposit rates [2][5] - Overall profit pressure due to non-recurring losses turning negative [2][5] Strategic Transition and Future Outlook - Company is transitioning to a high proportion of complex formulations and innovative products, actively investing in product development and production line construction [2][6] - Despite procurement pressure, the company shows resilience, expecting a performance turning point as procurement impacts diminish and overseas orders expand [2][6] - Anticipated that the second half of 2025 will not perform worse than the first half, with adverse factors already reflected [2][7] Segment Performance - Gynecology segment saw sales declines for certain products, but new product sales (e.g., Drosperinone and Ethinyl Estradiol Tablets) grew rapidly [2][8] - Anesthesia segment remained flat, while respiratory segment grew by 13% [2][8] - Generic drug segment declined by 23% [2][8] Cash Flow and Financial Health - Operating cash flow significantly decreased year-on-year, primarily due to penalty payments nearing 200 million yuan; actual cash flow would be positive if excluding this [2][9] - Net profit decreased by 9% year-on-year, with a 20% drop when excluding non-recurring losses, totaling approximately 270 million yuan [2][8] Innovation and R&D Progress - Innovative drug Omecamtiv Mecarbil expected to be approved by the end of 2025 or early 2026, with commercialization discussions already initiated [2][10] - Long-acting analgesic CCES has entered Phase III clinical trials [2][10] - Future R&D strategy focuses on increasing investment in innovative drugs, developing complex formulations, and exploring new therapeutic targets [2][11] Market Dynamics and Pricing - Raw material prices have decreased significantly, impacting profits; however, the company expects stabilization in the second half of 2025 [2][24][25] - Non-compliant market prices have dropped by 15% to 20%, but there are signs of potential recovery in raw material prices [2][14][25] Sales Strategy and Team Development - Increased sales expenses due to ongoing sales reforms and the need to promote new drug varieties [2][26] - Investment in self-operated sales teams to enhance efficiency and long-term growth potential [2][27] Export and International Strategy - Plans to expand exports of complex formulations and specialty products, with a focus on regulatory compliance and market potential in various regions [2][28][30] - The U.S. market is viewed as the most lucrative, while Japan presents unique challenges due to protectionist policies [2][29][30] Future Development and Performance Expectations - Company is in a transition phase from traditional generics to innovation, with multiple new product applications planned in the coming months [2][32][33] - Confidence in achieving long-term growth through continued innovation and adaptation to market demands [2][33]

Group 1 - The core point of the article is that Junfeng Pharmaceutical announced the approval of the drug registration certificate for Drospirenone and Ethinyl Estradiol Tablets by the National Medical Products Administration [2] Group 2 - Junfeng Pharmaceutical's subsidiary, Wuhan Jiulong Junfeng Pharmaceutical Co., Ltd., received the drug registration certificate [2] - The subsidiary is fully owned by Hubei Gedian Junfeng Pharmaceutical Co., Ltd. [2]

Group 1 - The core point of the article is that Renfu Pharmaceutical has received approval from the National Medical Products Administration for the drug registration certificate of Drospirenone and Ethinyl Estradiol Tablets [2] - In the fiscal year 2024, Renfu Pharmaceutical's revenue composition is as follows: pharmaceuticals account for 56.01%, pharmaceutical wholesale and related businesses account for 43.8%, and other businesses account for 0.19% [2]

Core Viewpoint - The approval of the drug "Drospirenone and Ethinyl Estradiol Tablets" by the National Medical Products Administration marks a significant milestone for the company, allowing it to sell this product in the domestic market, which will positively impact its product line and overall business performance [1]. Group 1 - The company’s subsidiary, Wuhan Jiulong Renfu Pharmaceutical Co., Ltd., has received the drug registration certificate for Drospirenone and Ethinyl Estradiol Tablets [1]. - The approval indicates that the company is now qualified to market this drug in China, enhancing its product offerings [1]. - The company plans to arrange for the production and market launch of the drug based on market demand [1].