Core Insights - The new national medical insurance drug list was officially implemented on January 1, adding 114 new drugs, including long-acting growth hormones for children with endogenous growth hormone deficiency [1] Group 1: Drug Inclusion and Benefits - Two domestic long-acting growth hormone preparations included in the insurance are Yipei (from TeBao Biotech) and Jinpei (from JinSai Pharmaceutical), with Yipei being a class 1 new drug expected to launch in 2025 [2] - Long-acting growth hormones require administration only once a week, significantly reducing the number of injections by over 300 per year compared to traditional short-acting hormones, thus improving adherence and long-term management [2] Group 2: Price Adjustments - The price of Yipei 5mg was reduced from 1798 yuan to 853.2 yuan, a decrease of approximately 53%, while Jinpei's price was reported to drop from about 3500 yuan to approximately 900 yuan, a reduction of about 75% [2] - The actual price for Jinpei may vary as it still requires negotiations with local insurance bureaus, and the reported price of 900 yuan is considered an industry secret [2] Group 3: Financial Impact on Patients - For a child weighing 30 kg, the annual treatment cost with Jinpei was estimated to drop from about 120,000 yuan to 30,000 yuan after the price reduction, with potential further reductions based on local insurance reimbursement policies [5] - Families previously facing high treatment costs due to ineffective therapies will experience substantial relief from the new pricing structure [5]

Group 1 - The recent inclusion of long-acting growth hormone in the national medical insurance directory is expected to significantly reduce treatment costs for families, with prices dropping from approximately 4000-5000 yuan per month to around 2000 yuan after January 2026 [1][2] - Two long-acting growth hormone products, namely Yipei and Jinsai, have been included in the national medical insurance directory, with Yipei's price reduced by about 53% from 1798 yuan to 853.2 yuan, and Jinsai's price reduced by approximately 75% from 3500 yuan to around 900 yuan [2][3] - The annual treatment cost for patients with growth hormone deficiency is projected to decrease from about 120,000 yuan to 30,000 yuan after the price reduction, with further reductions possible through local insurance reimbursements [2][3] Group 2 - The growth hormone market in China has rapidly expanded, with the market size increasing from 4 billion yuan in 2018 to 12 billion yuan in 2022, making China the largest market globally for growth hormone [7][8] - The competitive landscape is evolving, with multiple companies, including Jinsai and Yipei, as well as new entrants like Anke Bio and Tianjing Bio, actively developing long-acting growth hormone products [8][9] - The approval of international long-acting growth hormone products, such as Novo Nordisk's product, is expected to intensify competition in the domestic market [8][9]

"在临床上，我们非常看重生长激素的长期安全性和患儿的依从性。益佩生的稳定性、安全性优势打消 了医生对长期用药的顾虑，人性化设计显著提升患儿配合度。"北京协和医院伍学焱教授指出，此次纳 入新版药品目录后，益佩生价格降近50%，大幅减轻患者经济负担，为矮小儿童提供了新的选择，提高 了治疗可及性。 12月7日，国家医保局、人力资源社会保障部联合印发《国家基本医疗保险、生育保险和工伤保险药品 目录（2025年）》（以下简称新版药品目录）。特宝生物自主研发的长效生长激素——怡培生长激素注 射液（商品名：益佩生）成功纳入新版药品目录，用于治疗3岁及以上儿童生长激素缺乏症所致生长缓 慢。 据统计，我国约有700万矮小症患儿，且发病人数仍呈上升趋势。生长激素是儿童矮小症的核心治疗药 物，然而长期以来，我国儿童生长激素治疗领域面临着"短效制剂每日注射依从性难保证、长效药物价 格高且选择有限"的困局。新一代长效生长激素益佩生此次纳入新版药品目录，将有力打破这一困局。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for a new indication for its product, Pegbivac, for the treatment of chronic hepatitis B, which is expected to enhance market penetration [6][8] - The company reported a revenue of 2.48 billion yuan for Q3 2025, representing a year-on-year increase of 26.85%, and a net profit of 666 million yuan, up 20.21% year-on-year [5] - The company is focusing on expanding its product portfolio and enhancing its market presence in the hepatitis field, supported by strong clinical evidence for its treatments [10] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 969 million yuan, a year-on-year increase of 26.68%, while the net profit was 238 million yuan, a decrease of 4.63% year-on-year [5] - The overall gross margin for the first three quarters was 92.56%, a decrease of 0.80 percentage points year-on-year, with a period expense ratio of 61.46%, an increase of 2.14 percentage points year-on-year [7] Product Development - Pegbivac has been approved for a new indication for chronic hepatitis B, based on clinical trial results showing a 31.4% clinical cure rate among patients [8] - The long-acting growth hormone, Yipei Sheng, has been approved for use in children with growth hormone deficiency and is expected to enter the national medical insurance directory, enhancing patient accessibility [9] Future Projections - Revenue projections for 2025 to 2027 are 3.66 billion, 4.78 billion, and 6.06 billion yuan, respectively, with year-on-year growth rates of 30.0%, 30.7%, and 26.7% [10] - The net profit projections for the same period are 1.11 billion, 1.56 billion, and 2.05 billion yuan, with growth rates of 34.1%, 40.6%, and 31.5% respectively [10]