医药生物 2025 年 11 月 02 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-11 2025-03 2025-07 医药生物 沪深300 相关研究报告 《中国新药闪耀 2025ESMO 大会，推 荐相关投资机会 — 行 业 周 报 》 -2025.10.26 《MFN 定价进展超预期，关注创新药 全 球 定 价 动 态 — 行 业 周 报 》 -2025.10.19 《体内 CAR-T 交易迭起，关注国内投 资机会—行业周报》-2025.10.12 集采+医保谈判稳步推进，关注相关投资机会 ——行业周报 | 余汝意（分析师） | 刘艺（联系人） | 巢舒然（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | chaoshuran@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | 证书编号：S0790123110015 | 集采、医保政策持续推进，继续推荐制药板块性机会 新一轮集采和医保谈判持续 ...

单位：元 币种：人民币 证券代码：600624 证券简称：ST 复华 公告编号：临 2025-055 上海复旦复华科技股份有限公司 关于 2025 年前三季度部分经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所发布的上市公司分行业信息披露指引《上海证券交易所 上市公司自律监管指引第 3 号——行业信息披露》及《关于做好主板上市公司 2025 年第三季度报告披露工作的重要提醒》相关要求，现将上海复旦复华科技 股份有限公司下属子公司上海复旦复华药业有限公司 2025 年前三季度主要经营 数据披露如下： | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 营业收 入比上 | 营业成 本比上 | 毛利率 | | 分行业 | 营业收入 | 营业成本 | | | | 比上年 | | | | | （%） | 年增减 | 年增减 | 增减（%） | | | | | | （%） | （%） | | ...

Core Points - The 11th batch of national organized drug procurement was opened for bidding in Shanghai on October 27, resulting in the successful procurement of 55 types of drugs [3] - A total of 272 companies with 453 products have obtained the proposed selection qualification, including essential medications for chronic and major diseases [3] - The procurement covers various categories such as anti-infection, anti-tumor, anti-allergic asthma, diabetes medications, and cardiovascular disease drugs [3] Summary by Category - **Procurement Details** - The 11th batch of national organized drug procurement was conducted in Shanghai, with 55 drugs successfully procured [3] - A total of 272 companies participated, with 453 products achieving proposed selection [3] - **Drug Categories** - The procurement includes drugs for chronic diseases and life-saving medications [3] - Specific categories covered are anti-infection, anti-tumor, anti-allergic asthma, diabetes, and cardiovascular disease medications [3] - **Historical Context** - Since the establishment of the National Medical Insurance Administration, 11 batches of national organized drug procurement have been conducted, totaling 490 types of drugs [3]

根据上海证券交易所发布的上市公司分行业信息披露指引《上海证券交易所 上市公司自律监管指引第 3 号——行业信息披露》及《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》相关要求，现将上海复旦复华科技股 份有限公司下属子公司上海复旦复华药业有限公司 2025 年上半年度主要经营数 据披露如下： 证券代码：600624 证券简称：复旦复华 公告编号：临 2025-045 上海复旦复华科技股份有限公司 关于 2025 年上半年度部分经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告之经营数据未经审计，提醒投资者审慎使用上述数据。 特此公告。 上海复旦复华科技股份有限公司董事会 2025 年 8 月 30 日 2 | | | | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | | 营业收 | 营业成 | 毛利率 比上年 | | | | | 毛利 | 入比上 | 本比上 | ...

Core Insights - The eleventh batch of national drug procurement has initiated the reporting of demand from medical institutions, which is crucial for the effectiveness of the procurement process [1] Group 1: Changes in Reporting Rules - A new option for reporting demand by drug brand has been introduced, allowing medical institutions to report based on brand names rather than just generic names, addressing diverse medication needs [2] - A total of 55 drug varieties are involved in this procurement, covering treatment areas such as anti-infection, anti-tumor, anti-allergy, diabetes, and cardiovascular medications, with 480 companies having submitted relevant drug information [2] Group 2: Demand Reporting Flexibility - Medical institutions are generally required to report an annual demand of no less than 80% of the average usage from 2023 to 2024, but exceptions can be made for significant decreases in clinical demand or business adjustments [3] - Institutions may reduce reported quantities based on actual needs, provided they submit a written explanation [3] Group 3: Participation Encouragement - Private medical institutions and retail pharmacies are encouraged to participate in the procurement reporting, facilitating easier access for the public to selected drugs [4] Group 4: Procurement Policy Clarifications - The policy emphasizes that while selected drugs should be prioritized, it does not mandate exclusive use, allowing institutions to procure both selected and non-selected drugs [5] - Since 2018, ten batches of national drug procurement have cumulatively procured 435 types of drugs, improving the affordability and accessibility of medications for the public [5]

Core Viewpoint - The Hainan Provincial Drug Vigilance Center is enhancing collaboration and utilizing digital tools to improve risk monitoring and ensure medication safety for the public [1][2][3] Group 1: Risk Monitoring and Response - The center identified multiple adverse events related to a specific batch of disposable surgical gloves, indicating potential quality issues [2] - The center's primary responsibility includes monitoring and evaluating adverse reactions and events to mitigate potential safety risks [2][3] - Hainan's drug adverse reaction report total is slightly above the national average, while the center's staff is only one-third of the national average for provincial monitoring agencies, indicating a high workload [3] Group 2: Collaborative Efforts and Training - The center collaborates with the Provincial Health Commission to establish a coordinated assessment mechanism, integrating monitoring into the accountability system for medical institutions [4] - The number of monitoring points has been expanded, and specialized training for monitoring personnel is ongoing to enhance sensitivity in detecting risks [4] Group 3: Digital Tools and Innovations - The center is integrating risk signal identification and rapid reporting of adverse drug reactions into the Hainan "Three Medical Linkage One Network" platform [4][5] - This platform aims to eliminate data silos among departments, making risk monitoring more intelligent and convenient [5] Group 4: Unique Responsibilities and Advantages - Hainan's drug vigilance center has unique tasks due to special policies allowing early use of innovative medical devices not yet registered in China [5][6] - The center has established a comprehensive monitoring system for innovative medical devices used in the Boao Lecheng area, focusing on patient registration, clinical follow-up, and lifecycle traceability [6][7] - The center aims to leverage its policy advantages to enhance research capabilities and improve the drug vigilance system and risk management [7]

Core Viewpoint - The incident involving Kangfang Biotech's anti-tumor drugs, which were labeled "for clinical research use only," has raised significant concerns due to the alleged fraudulent activities by sales personnel [1] Group 1 - Kangfang Biotech's sales personnel reportedly forged research initiation documents and hospital ethics approvals to misappropriate drugs under the guise of post-marketing clinical research [1] - The company is currently cooperating with relevant regulatory authorities to investigate the incident, which involves multiple parties including Kangfang, medical representatives, hospitals, doctors, and patients [1] - Further responsibility determination is pending from regulatory agencies [1]

Core Viewpoint - The incident involving Kangfang Biotech's anti-tumor drug being misused for patient treatment instead of clinical research has raised significant concerns [1] Group 1: Incident Details - Kangfang Biotech's sales personnel in Chongqing allegedly forged research project documents and hospital ethics approvals to misappropriate drugs under the guise of post-marketing clinical research [1] - The company is currently cooperating with relevant regulatory authorities to investigate the incident [1] Group 2: Stakeholders Involved - The incident involves multiple parties, including Kangfang Biotech, medical representatives, hospitals, doctors, and patients, indicating a complex network of responsibility [1] - Further determination of accountability is pending from regulatory agencies [1]

特此公告。 上海复旦复华科技股份有限公司董事会 根据上海证券交易所发布的上市公司分行业信息披露指引《上海证券交易所 上市公司自律监管指引第 3 号——行业信息披露》及《关于做好主板上市公司 2025 年第一季度报告披露工作的重要提醒》相关要求，上海复旦复华科技股份 有限公司下属子公司上海复旦复华药业有限公司 2025 年第一季度主要经营数据 披露如下： 1 主营业务分行业情况 分行业 营业收入 营业成本 毛利率 （%） 营业收入 比上年增 减（%） 营业成本 比上年增 减（%） 毛利率比 上年增减 （%） 药业 72,949,010.38 34,689,081.66 52.45 -5.26 8.18 -5.91 主营业务分产品情况 分产品 营业收入 营业成本 毛利率 （%） 营业收入 比上年增 减（%） 营业成本 比上年增 减（%） 毛利率比 上年增减 （%） 消化系统 药品 33,411,578.68 11,267,124.50 66.28 5.35 13.60 -2.45 神经系统 用药品 19,561,885.06 13,793,474.82 29.49 -17.76 -2.17 -11.23 抗肿瘤药 ...