近日，上海神奇制药（维权）投资管理股份有限公司（以下简称"神奇制药"）的一则补税公告，再次将 这家药企推至舆论风口。其子公司贵州柏强制药因自查涉税问题，需补缴企业所得税及滞纳金约 1667.12万元。尽管公司声称"不涉及行政处罚"，且款项已缴纳完毕，但结合其近年业绩滑坡、监管处 罚频发等情况，此次事件折射出的深层风险值得警惕。 补税背后：盈利承压与税务合规之困 补缴金额虽已结清，但对神奇制药而言并非小数目。2025年前三季度，公司归母净利润为5030万元，此 次补税及滞纳金约占其中的33%，显著侵蚀当期利润。贵州柏强制药作为其三大主要子公司之一，上半 年营收3.40亿元、净利润2480万元，补税规模可见一斑。 更令人关注的是，公司未在公告中详细说明"漏水"原因，仅表示补缴款项将计入2025年当期损益。这种 模糊处理易引发市场对该公司财务内控及税务管理规范的质疑，尤其是在医药行业税务监管持续收紧的 背景下，合规能力将成为企业稳健经营的重要基石。 治理隐忧：曾被监管点名，内控漏洞频现 此次补税事件并非神奇制药首次陷入负面舆情。今年9月，公司因2023年利用已停止的"基药宣传计 划"套取销售费用4483.83万元， ...

Core Viewpoint - The Central Economic Work Conference held in Beijing on December 10-11 outlined key tasks for economic work in the coming year, including optimizing drug centralized procurement and deepening medical insurance payment reform [1]. Group 1: Drug Centralized Procurement - Since the launch of the "4+7" centralized procurement pilot by the National Healthcare Security Administration (NHSA) in November 2018, eleven batches of drug procurement have been conducted, successfully procuring 490 types of drugs [1]. - The goals of drug centralized procurement include reducing the economic burden on insured individuals, improving the efficiency of medical insurance fund usage, and encouraging companies to transition towards innovation [1]. - The eleventh batch of centralized procurement, which produced results on October 27, 2025, included 55 types of drugs covering common medications in various fields such as anti-infection, anti-allergy, anti-tumor, and blood sugar regulation [1]. Group 2: Optimization of Procurement Rules - The eleventh batch of procurement achieved its expected goals of "stabilizing clinical use, ensuring quality, countering excessive competition, and preventing collusion" by aligning selected products with medical institution needs, raising qualification thresholds for bidding companies, and guiding rational pricing [1]. - There is ongoing attention on how to further counter excessive competition in future drug procurements, with suggestions for establishing a minimum bidding price to provide more certainty for companies [2]. - Experts suggest that procurement rules could be further strengthened around the four dimensions of "stabilizing clinical use, ensuring quality, countering excessive competition, and preventing collusion," including potentially setting a "bottom price" for bids [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report emphasizes the ongoing progress of centralized procurement and medical insurance negotiations, highlighting investment opportunities in the pharmaceutical sector [5][6] - The report notes that the 2025 National Medical Insurance negotiations have commenced, with a focus on the commercialization potential of drugs included in the insurance list [6][19] - The pharmaceutical sector has shown resilience, with a 1.31% increase in October's fifth week, outperforming the CSI 300 index by 1.74 percentage points [7][22] Summary by Sections Section 1: Centralized Procurement and Medical Insurance Negotiations - The latest round of centralized procurement has been optimized, achieving a selection rate of 57% for the 11th batch, involving 55 products and 445 companies [5][15] - The 2025 medical insurance negotiations are expected to last 4-5 days, with 535 drug names passing the preliminary review for the basic medical insurance directory [6][19] Section 2: Market Performance - In the fifth week of October, the pharmaceutical sector rose by 1.31%, ranking 9th among 31 sub-industries [7][22] - The vaccine sector experienced the highest increase of 3.38%, while the medical consumables sector saw the largest decline of 1.98% [28] Section 3: Stock Recommendations - Monthly stock recommendations include companies such as Sanofi, Innovent Biologics, and WuXi Biologics [8] - Weekly stock recommendations feature companies like Kelun Pharmaceutical and Huadong Medicine [8]

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]