转自：北京日报客户端 新版医保目录已进入实质性落地阶段。1月8日，北京商报记者注意到，包括替妥尤单抗N01注射液、夫 那奇珠单抗注射液在内的多款新增创新药，已在多地医院纷纷开出医保首方。这标志着患者使用这些高 价创新药的实际门槛正在快速降低，新版目录的惠民效应开始显现。 本次医保目录调整不仅新增了114种药品，更首次同步推出《商业健康保险创新药品目录（2025 年）》，通过"基本医保+商保"的双重保障，为肿瘤、罕见病等领域19种高值药品开辟了可及的支付通 路，医保支付体系向多层次保障的实质性转型迈出关键一步，创新药企也迎来了加速商业化放量的重要 节点。 从上市到开出医保首方不足一年 创新药迅速落地医保，是新版医保目录对具有高临床价值"真创新"支持力度加大的直接体现。本次调整 中，新版医保目录与商保创新药目录共纳入独家品种124个。 其中，备受关注的替妥尤单抗N01注射液是国内首款用于治疗甲状腺眼病的靶向药物，从2025年3月上 市，到开出医保首方，用时不到一年，填补了我国该领域近70年的治疗空白。 夫那奇珠单抗注射液则是用于治疗银屑病的生物制剂1类创新药，由恒瑞医药自主研发。恒瑞医药在本 次医保目录调整中被视 ...

新版医保目录已进入实质性落地阶段。1月8日，北京商报记者注意到，包括替妥尤单抗N01注射液、夫 那奇珠单抗注射液在内的多款新增创新药，已在多地医院纷纷开出医保首方。这标志着患者使用这些高 价创新药的实际门槛正在快速降低，新版目录的惠民效应开始显现。 倒逼药企研发策略转向真创新 本次医保目录调整不仅新增了114种药品，更首次同步推出《商业健康保险创新药品目录（2025 年）》，通过"基本医保+商保"的双重保障，为肿瘤、罕见病等领域19种高值药品开辟了可及的支付通 路，医保支付体系向多层次保障的实质性转型迈出关键一步，创新药企也迎来了加速商业化放量的重要 节点。 不到一年开出医保首方 创新药迅速落地医保，是新版医保目录对具有高临床价值"真创新"支持力度加大的直接体现。本次调整 中，新版医保目录与商保创新药目录共纳入独家品种124个。 其中，备受关注的替妥尤单抗N01注射液是国内首款用于治疗甲状腺眼病的靶向药物，从2025年3月上 市，到开出医保首方，用时不到一年，填补了我国该领域近70年的治疗空白。 夫那奇珠单抗注射液则是用于治疗银屑病的生物制剂1类创新药，由恒瑞医药自主研发。恒瑞医药在本 次医保目录调整中被视为 ...

新版医保目录已进入实质性落地阶段。1月8日，北京商报记者注意到，包括替妥尤单抗N01注射液、夫那奇珠单抗注射液在内的多款新增创新药，已在多地 医院纷纷开出医保首方。这标志着患者使用这些高价创新药的实际门槛正在快速降低，新版目录的惠民效应开始显现。 本次医保目录调整不仅新增了114种药品，更首次同步推出《商业健康保险创新药品目录（2025年）》，通过"基本医保+商保"的双重保障，为肿瘤、罕见病 等领域19种高值药品开辟了可及的支付通路，医保支付体系向多层次保障的实质性转型迈出关键一步，创新药企也迎来了加速商业化放量的重要节点。 从上市到开出医保首方不足一年 创新药迅速落地医保，是新版医保目录对具有高临床价值"真创新"支持力度加大的直接体现。本次调整中，新版医保目录与商保创新药目录共纳入独家品种 124个。 其中，备受关注的替妥尤单抗N01注射液是国内首款用于治疗甲状腺眼病的靶向药物，从2025年3月上市，到开出医保首方，用时不到一年，填补了我国该 领域近70年的治疗空白。 | | | 基本医保目录"上新"药品定点医药机构销售情况(2026年1月1日至1月6日) | | | | --- | --- | --- | ...

Group 1: Healthcare Policy Changes - The new national medical insurance drug list has been implemented, adding 114 new drugs covering areas such as cancer, diabetes, and rare diseases [2] - A new batch of centralized procurement for 55 drugs will take place in February 2026, including medications for allergies, diabetes, and antiviral treatments [2] - The National Health Commission mandates that primary healthcare institutions must be equipped with at least five categories of antihypertensive drugs starting March 1, 2026 [3] Group 2: Maternal and Child Health Initiatives - From July 1, 2025, Jiangsu Province has implemented a "zero out-of-pocket" policy for hospital deliveries, with the aim to expand this benefit nationwide by 2026 [4] - The 2026 initiatives include increasing maternity subsidies, expanding coverage for flexible workers and migrant workers, and integrating suitable pain relief methods into medical insurance [4] Group 3: Long-term Care Insurance Developments - Long-term care insurance is currently focused on severely disabled individuals, with plans to include moderately disabled individuals by 2026 [6] - An action plan to enhance elderly care services will be launched, establishing geriatric departments in hospitals and extending care services to communities and homes [6] Group 4: Medical Service Accessibility and Efficiency - The medical imaging cloud platform will expand its cross-province data sharing capabilities, aiming for over 300 mutual recognition projects among medical institutions by the end of 2027 [8] - Starting January 1, 2026, all medical institutions must implement full collection and upload of drug traceability codes to combat illegal use of medical insurance funds [8]

Group 1: New Drug Policies - The new national medical insurance drug list has been implemented, adding 114 new drugs covering areas such as cancer, diabetes, and rare diseases [2] - A new batch of centralized procurement for 55 drugs will take place in February 2026, including medications for allergies, diabetes, and antiviral treatments [2] - The first version of the commercial insurance innovative drug directory has been released, providing 19 innovative drugs for reference in product design [2] Group 2: Maternal and Child Health - From July 1, 2025, Jiangsu province implemented a "zero out-of-pocket" policy for hospital deliveries, with the aim to expand this benefit nationwide by 2026 [4] - The 2026 initiatives include increasing maternity subsidies, expanding coverage for flexible workers and migrant workers, and incorporating suitable pain relief methods into medical insurance [4] - A series of measures are being introduced to support child health and development, including direct disbursement of maternity benefits to insured individuals [4] Group 3: Elderly Care and Long-term Insurance - Long-term care insurance is expanding to cover more individuals, with a focus on enhancing elderly care services starting in 2026 [6][7] - The initiative includes establishing geriatric departments in hospitals and extending care services to community and home settings [6] Group 4: Healthcare Accessibility and Insurance Fund Security - The medical imaging cloud platform will enhance the sharing of diagnostic data across provinces, aiming for over 300 mutual recognition projects by the end of 2027 [8] - The implementation of cross-province use of employee medical insurance accounts will be fully realized in 2026 [8] - A new drug traceability system will be enforced from January 1, 2026, to combat illegal activities related to medical insurance funds [8]

Group 1 - The core viewpoint of the article highlights the implementation of new healthcare policies in 2026 that will benefit the public, including the introduction of new drugs and medical services [2] - A total of 114 new drugs will be included in the national medical insurance drug list, covering areas such as cancer, diabetes, and rare diseases, with an additional 19 innovative drugs for commercial insurance [3] - The latest batch of centralized procurement for 55 drugs will take place in February 2026, including medications for allergies, diabetes, and antiviral treatments [3] Group 2 - From March 1, 2026, primary healthcare institutions are required to stock at least five categories of antihypertensive drugs to enhance medication accessibility [4] - The "zero out-of-pocket" policy for hospitalization during childbirth will expand nationwide, aiming for full coverage of eligible expenses by 2026 [5] - The long-term care insurance (LTCI) will transition from pilot programs to comprehensive coverage for all insured individuals, enhancing elderly care services [8] Group 3 - The medical insurance imaging cloud will facilitate the sharing of diagnostic imaging data, reducing the need for patients to carry physical records and minimizing repeated tests [9] - By 2026, the cross-province sharing of medical insurance accounts will be fully implemented, along with advancements in payment methods to reduce hospital wait times [11] - All medical institutions will be required to upload drug traceability codes starting January 1, 2026, to combat illegal activities related to medical insurance funds [11]

Core Viewpoint - The recent adjustment of the National Medical Insurance Drug List and the Commercial Health Insurance Innovative Drug List signifies the successful completion of the annual national medical insurance drug negotiation process, emphasizing the goals of "filling gaps, encouraging innovation, and optimizing structure" [1][10]. Group 1: Drug List Adjustments - A total of 114 new drugs were added to the list, with 111 being newly launched within the last five years, representing 97.3% of the additions, including 50 first-class innovative drugs [2][11]. - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines, significantly enhancing the coverage for critical areas such as cancer, chronic diseases, and rare diseases [2][11]. - The new directory includes drugs that address gaps in basic medical insurance, such as treatments for triple-negative breast cancer, pancreatic cancer, and lung cancer, as well as medications for rare diseases and chronic conditions [2][11]. Group 2: Support for Innovation - The negotiation success rate for this year reached 88.19%, the highest in recent years, with 127 drugs participating and 112 achieving success, indicating a strong support for genuine innovation [4][13]. - The selection process for drugs involved strict evaluations, with only 41.48% of the 331 drugs reviewed passing the expert assessment, reflecting a focus on high-quality submissions [5][14]. - The pricing assessment for drugs is based on their clinical value, with a higher willingness to pay for drugs that demonstrate significant clinical benefits, aligning with the principle of "paying more for quality life" [6][14]. Group 3: Commercial Health Insurance - The first version of the commercial health insurance innovative drug directory includes 19 high-priced innovative drugs, aimed at establishing a multi-tiered insurance system [8][16]. - The directory is designed to enhance the attractiveness of insurance products, potentially increasing the insurance uptake and improving the profitability structure of insurance companies [9][17]. - The commercial insurance directory complements the basic medical insurance list, facilitating a clearer distinction in coverage and promoting the development of a multi-layered medical insurance system [9][17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 11.507 billion yuan in the first half of 2025, representing a year-on-year increase of 9.12%. The net profit attributable to shareholders was 2.051 billion yuan, up by 0.05%, while the net profit excluding non-recurring items was 2.040 billion yuan, an increase of 14.30% [4][5] - The company has adjusted its earnings forecast for 2025-2026 due to changes in the consumer market, with new profit estimates for 2025, 2026, and 2027 being 3.999 billion yuan, 4.508 billion yuan, and 5.177 billion yuan respectively. The current stock price corresponds to a PE ratio of 30.9, 27.5, and 23.9 times for the respective years [4][5] Financial Performance - In the first half of 2025, the company's revenue from refractive projects was 4.618 billion yuan (up 11.14%), cataract projects generated 1.781 billion yuan (up 2.64%), and vision service projects brought in 2.720 billion yuan (up 14.73%) [5] - The company reported a gross margin of 48.56% (down 0.88 percentage points) and a net margin of 19.29% (down 1.66 percentage points) [4] Operational Metrics - The company recorded an outpatient volume of 9.2483 million visits (up 16.47%) and a surgical volume of 879,000 cases (up 7.63%) in the first half of 2025 [6] - As of June 30, 2025, the company operated 355 domestic hospitals and 240 outpatient departments, along with 169 overseas ophthalmology centers and clinics [6] Future Outlook - The company is expected to continue its growth trajectory with a focus on introducing cutting-edge technologies and equipment, including the latest generation of robotic femtosecond devices and innovative treatments [5] - The financial projections indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 23.646 billion yuan in 2025 and 29.155 billion yuan in 2027 [8][10]

Core Viewpoint - Aier Eye Hospital reported stable growth in its half-year results, with significant increases in outpatient volume and revenue across major business segments, driven by enhanced medical quality and new service offerings [1][2][3]. Financial Performance - In the first half of 2025, Aier Eye Hospital achieved operating revenue of 11.507 billion yuan, a year-on-year increase of 9.12%, and a net profit attributable to the parent company of 2.040 billion yuan, up 14.30% [2]. - The operating net cash flow grew by 19.65% to 3.402 billion yuan [2]. Business Growth Drivers - The outpatient volume reached 9.2483 million visits, reflecting a year-on-year growth of 16.47%, indicating an acceleration compared to the full year of 2024 [2]. - The company introduced multiple new surgical techniques, enhancing medical quality and patient satisfaction, particularly in refractive surgery [3][4]. Strategic Initiatives - Aier Eye Hospital established an MDT group for presbyopia management and opened presbyopia clinics to cater to the aging population, identifying a new growth opportunity [3]. - The "1+8+N" strategy is being advanced, with a total of 355 domestic hospitals and 240 outpatient departments, alongside 169 overseas eye centers and clinics, creating a global medical service network [3]. Technological Advancements - The introduction of new surgical technologies, including the latest robotic-assisted refractive surgery equipment, has improved operational efficiency and patient outcomes [4]. - The company is focusing on integrating AI into its operations, enhancing data utilization to drive business intelligence and operational efficiency [5]. Organizational Development - Aier Eye Hospital has initiated organizational changes to enhance management efficiency and resource sharing across regions, with a focus on talent acquisition and training [6]. - The company has successfully recruited over 700 professionals, including eye specialists and optical technicians, to strengthen its workforce [6]. Market Outlook - The eye care service market is expected to continue expanding, driven by increasing public awareness of eye health and the demand for high-quality medical services [2][6]. - Analysts maintain a positive outlook on Aier Eye Hospital's long-term growth potential, emphasizing its position as an industry leader [6].

Group 1 - The core issue of thyroid eye disease is its association with thyroid dysfunction, leading to symptoms such as eye bulging, eyelid retraction, and potential vision loss, affecting over 2 million patients in China, with a higher prevalence in women [1] - Early diagnosis and treatment significantly improve the prognosis of thyroid eye disease, with traditional treatment options including corticosteroid injections, orbital radiotherapy, and surgery [1] - The approval of Teprotumumab N01 injection, an IGF-1R antibody drug for treating thyroid eye disease, marks a significant advancement in treatment options, having received regulatory approval in March this year [1] Group 2 - Diagnosis and treatment of thyroid eye disease require a multidisciplinary approach involving endocrinology, ophthalmology, thyroid surgery, radiology, and nuclear medicine [2] - The "Guidelines for the Construction of Standardized Diagnosis and Treatment Centers for Thyroid Eye Disease" emphasize the need for a comprehensive treatment plan that considers disease progression, treatment efficacy, safety, costs, drug accessibility, and patient preferences [2]