Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, highlighting investment opportunities in AI healthcare and innovative drugs [1]. Core Insights - The pharmaceutical sector index increased by 1.13% this week, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th in industry performance [14]. - Year-to-date, the pharmaceutical industry has risen by 7.81%, surpassing the CSI 300 index by 9.36 percentage points, ranking 5th [14]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 28.24 times, with a premium of 86.84% relative to the entire A-share market [19]. - The best-performing sub-sector this week was vaccines, which rose by 2.9%, while the top three sub-sectors year-to-date are chemical preparations, raw materials, and other biological products, with increases of +21.3%, +20.4%, and +16.1% respectively [28]. Summary by Sections Investment Strategy - The report emphasizes the acceleration of AI healthcare development and investment opportunities, with over 830 hospitals in China completing the localization of DeepSeek-R1, marking a new phase in medical intelligence [15]. - Continuous attention is recommended for innovative drugs, especially following the ASCO 2025 conference, where over 70 research abstracts led by Chinese scholars were presented [16]. Market Performance - The pharmaceutical industry has shown strong performance, with a notable increase in the number of stocks with positive returns, totaling 330, while 150 stocks experienced declines this week [29]. - The report lists the top gainers and losers in the pharmaceutical sector, with 易明医药 (Yiming Pharmaceutical) leading with a gain of +33.1% and *ST龙津 (ST Longjin) facing a decline of -36.3% [29]. Recent News and Policies - The report highlights the ongoing trend of AI integration in healthcare, with significant advancements in clinical decision support systems and AI-assisted diagnostics [15]. - It also notes the importance of focusing on drug development that is patient-centered and clinically valuable, aligning with the broader themes of innovation and internationalization in the pharmaceutical industry [16].

Core Viewpoint - The approval of Ticagrelor dispersible tablets by the National Medical Products Administration marks a significant milestone for the company, enhancing its product portfolio and business expansion opportunities [1][2]. Group 1: Product Approval and Significance - The company has received approval for Ticagrelor dispersible tablets, becoming the third domestic company to obtain such approval under the new chemical drug registration classification, which is equivalent to passing the consistency evaluation [1]. - This approval is the company's first for a dispersible tablet formulation, indicating a strategic move to diversify its product offerings [1]. Group 2: Research and Development Achievements - The company has established a key laboratory platform in Tianjin for the research of high-end formulations, leading to the successful development of a rapid disintegration formulation of Ticagrelor [2]. - The bioequivalence tests demonstrated that the product is equivalent to the original formulation in both fasting and postprandial states, ensuring safety and efficacy [2]. Group 3: Strategic Initiatives and Market Potential - Since 2020, the company has aggressively pursued new product development and has achieved breakthroughs in drug procurement, with multiple products receiving new registration certificates [2]. - The approval of Ticagrelor dispersible tablets is a critical step in the company's "raw material + formulation" strategy, aiming for a comprehensive breakthrough in the cardiovascular treatment sector, which is expected to open new market opportunities and profit growth [2].

Core Viewpoint - The approval of the Ticagrelor dispersible tablets by the National Medical Products Administration marks a significant milestone for the company, enhancing its product portfolio and expanding its business scope in the cardiovascular field [1][3]. Group 1: Product Approval and Market Impact - The company received the drug registration certificate for Ticagrelor dispersible tablets (90mg), making it the third domestic generic drug approved under the new chemical drug registration classification [1]. - The market for oral anticoagulants in core hospitals in China exceeded RMB 10 billion in 2023, indicating a substantial market opportunity for Ticagrelor dispersible tablets, which are classified as a Category B product under national medical insurance [3]. - The sales figures for Ticagrelor in China are projected to be RMB 1.151 billion in 2022, RMB 1.050 billion in 2023, and RMB 1.174 billion in 2024, reflecting a stable market demand [3]. Group 2: Research and Development - The company has invested significantly in R&D, with a budget of RMB 127 million for 2024, representing a 20% increase from the previous year, and maintaining a research intensity of over 7% in recent years [3]. - The successful development of the Ticagrelor dispersible tablet involved rigorous testing and the establishment of strict quality standards, achieving bioequivalence with the original formulation [2]. - The company has been proactive in its R&D efforts since 2020, with multiple products, including Ticagrelor, receiving drug registration certificates and passing consistency evaluations [4]. Group 3: Strategic Positioning - The approval of Ticagrelor dispersible tablets is a key step in the company's "raw material + formulation" strategy, indicating a comprehensive breakthrough in the cardiovascular treatment sector [4]. - The company aims to enhance its core competitiveness through continuous innovation and strategic positioning, focusing on both industrial and capital-driven development [3][4]. - Future plans include deepening the synergy between R&D and industrialization to provide accessible quality medications for patients while creating long-term value for investors [4].

Core Viewpoint - The announcement indicates that the company has received a drug registration certificate from the National Medical Products Administration for Ticagrelor dispersible tablets (90mg), which has been approved for market licensing. This drug is intended for use in patients with acute coronary syndrome or a history of myocardial infarction, along with at least one high-risk factor for atherosclerotic thrombotic events, to reduce the incidence of cardiovascular death, myocardial infarction, and stroke [1] Company Impact - The launch of Ticagrelor dispersible tablets will enhance the company's product line for treating circulatory system diseases, thereby increasing its market competitiveness [1] - The introduction of this drug is expected to have a positive impact on the company's future operating performance [1]