12月7日，新版国家医保药品目录及首版商保创新药目录正式发布，此次调整纳入上百种创新药，降糖 药新"网红"、全新靶点"三兄弟"、百万元一针的抗癌药等悉数入选，目录将于明年1月1日起正式实施。 "四不改"是指不改主成分、不改适应证、不改给药途径、不改临床价值的药品。"四不改"药品所在同治 疗领域内目录药品已保障比较充分且具备价格优势，创新性低的药品不再考虑纳入。 "能够填补目录空白，有较大临床价值获益的药品，是我们认为的'真创新'药。"天津大学医学部药学院 教授吴晶表示，例如某靶点第三代药物在医保目录中已有多个，同靶点药物如果还想进入目录，就要证 明其能够给患者带来额外获益，否则就是同质化。 "药篮子"全面上新备受关注。面对近年来逐步成熟的靶向药物、免疫药物等，参保人不必再"望药兴 叹"。哪些药品填补空白？首版商保创新药如何落地临床？12月9日，相关专家在国家医保局举办的2025 年医保药品目录解读活动上就上述问题答疑。 第一问：哪些新药入选医保目录？ "98%的医保入选药品是5年内获批新药，其中50种是一类新药，数量创历史新高。"国家医保局医药服 务管理司司长黄心宇介绍，今年新增药品中，肿瘤药、慢性病药、罕见 ...

2025.12. 12 本文字数：3973，阅读时长大约6.5分钟 作者 | 第一财经 郭晋晖 从一年只需2针的超长效降脂针，到填补医保目录空白的治疗三阴性乳腺癌和KRAS非小细胞肺癌的 最新靶向药物，再到千元一针"鼻炎网红药"，国家基本医保药品目录又一次上新了114种新药好药。 与过去七年不同的是，今年国家医保局还同步发布了我国首版商业健康保险创新药品目录（以下简 称"商保创新药目录"），纳入了"百万抗癌药"CAR-T，以及治疗阿尔茨海默病、戈谢病等的19款药 品。 明年1月1日医保商保双目录落地，对大家的"药箱子"和"钱袋子"有何影响？商保创新药目录又和普通 人有什么关系？在近日举行的全国创新药高质量发展大会和国家医保局举办的解读会上，政策制定 者、专家学者、业内人士就民众关心的十个问题给出答案。 脂）、司普奇拜单抗（特异性皮炎）。 在乳腺癌领域，三阴性乳腺癌（TNBC）因缺乏明确的治疗靶点，长期面临治疗选择匮乏、预后较差 的困境。中国自主研发的TROP2 ADC——芦康沙妥珠单抗进入新版医保目录之后填补了这项空白， 更多三阴性乳腺癌患者将受益。 国家医保局医保药品目录解读会现场/郭晋晖摄 50种1类新药 ...

Core Viewpoint - The delayed payment of 180 million yuan by Betta Pharmaceuticals to Yifang Biologics for milestone payments related to the drug Beifuzi has raised concerns about the financial health and operational integrity of both companies [1][2][5]. Company Overview - Yifang Biologics developed Beifuzi, a first-in-class innovative drug for lung cancer, and granted commercial rights to Betta Pharmaceuticals in December 2018 [2][3]. - Betta Pharmaceuticals was supposed to pay a total of 230 million yuan in milestone payments based on the drug's development progress, which includes regulatory approvals for various treatment indications [2][4]. Financial Performance - Yifang Biologics reported zero revenue from 2020 to 2022, but began generating income in 2023, totaling 186 million yuan, primarily from technical authorization and cooperation [4][8]. - As of the end of 2023, Yifang Biologics had accounts receivable of 186 million yuan, with a provision for bad debts of 9.29 million yuan, indicating reliance on Betta Pharmaceuticals for revenue [4][5]. Payment Delays - Betta Pharmaceuticals has delayed payments for two years, with the outstanding amount of 180 million yuan due to its own financial management considerations [5][10]. - The company has acknowledged the overdue payments and stated that it will fulfill its obligations according to the agreement [5][7]. Market Competition - Beifuzi's market entry is hindered by its later approval compared to competitors like Osimertinib and Alectinib, which have annual sales in the range of 3 to 4 billion yuan [8][9]. - Yifang Biologics has reported sales-related income from Beifuzi of approximately 5.53 million yuan in 2023 and 16.38 million yuan in 2024, indicating a significant gap in sales compared to established competitors [8][9]. Financial Health of Betta Pharmaceuticals - As of the end of 2024, Betta Pharmaceuticals had cash reserves of 472 million yuan, down from 752 million yuan at the beginning of the year, reflecting a decline in liquidity [10]. - The company's current ratio has been below 1 for three consecutive years, indicating a potential decline in short-term solvency [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 169 million yuan in 2024, a decrease of 9.02% year-on-year, with a net loss attributable to the parent company of 240 million yuan [1][3]. - The successful approval of Gsorese tablets in November 2024 marks a significant milestone, alongside positive results from the D-2570 Phase II clinical trial for psoriasis [2][3]. - The company is advancing its clinical research with multiple products in various stages, including D-0502 in Phase III trials and D-0120 in Phase II trials [2]. Financial Summary - Revenue projections show a recovery with expected growth rates of 36.80% in 2025 and 35.89% in 2026, reaching 231 million yuan and 314 million yuan respectively [4][8]. - The net profit forecast for 2025 and 2026 has been revised down to -257 million yuan and -223 million yuan, respectively, with a new estimate for 2027 at -46 million yuan [3][4]. - The company’s total assets are projected to decline from 2,162 million yuan in 2023 to 1,438 million yuan by 2027, while total liabilities are expected to increase slightly [9]. Clinical Development Progress - The D-2570 product is being developed for multiple indications, including psoriasis, ulcerative colitis, and Crohn's disease, with promising clinical results indicating significant efficacy compared to existing treatments [2][3]. - The company has two products already authorized for sale and several others in various stages of clinical trials, showcasing a robust pipeline [2]. Market Performance - The current stock price is 22.56 yuan, with a market capitalization of approximately 13.047 billion yuan [5]. - The stock has shown a relative performance increase of 129.75% over the past year, indicating strong market interest [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved a total revenue of 28.87 billion yuan, representing a year-on-year increase of 10.2%. The net profit attributable to shareholders reached 3.50 billion yuan, up 50.1% year-on-year, while the adjusted Non-HKFRS net profit was 3.46 billion yuan, reflecting a 33.5% increase [2][5][8]. - The company has seen robust growth in innovative product revenues, which reached 12.06 billion yuan, a growth of 21.9%, accounting for 41.8% of total revenue. In 2024, six innovative products were approved for market launch, and 28 generic drugs were also approved [8]. - The oncology segment generated revenue of 10.73 billion yuan, up 22.0%, while the liver disease segment saw a decline of 10.1% to 3.44 billion yuan. The respiratory segment grew by 6.2% to 3.15 billion yuan, and the surgical/pain management segment increased by 18.9% to 4.46 billion yuan. However, the cardiovascular segment experienced a significant decline of 21.0% to 2.17 billion yuan [8]. - The company's gross margin for continuing operations improved to 81.5%, up from 81.0% in the previous year, while the selling and administrative expense ratio decreased by 0.1 percentage points, showcasing effective organizational integration and management strategies [8]. - The company is positioned as a benchmark for traditional pharmaceutical companies transitioning to innovation, with a clear inflection point in its fundamentals. The growth in innovative products and optimization of the entire operational chain support its strong long-term value [8]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 2.655 billion yuan, 3.144 billion yuan, and 3.725 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.14 yuan, 0.17 yuan, and 0.20 yuan [8].