北京商报讯（记者 丁宁）12月22日晚间，一品红（300723）发布公告称，为了支持公司持续稳定健康 发展，控股股东广东广润集团有限公司将其子公司Guangrun Health Industry (Hong Kong) Co. Limited持 有Arthrosi的9.07%股权按照E轮投资后的净收益无偿、无条件给予公司，支持公司研发创新发展。 近日，一品红收到控股股东承诺告知函，基于对Arthrosi被并购交易及公司痛风创新药氘泊替诺雷 （AR882）大中华区市场和优先全球供应的强烈信心，期待公司创新研发和孵化出更多创新药，惠及和 造福广大患者，支持公司持续稳定健康创新发展，增强投资者信心。控股股东承诺待上述交易完成后， 将其子公司持有Arthrosi的9.07%股权按照E轮投资后的净收益（Arthrosi E轮投后估值为3.83亿美元）无 偿、无条件给予公司，支持公司研发创新发展。 据了解，近期，一品红公告称，Arthrosi拟与Sobi美国签署并购协议，Sobi美国拟以9.5亿美元首付款 （折合人民币约67.13亿元），以及最高达5.5亿美元（折合人民币约38.87亿元）的临床、注册和销售里 程碑付款收 ...

格隆汇12月22日丨一品红(300723.SZ)公布，近日，公司收到控股股东广东广润集团有限公司（简称： 广润集团）的承诺告知函，基于对 Arthrosi 被并购交易及公司痛风创新药氘泊替诺雷（AR882）大中华 区市场和优先全球供应的强烈信心，期待公司创新研发和孵化出更多创新药，惠及和造福广大患者，支 持公司持续稳定健康创新发展，增强投资者信心。广润集团承诺待上述交易完成后，将其子公司 Guangrun Health 持有Arthrosi的 9.07%股权按照 E 轮投资后的净收益（Arthrosi E 轮投后估值为3.83 亿美 元）无偿、无条件给予公司，支持公司研发创新发展。 ...

格隆汇12月22日丨一品红(300723.SZ)公布，近日，公司收到控股股东广东广润集团有限公司（简称： 广润集团）的承诺告知函，基于对 Arthrosi 被并购交易及公司痛风创新药氘泊替诺雷（AR882）大中华 区市场和优先全球供应的强烈信心，期待公司创新研发和孵化出更多创新药，惠及和造福广大患者，支 持公司持续稳定健康创新发展，增强投资者信心。广润集团承诺待上述交易完成后，将其子公司 Guangrun Health 持有Arthrosi的 9.07%股权按照 E 轮投资后的净收益（Arthrosi E 轮投后估值为3.83 亿美 元）无偿、无条件给予公司，支持公司研发创新发展。 ...

氘泊替诺雷（AR882）作为新一代URAT1抑制剂，其展现出的强效降尿酸和溶石能力成为吸引巨头收购 的核心价值。该药物目前正处于关键性Ⅲ期临床试验阶段，针对的是现有痛风治疗效果有限的患者群 体，特别是那些伴有痛风石形成的患者。 尽管将出售所持Arthrosi股权，但一品红通过前瞻性的权益安排，牢牢掌握了AR882未来价值的关键部 分。根据公告披露，一品红持有AR882在大中华区100%的市场权益。这意味着无论全球其他市场的开 发进展如何，一品红将独立掌控AR882在这一重要区域的开发、注册和商业化全过程。一品红还获得了 优先为Arthrosi提供AR882全球生产供应的权利。这一安排使公司不仅能够分享产品销售的收益，更能 深度参与全球供应链，从生产环节获取稳定价值。 通过本次交易中的权益安排，一品红构建了国内市场主导与国际供应链参与相结合的双轨发展战略。在 中国市场，一品红将独立推动AR882的临床开发、注册审批和商业化布局。中国庞大的高尿酸血症及痛 风患者群体，为AR882的未来市场提供了广阔空间。在国际层面，通过优先生产供应权，一品红得以切 入全球痛风创新药的供应链体系。这种布局使公司能够同时从区域市场销 ...

12月14日晚间，一品红（300723）发布公告，公司参股公司Arthrosi收到Sobi美国发出的相关协议条 款，Sobi美国拟以9.5亿美元首付款(折合人民币约67.13亿元)，以及最高达5.5亿美元(折合人民币约38.87 亿元)的临床、注册和销售里程碑付款收购Arthrosi100%股权，总价值为15亿美元(折合人民币约106亿 元)。 根据公告，此次交易的收购方Sobi美国系瑞典医药巨头Swedish Orphan Biovitrum AB(简称"Sobi"，斯德 哥尔摩证券交易所股票代码：SOBI.ST)的全资子公司。Sobi是一家专注于罕见病领域的国际生物医药公 司，主要治疗领域包括血液学、免疫学和专科护理。 核心管线涉及难治性痛风 已提前布局生产环节 值得一提的是，为了AR882能够早日上市，一品红在生产环节已经提前作了充分的布局准备。 2024年10月，一品红子公司瑞石制药的创新原料药基地在韶关翁源举行试投产仪式。该基地按照美国 FDA和欧盟GMP等国际标准设计建设，一期占地110亩，已建成面积超过5万平方米，建有多条先进生 产线，具备大规模的仿制药、创新药原料药供应生产能力。 2025年5 ...

Core Viewpoint - The company Yipinhong reported an expanded loss in the first three quarters of 2025, with a net profit of -1.36 billion yuan and a non-recurring net profit of -1.79 billion yuan, while also highlighting positive developments in its gout drug AR882 [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved an operating revenue of 814 million yuan, a year-on-year decrease of 34.35% [4]. - The net profit attributable to shareholders was -1.36 billion yuan, with a non-recurring net profit of -1.79 billion yuan, indicating an increase in losses of over 60 million yuan and nearly 80 million yuan compared to the mid-year report [4]. - The gross profit margin for the first three quarters was 59.23%, down approximately 7 percentage points from 66.53% in the previous year [5][6]. Cost Structure - The company's sales expenses for the first three quarters amounted to 289.6 million yuan, accounting for 35.58% of revenue, compared to 359.4 million yuan and 28.98% in the same period last year [6][7]. - Sales expenses had previously exceeded 50% of operating revenue from 2019 to 2022, but began to decrease in 2023 following a scandal involving improper expense claims [7]. Research and Development - The company announced positive clinical results for its gout drug AR882, which were presented at the ACR 2025 conference, indicating effective treatment options for patients with chronic gout who do not respond well to existing therapies [8][11]. - The stock price of Yipinhong saw a maximum increase of 4.4 times this year due to optimism surrounding the new drug, although it has since corrected by approximately 35% in less than three months [11]. Market Position - As of October 29, the company's market capitalization stood at 24.08 billion yuan, reflecting the impact of both its financial performance and the developments in its drug pipeline [11].

Core Viewpoint - The company Yipinhong (300723) reported an expanded net loss of 1.79 billion yuan in the first three quarters of 2025, while also announcing positive developments regarding its gout drug, Deutetrabenazine (AR882) [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 814 million yuan, a year-on-year decrease of 34.35% [3][4]. - The net profit attributable to shareholders was -136 million yuan, with a non-recurring net profit of -179 million yuan, indicating an increase in losses of over 60 million yuan and nearly 80 million yuan compared to the mid-year report [3][4]. - The gross profit margin for the first three quarters was 59.23%, down approximately 7 percentage points from the previous year's 66.53% [4][5]. Cost Structure - Sales expenses for the first three quarters amounted to 289.6 million yuan, accounting for 35.58% of revenue, compared to 359.4 million yuan and 28.98% in the same period last year [5][6]. - The company has seen a trend of increasing sales expenses after a period of reduction following a scandal involving the misappropriation of over 1.6 billion yuan in public relations expenses [6]. Research and Development - The company announced positive clinical results for its gout drug Deutetrabenazine (AR882) at the ACR 2025 conference, indicating effective treatment options for patients with chronic gout who do not respond well to existing therapies [6][10]. - The stock price of Yipinhong saw a maximum increase of 4.4 times this year due to optimism surrounding the new drug, although it has since corrected by approximately 35% in the last three months [10]. Market Position - As of October 29, the company's market capitalization stood at 24.08 billion yuan, reflecting a narrowing of the annual stock price increase to 212% [10].

Core Viewpoint - The company Yipinhong reported an expanded loss in the first three quarters of 2025, with a net profit attributable to shareholders of -1.36 billion yuan and a non-recurring net profit of -1.79 billion yuan, while also highlighting positive developments in its gout drug research [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 814 million yuan, a year-on-year decrease of 34.35% [4]. - The gross profit margin for the first three quarters of 2025 was 59.23%, down from 66.53% in the same period last year, indicating a decline of approximately 7 percentage points [5][6]. - The company's sales expenses for the first three quarters amounted to 289.6 million yuan, accounting for 35.58% of revenue, compared to 359.4 million yuan and 28.98% in the same period last year [6][7]. Research and Development - The company announced positive clinical results for its gout drug, Deuterated Parnate (AR882), which showed effectiveness in reducing uric acid levels and dissolving gout stones in patients [11]. - The drug's clinical findings were presented at the ACR 2025 (American College of Rheumatology Annual Meeting), indicating potential as a more effective treatment option for chronic gout stone patients [11]. Market Performance - The stock price of Yipinhong saw a maximum increase of 4.4 times earlier this year, but has since corrected by approximately 35% over the past three months, with a year-to-date increase of 212% as of October 29, 2025 [11]. - As of the same date, the company's market capitalization stood at 24.08 billion yuan [11].

Core Viewpoint - The company Yipinhong reported an expanded loss in its third-quarter results for 2025, with a net profit of -136 million yuan and a non-recurring net profit loss of -179 million yuan, while also highlighting positive developments in its gout drug research [2][3][11]. Financial Performance - For the first three quarters of 2025, Yipinhong achieved operating revenue of 814 million yuan, a year-on-year decrease of 34.35% [3]. - The company's gross profit margin for the first three quarters was 59.23%, down from 66.53% in the same period last year, indicating a decline of approximately 7 percentage points [5]. - The total operating costs for the first three quarters were 1.039 billion yuan, with sales expenses amounting to 289.6 million yuan, representing 35.58% of revenue, an increase from 28.98% in the previous year [7][8]. Profitability Indicators - The weighted return on equity for the first three quarters was -7.52%, an improvement from -10.49% in the same period last year [6]. - The weighted return on total assets was -3.20%, also showing improvement from -6.00% year-on-year [6]. Sales and Marketing Expenses - Sales expenses have been a point of concern, with a notable increase in the ratio of sales expenses to operating revenue, rising from 28.98% last year to 35.58% this year [7][9]. - Historically, from 2019 to 2022, sales expenses accounted for over 50% of operating revenue, but there was a reduction in 2023 following a scandal involving excessive public relations expenses [9]. Research and Development - Yipinhong announced positive clinical results for its gout drug, Deuterated Piroxicam (AR882), which may provide a more effective treatment option for patients with chronic gout who do not respond well to existing therapies [11][13]. - The company’s stock price saw a significant increase earlier in the year, with a maximum rise of 4.4 times, but has since corrected by approximately 35% over the past three months [13]. Market Position - As of October 29, the company's market capitalization stood at 24.08 billion yuan, reflecting the market's mixed sentiment following the recent financial disclosures [13].

Core Insights - The introduction of the first commercial insurance innovative drug directory marks a significant shift in China's healthcare payment landscape, allowing for a dual-directory system that includes both basic medical insurance and commercial health insurance [2][3] - This new model aims to alleviate the financial burden on patients for high-priced innovative drugs and provides pharmaceutical companies with more flexible pricing strategies and market coverage options [2][3] - The concept of "first commercial insurance, then basic insurance" is proposed for innovative drugs that are not yet covered by basic medical insurance, allowing for the accumulation of real-world data before negotiating for inclusion in the basic insurance directory [2][3] Industry Dynamics - The commercial insurance sector's involvement in innovative drug payments is seen as crucial for creating a complete commercial loop in the Chinese innovative drug market, which has undergone significant transformation over the past decade [3][4] - Despite the potential benefits, uncertainties remain regarding the implementation of commercial insurance policies, including fairness, price negotiation, and the lack of mature operational experience [4][5] - The current commercial insurance innovative drug directory serves as a guideline, with local execution and detailed implementation still needing observation and refinement [4][5] Pricing and Economic Evaluation - Drug economic evaluation is becoming an essential tool for drug reimbursement and payment decisions, focusing on the effectiveness, safety, economic viability, and patient benefits of drugs [6][8] - Companies are exploring differentiated pricing strategies based on economic evaluations to achieve a balance between patient access, corporate returns, and manageable healthcare costs [6][8] - The recent policy direction emphasizes the use of drug economic evaluation in determining reimbursement standards, aiming to align with China's national conditions and market status while recognizing the value of innovative drug development [8]