《恒瑞医药关于公司药品纳入国家医保目录的公告》 恒瑞医药近日发布公告称，其多个药品纳入《国家基本医疗保险、工伤保险和生育保险药品目录（2025 年）》。其中包括注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊等首次纳入品种，注射用卡瑞利珠单 抗、氟唑帕利胶囊等新增适应症品种，以及马来酸吡咯替尼片、海曲泊帕乙醇胺片等续约品种。部分药 品新增适应症并调整至常规目录管理。上述药品2024年度合计销售额约86.60亿元，2025年1-3季度合计 销售额约75.54亿元。国家医保目录将于2026年1月1日起实施，具体支付标准以官方公布为准。 最新公告列表 截至2025年12月8日收盘，恒瑞医药（600276）报收于62.46元，较前一交易日上涨1.36%，最新总市值 为4145.6亿元。该股当日开盘62.6元，最高63.55元，最低61.92元，成交额达31.87亿元，换手率为 0.8%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Points - The company has successfully included several of its products in the National Medical Insurance Catalog for 2025, which is expected to enhance sales and improve operational performance [1] - The total estimated sales for the included drugs in 2024 is approximately 8.66 billion yuan, and for the first three quarters of 2025, it is about 7.55 billion yuan [1] Drug Inclusion in National Medical Insurance Catalog - The following drugs have been newly included: - Injection of Rukang Qutuzumab - Apixaban Famitinib Capsules - Injection of Funaqi Zhumab - Sulfate of Amatuximab Tablets - Injection of Phosphorola Pitant Palonosetron - Injection of Ruikasi Zhumab - Acetate of Abiraterone Tablets (II) - Lipid Injection of Irinotecan Hydrochloride (II) - Regaglitin Metformin Tablets (I)/(II) - Perfluorohexyl Octane Eye Drops [1] - The following drugs have successfully added new indications: - Injection of Karelizumab - Fluorazepam Capsules - Injection of Fumaric Acid Tegafur [1] - The following drugs have been renewed and retained in the National Medical Insurance Catalog: - Maleate of Pyrotinib Tablets - Hecorapam Ethanolamine Tablets - Phosphate of Regaglitin Tablets - Injection of Methylsulfonylmethane Remazolam - Sulfate of Pevonedistat Injection [1] - The following drugs have new indications and have been adjusted to regular catalog management: - Mesylate of Apatinib Tablets - Lipid Injection of Bupivacaine [1] Impact on the Company - The inclusion of these drugs in the National Medical Insurance Catalog is expected to positively impact sales, although the exact effect on the company's operational performance is currently indeterminate [1] - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with further details on payment standards and reimbursement rules to be announced by relevant government departments [1]

Corporate Announcements - China Pacific Insurance announced that Vice President Yu Ze is under investigation for serious violations of discipline and law, but this will not affect the company's management [2] - Guanglian Aviation reported that its controlling shareholder and chairman Wang Zengduo has had his detention lifted, allowing him to resume his duties, with normal operations continuing [3] - China Communications Construction Company clarified that it bears no repayment or guarantee obligations related to overdue financial products linked to its controlling shareholder, and its operations remain normal [4] - Annie Co. is planning a change in control, with stock trading resuming on December 8, 2025, after a share transfer agreement is signed [5] - Guoao Technology announced that its actual controller is planning a change in control, leading to a temporary suspension of its stock [6] - ST Tianrui terminated its planned change in control due to a lack of consensus, with stock resuming trading on December 8, 2025 [7] Industry Developments - Double Star New Materials noted that leading companies in the BOPET industry have reached a consensus on production cuts to balance supply and demand, although the sustainability of long-term price increases remains uncertain [8] - First Venture received a notice of administrative penalty for failing to diligently supervise a bond project, resulting in fines and warnings, but this will not significantly impact its operations [12] - China Chemical announced that its nylon new materials project has reached full production capacity, enhancing efficiency and market competitiveness [14] Pharmaceutical Sector Updates - Hengrui Medicine reported that nine of its drugs have been included in the national medical insurance directory, with a total expected sales of approximately 8.66 billion yuan for 2024 [15] - Junshi Biosciences announced that its products have received new indications and have been included in the national medical insurance directory, enhancing market accessibility [16] - Huadong Medicine's subsidiary has had its products included in the national medical insurance and commercial insurance innovation drug directories, aiding market promotion [17] - Aidi Pharmaceutical's two innovative HIV drugs have been renewed for inclusion in the national medical insurance directory, with specific pricing established [18] - ZhiXiang JinTai's monoclonal antibody has been included in the national medical insurance directory, which is expected to positively impact future sales [19] - Fosun Pharma announced multiple products have been newly included in the national medical insurance directory, which is anticipated to positively influence future performance [20] - Zejing Pharmaceutical's drug has been included in the national medical insurance directory, which will enhance affordability and market promotion [21] - Micron Biologics' product has been included in the national medical insurance directory, with no significant impact on current performance expected [22] Shareholder Commitments - Tianci Materials' controlling shareholder has committed not to reduce his shareholding in the company for six months, reflecting confidence in the company's future [23] Major Contracts - Guangqi Technology's subsidiary signed contracts worth 696 million yuan for the mass production of metamaterials, expected to impact the company's performance in 2026 [24]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 恒瑞医药(600276.SH)公告称，公司9款药品首次纳入国家医保目录，包括注射用瑞康曲妥珠单抗、苹果 酸法米替尼胶囊等。同时，11款药品新增适应症或续约成功，包括注射用卡瑞利珠单抗、氟唑帕利胶囊 等。这些药品2024年度合计销售额约为86.60亿元，2025年1-3季度合计销售额约为75.54亿元。国家医保 目录（2025年）将于2026年1月1日起正式实施。 ...

Core Insights - Heng Rui Medicine reported significant growth in revenue and net profit for the first three quarters of the year, achieving a revenue of 23.188 billion yuan, a year-on-year increase of 14.85%, and a net profit of 5.751 billion yuan, up 24.50% [1][3] - The company has made substantial progress in international business development (BD), securing three overseas licensing agreements with upfront payments exceeding 800 million USD [1][9] Financial Performance - Revenue for the first three quarters reached 23.188 billion yuan, reflecting a 14.85% year-on-year growth [1][3] - Net profit attributable to shareholders was 5.751 billion yuan, marking a 24.50% increase [1][3] - Operating cash flow for the first three quarters was 9.110 billion yuan, up 98.68% year-on-year, driven by increased drug sales and overseas licensing payments [1][3] - Total assets increased by 36.29% to 68.328 billion yuan, with equity attributable to shareholders rising by 30.72% to 59.504 billion yuan [3] Innovation and R&D - Heng Rui Medicine has maintained high R&D investment, with expenditures reaching 4.945 billion yuan in the first three quarters, totaling over 50 billion yuan cumulatively [1][3] - The company has received multiple approvals for innovative drugs, including the acceptance of a drug application for fluorouracil capsules and the approval of a fixed-dose combination for diabetes treatment [6][7] - A total of 24 first-class innovative drugs and 5 second-class drugs have been approved for marketing in China [7] International Expansion - The company has actively pursued international collaborations, including a partnership with GSK for the development of up to 12 innovative drugs, with an upfront payment of 500 million USD [9][10] - Heng Rui has initiated over 20 overseas clinical trials in countries such as the US, Europe, and Japan, enhancing its global presence [10] - The company showcased its research at the European Society for Medical Oncology (ESMO) annual meeting, presenting 46 research outcomes related to 14 innovative drugs [10][11] Talent Acquisition and Collaboration - Heng Rui has strengthened its talent pool by recruiting high-level professionals with extensive international experience from leading pharmaceutical companies [4] - The company has established partnerships with research institutions to foster innovation, including a joint fund with the National Natural Science Foundation of China [5]

Core Viewpoint - Heng Rui Medicine has received acceptance for its drug application for Fluorouracil capsules from the National Medical Products Administration, indicating progress in its clinical development for metastatic castration-resistant prostate cancer [1] Group 1: Clinical Trials and Results - The Phase III clinical trial (SHR3162-III-305) for Fluorouracil in combination with Abiraterone and Prednisone (AA-P) achieved predefined efficacy standards, demonstrating significant improvement in imaging progression-free survival compared to the placebo group [1] - The trial involved 496 patients randomized in a 1:1 ratio across 132 global centers, with the primary endpoint assessed by an independent imaging review committee [1] Group 2: Drug Approvals and Indications - Fluorouracil capsules have received multiple approvals for various indications, including treatment for platinum-sensitive recurrent ovarian cancer with gBRCAm, maintenance therapy post-chemotherapy, and treatment for metastatic breast cancer with gBRCAm [2] - The drug has been approved for use in advanced epithelial ovarian cancer and other related cancers, indicating its expanding therapeutic applications [2] Group 3: Market Context and Competition - Fluorouracil is a PARP inhibitor, with several similar products like Olaparib, Rucaparib, Niraparib, and Talazoparib already approved and marketed in the U.S., highlighting a competitive landscape [3] - The global sales of these PARP inhibitors are projected to reach approximately $4.228 billion in 2024, indicating a significant market opportunity for Fluorouracil [3] - The cumulative R&D investment for Fluorouracil capsules has reached about 1.113 billion yuan, reflecting the company's commitment to developing this therapeutic option [3]

Core Viewpoint - Under the dual strategy of innovation and internationalization, the company achieved growth in both revenue and profit in Q3 2025, with significant progress in its research and development efforts [1][2]. Financial Performance - Q3 revenue reached 7.427 billion, representing a year-on-year increase of 12.72% [3]. - For the first three quarters, total revenue was 23.188 billion, showing a year-on-year growth of 14.85% [4]. - Q3 net profit amounted to 1.301 billion, with a year-on-year increase of 9.53% [5]. - The net profit attributable to shareholders for the first three quarters was 5.751 billion, reflecting a year-on-year growth of 24.50% [6]. Growth Trends - The growth rate of revenue and profit in Q3 was lower than the cumulative growth rates for the first three quarters, indicating a slowdown in growth momentum [8]. - The company's contract liabilities surged from 160 million at the beginning of the year to 3.971 billion by the end of the period, primarily due to increased cash received from overseas licensing fees [8]. Expense Structure - Sales expenses for the first three quarters totaled 6.780 billion, accounting for 29.24% of revenue, with a year-on-year growth of 10.99% [8]. - Management expenses reached 2.127 billion, growing by 13.48%, which exceeded the revenue growth rate [8]. - R&D expenses for the first three quarters were 4.945 billion, indicating a sustained high level of investment in innovation [8]. Innovation Progress - The company received a notice of acceptance from the National Medical Products Administration for its drug application for Fluorouracil Capsules, aimed at treating metastatic castration-resistant prostate cancer [9].

Core Viewpoint - Heng Rui Medicine has received acceptance for the marketing authorization application of Fluozolapril capsules from the National Medical Products Administration, indicating progress in the drug's approval process for treating metastatic castration-resistant prostate cancer [1] Group 1: Clinical Trial Results - The Phase III clinical trial (SHR3162-III-305) for Fluozolapril in combination with Abiraterone and Prednisone (AA-P) achieved predefined efficacy standards, demonstrating significant improvement in imaging progression-free survival compared to the placebo group [1] - The trial involved 496 patients randomized in a 1:1 ratio across 132 centers globally, with the primary endpoint assessed by an independent imaging review committee [1] Group 2: Drug Approval History - Fluozolapril has received multiple approvals for various indications, including treatment for gBRCAm ovarian cancer and maintenance therapy for advanced epithelial ovarian cancer [2] - The drug was first approved in December 2020 for platinum-sensitive recurrent ovarian cancer and has since expanded its indications through 2024 [2] Group 3: Market Context - Fluozolapril is a PARP inhibitor, with several similar products already approved globally, including Olaparib, Rucaparib, Niraparib, and Talazoparib, which collectively generated approximately $4.228 billion in global sales in 2024 [3] - The total R&D investment for Fluozolapril-related projects has reached approximately 1.113 billion yuan [3]

Core Insights - Jiangsu Hengrui Medicine Co., Ltd. has received the acceptance notification from the National Medical Products Administration for the marketing authorization application of Fluorouracil Capsules [1] - The drug is intended for first-line treatment of metastatic castration-resistant prostate cancer with DNA repair gene defects, in combination with Abiraterone and Prednisone or Prednisolone [1] Group 1 - The drug name is Fluorouracil Capsules, and it is in capsule form with acceptance number CXHS2500129 [1] - The application is currently in the submission phase, with Jiangsu Hengrui Medicine as the applicant [1] - The proposed indication is for use in combination with Abiraterone and Prednisone or Prednisolone for treating DRD+ metastatic castration-resistant prostate cancer [1] Group 2 - A Phase III clinical trial (SHR3162-III-305) for Fluorouracil in combination with Abiraterone and Prednisone has met its predefined efficacy standards [2] - The study is a randomized, double-blind, placebo-controlled international multicenter trial involving 496 patients across 132 centers [2] - Results indicate a significant and clinically meaningful improvement in imaging progression-free survival for the Fluorouracil and Abiraterone-Prednisone group compared to the placebo group [2]

Core Viewpoint - Heng Rui Medicine's application for the marketing authorization of Fluorouracil Capsules has been accepted by the National Medical Products Administration, intended for use in combination with Abiraterone and Prednisone for the first-line treatment of DNA repair gene-deficient positive (DRD+) metastatic castration-resistant prostate cancer [1] Group 1: Clinical Trials - The Phase III international multicenter clinical trial (496 cases, 1:1 randomization) is expected to meet the primary endpoint of superior efficacy by July 2025, showing significant improvement in imaging progression-free survival [1] Group 2: Approved Indications - Fluorouracil Capsules have already been approved for multiple indications, including ovarian cancer and breast cancer [1] Group 3: Industry Background - Prostate cancer has a high incidence rate, and DRD+ patients have a poor prognosis, indicating a significant clinical demand. The global sales of PARP inhibitors are projected to reach approximately $4.228 billion in 2024 [1] Group 4: R&D Investment - The cumulative R&D investment for Fluorouracil Capsules is approximately 1.113 billion yuan [1]