药智数据显示，在2016年至2025上半年，国内公立医疗机构创新药销售额排名中（本文所讨论的药物范畴均限定为创新药；即便相关药物专利已过期且已 有仿制药上市，销售额统计仍仅针对其原研创新药），辉瑞（晖致）的阿托伐他汀钙片累计销售额高达492.7亿元，稳居近十年中国创新药市场之首，成 为名副其实的"销量冠军"。 01 "王者逻辑" 图片来源：药智数据 从年度销售走势来看，2016年至2019年是其黄金成长期，销售额从56.12亿元稳步攀升至68.54亿元，2018年更是创下74.05亿元的年度峰值，成为TOP10榜 单中唯一单年销售额突破70亿元的产品，尽显"王者"姿态。2020年，受国家带量采购政策影响，其销售额回落至38.47亿元。但凭借强大的临床刚需支 撑，此后几年（2021-2024年）销售额稳定在43亿—44亿元区间。2025年上半年已实现23.75亿元的销售额，药智数据预测其全年销售额有望突破41亿元， 这也印证了这款产品在政策调整后的市场韧性。 阿托伐他汀钙片（辉瑞）国内公立医疗机构年度销售额 图片来源：药智数据 一款药品能够登上"十年销冠"宝座，绝非偶然，是临床需求、产品优势以及特定的市场环境共 ...

探索"新优药械"从研发到使用的高效对接机制，优化临床急危重症抢救不可替代新药的入院流程，逐步 实现由30个工作日缩减至15个工作日。 为持续鼓励创新药品、医疗器械产品的实际应用，上海的政策支持不断升级。 日前，上海印发《上海市全面深化药品医疗器械监管改革促进医药产业高质量发展的若干措施》（下称 《若干措施》），提出六个方面共22项内容，通过监管制度的改革，来助推药械产业发展。这也是继 2024年7月上海出台《关于支持生物医药产业全链条创新发展的若干意见》（下称《若干意见》）后， 又一次大力度的政策指引。 加快创新产品应用 创新药械产品如何在审批、应用阶段提速是企业重点关切。为此，《若干措施》提出"加快创新产品应 用"，即"持续优化完善我市新上市药品挂网服务，积极申请成为新上市药品首发挂网省份""探索'新优 药械'从研发到使用的高效对接机制，优化临床急危重症抢救不可替代新药的入院流程，逐步实现由30 个工作日缩减至15个工作日""对符合规定的'新优药械'产品，及时研究纳入医保支付范围，鼓励商业健 康险产品覆盖更多'新优药械'"等。 第一财经了解到，与《若干意见》相协同的《上海市生物医药"新优药械"产品目录》今年 ...

Group 1: China Jushi (600176.SH) - The company achieved a revenue of 139.04 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 19.53% [6] - The net profit attributable to shareholders reached 25.68 billion yuan, up 67.51% year-on-year, with a non-recurring net profit of 26.12 billion yuan, increasing by 125.91% [6][9] - The company is expected to achieve net profits of 34.91 billion, 41.07 billion, and 46.48 billion yuan from 2025 to 2027, driven by the recovery of fiberglass prices and demand from various downstream sectors [9] Group 2: Transsion Holdings (688036.SH) - The company reported a revenue of 204.66 billion yuan in Q3 2025, a year-on-year increase of 22.60%, while the net profit attributable to shareholders was 9.35 billion yuan, down 11.06% year-on-year [11] - The company is expected to achieve revenues of 694.0 billion, 751.7 billion, and 871.6 billion yuan from 2025 to 2027, with net profits of 38.2 billion, 56.7 billion, and 70.8 billion yuan respectively [13] Group 3: Tonglian Precision (688210.SH) - The company reported a revenue of 2.4 billion yuan in Q3 2025, a year-on-year increase of 5.75%, while the net profit attributable to shareholders was 884,000 yuan, down 91.67% year-on-year [15] - The company is expected to achieve revenues of 11.4 billion, 15.5 billion, and 21.1 billion yuan from 2025 to 2027, with net profits of 1.0 billion, 1.9 billion, and 2.9 billion yuan respectively [17] Group 4: Topband Co., Ltd. (002139.SZ) - The company achieved a revenue of 26.9 billion yuan in Q3 2025, a slight increase of 0.1% year-on-year, while the net profit attributable to shareholders was 900 million yuan, down 44.7% year-on-year [18] - The company is expected to achieve net profits of 6.2 billion, 8.5 billion, and 10.8 billion yuan from 2025 to 2027 [19] Group 5: Inspur Information (000977.SZ) - The company reported a revenue of 1206.69 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%, with a net profit of 14.82 billion yuan, up 15% year-on-year [25] - The company is expected to achieve net profits of 26.38 billion, 37.31 billion, and 47.77 billion yuan from 2025 to 2027 [26] Group 6: Benda Pharmaceutical (300558.SZ) - The company achieved a revenue of 27.17 billion yuan in the first three quarters of 2025, a year-on-year increase of 15.90%, while the net profit attributable to shareholders was 3.17 billion yuan, down 23.86% year-on-year [28] - The company is expected to achieve revenues of 35.50 billion, 43.71 billion, and 53.09 billion yuan from 2025 to 2027, with net profits of 5.73 billion, 7.21 billion, and 8.56 billion yuan respectively [29] Group 7: XWANDA (300207.SZ) - The company reported a revenue of 435.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.73%, with a net profit of 14.05 billion yuan, up 15.94% year-on-year [35] - The company is expected to achieve net profits of 21.83 billion, 30.29 billion, and 40.31 billion yuan from 2025 to 2027 [37] Group 8: YH Technology (688080.SH) - The company achieved a revenue of 2 billion yuan in Q3 2025, a year-on-year increase of 34.5%, with a net profit of 400 million yuan, up 17.5% year-on-year [39] - The company is expected to achieve net profits of 1.5 billion, 2 billion, and 2.6 billion yuan from 2025 to 2027 [40] Group 9: Zhongji Xuchuang (300308.SZ) - The company reported a revenue of 102.2 billion yuan in Q3 2025, a year-on-year increase of 56.8%, with a net profit of 31.4 billion yuan, up 125% year-on-year [42] - The company is expected to achieve net profits of 107 billion, 205 billion, and 268 billion yuan from 2025 to 2027 [43] Group 10: Dongfang Tower (002545.SZ) - The company achieved a revenue of 33.92 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.05%, with a net profit of 8.28 billion yuan, up 77.57% year-on-year [44] - The company is expected to achieve net profits of 12.68 billion, 14.46 billion, and 17.19 billion yuan from 2025 to 2027 [46]

Core Insights - The company reported a revenue of 2.717 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.90%, while the net profit attributable to shareholders was 317 million yuan, a year-on-year decrease of 23.86% [1] - The overseas expansion is beginning to yield results, with the eye drug EYP-1901 entering Phase 3 clinical trials and expected to report data by mid-2026, while Ensartinib has started to see sales growth in the U.S. [1] - Multiple new products in the domestic market are expected to drive growth, including recombinant human serum albumin, CDK4/6 inhibitor Tazemetostat, and Trastuzumab, which have all begun to see sales [2] Financial Performance - For 2025, the company expects revenues of 3.569 billion yuan, 4.537 billion yuan in 2026, and 5.561 billion yuan in 2027, with net profits projected at 506 million yuan, 727 million yuan, and 921 million yuan respectively [3] - The corresponding EPS for these years is expected to be 1.21 yuan, 1.74 yuan, and 2.20 yuan, with PE ratios of 47.7x, 33.2x, and 26.2x respectively [3] Investment Outlook - Given the potential for product launches and a robust clinical development pipeline, the company is assigned a target price of 77.71 yuan per share based on a 2026 PE of 45x, maintaining a "Buy-A" investment rating [3]

Core Viewpoint - Bidafarma, a well-known innovative pharmaceutical company, is planning to list on the Hong Kong Stock Exchange to enhance its capital strength and international competitiveness [2]. Company Overview - As of September 29, Bidafarma's A-share market capitalization is 27.68 billion yuan [2]. - The company focuses on developing innovative targeted therapies for various cancers, including lung, breast, kidney, colorectal, and pancreatic cancers, as well as blood diseases and ophthalmology [2]. Fundraising Purpose - The funds raised from the IPO will be allocated to four main areas: 1. Financing for the research and development of innovative drug candidates 2. Funding for potential acquisitions to expand the pipeline and develop Bidafarma's innovative ecosystem 3. Strengthening the marketing network and market expansion in key therapeutic areas 4. Working capital and other general corporate purposes [2]. Product Pipeline - Bidafarma has successfully launched eight innovative targeted cancer therapies and biosimilars, with over ten innovative drug development projects at various stages [2]. - The eight core products include: 1. Hydrochloride Ercitinib Tablets 2. Hydrochloride Ensatinib Capsules 3. Bevacizumab Injection 4. Mesylate Bafetinib Capsules 5. Voronib Tablets 6. Tarceva Capsules 7. Trastuzumab Injection 8. Recombinant Human Albumin Injection (Rice) - Among these, Hydrochloride Ercitinib Tablets, Hydrochloride Ensatinib Capsules, Voronib Tablets, and Tarceva Capsules are self-developed products, while the other four are collaborative products [2]. Financial Performance - In the first half of 2025, Bidafarma reported a revenue of 1.731 billion yuan, representing a year-on-year increase of 15.37%. However, the net profit attributable to shareholders decreased by 37.53% to 140 million yuan [3]. - The company emphasizes a proven and repeatable success model that integrates commercialization, research and development, strategic partnerships, and an innovative ecosystem, which collectively drive its transformation from a domestic pioneer to a globally competitive platform pharmaceutical company [3].

Core Viewpoint - Fosun Pharma reported a slight decline in revenue but a significant increase in net profit, indicating a strong performance in innovation and strategic development [1] Financial Performance - In the first half of 2025, Fosun Pharma achieved revenue of 19.514 billion yuan, a year-on-year decrease of 4.63% - The net profit attributable to shareholders reached 1.702 billion yuan, reflecting a year-on-year growth of 38.96% - Revenue from innovative drugs exceeded 4.3 billion yuan, marking a year-on-year increase of 14.26% [1] Innovation and R&D - Fosun Pharma invested 2.584 billion yuan in R&D during the first half of 2025 - The company is focusing on core therapeutic areas such as solid tumors, hematological tumors, and immune inflammation, while also exploring chronic diseases and neurological fields [1][2] Product Development - In the solid tumor sector, Fosun Pharma has developed a matrix of innovative drugs, including the approval of a new small molecule CDK4/6 inhibitor and a first self-developed small molecule drug for dual indications - The CAR-T product, Yikaida, is being promoted for accessibility and affordability, with inclusion in over 110 health insurance plans [2] Global Market Expansion - Fosun Pharma's overseas revenue reached 5.478 billion yuan, accounting for approximately 28.07% of total revenue - The company is enhancing its global business development through licensing and collaboration, focusing on unmet clinical needs [3] Sustainability and ESG - Fosun Pharma has improved its MSCI ESG rating to AA, reflecting its commitment to sustainable development [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the biotechnology sector, including Legend Biotech (LEGN US), and others like 3SBio (1530 HK), Innovent Biologics (1801 HK), and more, indicating a positive outlook for these stocks [7]. Core Insights - The upcoming centralized procurement of biosimilars in mainland China is expected to impact multiple major products, with the first round of information collection already initiated [2]. - The report emphasizes that the impact of this procurement on company performance and product sales will likely be felt starting in 2026, as the process is expected to take longer due to the novelty of biosimilar procurement in China [2]. - Companies such as China Biologic Products, Innovent Biologics, and Hengrui Medicine are highlighted as key players with multiple products involved in the procurement process, warranting close attention to pricing and allocation results [2][3]. - The report suggests that the impact on innovative drugs will be limited, as the products involved in the procurement are off-patent and already have competing biosimilars [2]. Summary by Sections Section: Centralized Procurement - The centralized procurement for biosimilars is officially starting, with a focus on eight monoclonal antibody products [2]. - The information collection phase is expected to last 1-2 months, with a longer timeline anticipated for rule formulation and final product inclusion [2]. Section: Company Focus - Key companies to watch include China Biologic Products, Innovent Biologics, and Hengrui Medicine, with respective products in the procurement process [2]. - The report recommends monitoring the pricing and allocation outcomes closely for these companies [2]. Section: Innovative Drugs - The report indicates that the eight monoclonal antibodies involved in the procurement are already off-patent and have existing biosimilars, suggesting limited impact on innovative drugs still under patent [2]. - Continuous attention is advised for the upcoming national medical insurance negotiations and the establishment of commercial insurance innovative drug directories [2].

Core Viewpoint - The article highlights the advancements in the biomedical industry in Hefei, particularly focusing on innovations in medical devices and the supportive ecosystem for companies in this sector. Group 1: Innovations in Medical Technology - The spinal surgery robot developed by Meiya Optoelectronics assists in minimally invasive surgeries, marking a new phase in orthopedic procedures [1] - Hefei has seen multiple innovations in the biomedical field, including the development of an injectable trastuzumab by Anhui Anke Bioengineering and a fully digital PET/CT device by Hefei Ruishi Digital Technology [1][3] Group 2: Importance of Testing and Validation - The establishment of the Hefei Medical Device Testing Center significantly reduces product validation cycles and operational costs for local medical device companies [2] - The center utilizes high-precision laser scanning technology to provide accurate 3D information for medical device firms [1] Group 3: Financial Support and Policy Framework - Hefei has created a dual support system of policies and capital to assist biomedical companies in expanding financing channels [4] - The city has allocated over 100 million yuan annually for two consecutive years to support the development of the biomedical industry, particularly in new drug research and local transformation of medical devices [5] - A 5 billion yuan special direct investment fund has been established to support the biomedical industry, creating a comprehensive funding system from seed to industrial development [5] Group 4: Industry Growth and Ecosystem - Hefei's biomedical industry has attracted over a thousand companies, generating revenues exceeding 100 billion yuan, and is working towards building a top-tier biomedical ecosystem in China [5]

Core Viewpoint - The leading companies in the growth hormone sector, Changchun High-tech and Anke Bio, are facing declining revenues and are seeking new growth avenues through diversification into other therapeutic areas [1][2][3]. Group 1: Company Performance - Both Changchun High-tech and Anke Bio reported a decline in revenue and net profit for 2024, with Changchun High-tech experiencing its first annual revenue drop in nearly 20 years, showing a 5.66% decrease in revenue and a 44.95% drop in net profit for Q1 2025 [2][3]. - Anke Bio's revenue and net profit also fell by over 10% in the previous year, with a 4% decline in both metrics for Q1 2025 [2][3]. Group 2: Market Dynamics - The growth hormone market in China has expanded significantly, from $600 million in 2018 to $1.7 billion in 2022, capturing 34% of the global market share, surpassing the United States [2]. - The introduction of price-cutting measures in 2022 has pressured the revenues of the two leading companies, leading to a contraction in their growth hormone business [2][3]. Group 3: Product Development and Diversification - Changchun High-tech and Anke Bio are both attempting to diversify their product lines beyond growth hormones, with Changchun High-tech planning to expand into pediatrics, women's health, and anti-aging sectors [4][5]. - Changchun High-tech's subsidiary, GenSci, has seen over 76% of its revenue coming from growth hormones, while Anke Bio's growth hormone sales account for nearly 70% of its total revenue [3]. - Both companies have initiated clinical trials for new products, with Changchun High-tech focusing on innovative drugs and Anke Bio expanding into antiviral and oncology treatments [5].

Core Viewpoint - The report highlights the significant advancements and strategic initiatives of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. in the pharmaceutical and medical device sectors, emphasizing innovation, compliance, and market expansion as key drivers for growth in 2024. Company Overview - The pharmaceutical industry is driven by innovation, with the government prioritizing the development of innovative drugs as a new emerging industry [5][6] - The company has maintained a strong position in the industry, ranking 4th in the "2023 Annual Top 100 Chinese Pharmaceutical Industry" list [12] Industry Development Status - The implementation of the "Drug Standard Management Measures" in January 2024 aims to enhance drug quality and safety [8] - Continuous anti-corruption efforts in the medical and pharmaceutical sectors are expected to promote long-term healthy development [8] - The government has introduced policies to support the upgrade of medical equipment, providing new sales opportunities for the medical device industry [9] Business Highlights - The company achieved operating revenue of 41.067 billion yuan in the reporting period, with significant growth in innovative products [26] - The net profit attributable to shareholders increased by 16.08% to 2.770 billion yuan, with a net profit excluding non-recurring gains and losses rising by 15.10% [26] - The company has focused on innovation, with R&D investment totaling 5.554 billion yuan, of which 3.644 billion yuan was dedicated to R&D expenses [27] Product Development - The company has received approvals for 16 indications across 7 innovative drugs and biosimilars during the reporting period [28] - The innovative PD-1 monoclonal antibody, Hanshu (SruLi), received approval for a new indication in China [29] - The company has successfully launched several products in international markets, including the biosimilar trastuzumab in the US and Canada [29][30] Global Expansion - The company has established a strong global presence, with a commercial team of over 1,000 people covering markets in the US, Africa, and other regions [42] - The company has formed strategic partnerships to enhance its international market access and product commercialization [38][39] Compliance and Regulatory Environment - The company is committed to adhering to regulatory requirements and enhancing compliance in response to the ongoing anti-corruption initiatives in the pharmaceutical industry [25] - The company has implemented measures to ensure the quality and safety of its products, aligning with national standards and regulations [41]