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]

Policy Trends - In 2024, the total number of medical consultations in China reached 10.15 billion, an increase of 600 million from the previous year, with a life expectancy of 79.0 years and a maternal mortality rate of 14.3 per 100,000 [1] - The total number of medical institutions in China reached 1,093,551 by the end of 2024, an increase of 22,766 from the previous year, including 38,710 hospitals [1] - The number of health technicians in China reached 13.02 million, an increase of 531,000 (4.3%) from the previous year, with 9.37 million working in hospitals [1] Healthcare Costs - The average hospitalization cost in hospitals for 2024 was 9,870 yuan, a decrease of 4.3% from the previous year, while the average outpatient cost was 361 yuan, down 0.2% [2] - The total healthcare expenditure in China for 2024 was approximately 9,089.55 billion yuan, with government spending accounting for 24.9%, social spending for 47.6%, and personal spending for 27.5% [2] - The per capita healthcare expenditure was 6,454.4 yuan, with total healthcare expenditure constituting 6.7% of GDP [2] Pharmaceutical Developments - The National Medical Insurance Administration launched a drug price registration and inquiry service, allowing pharmaceutical companies to self-declare drug prices for public access [3] - Renfu Pharmaceutical announced the withdrawal of its application for the registration of a recombinant plasmid-hepatocyte growth factor injection, which had a cumulative R&D investment of approximately 160 million yuan [4] - Hengrui Medicine received acceptance for its application for the marketing authorization of remimazolam tosylate for sedation during mechanical ventilation in intensive care [4] Investment Activities - China Resources Sanjiu established a biopharmaceutical fund in Hohhot with a total investment of 500 million yuan, focusing on private equity investments and asset management [5] - Zhaoli Pharmaceutical plans to raise up to 1.556 billion yuan through convertible bonds for the development of an intelligent traditional Chinese medicine health factory and other projects [6] Global Health Issues - The World Health Organization reported that reductions in international aid are impacting global HIV prevention efforts, with significant challenges ahead for AIDS response programs [7] Regulatory Actions - Jiangsu Wuzhong received a delisting notice from the Shanghai Stock Exchange due to major violations, including concealing changes in actual control and severe financial fraud [8] - The company is set to enter a delisting transition period on December 9, 2025, with the last trading day expected to be December 29 [8]

Core Viewpoint - Heng Rui Medicine's application for the market approval of its injectable remimazolam tosylate has been accepted by the National Medical Products Administration, targeting sedation during mechanical ventilation in intensive care [1] Group 1 - The drug is intended for use in sedation during mechanical ventilation in intensive care settings [1]

Core Points - Jiangsu Hengrui Medicine Co., Ltd. has received the acceptance notice from the National Medical Products Administration for its drug application of injectable remimazolam tosylate [2] Group 1 - Drug Name: Injectable Remimazolam Tosylate [2] - Dosage Form: Injectable [2] - Acceptance Number: CXHS2500146 [2] - Application Stage: Market Approval [2] - Applicant: Jiangsu Hengrui Medicine Co., Ltd. [2] - Proposed Indication: Sedation during mechanical ventilation in intensive care [2]

Core Viewpoint - Heng Rui Medicine (01276) has received the acceptance notice from the National Medical Products Administration for the marketing authorization application of injectable toremifene, indicating progress in its product pipeline [1] Group 1: Product Development - The injectable toremifene has been approved for indications including sedation and anesthesia during non-tracheal intubation surgeries and for induction and maintenance of general anesthesia [1] - The application for market approval is based on two key studies focused on sedation for mechanically ventilated patients in the Intensive Care Unit (ICU) [1] Group 2: Clinical Research - The HR7056-302 study is a Phase III clinical trial evaluating toremifene compared to standard first-line treatments for short-term sedation during critical care, involving 214 patients across 43 centers, led by Professor Guan Xiangdong from Sun Yat-sen University First Affiliated Hospital [1] - The HR7056-206 study is a multi-center Phase II clinical trial assessing toremifene for long-term sedation in critical care, with 24 patients enrolled from 18 centers, led by Professor Shen Feng from Guizhou Medical University Affiliated Hospital [1] - Both studies achieved their primary endpoints as expected [1]

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has received the acceptance notice from the National Medical Products Administration for its drug application of injectable remimazolam tosylate, indicating progress in the drug approval process [1] Group 1: Drug Information - Drug Name: Injectable Remimazolam Tosylate [1] - Dosage Form: Injectable [1] - Acceptance Number: CXHS2500146 [1] - Application Stage: Market Approval [1] - Applicant: Jiangsu Hengrui Medicine Co., Ltd. [1] - Proposed Indication: Sedation during mechanical ventilation in intensive care [1]

Group 1 - Huakang Clean has won a bid for the Keqiao Future Medical Center purification system project with a contract value of 176 million yuan, accounting for 10.29% of the company's expected revenue for 2024 [1] - Pulike plans to acquire a 4.04% stake in Zhongpu Biological for 17.5143 million yuan, which will increase its ownership to 51.01% and grant control over Zhongpu Biological, which is currently operating at a loss [1] - Guangzhou Port expects a 14.7% year-on-year increase in container throughput for November, reaching 2.399 million TEUs [2] Group 2 - Heng Rui Medicine's application for the marketing authorization of injectable remimazolam has been accepted by the National Medical Products Administration [3] - TBEA has established an asset-backed special plan for accounts receivable with a total subscription amount of 1.7215 billion yuan, which will officially commence on December 2, 2025 [3] - Guomai Culture reported an estimated loss of approximately 40 million yuan from its investment in the film "The Stars of the Three Kingdoms," which is expected to exceed 10% of the company's audited net profit for 2024 [4] Group 3 - Binhai Group has successfully acquired a residential land use right for 1.361 billion yuan, with a construction area of 26,000 square meters [4] - Weichip Bio has received approval from the China Securities Regulatory Commission for a specific stock issuance [5] - China Electric Research plans to sell its entire stake in Guoji Capital for 11.2505 million yuan [6] Group 4 - Sanyou Medical has signed a strategic cooperation and distribution agreement with CGBio of South Korea, obtaining exclusive distribution rights for a product used in spinal fusion and trauma repair [7] - Shengbang Security has received a government subsidy of 1.5 million yuan, accounting for 35.92% of the company's audited net profit for the most recent fiscal year [8] - Design Institute has won 17 projects with a total bid amount of approximately 278 million yuan [9] Group 5 - Xinyu Guokai has appointed Zhang Deyuan as the new deputy general manager [10] - Wanfu Bio has obtained a medical device registration certificate for a combined test kit for respiratory viruses [11] - Guomint Technology has received approval from the CSRC for its H-share issuance [12] Group 6 - Lianlong has been approved to issue up to 2 billion yuan in medium-term notes for technological innovation [14] - ST Zhongqing has announced the resignation of its deputy general manager due to personal reasons [16] - Weisheng Information has won contracts totaling 65.3271 million yuan for projects with the State Grid and Southern Grid [17] Group 7 - Yikang Pharmaceutical has received approval for clinical trials of its aerosol inhalation agent YKYY018 [18] - Suneng Co. has received approval from the CSRC for a public bond issuance of up to 2 billion yuan [20] - Yutong Bus reported an 8.62% year-on-year increase in sales for November, totaling 4,058 units [21] Group 8 - Furan De plans to reduce its shareholding by up to 3% through various trading methods [23] - Beiqi Blue Valley's subsidiary reported a 112.71% year-on-year increase in vehicle sales for November [24] - Yonggui Electric has won a logistics procurement project worth 17.8992 million yuan [25] Group 9 - Aihua Group plans to acquire 100% of Aihua New Power for 20.356 million yuan [26] - Chip Origin has announced plans for a combined reduction of up to 1.15% of its shares by four shareholders [27] - China Electric Environmental Protection has signed a contract worth 125.7 million yuan for a water treatment project [27] Group 10 - Meiyang Jixiang has reported uncertainty regarding the evaluation results of its mineral resource reserve application [28] - Tanshan plans to acquire 51% stakes in Beitelai and Shanghai Tongtu for a total of 6.78 billion yuan [29] - Northern International has received approval for a specific stock issuance from the CSRC [30] Group 11 - China Mobile has received approval for the transfer of state-owned shares to China National Petroleum Corporation [31] - Wolong New Energy plans to invest 804 million yuan in an independent energy storage demonstration project [33] - CATL plans to invest 500 million yuan in a private equity fund focusing on technology and healthcare sectors [34]

Core Viewpoint - Heng Rui Medicine has received acceptance for its drug application for injectable remimazolam tosylate from the National Medical Products Administration, indicating progress in its development for sedation during mechanical ventilation in intensive care settings [1] Group 1 - The drug's approved indications include sedation and anesthesia for non-intubated surgeries and procedures, as well as induction and maintenance of general anesthesia [1]

Core Viewpoint - Heng Rui Medicine (600276.SH) has received the acceptance notice from the National Medical Products Administration for its drug application of injectable tofenamic acid remimazolam, indicating progress in its drug development pipeline [1] Group 1: Drug Information - Tofenic acid remimazolam is a benzodiazepine drug and a short-acting GABAa receptor agonist, which produces sedative and anesthetic effects by inhibiting neuronal activity [1] - The advantages of tofenamic acid remimazolam include rapid onset, short recovery time, and minimal impact on respiratory and cardiovascular systems [1] Group 2: Market Context - The drug was developed by PAION AG and has been approved in Japan in January 2020, in the United States in October 2020, and in China in July 2020 [1] - The global sales of remimazolam are projected to reach approximately $59.22 million in 2024 [1] Group 3: R&D Investment - The cumulative research and development investment for injectable tofenamic acid remimazolam has reached approximately 184 million yuan [1]

Core Viewpoint - Heng Rui Medicine has received acceptance notification from the National Medical Products Administration for its drug application of injectable remimazolam tosylate, indicating progress in its market entry [1] Group 1: Product Information - Remimazolam tosylate is a short-acting GABAa receptor agonist belonging to the benzodiazepine class, which produces sedative and anesthetic effects by inhibiting neuronal activity [1] - The advantages of remimazolam tosylate include rapid onset, short recovery time, and minimal impact on respiratory and cardiovascular systems [1] Group 2: Market Context - The drug was developed by PAION AG and has been approved for sale in Japan, the United States, and China in 2020 [1] - The global sales for remimazolam tosylate are projected to reach approximately $59.22 million in 2024 [1] Group 3: R&D Investment - The cumulative research and development investment for injectable remimazolam tosylate has reached approximately 184 million yuan [1]