1、药品名称：注射用重组人脑利钠肽（商品名：新活素）。 2、适应症或功能主治：适用于患有休息或轻微活动时呼吸困难的急性失代偿心力衰竭患者的静脉治 疗。按NYHA分级〉II级。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年12月7日，国家医保局、人力资源社会保障部发布了《国家基本医疗保险、生育保险和工伤保险 药品目录（2025年）》，我公司全资子公司成都诺迪康生物制药有限公司生产的注射用重组人脑利钠肽 （商品名：新活素）持续被纳入医保目录，并被调整至常规目录，具体情况如下： ■ 一、产品情况介绍 新活素系我公司自主研发的国家生物制品一类新药，作为治疗急性心衰的基因工程药物，能快速改善心 衰患者的心衰症状和体征，提高患者的生存质量，并降低患者的心衰住院治疗费用和缩短住院时间。同 时，该药品技术指标国际领先，对公司在基因工程药物领域研发、生产具有较强指导意义。 二、对公司的影响 新活素于2017年起被持续纳入《国家基本医疗保险、工伤保险和生育保险药品目录》乙类范围，本次被 调整至常规目录，将于2026年1月1日起正式实 ...

Core Viewpoint - Xizang Pharmaceutical has a strong profitability driven primarily by its flagship product, "Xinhuosuo," but faces challenges in diversifying its product portfolio and addressing market expectations for future growth [1][3][4]. Financial Performance - The company has recorded profits exceeding 1 billion, ranking fifth in the biopharmaceutical sector, with a total market capitalization of 15 billion and a valuation of 15 times earnings, placing it at the lower end of profitable companies [1]. - Recent financial records show profits of 2.09 billion, 3.70 billion, 8.01 billion, and 10.51 billion over the last four years, indicating a consistent upward trend [1]. - Xinhuosuo accounted for approximately 88% of the company's revenue in the first half of 2025, generating 14.56 billion out of a total of 16.51 billion [1][6]. Product Overview - The product lineup is heavily reliant on Xinhuosuo, with other products contributing only 11.64% to total revenue [3][7]. - Xinhuosuo, launched in 2005, is the first gene-engineered drug for acute heart failure treatment in China, with plans to expand production capacity to 15 million units annually starting in 2025 [4][6]. - The drug's clinical advantages include rapid onset of action within 30 minutes, compared to traditional medications that take 1-2 hours, and it protects kidney function while promoting sodium excretion [4][6]. Strategic Challenges - The company has faced two significant strategic failures: the acquisition of the drug "Yimuduo" and a failed investment in a COVID-19 mRNA vaccine [9][12]. - The acquisition of Yimuduo for 1.9 billion USD has resulted in substantial impairment losses totaling approximately 766 million RMB due to underperformance and market challenges [11]. - The investment in the Russian mRNA vaccine project has also led to financial losses and strategic setbacks, with the project ultimately being terminated [13][12]. Shareholder Dynamics - The company's ownership structure is complex, with the largest shareholder, Lin Gang, controlling 38.11% of the shares, while the founder, Chen Dabin, retains a significant but minority stake [20][23]. - There is ongoing tension between the controlling shareholder and the founding group, leading to strategic disagreements and governance challenges [24]. Future Outlook - The market exclusivity for Xinhuosuo is expected to last until 2033, but future revenue will depend on the successful expansion into new indications and the transition to water-based injections [7][6]. - The company is exploring collaborations with SGLT2 inhibitors to enhance treatment outcomes for chronic heart failure [6].