Core Insights - The 2025 National Medical Insurance Drug List has successfully added 114 new drugs, including 50 innovative drugs, achieving an overall success rate of 88%, significantly higher than the 76% in 2024 [1] - The first version of the Commercial Health Insurance Innovative Drug List has been released, marking a substantial breakthrough in the multi-tiered medical security system [1] - Nine innovative drugs from the Sci-Tech Innovation Board have been included in the new lists, showcasing the strength of these companies [1] Group 1: National Medical Insurance and Commercial Insurance - The new drug lists aim to establish a multi-tiered medical security system, with the basic insurance list covering essential drugs and the commercial insurance list focusing on high-value drugs not covered by basic insurance [4] - Since 2018, 149 innovative drugs have been included in the medical insurance list, accounting for 17% of the new drugs, supported by various policies to facilitate the entry of innovative drugs [2] - The successful inclusion of innovative drugs in the insurance lists reflects the government's recognition of their clinical value and the importance of supporting local innovation [6] Group 2: Sci-Tech Innovation Board Companies - Nearly 90% of the Sci-Tech Innovation Board's biopharmaceutical companies have received medical insurance support for their approved new drugs [2] - Notable products such as Junshi Biosciences' innovative drug, which is the only domestic PCSK9-targeted drug for statin-intolerant patients, have been included in the insurance list [2] - The successful renewal of contracts for drugs like Baiyue's Bai Ze An and Junshi's Tuoyi further expands the insurance coverage, benefiting a wider patient population [6] Group 3: Research and Development Investment - The R&D investment of Sci-Tech Innovation Board companies reached a new high in the first three quarters of 2025, with a year-on-year increase of over 10% and an R&D intensity of 42%, significantly surpassing the overall level of A-shares [6] - Companies like Baiyue have invested over 10 billion yuan in R&D, demonstrating a strong commitment to innovation [6] - The cycle of R&D investment leading to innovative outcomes, insurance support, market returns, and reinvestment in R&D has been established and is continuously strengthening [7]

Core Viewpoint - The announcement of the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the first edition of the Commercial Health Insurance Innovative Drug Catalog, highlights the inclusion of several new drugs from various pharmaceutical companies, indicating potential growth opportunities in the healthcare sector [1][5]. Group 1: New Drug Inclusions - Green Leaf Pharmaceutical has five new products included in the 2025 National Medical Insurance Drug Catalog or the Commercial Health Insurance Innovative Drug Catalog, including MiMeiXin and RuiBaiLai, marking significant advancements in pain management and treatment options [2][6]. - RoXin Pharmaceutical's core innovative drug, TaiXinZan, has been included in the 2025 National Medical Insurance Drug Catalog, achieving full coverage for its approved indications [6][7]. - Dongcheng Pharmaceutical's product, Technetium-99m labeled Tetrakis, has been successfully included in the National Medical Insurance Drug Catalog, filling a gap in the market for myocardial perfusion imaging agents [8][9]. Group 2: Stock Performance - As of December 8, Green Leaf Pharmaceutical's stock price reached 3.05 yuan, reflecting a 40.55% increase since the beginning of the year [2][6]. - RoXin Pharmaceutical's stock price was 5.18 yuan as of December 9, showing a 35.6% increase year-to-date [7][8]. - Dongcheng Pharmaceutical's stock price was 14.66 yuan as of December 9, with a year-to-date increase of 20.26% [8][9]. - Rongchang Bio's stock price reached 85.29 yuan as of December 9, marking a significant increase of 183.25% since the start of the year [9]. Group 3: Innovative Treatments - MiMeiXin is noted as the first oral naloxone formulation in China for pain management, while RuiBaiLai offers a unique long-acting injection regimen [2][6]. - TaiXinZan has demonstrated superior efficacy in eradicating Helicobacter pylori compared to traditional treatments, showcasing its innovative therapeutic mechanism [7]. - HaiPuYi, a product from LuNan Pharmaceutical, has been included in the first edition of the Commercial Health Insurance Innovative Drug Catalog, addressing a critical shortage in the treatment of phenylketonuria [9].