康缘药业（600557）12月8日晚间公告，公司独家品种温阳解毒颗粒、玉女煎颗粒，国内首家仿制药品 种舒马普坦萘普生钠片首次通过谈判纳入《国家医保目录》(2025年版)。 具体来看，康缘药业温阳解毒颗粒作为独家品种纳入医保目录。公告显示，该药在改善中医证候和咳 嗽、发热、乏力、食欲不振等主要症状方面具有较好的临床疗效，且具有良好的安全性。玉女煎颗粒作 为独家品种纳入医保目录。公告显示，该药于2025年获得新药证书，是中药3.1类新药，用于治疗牙 痛、牙周炎、口腔溃疡、消渴、早期糖尿病等病症。舒马普坦萘普生钠片也纳入医保目录，该药有望成 为偏头痛急性期治疗药物新的选择。 康缘药业表示，此次公司新增上述新药品种纳入《国家医保目录》(2025年版)，预计未来将推动公司新 药市场推广与销售增长，公司研发创新和品牌影响力进一步增强，研发新药将惠及广大病患，但短期内 对公司业绩产生的影响暂无法估计。 在互动平台上，有投资者向康缘药业提问：近期流感高发，公司相关产品销量是否大幅增长。对此康缘 药业回应称，公司在呼吸与感染性疾病领域已建立丰富产品组合，包括热毒宁注射液、金振口服液、杏 贝止咳颗粒、散寒化湿颗粒、银翘清热片、温 ...

（文章来源：证券日报） 证券日报网讯 12月8日晚间，康缘药业发布公告称，公司独家品种温阳解毒颗粒、玉女煎颗粒，国内首 家仿制药品种舒马普坦萘普生钠片首次通过谈判纳入《国家基本医疗保险、生育保险和工伤保险药品目 录（2025年）》。 ...

康缘药业（600557）(600557.SH)发布公告，2025年12月7日，国家医保局、人力资源社会保障部发布了 《关于印发 <国家基本医疗保险 生育保险和工伤保险药品目录="生育保险和工伤保险药品目录"> 以及 <商业健康保险创新药品目录> (2025年)的通知》(医保发〔2025〕33号)。根据该通知，公司独家品种温 阳解毒颗粒、玉女煎颗粒，国内首家仿制药品种舒马普坦萘普生钠片首次通过谈判纳入《国家基本医疗 保险、生育保险和工伤保险药品目录(2025年)》。 ...

智通财经APP讯，康缘药业(600557.SH)发布公告，2025年12月7日，国家医保局、人力资源社会保障部 发布了《关于印发<国家基本医疗保险、生育保险和工伤保险药品目录>以及<商业健康保险创新药品目 录>(2025年)的通知》(医保发〔2025〕33号)。根据该通知，公司独家品种温阳解毒颗粒、玉女煎颗粒， 国内首家仿制药品种舒马普坦萘普生钠片首次通过谈判纳入《国家基本医疗保险、生育保险和工伤保险 药品目录(2025年)》。 ...

公司独家品种银杏二萜内酯葡胺注射液在《国家医保目录》（2025年版）中成药部分医保支付范围描述 略有变化，由原"限二级及以上医疗机构脑梗死恢复期患者，单次住院最多支付14天。"调整为"限二级 及以上医疗机构脑梗死恢复期患者，住院方可支付，单次最多支付14天。"；公司非独家品种泊沙康唑 肠溶片支付范围解除限制；公司非独家品种西格列汀二甲双胍片（II）、恩格列净片、盐酸左沙丁胺醇 雾化吸入溶液、骨化三醇软胶囊是公司2025年新获批品种，为《国家医保目录》（2025年版）常规目录 品种。 除上述调整的产品外，公司其他纳入《国家医保目录》（2025年版）的品种与《国家医保目录》（2024 年版）保持不变。目前，公司共有123个品种纳入《国家医保目录》（2025年版），其中甲类48个，乙 类75个。 格隆汇12月8日丨康缘药业(600557.SH)公布，2025年12月7日，国家医保局、人力资源社会保障部发布 了《关于印发<国家基本医疗保险、生育保险和工伤保险药品目录>以及<商业健康保险创新药品目录> （2025年）的通知》。根据该通知，江苏康缘药业股份有限公司独家品种温阳解毒颗粒、玉女煎颗粒， 国内首家仿制药品种舒马 ...

智通财经APP获悉，国金证券发布研报称，2025年12月7日，国家医保局发布《2025新版基本医保药品 目录》及首个《商业健康保险创新药品目录》，新版药品目录自2026年1月1日起正式执行。得益于创新 药突出的临床价值，2025年新药谈判成功率较同期实现显著提升，此类药品预计将收获良好的谈判结 果。随着相关药物纳入医保，产品有望快速放量并提升市场份额，新机制药物持续涌现，其快速打开终 端市场并实现普惠覆盖，核心有赖于医保目录的纳入。 国金证券主要观点如下： 2025年新药谈判成功率较同期显著提升，临床价值高的创新药品预计谈判结果良好 1）2025年国家医保药品目录成功新增114款药品（接近历史高点2022及2023年的121款），其中有50款 是1类创新药，总体成功率88%，较2024年的76%明显提高。2）此次调整后，国家医保药品目录内药品 总数增至3253种，其中西药1857种、中成药1396种，肿瘤、慢性病、精神疾病、罕见病、儿童用药等重 点领域的保障水平得到明显提升。3）2018年以来医保谈判平均降幅基本稳定在60%上下，虽然本次医 保局发布会并未披露整体药品谈判降价幅度，但基于医保局不断加大对创新药 ...

Core Insights - The demand for traditional Chinese medicine (TCM) has significantly increased due to the rise in respiratory diseases during the autumn and winter flu season, with multiple pathogens like influenza and respiratory syncytial virus circulating [1] - Companies with reliable evidence-based data and clinically recognized TCM products are expected to benefit in the long term during the flu season [2] Group 1: Market Dynamics - The current flu activity in China is in a rapid upward phase, with sentinel hospitals reporting a continuous increase in flu-like cases [1] - The complexity of respiratory diseases this year, particularly in southern humid regions, has made multi-target, compound TCM more advantageous for managing various symptoms [1] Group 2: Company Performance - Kangyuan Pharmaceutical has seen a surge in demand for its respiratory products, leading to increased production to meet market supply pressures [2] - The company's oral liquid product, Jinzhen Oral Liquid, generated revenue of 1.359 billion yuan in the first three quarters of this year, accounting for 58% of its total revenue [2] Group 3: Product Development - Kangyuan's product line for respiratory and infectious diseases has formed a complete matrix covering prevention and treatment for various symptoms, including products like Hot Toxin Ning Injection and Jinzhen Oral Liquid [2][3] - The Hot Toxin Ning Injection has completed multiple RCT clinical studies, demonstrating its effectiveness in alleviating symptoms caused by viral infections [3] Group 4: Financial Performance - In the first half of 2025, Kangyuan reported revenue of 1.642 billion yuan and a net profit of 142 million yuan, with significant growth in various product categories [4] - The injection revenue reached 506 million yuan, while oral liquid revenue was 279 million yuan, indicating a robust performance across different dosage forms [4][5] Group 5: Strategic Outlook - The simultaneous growth of multiple dosage forms indicates a recovery in the usage of respiratory products during the winter disease season, enhancing the company's market adaptability [5] - Experts believe that TCM's multi-target advantages will continue to provide significant value in managing respiratory diseases in the future [5]

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) is actively responding to the increased demand for its respiratory and infectious disease products, particularly during the flu season, by ramping up production to meet market needs [1] Product Overview - The company's representative products in the respiratory and infectious disease line include: - **Re Du Ning Injection**: Used for treating symptoms of wind-heat colds and upper respiratory infections, showing significant efficacy in alleviating fever and respiratory symptoms [1] - **Jin Zhen Oral Solution**: A pediatric traditional Chinese medicine that effectively treats acute bronchitis in children and shows antiviral properties against influenza viruses, enhancing clinical cure rates when combined with Oseltamivir [1] - **Xing Bei Cough Granules**: Effective for cough relief and lung function improvement in cases of external cold and internal heat [1] - **San Han Hua Shi Granules**: Used for treating diseases caused by cold and dampness affecting the lungs [1] - **Yin Qiao Qing Re Tablets**: Treats common colds with wind-heat symptoms, providing multiple therapeutic effects [1] - **Wen Yang Jie Du Granules**: Aids in improving symptoms related to weakened Yang energy in patients, showing good clinical efficacy [1] Market Demand - The national influenza activity has significantly increased, entering a rapid rise phase, leading to a notable growth in demand for the company's core products in the anti-infection and respiratory sectors during the flu season [1]

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) is actively responding to the increased demand for its respiratory and infectious disease product line, particularly during the flu season, by ramping up production to meet market needs [1] Product Overview - The company's representative products in the respiratory and infectious disease category include Re Du Ning Injection, Jin Zhen Oral Solution, Xing Bei Cough Granules, San Han Hua Shi Granules, Yin Qiao Qing Re Tablets, and Wen Yang Jie Du Granules [1] - Re Du Ning Injection is indicated for clearing heat, dispelling wind, and detoxifying, showing significant efficacy in alleviating symptoms of viral infections, especially high fever, and improving respiratory symptoms [1] - Jin Zhen Oral Solution is a pediatric-specific traditional Chinese medicine that effectively treats acute bronchitis in children and has shown to inhibit various strains of the flu virus, improving clinical outcomes when combined with Oseltamivir [1] - Xing Bei Cough Granules are used for cough relief, while San Han Hua Shi Granules address cold and dampness-related respiratory issues [1] - Yin Qiao Qing Re Tablets are effective for treating common colds with wind-heat symptoms, and Wen Yang Jie Du Granules are beneficial for patients with weakened Yang energy, improving symptoms like cough and fever [1] Market Demand - The national flu activity has significantly increased and is currently in a rapid rising phase, leading to a notable surge in demand for the company's core products in the anti-infection and respiratory sectors [1] - The company is proactively adjusting its production to meet the growing market demand during the flu season [1]