Group 1 - Kanghong Pharmaceutical's Shugan Jieyu capsules achieved double-digit growth year-on-year, surpassing the overall growth of the antidepressant market [1] - The capsules have advantages such as faster efficacy, fewer side effects, and high long-term safety, which alleviate patients' psychological burden [1] - Clinical research for anxiety disorders is progressing steadily, with Phase III clinical trial enrollment expected to be completed by April 2025, potentially expanding the target population [1] Group 2 - Dong'e Ejiao emphasized the importance of sustainable supply of donkey hide, with current prices remaining stable [2] - In 2024, the revenue share of Ejiao blocks is approximately 45%, while the revenue share of compound Ejiao paste is nearly 35% [2] - The price of donkey hide is influenced by various factors, including breeding costs, scale, and import conditions [2] Group 3 - Hengrui Medicine launched a global public offering of 224.52 million H-shares, with a price range set between HKD 41.45 and HKD 44.05 per share [3] - The offering includes a 5.5% allocation for public sale in Hong Kong and 94.5% for international placement [3] - Seven cornerstone investors have subscribed for over HKD 4.1 billion (approximately USD 533 million), accounting for 43.04% of the offering size [3] Group 4 - Pianzaihuang reported that the current domestic market price for cow bile is between RMB 1.65 million and RMB 1.8 million per kilogram [4] - The company is actively engaging with policies regarding the import of cow bile, currently only allowing imports from Argentina [4] - The new import policy has minimal short-term impact on domestic cow bile prices, with no detailed guidance from government authorities yet [4] Group 5 - Changchun High-tech is in Phase III clinical trials for adult growth hormone deficiency indications [5] - The company maintains a rational attitude towards the sales growth of growth hormone products, focusing on stability and market expansion [5] - Research on the combination of semaglutide for muscle gain and fat loss is in the Investigator Initiated Trial phase [5] Group 6 - Kangzhi Pharmaceutical is preparing for the resumption of production for its Re Yan Ning granules, expected to be launched in the market by July-August this year [6] - The company is committed to the development of traditional Chinese medicine, enhancing existing products through secondary development [6] Group 7 - ST Huluwawa is leveraging the advantages of the Hainan Free Trade Port policy to establish a cross-border e-commerce platform [7] - The company aims to enhance operational efficiency and focus on the children's health consumption market [7] - A comprehensive O2O and online channel platform is being constructed to support product market coverage [7]

现代研究表明，牛黄具有广泛的药理作用。牛黄为许多常用或名贵中成药的重要配方 组成之一，例如牛黄上清丸、牛黄解毒片、牛黄降压丸、安宫牛黄丸、片仔癀、至宝 丹等。 艾媒咨询CEO兼首席分析师张毅告诉2 1世纪经济报道记者，早期试点进口量相对不大，对同 仁堂、片仔癀等高端中成药企业是重大利好，缓解原材料供应风险，稳定产品产能，满足大型 企业生产需求。长期则可能形成供应链分层化，中小药企天然牛黄原材料获取能力较弱，会倒 逼其在差异化市场发力。 作 者丨李佳英 编 辑丨季媛媛 图 源丨IC p h o t o 近日，国家药监局、海关总署联合发布《关于允许进口牛黄试点用于中成药生产有关事项的公 告》，宣布开展牛黄进口使用试点，对于来自不存在疯牛病疫情禁令国家（地区），且符合我 国海关检疫要求和药品质量检验要求的牛黄，允许其试点用于中成药生产。 紧接着，海关总署公告称， 自2 0 2 5年4月2 3日起，允许符合要求的阿根廷牛黄进口 。 牛黄究竟为何物？其源于动物牛的干燥胆结石，始载于《神农本草经》，具有清心、 豁痰、开窍、凉肝、息风、解毒之功效，用于热病神昏、中风痰迷、惊痫抽搐、癫痫 发狂、咽喉肿痛、口舌生疮等。 仅从原 ...