上海莱士回复：您好！感谢您对我公司的关心和支持！公司及下属公司生产的人血白蛋白、静注人免疫 球蛋白（PH4）、人纤维蛋白原、人凝血酶原复合物、人凝血因子VIII、人免疫球蛋白、破伤风人免疫 球蛋白、狂犬病人免疫球蛋白列入《国家基本医疗保险、工伤保险和生育保险药品目录（2024年）》。 谢谢。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，上海莱士(002252)10月29日在投资者关系平台上答复投资者关心的问题。 投资者提问：请问贵公司哪些产品进了医保目录？ ...

Group 1: Changshan Pharmaceutical - The company is preparing for clinical trials of Aibennate peptide for weight loss, with no current plans for oral formulation development [1] - Aibennate peptide is a long-acting GLP-1 receptor agonist, developed through chemical modification of exenatide [1] - The marketing preparation includes team building, product knowledge training, and marketing strategy formulation [1] Group 2: Fosun Pharma - Four innovative drugs approved in the first half of the year are expected to gradually increase sales in the coming months [2] - Innovative drug revenue exceeded 4.3 billion yuan, a year-on-year increase of 14.26%, accounting for over 30% of total drug revenue [2] - The company is actively participating in negotiations for the inclusion of its innovative drugs in insurance and national basic medical insurance directories [2] Group 3: Tiantan Biological Products - The company has established an international cooperation department to enhance its global market presence [3] - Products such as tetanus immunoglobulin and rabies immunoglobulin have already been exported [3] - The company is focused on international certification and registration of key products [3] Group 4: Kangtuo Medical - The US-based subsidiary BIOPLATE has launched a local production line for PEEK plates [4] - The company has completed market access in nearly 40 countries and regions [4] - The marketing of "4D bioactive plates" and PEEK fixation systems is underway in the US [4] Group 5: Tailong Pharmaceutical - The company is focusing on the development of modified new drugs across various therapeutic areas including respiratory, digestive, and oncology [5] - Projects in progress include treatments for Alzheimer's disease and schizophrenia [5] Group 6: Heng Rui Pharmaceutical - The HRS-5635 injection has been included in the list of proposed breakthrough therapies [6][7] - Chronic hepatitis B infection affects approximately 257 million people globally, with a significant mortality rate [7] - There is a pressing need for more effective treatments to achieve functional cure for chronic hepatitis B [7]

Core Viewpoint - The company is actively expanding its international market presence and enhancing its product offerings while addressing pricing strategies and production efficiency to meet annual targets [1][2]. Group 1: International Expansion and Product Development - The company has established an International Cooperation Department to focus on international market development and registration preparations, successfully exporting several immunoglobulin products [1]. - The company is advancing its key products towards international certification and registration, aiming to become a globally influential blood product enterprise [1]. Group 2: Pricing Strategy and Market Position - In response to investor concerns about declining gross margins due to falling prices of blood products, the management indicated that product prices have stabilized in 2025, although there was a decrease compared to the full year of 2024 [1]. - The company plans to implement multiple measures to achieve its annual goals, including increasing market share, boosting sales, and reducing inventory [1]. Group 3: Research and Development Progress - The company maintains a leading level of R&D investment in the industry, with over ten products under research, including blood products and gene-recombinant products [2]. - Two products have completed Phase III clinical trials and have submitted applications for marketing authorization, while others are progressing well in clinical trials [2]. Group 4: Production Capacity and Facility Development - The Yunnan project has completed key product registration inspections and is currently addressing inspection deficiencies, with plans to accelerate production site transfer for major products [2]. - The Yunnan facility is expected to commence production in 2026, focusing on human albumin, intravenous immunoglobulin, and prothrombin complex products [2].

Core Insights - Tian Tan Biological Products Co., Ltd. reported a revenue of 3.11 billion yuan for the first half of 2025, representing a year-on-year increase of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] - The decline in net profit was attributed to a decrease in product sales prices compared to the previous year and reduced interest income due to changes in credit policies [1] Financial Performance - Revenue for the second quarter of 2025 reached 1.793 billion yuan, a quarter-on-quarter increase of 36.04% [1] - Net profit for the second quarter was 388 million yuan, reflecting a quarter-on-quarter increase of 59.09% [1] Business Operations - The company focuses on the research, production, and sales of blood products, including human albumin, intravenous immunoglobulin, and tetanus immunoglobulin [1] - Tian Tan Biological is actively expanding its market presence, enhancing blood source development, and accelerating product delivery processes [1] Research and Development - The company maintains a high level of investment in research and development, having obtained 2 authorized patents during the reporting period, including 1 invention patent and 1 utility model patent [2] - Efforts are being made to promote engineering projects and information technology construction, facilitating intelligent upgrades and industrial collaboration [2] International Strategy - Tian Tan Biological is implementing an international strategy, focusing on the development and registration of products in overseas markets [2] - The company is engaged in compiling product registration materials and initiating application processes for multiple target markets [2]

Core Viewpoint - The acceptance of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd.'s IPO application under the fifth set of standards for the Sci-Tech Innovation Board marks a significant milestone after a two-year hiatus for similar projects [1][9]. Financial Performance - Tainuo Maibo's revenue from 2022 to 2024 was 4.34 million yuan, 0 yuan, and 15.06 million yuan, respectively, while net losses during the same period were 429 million yuan, 446 million yuan, and 515 million yuan, totaling over 1.4 billion yuan [2]. - The company plans to raise 1.5 billion yuan through the IPO to fund new drug development, expand antibody production facilities, and supplement working capital [6]. Product Pipeline - Tainuo Maibo's core products include the recombinant anti-tetanus toxin monoclonal antibody, "Xintuituo" (new tetanus antibody), which has been approved for market, and TNM001, which is currently in Phase III clinical trials [3][15]. - "Xintuituo" is the first recombinant anti-tetanus toxin monoclonal antibody globally, aimed at reducing reliance on human blood-derived products for passive immunity [11][12]. Market Challenges - The competitive landscape for "Xintuituo" is challenging, with similar products priced below 200 yuan, leading to a price drop of over 50% compared to pre-collection prices [5][13]. - The terminal market price for "Xintuituo" is set at 798 yuan per injection, while competing products have significantly lower prices due to recent price reductions in the market [13]. Competitive Landscape - TNM001 targets respiratory syncytial virus (RSV) and is facing competition from established products like Synagis and Clesrovimab, which are already available in the market [15][17]. - The global market for RSV treatments is projected to reach $12.8 billion by 2030, indicating significant commercial potential for TNM001 [15]. Strategic Implications - The progress of Tainuo Maibo's core products exceeds the requirements for the fifth set of IPO standards, suggesting a more certain commercial outlook [18]. - The acceptance of Tainuo Maibo's IPO application may serve as a reference for other companies considering similar paths in the future [18].

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Viewpoints - The report highlights a steady growth in domestic albumin batch approvals, with a 12% year-on-year increase in Q1 2025, while imported albumin saw a 9% decline [9][10] - The report suggests a long-term growth potential in the immunoglobulin market, with a 15% year-on-year increase in intravenous immunoglobulin (IVIG) approvals in Q1 2025 [18][24] - The report identifies key companies to watch, including Tian Tan Biological, Pai Lin Biological, Bo Ya Biological, Shanghai Lai Shi, and Hua Lan Biological [3] Summary by Sections 1. Overview of Blood Product Batch Approvals in Q1 2025 - Domestic albumin approvals reached 418 batches, up 12% year-on-year, while imported albumin approvals totaled 778 batches, down 9% [9][10] - Intravenous immunoglobulin (IVIG) approvals were 324 batches, up 15%, and intramuscular immunoglobulin (IMIG) approvals were 9 batches, up 13% [9] - For specific immunoglobulins, hepatitis B immunoglobulin approvals were 11 batches (up 83%), tetanus immunoglobulin 35 batches (up 13%), and rabies immunoglobulin 34 batches (up 42%) [9] 2. Albumin Analysis - The report notes a compound annual growth rate (CAGR) of 11.4% for albumin approvals from 2011 to 2024, with domestic albumin growing at 5.9% and imported at 16.7% [11] - In Q1 2025, the total albumin approvals were 1196 batches, reflecting a slight decline of 2.4% year-on-year [11] 3. Immunoglobulin Analysis - The report indicates a CAGR of 8.4% for IVIG approvals from 2011 to 2024, with Q1 2025 showing 324 batches approved [18] - The leading companies in the IVIG market accounted for approximately 61% of the market share in Q1 2025 [24] 4. Special Immunoglobulins - The report highlights significant growth in specific immunoglobulin approvals, particularly for hepatitis B and rabies, with notable increases in batch approvals [28][29] - The market for tetanus immunoglobulin is also growing, with a 13% increase in approvals [28] 5. Coagulation Factor Analysis - The report notes a CAGR of 13.6% for human coagulation factor VIII approvals from 2011 to 2024, with Q1 2025 approvals at 163 batches, up 12% [35] - Prothrombin complex concentrate (PCC) approvals increased by 26% year-on-year, totaling 82 batches in Q1 2025 [35] - The report identifies leading companies in the coagulation factor market, which hold significant market shares [43]

Group 1: Business Strategy and Focus - The company has determined to focus on the development of blood products and aims to become a world-class enterprise in this field, with plans to dispose of or divest non-blood product businesses as necessary [2][3] - The company is actively applying for new plasma stations in eligible regions to seize opportunities in the "14th Five-Year Plan" for blood product industry development [2][3] Group 2: Operational Goals and Management - The company is enhancing its plasma station operational management and aims for continuous improvement through organizational restructuring and digital empowerment [3] - The management model involves three business centers with vertical penetration of functions to strengthen integration and improve profitability [3][4] Group 3: Product Development and Market Expansion - The company is committed to an internationalization strategy that includes drug international registration and the introduction of innovative products and advanced technologies [3] - New products such as IVIG (10%) and Tetanus Immunoglobulin are expected to be launched in 2025, while C1 Esterase Inhibitor is anticipated to be available by 2027 [4] Group 4: Market Performance - The company’s PCC market share ranks third in the industry, with significant sales achievements in the chronic disease management project for 2024 [4]