本报（chinatimes.net.cn）记者赵文娟 于娜 北京报道 一份略显疲软的三季报，与一则产品准入的利好公告，先后出现在投资者面前，勾勒出长春高新 （000661.SZ）当下的复杂图景。 在核心产品生长激素面临市场竞争加剧与业绩增长乏力的双重压力下，长春高新（000661.SZ）近日迎 来政策利好。12月8日，公司公告称旗下金赛增（金培生长激素注射液）与美适亚（醋酸甲地孕酮口服 混悬液）双双纳入2025年国家医保目录，这一进展被市场视为公司应对业绩颓势、加速创新转型的重要 信号。然而，结合2025年三季报披露的净利润同比下滑近六成的财务数据，此次医保纳入能否成为扭转 乾坤的"胜负手"，仍需观察产品放量节奏与成本控制能力的平衡。 知名商业顾问，企业战略专家霍虹屹向《华夏时报》记者分析，"医保准入对长春高新来说，是'短期阵 痛与长期机会并存'的选择。短期看，价格下降的冲击很直接，生长激素这类产品毛利率原本很高，一 旦降价幅度超过40%，即便销量有增长，利润也难免被压缩，这也是市场担忧的核心。但长期看，医保 能把原来因价格高而用不起药的患者纳入进来，比如基层市场、经济欠发达地区的需求会被激活，市场 规模可能 ...

Core Viewpoint - The inclusion of two drugs, JinSaiZeng and MeiShiYa, in the National Medical Insurance Directory for 2025 reflects the recognition of their clinical value and innovation by the National Healthcare Security Administration, which is expected to enhance market promotion and sales scale for the company [1][4]. Group 1: Drug Information - JinSaiZeng (Generic name: JinPei Growth Hormone Injection) is a long-acting growth hormone approved in January 2014, indicated for various growth disorders in children and is the only long-acting growth hormone product in China with over 150,000 real-world data supporting its long-term efficacy and safety [1]. - MeiShiYa (Generic name: Acetate Medroxyprogesterone Oral Suspension) is developed by Baosheng Pharmaceutical and authorized for exclusive distribution by JinSai Pharmaceutical, indicated for appetite loss in patients with acquired immunodeficiency syndrome and cachexia in cancer patients [3]. Group 2: Insurance Payment Scope - JinSaiZeng is covered for children with endogenous growth hormone deficiency (GHD) causing growth retardation, with the insurance payment standard effective from January 1, 2026, to December 31, 2027 [2]. - MeiShiYa is covered for appetite loss in patients with acquired immunodeficiency syndrome and significant weight loss due to cachexia in cancer patients, with the same insurance payment standard effective period [4]. Group 3: Impact on the Company - The inclusion of these drugs in the National Medical Insurance Directory is expected to positively impact the company's market presence and sales performance, although the exact financial implications remain uncertain at this time [4].

Core Viewpoint - Changchun High-tech's subsidiary, Gensci Pharmaceutical, has two products, Jinsai Zeng and Meishiya, newly included in the National Medical Insurance Directory for 2025, indicating recognition of their clinical value and innovation by the National Healthcare Security Administration [1][2] Group 1: Product Information - Jinsai Zeng, a long-acting growth hormone, is the only product in China with multiple approved indications beyond pediatric growth hormone deficiency, supported by over 150,000 real-world data cases demonstrating long-term efficacy and safety [1] - Meishiya, developed by Bosheng Pharmaceutical, addresses clinical issues for patients with cachexia and has received direct recommendations in clinical guidelines, showcasing its innovative nano-technology [2] Group 2: Financial and Operational Impact - The inclusion of these products in the National Medical Insurance Directory is expected to enhance market promotion and sales scale, although the exact impact on the company's financial performance is currently unquantifiable [2] - Changchun High-tech's R&D expenses increased by 22.96% year-on-year to 1.733 billion yuan, reflecting the company's commitment to innovation and its transition towards becoming a global pharmaceutical leader [3]

Core Insights - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has two products included in the National Medical Insurance Directory for 2025, namely Jinsai Zeng (long-acting growth hormone injection) and Meishiya (oral suspension of medroxyprogesterone acetate) [1][2] Group 1: Jinsai Zeng - Jinsai Zeng is the world's first long-acting growth hormone approved for market in January 2014, with indications for growth hormone deficiency in children, Turner syndrome, and idiopathic short stature [1] - It is the only long-acting growth hormone product in China with over 150,000 real-world data points validating its long-term efficacy and safety [1] - Ongoing clinical trials include Phase III for adult growth hormone deficiency and Phase II for short stature in children due to being born small for gestational age, indicating potential for broader patient treatment needs [1] Group 2: Meishiya - Meishiya, developed by Bosheng Pharmaceutical Co., Ltd., has been exclusively licensed to Jinsai Pharmaceutical for distribution in mainland China, Hong Kong, Macau, and Singapore since 2024 [2] - Approved indications include treatment for anorexia in patients with acquired immunodeficiency syndrome and significant weight loss due to cachexia in cancer patients [2] - The product utilizes innovative nanotechnology to address clinical issues faced by cachexia patients, providing faster and more effective treatment, and has been recommended in clinical guidelines for cancer-related anorexia-cachexia syndrome [2]

Core Viewpoint - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd. (referred to as "Jinsai Pharmaceutical"), has two products newly included in the National Medical Insurance Directory for 2025, which may enhance the company's market position and revenue potential [1] Group 1 - The products included are Jinsai Zeng (now known as "Jin Pei Growth Hormone Injection") and Meishiya (known as "Medroxyprogesterone Acetate Oral Suspension") [1] - The inclusion in the National Medical Insurance Directory indicates a significant regulatory approval that could lead to increased accessibility and demand for these medications [1]

Core Viewpoint - Changchun High-tech (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., has two products newly included in the National Medical Insurance Directory for 2025, which may enhance the company's market position and revenue potential [1] Group 1: Company Developments - Changchun Jinsai Pharmaceutical's self-developed product, Jinsai Zeng (now known as Jintai Growth Hormone Injection), has been added to the national medical insurance directory [1] - The product Meishiya (known as Acetate Medroxyprogesterone Oral Suspension) has also been included in the national medical insurance directory through collaboration [1]

长春高新公告称，其控股子公司金赛药业自主研发的金赛增（金培生长激素注射液）、合作引进的美适 亚（醋酸甲地孕酮口服混悬液），均被新纳入《国家基本医疗保险、生育保险和工伤保险药品目录 （2025年）》。医保支付标准有效期为2026年1月1日至2027年12月31日。此次纳入体现国家对相关药物 认可，利于市场推广和提升销售规模，对公司业绩影响暂无法估计。新版目录2026年1月1日起执行，报 销细则以政府公示为准。 ...