Core Viewpoint - Kangyuan Pharmaceutical has successfully included its unique products, including Wenyang Jiedu Granules and Yunu Decoction Granules, as well as the first generic drug Sumatriptan Naproxen Sodium Tablets, in the National Medical Insurance Directory (2025 edition) [1] Group 1 - Wenyang Jiedu Granules, as a unique product, is recognized for its clinical efficacy in improving symptoms such as cough, fever, fatigue, and loss of appetite, along with good safety [1] - Yunu Decoction Granules, also a unique product, is classified as a Category 3.1 new traditional Chinese medicine, aimed at treating dental pain, periodontal disease, oral ulcers, diabetes, and early-stage diabetes [1] - Sumatriptan Naproxen Sodium Tablets are expected to provide a new treatment option for acute migraine [1] Group 2 - The inclusion of these new drug varieties in the National Medical Insurance Directory is anticipated to drive the company's market promotion and sales growth, enhance its R&D innovation and brand influence, and benefit a wide range of patients [1] - The company has established a rich product portfolio in the respiratory and infectious disease sector, including products like Heat Toxicity Ning Injection and Jinzhen Oral Liquid, which have shown significant clinical efficacy [2] - Despite a decline in sales due to weakened terminal demand in the first three quarters of 2025, the company is ramping up production to meet the recovering market demand in the fourth quarter [2] Group 3 - The company is advancing its pipeline of innovative biological drugs for treating obesity or overweight and type 2 diabetes, with the first subject enrollment for the innovative drug ZX2021 Injection completed in June 2025, showing weight loss effects [3] - The innovative drug ZX2010 Injection for type 2 diabetes and obesity has also commenced its second-phase clinical trials, with plans to enter the third phase in Q3 2026 [3] - The company is committed to progressing all its research pipelines according to clinical plans and aims for early market launch [3]

Group 1 - The company announced that its unique products, Wenyang Jiedu Granules and Yunu Jian Granules, have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog (2025) through negotiations [2] - The company is the first in the domestic market to have its generic drug, Sumatriptan and Naproxen Sodium Tablets, included in the same catalog [2]

Group 1 - The core announcement is that Kangyuan Pharmaceutical (600557.SH) has had its products included in the National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog for 2025 [1] - The company’s exclusive products, Wenyang Jiedu Granules and Yunu Decoction Granules, have been included in the catalog [1] - The first generic drug, Sumatriptan Nasal Spray, has also been successfully negotiated for inclusion in the National Basic Medical Insurance Drug Catalog for 2025 [1]

Core Viewpoint - Kangyuan Pharmaceutical (600557.SH) announced that its exclusive products, Wenyang Jiedu Granules and Yunu Decoction, along with the first domestic generic drug, Sumatriptan Naproxen Sodium Tablets, have been included in the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog for 2025 [1] Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security issued a notification regarding the inclusion of specific drugs in the 2025 insurance catalog [1] - Kangyuan Pharmaceutical's products are now part of the National Basic Medical Insurance, which may enhance their market accessibility and sales potential [1] - The inclusion of the first domestic generic drug indicates a significant milestone for the company in the competitive pharmaceutical market [1]

Core Insights - Jiangsu Kangyuan Pharmaceutical Co., Ltd. has announced the inclusion of its unique products, including Wenyang Jiedu Granules and Yunu Decoction, in the National Medical Insurance Directory for 2025, along with the first generic version of Sumatriptan and Naproxen Sodium Tablets [1][2] Group 1 - The company has a total of 123 products included in the National Medical Insurance Directory for 2025, with 48 classified as Category A and 75 as Category B [2] - The payment scope for the company's unique product, Ginkgo Biloba Diterpene Glycoside Ammonium Injection, has been slightly adjusted, now allowing payment only for hospital stays [1] - The company has also had its non-exclusive product, Posaconazole Enteric-Coated Tablets, have payment restrictions lifted, and several new products have been approved for inclusion in the 2025 directory [1][2] Group 2 - The addition of new drug varieties to the National Medical Insurance Directory is expected to drive growth in market promotion and sales for the company, enhancing its research and development innovation and brand influence [2] - The impact of these changes on the company's short-term performance is currently difficult to estimate [2]

Group 1 - Kangyuan Pharmaceutical has launched a significant generic drug, Sumatriptan Naproxen Sodium Tablets, which fills a gap in the domestic market as the original manufacturer has not yet received approval for entry [2] - The sales of neurological system drugs in China remain substantial, maintaining a scale of over 100 billion yuan, with analgesics holding a market share exceeding 17% [2] - This new drug is the third product approved for Kangyuan Pharmaceutical this year, alongside other products in the neurological field, including Piracetam Injection and Pirfenidone Tablets [2] Group 2 - Kangyuan Pharmaceutical is advancing its "one body, two wings" strategy, focusing on both traditional Chinese medicine and expanding into chemical and biological drugs [2][3] - The company has made significant progress in chemical drug development, particularly in antiviral and anti-tumor areas, enhancing its product matrix [2] - In 2024, Kangyuan Pharmaceutical will complete the acquisition of 100% of Zhongxin Pharmaceutical, which specializes in the development of recombinant human cytokines and antibody biological drugs, further solidifying its growth strategy [3]