本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 根据国家医疗保障局网站于2025年12月7日发布的《国家医保局人力资源社会保障部关于印发〈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），江苏艾迪药业集团股份有限公司（以下简称"公司"）两款抗艾滋病领域国家 1类新药一一艾诺韦林片（商品名：艾邦德?）及艾诺米替片（商品名：复邦德?）通过了医保谈判，以 简易续约方式继续纳入《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》（以下简 称"《国家医保目录》（2025年）"）。现将具体情况公告如下： 一、药品基本情况 三、对公司的影响 公司两款抗HIV领域创新药原价续约进入《国家医保目录》（2025年），既体现了国家医疗保障局对两 款创新药在临床价值、患者获益及产品创新性等方面的肯定，也体现了国家对具有临床价值创新产品的 支持；患者将能够通过医保报销获得药物治疗，有利于提升该产品于患者的可负担性和可及性，有利于 进一步推动上述药物的销售及 ...

Group 1 - Heng Rui Pharmaceutical has 9 drugs included in the national medical insurance directory for the first time, with an estimated total sales of approximately 8.66 billion yuan for 2024 and 7.55 billion yuan for the first three quarters of 2025 [5] - Junshi Biosciences' products Tuoyi® and Junshida® have been added to the national medical insurance directory, enhancing patient affordability and market promotion [6] - Huadong Medicine's subsidiary has products included in the national medical insurance and commercial insurance innovative drug directories, expected to aid in market promotion [7] Group 2 - Aidi Pharmaceutical's two innovative HIV drugs have successfully renewed their inclusion in the national medical insurance directory, with specific reimbursement prices set [8] - Fuxing Pharmaceutical has multiple products newly included in the national medical insurance directory, which is anticipated to positively impact future performance [9] - Weichuang Biotechnology's product has been included in the national medical insurance directory, which is expected to enhance market promotion and sales [10] Group 3 - Muxi Co., Ltd. announced a final online issuance rate of 0.03348913% after the mechanism was activated, with a total of 22.83 million shares issued [2] - Doushan New Materials reached a consensus on production reduction in the BOPET industry, although the sustainability of long-term price increases remains uncertain [2] - Guanglian Aviation's controlling shareholder has had the detention lifted, allowing normal operations to resume [3] Group 4 - Jiangjian Co., Ltd. clarified that it bears no obligations for any overdue financial products related to its controlling shareholder, confirming normal operations [4] - Tian Ci Materials' controlling shareholder has committed not to reduce holdings, holding 34.35% of the shares [13] - Annie Co., Ltd. is planning a change in control, with stock resuming trading on December 8 [14]

Core Insights - The innovation drug industry in China is experiencing significant advancements in product research and development, with companies actively discussing their progress and strategies during the recent performance briefing session [1][2][3]. Group 1: Product Innovation and R&D Progress - Companies like Fudan Zhangjiang and Olin Bio are making notable advancements in their product pipelines, focusing on photodynamic therapy and vaccines for "super bacteria" [1][2]. - Fudan Zhangjiang is developing several drugs targeting conditions such as severe acne and bladder cancer, with ongoing clinical studies [2]. - Olin Bio is researching multiple vaccines for "super bacteria," aiming to initiate clinical trials for flu vaccines by mid-2025 [2]. Group 2: Business Expansion and Market Strategy - Companies are planning to expand their production capacity to support product commercialization, with Baiyao Tai focusing on launching several products that have completed Phase III clinical trials [3][4]. - Shian Bio is set to contribute significant revenue from its various vaccine products, including those for swine fever and other diseases [4]. Group 3: Internationalization and Market Entry - The trend of "going global" is a major focus for the domestic biopharmaceutical industry, with companies exploring diverse international pathways [5]. - Yuantong Bio is awaiting FDA approval for its naloxone nasal spray, marking a step towards international market entry [5]. - Aidi Pharmaceutical has received regulatory approval for its HIV treatment in Zanzibar, highlighting its international expansion efforts [6]. - Companies like Ailis and Haichuang Pharmaceutical are actively pursuing overseas partnerships and clinical trials to enhance their global presence [6][7].

Core Insights - Eddie Pharmaceutical experienced a 5.1% increase in stock price, reaching 17.52 CNY per share, with a trading volume of 196 million CNY and a turnover rate of 2.77%, resulting in a total market capitalization of 7.372 billion CNY [1] Company Overview - Jiangsu Eddie Pharmaceutical Group Co., Ltd. was established on December 15, 2009, and went public on July 20, 2020. The company focuses on the exploration, research, and sales of innovative chemical drugs and human-derived protein products [1] - The main revenue sources include: - HIV new drug (Ainomi tablet) 31.96% - Drug (urokinase injection) 19.16% - Senna leaf granules 13.25% - Ustikin crude product 12.08% - Urokinase crude product 10.81% - Other human-derived protein crude products 4.18% - HIV new drug (Ainovelin tablet) 3.92% - Other drugs 2.76% - HIV diagnostic reagents 0.80% - Bacillus cereus tablets 0.54% - Other (supplement) 0.54% [1] Shareholder Insights - Among the top circulating shareholders of Eddie Pharmaceutical, one fund from GF Fund Management, the GF Value Core Mixed A (010377), entered the top ten in the second quarter, holding 3.931 million shares, which is 0.93% of the circulating shares. The estimated floating profit today is approximately 3.3413 million CNY [2] - The GF Value Core Mixed A fund was established on January 22, 2021, with a current scale of 3.516 billion CNY. Year-to-date returns are 64.01%, ranking 307 out of 8180 in its category; the one-year return is 107.77%, ranking 276 out of 7967; since inception, it has a loss of 3.45% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In H1 2025, the company achieved revenue of 362 million yuan, representing a year-on-year increase of 100.19%, and a net profit of 9 million yuan, up 120.23% year-on-year, marking a turnaround to profitability [4] - The gross margin for H1 2025 was 65.58%, an increase of 16.83 percentage points, while the net margin was 7.31%, up 32.40 percentage points [4] - The company is well-positioned in the HIV treatment and prevention market, with significant growth expected from its innovative drugs [5] Financial Summary - Revenue projections for 2025-2027 are 737 million, 1.037 billion, and 1.237 billion yuan respectively, with net profit forecasts of -2 million, 44 million, and 88 million yuan [4][7] - The company's P/S ratios for the next three years are projected at 10.2, 7.2, and 6.1 times [4][7] - The company reported a sales expense ratio of 34.32% and a management expense ratio of 12.19% in H1 2025 [4] Business Segments - The revenue from human-derived protein crude products was 149 million yuan, while revenue from HIV drugs was 129 million yuan, reflecting a 58.49% increase [4] - The company has a comprehensive HIV research pipeline, with promising results from clinical trials of its drug ACC017 [5]

Core Viewpoint - The HIV drug market in China is experiencing rapid growth due to an increasing number of patients, expanding insurance coverage, and rising payment capabilities among the affected population, with a projected market size of 5.836 billion yuan in 2024, reflecting a year-on-year growth of 30.2% [1][16]. Industry Overview - HIV drugs are antiviral medications aimed at treating AIDS, which is caused by the human immunodeficiency virus (HIV) that attacks the immune system [2]. - As of the end of 2024, there are approximately 1.355 million reported living HIV/AIDS patients in China, with 749,800 being HIV-infected and 605,200 being AIDS patients [1][4]. Market Dynamics - The Chinese HIV drug market is expected to maintain a growth rate of over 20% from 2021 to 2024, driven by the increasing number of patients and the expansion of medical insurance coverage [16]. - The self-paid drug market is projected to reach 3.787 billion yuan in 2024, growing by 47.5% year-on-year, while the free drug market is expected to be 2.049 billion yuan, with a growth of 7% [18]. Competitive Landscape - Gilead and GSK dominate the Chinese HIV drug market, holding a combined market share of 90%, while local companies like Frontier Biopharma and Aidi Pharmaceutical have a smaller market presence of less than 10% [22]. Development Trends - Future research in the global HIV drug market will focus on developing new drugs with better efficacy and safety, exploring new drug targets, and investigating new treatment methods such as gene therapy and immunotherapy [24].

Core Insights - In 2024, domestic innovative drugs, particularly in the HIV sector, are experiencing new growth opportunities driven by national policy support and market demand recovery [2][3] - The company, Aidi Pharmaceutical, is focused on overcoming key technical barriers in the HIV field and aims to provide safe and effective medication options for domestic patients [2][3] Sales Performance - In 2024, the total sales revenue from HIV new drugs reached approximately 149.9 million yuan, representing a year-on-year growth of 103.73% [3][8] - In the first quarter of 2025, the revenue from HIV new drugs was 62.7 million yuan, showing a year-on-year increase of 75.64%, marking a historical high for a single quarter [2][3] Academic Contributions - The company presented the results of the SPRINT study at the 10th National AIDS Academic Conference, demonstrating the long-term value of its drug, Ainomi [4] - The treatment adherence and viral suppression rates for Ainomi in the continuous treatment group were above 95% over 144 weeks, indicating its safety and effectiveness [4] Research and Development - In 2024, the company invested 107.5 million yuan in R&D, a 27.71% increase year-on-year, accounting for 25.73% of its revenue [5] - The company is advancing its pipeline with various projects, including the ACC017 tablet in Phase II clinical trials and long-acting innovative HIV drugs [5] Strategic Partnerships - The company acquired control of Nanda Pharmaceutical to integrate upstream and downstream resources, enhancing its "HIV new drug + human protein" dual strategy [6] - In 2024, Nanda Pharmaceutical achieved a revenue of 298.6 million yuan and a net profit of 51.5 million yuan, with continued collaboration expected to accelerate clinical trials for new drugs [6] Financial Performance - In 2024, the company reported total revenue of 417.8 million yuan, with a net loss of 141.2 million yuan [8] - In the first quarter of 2025, the company achieved revenue of 197.9 million yuan and a net profit of 1.6 million yuan, indicating a positive start to the year [8]