"可以看出，进入商保目录的药品，都是以治疗为主，且在同领域内价值大且价格高。"黄心宇表示，当 前目录动态调整机制基本成熟，预期稳定。同时，目录结构进一步优化，注重填补空白与提高基金使用 效率并重。 2026年1月1日起，新版国家医保药品目录及首版商保创新药目录将在全国范围内正式实施。此次目录调 整堪称是医保目录诞生以来创新药规模最大的一次扩容，标志着我国创新药产业迎来政策与支付的双重 利好。本次医保目录调整在创新药纳入方面有哪些核心变化？首设商保创新药目录背后有何深层考 量？"双目录"支付机制下，医药企业又该如何布局研发？ 尽显临床导向 "111种为5年内新上市品种，50种为I类新药，无论是占比还是数量都创历年新高。"在近期举行的目录 解读会上，国家医疗保障局医药管理司司长黄心宇介绍，新版国家医保药品目录在新增114种药品的同 时，调出了29种临床没有供应或可被其他药物更好替代的药品。 黄心宇表示，新增药品普遍具备三大共性，或填补空白、或同类更优、或更具性价比。"比如治疗三阴 乳腺癌的芦康沙妥珠，此前医保目录中并无针对该病症的药物，此次纳入填补了空白。该领域此前仅上 市一款进口药物，因价格昂贵未能通过专家评审 ...

Group 1 - The core point of the article is that Hutchison China MediTech has successfully renewed three of its drugs, which will continue to be included in the updated National Medical Insurance Drug List effective from January 1, 2026 [2] - The three drugs mentioned are Aiyoute, Vorinostat, and Sutai Da, indicating the company's ongoing commitment to maintaining its product offerings in the healthcare market [2] - Additionally, the drug Daviq has successfully entered the first edition of the National Commercial Health Insurance Innovative Drug List, expanding the company's market access [2]

Core Viewpoint - The stock price of Hutchison China MediTech (00013.HK) plummeted over 15% following the release of disappointing mid-term results, leading to a total market capitalization of HKD 20.721 billion [1][3]. Financial Performance - For the first half of 2025, the company reported total revenue of USD 277.677 million, a year-on-year decrease of 9.16%, while net profit surged to USD 455.555 million, a significant increase of 1663.32% due to the sale of a 50% stake in Shanghai Hutchison Pharmaceuticals [4][10]. - The company's research and development expenses decreased by 24.4% to USD 71.99 million, with overseas R&D investments halved [4][7]. - The company held cash and cash equivalents totaling USD 1.365 billion (approximately RMB 9.8 billion) at the end of the reporting period, up from USD 836 million at the end of the previous year [7]. Strategic Focus - The company is shifting its focus from traditional Chinese medicine to innovative drugs, having sold stakes in its Chinese medicine assets to invest in its internal product pipeline [12][13]. - The company aims to accelerate the development of its innovative ATTC platform candidates and has 13 oncology candidates in various clinical trial stages, with four already approved in mainland China [9][10]. - The company plans to utilize proceeds from the sale of its Chinese medicine assets to further develop its core business in targeted therapies and immunotherapies [13][14]. Market Outlook - The company anticipates a recovery in sales growth in the second half of 2025, driven by the expansion of indications in China and increased penetration in overseas markets [9]. - Recent improvements in China's drug policies and pricing environment are expected to support the development of innovative drugs, with a new commercial insurance drug list anticipated to be released later this year [8].