【导读】国家医保局通报某医药咨询服务企业涉商业贿赂案，常山药业被"穿透"启动信用评价 事涉商业贿赂，国家医保局最新通报来了！ 近期，国家医保局通报一起医药咨询服务企业涉商业贿赂案。上海海怡莱企业咨询管理合伙企业（以下 简称上海海怡莱）在上海地区开展市场服务过程中，涉嫌实施商业贿赂行为。 上海市药事所接到案源信息后，按规定对涉案配送企业启动信用评价程序，要求配送企业指证失信行为 的实际控制主体。泓健医药公司提供了与河北常山生化药业公司关于涉案产品达肝素钠注射液的销售合 同、发票等信息，后续上海市药事所将对本案穿透至生产企业的河北常山生化药业公司启动信用评价。 对此，常山药业方面表示，已收到相关通知。 具体而言，上海海怡莱与上海泓健医药有限公司签订协议，为其销售"达肝素钠注射液"（产品名称：万 脉宁）在上海地区进行市场推广和信息服务工作。上海海怡莱为能承接到泓健医药公司销售的万脉宁药 品市场营销策划服务业务，向泓健医药公司承诺通过其服务会维持并增加上海地区万脉宁药品的总销 量。 为了让上海市第一妇婴保健院相关医生能多开具万脉宁药品，上海海怡莱的销售推广总监及股东袁某某 承诺生殖免疫科医生顾某开具涉案药品即可给予好 ...

随着下游公司用商业贿赂手段销售药品万脉宁的行为被查处，常山药业也将被启动信用评价。 1月11日，据国家医保局公众号，上海市普陀区市场监督管理局在去年4月发现，上海海怡莱企业咨询管 理合伙企业（下称"上海海怡莱"）涉嫌实施商业贿赂。 智通财经记者 | 黄华 智通财经编辑 | 谢欣 上海海怡莱与上海泓健医药有限公司（下称"泓健医药"）于2023年1月签订协议，为泓健医药在上海销 售达肝素钠注射液（批准文号H20143110，商品名：万脉宁）提供市场推广和信息服务工作，包括市场 信息收集维护、开展学术会议、走访医生等。 期间，上海海怡莱向泓健医药承诺，其服务能够维持并增加万脉宁在上海的销量。经调查发现，上海海 怡莱为了推动上海市第一妇婴保健院相关医生多开具万脉宁，销售推广总监及股东袁某某承诺生殖免疫 科医生顾某，开药即可给予好处费。 经统计，2023年1月至12月期间，袁某通过个人微信转账支付4笔好处费，共计约3.5万元；对应时段 内，医生共开具万脉宁约1.83万支。上海海怡莱从泓健医药公司获取万脉宁2023年度市场推广和信息服 务的业务收入合计约86.87万元。 普陀区市场监督管理局认为，上海海怡莱所采用的手段构 ...

Core Viewpoint - The recent share transfer announcement by Changshan Pharmaceutical has attracted market attention, as the company's actual controller, Gao Shuhua, transferred 5.01% of shares for 2.128 billion yuan, amidst a stark contrast between the soaring stock price and the company's ongoing fundamental challenges [2][15]. Share Transfer Details - Gao Shuhua plans to transfer 46 million shares (5.0051% of total shares) to Chongqing Element Private Fund at a price of 46.25 yuan per share, totaling 2.1275 billion yuan, which represents a 20% discount compared to the closing price on the announcement day [3][17]. - Prior to this transfer, 1.55 billion shares of Gao's 280 million shares were pledged, indicating significant financial pressure [3][18]. - This marks Gao's second large-scale share transfer in two years, having previously sold 5.77% of shares at 9.2 yuan per share for 488 million yuan [3][18]. Market Reaction and Strategic Implications - The transaction is believed to be closely related to the company's core product, Aibennapeptide, with market experts suggesting that the discounted share transfer signals Gao's cautious assessment of the company's future and a strategic resource optimization [6][20]. - The introduction of a professional investment institution like Element Fund may aim to leverage its expertise in industry integration and capital operations to accelerate the commercialization of Aibennapeptide [6][20]. Financial Performance Challenges - Changshan Pharmaceutical's core business, primarily in heparin products, has faced significant challenges, with revenues declining from 14.1 billion yuan in 2023 to 6.81 billion yuan in the first three quarters of 2025, representing year-on-year declines of 39.63%, 26.92%, and 13.11% respectively [7][21]. - The company has reported continuous net losses, with losses of 12.4 billion yuan, 2.49 billion yuan, and 0.45 billion yuan during the same periods, with the loss in the first three quarters of 2025 increasing by 714.77% year-on-year [7][21]. Core Product Performance - The main revenue-generating product, low molecular weight heparin, saw a revenue decline of 19.86% in the first half of 2025, with sales volume dropping by 19.17% to 15.36 million units [9][23]. - The heparin raw material business also faced a revenue decline of 19.73% due to intense market competition and price fluctuations [9][23]. Strategic Transition and Future Outlook - The company is pinning its hopes for transformation on Aibennapeptide, a long-acting GLP-1 receptor agonist, which is seen as crucial for reducing reliance on heparin products and enhancing profitability [11][25]. - However, the market landscape is competitive, with established products like Semaglutide and Tirzepatide dominating, making it challenging for Aibennapeptide to gain market traction [12][26]. - The company also faces long-term strategic challenges, as its traditional heparin business is declining while the timeline for Aibennapeptide's market entry remains uncertain [13][27].

Core Viewpoint - Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration (NMPA) for its enoxaparin sodium injection to pass the consistency evaluation of generic drug quality and efficacy [1][2]. Drug Basic Information - Drug Name: Enoxaparin Sodium Injection - Indications: Used in surgical procedures to prevent venous thromboembolism in moderate to high-risk situations, treat existing deep vein thrombosis, and in combination with aspirin for unstable angina and non-Q wave myocardial infarction. It is also used to prevent clot formation during hemodialysis [1][2]. - Dosage Forms: Injection (pre-filled syringe products) [2]. - Specifications: 0.3ml: 3075AXaIU and 0.6ml: 6150AXaIU [2]. - Original Drug Approval Numbers: National Drug Approval Number H20194077 and H20191005 [2]. Other Relevant Information - The company has invested approximately RMB 23.56 million in research and development for the consistency evaluation of the enoxaparin sodium injection [3]. - Currently, there are eight companies, including Jianyou, that have launched generic versions of enoxaparin sodium injection in China [3]. Impact on the Company - The approval of the consistency evaluation will provide greater support for the drug in terms of medical insurance payments and procurement by medical institutions. It also qualifies the product for participation in national drug centralized procurement [4]. - The successful evaluation is expected to enhance the market sales and competitiveness of the enoxaparin sodium injection [5].

Group 1 - The core point of the article is that Jianyou Co., Ltd. has received approval from the National Medical Products Administration (NMPA) for its heparin calcium injection products, indicating a successful outcome in the consistency evaluation of generic drug quality and efficacy [2][2][2] Group 2 - The approved products include heparin calcium injection in two dosages: 0.3ml with a potency of 3075 AXaIU and 0.6ml with a potency of 6150 AXaIU, with respective drug approval numbers [2][2][2]

Core Viewpoint - The company, Jianyou Co., Ltd. (603707.SH), has received approval from the National Medical Products Administration (NMPA) for its sodium heparin injection products, indicating a successful completion of the consistency evaluation for generic drug quality and efficacy [1] Group 1: Product Approval - The NMPA has issued a notification for the approval of sodium heparin injection in two dosages: 0.3ml with 3075AⅩaIU and 0.6ml with 6150AⅩaIU [1] - The approved product is intended for use in surgical procedures to prevent venous thromboembolism in patients at moderate to high risk of venous thrombus formation [1] Group 2: Clinical Applications - Sodium heparin injection is used for the treatment of established deep vein thrombosis and in combination with aspirin for unstable angina and non-Q-wave myocardial infarction during the acute phase [1] - The product is also utilized in hemodialysis to prevent clot formation during extracorporeal circulation [1]

Core Viewpoint - The company, Jianyou Co., Ltd. (603707.SH), has received approval from the NMPA for its product, Enoxaparin Sodium Injection in 0.3ml and 0.6ml specifications, which has passed the consistency evaluation of quality and efficacy for generic drugs [1] Group 1 - The approved product, Enoxaparin Sodium Injection, is used for the prevention of venous thromboembolism in surgical procedures and for the treatment of established deep vein thrombosis [1]

Core Viewpoint - The company, Jianyou Co., Ltd. (603707.SH), has received approval from the National Medical Products Administration (NMPA) for its product, Nadroparin Calcium Injection, indicating a successful completion of the consistency evaluation for generic drug quality and efficacy [1] Group 1: Product Approval - The NMPA has issued a supplemental application approval notice for Nadroparin Calcium Injection in two dosages: 0.3ml (3075AⅩaIU) and 0.6ml (6150AⅩaIU) [1] - The product is approved for use in preventing venous thromboembolism in patients at moderate to high risk during surgical procedures [1] - It is also indicated for the treatment of established deep vein thrombosis and in combination with aspirin for unstable angina and non-Q wave myocardial infarction in the acute phase [1] Group 2: Clinical Applications - Nadroparin Calcium Injection is utilized in hemodialysis to prevent clot formation during extracorporeal circulation [1]

Core Viewpoint - The low molecular weight heparin (LMWH) market in China is experiencing steady growth, driven by advancements in medical technology and increasing clinical applications, with a projected market size of approximately 68.07 billion yuan in 2024 and 69.29 billion yuan in 2025 [1][5]. Group 1: Market Size and Structure - The LMWH market in China is expected to reach 68.07 billion yuan in 2024, with the following market share distribution: dalteparin sodium injection (15.47%), low molecular weight heparin calcium injection (7.01%), nadroparin calcium injection (18.22%), enoxaparin sodium injection (26.77%), and other LMWH preparations (32.54%) [1][5]. - By 2025, the market size is projected to be around 69.29 billion yuan, with similar distribution trends among the various LMWH products [1][5]. Group 2: Industry Development and Trends - The LMWH industry has evolved significantly since the discovery of heparin in the early 20th century, with key milestones including the commercialization of heparin in 1938 and the introduction of nadroparin in 1978 [3]. - The Chinese LMWH industry has undergone three stages: crude product export, industrial enhancement, and the establishment of a complete industrial chain [3]. - The global LMWH market is also growing, with a projected increase from 4.334 billion USD in 2020 to 5.876 billion USD in 2024, and an expected market size of 6.2 billion USD in 2025 [4]. Group 3: Production and Demand - The production of LMWH in China is on the rise, with an estimated output of 36,327 million doses in 2024, up from 17,367 million doses in 2020, and expected to exceed 40,000 million doses in 2025 [6][7]. - The demand for LMWH in China is projected to reach approximately 42,523 million doses by 2025, reflecting a growing need for these anticoagulants in clinical settings [5][6]. Group 4: Competitive Landscape - Major companies in the Chinese LMWH market include Jiuyuan Gene, Hongri Pharmaceutical, Chenxin Pharmaceutical, and others, with a concentration of production in eastern coastal regions such as Jiangsu, Shandong, and Guangdong [8]. - In 2024, the market share of imported LMWH products remains above 20%, with notable sales figures for domestic products, including 3.42 billion yuan for Sanofi's enoxaparin sodium injection and 4.12 billion yuan for Qilu Pharmaceutical's LMWH sodium injection [8][9]. Group 5: Technological Advancements - The production technology for LMWH has advanced significantly, moving from traditional chemical degradation methods to modern biotechnological approaches, enhancing product purity and reducing production costs [9][10]. - Future trends in the LMWH industry include a focus on high-efficiency, green, and intelligent production methods, as well as the development of customized LMWH products in response to the rise of personalized medicine [11][12].

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue at 1.384 billion yuan, down 2.6% year-on-year, and net profit attributable to shareholders at 89 million yuan, down 20.7% [1] Financial Performance - Revenue for the nuclear medicine segment reached 503 million yuan, a year-on-year increase of 0.78%, with a gross margin of 67.27% [2] - The core product, 18F-FDG, generated revenue of 212 million yuan, reflecting an 8.72% increase year-on-year [2] - The raw material drug segment reported revenue of 611 million yuan, down 7.02%, primarily due to a decline in heparin sodium sales prices [2] Development Trends - The company has invested in 7 operational nuclear pharmacies focused on single-photon drugs and 22 on positron emission drugs, with 31 nuclear drug production centers currently in operation [2] - The company’s innovative nuclear drug pipeline is progressing, with the approval of sodium fluoride [18F] injection in May 2025 and ongoing clinical trials for several other products [3] Profit Forecast and Valuation - The company maintains its EPS forecast for 2025 and 2026 at 0.32 yuan and 0.40 yuan, respectively, with the current stock price corresponding to a P/E ratio of 55.1 times for 2025 and 43.9 times for 2026 [4] - The target price has been raised by 16.4% to 19.2 yuan, indicating an 8.8% upside potential from the current stock price [4]