2026年1月1日起，新版《国家基本医疗保险、生育保险和工伤保险药品目录》正式落地执行，新纳入医保的药品将统一执行最新医保支付标准，这也意味 着多款产品迎来了同步的价格下调。 其中有两款长效生长激素产品被纳入，即长春高新（000661.SZ）旗下金赛药业的金培生长激素注射液（金赛增）和特宝生物（688278.SH）的怡培生长激 素注射液（益佩生）。金赛增早在2014年就已上市，而益佩生则于2025年5月获批，为1类新药。 据国家医保局官网信息显示，益佩生不同规格的最新医保支付价位于418.11元-853.20元的区间。 | 乙 99 金培生长激素注射液 | 限内源性生长激素缺乏(GHD)所引起的 2026年1月1日至 | | | --- | --- | --- | | | 儿童生长缓慢。 | 2027年12月31日 | 金赛增则选择了价格保密，未公布中选价，但在社交平台上，**有家长晒出了9mg装的金赛增经医保谈判后的价格已降至约900元/支。 据《科创板日报》记者获悉，该价格是所有患者都能享受的降价标准，如果患者是生长激素缺乏症，还可按所在省市医保报销政策进行进一步报销，具体 报销金额以当地医疗机构的政策为 ...

Core Viewpoint - The inclusion of the long-acting growth hormone, Jinpei, in the national medical insurance directory marks a significant milestone in the treatment of children's growth disorders in China, aiming to improve treatment rates and reduce financial burdens on families [1][3][7]. Group 1: Market Opportunity - Approximately 7 million children in China suffer from short stature, with a treatment rate of less than 5%, compared to 20%-30% in developed countries [2]. - The new medical insurance policy is expected to enhance the treatment rate for short stature by making long-acting growth hormone more accessible and affordable [2][3]. Group 2: Economic Impact - The annual treatment cost for a 30 kg child using Jinpei will decrease from approximately 120,000 yuan to 30,000 yuan after being included in the insurance [3]. - The long-acting formulation reduces the injection frequency from daily to weekly, significantly improving patient compliance and reducing treatment-related pain [3][5]. Group 3: Innovation and Development - Jinpei is the first PEG long-acting growth hormone globally, representing a breakthrough in the treatment of growth hormone deficiency [1][4]. - The product has been validated through over 150,000 patient clinical applications, demonstrating its safety and efficacy [5][6]. Group 4: Competitive Landscape - The entry of Jinpei into the insurance directory is expected to reshape the pediatric pharmaceutical market, enhancing the company's competitive position by providing a comprehensive product line [7][8]. - The official endorsement from the insurance directory is likely to alleviate parental concerns regarding the safety of growth hormone treatments, potentially increasing patient conversion rates [7][8]. Group 5: Future Prospects - The successful integration of Jinpei into the medical insurance system is anticipated to pave the way for further pediatric product launches by the company, enhancing its brand trust among healthcare providers and patients [8][9]. - The trajectory of the company reflects the broader innovation and upgrade trends within China's pharmaceutical industry, indicating a shift towards more accessible and effective treatments for pediatric patients [9].

"结果拿到了，确定要（给孩子）打生长激素了。有水剂的，还有粉剂的，（医生）说的过了元旦，我 们要打的针就要调价格了。如果不降价的话，打针费用4000元～5000元/月。过了元旦再来打，一个月 费用只需约2000元。"日前，一位家长在社交平台分享道。 价格方面，此前益佩生5毫克装、金赛增9毫克装的生长激素挂网价分别为1798元和3500元。而进入医保 目录后，益佩生5毫克装价格由1798元降低至853.2元，降价幅度约53%；金赛增虽也入选2025年版国家 医保药品目录，但企业决定暂不公布中选价。 不过，一名接近金赛药业的人士在接受每经记者采访时表示，金赛增9毫克规格长效生长激素已进入最 新版国家医保目录，价格从原价约3500元/支大幅降至约900元/支，降价幅度约75%，将显著减轻患者家 庭的治疗负担。 不过，上述人士告诉记者，因厂家还需与各省市医保局进行价格谈判和竞价，该药品降价后价格并非全 国统一。"金赛增并未直接公开进入医保后的价格，但约900元/支的价格算是行业内公开秘密。" 关于降价后的治疗费用，记者以降价幅度更大的金赛增长效生长激素为例，测算了一个直观案例：生长 激素的使用剂量与患者体重、适应证直 ...

Core Insights - Changchun High-tech's subsidiary, Changchun JinSai Pharmaceutical, has two products newly included in the National Medical Insurance Directory: JinSaiZeng (long-acting growth hormone) and MeiShiYa (oral suspension of medroxyprogesterone acetate) [2][3] - JinSaiZeng is the world's first long-acting growth hormone approved in January 2014, with multiple indications beyond primary growth hormone deficiency, including Turner syndrome and idiopathic short stature [2] - MeiShiYa is developed by Bosheng Pharmaceutical and is indicated for appetite loss in AIDS patients and significant weight loss in cancer patients [3] R&D Investment and Strategy - In the first three quarters, Changchun High-tech's R&D expenses increased by 22.96% year-on-year, reaching 1.733 billion yuan, with R&D accounting for 17.68% of total revenue [3] - This increase reflects the company's commitment to R&D and its transition towards becoming an innovative global pharmaceutical company [3] - The approval of clinical trial applications for GenSci142 capsules, aimed at treating bacterial vaginosis, indicates the company's efforts to diversify and optimize its product structure [3]

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

Core Insights - Changchun Gaoxin announced that its subsidiary, Changchun Jinsai Pharmaceutical, has two products included in the National Medical Insurance Directory for 2025, which may enhance their market potential and accessibility [1][2] Group 1: Product Overview - Jinsai Zeng (known as Jin Pei Growth Hormone Injection) is a long-acting growth hormone approved in January 2014, with indications for various growth disorders in children and is the only long-acting growth hormone in China with over 150,000 real-world data validating its long-term efficacy and safety [1] - Meishiya (known as Acetate Medroxyprogesterone Oral Suspension) is developed by Bosheng Pharmaceutical and has been authorized for exclusive distribution by Jinsai Pharmaceutical in several regions, with indications for treating anorexia in patients with acquired immune deficiency syndrome and cachexia in cancer patients [2] Group 2: Clinical Development - Jinsai Zeng is currently undergoing Phase III clinical trials for treating adult growth hormone deficiency and Phase II trials for addressing growth retardation in children born small for gestational age, indicating ongoing efforts to expand its therapeutic applications [1] - Meishiya utilizes innovative nanotechnology to improve treatment efficacy and speed for cachexia patients, addressing a significant clinical gap, and is recommended in clinical guidelines for cancer-related anorexia-cachexia syndrome [2]

Core Viewpoint - The article discusses the recent equity transfer of Changchun High-tech Industry (Group) Co., Ltd., which is in the critical phase of its IPO process in Hong Kong, highlighting the company's challenges and strategic moves in the rapidly changing pharmaceutical industry [2][4]. Group 1: Equity Transfer and Control - Changchun High-tech announced that its controlling shareholder, Changchun Chaoda Investment Group Co., Ltd., will transfer 19% of its shares to Changchun New Area Industrial Investment Group Co., Ltd. without compensation [2]. - The equity structure change does not alter the controlling status of Chaoda Group, with the actual controller remaining the New Area State-owned Assets Supervision and Administration Commission [2]. Group 2: IPO Plans - In September 2023, the company submitted its main board listing application to the Hong Kong Stock Exchange, aiming for a dual listing in "A+H" markets [4]. - The IPO proceeds are intended for innovation pipeline research and development, potential global collaborations, overseas market expansion, and enhancing sales and marketing capabilities [4]. Group 3: Financial Performance - As of the third quarter of 2025, Chaoda Group holds 18.69% of Changchun High-tech's shares, with approximately 38.03 million shares pledged, accounting for 9.32% of the total share capital [5]. - The company faced significant financial challenges, with a 7.55% year-on-year revenue decline to 13.466 billion yuan and a 43.01% drop in net profit to 2.583 billion yuan in 2024 [10]. - In the first three quarters of 2025, revenue was 9.807 billion yuan, down 5.60% year-on-year, and net profit was 1.165 billion yuan, down 58.23% [10]. Group 4: Business Challenges - The company’s core subsidiary, Jinsai Pharmaceutical, experienced a slowdown in sales growth, particularly for its long-acting growth hormone product, due to increased competition and price reductions from centralized procurement policies [10][11]. - The vaccine business, seen as a "second growth curve," also faced challenges, with a 53.76% decline in revenue for Baike Biological in the first three quarters of 2025 [11]. Group 5: Strategic Outlook - The company aims to transition from a regional leader to a global biopharmaceutical platform through its dual listing, which is expected to attract international investors and accelerate innovation and international business expansion [11]. - Analysts suggest that without restructuring its product matrix and improving innovation efficiency, the company may struggle to regain investor confidence in the long term [11].

Core Viewpoint - Changchun High-Tech Industry (Group) Co., Ltd. is accelerating its plan for a Hong Kong IPO to seek new opportunities amid declining performance, particularly due to over-reliance on its growth hormone business [1][8]. Company Overview - The company submitted its prospectus to the Hong Kong Stock Exchange on September 29, aiming for a listing on the main board [1]. - As of September 29, 2025, the company's total market capitalization was approximately RMB 52.583 billion [1]. Business Challenges - The company has faced significant revenue fluctuations, with projected revenues of approximately RMB 126.27 billion, RMB 145.66 billion, and RMB 134.66 billion from 2022 to 2024, and a net profit decline of 43.01% in 2024 [3][4]. - The primary reason for the revenue decline is the company's heavy dependence on its growth hormone business, which has been affected by price controls from centralized procurement policies [4][5]. Market Dynamics - The growth hormone market in China has seen rapid growth, increasing from RMB 4 billion in 2018 to RMB 11.6 billion in 2023, with a compound annual growth rate (CAGR) of 23.9% [4][5]. - Despite holding a 74% market share, the company faces increasing competition, particularly from long-acting growth hormone products, which are gaining market share at a rate exceeding 50% annually [5]. Vaccine Business Performance - The company's vaccine segment has also struggled, with a reported revenue drop of 39.96% year-on-year in Q1 2025, primarily due to decreased sales of the shingles vaccine [6]. IPO Strategy and Goals - The Hong Kong IPO is seen as a critical step for the company to enhance its international presence, improve financing capabilities, and attract international investors [2][8]. - The company aims to expand its overseas revenue, which was only RMB 1.3 billion in 2024, by diversifying its export product categories and increasing international collaborations [8]. Market Environment and Challenges - The current market sentiment for biotech stocks in Hong Kong is cautious, with a high rate of new stock failures, which could lead to valuation pressures for the company [9]. - The company must navigate uncertainties in drug development and commercialization, as well as the competitive landscape influenced by policy changes and market dynamics [10].

Group 1 - The core viewpoint of the news is that Changchun High-tech Industry (Group) Co., Ltd. has submitted a listing application, with CITIC Securities International as the sole sponsor [1] - Established in 1993, the company initially focused on infrastructure and real estate development in Changchun, and strategically shifted its focus to the pharmaceutical industry in 1996 [1] - Changchun High-tech has developed a comprehensive capability in research, manufacturing, and commercialization through investments in subsidiaries such as Jinsai Pharmaceutical, Baike Biological, and Huakang Pharmaceutical [1] Group 2 - The company has become a leading innovation-driven pharmaceutical group in China, covering therapeutic biological agents, chemical drugs, vaccines, and traditional Chinese medicine [1] - According to Frost & Sullivan, Changchun High-tech is one of the few pharmaceutical companies in China that has achieved full industry chain capabilities in the aforementioned drug types [1] - The product portfolio includes over 45 commercialized drugs, with more than 20 being first-in-class products globally and/or in China [1] Group 3 - Recently, the company has faced short-term pressure, with over 90% of its drug sales revenue coming from six major products [2] - A projected revenue decline of 7.5% year-on-year for 2024 is attributed to the normalization of shingles vaccine sales and a decrease in sales of the company's water injection product [2] - Financial data shows that the company achieved revenues of 12.63 billion, 14.57 billion, 13.47 billion, and 6.60 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, with significant profit declines [2]

Core Insights - Changchun High-tech is a leading innovation-driven pharmaceutical group in China, with a diverse product matrix covering therapeutic biopharmaceuticals, chemical drugs, vaccines, and traditional Chinese medicine [2] - The company has established a strong and diversified product portfolio in endocrine and metabolic diseases, women's health, immune and respiratory diseases, oncology, vaccines, and traditional Chinese medicine [2] - As of September 23, 2025, Changchun High-tech has over 40 candidates in clinical stages or with IND applications submitted, including 14 in Phase III clinical trials or NDA stages [2] Financial Performance - Revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 12.63 billion, RMB 14.57 billion, RMB 13.47 billion, and RMB 6.64 billion respectively [4] - The company reported a profit of RMB 4.22 billion in 2022, RMB 4.78 billion in 2023, and RMB 2.71 billion in 2024, with a profit of RMB 1.80 billion for the six months ending June 30, 2025 [4] - Gross profit for the same periods was RMB 11.11 billion, RMB 12.52 billion, RMB 11.54 billion, and RMB 5.62 billion respectively [4]