Core Viewpoint - The recent round of national drug procurement has resulted in 4,163 products from 1,020 companies being shortlisted, covering 316 commonly used drugs across 26 therapeutic areas, with only 21 original drugs winning bids, representing less than 10% of the total [1][2]. Group 1: Procurement Details - The procurement aims to reduce drug prices and patient burdens while reallocating saved healthcare funds to innovative drugs that provide significant clinical value [2]. - The procurement process was led by the medical insurance bureaus of Jiangsu, Henan, and Guangdong provinces, with a high selection rate of 93% among participating companies [2]. - The results of this procurement are expected to be implemented by the end of March 2026, with a procurement cycle lasting until the end of 2028 [2]. Group 2: Original Drug Participation - The original drugs selected include various formulations such as Fosinopril and Acarbose, with companies like Bristol-Myers Squibb and Sanofi involved [3]. - Several original drugs that had previously won bids in earlier rounds, such as Gefitinib and Clopidogrel, did not participate in this round, allowing generic competitors to dominate [4][3]. - The absence of original drugs in the procurement reflects a trend where original drugs face significant competition from generics post-patent expiration, leading to a decline in sales and profits [6]. Group 3: Market Dynamics - The "patent cliff" phenomenon has led to original drugs experiencing substantial sales and profit declines once their patents expire, which was previously mitigated by high prices and market share [6]. - Some original drug companies have reduced or dissolved their sales teams for products affected by procurement policies, yet many still find market opportunities outside public hospital settings [7]. - Cross-national pharmaceutical companies are increasingly focusing on innovative drug development while divesting mature product lines to local firms [8][9]. Group 4: Future Outlook - The Chinese government is implementing policies to support the development of innovative drugs, which is expected to expand the overall pharmaceutical market [10].

Core Viewpoint - The recent round of national drug procurement has resulted in 4,163 products from 1,020 companies being shortlisted, covering 316 commonly used drugs across 26 therapeutic areas, with only 21 original drugs selected, representing less than 10% of the total [1][2]. Group 1: Procurement Details - The procurement aims to reduce drug prices and patient burdens while reallocating saved healthcare funds to innovative drugs [2]. - The procurement process involved 51,000 medical institutions, with a high selection rate of 93% and an average of 14 companies selected per product [2][3]. - The results of this procurement are expected to be implemented by the end of March 2026, with a procurement cycle lasting until the end of 2028 [2]. Group 2: Original Drug Participation - The selected original drugs include various formulations from companies like Bristol-Myers Squibb, Sanofi, and Bayer, with some previously shortlisted in earlier rounds [3]. - Notable original drugs that did not participate in this round include AstraZeneca's gefitinib and Sanofi's clopidogrel, which had previously been selected [4][3]. Group 3: Market Dynamics - The phenomenon known as "patent cliff" has led to significant declines in sales and profits for original drugs post-patent expiration, making it challenging for them to maintain market share without substantial price reductions [6]. - Some original drug companies have reduced or dissolved their sales teams for products affected by procurement policies, yet many still find market opportunities outside public hospital procurement [7]. - Cross-national pharmaceutical companies are increasingly focusing on innovative drug development while divesting mature product lines to local firms [8][9].

2026.02. 12 本文字数：2499，阅读时长大约4分钟 作者 | 第一财经 林志吟 近日，1至8批国家集采药品新一轮接续采购已诞生拟中选结果，共有1020家企业的4163个产品获 得拟中选资格，涉及316种常用药品，覆盖抗感染、抗肿瘤、降血糖、降血压、降血脂、神经系统、 呼吸系统、消化系统等26个治疗领域。 从这接续采购的316种药品来看，据第一财经记者统计，有原研药中标的品种共有21个，整体占比 不到一成。 不到一成的原研药中标 国家药品集采，针对的仿制药以及过了专利保护期的原研药这两大类产品，一方面，挤掉药价虚高的 水分，降低患者用药负担；另外一方面，通过集采节省下的医保资金，转向支付临床价值显著的创新 药，满足临床亟需，鼓励药企研发创新。 本次是针对1-8批国家集采药品新一轮接续采购，由江苏、河南、广东三省医保局联合牵头，各省份 全部参与，实现了采购规则规范统一。企业只需在线投标一次，中选即可实现全国销售。具备投标资 格的企业绝大多数参与投标报价，整体中选率高达93%，每个品种平均14家企业中选。 本次接续采购，国内药品上市许可持有人（含药品注册批件持有人）、境外药品上市许可持有人及其 境内责任 ...

Core Viewpoint - The recent round of national drug procurement has resulted in 4,163 products from 1,020 companies being shortlisted, with only 21 original drugs selected, indicating a significant shift in the pharmaceutical market dynamics in China [1][2]. Group 1: Drug Procurement Overview - The new round of procurement involves 316 commonly used drugs across 26 therapeutic areas, including anti-infection, anti-tumor, and cardiovascular treatments [1]. - The procurement process has a high selection rate of 93%, with an average of 14 companies winning bids for each product [2]. - The results of this procurement are expected to be implemented by the end of March 2026, with a procurement cycle lasting until the end of 2028 [2]. Group 2: Impact on Original Drugs - Original drugs are facing challenges in maintaining high profits and market share post-patent expiration due to increased competition from generic drugs [6]. - Some original drugs, despite not being selected in the procurement, continue to find market opportunities outside public hospitals due to their brand strength [1][7]. - The absence of original drugs in the procurement does not equate to their market exit; they may still be prescribed in specific hospital settings [7]. Group 3: Market Dynamics and Strategies - The phenomenon known as "patent cliff" is causing significant declines in sales and profits for original drugs once their patents expire [6]. - Many original drug companies are reducing or dissolving their sales teams for products affected by the procurement policies [7]. - Some multinational pharmaceutical companies are divesting mature product lines to focus on innovative drug development and market entry [8][9][10].

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical industry is experiencing mixed performance in the A-share market, with the Shanghai Composite Index closing at 4132.61 points, down 0.09%, and the Shenzhen Component Index at 14316.64 points, down 0.85% [1][1] - The Shenwan Pharmaceutical Industry Index closed at 8648.35 points, up 0.29%, while the Hang Seng Healthcare Index in Hong Kong closed at 4032.36 points, down 1.58% [1][1] Company-Specific Insights Performance Forecasts - **Guangji Pharmaceutical**: Expected net loss for 2025 is between 518 million to 399 million yuan, a significant increase from the previous year's loss of 295 million yuan [2][2] - **Yixin Pharmacy**: Projected net profit for 2025 is between 260 million to 330 million yuan, a substantial increase of 127.79% to 189.12% year-on-year [2][3] - **International Medicine**: Anticipated revenue drop to 4.06 billion to 4.08 billion yuan, a 15.7% decline, with net loss expected to widen to between 315 million to 295 million yuan [3][3] - **Weichip Bio**: Expected revenue of 910 million yuan, a 38.32% increase, with net profit turning positive at 53.46 million yuan, a significant improvement from a loss of 115 million yuan [3][3] - **Tonghua Dongbao**: Forecasted net profit of 1.242 billion yuan, recovering from a loss of 42.72 million yuan in the previous year [4][4] - **Meinuo Pharma**: Expected net profit between 100 million to 123 million yuan, a growth of 49.69% to 84.11% year-on-year [4][4] - **Sangfor Biopharma**: Projected revenue of 4.2 billion yuan, a significant increase of 251.76%, with net profit expected to reach 2.9 billion yuan, a 311.35% increase [4][5] - **Huahai Pharmaceutical**: Expected net profit to decline by 70% to 80%, with projections between 224 million to 335 million yuan [5][5] - **Dabo Medical**: Anticipated net profit between 580 million to 610 million yuan, a growth of 62.55% to 70.96% [5][5] Regulatory Approvals - **Hengrui Medicine**: Received clinical trial approval for SHR-1049 injection [2][2] - **Qianjin Pharmaceutical**: Obtained drug registration for aluminum magnesium carbonate chewable tablets [2][2] - **Wantai Bio**: Two-valent HPV vaccine passed WHO PQ periodic review [2][2] Market Trends - The A-share market shows volatility with significant fluctuations in stock performance, particularly in the pharmaceutical sector, indicating potential investment opportunities and risks [1][1] - The performance of individual companies varies widely, with some showing strong growth while others face significant losses, highlighting the need for careful analysis when considering investments in this sector [2][3][4][5]

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical industry is experiencing mixed performance in the stock market, with the Shanghai Composite Index closing at 4132.61 points, down 0.09%, and the Shenzhen Component Index at 14316.64 points, down 0.85% [1][1] - The Shenwan Pharmaceutical Industry Index closed at 8648.35 points, up 0.29%, while the Hang Seng Healthcare Index in Hong Kong closed at 4032.36 points, down 1.58% [1][1] Company-Specific Insights Positive Performers - **Mikron Biotech**: Stock increased by 20.03% [1][1] - **Kepu Biotech**: Stock increased by 20.03% [1][1] - **Zhijiang Biotech**: Stock increased by 20.01% [1][1] - **Yixintang**: Expected net profit for 2025 is projected to be between 260 million to 330 million RMB, a significant increase of 127.79% to 189.12% year-on-year [4][5] - **Microchip Biotech**: Expected revenue for 2025 is 910 million RMB, a 38.32% increase, with a net profit turnaround to 53.46 million RMB from a loss of 115 million RMB [5][5] - **Tonghua Dongbao**: Expected net profit for 2025 is 1.242 billion RMB, recovering from a loss of 42.72 million RMB in the previous year [5][5] - **Minohua**: Expected net profit for 2025 is projected to be between 100 million to 123 million RMB, a significant increase of 49.69% to 84.11% [6][6] - **Sanofi Guojian**: Expected revenue for 2025 is projected to be 4.2 billion RMB, a substantial increase of 251.76% [7][7] Negative Performers - **Guangji Pharmaceutical**: Expected net loss for 2025 is projected to be between 518 million to 399 million RMB, a significant increase from a loss of 295 million RMB in the previous year [2][2] - **International Medicine**: Expected revenue for 2025 is projected to decline to 4.06 billion to 4.08 billion RMB, a 15.7% year-on-year decrease, with a net loss projected between 315 million to 295 million RMB [4][4] - **Huahai Pharmaceutical**: Expected net profit for 2025 is projected to decline by 70% to 80% from 1.119 billion RMB in the previous year [7][7] Regulatory Approvals - **Bohui Innovation**: Received medical device registration for a nucleic acid testing kit for reproductive tract pathogens [1][1] - **Hengrui Medicine**: Approved for clinical trials of SHR-1049 injection [2][2] - **Qianjin Pharmaceutical**: Received drug registration for aluminum magnesium carbonate chewable tablets [3][3] - **Wantai Biological Pharmacy**: HPV vaccine passed WHO PQ periodic review [4][4] - **Shisi Pharmaceutical Group**: Received new specification approval for compound potassium hydrogen phosphate injection [9][9] Additional Insights - The performance of the pharmaceutical sector is highly variable, with some companies showing significant growth while others are facing substantial losses. - Regulatory approvals are crucial for companies to enhance their product offerings and potentially improve financial performance in the future.

Core Viewpoint - The company has received approval from the National Medical Products Administration for the registration of aluminum magnesium carbonate chewable tablets, which enhances its product pipeline and supports sustainable development [1][4]. Drug Basic Information - Drug Name: Aluminum Magnesium Carbonate Chewable Tablets - Dosage Form: Tablet - Specification: 0.5g - Registration Classification: Class 4 Chemical Drug - Approval Number: Guo Yao Zhun Zi H20263134 - License Holder: Hunan Qianjin Xiangjiang Pharmaceutical Co., Ltd. - Approval Conclusion: The drug meets registration requirements and is classified as a Class A over-the-counter medication [1]. Drug Efficacy and Market Potential - Aluminum magnesium carbonate chewable tablets are a first-line medication for the digestive system, providing antacid, bile acid neutralization, and mucosal protection, suitable for treating various gastric diseases including acute and chronic gastritis, gastric and duodenal ulcers, and gastroesophageal reflux disease [2]. - The product is projected to have a total sales volume of 990 million yuan in the domestic medical and retail markets by 2024 [2]. R&D Investment - As of the announcement date, the cumulative R&D investment in aluminum magnesium carbonate chewable tablets by Qianjin Xiangjiang Pharmaceutical is 1.0047 million yuan [3]. Impact on the Company - The approval of aluminum magnesium carbonate chewable tablets is seen as a significant step in enhancing the company's product offerings, contributing positively to its sustainable growth [4].

Core Viewpoint - Qianjin Pharmaceutical announced that its subsidiary, Hunan Qianjin Xiangjiang Pharmaceutical, has received approval from the National Medical Products Administration for the registration certificate of aluminum magnesium carbonate chewable tablets, indicating successful consistency evaluation for treating upper gastrointestinal diseases such as gastritis and ulcers [1] Group 1 - The approved product is aluminum magnesium carbonate chewable tablets with a specification of 0.5g [1] - The expected domestic sales for 2024 are projected to be 990 million yuan [1] - The total research and development investment for the product amounts to 1.0047 million yuan [1]

Group 1: Profit Forecasts - Shenling Environment expects a net profit of 205 million to 246 million yuan for 2025, representing a year-on-year increase of 77.39% to 112.87% [1] - Meinuohua anticipates a net profit of 100 million to 123 million yuan for 2025, an increase of 49.69% to 84.11% compared to the previous year [2] - Suotong Development forecasts a net profit of 730 million to 850 million yuan for 2025, reflecting a year-on-year increase of 167.98% to 212.03% [3] - Aikelan projects a net profit of 75 million to 100 million yuan for 2025, indicating a growth of 50.37% to 100.49% [3] - Hengyu Environmental expects a net profit of approximately 35.56 million yuan for 2025, a year-on-year increase of about 104.14% [4] - Yixin Tang anticipates a net profit of 260 million to 330 million yuan for 2025, representing a growth of 127.79% to 189.12% [6] - Yinlong Co. expects a net profit increase of 40% to 60%, projecting 331 million to 379 million yuan for 2025 [12] - Beite Technology forecasts a net profit of 11.5 million to 12.5 million yuan for 2025, reflecting a year-on-year increase of 60.98% to 74.98% [14] - Ha Li Co. anticipates a net profit of 65 million to 78 million yuan for 2025, representing a growth of 92% to 130% [33] - Ji Xin Technology expects a net profit of 115 million to 169 million yuan for 2025, indicating an increase of 277.15% to 454.09% [48] Group 2: Loss Forecasts - Chip Source Micro anticipates a net profit decrease of 62.53% to 74.36%, projecting 52 million to 76 million yuan for 2025 [8] - Lanhua Ketech expects a net loss of 440 million to 550 million yuan for 2025, indicating a shift from profit to loss compared to the previous year [13] - *ST Tianshan forecasts a net loss of 16 million to 23 million yuan for 2025, potentially triggering financial delisting [18] - Pingao Co. anticipates a net loss of 54 million to 44 million yuan for 2025, although this represents a narrowing of losses compared to the previous year [19] - Jianglong Boat expects a net loss of 90 million to 120 million yuan for 2025, a significant decline from the previous year's profit of 11.25 million yuan [20] - Li Guo Chemical anticipates a net loss of 410 million to 480 million yuan for 2025 [21] - Weichuan Technology expects a net loss of 110 million to 140 million yuan for 2025, although this reflects a narrowing of losses compared to the previous year [42] Group 3: Other Notable Announcements - Wan Tai Bio's bivalent HPV vaccine passed the WHO PQ periodic review, aiding its international market expansion [7] - Xian Da Co. received a supplier designation from a well-known international automotive manufacturer [47] - Heng Rui Pharmaceutical received clinical trial approval for its SHR-1049 injection, an innovative anti-tumor drug [15] - Qian Jin Pharmaceutical's subsidiary obtained a drug registration certificate for aluminum magnesium carbonate chewable tablets [16] - New Nuo Wei's subsidiary SYS6090 injection received clinical trial approval, targeting advanced solid tumors [36]

Group 1 - The company Qianjin Pharmaceutical announced that its subsidiary Hunan Qianjin Xiangjiang Pharmaceutical has received the drug registration certificate for Aluminum Magnesium Carbonate Chewable Tablets from the National Medical Products Administration [1] Group 2 - The international gold price has surpassed $5000, marking a 280% increase over the past seven years, with experts suggesting that the key factors influencing this trend include the US dollar, the international monetary system, interest rate cuts, and technological revolutions [1]