近期，上海阳光医药采购网发布消息，国家药品联采办正式公告《全国药品集中采购文件（GY - YD2025 - 1）》。参与集采的药品须于9月28日前取得国内 有效注册批件，并在"国家医保服务平台"完成信息填报，开标仪式将于2025年10月21日在上海举行。国家医保局表示，此次集采方案制定修改充分遵循"稳 临床、保质量、防围标、反内卷"原则。 截图来源：上海阳光医药采购网 表：各省份对碳酸氢钠注射液的报量情况（前10名） | 排名 | 常保 | 总报量 | 未指定厂牌 | 主要偏好厂家 | | --- | --- | --- | --- | --- | | | | (万单位) | 报量占比 | | | 1 | 云南 | 685.05 | 30.95% | 河北天成药业(22.90%) | | 2 | 江苏 | 599.28 | 19.70% | 石家庄四药(29.61%) | | 3 | 河南 | 589.12 | 47.26% | 石家庄四药(17.08%) | | 4 | 广东 | 439.53 | 76.24% | 石家庄四药(8.83%) | | 5 .. | 河北 | 437.27 | 50.56% | ...

"睡不着"是当代成年人的烦恼之一。 头豹研究院报告数据显示，在国内，2016年至2020年失眠症成人患病人数从2.5亿增至2.7亿，预计2024 年达3亿，2030年将增至3.3亿。对应地，中国睡眠经济市场规模日益增长，2021年，中国失眠药物市场 规模为122.8亿元，预计2025年达151.2亿元，至2030年将达到211.9亿元。 《每日经济新闻》记者注意到，今年有两款同属于双重食欲素受体拮抗剂（DORA）的新型失眠药物先 后获批进入中国市场。 9月21日，北京大学第六医院岳伟华教授在接受《每日经济新闻》记者采访时表示，此前，苯二氮类镇 静催眠药物主要用于失眠障碍和伴失眠症状的精神障碍患者（例如抑郁症合并焦虑或失眠）的治疗；而 近年来出现的新型失眠药物则更多面向普通失眠人群，能够在一定程度上弥补临床需求的缺口。 均已申报国家医保目录 近年来，传统安眠药销售呈现快速增长趋势。据《医药经济报》报道，2021年，我国样本医院催眠/镇 静药销售额为16.41亿元，全国公立医院购药金额为54.81亿元。过去5年数据显示，2021年样本医院销售 额达最大值，2017年至2019年的年销售额均呈两位数增长。 不过，仍 ...

"睡不着"是当代成年人的烦恼之一。 头豹研究院报告数据显示，在国内，2016年至2020年失眠症成人患病人数从2.5亿增至2.7亿，预计2024 年达3亿，2030年将增至3.3亿。对应地，中国睡眠经济市场规模日益增长，2021年，中国失眠药物市场 规模为122.8亿元，预计2025年达151.2亿元，至2030年将达到211.9亿元。 公开资料显示，由于国内创新药企主要聚焦肿瘤、自身免疫等市场空间巨大的热门赛道，对失眠类创新 药研发较少，目前已进入临床阶段的DORA失眠创新药包括扬子江药业的YZJ-1139、东阳光（600673） 药的HEC-83518。 在新的药物获批前，莱博雷生和达利雷生仍是主要的新型失眠药物。吉林大学第一医院王赞教授告诉记 者，对于从未使用过相关药物的患者来说，这两种药物均能有效改善睡眠总时长、缩短睡眠潜伏期，并 减少睡眠中的觉醒时间。如果患者对日间功能的要求较高，欧洲相关临床指南建议优先选择半衰期更短 的达利雷生。 造成这种现象主要有两个原因：一方面，传统抗失眠药物主要为苯二氮类和非苯二氮类镇静催眠药，其 虽能缩短入睡时间，却存在"日间嗜睡、认知损伤、药物依赖"等副作用。另一方面， ...

Group 1: Financial Performance Overview - The company achieved a sales revenue of 427.42 million CNY, a year-on-year increase of 11.88% [2] - Foreign sales amounted to 348.34 million CNY, growing by 6.66%, while domestic sales reached 79.09 million CNY, up by 42.59% [2] - New products generated sales of 195.19 million CNY, reflecting a growth of 7.16%, whereas mature products contributed 232.24 million CNY, increasing by 16.17% [2] - CMO/CDMO business saw a revenue decline of 19.05%, totaling 32.30 million CNY [2] - Net profit was reported at 58.49 million CNY, a decrease of 15.91%, with a net profit margin of 13.68%, down by 4.52 percentage points [2] Group 2: Cost and Profitability Analysis - Gross margin stood at 31.45%, down by 3.08 percentage points [2] - Sales expenses decreased by 8.92%, while management expenses increased by 1.04% [2] - R&D expenses rose by 20.14% due to an increase in R&D personnel [2] - The decline in gross margin was attributed to low prices of mature products and increased depreciation costs [3] Group 3: Market and Product Insights - Non-contract custom business revenue increased by 15.48%, while contract custom project revenue fell by 19.05% [2] - Sales of pharmaceutical raw materials rose by 20.06%, despite a gross margin decline of 3.70 percentage points [3] - Domestic sales saw a significant increase of 42.59%, with a gross margin improvement of 9.30 percentage points [3] - The company plans to enhance its domestic raw material market presence and increase the number of API registrations [4] Group 4: Future Growth Strategies - The company aims to continue launching new products, with a focus on becoming a leading supplier of generic drugs [4] - CMO/CDMO business is expected to grow significantly by 2027-2028, with new projects being actively pursued [6] - The second-phase construction of the second plant is ongoing, expected to contribute to production capacity by 2026 [6] - The company anticipates a total production capacity of 2 billion CNY in the next 3-5 years [10] Group 5: Investor Q&A Highlights - New products are projected to generate 195 million CNY in the first half of 2025, with 160 million CNY from high-end regulated markets [7] - The company is focusing on high-difficulty specialty formulations and will not pursue general solid oral formulations [10] - Future R&D investments will prioritize raw materials, CMO/CDMO, and specialty formulations [11]

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company's Q2 performance exceeded market expectations, driven by new product launches that significantly boosted revenue and profit [1][11] - In H1 2025, the company achieved revenue of 427 million yuan, a year-on-year increase of 11.88%, while net profit attributable to shareholders was 58 million yuan, a year-on-year decrease of 15.91% [4][5] - Q2 2025 saw revenue of 241 million yuan, a year-on-year increase of 36.98%, and net profit of 38 million yuan, a year-on-year increase of 45.08% [4][5] Financial Performance - The gross margin for Q2 2025 was 34.46%, up 2.45 percentage points year-on-year and 6.88 percentage points quarter-on-quarter [4] - The net profit margin for Q2 2025 was 15.68%, an increase of 0.88 percentage points year-on-year and 4.56 percentage points quarter-on-quarter [4] - The company's raw materials and intermediates business generated revenue of 395 million yuan in H1 2025, a year-on-year increase of 15.48% [5] Production Capacity - The first phase of the company's second plant has been operational since 2024, with a potential full production value of 500 million yuan [6] - The company raised 800 million yuan in a private placement to fund the second phase of the second plant, which is expected to have a full production value of 1.9 billion yuan [6] Future Projections - The company anticipates rapid growth in new products in the regulatory market over the next three years, forecasting revenues of 850 million yuan, 980 million yuan, and 1.17 billion yuan for 2025, 2026, and 2027 respectively [7][10] - The projected net profit for 2025, 2026, and 2027 is 131 million yuan, 159 million yuan, and 199 million yuan respectively [10]

同和药业：公司阿戈美拉汀、奥吡卡朋原料药获得韩国市场准入资格 智通财经7月22日电，同和药业(300636.SZ)公告称，公司近日收到韩国食品药品安全部颁发的阿戈美拉 汀、奥吡卡朋药品注册证书。这标志着公司阿戈美拉汀、奥吡卡朋原料药获得了韩国市场的准入资格， 将对公司进一步扩大国际市场业务起到积极作用。 ...

同和药业（300636）公告，近日收到韩国食品药品安全部(MFDS)颁发的阿戈美拉汀、奥吡卡朋药品注 册证书。其中，阿戈美拉汀适用于治疗成人抑郁症，奥吡卡朋是一种COMT抑制剂，临床主要用于治疗 帕金森病和帕金森综合征。公司阿戈美拉汀、奥吡卡朋原料药获得了韩国市场的准入资格，将对公司进 一步扩大国际市场业务起到积极作用。 ...

Core Viewpoint - The National Healthcare Security Administration (NHSA) has initiated the 11th round of national drug procurement, focusing on 55 generic drugs, emphasizing quality over price, which indicates government support for industry innovation and rational competition [1][2] Group 1: Procurement Details - The procurement period is set from July 16 to July 31, during which hospitals must report their purchasing volumes [1] - The current round of procurement excludes innovative drugs and aims to optimize bidding rules to better match clinical needs and avoid excessive competition [1] - Key changes in bidding rules include allowing hospitals to report purchasing volumes by brand rather than generic names and adjusting the commitment purchasing volume based on clinical needs [1] Group 2: Impact on Major Pharmaceutical Companies - The expected sales impact on major pharmaceutical companies is limited, with estimated effects being less than 3% [1] - Specific companies and their affected products include: - Hengrui Medicine's product under JDB, contributing less than 0.5% to 2024 expected sales [2] - Hansoh Pharmaceutical's products, including Agomelatine and others, accounting for approximately 3% of 2024 expected sales [2] - CSPC Pharmaceutical's products, including Dagagliflozin and others, making up about 1% of 2024 expected sales [2] - China Biologic Products' drugs, including Olaparib and others, also representing around 1% of 2024 expected sales [2] - Shijiazhuang Yiling Pharmaceutical's products, contributing approximately 1.5% to 2024 expected sales [2] - Fosun Pharma's products, including Apalutamide, accounting for about 2% of 2024 expected sales [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][22]. Core Views - The company is entering a growth cycle driven by new product launches, despite facing profit pressure in 2024. The revenue for 2024 is projected at 759 million yuan, a 5.09% increase, with a net profit of 107 million yuan, reflecting a 0.57% growth [1][2]. - In Q1 2025, the company reported a revenue of 187 million yuan, down 9.47%, and a net profit of 21 million yuan, down 52.30% [1][2]. - The non-contract custom business saw a robust growth of 17.27% in 2024, reaching 676 million yuan, while the contract custom business declined by 43% due to early contract terminations by some clients [2][3]. Financial Summary - The total revenue for 2024 is 759 million yuan, with a projected growth rate of 5.1% for the following years, reaching 850 million yuan in 2025 and 982 million yuan in 2026 [3][9]. - The net profit for 2024 is 107 million yuan, with expected growth rates of 14.8% in 2025 and 21.2% in 2026, leading to 122 million yuan and 148 million yuan respectively [3][9]. - Earnings per share (EPS) is projected to increase from 0.25 yuan in 2024 to 0.29 yuan in 2025 and 0.35 yuan in 2026 [3][9]. - The target price for the stock is set at 10.55 yuan, with the current price at 7.09 yuan, indicating a potential upside [3][4].