雷达财经出品 文|彭程 编|孟帅 在10月28日最新发布的《2025胡润百富榜》中，身为创新药龙头企业百利天恒掌舵者的朱义，以1150亿元的财富成功问鼎四川首富之位。 雷达财经注意到，相较上年的510亿元，朱义的财富在短短一年时间里"狂飙"640亿元，财富规模翻了一倍还多。 而就在两天前，百利天恒刚刚披露了2025年第三季度报告。从这份财报来看，百利天恒前三季度的业绩面临一定的压力：营业收入为20.66亿元，同比下降 63.52%；归母净利润亏损4.95亿元。 然而，与前三季度低迷业绩形成鲜明对比的是，公司第三季度的单季表现却颇为亮眼。第三季度，公司实现营业收入18.95亿元，同比增长1625.08%；归母 净利润为6.23亿元，同比扭亏为盈。 对于这种"冰火两重天"的业绩表现，百利天恒在公告中表示，第三季度营收增长主要系公司与BMS合作顺利推进，全球II/III期关键注册临床试验 IZABRIGHT-Breast01里程碑于2025年9月30日的达成，所触发合作协议项下第一笔2.5亿美元近期或有付款于本期确认收入所致。 值得注意的是，尽管百利天恒通过与BMS的合作获得了大量资金，但公司的研发投入仍然巨大，资 ...

Core Insights - The governance of drug prices in China is intensifying, with multiple provinces issuing warnings about inflated drug prices, particularly for traditional Chinese medicine [1][2] - Jiangsu Province has issued 35 batches of drug price warnings since 2025, with over 660 drugs marked as "yellow warning" and nearly 15 drugs as "red three-star" [1][3] - The regulatory framework includes a tiered warning system based on price multiples compared to the highest listed price, with severe penalties for non-compliance [3][4] Group 1: Regulatory Actions - Jiangsu's recent warnings include over 20 traditional Chinese medicines, highlighting the focus on controlling excessive pricing [1][2] - The tiered warning system categorizes drugs based on their price multiples, with "red three-star" indicating prices exceeding 10 times the reference price, leading to trading suspensions [3][4] - Other provinces, such as Jiangxi and Shanxi, are also implementing similar measures to address abnormal pricing in traditional Chinese medicine [3][4] Group 2: Industry Impact - Pharmaceutical companies are urged to adopt more cautious pricing strategies and improve transparency in their pricing structures [2][5] - The ongoing price regulation is pushing companies to enhance cost control and optimize supply chain management to remain competitive [5] - The shift towards external market expansion and the development of high-value products is being accelerated due to the pressures from centralized procurement and price reforms [5] Group 3: Challenges and Future Directions - Despite progress in price governance, challenges remain, particularly in establishing a more market-driven pricing mechanism [8] - Experts suggest that a transparent and publicly supervised pricing mechanism is necessary to reduce excessive administrative intervention and allow market forces to play a role [8] - The upcoming national procurement round is expected to further compress inflated prices, with a focus on optimizing bidding rules to prevent extreme price hikes [7][8]

Group 1: ABS Market Overview - In August 2025, the Asset-Backed Securities (ABS) market saw 99 new registrations with a total scale of 875.92 billion yuan [1] - The top three ABS underlying assets by registration scale were accounts receivable (250.89 billion yuan), micro-loan debts (213.01 billion yuan), and financing lease debts (189.73 billion yuan) [1] - As of the end of August 2025, there were 2,573 ABS in existence with a total scale of 21,891.65 billion yuan [1] Group 2: Securities Monitoring and Regulatory Actions - The Shenzhen Stock Exchange monitored "*ST Yushun" closely from September 22 to September 26, addressing 176 abnormal trading behaviors [2] - The exchange reported two major company events for verification and submitted two suspected illegal cases to the China Securities Regulatory Commission [2] Group 3: Silicon Material Production and Market Trends - In October, the production of polysilicon exceeded expectations, with two companies reporting a decrease while four reported an increase [3] - Inventory pressure in the polysilicon market is becoming evident, with expectations of continued accumulation unless downstream demand remains high [3] Group 4: Corporate Leadership Changes - Merck Group announced a leadership transition, with Kai Beckman set to take over as CEO from Belén Garijo on May 1, 2026 [3] - Xiamen International Bank approved the appointment of Wang Fenghui as Chief Information Officer [6] Group 5: Financial and Regulatory Developments - Baoli Tianheng's subsidiary was questioned by Yunnan's medical insurance bureau regarding the high price of a medication, which raised concerns about pricing practices [3] - Jingliang Holdings received an administrative regulatory decision from Hainan's Securities Regulatory Bureau for revenue recognition issues involving 2.99 billion yuan [8] Group 6: Corporate Transactions and Listings - Moller Thread's IPO application was approved by the Shanghai Stock Exchange, aiming to raise 8 billion yuan for various AI and chip development projects [7] - Wanxing Technology submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [9]

一瓶口服溶液挂网价558元，而同通用名普通片剂价格仅约8元，近70倍的价差背后，是亟待厘清的研发 成本，还是隐藏不当营销的灰色空间？ 云南省医疗保障局的一纸问询函，将上市公司百利天恒的全资子公司——四川百利药业推至聚光灯下。 9月24日，云南医保局就百利药业生产的马来酸依那普利口服溶液挂网价格高达558元发出公开问询，要 求其说明价格构成、销售利润、价差合理性及是否存在不当营销等四项问题。 这并不是该产品首次因价格问题引发关注。就在十天前的9月15日，上海阳光医药采购网已发布通知， 暂停包括该口服溶液在内的15个品规药品采购资格。接连被两地监管机构重点关注，折射出当前药品价 格监管的高压态势。 高价的质疑：剂型差异能否支撑70倍价差？ 马来酸依那普利是一种经典的血管紧张素转化酶抑制剂（ACEI），广泛用于治疗原发性高血压、肾性 高血压和充血性心力衰竭。该药的主流剂型为片剂，已多次被纳入国家集采，价格大幅下降。 以扬子江药业生产的马来酸依那普利片为例，经过集采两轮降价，从每盒19.15元降至5.66元，降幅达 70.4%。相比之下，百利药业生产的口服溶液剂型挂网价高达558元，与集采片剂形成近70倍的价差。 结 ...

Core Insights - The article highlights the ongoing efforts in drug price governance in China, particularly focusing on the scrutiny of drug prices in the context of centralized procurement and regulatory measures [1][2][8] Group 1: Regulatory Actions - Yunnan Medical Insurance Bureau issued an inquiry regarding the pricing of a specific drug, indicating that the price of the oral solution of Enalapril Maleate by Sichuan Baili Pharmaceutical is significantly higher than similar products, with a price difference of nearly 70 times [3][4] - The inquiry requires the company to justify the pricing structure, including factory price, terminal price, and sales expenses, as well as to address potential issues of price inflation through agents [3][4] Group 2: Market Context - The oral solution of Enalapril Maleate is primarily used for treating hypertension and heart failure, and it was first approved in the U.S. in 2016, with a domestic version launched in 2022 [4][5] - The original drug's price is reported to be approximately 4611.71 yuan per bottle, while the domestic versions are priced around 558 yuan, indicating a significant markup in the market [4][5] Group 3: Price Governance Mechanisms - The Chinese government has implemented a series of measures to regulate drug prices, including centralized procurement and the establishment of a national monitoring price list for drugs [8][9] - The new pricing governance mechanism aims to promote transparency and discourage unethical practices such as kickbacks and monopolistic behaviors, encouraging companies to focus on product quality and innovation [9][10] Group 4: Industry Impact - The ongoing price governance efforts are expected to lead to a more standardized pricing system across provinces, with many regions already implementing local rules for drug pricing [9][10] - The article notes that several companies have begun to voluntarily adjust their prices in response to regulatory pressures, indicating a shift towards more competitive pricing in the pharmaceutical industry [9][10]

9月24日，云南省医保局向四川百利药业有限责任公司（简称"百利药业"）发出公开问询函。 一、请详细说明你公司马来酸依那普利口服溶液的出厂价格、终端价格，以及研发投入、生产制造、期间费用等各项价格构成情况。 不同于已经进入集采的片剂，马来酸依那普利口服溶液目前还较为稀缺，根据国家药监局数据查询系统的信息，仅有两家生产企业。相较于片剂，口服溶 液的研发和生产门槛更高，需要解决药物的溶解度、稳定性、口感、防腐等一系列技术问题。 二、请详细说明你公司马来酸依那普利口服溶液近5年各年度销售量、销售金额，以及你公司作为生产研发企业的实际利润等情况。 三、请详细说明你公司马来酸依那普利口服溶液出厂价格和终端价格之间价差的合理性、必要性，以及终端价格构成中所含全部销售费用的资金支出去向 等情况。 资料显示，马来酸依那普利是一种血管紧张素转化酶抑制剂（ACEI），呈白色至灰白色结晶性粉末，临床主要用于治疗各期原发性高血压、肾性高血压 及充血性心力衰竭，并能改善症状性心衰患者的生存率及降低住院风险。 公开函件显示，百利药业生产的马来酸依那普利口服溶液挂网价格高达558元，与同通用名不同剂型（片剂，单价8元左右）存在近70倍价差。 ...

Core Viewpoint - The Shanghai Municipal Medical Procurement Management Office announced the suspension of procurement qualifications for certain drugs due to non-compliance with price adjustment requirements, affecting multiple companies including Shutaishen and Baili Pharmaceutical [1][2]. Group 1: Impact on Shutaishen - Shutaishen's product, Compound Polyethylene Glycol (3350) Quality Vitamin C Powder, is set to be launched on October 9, 2024, as the first domestic generic, aimed at bowel cleansing before medical procedures [1]. - Shutaishen has experienced a continuous decline in revenue for three years and has reported losses for five consecutive years, totaling over 1 billion yuan [2]. - In the first half of 2025, Shutaishen reported revenue of 126 million yuan, a year-on-year decline of 31.14%, with a net profit of -24.64 million yuan [2]. Group 2: Impact on Baili Pharmaceutical - Baili Pharmaceutical's product, Oral Solution of Enalapril Maleate, is also included in the suspended procurement list [2]. - Baili Pharmaceutical reported revenue of 113 million yuan in the first half of 2025, accounting for 66% of its parent company Baili Tianheng's revenue, with a net profit of -23.48 million yuan [2]. - Baili Tianheng's revenue has been declining due to falling sales in its chemical and traditional Chinese medicine product segments, which are crucial for supporting innovative drug research and development [2]. Group 3: Other Affected Products - Other drugs affected by the procurement suspension include Vancomycin Capsules, Betamethasone Ointment, Calcium Acetate Oral Solution, and several others from various pharmaceutical companies [3].

Group 1 - Shanghai Sunshine Pharmaceutical Procurement Network announced that starting from September 16, 2025, certain drug procurement qualifications will be suspended due to non-compliance with price adjustment requirements by some companies [1] - A total of 10 drugs, including 15 specifications, are affected, involving 11 companies such as Shutaishen and Sichuan Baili Pharmaceutical [1] - Shutaishen's product, Compound Polyethylene Glycol (3350) Quality Vitamin C Powder, is set to be launched on October 9, 2024, as the first domestic generic, aimed at bowel cleansing before medical procedures [1] Group 2 - Shutaishen has experienced a continuous revenue decline for three years and has reported losses for five consecutive years, accumulating over 1 billion yuan in losses [2] - In the first half of 2025, Shutaishen reported revenue of 126 million yuan, a year-on-year decline of 31.14%, with a net profit of -24.64 million yuan [2] - Sichuan Baili Pharmaceutical's oral solution of Enalapril Maleate is also included in the suspended procurement list, with Baili Pharmaceutical reporting revenue of 113 million yuan in the first half of 2025, accounting for 66% of its parent company's revenue [2] Group 3 - Other drugs affected by the procurement suspension include Vancomycin Capsules, Betamethasone Ointment, Calcium Acetate Oral Solution, and several others from various pharmaceutical companies [3]