Policy Tendence
From January to April 2025, the amount of mutual assistance in employee medical insurance personal accounts was 17.792 billion yuan
On May 22nd, the National Healthcare Security Administration announced that the mutual assistance of employee medical insurance personal accounts can be achieved through instant calling of the bound person's personal account, medical insurance wallet transfer, and other methods. From January to April 2025, the personal accounts of employees' medical insurance assisted 133 million people, with a total amount of 17.792 billion yuan. From the perspective of mutual aid regions, within the same overall planning area (usually the same city), there were 121 million mutual aid visits and a total mutual aid amount of 15.844 billion yuan; Within the province, there were 11.0188 million cross regional mutual aid visits, with a total amount of 1.914 billion yuan. From the perspective of mutual aid purposes, 15.857 billion yuan was used to pay for personal medical expenses incurred in designated medical institutions, 973 million yuan was used to pay for personal expenses incurred in designated retail pharmacies, and 695 million yuan was used for personal contributions to participate in basic medical insurance for residents.
Medical device approval
Gakos/Elis KRAS G12C inhibitor approved for market launch
On May 22nd, the official website of NMPA announced that the KRAS G12C inhibitor Golirense, developed in collaboration with Alex, has been approved for marketing in China. It is used for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who have received at least first-line systemic treatment for KRAS G12C mutations.
21 Comment: Currently, domestic pharmaceutical companies are rapidly advancing their pipeline and optimizing resource integration through cooperation models. From an industry perspective, the targeted therapy market for non-small cell lung cancer continues to expand, and KRAS G12C mutation, as an important subtype, has a large patient population and urgent treatment needs. If the KRAS G12C inhibitor Golirese can be expanded to first-line treatment or combination therapy in the future, the market potential will be further released. With the advancement of medical insurance negotiations and the improvement of drug accessibility, local innovative drugs are expected to occupy a larger share in the field of lung cancer treatment.
Hengrui Pharmaceutical's new hypoglycemic drug, Regliptin Metformin Tablets, has been approved for market launch
On May 22, the official website of the State Drug Administration of China (NMPA) announced that the Class 1 innovative drug Retagliptin Metformin Tablets (I)/(II) declared by Hengrui Pharmaceutical was approved. This drug, combined with diet control and exercise, is suitable for type 2 diabetes adult patients who receive Retagliptin Phosphate and Metformin Hydrochloride to improve blood sugar control. According to publicly available information, this is a fixed dose compound formulation composed of the dipeptidyl peptidase IV (DPP-4) inhibitor phosphagliptin and metformin developed by Hengrui Pharmaceutical.
capital market
Boyin Listening received tens of millions of yuan in capital increase in Series B
On May 22nd, Boyin Hearing announced that it had received tens of millions of yuan in capital increase in Series B, and will continue to increase investment in the research and development of domestic hearing aids and the layout of professional service institutions, opening up a new pattern of the hearing ecology. The investor for this investment is Suzhou Guofa Venture Capital Holdings Co., Ltd. After the official announcement of nearly 100 million yuan in Series B financing in January 2025, Boyin Listening has once again gained favor from state-owned capital.
Lide Health completes nearly 100 million yuan angel round financing
On May 22nd, Lide Health Technology (Guangzhou) Co., Ltd. completed an angel round financing of nearly 100 million yuan. This round of financing is led by Jiadao Capital, with Qiji Investment, Zhongke Chuangxing, Juke Emerging Industry Venture Capital, Shijian Capital, and Jiuzhou Xinnuo as co investors. The financing funds will be used to accelerate technology research and development, product industrialization, and market expansion.

Industry Events
Rongchang Biotechnology raises HKD 800 million through allocation and financing
On May 22nd, Rongchang Biotechnology announced its plan to issue 19 million new H-shares at a price of HKD 42.44 per share, a discount of approximately 9.51% from the previous day's closing price, with an expected net fundraising of approximately HKD 796 million. This placement of shares accounts for 10.02% of the existing H shares, mainly used for core product pipeline expansion (such as the expansion of indications for Taitacept) and general corporate purposes.
Public opinion warning
Haoyuan Pharmaceutical's shareholder Zhenjin Investment reduces holdings by approximately 3.2 million shares
On May 22, Haoyuan Pharmaceutical announced that from February 28, 2025 to May 22, 2025, Zhenjin Investment had cumulatively reduced its holdings of approximately 3.2 million shares in the company through centralized bidding and bulk trading, accounting for 1.51% of the company's total share capital. After this reduction, Zhenjin Investment no longer holds shares in the company, and the implementation of this reduction plan has been completed.
Biotech adjusts the development strategy of BAT3306 and terminates the research on BAT3306-002
On May 22nd, Biotech announced that after careful evaluation of the company's drug supervision and management policies and other factors, it plans to adjust the development strategy of BAT3306 (pembrolizumab) and terminate the ongoing BAT3306-002 study on BAT3306 (an evaluation of the combination of BAT3306 with chemotherapy and cridesivir) ® A multicenter, randomized, double-blind phase I/III study on the pharmacokinetics, efficacy, and safety of combination chemotherapy in patients with stage IV non-small cell lung cancer. As of April 30, 2025, the company has invested a total of 224 million yuan in the BAT3306 research and development project.
21 reviews: As a PD-1 inhibitor, the market competition for pembrolizumab has become extremely fierce, and multiple similar products have been approved for market launch both domestically and internationally, leading to a stable market landscape. Biotech's move may be based on a comprehensive consideration of the current market competition situation, research and development costs, and potential benefits. Biotech timely terminated high-risk projects, although the initial investment was relatively large, it avoided further waste of resources and was conducive to concentrating efforts to promote other more promising pipelines. This also reminds the industry that innovative drug development needs to strengthen early market research and risk assessment, focus on differentiated competition, find its own positioning in fierce industry competition, and achieve sustainable development.