GRAND PHARMA (00512) Builds a Dual-Line Payment Framework of Medical Insurance + Commercial Insurance: Yigantai Opens Up Commercial Insurance Payment Channels, Laiteling Included in the National Medical Insurance Drug Catalog for the First Time, and Multiple Chronic Disease Pipelines Continue to Expand Volume on the Back of Medical Insurance

Against the backdrop of accelerating development of the multi-tiered medical security system, GRAND PHARMA (00512) is stepping up its "medical insurance + commercial insurance" dual payment channel layout. Recently, the company announced that six of its products have successfully entered multiple industry supporting lists, including the national medical insurance and commercial insurance catalogs, which is expected to simultaneously enhance patient access to medications and product market coverage, and will provide a new fulcrum for long-term commercialization and volume growth. According to the company announcement, GRAND PHARMA's blockbuster radiopharmaceutical product Yigantai (Yttrium-90 microsphere injection) was successfully included for the first time in the "Commercial Health Insurance Innovative Drug Catalog (2026)" (Commercial Insurance Innovative Drug Catalog) issued by the National Healthcare Security Administration, and was simultaneously included in the "Commercial Health Insurance Drug Coverage Recommendation List (First Edition)" (Recommendation List) issued by the Insurance Association of China, becoming the only selective internal radiation therapy (SIRT) product included in the Commercial Insurance Innovative Drug Catalog this time. This is not only an important milestone in the commercialization process of GRAND PHARMA's radiopharmaceutical segment, but also a landmark move in its integration into the commercial insurance drug coverage ecosystem, and further marks that China's radiopharmaceutical track is expected to enter a new growth stage. At the same time, GRAND PHARMA's Laiteling (Olopatadine and Mometasone Furoate Nasal Spray) was included in the National Medical Insurance Drug Catalog for the first time; Enzhuorun (Indacaterol, Glycopyrronium and Mometasone Furoate Powder for Inhalation II), Enmingrun (Indacaterol and Mometasone Furoate Powder for Inhalation II, III), and Limeitong (Eplerenone Tablets) successfully renewed their contracts and remained in the National Medical Insurance Drug Catalog; Anweide (Carglumic Acid Dispersible Tablets) was included for the first time in the "Drugs Involved in Commercial Health Insurance Coverage Cost Calculation" (Commercial Insurance Coverage Cost Table) issued by the China Association of Actuaries. The above six products access the multi-tiered medical security system through diverse admission pathways, which will not only help improve patient access to medications in the relevant disease areas and effectively reduce treatment burdens, but will also further accelerate market penetration and coverage of the products, forming a virtuous cycle from the payment side to the clinical side, and laying a solid foundation for GRAND PHARMA's long-term high-quality growth. Yigantai Included in Commercial Insurance Innovative Drug Catalog, High-Value Radiopharmaceutical Breaks Through Payment Bottleneck It is understood that Yigantai is indicated for the treatment of patients with unresectable colorectal cancer liver metastases (mCRC) who have failed standard treatment, and is the world's first and currently only SIRT product approved by the US FDA for the dual indications of unresectable hepatocellular carcinoma (HCC) and mCRC. The product obtained marketing authorization from the US FDA and the European Medicines Agency in 2002, and was approved for marketing in China by the National Medical Products Administration in 2022. Over more than two decades since its launch, Yigantai has been used cumulatively in more than 150,000 patient cases across more than 50 countries and regions worldwide. In China, Yigantai mainly reduces patients' medication burden through local inclusive insurance programs and other means, and has been included in more than 50 inclusive insurance programs and 3 special medical insurance programs, covering more than 24 provincial-level administrative regions and more than 100 cities. Supported by existing payment channels, Yigantai has delivered impressive results: since its launch in China in early 2022, it has driven a 15-fold growth in GRAND PHARMA's radiopharmaceutical anti-tumor diagnosis and treatment segment over four years. The inclusion in the Commercial Insurance Innovative Drug Catalog and Recommendation List opens up a new payment channel for Yigantai beyond inclusive insurance. As an important supplement to the National Medical Insurance Catalog, the Commercial Insurance Innovative Drug Catalog to a certain extent preserves commercialization space for high-value innovative drugs. The inclusion of Yigantai in the Commercial Insurance Innovative Drug Catalog and Recommendation List this time also means dual recognition by the state and the industry of the product's clinical value and pharmacoeconomic value. Holding the "admission ticket" of the Commercial Insurance Innovative Drug Catalog, Yigantai is expected to achieve further product volume growth, help reduce patient burden, enhance the accessibility and market penetration of innovative radiopharmaceuticals, and accelerate clinical promotion and commercial value conversion. While consolidating the foundation for volume growth on the payment side, looking at the medium to long term, the commercialization ceiling of Yigantai is being further opened up through multi-indication expansion. In addition to colorectal cancer liver metastases (mCRC), GRAND PHARMA is also actively exploring the therapeutic potential of the product in HCC and other liver cancer types. It obtained an additional HCC indication from the FDA in July 2025, and in August of the same year obtained European CE mark certification expanding to multiple liver cancer indications, achieving full coverage in the field of unresectable liver cancer treatment. Subsequently, as its "pan-liver cancer" therapeutic potential is clinically validated, its market potential may double and leap. According to data from the National Cancer Center, China has approximately 370,000 new cases of liver cancer annually, with HCC accounting for 85%-90% of primary liver cancer, while fewer than 30% of patients are suitable for curative treatment at initial diagnosis. Frost & Sullivan predicts that by 2030, the domestic HCC drug market space is expected to reach approximately RMB48.7 billion, representing a very considerable market space. For GRAND PHARMA, the inclusion of Yigantai in the Commercial Insurance Innovative Drug Catalog and Recommendation List this time is highly milestone-significant, not only a payment breakthrough for a single product, but also another important validation of the commercialization path of the radiopharmaceutical segment. Radiopharmaceutical anti-tumor diagnosis and treatment, as the company's core strategic direction, will see Yigantai's admission experience provide a replicable demonstration for subsequent products. At present, GRAND PHARMA has formed a global all-round layout covering R&D, production, distribution, and sales in the radiopharmaceutical segment around the theranostic treatment concept of tumor diagnosis and treatment integration. The company has reserved 16 innovative products at the R&D and registration stage, covering 5 radioactive isotopes including 68Ga, 177Lu, 131I, 90Y, and 89Zr, and covering 7 cancer types including liver cancer, prostate cancer, and brain cancer; at the early R&D stage, it focuses mainly on RDC drugs, with more than 10 products in reserve. In terms of product types, it covers both diagnostic and therapeutic radiopharmaceuticals, providing patients with multi-indication treatment options and globally leading anti-tumor solutions featuring multiple modalities and integrated diagnosis and treatment. With the opening of commercial insurance payment channels and the successive commercialization of multiple innovative radiopharmaceuticals, GRAND PHARMA is expected to leverage the company's mature commercialization capabilities and an increasingly improved diversified payment system to accelerate market penetration and value release of radiopharmaceutical products, injecting sustained momentum into the segment's long-term growth. Multiple Products Included in National Medical Insurance Catalog, Consolidating Volume Growth Foundation to Achieve Long-Term Chronic Disease Management Alongside the milestone breakthrough on the commercial insurance side, GRAND PHARMA also received good news regarding products in the National Medical Insurance Catalog. Laiteling was included in the National Medical Insurance Drug Catalog for the first time, and Enzhuorun, Enmingrun, and Limeitong also successfully renewed their contracts and remained in the National Medical Insurance Drug Catalog, achieving a dual-line payment structure in which high-value oncology drugs break through relying on commercial supplementary insurance and chronic disease drugs achieve volume growth relying on medical insurance, continuously broadening drug accessibility. By product, Laiteling is a globally innovative original compound preparation for the treatment of allergic rhinitis. It achieved "zero deficiency letter" approval for marketing in China at the end of 2025 and officially launched in the Chinese market in March 2026. It is currently the only approved compound nasal spray preparation in China for allergic rhinitis in children aged 6 and above. The product has a strong onset of action, with the two components working synergistically to rapidly relieve symptoms, and it has a comfortable taste that is easy to adhere to, further improving medication compliance and providing moderate-to-severe patients with better and more comprehensive treatment options. Enmingrun and Enzhuorun are both globally innovative compound inhalation preparations for the treatment of asthma. The two products were approved for marketing in China in 2022 and successfully passed national medical insurance negotiations after launch, entering the 2022 edition of the National Medical Insurance Catalog and becoming important performance increments for GRAND PHARMA. In the first half of 2026, the two products continued to grow volume, bringing strong development momentum to GRAND PHARMA. Their inclusion in the National Medical Insurance Catalog again this time means their clinical value has once again been recognized, and they are expected to further benefit asthma patients in China. Limeitong is a novel mineralocorticoid receptor antagonist (MRA) drug that can reduce cardiac burden, lower blood pressure, and improve heart failure symptoms. It has been recommended by multiple guidelines and consensus statements for antihypertensive treatment in patients with hypertension. The product has good clinical efficacy and few adverse reactions, and is known as "the world's best antihypertensive drug." The successful simple renewal this time will continue its medical insurance coverage in the hypertension treatment field and support stable volume growth of the product. The four products Laiteling, Enmingrun, Enzhuorun, and Limeitong mainly cover two major categories of chronic diseases: allergic rhinitis and asthma, and hypertension. Their patient populations are large and treatment cycles are long, with rigid demand for sustained medication. Frost & Sullivan data show that in 2023, the number of patients with hypertension, allergic rhinitis, and asthma in China was 347 million, 288 million, and 69 million, respectively, and the market sizes behind them all reached several billion to tens of billions of yuan. In particular, the hypertension drug market had grown to RMB100 billion by 2025, making it one of the largest sub-sectors among chronic disease medications in China. After the four products are included in the National Medical Insurance Catalog this time, they can leverage strong in-hospital reach and payment underpinning capacity to rapidly expand coverage, continuously reduce the long-term treatment burden on patients, ensure continuity of medication, steadily release the commercial value of the chronic disease pipeline, and further consolidate GRAND PHARMA's position in the respiratory and cardiovascular and cerebrovascular fields. It is worth noting that GRAND PHARMA's rare disease pipeline also achieved a breakthrough on the commercial insurance side this time. The company's self-developed rare disease drug Anweide (Carglumic Acid Dispersible Tablets), used for the treatment of hyperammonemia in adults or children caused by N-acetylglutamate synthase (NAGS) deficiency, isovaleric acidemia (IVA), methylmalonic acidemia (MMA), or propionic acidemia (PA), has been included in the Commercial Insurance Coverage Cost Table. This inclusion marks a key step for the rare disease drug Anweide from "clinical value recognized" to "payment side supported by pricing infrastructure," not only establishing a leading position for the product within the payment framework of commercial health insurance, but also providing an important opportunity for GRAND PHARMA to establish first-mover awareness on the payment side, helping to enhance product accessibility and market penetration, and accumulating valuable payment-side experience for the commercialization of subsequent rare disease pipelines. The coordinated linkage between medical insurance and commercial insurance is an important measure under the national policy of "guaranteeing basic needs and promoting innovation" and vigorously supporting the high-quality development of innovative drugs. GRAND PHARMA matches corresponding payment channels to products with different attributes and has formed a payment structure of "chronic disease products achieving volume through medical insurance + innovative products preserving value through commercial insurance," realizing differentiated volume growth for high-value innovative drugs and basic chronic disease drugs, safeguarding patients' medication rights while opening up long-term growth space.