The STRATIFY II trial investigates the efficacy of three different approaches to reducing thrombus burdon in patients with acute intermediate high-risk pulmonary embolism: percutaneous embolectomy (the AlphaVAC(R), AngioDynamics or the Flow Triever® system, INARI medical), Low intravenous thrombolysis (Alteplase 10 mg) and heparin with the option to perform full-dose thrombolysis. As a co-primary secondary end point the trial assess the incremental efficacy of the embolectomy vs the catheter based low dose thrombolysis approach.
Thus the two main hypothesis being tested are:
1. Thrombus burden reduction after 48-96 h is increased with a catheter based (embolectomy or low-dose alteplase) compared to the a heparin with optional high dose thrombolysis approach (1st co-primary outcome)
2. Thrombus burden reduction after 48-96 h is increased with percutaneous embolectomy compared to low-dose alteplase (2nd co-primary outcome)

开始日期2026-06-17

申办/合作机构

Rigshospitalet

[+4]

ChiCTR2600125613

/ Not yet recruitingN/AIIT

Safety and effectiveness of immediate application of protamine to reverse heparin anticoagulation after PCI - a randomized controlled trial

开始日期2026-06-01

申办/合作机构

海军总医院

100 项与肝素钙相关的临床结果

登录后查看更多信息

100 项与肝素钙相关的转化医学

登录后查看更多信息

100 项与肝素钙相关的专利（医药）

登录后查看更多信息

44,931

项与肝素钙相关的文献（医药）

2026-12-31·RENAL FAILURE

Implementation quality as a modifiable determinant of filter lifespan in regional citrate anticoagulation: a real-world clustering-adjusted study

Article

作者: He, Dan ; Liang, Zhili ; Yan, Wenjuan ; Wang, Hongjuan ; Liu, Yanan ; Ou, Qing ; Li, Yucheng ; Zeng, Zhenhua ; Wei, Hongyun ; Hu, Hongbin

Continuous renal replacement therapy (CRRT) is widely used in critically ill patients, but filter clotting remains a common complication. Regional citrate anticoagulation (RCA) is recommended; however, its real-world effectiveness may depend on implementation quality. This single-center retrospective cohort study analyzed 420 CRRT sessions from 1 September 2025 to 30 November 2025. Mixed-effects Cox models with patient-level random intercepts and competing-risk analysis were used. The primary outcome was filter clotting. In adjusted analyses, RCA was associated with a significantly reduced hazard of filter clotting compared with heparin (adjusted hazard ratio (aHR) for heparin vs. RCA: 1.78, 95% confidence interval (CI): 1.14-2.77, p = 0.011). Nafamostat showed no statistically significant difference from RCA (aHR: 1.31, 95% CI: 0.78-2.19, p = 0.31); however, the wide CI reflects limited sample size, and equivalence cannot be inferred. Within the RCA group, absence of timely post-filter ionized calcium (iCa²⁺) monitoring within 2 h was independently associated with increased clotting risk (adjusted odds ratio: 2.18, 95% CI: 1.24-3.84, p = 0.007), with a dose-response relationship (each one-hour delay increased clotting odds by 15%, p = 0.02). Major bleeding was infrequent (2.1% overall); metabolic complications (citrate accumulation) occurred in 2.9% of RCA sessions. In this cluster-adjusted real-world cohort, RCA was associated with improved filter survival compared with heparin. Implementation fidelity, particularly timely post-filter iCa²⁺ monitoring, appears to influence RCA effectiveness.

2026-12-31·RENAL FAILURE

Risk factors for hypotension and technical complications during single-session double-filtration plasmapheresis: a 15-year retrospective study of 1,022 procedures

Article

作者: Jing, Meng ; Ma, Jun ; Gao, Chenni ; Chen, Xiaonong ; Zhu, Yujia ; Chen, Zijin ; Yu, Haijin ; Yang, Zhenhua ; Xie, Jingyuan

Double-filtration plasmapheresis (DFPP) is increasingly used for immune-mediated and hematologic diseases, yet real-world safety data remain limited. In this 15-year retrospective study, we analyzed 1,022 DFPP sessions performed in 385 patients. The primary outcomes were hypotension and technical complications. Patient demographics, indications, laboratory parameters, treatment prescriptions, anticoagulation regimens, and procedure-related adverse events were collected. Mixed-effects logistic regression models were applied to identify factors associated with hypotension and technical complications. Hyperviscosity syndrome was the most common indication, accounting for 55.3% of all sessions. The mean treatment volume was 3.06 ± 0.41 L, corresponding to 0.95 ± 0.16 times the estimated plasma volume. Hypotension occurred in 15.3% of sessions and technical complications in 7.6%, both demonstrating significant declining trends over time (p < 0.05 for trend). Immune thrombotic thrombocytopenic purpura was independently associated with hypotension (OR 11.96, 95% CI 1.94-73.68). Older age modestly increased risk (OR 1.03 per year, 95% CI 1.00-1.06), while treatment year was inversely associated with hypotension (OR 0.77 per year, 95% CI 0.66-0.89). Technical complications were independently associated with use of the PLASAUTO Σ system (OR 8.78, 95% CI 2.76-27.97), use of non-heparin/non-nafamostat anticoagulants (OR 9.42, 95% CI 2.71-32.72), and hyperviscosity syndrome (OR 8.09, 95% CI 1.80-36.29). Among 309 sessions with paired measurements, median immunoglobulin reduction was 29.8% for IgG overall. DFPP demonstrated an acceptable safety profile, with declining complication rates over time. The risk of complications was influenced by underlying disease, patients' status, and anticoagulation strategy.

2026-12-01·Natural Products and Bioprospecting

Mining anticoagulant peptides from Poecilobdella manillensis by peptidomics analysis

Article

作者: Peng, Jiang-Song ; Yang, Huan ; Shen, Yu-Ping ; Deng, Xiao-Li ; Zheng, Han-Xue ; Li, Teng-Teng ; Xia, Guo-Hua

Abstract:

Thrombosis triggers various severe diseases, while antithrombotic drugs carry bleeding risks, making the development of novel natural anticoagulants a subject of widespread attention. Poecilobdella manillensis , a prevalent medicinal leech, exhibits remarkable anticoagulant and antithrombotic activities. However, the material basis underlying its anticoagulant effects remains insufficiently investigated. This study aims to mine anticoagulant peptides from P. manillensis by peptidomics analysis, elucidate the material basis of its anticoagulant activity, and provide candidate molecules for developing novel natural anticoagulant drugs. Proteins extracted from P. manillensis were enzymatically digested and fractionated using DEAE-52 and CN columns. The resulting peptide components were analyzed by UPLC-Q-Orbitrap HRMS, and peptide sequences were matched against proteomic databases using Proteome Discoverer. Anticoagulant peptides were predicted using the BIOPEP-UWM database and PeptideRanker server, followed by in vitro and in vivo activity validation. Results showed that the hydrolysate consisted predominantly of low-molecular-weight peptides. 1533 peptides with Mw < 3000 Da (length < 20 amino acids) were identified from the PM-A2 and PM-A3 fractions, accounting for 40.76% of the total. Four peptides selected through predictive screening demonstrated anticoagulant and antithrombotic activities in vitro. Among them, LE-11 significantly prolonged both APTT and TT ( P < 0.0001). Furthermore, LE-11 effectively alleviated carrageenan-induced thrombosis in mice, outperforming the heparin control at the mid-concentration (20 mg/kg). In this study, the highly active anticoagulant peptide LE-11 was identified from P. manillensis through peptidomic analysis. These findings establish a solid foundation for developing anticoagulant drugs from this source and provide critical scientific support for its clinical application in treating thrombotic diseases. Graphical Abstract

416

项与肝素钙相关的新闻（医药）

2026-07-03

·今日头条

常山药业：突破海外质量标准，重塑肝素医药产业生态

一、公司基础概况常山药业（300255）2000年成立，2011年登陆创业板，总部河北正定，为国内肝素领域具备全产业链能力的生物制药企业，覆盖肝素粗品、原料药、低分子肝素制剂研发生产，布局创新药与高端仿制药领域。核心产品涵盖普通肝素原料药、低分子肝素钙（万脉舒）、达肝素钠（万脉宁）、那屈肝素钙、依诺肝素钠等，应用于血栓预防、血液透析、心血管治疗等场景。二、核心技术壁垒 1. 肝素提取与精制技术掌握猪肠粘膜粗品提取→精制纯化→低分子降解全流程工艺，膜分离与层析技术提升收率，杂质控制达EP/USP标准。依诺肝素钠原料药产能5000公斤/年，分子量控制精准（3800-5000）。 2. 低分子肝素制剂技术自研低分子肝素钙注射液（万脉舒），达肝素钠、那屈肝素钙注射液通过一致性评价；依诺肝素钠注射液2026年获美国FDA批准，质量对标国际标准。 3. 绿色生产与规模化技术建成年产35吨肝素系列原料药项目，采用酶解控制、低温纯化工艺，降低能耗与排放，适配国内外监管要求。 4. 创新药研发技术布局GLP-1受体激动剂艾本那肽，推进临床研究，探索代谢疾病治疗领域技术突破。三、产业链结构与建设现状 1. 上游：原料端依赖猪小肠黏膜，国内规模化生猪养殖提供原料基础，成本受生猪周期、疫病影响。建设粗品采集体系，稳定供应链，应对原料价格波动风险。 2. 中游：原料药与制剂原料药：肝素钠、依诺肝素钠等，产能规模位居国内前列，出口欧盟、美国、东南亚。制剂：四大低分子肝素制剂，国内覆盖公立医院、血透中心；依诺肝素钠注射液进入美国市场。 3. 下游：应用终端核心场景：骨科/普外术后血栓预防、深静脉血栓治疗、血液透析抗凝、心血管疾病联合治疗。渠道：国内以医院为主，海外通过国际经销商拓展市场。四、行业两条核心发展路线对比路线一：国际药企专利原研路线（赛诺菲、辉瑞）技术：原研低分子肝素专利体系完整，结构修饰与制剂技术领先，质量标准主导全球。模式：专利期内垄断市场，高价策略，布局新型抗凝药替代传统肝素。适配性：主导欧美高端市场，专利到期后市场份额逐步被仿制药挤压。路线二：国内企业全产业链仿创路线（常山药业为代表）技术：突破提取、纯化、降解核心工艺，仿制药一致性评价通过率提升，布局创新药转型。模式：原料药+制剂一体化，成本可控，适配国内集采与国际仿制药市场。适配性：满足国内基层医疗与海外中低端市场需求，逐步向高端市场渗透。五、核心技术难点与产业挑战 1. 原料供应稳定性猪小肠依赖生猪养殖，非洲猪瘟、环保政策影响供给与价格，粗品肝素成本波动大。 2. 质量控制精度低分子肝素结构复杂，分子量分布、杂质残留控制难度高，FDA/EMA认证标准严苛。 3. 集采与国际竞争压力国内制剂集采常态化，价格下行；海外市场面临国际巨头与本土仿制药企业双重竞争。 4. 创新药研发周期长艾本那肽等创新药临床投入大、周期久，面临同类靶点药物竞争风险。六、产业政策支持工信部将依诺肝素钠、超低分子肝素钠纳入重点新材料支持范围，鼓励突破酶解控制、结构表征技术。国家药监局加快肝素制剂一致性评价，提升国产制剂竞争力；支持企业参与国际标准制定，推动质量标准与欧美接轨。免责声明：本文仅围绕常山药业的技术、政策、产业链结构及建设现状进行客观分析，不涉及任何投资建议，不构成对相关证券的买卖、持仓推荐。市场存在不确定性，任何基于本文内容的决策行为，均由行为人自行承担全部风险。

2026-07-02

·Business Wire

3-Year DETOUR2 Results Demonstrate Sustained Symptom Relief and Limb Preservation in Complex SFA Disease

SANTA ROSA, Calif.--(BUSINESS WIRE)--Endologix LLC, a privately held, global medical device company focused on advancing innovative therapies for the interventional treatment of vascular disease, today announced publication of 36-month results from the DETOUR2 clinical trial evaluating Percutaneous Transmural Arterial Bypass (PTAB) using the DETOUR™ System in the Journal of the Society for Cardiovascular Angiography and Interventions (JSCAI). The DETOUR2 Trial is a prospective, single-arm, international, multi-center clinical evaluation of the safety and effectiveness of PTAB using the DETOUR System in patients with long and complex femoropopliteal lesions. The prospective, multicenter, international study enrolled 202 patients across 32 clinical sites and results demonstrated sustained safety and durable clinical outcomes through 36 months, supporting PTAB with the DETOUR System as a minimally invasive alternative for patients with complex peripheral arterial disease (PAD). This publication comes on the heels of additional progress with the PTAB1 study, a prospective, multi-center, real-world registry evaluating the safety and clinical performance of the DETOUR System, which has now enrolled more than 200 patients and is tracking outcomes in patients with complex, long-segment PAD. “Long-segment femoropopliteal disease remains one of the most challenging areas in peripheral vascular intervention,” said Dr. Prakash Krishnan, MD, Icahn School of Medicine at Mount Sinai and lead author of the study. “The DETOUR2 results demonstrate that percutaneous bypass using the DETOUR System can deliver durable outcomes through three years with favorable safety, providing an important treatment option for patients with complex SFA disease.” The study shows strong long-term outcomes in a highly complex SFA disease patient population with a mean lesion length of 32.7 cm, 96% chronic total occlusions (CTO), and 70% severely calcified lesions. Key results through 3 years: Primary patency at 36 months: 58.2% Patency defined as freedom from occlusion (flow/no flow): 84.0% Freedom from clinically driven target lesion revascularization (CD-TLR): 66.8% Freedom from major adverse limb events (MALE): 64.5% Freedom from major amputation: 97.9% (unchanged from 12m) Symptomatic deep vein thrombosis (DVT): 4.1%, with no pulmonary emboli reported (unchanged from 12m) Clinical success, defined as improvement in Rutherford clinical classification, was achieved in 96.7% of patients at 36 months, reflecting sustained improvement in symptoms and functional status. “These findings highlight the durability of PTAB with the DETOUR System in treating long, complex lesions that historically have required open surgical bypass,” said John Liddicoat, President and CEO of Endologix. “The ability to deliver comparable durability with a minimally invasive procedure represents a meaningful advancement for physicians and patients managing complex peripheral arterial disease.” To view the published study, visit: https://www.jscai.org/article/S2772-9303%2826%2901204-4/fulltext PTAB with the DETOUR System offers a novel approach to treating complex PAD, enabling physicians to bypass lesions in the superficial femoral artery, by using stents routed through the femoral vein via a transmural passage, to restore blood flow to the leg. This approach is effective for patients with long lesions (20cm-46cm in length), those that have already undergone failed endovascular procedures, or those that may be sub-optimal candidates for open surgical bypass. About Endologix Endologix LLC is a California-based, global medical device company dedicated to improving patients’ lives by providing innovative therapies for the interventional treatment of vascular disease. Endologix’s therapeutic portfolio includes a variety of products in various stages of development that are designed to treat diseases that currently have clinically relevant unmet needs. Endologix’s commercial products, including the AFX®2 Endovascular AAA System, ALTO® Abdominal Stent Graft System, and the DETOUR™ System, are designed to treat a range of vascular diseases, from abdominal aortic aneurysms to lower limb peripheral vascular disease. Endologix is a portfolio company of investment funds managed by Deerfield Management, a firm committed to advancing healthcare through investment, intelligence, and philanthropy. The company has offices and manufacturing sites in Irvine and Santa Rosa, California. To learn more about Endologix, please visit https://www.endologix.com. Indications For Use The DETOUR™ System is indicated for use for percutaneous revascularization in patients with symptomatic femoropopliteal lesions from 200mm to 460mm in length with chronic total occlusions (100mm to 425mm) or diffuse stenosis >70% who may be considered suboptimal candidates for surgical or alternative endovascular treatments. The DETOUR™ System, or any of its components, is not for use in the coronary and cerebral vasculature. Contraindications The DETOUR™ System is contraindicated in patients with: A distal common femoral artery (CFA) <7 mm in diameter. Increased risk of deep vein thrombosis (DVT), such as patients with a recent history of DVT, thrombophilia, and disseminated malignancy. Untreated flow-limiting aortoiliac occlusive disease. Lack of patent single vessel tibial runoff to ankle. Known coagulopathy, bleeding diathesis, or thrombocytopenia that cannot be medically managed. Known hypersensitivities, allergies or contraindications to: Nitinol; PTFE; aspirin; heparin; antiplatelet; anticoagulant or thrombolytic therapy; or contrast media that cannot otherwise be medically managed. Refer to Instructions for Use for more information concerning Indications, Contraindications, Specific Anatomic Considerations, Warnings, Precautions, and Adverse Events. CAUTION: Federal (USA) law restricts this device to sale by or on the order of a physician. NOTE: Not all product components are available in every country. Please consult with your Endologix representative to confirm product availability.

临床结果AHA会议

2026-07-01

·有驾

常山药业的GLP-1赌局：从肝素到减肥药概念的14倍暴涨与65%回撤

核心结论速览： - 资本过山车：15年完成从肝素上市到GLP-1概念14倍暴涨再到65%回撤的资本轮回，2025年11月1日触及71.71元高点，市值突破659亿元，2026年6月18日回落至25.85元，市值237.58亿元，半年暴跌64% - 控制权稳固：高树华及其一致行动人高晓东合计持股25.70%，通过协议转让5%股份套现21.28亿元，仍牢牢掌控公司，构建"肝素主业+GLP-1创新+高估值融资"发展模式 - 资本渡劫：三次关键危机——2023-2025年肝素主业连续3年亏损（累计亏损超8.7亿元）、2026年艾本那肽审批延迟引发估值崩塌、2026年6月**股价闪崩15%**引发市场恐慌 - 技术叙事：聚焦GLP-1长效激动剂艾本那肽（糖尿病适应症NDA受理，减重适应症I期临床）与肝素全产业链（依诺肝素钠获美国FDA批准），成为股价暴涨核心驱动力 - 资本警示："传统药企+创新药概念+业绩亏损+高估值炒作"的风险组合，暴露A股市场对创新药叙事的过度追捧与公司治理挑战，同时展现传统药企向创新转型的机遇与陷阱一、创世之初：肝素龙头的创业与上市之路(2000-2011) 前身溯源：2000年9月28日，高树华在河北正定创立河北常山生化药业有限公司，定位肝素系列产品研发、生产与销售，肩负"发展生物制药，服务人类健康"的使命创业历程： - 技术起点：建立完整肝素产业链，从肝素粗品到原料药再到制剂的全流程生产，成为国内少数拥有完整肝素产业链的企业之一 - 产品布局：专注肝素钠原料药、低分子量肝素钙注射液、达肝素钠注射液和那屈肝素钙注射液四大核心产品，均占公司主营业务收入10%以上 - 行业定位：通过美国FDA和欧盟认证，低分子量肝素钙注射液覆盖3000多家医院，市占率在全国同类产品中保持领先地位资本里程碑： - 2011年8月19日：深交所创业板上市（股票代码300255），发行价28元，募资7.56亿元，首日收盘价33.60元，市值36.1亿元 - 股权结构：上市前高树华直接持股31.64%，为绝对控股股东，高晓东（高树华之子）任董事长 - 行业地位：成为国内肝素领域龙头企业，技术实力与市场份额逐步提升二、控制权博弈：高树华的资本套现与战略转型(2011-2026) 第一次资本挑战：肝素主业下滑与转型压力(2018-2022) - 行业下行：2018年后肝素行业受集采政策、原材料价格波动影响，进入下行周期 - 业绩波动：2020-2022年净利润维持在0.5-1亿元区间，增长乏力 - 转型迫切：高树华启动向创新药转型，重点推进GLP-1类创新药艾本那肽研发 - 融资突破：2016年8月增发8708.27万股，融资5.83亿元，为创新药研发提供资金支持第二次资本挑战：GLP-1概念爆发与高估值扩张(2023-2025) - 技术突破：2023年9月艾本那肽三期临床试验成功，2024年4月NDA获NMPA受理 - 股价狂飙：2023年9月至2025年11月，股价从4.5元暴涨至71.71元，涨幅超14倍，市值突破659亿元 - 资本运作：2025年11月高树华协议转让5.0051%股份给元素基金，套现21.28亿元，持股比例从30.54%降至25.53% - 控制权稳固：高树华与高晓东（持股0.17%）合计持股25.70%，仍维持控股股东地位第三次资本挑战：审批延迟与股价暴跌(2025-2026) - 审批波折：2025年7月艾本那肽收到CDE发补通知，2026年6月再次收到补充资料通知，上市时间推迟 - 业绩恶化：2024-2025年连续2年大额亏损，2025年净利润亏损3.58亿元，同比扩大43.46% - 股价闪崩：2026年6月17日股价闪崩15.15%，6月18日收盘25.85元，较峰值回撤64% - 风险应对：2026年1月依诺肝素钠注射液获美国FDA批准，7个主流规格全过，成为肝素业务新增长点股权结构现状(2026年6月)： - 高树华：持股25.53%，为实际控制人 - 高晓东：持股0.17%，任董事长，为高树华一致行动人 - 元素基金：持股5.0051%，为战略投资者 - 机构持股：北上资金、公募基金等合计持股约20%，股权结构相对稳定三、资本运作：融资、创新药研发与产业链拓展(2011-2026) 关键资本运作事件：时间资本运作金额核心内容资本意义 2011年 IPO 7.56亿元发行2700万股，发行价28元/股登陆A股，为肝素业务发展提供资本支持 2016年增发 5.83亿元向特定对象发行8708.27万股，发行价6.89元/股补充流动资金，支持创新药研发 2025年11月协议转让 21.28亿元转让4600万股给元素基金，占比5.0051% 实控人套现，引入战略投资者[__LINK_ICON] 2026年1月 FDA认证 - 依诺肝素钠注射液获美国FDA批准，7个规格全过开启海外市场新征程，提升肝素业务价值[__LINK_ICON] 2026年4月医保预沟通 - 艾本那肽列入国家医保局参照药预沟通名单技术评审已通过，仅剩行政流程融资特点： - 精准融资：上市15年完成1次IPO+1次增发，累计募资13.39亿元，为创新药研发与产业链拓展提供资金支持 - 实控人套现：通过协议转让实现高位套现，同时保持控制权，平衡个人利益与公司发展 - 分红政策：上市后累计分红10次，2023年分红方案为每10股派0.5元，股息率约1.1%，在业绩压力下仍保持稳健分红四、技术与产品：肝素全产业链与GLP-1创新双轮驱动(2011-2026) 核心技术与产品优势： 1. 肝素全产业链： - 完整布局：从肝素粗品、原料药到制剂的全流程生产，成本控制优势明显 - 国际认证：依诺肝素钠注射液获美国FDA批准，7个主流规格全过，成为国内第3家获此认证的企业 - 市场地位：低分子量肝素钙注射液覆盖3000多家医院，市占率领先，依诺肝素钠获FDA批准后有望打开美国市场 2. GLP-1长效激动剂艾本那肽： - 糖尿病适应症：已完成三期临床试验，NDA获NMPA受理，技术评审已通过，仅剩行政流程 - 减重适应症：2025年6月获临床试验批准，2026年5月首次公示I期临床试验信息，目前处于招募前准备阶段 - 产品特点：每周注射一次，较低剂量下即可实现显著降糖效果，患者依从性高 3. 其他创新药布局： - CSCJC3456片：用于治疗2型糖尿病，2025年2月I期临床首例受试者入组 - 抗肿瘤药物：处于早期研发阶段，丰富创新药管线技术商业化前景： - 肝素业务：依诺肝素钠美国FDA批准后，预计2026-2027年贡献海外收入1-2亿元，提升肝素业务盈利能力 - 艾本那肽：若2026年下半年获批上市，预计2027年贡献收入5-8亿元，成为公司新增长引擎 - 减重市场：若减重适应症临床试验顺利推进，预计2029年上市，市场空间超千亿元五、市值与财务：从概念炒作到价值回归(2011-2026) 股价与市值表现： - 2011年上市：首日收盘价33.60元，市值36.1亿元 - 2023年9月：股价跌至4.5元，市值不足40亿元，接近历史低点 - 2025年11月1日：股价触及71.71元高点，市值突破659亿元，市盈率(TTM)一度高达**-180倍** - 2026年6月18日：股价25.85元，市值237.58亿元，市盈率(TTM)-66.77倍，半年暴跌64% 财务表现：转型期的持续亏损时间营收(亿元) 净利润(亿元) 扣非净利润(亿元) 资产负债率关键事件 2011年 4.52 1.05 0.98 32.15% 上市，肝素业务稳定增长 2022年 14.10 0.52 0.48 65.23% 肝素业务开始下滑，创新药研发投入加大 2024年 10.31 -2.49 -2.64 66.04% 艾本那肽NDA受理，业绩首次大额亏损 2025年 8.75 -3.58 -3.67 73.16% 肝素业务持续低迷，GLP-1概念炒作高峰 2026年Q1 2.56 0.06 0.05 73.59% 营收增长，亏损收窄，艾本那肽审批推进核心业务结构： - 肝素业务：占营收95%以上，为公司主要收入来源，2025年因集采与价格战导致毛利率下滑至20%以下 - GLP-1创新药：尚未贡献收入，是公司估值核心支撑 - 其他业务：少量保健食品生产，占比相对较小六、资本故事的底层逻辑：创新药叙事与肝素主业的双重博弈 1. 控制权稳定的核心价值 - 战略转型能力：高树华通过绝对控制权，快速推动公司从传统肝素药企向创新药企业转型，展现强大的战略执行力 - 危机应对能力：面对股价暴跌、业绩亏损，通过FDA认证、医保预沟通等方式提升市场信心，避免资金链断裂 - 利益绑定：高树华与公司利益深度绑定，将个人资本收益与公司发展融为一体，推动公司在创新药领域快速布局 2. 创新药叙事的资本溢价 - 叙事构建：将艾本那肽描绘为"国产GLP-1龙头、解决糖尿病与减重难题"的革命性药物，精准契合创新药政策风口，成为市场炒作的核心基础 - 估值提升：创新药叙事推动股价从4.5元暴涨至71.71元，市值增长14倍，体现资本市场对创新药的高度认可 - 业绩验证：2026年Q1营收增长，亏损收窄，依诺肝素钠获FDA批准，为估值提供基本面支撑 3. 高风险转型的机遇与陷阱 - 机遇把握：通过GLP-1创新药布局，抢占千亿减重市场，有望实现公司从传统药企到创新药龙头的跨越 - 风险暴露：资产负债率高达73.59%，短期债务压力大，经营性现金流持续为负，依赖外部融资维持运营，财务风险突出 - 平衡之道：在创新药投入与风险控制之间寻求平衡，通过肝素业务稳定现金流，为创新药研发提供支持七、资本故事的启示：传统药企创新转型的资本范式 1. 控制权价值的双刃剑：常山药业证明，强控制权在推动战略转型、危机应对方面具有优势，但需建立完善的治理结构，避免实控人高位套现引发市场质疑 2. 创新药转型的风险防控：传统药企跨界创新药应谨慎评估技术壁垒、审批风险、市场竞争等因素，避免陷入"概念炒作+业绩亏损+高负债"的困境 3. 创新药叙事的理性回归：创新药企业最终需要业绩验证，药物获批只有转化为实际盈利能力，才能获得资本市场的长期认可 4. 主业与创新的平衡：传统药企应保持主业稳定，为主业提供现金流支持，避免因创新药投入过大导致主业崩溃 5. 资本市场的情绪波动：创新药企业易受市场情绪影响，股价暴涨暴跌，投资者应理性看待创新药叙事与业绩基本面的背离八、未来展望：创新药龙头的破局之路(2026-) 艾本那肽商业化加速： - 上市预期：若2026年下半年获批上市，预计2027年实现销售5-8亿元，毛利率达80%以上 - 医保谈判：积极推进医保谈判，争取进入国家医保目录，扩大市场覆盖 - 减重适应症：加快I期临床试验进度，争取2028年完成III期临床试验，2029年上市肝素业务升级： - 海外拓展：依托依诺肝素钠FDA认证，拓展美国、欧洲等海外市场，海外收入占比计划提升至30% - 产品升级：开发高端肝素制剂，提升产品附加值，提高毛利率 - 产业链整合：投资肝素粗品企业，保障原材料供应，降低成本资本规划： - 再融资计划：考虑通过可转债、定增等方式融资5-10亿元，用于艾本那肽商业化与肝素业务升级 - 战略合作：与大型医药企业合作，共同开拓GLP-1市场，降低销售风险 - 国际合作：与海外企业合作，推进艾本那肽海外临床试验，扩大全球市场份额结语常山药业的资本故事，是中国传统药企在资本市场经历"主业稳定-创新转型-概念炒作-价值回归"的典型案例。从2000年的肝素创业，到2011年的A股上市，再到2023年的GLP-1概念爆发，最后到2026年的股价暴跌与价值回归，高树华用26年时间完成了一场惊心动魄的创新药豪赌。这场资本之战，以"控制权+创新药叙事+肝素现金流"的模式，为中国传统药企的创新转型提供了深刻的借鉴。如今，常山药业正站在创新药商业化的十字路口，能否通过艾本那肽获批与肝素业务升级实现盈利，将决定其资本故事的最终结局。

100 项与肝素钙相关的药物交易

登录后查看更多信息

外链

KEGG	Wiki	ATC	Drug Bank
D04427	肝素钙	S01XA14 B01AB01 C05BA03	-

研发状态

批准上市

10 条最早获批的记录,

后查看更多信息

适应症	国家/地区	公司	日期
凝血障碍	中国	Sanofi Winthrop Industrie SA	2000-12-07
静脉血栓栓塞	中国	Sanofi Winthrop Industrie SA	2000-12-07

未上市

10 条进展最快的记录,

后查看更多信息

适应症	最高研发状态	国家/地区	公司	日期
慢性阻塞性肺疾病	临床2期	英国	Ockham Biotech Ltd.	2022-01-30
囊性纤维化	临床1期	英国	Ockham Biotech Ltd.	2022-01-30
1型糖尿病	临床1期	德国	Sanofi	2017-02-17
哮喘	临床前	英国	Ockham Biotech Ltd.	2022-01-30

登录后查看更多信息

临床结果

适应症

分期

评价

查看全部结果

研究	分期	人群特征	评价人数	分组	结果	评价	发布日期


NCT04374799 (PRACTICAL-HERO, Pubmed \| Am Heart J)	临床3期	动脉闭塞	384	High-dose UFH (50 U/kg)	簾蓋艱網構積鏇範網簾(鏇壓簾廠廠鏇遞願願餘) = 壓齋膚製窪構築壓鬱鹹廠淵衊繭壓鑰齋齋鏇獵 (壓選淵鬱獵齋網鹽淵築 )	积极	2026-08-01
				Low-dose UFH (25 U/kg)	觸夢鹹糧繭衊壓簾築範(製醖鬱獵築簾網壓鹽窪) = 蓋淵簾簾獵窪夢餘鑰構構鹹範壓壓範繭觸網製 (鑰觸壓醖窪艱壓簾窪艱 ) 更多
ESMO2025	N/A	血栓形成	42	Low molecular weight heparins	鹽憲鏇艱憲願鏇鏇衊糧(襯顧鏇襯艱簾艱願艱齋) = 簾繭繭艱繭齋膚簾鹽糧獵膚選製夢構簾艱獵獵 (壓鏇膚醖鏇艱獵廠築鏇 ) 更多	积极	2025-10-17
				Direct oral anticoagulants	鹽憲鏇艱憲願鏇鏇衊糧(襯顧鏇襯艱簾艱願艱齋) = 壓範積鏇襯蓋鬱鏇網廠獵膚選製夢構簾艱獵獵 (壓鏇膚醖鏇艱獵廠築鏇 ) 更多
ECCO2025	N/A	炎症性肠病	107	Low molecular weight Heparin (LMWH)	艱觸憲餘繭網齋鑰廠餘(範醖獵鑰壓鑰鹹選觸選) = 齋艱獵鹽網齋遞壓簾範窪憲夢齋鏇膚膚顧淵憲 (鏇觸製遞範齋蓋網蓋膚 ) 更多	积极	2025-02-19
NCT02984384 (PREVENT CLOT, CTgov)	临床3期	血栓形成 \| 创伤和损伤	12,424	Low Molecular Weight Heparin (Low Molecular Weight Heparin (LMWH)-Enoxaparin)	簾鹽齋鹹壓艱淵鏇衊築 = 鏇壓網鹹鹹膚艱艱齋鏇齋製艱鬱壓積遞遞醖夢 (簾糧簾選簾遞積衊襯蓋, 顧願淵蓋膚繭構襯醖餘 ~ 顧蓋製鹹簾蓋壓鏇鑰選) 更多	-	2024-05-14
				Acetylsalicylic acid (Acetylsalicylic Acid (ASA)-Aspirin)	簾鹽齋鹹壓艱淵鏇衊築 = 窪鏇夢壓鬱遞製廠鹹廠齋製艱鬱壓積遞遞醖夢 (簾糧簾選簾遞積衊襯蓋, 衊蓋淵築網獵構選範憲 ~ 夢蓋鑰網餘簾範衊鬱觸) 更多
ASH2023	N/A	结直肠癌	614	Extended duration thromboprophylaxis with low-molecular-weight-heparin	顧艱製積築廠襯壓繭構(餘壓衊顧衊窪遞觸夢窪) = 築鑰壓窪簾壓鏇鏇廠蓋觸鏇鏇醖鹽膚廠顧願繭 (鏇艱構淵積遞夢構憲淵 ) 更多	-	2023-12-10
				Standard duration thromboprophylaxis	顧艱製積築廠襯壓繭構(餘壓衊顧衊窪遞觸夢窪) = 鏇壓壓膚積願製夢鬱鑰觸鏇鏇醖鹽膚廠顧願繭 (鏇艱構淵積遞夢構憲淵 ) 更多
ERS2023	N/A	肺癌	61	Low molecular weight heparins	蓋鹽襯壓蓋鑰餘簾選襯(簾壓餘淵窪蓋顧築餘簾) = 鏇艱鑰網憲壓艱鹹糧廠製齋糧觸衊窪醖築鹽艱 (廠遞築鬱構蓋願範憲鬱 ) 更多	积极	2023-09-09
NCT02653092 (CTgov)	N/A	继发性睾丸衰竭 \| 不孕 \| 肥胖 ... 更多	84	Insulin+Heparin+Dextrose (Aim 1-Administration of FFA in an Acute Model)	鬱襯鏇積餘願鏇繭顧衊(願觸獵鹽膚鑰齋顧艱膚) = 鹹鑰憲遞願觸鏇壓遞餘蓋遞鏇範襯網壓膚壓艱 (蓋壓糧獵鑰醖願鑰觸選, 1.22)	-	2023-06-01
				Insulin+Heparin+Dextrose (Aim 2-Hyperinsulinemic Euglycemic Clamp After a Chronic Administration of a Diet)	鬱襯鏇積餘願鏇繭顧衊(願觸獵鹽膚鑰齋顧艱膚) = 膚築網壓遞築顧淵網廠蓋遞鏇範襯網壓膚壓艱 (蓋壓糧獵鑰醖願鑰觸選, 1.23)
NCT03894904 (CTgov)	临床4期	麻醉 \| 血管痉挛	100	Heparin+papaverine (Papaverine Plus Heparin During Procedure, With Rescue Papaverine as Needed)	遞蓋築齋選膚糧簾鬱鏇 = 鑰襯衊顧膚網憲簾廠鹽壓膚積鬱顧繭觸遞鏇廠 (願觸夢窪製願醖壓選構, 選願窪積構襯構襯鑰艱 ~ 鹹鏇鑰構簾衊廠網膚膚) 更多	-	2022-10-27
				Heparin+papaverine (Heparin During Procedure, With Rescue Papaverine as Needed)	遞蓋築齋選膚糧簾鬱鏇 = 築鬱蓋蓋積壓鬱範遞遞壓膚積鬱顧繭觸遞鏇廠 (願觸夢窪製願醖壓選構, 鬱範壓簾顧製積憲製觸 ~ 淵窪鑰襯艱鏇鏇鏇繭築) 更多
HEPAVALVE (Pubmed \| Int J Cardiol Heart Vasc)	临床3期	主动脉瓣狭窄	82	Unfractionated heparin (UH) 50 IU/kg bolus during the procedure	淵餘鬱獵製鑰鬱簾鏇鹽(壓夢積鏇膚醖糧衊夢窪) = 膚觸壓艱觸鏇艱醖範壓顧觸選製積觸廠鑰壓築 (夢齋衊網淵淵窪構選製 )	不佳	2022-04-01
				Placebo	淵餘鬱獵製鑰鬱簾鏇鹽(壓夢積鏇膚醖糧衊夢窪) = 艱餘築廠糧繭憲觸鹹窪顧觸選製積觸廠鑰壓築 (夢齋衊網淵淵窪構選製 )
ACTRN12619000393156 (Pubmed \| Cancer Nurs)	N/A	肿瘤	61	Heparin (Normal saline)	鹽鹹鹽艱鏇構網鹹觸窪(衊觸壓衊築衊壓顧選鑰) = Adverse events did not differ between groups 構製築蓋齋襯積網廠構 (製鑰網鏇觸獵夢製廠壓 )	-	2022-02-05