Core Viewpoint - The announcement indicates that the clinical trial for the innovative drug CKBA ointment, developed by the subsidiary Bochuangyuan of TianKang (301263), has shown positive efficacy and safety in treating non-segmental vitiligo, supporting the continuation to Phase III trials [1] Group 1: Clinical Trial Results - The Phase II clinical trial data for CKBA ointment has been organized and unblinded, revealing promising results [1] - In the high-dose group (1.5% BID), the proportion of subjects achieving F-VASI50 and F-VASI25 scores was better than that of the placebo group, with 36% (18 out of 50) showing improvement and varying degrees of repigmentation [1] - The main adverse events reported were mild itching and erythema, classified as grade 1-2, with no serious adverse events occurring during the trial [1]

证券代码：301263 证券简称：泰恩康 公告编号：2025-048 广东泰恩康医药股份有限公司 关于控股子公司 CKBA 软膏白癜风适应症获得 II 期 临床试验研究初步结果且达到预期目标的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 近日，广东泰恩康医药股份有限公司（以下简称"公司"）控股子公司江 苏博创园生物医药科技有限公司（以下简称"博创园"）自主研发的 1 类创新 药 CKBA 软膏白癜风适应症 II 期临床试验已于近日完成数据整理并揭盲。初步 结果表明，CKBA 软膏在非节段型白癜风患者中表现出积极的疗效和良好的安 全性，试验结果理想，达到预期目标，支持继续开展 III 期确证性临床试验， 相关研究数据也将在近期提交 CDE 进行突破性疗法申请和注册临床的沟通交 流。现将相关情况公告如下： 一、项目主要内容 1、药品名称：CKBA 软膏 2、临床试验题目：在非节段型白癜风受试者中评估赛克乳香酸（CKBA） 软膏安全性、有效性的多中心、随机、双盲、平行、溶媒对照、剂量探索 II 期 临床试验 3、申办单位：江苏博创园生物医药科技有限公司 二、临 ...

Core Insights - The article highlights the innovative advancements made by Haitai New Light in the endoscope industry, including the introduction of the first LED light source, the first fluorescence endoscope, and the first optical de-fogging system, positioning the company as a leader in the global endoscope market [1][2][4] Company Background - Haitai New Light transitioned from a micro-projection display business to the medical endoscope sector in 2008, leveraging its deep understanding of optical technology [2][3] - The company initially faced challenges with its micro-projection technology but successfully pivoted to endoscopes by developing a LED light source that outperformed existing solutions [2][4] Technological Innovations - The introduction of LED technology in endoscopes marked a significant shift, improving brightness by over 20% compared to traditional xenon lamps [2] - Haitai New Light developed the world's first fluorescence endoscope with a focus on achieving focal functionality for 10mm and 5mm laparoscopes, which gained popularity in North America [4] - In 2023, the company launched the first optical de-fogging endoscope system, utilizing specific light to achieve thermal balance and eliminate fog, a problem that had plagued traditional systems [5] Market Position and Strategy - Haitai New Light aims to establish its own brand in the domestic market, moving beyond being an ODM for international companies, and has initiated a comprehensive marketing strategy to support this goal [6][7] - The company has built a competitive edge by being the only domestic manufacturer with capabilities in light source, lens, and imaging system design and production [6] Industry Trends - The Chinese endoscope market is projected to grow from approximately 24.8 billion yuan in 2021 to 60 billion yuan by 2030, with a compound annual growth rate of 8.1% from 2025 to 2030 [7] - The endoscope sector is recognized as a rapidly growing segment within the global medical device market, with applications across various medical fields [7][8] Future Outlook - Haitai New Light has outlined a strategic plan termed "one vertical and two horizontals," focusing on deepening its core product offerings while expanding into related technologies such as AI and robotics [8] - The company anticipates significant growth in its self-branded products over the next few years, driven by an expanded marketing team and sales channels [7][8]

Core Viewpoint - The company acknowledges that stock price fluctuations in the secondary market are influenced by multiple complex factors, including macroeconomic conditions, industry policies, and market sentiment [1] Group 1 - The company understands investors' concerns regarding market value fluctuations and is committed to improving operational management [1] - The company aims to enhance the quality of information disclosure to actively convey its value to investors [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-07-29 | 301263 | 泰恩康 | 33.90 | 14.75 | 500.03 | 平安证券股份有限 | 中信证券股份有限 | | | | | | | | 公司河南分公司 | 公司上海世博馆路 | | | | | | | | | 证券营业部 | 7月29日，泰恩康大宗交易成交14.75万股，成交额500.03万元，占当日总成交额的1.26%，成交价33.9元，较市场收盘价 37.62元折价9.89%。 ...

Core Viewpoint - The innovative drug sector is expected to thrive in 2025, with significant capital inflow and a focus on products with overseas potential, leading to substantial stock price increases in this segment [1][3]. Group 1: Market Performance - From early 2025 to date, the innovative drug sector has seen an average increase of over 50%, with nearly 50 stocks rising more than 30% [1]. - The Hongtu Innovation Healthcare Fund has achieved a cumulative increase of nearly 64% since early 2025, outperforming the industry [1][5]. - Historical performance of the Hongtu Innovation Healthcare Fund shows a year-to-date return of 63.66%, ranking 92 out of 594 funds [2]. Group 2: Industry Trends - The long-term development trend of China's innovative drug sector remains strong, supported by national strategies and favorable capital market policies [3]. - The market for innovative drugs in China is projected to exceed 250 billion RMB in 2024, with expectations to grow to approximately 450 billion RMB by 2030 [3]. - The overall market size, including all aspects of the drug development chain, is expected to approach 5.5 trillion RMB by 2024 and surpass 20 trillion RMB by 2030 [3]. Group 3: Investment Strategy - The investment strategy of the Hongtu Innovation Healthcare Fund focuses on high-elasticity innovative drug companies, particularly those with significant clinical breakthroughs and potential for international market entry [7][11]. - Key investment targets include companies with promising clinical data and those that are expected to achieve commercial success through domestic market integration and overseas licensing [7][10]. - The fund manager has successfully captured structural opportunities in the pharmaceutical sector, leading to superior long-term performance compared to peers [12]. Group 4: Notable Stocks - Major holdings in the Hongtu Innovation Healthcare Fund include companies like Xinlitai, Shutaishen, and Yifang Biotechnology, which have shown significant price increases and promising clinical data [8][9]. - The fund emphasizes investments in companies with first-in-class (FIC) and best-in-class (BIC) potential, focusing on those that can disrupt current clinical supply [11][12]. Group 5: Future Outlook - The innovative drug sector is expected to continue its upward trajectory, driven by overseas licensing opportunities and supportive domestic policies [12]. - The ongoing global business development (BD) transactions and key clinical data releases are anticipated to catalyze further growth in high-value innovative drug companies [12].

Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a recent upward trend, with a 4.43% increase over the past month, a 0.49% increase over the past three months, and a year-to-date decline of 3.88% [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.49%), Digital China (6.34%), Shanghai Pharmaceuticals (4.65%), Yifeng Pharmacy (4.23%), and others [1] Group 2 - The market share of the index's holdings is divided between the Shanghai Stock Exchange (53.16%) and the Shenzhen Stock Exchange (46.84%) [1] - In terms of industry composition, the index shows that pharmaceutical commerce accounts for 44.64%, supermarkets and convenience stores for 20.60%, specialty retail for 20.32%, and department stores for 14.44% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

关于全资子公司收到阿仑膦酸钠片药品注册证书 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 广东泰恩康医药股份有限公司（以下简称"公司"）全资子公司山东华铂 凯盛生物科技有限公司于近日收到国家药品监督管理局（以下简称"国家药监 局"）签发的阿仑膦酸钠片《药品注册证书》。现将相关情况公告如下： 一、申请注册药品的基本情况 受理号：CYHS2401153 证券代码：301263 证券简称：泰恩康 公告编号：2025-047 广东泰恩康医药股份有限公司 规格：70mg 注册分类：化学药品 4 类 药品批准文号：国药准字 H20254876 上市许可持有人：山东华铂凯盛生物科技有限公司 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本 品符合药品注册的有关要求，批准注册，发给药品注册证书。质量标准、说明 书、标签及生产工艺照所附执行。药品生产企业应当符合药品生产质量管理规 范要求方可生产销售。 二、药品相关情况简介 药品名称：阿仑膦酸钠片 剂型：片剂 四、对公司的影响及风险提示 该产品未来的具体销售情况可能受到行业政策、市场环境等因素影响，具 有 ...

Core Viewpoint - The announcement by Tianen Kang regarding the acceptance of the clinical trial application for CKBA cream marks a significant advancement in the development of a first-class innovative drug for the treatment of rosacea in China [1][3]. Group 1: Market Opportunity - Rosacea is a chronic inflammatory skin disease primarily affecting women aged 20 to 50, with a prevalence rate of 3.48% in China, translating to approximately 49 million patients [2][3]. - The current treatment options for rosacea are limited, with no first-class innovative drugs approved in the domestic market, indicating a strong demand for safe and effective new medications [2][3]. - The potential market for innovative drugs targeting rosacea in China is estimated to exceed 10 billion yuan [2][3]. Group 2: Product Development - CKBA cream is the first innovative small molecule drug targeting T cell fatty acid metabolism pathways, developed from over 20 years of research by a team at Shanghai Jiao Tong University [3]. - The unique mechanism of CKBA involves regulating immune responses by inhibiting the differentiation of naive CD4+ T cells into Th17 cells, directly addressing the inflammation associated with rosacea [3]. - The successful acceptance of the clinical trial application for CKBA cream for rosacea indicates its potential as a first-in-class drug in the autoimmune field [3]. Group 3: Future Expansion - In addition to rosacea, CKBA cream is also being evaluated for the treatment of vitiligo, with its Phase II clinical trial data currently locked [4]. - The company is expanding its pipeline to include other autoimmune indications such as psoriasis and atopic dermatitis, aiming to create a comprehensive innovation matrix covering both "skin and immunity" over the next 3 to 5 years [4].

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, suggesting that the sector will experience a reversal in 2025 [4]. Core Views - The innovative drug sector continues to be the main investment theme, with a focus on dual/multi-antibody drugs for various cancers and chronic disease drugs that meet unmet clinical needs [2][4]. - The report highlights the strong performance of leading pharmaceutical companies, such as China Biologic Products and Hansoh Pharmaceutical, following the clearance of procurement risks after multiple rounds of generic drug procurement [12]. - The report emphasizes the potential of the rose acne treatment market, with the announcement of CKBA cream's acceptance for clinical trials, indicating a significant opportunity for innovative therapies in this area [38][45]. Summary by Sections Pharmaceutical Sector - The innovative drug market is showing strong upward momentum, with the A-share innovation drug index rising over 6% and the H-share index increasing over 14% [19]. - The report notes that 48 out of 52 listed companies in the A-share innovative drug sector experienced stock price increases, with an average rise of 10.5% [22]. - The report suggests focusing on innovative drug pipelines that address chronic diseases and unmet clinical needs, particularly in the context of potential overperformance in semi-annual reports [2][4]. Biologics - The approval of semaglutide for chronic kidney disease (CKD) indicates a growing interest in GLP-1 class drugs beyond weight management and type 2 diabetes [2]. Medical Devices - Domestic innovative products continue to receive approvals, with leading companies like Xinmai Medical showing promising recovery in performance [3]. Traditional Chinese Medicine - Companies in the traditional Chinese medicine sector are actively seeking new growth points through new drug pipelines, particularly in weight loss and diabetes treatment [3]. Market Potential - The global market for rosacea treatment is projected to grow from approximately $2.12 billion in 2024 to around $4.23 billion by 2034, with a compound annual growth rate of 7.14% [45][47]. - The report highlights the lack of effective treatments for rosacea, indicating a significant unmet need and potential for innovative therapies [48].