Core Viewpoint - The company, 泰恩康 (301263.SZ), is experiencing stable revenue from existing products while anticipating significant growth from upcoming core products expected to be approved or submitted for approval in the near future [1] Existing Products - The company’s current products, including the dual-purpose health medication "爱廷玖", ophthalmic drug "沃丽汀", and traditional Chinese medicine, are maintaining stable revenue [1] Upcoming Product Approvals - Multiple core products are expected to be approved or submitted for approval: - "爱廷列" Finasteride and Tadalafil compound capsule (first domestic generic) is expected to be approved by December 2025 - Lidocaine and Prilocaine aerosol (first domestic generic) has completed clinical trials, with registration expected to be accepted by the drug regulatory authority soon - Compound Sodium Sulfate tablets (first domestic generic) are anticipated to be approved in the first half of 2026 - "和胃整肠丸" (exclusive domestic) localization production registration is expected to be approved in the first half of 2026 - Pilocarpine eye drops for presbyopia (first domestic generic) are expected to be approved in the second half of 2026 [1] Revenue Growth Projections - With the approval and launch of the aforementioned core products, the company expects a significant increase in revenue from existing business segments in 2026, with explosive growth anticipated in 2027 and 2028 [1]

1. Reported Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The company's 2026 Employee Stock Ownership Plan (Draft) shows management's confidence in future development and the core team's optimism about the market prospects of core business products [26]. - The company has set three - year (2026 - 2028) performance assessment targets for the employee stock ownership plan, aiming to achieve revenue of 1 billion yuan in 2026, 1.5 billion yuan in 2027, and 2 billion yuan in 2028, and考核利润 of 300 million yuan in 2026, 500 million yuan in 2027, and 800 million yuan in 2028 [26]. - With the approval of multiple core products, the company's existing business revenue is expected to grow significantly in 2026, and there will be explosive growth in 2027 and 2028 [28]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Taienkang [16] - Industry: Pharmaceutical commerce [16] - Reception time: January 29, 2026 [16] - Listed company reception personnel: Li Ting, Director, Deputy General Manager, and Secretary of the Board of Directors [16] 3.2 Detailed Research Institutions - Securities companies: Huatai Securities, China Merchants Securities, Ping An Securities, Zhongtai Securities, Founder Securities, Huachuang Securities, Cinda Securities, CITIC Securities Co., Ltd., Tianfeng Securities, Shenwan Hongyuan, Guotai Haitong, Industrial Securities, Guohai Securities, Huafu Securities, Huaxi Securities, Galaxy Securities [17][18][20] - Fund management companies: Dacheng, Huabao, Huian, Huatai - PineBridge Fund, China Asset Management, Galaxy, Jianxin, Hangzhou Youyizeng Private Equity, Puyin AXA, Anxin, Hehe (Beijing) Private Equity, Morgan Stanley Fund Management (China), Hainan Ling Private Equity, Guoshou Anbao [17][18][19] - Asset management companies: Yong'an Guofu, Shanghai Yuxiu, Guangdong Hongyi, Huafu Securities, Zhongyin International Securities Co., Ltd. Asset Management, Ping An Insurance Asset Management, Fushun Asset Management (Shanghai), Zhonghuili Asset Management, Shanghai Qingding, Beijing Hanhe and Hanhua [18][19][20] - Investment companies: Shanghai Hengfu, Shanghai Zige, Zhejiang Yiheng, Beijing Zhuoyu, Shanghai Guanche [18][19] - Others: Western Medicine, Dongfang Investment Consulting, Dongcai Medicine, Hwa Site Asset Management, Northeast Medicine, Dongfang Medicine, Xiangwang Fund [18][19][20] 3.3 Research Institution Proportion - No information provided in the given content 3.4 Main Content Data - **Employee Stock Ownership Plan** - Fund - raising: The total amount of funds to be raised is 33.608 million yuan, with no more than 145 participants including directors, senior managers, and core employees, and all funds come from employees' legal salaries and self - raised funds [26]. - Assessment targets: From 2026 - 2028, the assessment indicators are revenue and考核利润 (deducted non - recurring profit and loss attributable to the parent + R & D expenses - investment income from associated and joint - venture enterprises - share - based payment expenses) [26]. - Incentive form: Employee stock ownership plan, employees need to contribute funds first and obtain shares through non - trading transfer [26]. - Unlock ratio: Unlock in three phases from 2026 - 2028, with 40%, 40%, and 20% respectively [28]. - Incentive shares: Approximately 1.98 million shares, sourced from the company's previous share repurchases [28]. - **Revenue and Profit Targets** - The company's existing products such as "Aitingjiu" for sexual health, "Wolitin" for ophthalmology, and Chinese patent medicines will maintain stable income [28]. - Multiple core products will be approved or applied for, including "Aitinglie" non - finasteride - tadalafil compound capsule (domestic first imitation) approved in December 2025, lidocaine - prilocaine aerosol (domestic first imitation) expected to be accepted by the drug administration soon, compound sodium sulfate tablets (domestic first imitation) expected to be approved in the first half of 2026, Heweizhengchang Pills (domestic exclusive) for localized production registration expected to be approved in the first half of 2026, and pilocarpine hydrochloride eye drops for presbyopia (domestic first imitation) expected to be approved in the second half of 2026 [28]. - **Heweizhengchang Pills Localized Production** - Since the second half of 2025, the company has carried out brand promotion in traditional advantageous regions such as Guangdong, Guangxi, and Fujian through platforms like Focus Media, Xiaohongshu, and Douyin [28]. - Actively expand third - party terminal channels such as clinics and Internet hospitals, and increase investment in online platforms such as Douyin, JD, and Tmall. Sales on the Douyin platform have increased significantly in January [28]. - After the domestic localization of Heweizhengchang Pills, multiple product specifications will be added to meet different needs and maintain the price system, with good sales expected in the first and second quarters of this year [28]. - **CKBA for Alzheimer's Disease** - Developed from AKBA, a natural triterpenoid compound from frankincense, CKBA can specifically target MFE - 2, a key metabolic enzyme in the peroxisomal β - oxidation pathway, maintaining lipid metabolism homeostasis in microglia and inhibiting the release of pro - inflammatory factors [28][29]. - Animal experiments show that oral CKBA can cross the blood - brain barrier, has no obvious toxic side effects, and has multiple therapeutic effects in Alzheimer's disease model mice [29]. - **Commercialization Preparation for New Products** - Increase brand promotion investment, cooperate with Meituan in addition to existing channels, and the sales on online platforms such as Meituan, Tmall, JD, and Douyin are increasing [29]. - Establish a specialized third - party terminal team to develop clinic and Internet hospital channels and adjust the sales team [29]. - For specific products, promote the inclusion of compound sodium sulfate tablets in medical insurance after approval; start medical insurance - related work for non - finasteride - tadalafil compound capsules, and continue in - depth brand promotion [30]. - **Progress of Child Vitiligo and Rosacea** - Rosacea may progress faster and is expected to be the first indication for CKBA to submit a registration application. The company aims to complete Phase III clinical trials by the end of 2027 [30]. - Child vitiligo Phase II clinical trials aim to enroll the first patient in March - April 2026 and basically complete Phase II clinical trials in the first half of 2027 [31]. - **Overseas Market of Child Vitiligo** - The company focuses on the domestic registration and listing of child vitiligo in 2 - 12 - year - old children. There is currently no approved product globally, and the company plans to start the IND application for the US FDA this year [32].

Summary of the Conference Call for Guangdong Tianen Pharmaceutical Co., Ltd. Company Overview - Guangdong Tianen Pharmaceutical Co., Ltd. specializes in the research, production, and sales of pharmaceuticals, with key products including Hewei Zhengchang Wan, "Woliting" Lecithin Iodine Tablets, and "Aiting Jiu" Dapoxetine Hydrochloride Tablets. The company was established in 1999 and has developed a significant sales network over 20 years [3][3][3]. Key Points Discussed Employee Stock Ownership Plan - The company disclosed a draft for the 2026 Employee Stock Ownership Plan, aiming to raise a total of 33.608 million yuan, involving up to 145 participants including directors and core employees. The plan reflects management's confidence in future growth and the market potential of core business products [12][12][12]. Performance Targets - The performance assessment period for the employee stock plan is set from 2026 to 2028, with specific targets: - Revenue: 1 billion yuan in 2026, 1.5 billion yuan in 2027, and 2 billion yuan in 2028 - Profit: 300 million yuan in 2026, 500 million yuan in 2027, and 800 million yuan in 2028 [15][15][15]. Product Development and Approval - The company expects multiple core products to be approved or submitted for approval, including: - "Aiting Lie" Finasteride and Tadalafil Compound Capsules (first domestic generic) approved in December 2025 - Lidocaine and Prilocaine Aerosol (first domestic generic) nearing regulatory submission - Compound Sodium Sulfate Tablets (first domestic generic) expected approval in H1 2026 - Localization of Hewei Zhengchang Wan production expected to be approved in H1 2026 - Pilocarpine Eye Drops for presbyopia (first domestic generic) anticipated approval in H2 2026 [18][19][19]. Marketing and Sales Strategy - The company has initiated brand promotion efforts in key regions and expanded online sales through platforms like Douyin and JD.com. The localized production of Hewei Zhengchang Wan is expected to enhance sales, with good performance anticipated in Q1 and Q2 of the current year [20][20][20]. Alzheimer's Disease Research - The company is developing CKBA for Alzheimer's disease, focusing on a compound derived from traditional Chinese medicine. CKBA has shown promising results in animal models, demonstrating cognitive improvement and neuroprotection [21][22][22]. Future Product Launches - The company plans to enhance brand promotion and has established a dedicated team for third-party channels, including clinics and internet hospitals. The approval of Compound Sodium Sulfate Tablets will be followed by efforts to include it in medical insurance [23][24][24]. Clinical Trials for Skin Conditions - The company is prioritizing the registration of treatments for pediatric vitiligo and rosacea, with rosacea expected to progress faster due to its shorter treatment cycle. The market potential for rosacea is significant, with over 50 million patients in China [25][26][27]. International Market Exploration - The company aims to explore overseas markets for CKBA, particularly in the pediatric vitiligo segment, where there are currently no approved treatments. Plans to initiate IND applications with the FDA are underway [27][27][27]. Additional Notes - The conference highlighted the company's commitment to innovation and growth in the pharmaceutical sector, with a focus on integrating research, production, and sales [3][3][3]. - The management emphasized the importance of maintaining a robust pipeline of products and adapting to market needs through strategic marketing and sales initiatives [20][20][20].

Core Viewpoint - The announcement by Guangdong Tianen Pharmaceutical Co., Ltd. regarding the acceptance of the registration application for Lidocaine and Prilocaine aerosol marks a significant advancement in the research and commercialization of sexual health medications [1]. Group 1: Product Development - Tianen's subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., received the acceptance notice from the National Medical Products Administration for the aerosol product [1]. - The original drug was developed by Plethora Solutions in the UK and has been commercially promoted in major European markets since 2013, transitioning from prescription to over-the-counter status in 2020 [1]. Group 2: Product Advantages - The aerosol formulation offers advantages over oral medications like Dapoxetine, including ease of use, higher patient compliance, rapid onset of action, and reduced side effects associated with oral drugs [1]. - The product has been validated through over ten years of clinical use in overseas markets, confirming its efficacy and safety [1]. Group 3: Market Positioning - Tianen has a strong brand foundation and channel advantages in the sexual health sector, with its core product "Aiting Jiu" (Dapoxetine) having established a comprehensive sales network [1]. - The successful launch of the aerosol could leverage the brand effect and channel resources of the "Aiting Jiu" series to quickly penetrate the market and enhance the company's competitive position in the sexual health business [2].

Core Viewpoint - The announcement indicates that TianKang's subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., has received a notice of acceptance for the registration application of Lidocaine and Prilocaine aerosol from the National Medical Products Administration (NMPA) of China [1] Group 1 - The application for the drug registration has been accepted by the NMPA based on the provisions of Article 32 of the Administrative Licensing Law of the People's Republic of China [1]

Earnings Forecasts - Shengyi Electronics expects a net profit of 1.431 billion to 1.513 billion yuan in 2025, an increase of 331.03% to 355.88% year-on-year [1] - Tigermed anticipates a net profit of 830 million to 1.23 billion yuan in 2025, representing a growth of 105% to 204% year-on-year [2] - Shunbo Alloy forecasts a net profit of 210 million to 270 million yuan in 2025, with an increase of 222.96% to 315.23% year-on-year [3] - Jinkong Electric expects a net profit of 155 million to 195 million yuan in 2025, reflecting a growth of 383.21% to 507.9% year-on-year [9] - Baiao Saitu anticipates a net profit of 162 million to 182 million yuan in 2025, with a year-on-year increase of 384.26% to 443.88% [18] - Panjiang Co. expects a net profit of 318 million to 380 million yuan in 2025, representing a growth of 205.30% to 264.83% year-on-year [38] Loss Forecasts - Liaoning Energy predicts a net loss of 273 million to 410 million yuan in 2025, compared to a profit of 202 million yuan in the previous year [5] - Anbotong anticipates a net loss of 114 million to 165 million yuan in 2025, with a revenue decrease of 19.65% to 27.25% [7] - Wantai Bio forecasts a net loss of 330 million to 410 million yuan in 2025, compared to a profit of 106 million yuan in the previous year [12] - Xingyun Co. expects a net loss of 155 million to 230 million yuan in 2025, compared to a loss of 82.44 million yuan in the previous year [20] - Huaxing Co. anticipates a net loss of 800 million to 1.2 billion yuan in 2025, with a reduction in loss compared to 1.67 billion yuan in the previous year [46] New Product Approvals - Hengrui Medicine received acceptance for a new indication application for its innovative drug, combining Carrelizumab and Apatinib for treating unresectable liver cancer [4] - Tianen Kang's subsidiary received a drug registration acceptance notice for Lidocaine and Prilocaine aerosol [31] - Lisheng Pharmaceutical announced that its Aminophylline tablets passed the consistency evaluation for generic drugs [40] Share Buyback Plans - Hengyuan Coal Power plans to repurchase shares with a total amount not less than 200 million yuan and not exceeding 250 million yuan [13] Contract Wins - China Communication Signal Co. won contracts totaling approximately 5.26 billion yuan for 21 important projects in the railway and urban rail transit markets [37]

Group 1 - The company Tiancong announced that it will accept investor research from Da Cheng Fund Management Co., Ltd. on January 29, 2026, with the participation of Mr. Li Ting, the company's director, vice president, and board secretary [1] Group 2 - The investigation into the "Jie Wo Rui" redemption crisis on the Shuibei Gold platform revealed a 40-fold leverage bet, indicating that the platform incurs losses as gold prices rise [1] - Investors reported that the proposed redemption plan offers a principal repayment at a 20% discount, which they find unacceptable [1]

Core Viewpoint - The company TianKang has indicated that the development progress of the rosacea indication is faster than that of pediatric vitiligo, and it is expected to be the first indication for CKBA to submit a registration application [1] Group 1: Development Progress - The rosacea indication has over 50 million patients in China with a strong willingness to pay [1] - The company aims to complete Phase III clinical trials by the end of 2027 [1] Group 2: Market Opportunity - There are currently few innovative drug developments globally for this indication [1] - If clinical data is favorable, the drug could become the first Class 1 innovative drug for this indication in China [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., has received the acceptance notice for the registration application of Lidocaine Prilocaine aerosol from the National Medical Products Administration of China [1] Group 1 - The National Medical Products Administration has reviewed and accepted the drug registration application for the aerosol product [1] - The acceptance is based on the provisions of Article 32 of the Administrative Licensing Law of the People's Republic of China [1]

证券代码：301263 证券简称：泰恩康 公告编号：2026-009 广东泰恩康医药股份有限公司 关于全资子公司利多卡因丙胺卡因气雾剂收到药品 注册受理通知书的公告 一、申请注册药品的基本情况 药品名称：利多卡因丙胺卡因气雾剂 申请事项：境内生产药品注册上市许可 许可药品注册分类：化学药品 3 类 申请人：山东华铂凯盛生物科技有限公司 审核结论：根据《中华人民共和国行政许可法》第三十二条的规定，经审 查，决定予以受理。 二、药品相关情况简介 利多卡因丙胺卡因气雾剂的原研药物由英国 Plethora Solutions 公司开发， 2013 年在欧盟批准上市，已在欧洲主要市场商业推出， 2020 年获得欧盟委员 会批准，由处方药转为非处方药，目前国内尚未进口。不同于勃起功能障碍有 诸多药物获批上市，国内当前获批用于早泄治疗的药物只有达泊西汀，其他药 物治疗都是适应症外按需使用。利多卡因丙胺卡因气雾剂作为全球范围内第二 款获批用于早泄治疗的药物，在国外有 10 余年的使用经验，其疗效在临床试验 研究及实际应用中得到验证，公司研发的利多卡因丙胺卡因气雾剂的质量、疗 本公司及董事会全体成员保证公告内容的真实、准确和完 ...