Core Viewpoint - The company is advancing its clinical trials for CKBA cream, targeting both rosacea and vitiligo, with significant unmet clinical needs in the domestic market [1][3]. Group 1: Clinical Trials and Approvals - The CKBA cream for treating rosacea has recently begun patient recruitment for clinical trials, with plans to apply for breakthrough therapy designation if results meet expectations [1]. - The company has received NMPA approval for a Phase II clinical trial of CKBA cream combined with narrowband UVB therapy for treating non-segmental vitiligo in children aged 2-12, with plans to submit a clinical trial application to the FDA this year [1]. Group 2: Future Plans and Regulatory Considerations - If the clinical trial results for rosacea are favorable, the company will consider applying for breakthrough therapy designation and subsequent market approval [1]. - The company is also exploring the possibility of obtaining orphan drug designation for the treatment of vitiligo in children aged 2-12 [3].

Core Insights - The article highlights the recent institutional investor research activities involving 113 listed companies, with notable stock performance from companies like Kewen Technology and Hason Co., which saw increases exceeding 30% [3]. Group 1: Shanghai Bank - Shanghai Bank received the highest number of institutional investor visits last week, with 75 institutions participating, focusing on the bank's credit deployment plans for the new year [5]. - The bank's management indicated an improvement in the quantity and quality of its "New Year Red" credit projects, particularly in retail credit, emphasizing housing and automotive sectors [5]. - The bank anticipates a slight decline in net interest margin due to expected decreases in both loan and deposit pricing, influenced by market competition and the ongoing repricing of existing assets [5]. Group 2: Tainkang - Tainkang was visited by 57 institutional investors, with a focus on its upcoming product approvals and commercialization strategies [7]. - The company announced significant revenue targets for 2026-2028, aiming for 1 billion, 1.5 billion, and 2 billion respectively, with profit targets of 300 million, 500 million, and 800 million [7][8]. - Tainkang plans to leverage existing products and new approvals to achieve substantial revenue growth, particularly with its unique formulations expected to dominate the market [8]. Group 3: Bee Assistant - Bee Assistant also received 57 institutional visits, with a focus on its developments in AI applications and commercial aerospace [8]. - The company is positioning itself in the aviation internet sector, aiming to enhance communication services and follow advancements in low-orbit satellite technology [8]. Group 4: ST Jingji - ST Jingji engaged with 48 institutional investors, reporting significant breakthroughs in the North American market as a core equipment supplier for photovoltaic components [10]. - The company is preparing for advancements in space photovoltaic technology, having made technical reserves in response to emerging opportunities in this field [10][11]. - ST Jingji emphasizes the importance of lightweight and flexible solar technology for space applications, aligning its R&D efforts with these requirements [11].

Core Viewpoint - The announcement highlights that the company's wholly-owned subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., has received the drug registration certificate for Nimodipine injection from the National Medical Products Administration of China, indicating a significant regulatory milestone for the company in the pharmaceutical sector [1]. Group 1: Company Developments - The company, Guangdong Tianen Pharmaceutical Co., Ltd., has made progress in its product pipeline by obtaining the registration certificate for Nimodipine injection, which is a critical step for market entry [1]. - The Nimodipine injection is a calcium antagonist that selectively acts on cerebral vascular smooth muscle, promoting relaxation of cerebral arteries and improving blood circulation during recovery from acute cerebrovascular diseases [1]. Group 2: Product Information - Nimodipine injection was developed by BayerVital GmbH and was first approved for market in Germany in 1985 under the brand name Nimotop, with a specification of 50ml:10mg [1]. - The original Nimodipine injection was imported into China in 2004, indicating its established presence in the market prior to the company's recent approval [1].

Core Viewpoint - The company TianKang (301263.SZ) announced that its wholly-owned subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., has received a drug registration certificate for Nimodipine Injection from the National Medical Products Administration of China [1] Company Summary - The registered product, Nimodipine Injection, is classified as a Class 4 chemical drug with a specification of 50ml: 10mg, and the marketing authorization holder is Shandong Huabo Kaisheng Biotechnology Co., Ltd. [1] - Nimodipine Injection is indicated for its anti-ischemic and anti-vasoconstrictive effects, which can improve blood circulation during the recovery phase of acute cerebrovascular diseases and after subarachnoid hemorrhage [1] Industry Summary - Currently, a total of 44 companies in China have obtained registration approval for this drug, indicating a competitive market landscape [1] - The future sales performance of Nimodipine Injection will be influenced by industry policies and market conditions, which introduces a level of uncertainty [1]

证券代码：301263 证券简称：泰恩康 公告编号：2026-010 广东泰恩康医药股份有限公司 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（以下简称"华铂凯盛"）于近日收到国家药品监督管 理局（以下简称"国家药监局"）签发的尼莫地平注射液《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：CYHS2400743 药品名称：尼莫地平注射液 剂型：注射剂 规格：50ml：10mg 注册分类：化学药品 4 类 关于全资子公司收到尼莫地平注射液 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。 四、对公司的影响及风险提示 药品批准文号：国药准字 H20263249 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 尼莫地平（Nimodip ...

Core Viewpoint - The company is focusing on the registration and market launch of treatments for pediatric vitiligo in the domestic market, which has significant potential [1] Group 1: Domestic Market Focus - The company is concentrating on the registration and market launch of treatments for children aged 2-12 with vitiligo [1] - The domestic market for this indication is already substantial [1] Group 2: Global Market Potential - There is a global gap in the treatment of pediatric vitiligo, with no FDA-approved products available [1] - The company acknowledges that expanding into overseas markets will involve time and challenges [1] Group 3: Product Confidence and Future Plans - The company expresses strong confidence in the market prospects of its product due to its unique mechanism of action and good safety profile [1] - Plans are in place to initiate the IND application process with the FDA in the United States this year to explore overseas market opportunities [1]

Core Viewpoint - The company is focusing on the registration and market launch of treatments for pediatric vitiligo in the domestic market, which has significant potential [1] Group 1: Domestic Market Focus - The company is primarily targeting the registration and market launch of treatments for children aged 2-12 with vitiligo [1] - The domestic market for this indication is already substantial, indicating a strong potential for growth [1] Group 2: Global Market Potential - There is a global gap in the treatment of pediatric vitiligo, with no FDA-approved products currently available [1] - The company acknowledges the challenges and time costs associated with expanding into overseas markets [1] Group 3: Product Confidence and Future Plans - The company expresses confidence in the market prospects for its product due to the unique mechanism of action and good safety profile of CKBA [1] - Plans are in place to initiate the IND application process with the FDA in the United States this year, aiming to explore development opportunities in international markets [1]

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].