Core Viewpoint - The company announced that its controlling shareholder, Sun Weiwen, has pledged part of her shares, totaling 3,000,000 shares [2] Group 1 - The announcement was made on the evening of October 31 [2] - The pledged shares represent a portion of the shares held by the controlling shareholder [2] - The notification regarding the pledge was received by the company from Sun Weiwen [2]

广东泰恩康医药股份有限公司 关于控股股东、实际控制人部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：301263 证券简称：泰恩康 公告编号：2025-075 三、其他情况说明 广东泰恩康医药股份有限公司（以下简称"公司"）于近日收到公司控股股 东、实际控制人孙伟文女士的通知，获悉其所持有的公司部分股份办理了质押手 续，具体情况如下： | 是否为 | 控股股 | 是否为 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占其所 | 占公司 | 是否 | 东或第 | 限售股 | 股东 | 本次质押 | 持股份 | 总股本 | 为补 | 质押 | 质押到 | 质押 | | 一大股 | （如是， | 质权人 | 名称 | 数量（股） | 比例 | 比例 | 充质 | 起始日 | 期日 | 用途 | 东及其 | 注明限 | | （%） | （%） | 押 | 一致行 | 售类型） | ...

Core Insights - The latest research results of FIC innovative small molecule CKBA from Tianen Kang have been published in the prestigious journal Nature Aging, providing new theoretical basis and drug development direction for Alzheimer's disease treatment [1] Company Developments - Tianen Kang is advancing CKBA in clinical trials for vitiligo (Phase III) and rosacea (Phase II/III), while accelerating the research and development process for Alzheimer's disease treatment, potentially offering new hope for millions of patients globally [1] Research Findings - The study reveals a novel mechanism linking lipid metabolism disorder and brain immune activation, identifying the "lipid-inflammation" axis and the targeted value of the new target MFE-2 [1] - A complete pathogenic pathway has been constructed: "MFE-2 functional deficiency → lipid metabolism disorder → inflammatory activation → neurodegenerative changes," marking a significant breakthrough in Alzheimer's disease intervention in China [1]

Core Insights - The research published in "Nature Aging" reveals the critical role of the "lipid metabolism-microglial activation-neuroinflammation" axis in Alzheimer's disease, identifying MFE-2 as a novel therapeutic target for drug development [1][2] - CKBA, a small molecule candidate derived from natural products, shows potential in targeting immune metabolism and is being developed for Alzheimer's treatment [1][2] Company Developments - CKBA demonstrates effective blood-brain barrier penetration, good pharmacokinetic properties, and multiple therapeutic effects in Alzheimer's model mice, including cognitive improvement and reduced neuroinflammation [2] - The company is advancing CKBA's development for both vitiligo (Phase III) and rosacea (Phase II/III) while accelerating its innovative drug development for Alzheimer's disease, potentially benefiting millions of patients [2] Research Contributions - The study highlights a key target in the early metabolic-inflammatory coupling pathway of Alzheimer's disease and provides a basis for the design of targeted small molecules derived from natural products [2] - The research marks a significant breakthrough for the team in the field of Alzheimer's intervention, showcasing a complete chain from mechanism research to translational application [2]

Core Points - On October 29, TianKang's stock rose by 1.40%, with a trading volume of 143 million yuan [1] - The financing data shows that on the same day, TianKang had a financing purchase amount of 18.82 million yuan and a net financing purchase of 1.5 million yuan [1] - As of October 29, the total financing and securities lending balance for TianKang was 999.7 million yuan, which is 7.34% of its market capitalization [1] Financing Overview - On October 29, TianKang's financing purchase was 18.82 million yuan, with a current financing balance of 999.7 million yuan, exceeding the 90th percentile level over the past year [1] - The securities lending data indicates that there were no shares sold or repaid on October 29, with a securities lending balance of 0.00 yuan, also exceeding the 80th percentile level over the past year [1] Company Profile - Guangdong TianKang Pharmaceutical Co., Ltd. was established on January 22, 1999, and listed on March 29, 2022 [1] - The company's main business includes the operation, research and development, production, and sales of pharmaceutical products, medical devices, and health materials, along with providing pharmaceutical technology services and technology transfer [1] - The revenue composition of TianKang includes gastrointestinal drugs (32.62%), ophthalmic drugs (25.05%), traditional Chinese medicine and external drugs (21.08%), and sexual health drugs (21.06%) [1] Financial Performance - As of September 30, TianKang had 12,000 shareholders, an increase of 9.32% from the previous period, with an average of 25,381 circulating shares per person, a decrease of 8.53% [2] - For the period from January to September 2025, TianKang reported a revenue of 526 million yuan, a year-on-year decrease of 8.13%, and a net profit attributable to shareholders of 31.41 million yuan, a decrease of 73.00% [2] - Since its A-share listing, TianKang has distributed a total of 460 million yuan in dividends, with 377 million yuan distributed over the past three years [2]

Core Insights - The research published in "Nature Aging" reveals the critical role of the "lipid metabolism-microglial activation-neuroinflammation" axis in Alzheimer's disease, identifying MFE-2 as a novel therapeutic target for drug development [1][6] - CKBA, a small molecule candidate derived from traditional Chinese medicine, shows potential in treating Alzheimer's disease by effectively crossing the blood-brain barrier and exhibiting multiple therapeutic effects in animal models [1][2][6] Company Developments - The company is actively advancing the clinical development of CKBA for vitiligo (Phase III) and rosacea (Phase II/III), while accelerating the innovation drug development for Alzheimer's disease [2] - CKBA has demonstrated significant effects in improving cognitive function, reducing neuroinflammation, decreasing Aβ plaque burden, and alleviating anxiety behaviors in Alzheimer's disease model mice [1][6] Industry Context - Alzheimer's disease is the most common neurodegenerative disease globally, accounting for over half of dementia cases, characterized by progressive cognitive decline and persistent neuroinflammation [5] - The study addresses a critical scientific question regarding the mechanisms of lipid metabolism disruption and its role in immune activation in the brain, which has been underexplored [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company is experiencing pressure on profitability, but progress on research and development (R&D) products is on track [2]. - Revenue for the first three quarters of 2025 was 526 million yuan, a year-on-year decrease of 8.1%, with a net profit attributable to the parent company of 31 million yuan, down 73.0% year-on-year [12]. - The company is expected to see a gradual recovery in revenue growth, with projections of 754 million yuan in 2025, 964 million yuan in 2026, and 1.308 billion yuan in 2027, reflecting growth rates of 4.6%, 27.8%, and 35.8% respectively [5][12]. Financial Forecasts - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.22 yuan, 0.48 yuan, and 0.85 yuan respectively, revised down from previous estimates [3]. - The company’s gross margin is expected to improve from 57.0% in 2025 to 70.8% in 2027, while the net profit margin is projected to increase from 12.3% to 27.6% over the same period [5][12]. - The target price for the company is set at 32.64 yuan based on a price-to-earnings (P/E) ratio of 68 times for 2026 [3][6]. Clinical Development Progress - The company is set to initiate Phase III clinical trials for CKBA for vitiligo and Phase II/III trials for rosacea by the end of 2025 [12]. - Several high-potential products are progressing through the review process, with expectations for approvals either by the end of this year or next year [12].

Group 1 - The core point of the article is that TianKang (SZ 301263) announced its subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., participated in the 11th batch of national centralized drug procurement and is expected to be selected for the procurement [1] - For the fiscal year 2024, TianKang's revenue composition is as follows: pharmaceutical agency accounts for 61.1%, pharmaceutical manufacturing for 37.28%, pharmaceutical technology services for 1.51%, and other businesses for 0.12% [1] - As of the report, TianKang's market capitalization is 13.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]

Core Viewpoint - The announcement indicates that the company's wholly-owned subsidiary, Shandong Huabo Kaisheng Biotechnology Co., Ltd., has participated in the 11th batch of national centralized drug procurement and is expected to be selected for the procurement of specific pharmaceutical products [1] Group 1: Company Participation - Shandong Huabo Kaisheng Biotechnology Co., Ltd. participated in the 11th batch of national drug centralized procurement bidding [1] - The company’s products are listed in the public announcement of the proposed selection results by the National Organization for Drug Joint Procurement Office [1] Group 2: Selected Products - The product Fumaric Acid Luppatadine Tablets, suitable for the symptomatic treatment of allergic rhinitis and urticaria in adults and adolescents (12 years and older), has a proposed selection price of 30.49 yuan per box, with a specification of 10mg and packaging of 28 tablets per box [1] - The product Alendronate Sodium Tablets, used for the treatment of osteoporosis to prevent hip and spinal fractures, has a proposed selection price of 6.2 yuan per box, with a specification of 70mg and packaging of 4 tablets per box [1]

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"）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"）参加了第十一批全国药品 集中采购的投标。根据国家组织药品联合采购办公室（以下简称"联合采购办公 室"）发布的《全国药品集中采购拟中选结果公示》，华铂凯盛产品拟中选本次 集中采购。 现将相关中选情况公告如下： | 序号 | 拟中选 | 拟中标 | 适应症 | | 规格 | 包装 | 拟中选 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 企业 | 品种 | | | | | 价格 | | 1 | 华铂 凯盛 | 富马酸卢帕 他定片 | 适用于成人和青少年 （12 炎和荨麻疹的对症治疗 | 岁以上）过敏性鼻 | 10mg | 28片/盒 | 元/盒 30.49 | | | 华铂 | 阿仑膦 | 适用于治疗骨质疏松 | | | | | | 2 | 凯盛 | 酸钠片 | 症，以预防髋部和脊柱 骨折（椎骨压缩性骨折） | | 70mg | 片/盒 4 ...