经济观察网泰恩康（301263）2026年将有多项关键事件值得关注，涉及公司治理、产品管线及市场动 态。 公司多个仿制药和创新药预计在2026年取得重要进展。复方硫酸钠片(国内首仿)与和胃整肠丸(国内独 家)的本地化生产注册均预计在2026年上半年获批。老花眼用药盐酸毛果芸香碱滴眼液(国内首仿)预计在 2026年下半年获批。此外，创新药CKBA乳膏针对儿童白癜风的II期临床试验计划于2026年第一季度启 动首例患者入组，并计划同期向FDA申报。 股票近期走势 2026年1月28日，公司发布《2026年员工持股计划(草案)》，拟向不超过145名员工实施股权激励，并设 定了2026年至2028年的业绩考核目标。其中，2026年营业收入目标值为10.00亿元，考核利润目标值为 3.00亿元。 产品研发进展 公司于2025年12月15日被纳入中证1000指数拟生效样本范围，市场预期其有望被纳入相关ETF的被动配 置范畴，可能对股票流动性产生长期影响。2026年2月2日，公司控股股东郑汉杰和孙伟文部分股份质 押，合计质押股份占公司总股本的13.81%，公告称此举为个人资金需要。2026年2月13日，泰恩康股价 上涨2. ...

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].

Group 1: Investor Relations Activity - The investor relations activity involved specific targeted research with participation from various fund management companies and securities firms [2][3]. - The meeting was held online on a Thursday morning, with a duration of 50 minutes [2]. Group 2: Employee Stock Ownership Plan - The company disclosed a draft for an employee stock ownership plan aiming to raise a total of CNY 33.608 million, involving directors, senior management, and core employees [3]. - The performance assessment period for the plan is set from 2026 to 2028, with specific revenue and profit targets: - Revenue targets: CNY 1 billion in 2026, CNY 1.5 billion in 2027, and CNY 2 billion in 2028 - Profit targets: CNY 300 million in 2026, CNY 500 million in 2027, and CNY 800 million in 2028 [3][4]. Group 3: Product Development and Market Strategy - The company has several core products expected to be approved or submitted for approval, including "Aitinglie" and "Lidocaine" aerosol, with anticipated revenue growth from existing products and new approvals [4][5]. - The company is actively promoting the "Hewei Zhengchang Wan" product through various media channels and expanding its sales through clinics and online platforms [5][8]. - The company plans to enhance brand promotion and has established a dedicated team for third-party channels, focusing on clinics and internet hospitals [8]. Group 4: Alzheimer's Disease Research - The company is developing CKBA for Alzheimer's disease, which has shown promising results in animal models, including cognitive improvement and reduced neuroinflammation [6][7]. - CKBA's mechanism targets MFE-2, a key enzyme in lipid metabolism, which is crucial for maintaining the homeostasis of microglial cells [7]. Group 5: Clinical Trials and Market Potential - The company is prioritizing the registration of treatments for pediatric vitiligo and rosacea, with rosacea expected to progress faster due to a shorter treatment cycle [9][10]. - The domestic market for pediatric vitiligo is significant, with no existing treatments approved by the FDA, indicating potential for market expansion [11]. Group 6: Forward-Looking Statements - The report includes forward-looking statements regarding future plans and performance forecasts, emphasizing the need for investors to recognize associated risks [11].

近日，泰恩康发布公告称，预计2025年度归母净利润为2500万元至3500万元，同比下降67.66%至 76.90%；扣除非经常性损益后的净利润为2700万元至3700万元，同比下降65.11%至74.54%。 公告指出，业绩下降主要是由于核心板块两性健康业务面临激烈市场竞争以及销售收入下滑，同时核心 产品"和胃整肠丸"受到产能不足和进口延迟的影响。此外，持续增加的研发和品牌推广投入导致销售费 用上升，从而压缩了利润空间。 （泰恩康公告） ...

在产品管线方面，根据公司1月22日披露的公告显示，公司核心在研产品CKBA乳膏针对儿童白癜风的II 期临床试验申请已获得批准，前期探索性研究显示其联合光疗方案疗效显著，该II期试验计划于2026年 第一季度启动首例患者入组，并计划同期启动FDA临床申报。 与此同时，公司仿制药业务迎来收获期，根据公司2025年11月21日披露的投资者关系活动记录表显示， 公司复方硫酸钠片(国内首仿)与和胃整肠丸(国内独家)的本地化生产注册均预计在2026年上半年获批； 老花眼用药盐酸毛果芸香碱滴眼液(国内首仿)则预计在2026年下半年获批。 根据公告，本次员工持股计划的资金来源为员工合法薪酬及自筹资金，公司不存在向持有人提供财务资 助或为其贷款提供担保的情形。计划购买回购股份的价格为16.93元/股，拟持有的标的股票数量不超过 198.51万股，约占公司总股本的0.47%。 草案明确了2026年至2028年三个年度的业绩考核目标。2026年度，营业收入目标值为10.00亿元，触发 值为9.00亿元；考核利润目标值为3.00亿元，触发值为2.70亿元。2027年度，营业收入目标值提升至 15.00亿元，触发值为13.50亿元；考 ...

Group 1 - The core point of the news is that Guangdong Taiankang Pharmaceutical Co., Ltd. has disclosed its employee stock ownership plan for 2026, aiming to raise a maximum of 33.608 million yuan, with participation from up to 145 individuals including directors, senior management, and key employees [1] - The employee stock ownership plan is closely tied to the company's performance over the next three years, with assessment indicators including both "operating revenue" and "assessed profit," targeting significant growth [1][2] - The plan outlines specific unlock periods and performance targets, with the first unlock period set for 2026, requiring operating revenue to reach 1 billion yuan and assessed profit to hit 270 million yuan [2] Group 2 - The company is expected to see significant revenue growth as several core products are set to be approved or submitted for approval, including a domestic first generic of lidocaine and prilocaine aerosol, which is anticipated to complete registration by 2026 [2][3] - Participants in the employee stock ownership plan are required to use their own funds for subscription, with shares sourced from the company's repurchased stock at a price of 16.93 yuan per share [3] - The company believes that this long-term mechanism of employee stock ownership will effectively motivate the core team's enthusiasm and creativity, promoting the research, market promotion, and sales of core products to ensure the achievement of high growth targets [3]

报告期内，公司核心板块两性健康业务受竞品数量持续增加，市场竞争激烈等因素导致销售收入有所下 滑，但已看到市场需求逐步回暖的趋势。公司的"爱廷玖"盐酸达泊西汀片具有较高的品牌护城河，公司 将持续加强品牌推广力度，促进"爱廷玖"的销售回升。同时，随着新品"爱廷列"非那雄胺他达拉非胶囊 的上市，预计两性健康板块后续将保持增长。 格隆汇1月28日丨泰恩康(301263.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利润 2,500万元-3,500万元，同比减少67.66%-76.90%；扣除非经常性损益后的净利润2,700万元-3,700万元， 同比减少65.11%-74.54%。 报告期内，公司核心产品"和胃整肠丸"受制于泰国厂家产能不足以及进口到货不及预期等因素，导致其 销售收入有所下滑。公司正积极推进"和胃整肠丸"在国内的注册审批进程，力争尽快实现"和胃整肠 丸"在国内的生产落地，解决产能瓶颈。 ...

此外，2025年公司在坚持加大研发投入的同时，持续增加品牌推广的投入力度和深度，导致销售费用增 加，压缩了利润空间。 （文章来源：北京商报） 北京商报讯1月28日晚间，泰恩康（301263）发布2025年业绩预告显示，预计2025年实现归属净利润 2500万元至3500万元，比上年同期下降67.66%至76.9%。 泰恩康表示，报告期内，公司核心板块两性健康业务受竞品数量持续增加，市场竞争激烈等因素导致销 售收入有所下滑，但已看到市场需求逐步回暖的趋势。公司的"爱廷玖"盐酸达泊西汀片具有较高的品牌 护城河，公司将持续加强品牌推广力度，促进"爱廷玖"的销售回升。同时，随着新品"爱廷列"非那雄胺 他达拉非胶囊的上市，预计两性健康板块后续将保持增长。 同时，报告期内，公司核心产品"和胃整肠丸"受制于泰国厂家产能不足以及进口到货不及预期等因素， 导致其销售收入有所下滑。公司正积极推进"和胃整肠丸"在国内的注册审批进程，力争尽快实现"和胃 整肠丸"在国内的生产落地，解决产能瓶颈。 ...