Core Viewpoint - 九州通's subsidiary received approval for the listing application of Betahistine Dihydrochloride Tablets, which are used for Meniere's disease and cerebral vascular diseases, indicating potential growth in product offerings to meet aging population needs [1] Recent Events - 九州通 announced that its controlling shareholder, Chuchang Investment, has prematurely released the pledge of 11.3 million shares (2.46% of its holdings), while a related party, Shanghai Hongkang, pledged 11.7 million shares (1.08% of its holdings). As of the announcement date, the total pledged shares by Chuchang Investment accounted for 57.29% of its holdings and 26.03% of the company's total share capital [2] - The company is positioned as a digital service provider in the AI medical ecosystem, supporting the Ant Group's supply chain, with over 50 million orders in 2025, reflecting a 180% year-on-year increase [2] Stock Performance - As of February 12, 2026, 九州通's stock price was 5.21 yuan, with a cumulative decline of 1.14% over the past five days and a price fluctuation of 2.66%. The net outflow of main funds was 11.51 million yuan, with a turnover rate of 0.23%. The technical analysis indicates the stock is in a consolidation phase, with a 20-day moving average of 5.31 yuan, a Bollinger Band resistance level of 5.56 yuan, and a support level of 5.08 yuan [3] Institutional Viewpoints - The market is focusing on the integration of AI medical technology and pharmaceutical distribution digitalization. 九州通 is enhancing supply chain efficiency through smart warehousing and blockchain technology, with its pharmaceutical industrial business generating 2.3 billion yuan in revenue in the first three quarters of 2025, a year-on-year increase of 9.93%. However, there is uncertainty regarding the approval results for the newly accepted drugs [4]

Core Viewpoint - The announcement indicates that the company’s subsidiary, Beijing Jingfeng Pharmaceutical Group Co., Ltd., has received the acceptance notice for the marketing application of Betahistine Dihydrochloride Tablets from the National Medical Products Administration, which is a significant step towards product commercialization [2] Group 1 - The marketing application acceptance notice was issued on February 5, 2026 [2] - The product in question is Betahistine Dihydrochloride Tablets, which may have implications for the company's product portfolio and market strategy [2]

Group 1 - ZTE Corporation plans to invest 200 million RMB to subscribe to the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, focusing on areas supported by national policies such as new generation information technology and biotechnology [1] - Huayi Jewelry's subsidiary has reported overdue loans totaling 200 million RMB due to tight liquidity, with a cumulative overdue principal of 254 million RMB [2] - Guangzhou Baiyunshan Pharmaceutical's subsidiary has received approval for the consistency evaluation of Alfacalcidol soft capsules, which are used to treat calcium metabolism disorders [3] Group 2 - Kunming Pharmaceutical Group reported a 21.72% decline in revenue to 6.577 billion RMB and a 46% drop in net profit to 350 million RMB for 2025 [4] - Jiantou Energy's application for a specific stock issuance has been approved by the Shenzhen Stock Exchange [5] - Jinchuan Titanium Industry's subsidiary has temporarily suspended its sulfuric acid production due to reduced demand [6] Group 3 - Kelun Pharmaceutical's subsidiary has received approval for a new indication for its antibody-drug conjugate, which is used to treat advanced hormone receptor-positive breast cancer [7] - Fawer Co., Ltd. has completed the relocation of its Chongqing Yuantai Shock Absorber Company and commenced production [8] - Jiuzhoutong's subsidiary has received acceptance for the listing application of Betahistine Hydrochloride tablets [9] Group 4 - Zhongguancun plans to build a traditional Chinese medicine and raw material drug production base in Jiamusi City, Heilongjiang Province [11] - China Wuyi announced that part of its land in Kenya has been requisitioned by the government, with compensation of approximately 6.25 million RMB [12] - Times Electric reported a 15.46% increase in revenue to 28.761 billion RMB and a 10.88% increase in net profit to 4.105 billion RMB for 2025 [13] Group 5 - Top Cloud Agriculture's shareholder has received regulatory measures from the Zhejiang Securities Regulatory Bureau for failing to timely disclose shareholding changes [14] - Xinwanda's subsidiary has reached a settlement in a lawsuit involving over 2.314 billion RMB, with an estimated impact of 500 to 800 million RMB on net profit for 2025 [15] - Dongrui Co., Ltd. reported a 25.19% increase in pig sales revenue in January, totaling 214 million RMB [16] Group 6 - Tianjin Tianshi reported a 3.08% decline in revenue to 8.236 billion RMB, while net profit increased by 15.68% to 1.105 billion RMB for 2025 [17] - Wantong Expressway plans to invest approximately 5.42 billion RMB in the renovation and expansion of the Lianhuo Expressway [18] - Qiaoyin Co., Ltd. has pre-qualified for a sanitation integration service project worth approximately 73.8 million RMB [20] Group 7 - Jindi Co., Ltd. plans to acquire 100% equity of Yuni Precision for 116 million RMB, focusing on precision stamping products [21] - Heng Rui Medicine's HRS-4642 injection has been included in the list of breakthrough therapeutic varieties [22] - Tongde Chemical has had some assets frozen due to a financing lease dispute [23] Group 8 - Zhongli Co., Ltd. is establishing an industrial fund with a total commitment of approximately 408.76 million RMB, focusing on new materials and artificial intelligence [24] - Tianbang Food reported a 9.93% increase in pig sales revenue in January, totaling 674 million RMB [25] - New Hope reported a 10.03% decrease in pig sales revenue in January, totaling 1.628 billion RMB [26] Group 9 - Tainkang's subsidiary has received a drug registration certificate for Minoxidil topical solution [27] - Lihua Co., Ltd. reported a 9.8% increase in chicken sales revenue in January, totaling 1.289 billion RMB [28] - Guojitong General reported a 45.71% increase in net profit to 58.52 million RMB for 2025 [29] Group 10 - Zhixin Co., Ltd. plans to invest up to 1.1 billion RMB in an automotive stamping and welding parts project [30] - Chuangyuan Technology's subsidiary has pre-qualified for a National Grid project worth approximately 94.77 million RMB [31] - Lisheng Pharmaceutical's adenine phosphate raw material has passed the listing application [32] Group 11 - Tongguang Cable's subsidiary has pre-qualified for a National Grid project worth approximately 108 million RMB [33] - Zhenghong Technology reported a 7.74% increase in pig sales revenue in January, totaling 14.35 million RMB [34] - Pengding Holdings reported a 0.07% decrease in consolidated revenue in January, totaling 2.701 billion RMB [35] Group 12 - Hongri Pharmaceutical has received approval for clinical trials of its injectable drug for acute pancreatitis [36][37] - Xinhua Medical has decided to terminate the acquisition of a 36.19% stake in Wuhan Zhongzhi Biotechnology [38] - Tianyu Bio reported an 11.23% decrease in pig sales revenue in January, totaling 54.29 million RMB [39]

Core Viewpoint - The approval of the listing application for Betahistine Dihydrochloride Tablets by the National Medical Products Administration is a significant milestone for the company, indicating potential growth in the neurology and cerebrovascular disease market [1] Group 1: Product Approval - The company's subsidiary, Beijing Jingfeng Pharmaceutical Group Co., Ltd., received the acceptance notice for the listing application of Betahistine Dihydrochloride Tablets on February 5, 2026 [1] - Betahistine Dihydrochloride is primarily used for Ménière's disease, vascular headaches, and cerebral arteriosclerosis, and is effective in treating acute ischemic cerebrovascular diseases [1] - The drug is classified as a Category A medication under the national medical insurance and is included in the national essential drug list, addressing the high demand for dizziness-related conditions amid an aging population [1] Group 2: Business Performance - The company is actively expanding its pharmaceutical manufacturing and OEM business, focusing on increasing product variety and quality to enhance market competitiveness [1] - In the first three quarters of 2025, the company's pharmaceutical manufacturing and OEM business achieved sales revenue of 2.3 billion yuan, representing a year-on-year growth of 9.93% [1] - Beijing Jingfeng Pharmaceutical reported a revenue of 431 million yuan in the same period, with a year-on-year increase of 12.48% [1]

Core Insights - The National Medical Products Administration (NMPA) approved 39 drug applications, including 37 supplementary applications and 2 re-registrations, highlighting the ongoing regulatory activity in the pharmaceutical sector [1] - Betahistine, a drug commonly used for treating vertigo, has seen significant market growth, with its market size increasing from 292 million to 5.925 billion from 2016 to 2023, indicating strong demand and development potential [3] - The injection form of Betahistine dominates the hospital market, accounting for over 70% of the market share, with sales of the hydrochloride injection reaching 3.271 billion in 2023 [5] Market Overview - The hospital terminal market for Betahistine is rapidly expanding, with the injection form being the most popular, representing 55.23% of total sales [5] - The top three companies in the Betahistine market are Shijiazhuang Fourth Pharmaceutical, China National Pharmaceutical Group, and Eisai, with market shares of 27.14%, 23.69%, and a significant position respectively [7] - There are currently 13 companies holding production licenses for Betahistine hydrochloride injection, indicating a competitive landscape [9] Regulatory and Product Information - Betahistine hydrochloride injection and its injectable form are classified as Category B drugs under the medical insurance system, with no reference preparations available for evaluation [10] - The tablet form of Betahistine is included in the National Essential Medicines List, with 23 production licenses held by 16 manufacturers, of which 4 have passed evaluations [10]