Core Viewpoint - The company, Jiudian Pharmaceutical, has won the bid for its core product, Loxoprofen Sodium Gel Patch, at the lowest price in the 11th national centralized procurement, which may pressure its gross margin in the short term, necessitating an increase in sales to cope with market competition [1] Business Strategy - The company has set a strategic goal for 2026 to drive growth through a dual approach of "stabilizing the existing business base and innovative transformation," ensuring sales of centralized procurement products in hospitals while expanding OTC channels and strengthening brand presence, as well as advancing the pipeline for innovative drug development [2] Product Development Progress - In the field of external preparations, the innovative drug JIJ02 gel is currently in the clinical stage, while the traditional Chinese medicine product, Jiao Qi Pain Relief Gel Patch, has been submitted for production approval. Unique products such as Ketoprofen Gel Patch and Daiwen Moxibustion Patch are prioritized for promotion [3] Company Status - The company plans to evaluate high-quality products or assets based on strategic needs and does not rule out acquisitions to enrich its product line. Additionally, it aims to establish a sustainable shareholder return plan based on operational performance and cash flow over the next 2-3 years [4]

Group 1 - The company has received approval from the National Medical Products Administration for clinical trials of Ketoprofen Gel Patch, which is intended for pain relief [1] - The product is classified as a Class 3 chemical drug and is indicated for conditions such as osteoarthritis, shoulder periarthritis, tendonitis, and muscle pain [1] - The Ketoprofen Gel Patch contains 30mg of Ketoprofen per 10g of gel and is administered topically, with a recommended dosage of one patch twice daily [1] Group 2 - Sales of Ketoprofen Gel Patch in China's major markets are projected to be approximately 49.58 million yuan in 2024 and about 76.44 million yuan in the first half of 2025 [2] - The approval for clinical trials is expected to enhance the company's product pipeline in the orthopedic chronic disease sector, potentially improving its strategic goals and core competitiveness [3] - The company acknowledges the long development cycle and high investment associated with drug research, which may introduce uncertainties regarding the approval and market performance of the product [3]

（编辑 丛可心） 证券日报网讯 2月11日，盘龙药业发布公告称，公司近日获国家药监局核准签发《药物临床试验批准通 知书》，同意酮洛芬凝胶贴膏开展镇痛临床试验。该化学药品3类规格14cm×10cm含酮洛芬30mg，拟用 于骨关节炎等局部镇痛，目前国内仅湖南九典制药获批上市。 ...

Core Viewpoint - The company, Panlong Pharmaceutical (002864.SZ), has received approval from the National Medical Products Administration for clinical trials of its ketoprofen gel patch, indicating a significant step in its product development pipeline [1]. Group 1: Product Details - The ketoprofen gel patch is designed for local application, with each patch measuring 14cm x 10cm and containing 10g of gel, which includes 30mg of ketoprofen [1]. - The patch is indicated for pain relief and anti-inflammatory treatment for conditions such as osteoarthritis, periarthritis of the shoulder, tendinitis, de Quervain's tenosynovitis, lateral epicondylitis (tennis elbow), muscle pain, and swelling and pain due to trauma [1]. - The administration method involves applying one patch twice a day [1]. Group 2: Regulatory Classification - The product is classified as a Class 3 chemical drug according to registration standards [1].

Core Viewpoint - Panlong Pharmaceutical has received approval from the National Medical Products Administration for the clinical trial of Ketoprofen gel patch, which is intended for pain relief in various conditions [1] Group 1: Product Details - The approved drug is a Ketoprofen gel patch, classified as a Class 3 chemical drug [1] - The patch is designed for local application, with a size of 14cm x 10cm, containing 10g of gel and 30mg of Ketoprofen [1] - Indications for the drug include osteoarthritis, periarthritis of the shoulder, tendonitis, tenosynovitis, lateral epicondylitis (tennis elbow), muscle pain, and swelling and pain due to trauma [1] Group 2: Regulatory Approval - The clinical trial approval notification number is 2026LP00383 [1] - The approval allows the company to conduct clinical trials aimed at pain relief [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for clinical trials of Ketoprofen Gel Patch, indicating progress in its product development pipeline [1] Group 1: Product Details - The Ketoprofen Gel Patch is specified to be 14cm x 10cm in size, containing 10g of gel and 30mg of Ketoprofen [1] - The indications for the product include pain relief and anti-inflammatory treatment for conditions such as osteoarthritis, periarthritis of the shoulder, tendinitis, de Quervain's tenosynovitis, lateral epicondylitis (tennis elbow), muscle pain, and swelling and pain due to trauma [1] - The administration method is local application, with one patch applied twice daily [1] Group 2: Regulatory Classification - The product is classified as a Class 3 chemical drug according to registration standards [1]

Group 1: Company Overview - The company is Hunan Jiutian Pharmaceutical Co., Ltd., with stock code 300705 and bond code 123223 [1][2]. Group 2: Innovation and Product Development - The company is developing innovative external preparations, including the acne treatment JIJ02 gel, which is currently in clinical development [2]. - In the traditional Chinese medicine sector, the company has submitted production applications for the pepper pain relief gel patch and has received clinical trial approval for JIZM01 and JIZM02 [2][3]. - The company employs a dual approach of independent research and project introduction to enhance its innovative drug pipeline [2][4]. Group 3: Strategic Focus for 2026 - In 2026, the company aims to stabilize its existing business while driving innovation through a dual strategy [4]. - Key initiatives include promoting the sales of existing products like the Loxoprofen Sodium Gel Patch and enhancing brand recognition through the new "Jiutian Pain Relief Mr." branding [4]. - The company plans to expand into high-end pharmaceutical excipients while adhering to GMP management policies [4]. Group 4: Market Performance and Strategies - Despite a sluggish external market, the company has maintained stable growth in its external market by leveraging a professional OTC team of over 200 members [5]. - The company focuses on brand-driven strategies and patient education to enhance brand recognition and consumer loyalty [5]. - The integrated supply chain of "formulations + raw materials + pharmaceutical excipients" provides quality assurance and cost competitiveness [5]. Group 5: Acquisition Strategy - The company is open to evaluating and acquiring high-quality products or assets that align with its strategic development needs [7]. Group 6: Product Matrix - The company has established a clear and advantageous external product matrix, including products like Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch, which have significant competitive advantages [7]. - The Ketoprofen Gel Patch is a key exclusive product under medical insurance, while the traditional Chinese medicine sector features unique products like the Strong Waist and Bone Strengthening Patch [7].

Group 1: Investor Relations Activity - The investor relations activity involved a specific audience survey with 9 investor representatives from various institutions [2] - The meeting took place on January 23, 2026, from 2:00 PM to 3:00 PM in the company conference room [2] - The company was represented by the Deputy General Manager and Board Secretary, Zeng Lei, and the Securities Affairs Representative, Gan Rong [2] Group 2: Product Development and Innovation - The execution of the national procurement for Loxoprofen Sodium Gel Patch is set to begin in February 2026, with a procurement cycle lasting until December 31, 2028 [2] - The innovative drug JIJ02 Gel is expected to complete Phase I clinical trials in the first half of 2026 and initiate Phase II trials [2][3] - The company is focusing on a comprehensive transformation towards innovative drug development, employing a strategy of multiple R&D centers and various drug forms [3] Group 3: R&D Strategy and Team Composition - The company has established dual innovation drug R&D centers in Central China and the Yangtze River Delta, leveraging regional clinical resources and cost advantages [3] - The R&D platform currently has over 40 members, including experts from drug design to clinical research, with core members experienced in clinical trials and market approvals [3] - The company is prioritizing the development of treatments for various cancers and chronic diseases, utilizing small molecules, peptide drugs, PDCs, and ADCs [3] Group 4: Market Strategy and Brand Promotion - The Ketoprofen Gel Patch was approved for market entry in 2023 and is optimistic about its market prospects, having entered the national medical insurance directory [3] - The company has developed new sales strategies and strengthened internal sales team assessments to enhance market performance [3] - The brand image of "Mr. Pain Relief" will continue to receive promotional investment through comprehensive marketing activities and patient education [4]

Group 1: Company Strategy and Market Focus - In 2026, the company will focus on stabilizing its existing business and driving innovation through a dual approach, emphasizing both hospital and external markets [2][3] - Key products in the external market include Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, and other newly acquired exclusive varieties [4] - The company aims to enhance brand recognition and terminal coverage through the new "JiuDian Pain Relief" brand image [2] Group 2: Innovation and Product Development - The company will continue to adopt a strategy of "independent research and project introduction" for innovative drugs, actively seeking competitive projects [5] - Plans to enrich the product pipeline through collaborative research and development, as well as industry-academia transformation [5] Group 3: Financial Outlook and Shareholder Returns - The company will develop a scientific and sustainable shareholder return plan over the next 2-3 years based on operational performance and market conditions [8] - There is a potential for further acquisitions to enhance the product line and business layout as needed [8] Group 4: Market Challenges and Pricing Impact - The implementation of centralized procurement for Loxoprofen Sodium Gel Patch may lead to a temporary decrease in gross margin due to price adjustments [7] - The company will maintain a stable overseas business primarily focused on the export of raw materials and pharmaceutical excipients [6]

Group 1: Product Matrix and Market Position - The company has established a clear and advantageous external product matrix, with significant exclusive and medical insurance advantages in key varieties. Approved products include: Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, Anti-inflammatory Pain Relief Patch, Lidocaine Gel Patch, Strong Waist and Bone Strengthening Patch, and Daiwen Moxibustion Patch [2] - The Ketoprofen Gel Patch is a key exclusive product with significant market competitiveness, while the Daiwen Moxibustion Patch holds both traditional Chinese medicine exclusivity and medical insurance exclusivity, showcasing distinct advantages [2] Group 2: Brand Development Strategies - The company has implemented a series of systematic and innovative measures to enhance brand influence and market recognition, including expanding into retail pharmacies and online platforms [3] - A brand upgrade event was held on December 6, 2025, introducing the "JiuDian Pain Relief Expert" symbol and the slogan "Change to JiuDian for Pain Relief Patches," aimed at addressing consumer pain points and enhancing brand communication and market competitiveness [3] Group 3: Sales and Procurement Expectations - The 11th batch of national centralized procurement results will be executed nationwide starting February 2026, with procurement cycles lasting until December 31, 2028 [3] - The company is optimistic about the market prospects for the Ketoprofen Gel Patch, which was approved for listing in 2023 and successfully entered the national medical insurance directory [3] Group 4: Innovation in Drug Development - The company is undergoing a comprehensive transformation towards innovative drug research and development, utilizing a strategy of multiple R&D centers and various drug forms [4] - Two innovation drug R&D centers are being established in central and Yangtze River Delta regions, leveraging local clinical resources and cost advantages [4] - The company is focusing on various tumor and chronic disease indications, employing small molecule drugs, peptide drugs, PDC, and ADC formats [4] Group 5: New Drug Advantages - The newly introduced small molecule pain relief innovative drug YJ2301 is designed to overcome limitations of existing neurogenic pain medications, such as limited efficacy and significant side effects [4] - Clinical pre-research data for YJ2301 shows superior pain relief effects and the potential to address issues like drowsiness and tolerance, providing a new solution for neurogenic pain management [4]