Group 1 - The core viewpoint of the article is that Tibet Pharmaceutical (SH 600211) held its 11th meeting of the 8th Board of Directors on October 30, 2025, via telecommunication, where it reviewed the Q3 2025 report and other documents [1] - For the first half of 2025, Tibet Pharmaceutical's revenue composition was as follows: pharmaceutical commerce accounted for 97.37%, pharmaceutical manufacturing accounted for 68.9%, and other businesses accounted for 0.2%, with inter-segment eliminations at -66.47% [1]

证券简称：西藏药业 证券代码：600211 编号：2025-040 西藏诺迪康药业股份有限公司 关于会计估计变更公告 一、会计估计变更概述 （一）会计估计变更 为了更加客观、公允地反映公司财务状况，根据《企业会计准则》的相关规定，并结 合公司未来研发业务的发展规划，公司决定对研发支出资本化时点的会计估计进行变更。 （二）审议情况 公司董事会审计委员会以 3 票同意，0 票反对，0 票弃权，审议通过了《关于会计估计 变更的议案》，并一致同意将该议案提交公司董事会审议。 公司第八届董事会第十一次会议以 9 票同意，0 票反对，0 票弃权，审议通过了《关于 会计估计变更的议案》。 该事项无需提交公司股东大会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●根据《企业会计准则第 28 号—会计政策、会计估计变更和差错更正》的相关规定， 本次会计估计变更采用未来适用法进行会计处理，无需对已披露的财务报告进行追溯调整， 对公司以往各年度的财务状况和经营成果不会产生影响。 本次会计估计变更后，具体影响取决于研发项目未 ...

Core Viewpoint - Tibet Pharmaceutical (600211.SH) reported a steady performance in Q3 2025, with revenue of 2.089 billion yuan and net profit of 722 million yuan, while actively seeking new growth points through investments in innovative drug development [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, Tibet Pharmaceutical achieved operating revenue of 2.089 billion yuan and a net profit attributable to shareholders of 722 million yuan, indicating stable overall performance [1]. - The company reported a non-recurring net profit of 668 million yuan, reflecting its solid financial foundation [1]. Group 2: Strategic Investments - The company made a significant investment of 60 million USD in Suzhou Ruizheng Gene Co., Ltd., marking a key highlight in its management strategy for entering the innovative drug sector [1]. - In August 2025, Tibet Pharmaceutical announced a 60 million USD equity investment in Accuredit Therapeutics Limited, acquiring a 40.82% stake, which aligns with its strategic focus on innovative drug development [1][2]. Group 3: Innovative Drug Pipeline - Ruizheng Gene is developing therapies targeting metabolic diseases, particularly in the liver disease area, addressing significant unmet clinical needs [2]. - The company is the first in China to enter exploratory clinical research for an LNP-based in vivo gene editing product and has received FDA clinical approval in the U.S. for its pipeline [2]. - The ART001 pipeline targets rare diseases, currently in Phase I/IIa clinical trials in China, and has received orphan drug designation from the FDA [2]. Group 4: Product Development and Market Strategy - The company reported sales of its product "New活素" reaching approximately 4.17 million units, generating revenue of 1.456 billion yuan, with a low market penetration rate despite a large annual incidence of heart failure patients in China [3]. - The company is actively promoting "New活素" sales and has initiated exploratory research to expand sales channels [3]. - Other products like "诺迪康" and "金罗汉" are performing well in the market, with expectations for gradual growth in market share [3]. Group 5: Additional Investments - In March 2025, the company completed a 300 million yuan equity investment in Jiangsu Chentai Pharmaceutical Technology Co., Ltd., acquiring a 13.04% stake [4]. - The drug "Zorifertinib" developed by Chentai is the first globally to conduct registration clinical trials for advanced non-small cell lung cancer with CNS metastasis, showing significant clinical value [4]. - The commercialization of Zorifertinib is underway, with preparations for negotiations regarding medical insurance, which could provide stable cash flow for the company [4].

证券代码：600211 证券简称：西藏药业 公告编号：2025-039 西藏诺迪康药业股份有限公司 第八届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司第八届董事会第十一次会议通知于 2025 年 10 月 20 日以电邮和微信的方式发出， 会议于 2025 年 10 月 30 日以通讯方式召开。会议应出席董事 9 名，实际参加会议表决的董 事 9 名。会议由董事长陈达彬先生主持，公司高管列席了会议，会议的召开符合《公司法》 及《公司章程》的有关规定。 二、会议审议情况 1、公司 2025 年第三季度报告： 表决结果：同意 9 票，反对 0 票，弃权 0 票，通过该议案。 公司 2025 年第三季度财务会计报告已经公司董事会审计委员会审议通过。 详见公司同日发布的《2025 年第三季度报告》。 一、会议召开情况 表决结果：同意 9 票，反对 0 票，弃权 0 票，通过该议案。 该议案已经公司董事会审计委员会审议通过。 详见公司同日发布的《关于会计估计变更的公告》。 特此公告。 西藏诺迪康药业股 ...

Financial Performance - Q3 2025 revenue was CNY 438,565,754.61, a decrease of 21.79% year-over-year[3] - Total profit for Q3 2025 was CNY 173,133,451.88, down 7.39% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 154,454,092.55, reflecting an 8.46% decline year-over-year[3] - Basic earnings per share for Q3 2025 were CNY 0.48, a decrease of 9.56% year-over-year[3] - The weighted average return on net assets was 3.88%, a decrease of 0.81 percentage points compared to the previous year[3] - Total operating revenue for the first three quarters of 2025 was CNY 2,089,270,909.97, a decrease of 3.96% compared to CNY 2,175,443,351.59 in the same period of 2024[26] - Net profit for the first three quarters of 2025 was CNY 725,906,851.38, a decrease of 8.69% compared to CNY 795,146,775.01 in 2024[27] - The net profit attributable to the parent company's shareholders decreased to ¥721,777,210.07 from ¥791,866,935.56, representing a decline of approximately 8.8% year-over-year[29] - Basic and diluted earnings per share were both ¥2.24, compared to ¥2.46 in the previous year, reflecting a decline of approximately 8.9%[29] - The company reported cash inflows from investment activities of ¥3,330,412,806.08, down from ¥3,577,250,394.80, a decrease of approximately 6.9%[32] - The company received cash from sales of goods and services totaling ¥2,488,285,507.95, down from ¥2,638,932,481.82, a decrease of about 5.7%[31] Cash Flow and Management - Cash flow from operating activities for Q3 2025 was CNY 112,849,641.28, a decrease of 26.02% compared to the previous year[3] - Cash and cash equivalents increased to CNY 2,040,163,047.60 as of September 30, 2025, up 23.76% from CNY 1,648,214,061.09 at the end of 2024[22] - Cash flow from operating activities generated a net amount of ¥713,064,912.90, slightly down from ¥747,262,008.45, a decrease of about 4.6%[32] - Cash and cash equivalents at the end of the period increased to ¥1,455,350,854.94 from ¥977,320,175.24, marking an increase of approximately 48.8%[33] - The ending cash and cash equivalents balance decreased to $91.05 million from $218.23 million, a decline of 58.3%[43] - Total cash outflow from operating activities was $261.18 million, down from $396.01 million, a reduction of 34.1%[43] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,816,326,515.3, an increase of 22.52% from the end of the previous year[5] - Total assets reached CNY 5,816,326,515.37 as of September 30, 2025, an increase of 22.53% from CNY 4,747,338,341.13 at the end of 2024[23] - Total liabilities increased to CNY 1,875,568,911.39 as of September 30, 2025, compared to CNY 795,233,231.60 at the end of 2024[24] - The total liabilities decreased to CNY 273,353,388.05 from CNY 564,419,493.13, a reduction of 51.6%[36] - The company's total equity decreased to CNY 4,079,173,989.72 from CNY 4,130,836,383.18, a decline of 1.2%[36] Investments and Subsidiaries - The company invested $60 million in Accuredit Therapeutics Limited, acquiring a 40.82% stake, with the investment completed and included in the consolidated financial statements[12] - The company has established a new subsidiary, Accuredit Therapeutics Limited, which is now included in the consolidated financial statements[12] - The company’s long-term equity investments increased to CNY 379,978,194.91 as of September 30, 2025, compared to CNY 86,558,123.28 at the end of 2024[22] - The company's long-term equity investments increased to CNY 2,305,702,025.00 from CNY 2,014,799,653.37, an increase of 14.4%[35] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 28,119,542.03, an increase of 65.00% compared to CNY 17,025,333.28 in 2024[27] - Research and development expenses increased significantly to CNY 30,564,787.85, up from CNY 11,671,655.25, reflecting a growth of 161.5%[38] Financial Products and Cash Management - The company has a total cash management amount of 1,335 million CNY, with an unexpired balance of 655 million CNY[15] - The company has invested in various bank financial products, with amounts ranging from 1,000 to 10,000 CNY, and annualized returns between 1.00% and 2.30%[17] - The company’s cash management includes investments in fixed income and money market products[17] - The company reported a total of 6,500 million in fixed income products with an interest rate of 0.45%/1.79%/1 for the period ending December 12, 2025[21] - The company has issued 3,000 million in fixed income products with an interest rate range of 0.6%-2.0% for the period ending December 16, 2025[21] - The company has a total of 2,500 million in fixed income products with an interest rate of 0.5% to 1.9% for the period ending December 18, 2025[21] - The company has issued 1,800 million in fixed income products with an interest rate range of 1.0%-1.84% for the period ending December 31, 2025[21] - The company reported 4,000 million in fixed income products with an interest rate of 1.00%/1.83%/2 for the period ending November 28, 2025[21] - The company has a total of 2,500 million in fixed income products with an interest rate of 0.75%-1.90% for the period ending November 21, 2025[21] - The company issued 1,000 million in fixed income products with an interest rate of 1%/1.55%/1.65 for the period ending December 10, 2025[21] - The company has a total of 3,000 million in fixed income products with an interest rate of 0.5% to 1.9% for the period ending December 22, 2025[21] - The company reported 2,700 million in fixed income products with an interest rate of 1.0% or 1.73% for the period ending December 31, 2025[21] - The company has issued 1,000 million in fixed income products with an interest rate of 0.45%/1.83%/1 for the period ending December 25, 2025[21] Shareholder Information - Shareholders' equity attributable to the parent company was CNY 3,551,437,102.2, down 9.35% from the previous year-end[5] - The company has a total of 10,283,000 shares held by Beijing New Phoenix City Real Estate Development Co., Ltd. through margin financing[12] - The company has not reported any overdue amounts in its cash management activities[15] - The company has not experienced any changes in the lending/borrowing of shares among major shareholders during the reporting period[12]

Core Insights - The company reported a third-quarter revenue of 439 million, a year-on-year decrease of 21.79% [1] - The net profit for the third quarter was 154 million, reflecting a year-on-year decline of 8.46% [1] - For the first three quarters, the total revenue amounted to 2.089 billion, down 3.96% compared to the previous year [1] - The net profit for the first three quarters was 722 million, which is an 8.85% decrease year-on-year [1]

Group 1 - The core point of the news is that Tibet Pharmaceutical has experienced a significant decline in its stock price, dropping 5.05% on October 23, with a total market value of 14.366 billion yuan [1] - Tibet Pharmaceutical's stock has fallen for four consecutive days, with a cumulative decline of 4.63% during this period [1] - The company primarily engages in pharmaceutical manufacturing, with 99.80% of its revenue coming from drug sales and only 0.20% from other sources [1] Group 2 - Among the top shareholders of Tibet Pharmaceutical, one fund from Huaxia Fund holds 1.9036 million shares, representing 0.59% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed A fund has incurred a floating loss of approximately 4.5116 million yuan today, with a total floating loss of 4.3403 million yuan over the past four days [2] - The fund has achieved a return of 51.13% year-to-date and 55.43% over the past year, ranking 757 out of 8159 and 489 out of 8030 respectively [2]

Market Overview - The biopharmaceutical sector experienced a decline of 0.57% on October 22, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Wendi Pharmaceutical (688488) with a closing price of 14.77, up 4.01% [1] - Dongbao Bio (300239) at 5.78, up 2.66% [1] - Jinke (688670) at 17.03, up 2.59% [1] - Major decliners included: - Aopumai (688293) at 55.19, down 4.40% [2] - Wofu Bio (300357) at 31.63, down 3.18% [2] - Sanofi (688336) at 59.60, down 2.39% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 192 million yuan from institutional investors, while retail investors contributed a net inflow of 53.82 million yuan [2] - Specific stock capital flows included: - Te Bao Bio (688278) with a net inflow of 19.00 million yuan from institutional investors [3] - Hualan Bio (002007) with a net inflow of 12.05 million yuan from institutional investors [3] - Aopumai (688293) with a net outflow of 4.40% from institutional investors [3]

Core Points - The announcement details the release of pledged shares by a major shareholder, Huaxi Pharmaceutical Group, which holds 56.15 million shares, accounting for 17.42% of the company's total shares [2] - After the release of the pledge, Huaxi Pharmaceutical has a total of 18.76 million shares pledged, representing 33.41% of its holdings and 5.82% of the company's total shares [2] - There are no plans for further pledging of the released shares [2] Summary by Sections - **Shareholder Information** - Huaxi Pharmaceutical Group is the second-largest shareholder of the company, holding 56.15 million shares [2] - **Pledge Details** - The release of the pledge has been completed, and the current pledged shares amount to 18.76 million [2] - **Future Plans** - There are no subsequent plans for pledging the released shares [2]

Group 1 - The core point of the article is that Tibet Pharmaceutical announced the release of share pledges by its second-largest shareholder, Huaxi Pharmaceutical Group, which holds 17.42% of the company's total shares [2] - Huaxi Pharmaceutical Group has released 1.34 million shares from pledge [2] - The total number of shares held by Huaxi Pharmaceutical Group amounts to 56.1483 million shares [2]