Core Viewpoint - Tianjin Pharmaceutical Co., Ltd. (referred to as "Tian Pharmaceutical") is facing significant challenges, including a 65.28% decline in net profit and over 69 million yuan in antitrust fines, leading to speculation about potential management restructuring following the resignation of its highest-paid executive, Yang Xiaoyan [2][3][4]. Group 1: Management Changes - Yang Xiaoyan, the highest-paid executive with an annual salary of 1.976 million yuan, has resigned from her position as Deputy General Manager due to work adjustments, raising questions about possible management changes within the company [2][3]. - Yang's salary is significantly higher than the average employee salary of 199,100 yuan and the total management salary of 8.0412 million yuan, which increased by 6.14% year-on-year [2][3]. Group 2: Financial Performance - In 2024, Tian Pharmaceutical reported a revenue of 3.215 billion yuan, a decrease of 15.0% year-on-year, while net profit was 133 million yuan, an increase of 14.01% [3]. - The company's sales expenses saw a dramatic decline of 45.76% to 570 million yuan, with promotional activity costs dropping by 54.23% and market planning service fees decreasing by 60.03% [3]. - For the first half of 2025, the company achieved approximately 1.588 billion yuan in revenue, down 11.81% year-on-year, with a net profit of 49.304 million yuan, reflecting a 65.28% decrease [3]. Group 3: Regulatory Issues - Tian Pharmaceutical has been fined over 69 million yuan due to antitrust violations, which accounted for 51.85% of its 2024 net profit [4][5]. - The company has faced multiple antitrust penalties in recent years, indicating ongoing compliance issues and raising concerns about its operational integrity [5][6]. - The latest fine is part of a broader investigation into price-fixing practices that significantly inflated the price of certain raw materials [4][5]. Group 4: Future Challenges - The company is under pressure to find new profit growth points after exhausting cost-cutting measures, and there are concerns about potential further regulatory scrutiny due to compliance failures [6]. - Questions remain regarding whether the company will implement substantial reforms beyond verbal commitments to improve compliance and regain investor trust [6]. - The recent fine has intensified cash flow pressures, prompting speculation about potential asset disposals or equity financing to alleviate financial strain [6].

Core Viewpoint - Tianjin Pharmaceutical Co., Ltd. (referred to as "Tian Pharmaceutical") is facing significant challenges, including a 65.28% decline in net profit and over 69 million yuan in antitrust fines, leading to speculation about potential management restructuring following the resignation of its highest-paid executive, Yang Xiaoyan [1][2]. Group 1: Management Changes - Yang Xiaoyan, the highest-paid executive with an annual salary of 1.976 million yuan, has resigned from her position as Deputy General Manager due to work adjustments [1]. - Yang's departure may signal a broader management restructuring within Tian Pharmaceutical, especially given the company's current challenges [1]. Group 2: Financial Performance - In 2024, Tian Pharmaceutical reported revenue of 3.215 billion yuan, a decrease of 15.0% year-on-year, while net profit was 133 million yuan, an increase of 14.01% [2]. - The significant drop in sales expenses, which fell by 45.76% to 570 million yuan, was a key factor supporting profit, with promotional activity costs decreasing by 54.23% [2]. - For the first half of 2025, the company achieved approximately 1.588 billion yuan in revenue, down 11.81% year-on-year, and net profit of 49.3 million yuan, down 65.28% [2]. Group 3: Regulatory Issues - Tian Pharmaceutical has faced multiple antitrust penalties, including a recent fine of 69.19 million yuan, which constitutes 51.85% of its 2024 net profit [3][4]. - The company has been penalized four times in recent years for antitrust violations, indicating ongoing compliance issues [4]. - Despite previous commitments to improve compliance and operational integrity, the company has not disclosed specific corrective measures taken [5]. Group 4: Future Challenges - The company is under pressure to find new profit growth points after exhausting the potential for reducing sales expenses [5]. - There are concerns about whether the management changes will focus on performance improvement or compliance rebuilding [5]. - The recent fines have intensified cash flow pressures, raising questions about potential asset disposals or equity financing to alleviate financial strain [5].

证券代码：600488 证券简称：津药药业 编号：2025-059 特此公告。 津药药业股份有限公司 津药药业股份有限公司董事会 关于高级管理人员辞职的公告 2025年9月23日 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个别及连带责任。 津药药业股份有限公司（以下简称"公司"）董事会于近日收到杨晓燕女士的书面辞职申请，因工作调整 原因，杨晓燕女士申请辞去公司副总经理职务。根据《中华人民共和国公司法》《上海证券交易所上市 公司自律监管指引第1号一一规范运作》等法律法规及《公司章程》的规定，上述辞职事项自辞职报告 送达董事会之日起生效。杨晓燕女士辞职后，将不再担任公司及控股子公司任何职务。 公司已完成与杨晓燕女士的工作交接，杨晓燕女士辞去副总经理的职务不会影响公司相关工作的正常运 行。 杨晓燕女士在任职期间恪尽职守、勤勉尽责，公司董事会对杨晓燕女士为公司在战略规划、运营管理、 人力资源管理方面做出的卓越贡献表示衷心的感谢！ ...

（记者 张明双） 每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 每经AI快讯，津药药业9月23日晚间发布公告称，因工作调整原因，杨晓燕女士申请辞去公司副总经理 职务。将不再担任公司及控股子公司任何职务。公司已完成与杨晓燕女士的工作交接。 ...

证券代码：600488 证券简称：津药药业 编号：2025-059 津药药业股份有限公司 关于高级管理人员辞职的公告 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个别及连带责任。 1/ 1 杨晓燕女士在任职期间恪尽职守、勤勉尽责，公司董事会对杨晓 燕女士为公司在战略规划、运营管理、人力资源管理方面做出的卓越 贡献表示衷心的感谢！ 特此公告。 津药药业股份有限公司董事会 2025 年 9 月 23 日 津药药业股份有限公司（以下简称"公司"）董事会于近日收到 杨晓燕女士的书面辞职申请，因工作调整原因，杨晓燕女士申请辞去 公司副总经理职务。根据《中华人民共和国公司法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等法律法规及《公司 章程》的规定，上述辞职事项自辞职报告送达董事会之日起生效。杨 晓燕女士辞职后，将不再担任公司及控股子公司任何职务。 公司已完成与杨晓燕女士的工作交接，杨晓燕女士辞去副总经理 的职务不会影响公司相关工作的正常运行。 ...

Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].

证券代码：600488 证券简称：津药药业 编号：2025-058 津药药业股份有限公司 关于参加 2025 年天津辖区上市公司投资者 网上集体接待日活动情况公告 公司于2025年8月23日在《上海证券报》《中国证券报》和上海 证券交易所网站披露了《津药药业股份有限公司2025年半年度报告》， 并于2025年8月28日披露了《津药药业股份有限公司关于参加2025年 天津辖区上市公司投资者网上集体接待日活动的公告》（2025-055#）。 2025年9月11日15:00-17:00，公司董事长徐华先生、总经理李书 箱先生、独立董事边泓先生、独立董事陈喆女士、首席财务官朱立延 先生、董事会秘书刘博先生共同出席了2025年天津辖区上市公司投资 者网上集体接待日活动，针对公司2025年半年度财务状况、市场开拓、 研发项目及未来发展战略等方面与投资者互动交流和沟通，在信息披 露允许的范围内就投资者关注的问题进行了回答。 二、投资者提出的问题及公司回复情况 公司对投资者在本次说明会上主要关注的问题进行了回复，具体 情况如下： 1 / 5 1.请问贵公司联营持股24.39的天津药物研究院有限公司的第一 大股东是否是招商局集 ...

中证报中证网讯(王珞)9月9日晚间，津药药业（600488）发布公告称，公司子公司津药和平收到国家药 品监督管理局核准签发的复方氨基酸(15)双肽(2)注射液《药品注册证书》。 据了解，复方氨基酸(15)双肽(2)注射液提供的氨基酸是肠外营养治疗的组成部分，适用于不能口服或经 肠道补给营养，以及通过这些途径补充营养不能满足需要的患者，尤其适用于中度至重度分解代谢状况 的患者。米内网全国放大版的医院数据显示，该药品在2023年、2024年国内销售额分别达到3.29亿元、 2.34亿元，具备可观的市场潜力。本次获批将进一步丰富津药药业制剂产品线，强化公司"原料药+制 剂"一体化战略优势，增强其在肠外营养细分市场的竞争力。 近年来，津药药业持续加大技术研发投入，不断进行工艺优化，推出新产品，开发新市场，增强企业全 球竞争力。自今年7月以来，公司多项产品研发与注册取得积极进展：腹膜透析液(乳酸盐)通过一致性 评价；二氟泼尼酯滴眼液、复方氨基酸(15)双肽(2)注射液成功获得药品注册证书；二氟泼尼酯也于近日 收到《化学原料药上市申请批准通知书》。这些成果充分体现了公司在研发创新和药品注册方面的扎实 积累与高效执行力。 ...

证券日报网讯 9月9日晚间，津药药业发布公告称，近日，公司子公司津药和平（天津）制药有限公司 收到国家药品监督管理局核准签发的复方氨基酸（15）双肽（2）注射液的《药品注册证书》。 （文章来源：证券日报） ...

Group 1 - Matrix Co., Ltd. announced that its wholly-owned subsidiary, Anke Technology, introduced a strategic investor, Shenzhen Jifu New Industry Venture Capital Fund, which invested 5 million yuan for a 10% stake [1] - Heng Rui Medicine received approval from the National Medical Products Administration for its Eicosapentaenoic Acid Ethyl Ester Soft Capsule, aimed at reducing triglyceride levels in patients with severe hypertriglyceridemia [1] - Mo Gao Co., Ltd. announced the resignation of its Vice President Jin Baoshan due to job transfer [1] Group 2 - Yao Wang Technology decided to terminate two fundraising projects and will permanently supplement the remaining funds into working capital [2] - Minhe Livestock reported sales of 25.53 million chicklings in August, generating revenue of 86.41 million yuan, with year-on-year growth of 27.60% [2] - Sichuan Jinding announced the resignation of its Director and General Manager Xiong Jifeng due to personal reasons [3] Group 3 - Taiji Group received approval for clinical trials of its Semaglutide Injection, aimed at blood sugar control in type 2 diabetes patients [5] - Jieput announced plans to increase capital in its affiliate, Suidong Intelligent Technology, with an investment of 5 million yuan for a 5% stake [7] - GeLing Deep Vision's controlling shareholders committed not to reduce their shareholdings for six months starting from September 17, 2025 [8] Group 4 - Huafeng Superfiber reported the resignation of its Vice President Liu Cong due to personal reasons [9] - Xiaoming Co., Ltd. reported sales revenue of 79.90 million yuan from chicken products in August, with year-on-year growth of 11.73% [11] - Lion Head Co., Ltd. announced that its application for issuing shares and cash to acquire assets has been accepted by the Shanghai Stock Exchange [12] Group 5 - Jinlong Automobile reported a bus sales volume of 4,074 units in August, a year-on-year increase of 23.6% [43] - Metro Design signed a contract for the Ho Chi Minh City urban rail transit project in Vietnam, with a total amount of 1.754 trillion VND [45] - North New Road and Bridge announced winning a mining construction project worth 504 million yuan [28]