证券代码：600535 证券简称：天士力 编号：临 2025-029 号 天士力医药集团股份有限公司 关于获得药物临床试验批准通知书的公告 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。 近日，天士力医药集团股份有限公司（以下简称"天士力"、"公司"）收 到国家药品监督管理局（以下简称"国家药监局"）核准签发关于P134细胞注射 液用于复发胶质母细胞瘤的《药物临床试验批准通知书》。现就相关情况公告如下： 一、药物基本情况 药物名称：P134细胞注射液 规格：1x107 cells/mL，4mL 受理号：CXSL2500032 通知书编号：2025LP01030 注册分类：治疗用生物制品1类 申请人：天士力医药集团股份有限公司 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年01月09日受理的P134细胞注射液符合药品注册的有关要求，同意开展复发胶质 母细胞瘤的临床试验。 二、药物研发情况 P134 细胞注射液是由天士力与北京神经外科研究所共同合作开发的创新生 物药，是一款靶向 CD44 和（或） ...

历经8个月，中药行业2024年广受关注的并购案终于落槌。近期，华润三九宣布，收到过户登记确认书，天士力418306002股股份（约占天士力 已发行股份总数的28%）已过户至华润三九名下，交易完成后天士力控股股东变更为华润三九，实际控制人变更为中国华润有限公司。 由此，民营中药龙头天士力正式纳入"国家队"。天士力曾凭借拳头产品复方丹参滴丸快速崛起，在研发投入高企、市场竞争加剧的多重压力 下，其主动求变。对此，天士力表示，2025年将加速临床研究及成果转化，抓好在研管线和平台建设目标达成，持续优化研发管线。 同时，此举也折射出华润三九通过并购扩张巩固心血管领域地位、补强产业链的野心。 近年来，"国家队"阵营持续扩容。国药收编太极、华润吞下昆药，一桩桩并购案背后，是政策东风下产业集中度的快速提升。当行业集中度提 升、产业链标准化与创新研发提速成为趋势，天士力的转身，或许只是中药江湖洗牌的一个注脚。 图片来源：视觉中国 这笔交易的达成经历了漫长的同意、批复流程。 2024年8月，一纸公告揭开了医药行业重大并购的序幕。天士力公告称，控股股东天士力集团及其一致行动人与华润三九签订了《股份转让协 议》。根据协议内容，天士力 ...

大会期间，天士力精心设立独立展台，宛如一座健康宝藏馆，全方位展示旗下明星药品与大健康产品。展台设计独具匠心，融合了现代科技与传统中医药文 化元素，营造出一种既时尚又充满文化底蕴的氛围。步入展台，首先映入眼帘的是天士力"心脑血管、肿瘤免疫、消化代谢、神经科学"四大核心治疗领域展 示区，整齐排列的药品瓶身在柔和的灯光下散发着专业与信赖的气息。工作人员热情地为每一位驻足的参会者介绍产品的功效、成分以及独特工艺，从复方 丹参滴丸到养血清脑颗粒，每一款药品都承载着天士力对品质的执着追求。 4月9日，2025乌镇健康大会暨第四届OTC大会开幕式隆重举行。各界嘉宾齐聚一堂，共同见证大会的开启。天士力医药集团股份有限公司总经理蔡金勇作为 重要嘉宾出席开幕式。作为中国健康产业极具专业性、权威性和创新力的行业盛会，此次大会包含了第四届OTC大会、第四届中医药抗衰老大会、中医药新 质发展大会、中国医药广阔市场与基层医疗大会、医药数智化产业大会、跨界多元论坛、社会药房专业服务论坛等多个精彩板块，通过主题演讲、案例分 享、圆桌对话和专业访谈等多种形式，围绕医药健康产业的政策、动态、趋势和热点进行不同维度的交流、分享，构建起多维立体的思 ...

21世纪经济报道记者 李佳英 广州报道 历经8个月，中药行业2024年广受关注的并购案终于落槌。近期，华润三九宣布，收到过户登记确认 书，天士力418306002股股份（约占天士力已发行股份总数的28%）已过户至华润三九名下，交易完成 后天士力控股股东变更为华润三九，实际控制人变更为中国华润有限公司。 由此，民营中药龙头天士力正式纳入"国家队"。天士力曾凭借拳头产品复方丹参滴丸快速崛起，在研发 投入高企、市场竞争加剧的多重压力下，其主动求变。对此，天士力表示，2025年将加速临床研究及成 果转化，抓好在研管线和平台建设目标达成，持续优化研发管线。 同时，此举也折射出华润三九通过并购扩张巩固心血管领域地位、补强产业链的野心。 天士力易主华润收官 这笔交易的达成经历了漫长的同意、批复流程。 2024年8月，一纸公告揭开了医药行业重大并购的序幕。天士力公告称，控股股东天士力集团及其一致 行动人与华润三九签订了《股份转让协议》。根据协议内容，天士力医药集团及其一致行动人转让28% 股份给华润三九，交易对价为62.12亿元。 在随后的半年时间里，这场并购经历了层层审批的关键节点：2025年2月，华润三九宣布，已收到国家 ...

2025 年第一次临时股东大会会议资料 天士力医药集团股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 4 月 15 日 2025 年第一次临时股东大会会议资料 天士力医药集团股份有限公司 2025 年第一次临时股东大会议程 一、会议时间： 现场会议召开时间：2025 年 4 月 15 日 14 点 30 分 网络投票系统及投票时间： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 15 日 至 2025 年 4 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会 召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东大会召开当日的 9:15-15:00。 二、会议地点：天津市北辰科技园区天士力现代中药城天士力医药集团股份有限公司会 议室 三、会议议程： （一）宣布会议正式开始 （二）宣布大会出席情况和事项的表决方法 （三）推举表决票清点人、监票人、结果宣布人 （四）宣读议案并请股东针对议案发表意见 | 序号 | 议案名称 | | --- ...

Group 1 - The core point of the news is the completion of the equity transaction between China Resources Sanjiu and Tasly, marking a significant change in Tasly's ownership structure and management [1][5][6] - China Resources Sanjiu acquired 28% of Tasly's shares for approximately 6.212 billion yuan, while Tasly's controlling shareholder changed from the Yan family to China Resources [1][4] - Following the acquisition, several senior executives at Tasly resigned, indicating a major internal restructuring [1][2] Group 2 - Tasly, founded in 1994, has faced unstable performance and over-reliance on a single product, leading to its sale [3][5] - The company experienced a significant revenue decline of 31.43% in 2021, with a net profit drop of 110.8% in 2022, marking its first loss since going public [3][5] - In 2023, Tasly reported a slight revenue increase to 8.67 billion yuan, but revenue fell again in 2024 to 8.498 billion yuan [3][5] Group 3 - The acquisition is part of China Resources' strategy to expand its presence in the traditional Chinese medicine sector, having previously acquired other pharmaceutical companies [6][5] - The integration of Tasly is expected to enhance China Resources' capabilities in innovative Chinese medicine and cardiovascular products, creating potential synergies [5][6] - Industry experts anticipate that China Resources will continue to pursue mergers and acquisitions in the Chinese medicine sector, intensifying competition among leading companies [6][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.75 CNY based on a 21x PE valuation for 2025 [2][5]. Core Insights - The company has shown stable performance, with a slight decline in revenue for 2024 but a projected recovery in the following years. The revenue is expected to grow from 8.498 billion CNY in 2024 to 10.248 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5.4% [4][9]. - The company is focusing on product innovation and has a robust pipeline with 98 products under development, including two classic traditional Chinese medicine formulations that are in the production application stage [9]. - The acquisition by China Resources Sanjiu is anticipated to enhance the company's competitive edge through improved management and marketing resources [9]. Financial Summary - Revenue for 2023 was 8.674 billion CNY, with a slight decrease to 8.498 billion CNY in 2024, followed by an increase to 9.069 billion CNY in 2025 [4]. - The net profit attributable to the parent company is projected to recover from 956 million CNY in 2024 to 1.423 billion CNY by 2027, with a significant growth rate of 17.6% in 2025 [4]. - The company's gross margin is expected to remain stable around 66.5% to 66.7% from 2025 to 2027, indicating consistent profitability [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.75 CNY based on a 21x PE valuation for 2025 [2][5]. Core Insights - The company has shown stable performance, with a slight decline in revenue in 2024 but a projected recovery in the following years. The revenue for 2024 is expected to be 8.498 billion CNY, down 2.0% year-on-year, while the net profit is projected at 956 million CNY, a decrease of 10.8% [9]. - The company is focusing on product innovation and has a robust pipeline with 98 products under development, including two classic traditional Chinese medicine formulations that are in the production application stage [9]. - The acquisition by China Resources Sanjiu is expected to enhance the company's competitive edge through improved management and marketing resources [9]. Financial Performance Summary - **Revenue Forecast**: - 2023: 8.674 billion CNY - 2024: 8.498 billion CNY - 2025: 9.069 billion CNY (6.7% growth) - 2026: 9.723 billion CNY (7.2% growth) - 2027: 10.248 billion CNY (5.4% growth) [4][11] - **Net Profit Forecast**: - 2023: 1.071 billion CNY - 2024: 0.956 billion CNY - 2025: 1.124 billion CNY (17.6% growth) - 2026: 1.325 billion CNY (17.9% growth) - 2027: 1.423 billion CNY (7.4% growth) [4][11] - **Earnings Per Share (EPS)**: - 2023: 0.72 CNY - 2024: 0.64 CNY - 2025: 0.75 CNY - 2026: 0.89 CNY - 2027: 0.95 CNY [4][11] - **Profitability Ratios**: - Gross Margin: 66.8% in 2023, projected to be around 66.5% in 2025 - Net Margin: 12.3% in 2023, expected to improve to 12.4% in 2025 - Return on Equity (ROE): 8.6% in 2023, projected to be 9.1% in 2025 [4][11].

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on April 15, 2025, at 14:30 [1] - The meeting will take place at Tianjin Beichen Technology Park, Tianshili Modern Chinese Medicine City [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's online voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system, with specific time slots for trading system voting and internet platform voting on the day of the meeting [1][2] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of common and preferred shares [3][4] - Votes exceeding the number of shares held or duplicate votes will be considered invalid [5] Meeting Agenda - The meeting will review proposals that have been approved by the company's board and supervisory committee [3] - Detailed materials for the meeting will be published on the Shanghai Stock Exchange's website prior to the meeting [3] Registration and Attendance - Registration for attendance must be completed by April 11, 2025, with specific documentation required for representatives [5] - The company will cover no expenses for travel or accommodation for attending shareholders [5] Proxy Voting - Shareholders can appoint proxies to attend the meeting and vote on their behalf, with specific instructions required on the proxy form [8][10] - Each share held grants the shareholder a corresponding number of votes for the election of directors and supervisors [10][11]

Core Points - The article outlines the articles of association for Tasly Pharmaceutical Group Co., Ltd, detailing the company's legal framework and governance structure [2][3][4]. Company Overview - Tasly Pharmaceutical Group Co., Ltd was established as a joint-stock company in accordance with the Company Law of the People's Republic of China [2]. - The company was approved by the Tianjin Municipal Government and registered with the Tianjin Market Supervision Administration, with a unified social credit code of 9112000023944464XD [2][3]. Capital Structure - The registered capital of the company is RMB 1,493,950,005 [3]. - The total number of shares issued by the company is 1,493,950,005 shares, with the founding shareholders holding varying percentages of equity [6][19]. Business Objectives - The company's business objectives emphasize high technology, market orientation, marketing as a driving force, and quality assurance [4][5]. - The company aims to leverage its resources and technological advantages to enhance economic efficiency and ensure satisfactory returns for investors [4]. Share Issuance and Transfer - Shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [6][15]. - The company does not accept its own stocks as collateral [8]. Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participation in shareholder meetings, and the ability to supervise company operations [9][10]. - Shareholders are obligated to comply with laws and regulations, and they cannot abuse their rights to harm the company or other shareholders [11][12]. Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for calling and conducting these meetings [41][43]. - Shareholder proposals must be submitted in writing and are subject to specific timelines for notification [53][55]. Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, with different thresholds for approval [76][78]. - Voting can be conducted in person, online, or through other means, ensuring accessibility for all shareholders [80][86].