乡村振兴不是简单的输血式救助，更重要的是增强自我造血功能。 天士力在项目设计上注重创新与可持续性，力求激发乡村的内生动力。 这种"授人以渔"的方式，既促进了地方经济的发展，又保护了乡村的生态环境和文化传承，实现了经济 效益与社会效益的双赢。 夜幕降临，天士力公益基金会的'彩云下的课堂'支教团队老师们陆续回到住宿的"聚德小镇"。 "聚德小镇"是天士力控股集团与甘肃省庆阳市镇原县政府联手打造的美丽乡村示范工程，打造了集生态 宜居、特色产业、乡村旅游于一体的"山水田园综合体"。 小镇仿传统窑洞的设计别具一格，演出舞台、放映厅、宴会厅、会议室等一应俱全。 小镇旁边一排排青瓦白楼的村民新居分外亮眼。 乡村振兴让更多的村民在家乡就业"以前这里是穷山沟，有风景也没有人欣赏。 现在变化特别大，环境很美，窑洞博物馆保留了传统窑洞文化。 "游览完聚德小镇后在宴会大厅就餐的游客说。 他住在县城，每逢周末都愿意带孩子来这里放松。 小镇不仅是商业载体，还是乡村产业振兴的样板。 "聚德小镇"负责人闫希佳说，小镇成立了聚德种养殖合作社，种植中药材、水果，养殖黑猪、土鸡等， 并借助直播带货等新手段促进销售，打造现代农业田园生态旅游综合体，探 ...

2021年以来，天士力每年联系一批不同专业、不同领域的支教老师去当地支教；连续4年举办"天使之爱 行知研学营"，为城乡青少年搭建起一座生活学习、交流交友的桥梁。 乡村教育是我国教育的"神经末梢"，也是重要阵地。 教育资源匮乏、师资力量薄弱、办学规模小、布局分散、质量参差不齐等情况，制约着乡村教育现代化 和我国高质量教育体系构建。 做好推进教育均衡发展、加大教育投入、加强师资队伍建设、探索新的教育模式等是激发乡村教育活力 实现高质量发展、促进教育均衡发展与教育强国建设的重要途径。 初冬，阳光穿透晨雾，照亮陇东大地。 晨曦里，有一束温柔而坚定的光，跨越崇山峻岭。 这束光，正是天士力公益基金会的'彩云下的课堂'支教团队，又一次来到这片风景如画的沟壑纵横之 地，把丰富多彩的艺术课堂带到了山区，给这里的孩子们带来了为期一周的公益艺术课。 美育教育让山里的孩子有更多出彩的机会"你最喜欢的歌是什么？ ""致未来""最喜欢做的事情是什么？ ""踢足球"……天士力小学中，不少孩子围在天士力公益基金会理事长李畇慧的身边，开心地聊着天。 这座被大山环绕的小学，坐落于甘肃省庆阳市镇原县太平镇，宽敞明亮的教室、塑胶的操场……很难想 象 ...

核心品种短期承压，华润三九赋能在望 证 券 研 究 报 告 ——天士力 2024 年三季报业绩点评 公 司 研 究 公 司 点 评 ◼ 事件描述 公司发布 2024 年三季度报告, 业绩短期承压：2024 年前三季度收入 约 64.63 亿元，同比下降 1.66%，其中医药工业同比增长 2.18%，医药 商业同比下降 25.36%；归母净利润约 8.42 亿元，同比下降 18.41%， 主要系公司持有的金融资产公允价值变动损失高于上年同期及部分产 品降价毛利下降所致；扣非归母净利润约 9.82 亿元，同比下降 6.78%。 前三季度公司毛利率、归母净利率、扣非归母净利率分别为 66.8%、 13.0%、15.2%，分别同比下降 0.05 个百分点、2.68 个百分点、0.84 个 百分点。24Q3 毛利率、归母净利率、扣非归母净利率分别为 65.4%、 8.6%、11.8%，同比下降 2.78 个百分点、6.32 个百分点、4.8 个百分点。 ◼ 核心观点 心脑血管业务稳健增长：据公司财报，心脑血管为收入占比最高的业 务，2024 年前三季度收入约 42.4 亿元，同比增长 3.54%；抗肿瘤收入 约 1.6 ...

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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024年11月11日 (二)股东大会召开的地点：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)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场投票与网络投票相结合的方式召开及表决。会议由公司董事会召集，根据《公司章 程》有关规定，董事长闫凯境先生主持本次大会。会议的召集、召开符合有关法律、法规、规章和《公 司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、公司在任监事5人，出席4人，监事陆振先生因工作原因未能出席本次股东大会； 3、董事会秘书于杰先生出席本次股东大会；财务总监魏洁女士列席会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：2024年第三季度利润分配预案 审议结果：通过 表决情况： ...

f憶证券 医药生物/中药Ⅱ 公 司 研 究 天士力（600535.SH） 2024 年 10 月 29 日 前三季度业绩相对承压，心脑血管板块延续增长态势 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 15.07 | | 一年最高最低 ( 元 ) | 18.00/12.24 | | 总市值 ( 亿元 ) | 225.14 | | 流通市值 ( 亿元 ) | 225.14 | | 总股本 ( 亿股 ) | 14.94 | | 流通股本 ( 亿股 ) | 14.94 | | 近 3 个月换手率 (%) | 75.71 | 股价走势图 -20% -10% 0% 10% 20% 30% 2023-10 2024-02 2024-06 天士力 沪深300 数据来源：聚源 相关研究报告 《2024H1 业绩表现相对平稳，管线创 新稳健推进—公司信息更新报告》 -2024.8.26 《股权转让方案出台，携手华润三九 开启发展新篇章—公司信息更新 ...

天士力（600535.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 克服产品降价因素，中药板块营收仍稳健增长 2024 年 10 月 27 日 ➢ 事件：2024 年 10 月 25 日，公司发布 2024 年三季报。公司前三季度实现 营业收入64.63亿元，同比下滑1.66%；归母净利润8.42亿元，同比下滑18.41%； 扣非净利润 9.82 亿元，同比下滑 6.78%。归母净利润下滑主要系公司持有的金 融资产公允价值变动损失高于上年同期及部分产品降价毛利下降所致。 ➢ 费用率基本稳定，核心产品降价毛利率下降。公司 2024 年前三季度销售费 用率、管理费用率和研发费用率分别为 34.18%，3.76%和 8.74%，与去年同期 费用率基本相当。由于核心产品复方丹参滴丸集采降价，公司营收占比最大的心 脑血管治疗领域毛利率比去年同期下降 3.47 pct。 ➢ 中药板块营收仍稳健增长。2024 年前三季度，公司医药工业营收增长 2.18%，医药商业营收下滑 25.36%。医药工业分产品看，中药营收增长 0.51%， 化学制剂营收增长 11.08%，生物药营收增长 0.55 ...

天士力(600535)近日发布三季报。 报告显示，公司前三季度医药工业收入达到57.37亿元，同比增长2.18%。 公司现代中药板块前三季度保持稳健，收入45.78亿元，同比增长0.51%。 公司传统优势治疗领域——心脑血管板块同比增长3.54%，核心产品均呈现增长。 化学制剂药板块收入达到9.67亿元，同比增长11.08%，主要由于水林佳收入增长较快，同时抗肿瘤产品 蒂清摆脱集采降价影响后重回增长轨道，销量持续增加。 公司三季报再次宣布分红，拟实施每10股分派现金股利0.70元（含税）。 若实施，则今年前三季以来公司分红金额达到每股现金红利0.33元。 公司前三季研发投入5.65亿元，较去年同期小幅增长。 半年报显示，目前公司现代中药研发管线布局25款产品。 其中，枇杷清肺饮、温经汤2款处于申报生产阶段，已通过药品注册研制和生产现场核查；19款产品处 于临床II、III期研究阶段，其中安神滴丸、脊痛宁片、青术颗粒、安体威颗粒、香橘乳癖宁胶囊、苏苏 小儿止咳颗粒、肠康颗粒、连夏消痞颗粒、T89治疗慢性稳定性心绞痛适应症与防治急性高原综合症 （AMS）等项目已进入临床III期，三黄睛视明丸已获得CDE对II期临 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 2.09 billion, a decrease of 4.06% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 179.89 million, a decrease of 44.67% year-on-year[2] - Cumulative revenue from the beginning of the year to the end of the reporting period was RMB 6.46 billion, a decrease of 1.66% compared to the same period last year[2] - Cumulative net profit attributable to shareholders of the listed company from the beginning of the year to the end of the reporting period was RMB 325.12 million, a decrease of 18.41% year-on-year[2] - Total revenue for the first three quarters of 2024 was 6,462,559,794.57 RMB, a slight decrease from 6,571,392,090.82 RMB in the same period of 2023[17] - Net profit for the first three quarters of 2024 was 828,144,304.95 RMB, down from 1,000,105,317.73 RMB in the same period of 2023[18] - Revenue for the first three quarters of 2024 reached 4,324,188,522.33 RMB, up from 4,092,108,241.36 RMB in the same period last year[25] - Net profit for the first three quarters of 2024 was 871,685,138.46 RMB, down from 1,041,089,199.71 RMB in the same period last year[26] Profitability Factors - The decrease in net profit was mainly due to higher fair value losses on financial assets and lower gross margins from product price reductions[4] - Basic earnings per share for the third quarter were RMB 0.12, a decrease of 45.45% year-on-year[3] - Net profit attributable to shareholders of the parent company was 842,201,236.32 RMB, down from 1,032,219,095.72 RMB in the same period of 2023[18] - Basic earnings per share for the first three quarters of 2024 were 0.56 RMB, down from 0.69 RMB in the same period of 2023[19] Asset and Equity Changes - Total assets at the end of the reporting period were RMB 16.83 billion, an increase of 0.72% compared to the end of the previous year[3] - Shareholders' equity attributable to the listed company at the end of the reporting period was RMB 12.71 billion, an increase of 2.74% compared to the end of the previous year[3] - Tianshi Pharmaceutical Group's total current assets as of September 30, 2024, amounted to 9,071,544,282.27 RMB, compared to 8,732,680,895.93 RMB at the end of 2023[14] - Total assets increased to 16,834,745,203.85 RMB, up from 16,714,285,093.86 RMB in the previous period[15] - Total equity increased to 13,017,525,146.32 RMB from 12,690,009,062.97 RMB[16] - Total assets increased to 15,464,733,902.98 RMB, up from 15,410,450,008.24 RMB in the previous period[23] - Total equity attributable to shareholders rose to 11,945,130,957.33 RMB, up from 11,583,165,376.29 RMB previously[24] Financial Position and Liabilities - The company's monetary funds decreased to 3,635,664,278.51 RMB as of September 30, 2024, from 4,450,600,676.46 RMB at the end of 2023[13] - Tianshi Pharmaceutical Group's accounts receivable increased to 1,040,697,294.55 RMB as of September 30, 2024, from 688,003,223.63 RMB at the end of 2023[14] - The company's inventory decreased slightly to 1,708,285,219.12 RMB as of September 30, 2024, from 1,747,685,395.27 RMB at the end of 2023[14] - Tianshi Pharmaceutical Group's long-term equity investments decreased to 1,368,351,638.68 RMB as of September 30, 2024, from 1,415,412,097.78 RMB at the end of 2023[14] - The company's fixed assets decreased to 3,228,253,408.17 RMB as of September 30, 2024, from 3,388,718,651.12 RMB at the end of 2023[14] - Tianshi Pharmaceutical Group's development expenditure increased to 1,544,830,366.16 RMB as of September 30, 2024, from 1,452,896,953.08 RMB at the end of 2023[14] - The company's total non-current assets as of September 30, 2024, included 481,957,189.38 RMB in other non-current financial assets, down from 638,217,114.53 RMB at the end of 2023[14] - Tianshi Pharmaceutical Group's prepayments increased to 95,274,519.23 RMB as of September 30, 2024, from 65,572,406.23 RMB at the end of 2023[14] - The company's other receivables increased significantly to 86,552,069.72 RMB as of September 30, 2024, from 11,490,057.43 RMB at the end of 2023[14] - Total liabilities decreased to 3,817,220,057.53 RMB from 4,024,276,030.89 RMB in the previous period[16] - Short-term borrowings increased to 993,287,736.04 RMB from 723,051,144.30 RMB[15] - Short-term borrowings increased significantly to 896,570,694.44 RMB, up from 497,476,388.89 RMB previously[23] - Total liabilities decreased to 3,519,602,945.65 RMB, down from 3,827,284,631.95 RMB previously[23] Cash Flow and Investments - Cash received from sales of goods and services in the first three quarters of 2024 was 7,060,063,757.08 RMB, a decrease from 7,318,700,255.57 RMB in the same period of 2023[20] - Net cash flow from operating activities for the first three quarters of 2024 was 1,189,929,757.94 RMB, an increase from 1,089,487,406.49 RMB in the same period of 2023[21] - Cash received from investments in the first three quarters of 2024 was 4,983,417,806.61 RMB, a significant increase from 1,615,886,708.19 RMB in the same period of 2023[21] - Net cash flow from investing activities for the first three quarters of 2024 was -1,499,100,283.76 RMB, a decrease from -298,549,592.91 RMB in the same period of 2023[21] - Net cash flow from financing activities for the first three quarters of 2024 was -866,677,828.49 RMB, a decrease from -158,026,719.99 RMB in the same period of 2023[21] - The company's monetary funds as of September 30, 2024, were 2,235,324,918.20 RMB, a decrease from 3,221,847,242.03 RMB at the end of 2023[22] - The company's total current assets as of September 30, 2024, were 6,147,756,808.30 RMB, slightly increased from 6,128,717,018.14 RMB at the end of 2023[22] - Long-term equity investments as of September 30, 2024, were 6,589,887,702.87 RMB, a slight decrease from 6,629,227,183.33 RMB at the end of 2023[22] - Development expenditure rose to 909,513,693.87 RMB, compared to 828,481,492.63 RMB previously[23] - Cash flow from operating activities for the first three quarters of 2024 was 4,433,623,509.83 RMB, up from 4,365,765,773.15 RMB in the same period last year[27] - Total cash outflow from operating activities was 3,815,438,910.24 RMB, a slight increase from 3,803,717,675.71 RMB in the previous period[28] - Net cash flow from operating activities increased to 618,184,599.59 RMB, up from 562,048,097.44 RMB[28] - Cash inflow from investment activities surged to 5,453,758,056.45 RMB, more than double the previous 2,321,604,557.77 RMB[28] - Cash outflow for investments rose significantly to 6,515,144,853.19 RMB, compared to 2,821,158,230.68 RMB[28] - Net cash flow from investment activities was negative at -1,415,572,973.32 RMB, a larger outflow than the previous -746,101,885.43 RMB[28] - Cash inflow from financing activities decreased to 2,370,688,611.12 RMB, down from 2,759,510,000.00 RMB[28] - Net cash flow from financing activities turned negative at -320,184,257.48 RMB, compared to a positive 1,098,242,648.02 RMB in the previous period[28] - The net increase in cash and cash equivalents was negative at -1,117,572,631.21 RMB, a significant reversal from the previous positive 914,188,860.03 RMB[28] - Ending cash and cash equivalents balance dropped sharply to 777,778,960.59 RMB, down from 3,314,468,818.09 RMB[28] R&D and Sales Expenses - R&D expenses increased to 564,770,536.84 RMB, up from 558,324,364.38 RMB in the previous year[18] - Sales expenses decreased slightly to 2,209,020,849.25 RMB from 2,228,496,399.34 RMB in the previous year[18] - R&D expenses increased to 358,427,153.35 RMB, up from 319,711,789.99 RMB in the same period last year[25] Comprehensive Income and Other Financial Metrics - Comprehensive income for the first three quarters of 2024 reached 810,680,787.13 RMB, a decrease from 908,583,220.60 RMB in the same period of 2023[19] - Other comprehensive income showed a loss of 16,716,055.77 RMB, compared to a loss of 125,431,237.62 RMB in the same period last year[26] - Financial expenses showed a net income of 11,737,585.61 RMB, compared to a net income of 1,968,883.70 RMB in the previous year[18] Business Operations and Acquisitions - Pharmaceutical industrial revenue increased by 2.18%, while pharmaceutical commercial revenue decreased by 25.36%[4] - The company completed the acquisition of Tasly Healthcare Deutschland GmbH in October 2023, leading to adjustments in comparative financial data[4]

证券代码：600535 证券简称：天士力 编号：临 2024-039 号 天士力医药集团股份有限公司 关于参加 2024 年度天津辖区上市公司半年报业绩说明会 暨投资者网上集体接待日活动的公告 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 为进一步加强与投资者的互动交流，天士力医药集团股份有限公司（以下简 称"公司"）将参加由天津证监局、天津上市公司协会与深圳市全景网络有限公 司联合举办的"2024 年度天津辖区上市公司半年报业绩说明会暨投资者网上集 体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2024 年 9 月 3 日（周二）13:30-16:40，与投资者网 上交流互动时间为 2024 年 9 月 3 日（周二）15:00-16:30。 届时公司总经理蔡金勇先生、独立董事王爱俭女士、副总经理兼董事会秘书 于杰先生、财务总监魏洁女 ...

[Table_Rank] 评级： 买入 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 0.4 天士力 沪深300 28-Aug 8-Nov19-Jan 31-Mar 11-Jun 22-Aug 资料来源：聚源数据 [Table_BaseData] 公司基本数据 | --- | --- | |-------------------------|-------------| | 最新收盘价（元） | 13.76 | | 一年内最高/最低价（元） | 17.67/12.24 | | 市盈率（当前） | 20.03 | | 市净率（当前） | 1.64 | | 总股本（亿股） | 14.94 | | 总市值（亿元） | 205.57 | 资料来源：聚源数据 相关研究 [Table_OtherReport] 天士力：业绩符合预期，中药创新药 有望进入收获期 天士力（600535.SH)点评：公司有望 迎来新一轮盈 ...