天士力医药集团股份有限公司（以下简称"公司"）于 2024 年 1 月向国家药 品监督管理局（以下简称"国家药监局"）药品审评中心递交枇杷清肺饮颗粒药 品注册申请并获得受理。现因该药品需进一步完善申报资料，公司向国家药监局 提交了撤回药品注册申请，待完成补充研究后将重新递交药品注册申请。公司于 近日收到国家药监局同意撤回注册申请的《药品注册申请终止通知书》，现将相 关信息披露如下： 证券代码：600535 证券简称：天士力 编号：临 2025-046 号 天士力医药集团股份有限公司 关于药品注册申请进展的公告 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。 受理号：CXZS2400002 药品生产企业：天士力医药集团股份有限公司 一、基本情况 药品名称：枇杷清肺饮颗粒 注册分类：中药 3.1 类 剂型：颗粒剂 功能主治：清肺经热，用于肺风酒刺，症见面鼻疙瘩，红赤肿痛，破出粉汁 或结屑等。 规格：每袋相当于饮片 24.62g 截至本公告日，公司对该项目累计研发投入为人民币 1,136.62 万元。 三、对公司的影响及风险提 ...

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。 天士力医药集团股份有限公司（以下简称"公司"或"本公司"）第九届董事会第10次会议通知于2025年7 月10日以书面方式发出，会议于2025年7月14日下午14:00在公司会议室以现场与视频相结合的方式召 开，会议应到董事15人，实到14人，董事原京先生因工作原因书面委托职工董事席凯先生代为行使表决 权，公司部分高管列席会议。会议符合《公司法》和《公司章程》的有关规定，会议合法、有效。会议 由公司董事长周辉女士主持，经与会人员逐项审议，通过了以下议案： 1、关于公司《担保管理制度》的议案 表决情况为：有效表决票15票，其中：同意15票，反对0票，弃权0票。 2、关于公司《债权融资及负债管理制度》的议案 表决情况为：有效表决票15票，其中：同意15票，反对0票，弃权0票。 3、关于公司及经理层2025年业绩合同的议案 本议案已经董事会提名、薪酬与考核委员会2025年第三次会议事前认可并审议通过。 表决情况为：有效表决票13票，其中：同意13票，反对0票，弃权0票。关联董事蔡金 ...

证券代码：600535 证券简称：天士力 编号：临 2025-045 号 4、关于高级管理人员薪酬及三年融合期现金激励方案的议案 天士力医药集团股份有限公司 第九届董事会第 10 次会议决议公告 1、关于公司《担保管理制度》的议案 表决情况为：有效表决票 15 票，其中：同意 15 票，反对 0 票，弃权 0 票。 2、关于公司《债权融资及负债管理制度》的议案 表决情况为：有效表决票 15 票，其中：同意 15 票，反对 0 票，弃权 0 票。 3、关于公司及经理层 2025 年业绩合同的议案 本议案已经董事会提名、薪酬与考核委员会 2025 年第三次会议事前认可并审议通过。 表决情况为：有效表决票 13 票，其中：同意 13 票，反对 0 票，弃权 0 票。关联董事 蔡金勇先生、席凯先生回避表决。 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。 天士力医药集团股份有限公司（以下简称"公司"或"本公司"）第九届董事会第 10 次会议通知于 2025 年 7 月 10 日以书面方式发出，会议于 2025 年 7 月 14 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Group 1 - China Resources Sanjiu (华润三九) acquired 28% stake in Tianshili (天士力) to strengthen its full industry chain layout in traditional Chinese medicine [1] - Luxshare Precision (立讯精密) acquired part of the subsidiary equity of Wentai Technology (闻泰科技) to enhance its ODM resources in the Android ecosystem [1] - Zhizheng Co., Ltd. (至正股份) plans to acquire 99.97% of Advanced Packaging Materials International Ltd. to transition from rubber and plastic manufacturing to semiconductor packaging materials and specialized equipment [1] Group 2 - Since the release of the "Six Merger Rules" by the China Securities Regulatory Commission (证监会), Shenzhen's merger and acquisition market has seen a surge, with 263 new disclosed M&A transactions and a total transaction amount exceeding 57 billion yuan [1][4] - The "Six Merger Rules" aim to enhance the role of the capital market in M&A, support the injection of quality assets into listed companies, and improve investment value [2][3] - The Shenzhen Municipal Financial Office has proposed an action plan to promote high-quality development of M&A, introducing 14 innovative measures [2] Group 3 - The M&A market in Shenzhen is characterized by strong chain reinforcement, accelerated business integration among state-owned enterprises, and cross-industry mergers aiding transformation and upgrading [4] - Notable cases include China General Nuclear Power (中国广核) acquiring 100% of the subsidiary Taishan Nuclear Power, enhancing its nuclear energy project reserves and market share [4] Group 4 - Shenzhen is recognized for its unique ecological conditions supporting M&A, with over 20,000 national high-tech enterprises and more than 1,020 national specialized and innovative "little giant" companies [6] - The city has a robust private equity and venture capital fund management scale exceeding 1.5 trillion yuan, fostering a fertile environment for M&A activities [6] Group 5 - The Shenzhen Securities Regulatory Bureau has established a merger and acquisition project resource library, collecting over 500 potential M&A targets, including more than 460 specialized and innovative enterprises [7] - Future plans include enhancing the resource library and facilitating project matching and roadshows to better serve various M&A needs [7]

华润三九收购天士力28%的股权，巩固在中药领域的全产业链布局；立讯精密收购闻泰科技部分子公司 股权，补足安卓生态ODM资源；至正股份拟收购先进封装材料国际有限公司99.97%的股权，由橡胶及 塑料制造商向半导体封装材料和专用设备行业转型…… 政策"阳光"普照 并购重组是企业实现基业长青的"关键棋"、突破增长瓶颈的"高速路"，也是经济高质量发展的"助推 器"。新"国九条"发布以来，并购重组政策红利持续释放。 2024年9月，证监会发布"并购六条"，以发挥资本市场在企业并购重组中的主渠道作用，适应新质生产 力的需要和特点，支持上市公司注入优质资产、提升投资价值。 招商证券党委书记、董事长霍达表示，"并购六条"通过允许收购未盈利资产、放宽跨界并购限制、完善 吸并锁定期等规定，向市场传递了积极发展新质生产力、鼓励产业整合的明确信号，拓宽"链主"企业遴 选优质标的的范围，释放了积极有力的政策红利，有利于激发并购重组市场活力，促进并购交易的市场 化发展。 "并购六条"发布后，深圳证监局等有关部门陆续出台并购重组支持政策，健全制度保障。2024年11月， 深圳市委金融办就《深圳市推动并购重组高质量发展的行动方案》公开征求意 ...

Core Viewpoint - The National Medical Products Administration (NMPA) is focusing on enhancing the regulatory framework for pharmaceuticals and medical devices to promote innovation and streamline the approval process for new products [1] Group 1: Regulatory Reforms - The NMPA is implementing a strategy of "early intervention, tailored approaches for each company, comprehensive guidance, and collaborative review" to improve communication and service throughout the product development process [1] - There is an emphasis on replicating and promoting pilot experiences to shorten the review and approval timelines for innovative drugs and medical devices [1] Group 2: Encouragement of Clinical Trials - The NMPA is encouraging the conduct of international multi-center clinical trials to facilitate the simultaneous development, application, review, and market launch of global innovative drugs and medical devices in China [1]

证券研究报告·公司深度研究·中药Ⅱ 天士力（600535） 中药现代化领军企业，华润入主，厚积薄发 2025 年 06 月 22 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,674 | 8,498 | 8,994 | 9,606 | 10,189 | | 同比（%） | 0.42 | (2.03) | 5.83 | 6.81 | 6.06 | | 归母净利润（百万元） | 1,071.07 | 955.59 | 1,152.06 | 1,335.09 | 1,503.11 | | 同比（%） | 505.34 | (10.78) | 20.56 | 15.89 | 12.58 | | EPS-最新摊薄（元/股） | 0.72 | 0.64 | 0.77 | 0.89 | 1.01 | | P/E（现价&最新摊薄） | 21.62 | 24.23 | 20.10 | 17.34 | 15.41 | [T ...

Core Insights - The 10th Smart Pharmaceutical Academic Industry Conference was held in Tianjin, showcasing advancements in traditional Chinese medicine and smart manufacturing [1][3] - Tianshili Pharmaceutical Group played a significant role in the conference, presenting its strategic layout and technological breakthroughs in smart manufacturing [3][10] - The conference emphasized the importance of digital transformation in the pharmaceutical industry, with Tianshili leading initiatives to establish industry standards [3][10] Group 1: Conference Highlights - The conference gathered over 300 industry elites and top experts, including Academician Zhang Boli, to discuss the future of smart pharmaceuticals [1] - Tianshili's Chairman Zhou Hui and other executives presented reports on the company's advancements in digital quality systems and smart manufacturing technologies [3][5] - The event featured the launch of the "Pharmaceutical Industry Digital Action Tianjin Initiative," highlighting Tianshili's leadership in industry transformation [3][10] Group 2: Technological Innovations - Tianshili's digital quality system integrates blockchain traceability, AI process optimization, and smart equipment control, enhancing product quality consistency to international standards [5][12] - The company developed a fifth-generation high-speed jet granulator, addressing production challenges and significantly improving efficiency [7][8] - Tianshili's smart production line automates the entire process from raw material input to finished product packaging, showcasing its commitment to technological advancement [8][12] Group 3: Research and Development - Tianshili has established a comprehensive R&D model that integrates modern Chinese medicine, biopharmaceuticals, and precision medicine, leading to the launch of new products [12] - The company has completed three new drug registration applications and seven clinical research applications in the past year, with a pipeline of 98 products, including 33 innovative drugs [10][12] - Tianshili's commitment to digital transformation and R&D innovation positions it as a leader in modernizing the traditional Chinese medicine industry [12][13] Group 4: Future Outlook - The release of the Tianjin Initiative marks a new phase of collaborative innovation in the pharmaceutical industry's digital transformation [13] - Tianshili aims to empower the health of China through its "Digital Chinese Medicine + Innovative Chinese Medicine" strategy, emphasizing the necessity of digital transformation for the industry [13] - The company is poised to continue leading the modernization of traditional Chinese medicine through technological advancements and patient-centered approaches [13]