Group 1 - The company Tian Shi Li announced on September 17 that it will hold the 14th meeting of the 9th Board of Directors on September 17, 2025, to approve the proposal to use idle funds to purchase bank wealth management products, with a maximum investment of 3 billion RMB [1] - The funds can be used on a rolling basis within the approved limit, and the transaction amount at any point during the investment period, including reinvested earnings, shall not exceed 3 billion RMB [1] - As of the report date, the market capitalization of Tian Shi Li is 23.8 billion RMB [1] Group 2 - For the fiscal year 2024, the revenue composition of Tian Shi Li is as follows: Traditional Chinese medicine accounts for 70.89%, chemical preparations 15.38%, pharmaceutical commerce 10.53%, biological drugs 2.25%, and chemical raw materials 0.61% [1]

Core Points - The Medical Health R Index (480016) closed at 8278.77 points, down 0.33%, with a trading volume of 31.765 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 18 stocks rose while 31 fell, with Yirui Technology leading the gainers at a 4.4% increase and Zexin Pharmaceutical leading the decliners at a 5.37% decrease [1] Index Constituents Summary - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.58% and a market cap of 315.96 billion yuan [1] - Hengrui Medicine (sh600276) with a weight of 10.87% and a market cap of 458.96 billion yuan [1] - Mindray Medical (sz300760) with a weight of 8.17% and a market cap of 290.50 billion yuan [1] - United Imaging Healthcare (sh688271) with a weight of 4.14% and a market cap of 126.08 billion yuan [1] - Other notable constituents include Pianzai Shou (sh600436), Yierfu Technology (sz300015), Kelun Pharmaceutical (sz002422), New Hope Liuhe (sz002001), Fosun Pharma (sh600196), and East China Pharmaceutical (sz000963) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 1.638 billion yuan, while retail investors saw a net inflow of 1.098 billion yuan [1] - Notable capital flows include: - Kailai Ying (002821) with a main fund net inflow of 101 million yuan [2] - Mindray Medical (300760) with a main fund net inflow of approximately 90.77 million yuan [2] - Yuyue Medical (002223) with a main fund net inflow of 24.60 million yuan [2]

Group 1 - The company has provided a guarantee of 400 million RMB for its subsidiary Tianjin Tianshili Pharmaceutical Commercial Co., Ltd., which is a wholly-owned subsidiary of Tianshili Pharmaceutical Group Co., Ltd. [2][4] - The guarantee was approved during the company's board meeting and aims to support the financing needs of Tianshili's subsidiaries, with a total expected guarantee amount of up to 900 million RMB for the year 2025 [3][8] - The guarantee agreement with Minsheng Bank Tianjin Branch includes a maximum guarantee limit of 400 million RMB, and the credit status of the guaranteed party is reported to be good [4][5] Group 2 - The company has no overdue guarantees and the current guarantee is within the previously estimated limit [5] - The guaranteed company, Tianjin Tianshili Pharmaceutical Commercial Co., Ltd., has an asset-liability ratio exceeding 70%, which is noted as a risk factor for investors [5] - As of the announcement date, the total external guarantee amount for the company's subsidiaries is 1.35615 billion RMB, accounting for 6.81% of the company's latest audited net assets [8]

证券代码：600535 证券简称：天士力 编号：临2025-060号 天士力医药集团股份有限公司关于为子公司提供担保的进展公告 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。 重要内容提示： ● 担保对象及基本情况 ■ 二、被担保人基本情况 注：上述被担保人为天士力医药集团股份有限公司（以下简称"公司"）下属全资子公司，不存在关联担 保。 ● 累计担保情况 ■ 一、担保情况概述 （一）担保的基本情况 公司于2025年9月15日与民生银行天津分行签署了《最高额保证合同》，为医药商业提供最高债权限额 40,000万元的连带责任保证担保，具体情况如下： 单位：万元 ■ （二）内部决策程序 为满足公司生产经营和业务发展需求，公司分别于2025年4月27日、2025年5月14日召开第九届董事会第 9次会议和2025年第三次临时股东大会，审议并通过了《关于公司2025年度担保预计的议案》，2025年 公司预计为医药商业、江苏鸿泰药业有限公司两家全资子/孙公司不超过人民币9亿元的银行融资授信业 务提供连带责任担保。具体情况详见公司分别 ...

证券代码：600535 证券简称：天士力 编号：临2025-060号 天士力医药集团股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 注：上述被担保人为天士力医药集团股份有限公司（以下简称"公司"）下 属全资子公司，不存在关联担保。 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0 | | --- | --- | --- | | 截至本公告日上市公司及其控股子 | | 0 | | 公司对外担保总额（万元） | | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | | 0 | | | □对外担保总额（含本次）超过上市公司最近一 | | | | 期经审计净资产 50% □对外担保总额（含本次）超过上市公司最近一 | | | 特别风险提示 | 期经审计净资产 100% | | | | □对合并报表外单位担保总额（含本次）达到或 | | | | 超过最近一期经审计净资产 30% | | | | 本次对资产负债率超过 ...

Core Viewpoint - The pharmaceutical industry is experiencing a phase of performance divergence, with leading companies showing positive trends while many others face significant declines in performance. Overall, the industry's performance in the first half of 2025 is not impressive, with a revenue of 1.23 trillion yuan, down 1.2% year-on-year, and a total profit of 176.69 billion yuan, down 2.8% year-on-year. However, there is a clear trend of transformation from "generic" to "innovative" drugs, with many companies emphasizing technological innovation as a key strategy for high-quality development [1][2][3]. Industry Performance - In the first half of 2025, the pharmaceutical manufacturing industry reported a revenue of 1.23 trillion yuan, a year-on-year decrease of 1.2%, and a total profit of 176.69 billion yuan, down 2.8% year-on-year [1]. - Nearly 70 listed traditional Chinese medicine companies reported positive revenue and net profit, but over half experienced a year-on-year decline in net profit [2]. Performance Divergence - There is a notable divergence in performance among pharmaceutical companies. In the first half of 2025, 10 companies reported a net profit growth exceeding 100%, with the highest being Teva Pharmaceutical at 1313%. Conversely, 6 companies saw a net profit decline exceeding 100%, with the largest drop being 702% [3]. - Key drivers for improved performance include significant sales recovery of core products, enhanced cost control, and new product acquisitions through R&D, partnerships, or mergers [3]. R&D Investment Trends - Many leading pharmaceutical companies have significantly increased their R&D investments. For instance, China Resources Sanjiu's R&D investment reached 662 million yuan in the first half of 2025, a year-on-year increase of 68.99%. Yiling Pharmaceutical invested 399 million yuan, accounting for 9.87% of its revenue [3][4]. - Sales expenses for many companies have decreased, with a total of 492 A-share pharmaceutical companies reporting sales expenses of 159.49 billion yuan, down 3.72% year-on-year [4]. Policy Support for Innovation - The Chinese government has been actively supporting the development of innovative drugs, with 210 innovative drugs and 269 innovative medical devices approved during the 14th Five-Year Plan period, showing a trend of accelerated growth [5][7]. - In the first half of 2025, the National Medical Products Administration approved 43 innovative drugs, with 40 developed by domestic companies [7]. Strategic Focus on Innovation - Innovation has become a core strategy for many pharmaceutical companies, with several firms explicitly stating their commitment to increasing innovation efforts in their 2025 semi-annual reports. For example, China Resources Sanjiu has emphasized a dual strategy of "brand + innovation" [8]. - Companies like Teva Pharmaceutical and Taiji Group are focusing on key areas and the development of innovative traditional Chinese medicine, enhancing their competitiveness in the innovative drug sector [10]. Mergers and Acquisitions - The pharmaceutical industry has seen an increase in mergers and acquisitions, particularly following the "six merger rules" introduced in September 2024. Companies like China Resources Sanjiu and Kangyuan Pharmaceutical have actively pursued acquisitions to enhance their innovative drug capabilities [12][13]. - China Resources Sanjiu's acquisition of Teva Pharmaceutical for over 6.2 billion yuan has positioned it as a major player in the innovative drug sector, with expected synergies enhancing long-term growth potential [13][15]. Future Outlook - The pharmaceutical industry is undergoing structural adjustments and is expected to maintain resilience and vitality due to factors such as an aging population and ongoing health initiatives. The shift from "single-driven" to "dual-driven" strategies, focusing on both traditional and innovative drugs, is anticipated to drive future growth [15].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 19.25 CNY [6][12]. Core Viewpoints - The core traditional Chinese medicine business remains stable, and continuous innovation in research and development is underway. Following the acquisition by China Resources, the company is expected to embark on a new journey of high-quality development [2][12]. - The company achieved a revenue of 4.288 billion CNY in the first half of 2025, a year-on-year decrease of 1.91%, while the net profit attributable to the parent company was 775 million CNY, an increase of 16.97% year-on-year [12]. - The company has successfully integrated with its controlling shareholder, China Resources Sanjiu, and completed the "100-day integration" work [12]. Financial Summary - Total revenue for 2023 is projected at 8.674 billion CNY, with a slight decrease to 8.498 billion CNY in 2024, followed by a recovery to 8.649 billion CNY in 2025, and further growth to 9.071 billion CNY in 2026 and 9.548 billion CNY in 2027 [4][13]. - The net profit attributable to the parent company is expected to rise from 1.071 billion CNY in 2023 to 1.153 billion CNY in 2025, and further to 1.241 billion CNY in 2026 and 1.325 billion CNY in 2027 [4][13]. - The earnings per share (EPS) are forecasted to be 0.72 CNY in 2023, increasing to 0.77 CNY in 2025, 0.83 CNY in 2026, and 0.89 CNY in 2027 [4][13]. Business Performance - The core business segment of traditional Chinese medicine generated revenue of 3.879 billion CNY in the first half of 2025, showing a slight decline of 0.45% year-on-year, with a gross margin of 71.11% [12]. - The pharmaceutical commercial revenue was 386 million CNY, down 14.88% year-on-year, with a gross margin of 31.71% [12]. - In terms of treatment areas, cardiovascular and metabolic revenue was 2.110 billion CNY, down 2.98% year-on-year, while neurological/psychiatric revenue increased by 0.56% to 767 million CNY, and digestive revenue rose by 8.58% to 521 million CNY [12]. Innovation and Development - The company focuses on three core areas: cardiovascular and metabolic, neurological/psychiatric, and digestive health, with 83 projects in the research pipeline, including 31 innovative drugs [12]. - The company has received clinical approval for three products, including the world's first umbilical cord mesenchymal stem cell injection approved for IND in the United States [12].

Group 1 - The company will participate in the "2025 Tianjin Listed Companies Investor Online Reception Day" to enhance interaction with investors [1][2] - The event will be held online on September 11, 2025, from 1:00 PM to 5:30 PM, with a specific interactive session from 3:00 PM to 5:00 PM [1][2] - Key company representatives, including the General Manager and the Board Secretary, will address investor inquiries regarding the company's 2025 semi-annual performance, governance, development strategy, and operational status [2] Group 2 - Investors can submit questions via the company's email by September 10, 2025, and the company will respond to commonly asked questions during the performance briefing [2] - The event is organized in collaboration with Tianjin Securities Regulatory Bureau, Tianjin Listed Companies Association, and Shenzhen Panorama Network Co., Ltd [1]

Group 1 - The company Tianjin Tasly Pharmaceutical Group announced its participation in the "2025 Tianjin Listed Companies Investor Online Collective Reception Day" [2] - The event is scheduled to take place on September 11, 2025 [2]

证券代码：600535 证券简称：天士力 编号：临 2025-059 号 天士力医药集团股份有限公司 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 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。 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指导、天津上市公司协会及深圳市全景网络有限公 司联合举办的"2025 年天津辖区上市公司投资者网上集体接待日活动"，现将有关 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（名称：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 2025 年 9 月 11 日（周四）13:00-17:30，与投资者 远程互动交流时间为 2025 年 9 月 11 日（周四）15:00-17:00。 届时公司董事兼总经理蔡金勇先生、董事会秘书于杰先生、财务总监魏洁女士 （以实际出席情况为准）将在线就公司 2025 半 ...