证券代码：600535 证券简称：天士力 编号：临2025-058号 天士力医药集团股份有限公司 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 (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，由董事长周辉女士现场主持本次会议。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 股东大会； 二、 议案审议情况 (一) 非累积投票议案 审议结果：通过 表决情况： | | 同意 | | | 反对 | | | 弃权 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东类型 | | | | | | | | | | | | 票数 | 比例（%） | | 票数 | | 比例（%） | | ...

Core Viewpoint - The company has announced a "Quality Improvement and Efficiency Enhancement Return" action plan to enhance its operational quality and investor returns, aligning with national policies and market initiatives [1][10]. Group 1: Business Focus and Performance - The company aims to focus on its core business areas, enhancing operational quality through innovation and product development in cardiovascular, neurological, and digestive diseases [1][2]. - The company reported a total revenue of 4.288 billion yuan, with pharmaceutical industrial revenue at 3.879 billion yuan, maintaining stability compared to the previous year [2]. - The net profit attributable to shareholders reached 775 million yuan, reflecting a year-on-year growth of 16.97% [2]. Group 2: Strategic Development and Innovation - The company is committed to accelerating the development of new productive forces and leading industry system construction through technological innovation [2][5]. - The company is optimizing its product research and development layout, focusing on clinical needs and leveraging the advantages of traditional Chinese medicine, chemical drugs, and biological drugs [4][5]. - The company is enhancing its R&D capabilities by integrating external resources and establishing a comprehensive system from preclinical to clinical research [4]. Group 3: Governance and Compliance - The company emphasizes strict compliance with laws and regulations, continuously improving its corporate governance structure and decision-making processes [6][9]. - The company is committed to protecting the rights of minority shareholders and ensuring transparent governance practices [6][9]. Group 4: Investor Relations and Returns - The company has implemented three cash dividend distributions, totaling 791.7935 million yuan, which accounts for 82.86% of the net profit attributable to shareholders for the fiscal year [6][8]. - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares for the first half of 2025, representing 40.50% of the net profit for that period [6][8]. Group 5: Future Outlook and Commitment - The company will continue to enhance its operational capabilities and maintain a stable profit distribution policy, balancing business development with shareholder returns [7][10]. - The company is focused on fostering a culture of responsibility among its key personnel to drive high-quality development [8][9]. - The company aims to strengthen investor communication and enhance the quality of information disclosure to build trust and convey its value effectively [10].

Group 1 - The company Tianjin Tasly Pharmaceutical announced the approval of multiple proposals, including the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan during the 13th meeting of its 9th Board of Directors [2]

（文章来源：证券日报） 证券日报网讯 9月2日晚间，天士力发布公告称，公司2025年第四次临时股东大会审议通过了《2025年 半年度利润分配预案》。 ...

证券代码：600535 证券简称：天士力 编号：临 2025-057 号 天士力医药集团股份有限公司 关于"提质增效重回报"行动方案的公告 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。 天士力坚持以创新驱动为核心，致力于成为中国医药市场领先者。公司围绕 疾病发生发展的各个病理生理环节，以临床需求为导向，打造优质大品种，并进 行产品组合布局，全面提升在医药市场的行业竞争力。公司上市产品贯穿心血管 与代谢、神经/精神、消化三大疾病领域，涉及预防、治疗及康复各个环节，形成 了现代中药、生物药、化学药产品组合协同发展的竞争优势。 2025 年上半年，公司正式成为华润三九旗下一员，在改组后的新董事会引领 下开启了崭新的发展篇章，面对医药行业产业格局的调整，实现了良好发展的开 局，报告期内公司经营业绩整体上实现稳健发展，公司营业收入 42.88 亿元，其 中医药工业收入 38.79 亿元，较去年同期保持稳定；医药商业收入 3.86 亿元。公 司盈利能力提升，实现归属于上市公司股东的净利润 7.75 亿元，同比增长 16.97%； ...

内蒙古建中律师事务所 关于天士力医药集团股份有限公司 2025 年第四次临时股东大会的法律意见书 2025 内建中券意字第 21 号 致：天士力医药集团股份有限公司 内蒙古建中律师事务所（以下称"本所"）受天士力医药集团股份有限公司 （以下称"贵公司"或"公司"）的委托，指派本所执业律师刘弘、张辛羽（以 下称"本所经办律师"）出席了贵公司 2025 年第四次临时股东大会（以下称"本 次股东大会"），并根据《中华人民共和国证券法》（以下称"《证券法》"）、 《中华人民共和国公司法》（以下称"《公司法》"）和中国证监会《上市公司 股东大会规则》（以下称"《股东大会规则》"）等法律、法规和规范性文件以 及《天士力医药集团股份有限公司章程》（以下称"《章程》"）的规定，就本 次股东大会的召集、召开程序、出席会议人员资格以及表决程序和表决结果的合 法有效性出具本法律意见书。 为出具本法律意见书，本所经办律师已对本次股东大会所涉及的有关事项及 文件资料进行了必要的核查和验证，且贵公司已对前述资料的真实性和准确性向 本所作了保证。 本法律意见书仅供贵公司为本次股东大会的适当目的使用，不得被任何人用 于其他任何目的。 本所同 ...

证券代码：600535 证券简称：天士力 编号：临2025-058号 天士力医药集团股份有限公司 2025年第四次临时股东大会决议公告 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：2025 年 9 月 2 日 (二) 股东大会召开的地点：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： | 1、出席会议的股东和代理人人数 | 1,086 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 729,134,511 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 51.3745% | (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，由董事长周辉女士现场主持本次会议。会议 的召集 ...

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。 证券代码：600535 证券简称：天士力 编号：临 2025-056 号 天士力医药集团股份有限公司 第九届董事会第 13 次会议决议公告 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。 天士力医药集团股份有限公司（以下简称"公司"）第九届董事会第 13 次会 议通知于 2025 年 8 月 29 日以书面方式发出，会议于 2025 年 9 月 2 日下午 3:00 在公司会议室以现场会议方式召开，会议应到董事 15 人，实到 14 人，职工董事 席凯先生因工作原因书面委托董事兼总经理蔡金勇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"提质增效重回报"行动方案的议案 内容详见公司在上海证券交易所网站（www.sse.com.cn）发布的《关于"提 质增效重回报"行动方案的公告》（公告编号：临 2025 ...

Investment Rating - The report maintains an "Overweight" rating for the traditional Chinese medicine sector [4]. Core Viewpoints - The traditional Chinese medicine sector is experiencing short-term performance pressure, but there are expectations for demand recovery in the future [7][10]. - The overall revenue and profit decline in the sector has narrowed compared to 2024, indicating a gradual recovery in industry sentiment [10]. - The report highlights the importance of brand OTC products, which are expected to see market share increases despite current demand pressures [7][26]. Summary by Sections 2025H1 Performance - In 2025H1, the total revenue of traditional Chinese medicine companies reached 172.9 billion yuan, a year-on-year decrease of 4.95% [10]. - The net profit excluding non-recurring items was 19.1 billion yuan, down 9.31% year-on-year [10]. - The operating cash flow improved significantly, reaching 16.96 billion yuan, an increase of 30.77% year-on-year [10]. OTC Market Analysis - The OTC segment is under pressure, with a median revenue growth rate of -7.6% and a net profit decline of -19.7% in Q2 2025 [26]. - The retail market for pharmaceuticals and non-pharmaceuticals in China saw a slight decline, with a total of 296.1 billion yuan in H1 2025, down 2.2% year-on-year [26][29]. - The report notes that the concentration of leading OTC brands is increasing, with significant market share gains for products like Huaren Sanjiu's Ganmaoling Granules [26][31]. Cost and Margin Outlook - The median gross margin for the sector in 2025H1 was 42.05%, a decrease of 1.01 percentage points year-on-year [10]. - The report anticipates a recovery in gross margins in H2 2025 as the pressure from high-priced raw materials eases [13]. - The median expense ratio for the sector was 44.5%, reflecting a stable cost structure despite slight increases in certain areas [15]. R&D and Innovation - The median R&D expense ratio for the sector remains around 3%, with leading companies like Kangyuan Pharmaceutical and Tian Shili investing over 10% of their revenue in R&D [24]. - The report emphasizes the potential for revaluation of innovative pipelines as companies increase their R&D investments [7].

Core Viewpoint - The company reported a mixed financial performance for the first half of 2025, with a slight decline in revenue but an increase in net profit, indicating potential resilience in profitability despite revenue challenges [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 4.288 billion yuan, a year-on-year decrease of 1.91%, while net profit attributable to shareholders was 775 million yuan, a year-on-year increase of 16.97% [1]. - For Q2 2025, revenue was 2.233 billion yuan, down 3.86% year-on-year, but net profit rose to 460 million yuan, up 25.41% year-on-year [1]. - The overall gross margin for H1 2025 was 67.37%, a slight decrease of 0.08 percentage points year-on-year, with a net profit margin of 18.42%, an increase of 3.48 percentage points year-on-year [1]. Dividend and Shareholder Returns - The company announced a mid-year dividend payout of 2.1 yuan per share (before tax), representing 40.50% of the net profit attributable to shareholders for H1 2025 [1]. Business Development and Strategy - The company successfully completed the "100-day integration" with its controlling shareholder, China Resources Sanjiu, enhancing marketing capabilities and business synergy [2]. - The company is focusing on expanding its pharmaceutical commercial sector and leveraging China Resources Sanjiu's marketing channels to boost sales in the second half of the year [2]. Research and Innovation - The company has 83 projects in its research pipeline, including 31 innovative drugs, and is advancing its modern traditional Chinese medicine initiatives [2]. - The company is also focusing on biopharmaceuticals, with ongoing clinical trials for several innovative therapies [2]. Investment Outlook - The investment rating is maintained at "Buy," with expectations for net profit growth from 1.19 billion yuan in 2025 to 1.51 billion yuan in 2027, reflecting a compound annual growth rate [3].