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]

Core Viewpoint - Tasly Pharmaceutical Group Co., Ltd. will participate in the 2025 Tianjin Listed Companies Investor Online Reception Day to enhance interaction with investors [1][2] Group 1 - The event will be held online on September 11, 2025, from 13:00 to 17:30, with a specific interactive session for investors from 15:00 to 17:00 [1][2] - Investors can participate through the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1] - The company's management, including the General Manager and other key executives, will discuss the 2025 semi-annual performance, corporate governance, development strategy, and operational status [2] Group 2 - Investors are encouraged to submit questions via email by September 10, 2025, and the company will address commonly asked questions during the performance briefing [2]

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 证券代码：600535 证券简称：天士力 编号：临 2025-059 号 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 半年度业绩、公司治理、发展战略、 经营状况等投资者关心的问题，与投资者进行沟通与交流。投资者可于 2025 年 9 月 10 日（周三）12:00 前通过公司邮箱 stock@tasly.com 进行提问，公司将在业绩 说明会上对投资者普遍关注的问题进行回答。欢迎广大投资者踊跃参与。 特此公告。 天士力医药集团股份有限公司董事会 2025 年 9 月 6 日 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 ...

Core Insights - The core message emphasizes the need for a systemic approach to chronic disease management, moving away from fragmented treatments to comprehensive care solutions for patients with cardiovascular diseases and diabetes [1][2] Group 1: Disease Statistics and Impact - As of 2023, there are 578 million diabetes patients globally, with 233 million in China, indicating that 1 in 6 Chinese individuals is affected, and 34.6% of these patients are at risk of diabetic retinopathy [1] - The number of cardiovascular disease patients in China has reached 330 million, with 2 out of 5 deaths attributed to myocardial infarction, stroke, and heart failure [1] Group 2: Challenges in Current Treatment Approaches - Clinical data shows that 59.8% of diabetes patients also suffer from coronary heart disease or diabetic retinopathy, requiring an average of 4.3 medications daily, leading to a medical expenditure 2.7 times higher than that of the general population [2] - The median secondary prevention period for coronary heart disease patients in China is only 5.2 months, which is less than half of the duration recommended by international guidelines [2] Group 3: Innovative Solutions by the Company - The company introduces a comprehensive management solution for chronic disease patients, focusing on both medication and diagnostic tools, such as the compound Danshen dripping pill, which has dual mechanisms for treating diabetic retinopathy [3][6] - The "Heart Protection" project aims to address the increasing incidence of cardiovascular diseases in China, which is growing at 5% annually, and aims to implement the "Healthy China 2030" strategy into actionable solutions [3][4] Group 4: Community and Grassroots Initiatives - The company collaborates with the China Medical Education Association to launch the "Heart Power - Rewalk the Long March" initiative, which includes free clinics and training for grassroots healthcare providers, enhancing awareness and early screening for diabetes [5] - The initiative has reached 16 cities across China, emphasizing the importance of community engagement in chronic disease management [5] Group 5: Product Innovation and Market Position - The company’s compound Danshen dripping pill has been recognized as a leading brand in heart disease treatment and has expanded its indications to include diabetic retinopathy, showcasing its commitment to innovation [6][7] - The company maintains a robust pipeline of 83 products under development, including those targeting women's and rare diseases, ensuring a diverse range of treatment options [11] Group 6: Corporate Social Responsibility and ESG Practices - The company integrates its healthcare solutions with social responsibility initiatives, participating in various public welfare activities and maintaining a commitment to sustainable development [10][12] - The "Heart Power" initiative has received multiple awards for its contributions to social responsibility, highlighting the company's dedication to community health [10]

Core Viewpoint - The company aims to provide high-quality medical solutions centered around patients through innovation and business development, focusing on becoming a leading enterprise in the Chinese pharmaceutical market driven by innovation [1] Group 1: Business Integration and Strategy - The company has accelerated integration with China Resources Sanjiu since becoming a member in March 2025, focusing on cultural, business, and management integration [4][5] - The company has established a comprehensive chain from raw material planting to research, intelligent manufacturing, and commercial promotion in the traditional Chinese medicine sector [5] - The company has a clear strategy for product layout and pipeline enhancement, particularly in three major therapeutic areas: cardiovascular and metabolic diseases, neurological/psychiatric disorders, and digestive diseases [7][9] Group 2: Research and Development Focus - The company has 83 projects in its pipeline, with 31 being innovative drugs, and approximately 80% of the innovative pipeline is concentrated in traditional Chinese medicine [7][8] - The company is advancing in cutting-edge technologies such as cell and gene therapy and antibody drugs, with several clinical approvals already obtained [8] - The company emphasizes collaboration with clinical experts to support drug development and new target discovery [8] Group 3: Financial Performance and Market Strategy - The company reported a revenue of 4.288 billion yuan and a net profit of 775 million yuan in the first half of the year, reflecting a year-on-year growth of 16.97% [9] - The company is preparing for multiple product launches in the coming years, with expectations for new drugs to be approved annually [9] - The company is enhancing its international presence, having registered products in 47 countries, and is focusing on digital transformation to improve operational efficiency [10]

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net income compared to the previous year [1] Financial Performance - The company reported a revenue of $50 billion, representing a 20% increase year-over-year [1] - Net income reached $10 billion, which is a 25% increase compared to the same period last year [1] - Earnings per share (EPS) rose to $5, up from $4 in the previous year, indicating strong profitability [1] Market Position - The company has strengthened its market position, capturing a larger share of the technology sector, now holding 15% of the market [1] - Increased demand for cloud services and artificial intelligence solutions has driven growth, with cloud revenue alone increasing by 30% [1] Future Outlook - The company plans to invest $5 billion in research and development over the next three years to enhance its product offerings [1] - Analysts predict continued growth, with an expected revenue increase of 15% for the next fiscal year [1]