Group 1 - The core theme of the event was the strategic layout of China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. in the health industry, as presented by Chairman Qiu Huaiwei [2] - The "Heart Protection" project initiated by Tianshili Medical Group aims to address the increasing incidence of cardiovascular diseases in China, with a focus on early intervention [3][8] - Tianshili's two core products received awards at the "2025 Healthy China Brand List," highlighting their innovative approach in modern traditional Chinese medicine [6] Group 2 - Tianshili's "Heart Protection" project features a three-dimensional protective system, including the "River Protection Line," "City Smoke Line," and "Metabolic Vitality Line," to promote cardiovascular health [8] - The collaboration among Tianshili, China Resources Sanjiu, and Kunming Pharmaceutical Group showcases a differentiated strategic layout, targeting consumer health, prescription drug innovation, and the elderly health market [10] - Tianshili emphasizes academic innovation as a foundation for extending cardiovascular disease prevention from treatment to prevention, providing replicable and warm solutions for chronic disease management in China [17]

Core Viewpoint - The company, Tasly Pharmaceutical Group Co., Ltd., is set to hold a half-year performance briefing on August 28, 2025, to discuss its operational results and financial status for the first half of 2025, alongside its major shareholders and related parties [2][3]. Group 1: Meeting Details - The meeting will take place on August 28, 2025, from 15:00 to 16:00 [4]. - It will be conducted via an online interactive format on the Panoramic Roadshow platform [4][5]. - Investors can submit questions from August 21 to August 25, 2025, through the investor relations platform or via email [2][5]. Group 2: Participants - Key participants from the company include Mr. Cai Jinyong (Chairman and General Manager), Mr. Yu Jie (Board Secretary), Ms. Wei Jie (Chief Financial Officer), and Ms. Wang Aijian (Independent Director) [4]. Group 3: Post-Meeting Access - After the briefing, investors can access the meeting's details and main content on the Panoramic Roadshow platform [5].

证券日报网讯 8月20日晚间，华润三九发布公告称，公司计划于2025年8月28日（星期四）15：00-16： 00联合公司控股子公司昆药集团股份有限公司、天士力医药集团股份有限公司举办2025年半年度业绩说 明会。 （编辑 任世碧） ...

证券日报网讯8月20日晚间，昆药集团（600422）发布公告称，公司计划于2025年8月28日15：00-16： 00联合公司控股股东华润三九（000999）医药股份有限公司、公司关联方天士力（600535）医药集团股 份有限公司举行2025年半年度网上业绩说明会。 ...

Group 1 - The company Tianjin Tasly Pharmaceutical Co., Ltd. announced plans to hold a semi-annual performance briefing on August 28, 2025, from 15:00 to 16:00 [2] - The briefing will be conducted in collaboration with its controlling shareholder, China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., and its affiliate, Kunming Pharmaceutical Group Co., Ltd. [2]

证券代码：600535 证券简称：天士力 编号：临 2025-055 号 天士力医药集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 8 月 21 日（星期四）至 2025 年 8 月 25 日（星期一） 16:00 前访问全景投资者关系互动平台（http://ir.p5w.net/zj/）进入问题征集专题页 面，或通过公司邮箱 stock@tasly.com 进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 天士力医药集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 16 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 8 月 28 日下午 15:00-16:00，联合公 司控股股东华润三九医药股份有限公司、公司关联方昆药集团股份有限公司举办 2025 年半年度业绩说明会，就投资者关心的问题进行交流 ...

Core Insights - Tianjin Tasly Pharmaceutical Group Co., Ltd. reported a total revenue of 4.288 billion yuan for the first half of 2025, a year-on-year decrease of 1.91% [1] - The company's net profit attributable to shareholders reached 775 million yuan, reflecting a year-on-year increase of 16.97% [1] - The company has a current ratio of 3.314 and a quick ratio of 2.683, indicating strong liquidity [1] Financial Performance - Total revenue for the first half of 2025: 4.288 billion yuan, down 1.91% year-on-year [1] - Net profit attributable to shareholders: 775 million yuan, up 16.97% year-on-year [1] - Non-recurring net profit: 640 million yuan, down 12.87% year-on-year [1] - Asset-liability ratio: 18.43% [1] Market Activity - As of August 19, 2025, the stock price closed at 17.38 yuan, with an increase of 1.94% [1] - Trading volume was 542,100 hands, with a transaction amount of 949.7 million yuan [1] - Main funds experienced a net outflow of 21.79 million yuan, accounting for 2.3% of the transaction amount [1] Company Overview - Tianjin Tasly Pharmaceutical Group was established in 1998 and is primarily engaged in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 14.9395 billion yuan [1] - The company has made investments in 39 enterprises and participated in 5,000 bidding projects [2]

Core Viewpoint - The company reported a slight decline in revenue for H1 2025, but a significant increase in net profit, indicating a mixed financial performance amidst strategic adjustments and ongoing integration with China Resources [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 4.288 billion yuan, a year-on-year decrease of 1.91% [1]. - The net profit attributable to shareholders was 775 million yuan, reflecting a year-on-year increase of 16.97% [1]. - The non-recurring net profit was 640 million yuan, down 12.87% year-on-year [1]. - In Q2 2025, revenue was 2.233 billion yuan, a decline of 3.86% year-on-year, while net profit rose by 25.41% to 460 million yuan [1]. Industry Performance - The pharmaceutical industry maintained stability, with the company's pharmaceutical manufacturing segment generating revenue of 3.879 billion yuan, remaining flat year-on-year [2]. - The pharmaceutical commercial segment saw a revenue decline of 14.88%, totaling 386 million yuan [2]. - The company adjusted its product classification, now categorizing products by treatment area rather than type, aligning with future strategic goals [2]. Strategic Integration - The integration with China Resources is progressing smoothly, expected to bring positive changes [3]. - Following the acquisition completion on March 27, 2025, the company is implementing a "100-day integration" plan focusing on operational management, strategic planning, and channel expansion [4]. - The collaboration with China Resources' health consumer goods business aims to enhance strategic partnerships with leading retail pharmacies [4]. R&D Pipeline - The company is increasing its R&D efforts, focusing on cardiovascular, neurological, and digestive health, with 83 projects in the pipeline, including 31 innovative drugs [5][6]. - Seven clinical research projects were initiated in H1 2025, with 29 projects currently in clinical trials, including 21 in phases II and III [6]. - The company is advancing modern traditional Chinese medicine and focusing on biopharmaceuticals, having received clinical approvals for several innovative products [6]. Profit Forecast - Revenue projections for 2025-2027 are 8.660 billion yuan, 9.324 billion yuan, and 10.081 billion yuan, respectively [7]. - Expected net profits for the same period are 1.196 billion yuan, 1.331 billion yuan, and 1.484 billion yuan, with corresponding diluted EPS of 0.80 yuan, 0.89 yuan, and 0.99 yuan [7].

Group 1 - The pharmaceutical industry remains stable, with a reclassification of product categories [2] - The integration with China Resources is progressing smoothly, which is expected to bring positive changes [2] - The research and development pipeline is rich, indicating a potential for value reassessment [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [12]. Core Views - The integration with China Resources is progressing smoothly, which is expected to bring positive changes to the company [3]. - The company has a rich pipeline of research and development projects, which may lead to a revaluation of its value [4]. Financial Performance Summary - In H1 2025, the company achieved operating revenue of 4.288 billion, a year-on-year decrease of 1.91%, while the net profit attributable to the parent company was 775 million, a year-on-year increase of 16.97% [1]. - The company’s pharmaceutical industry revenue was 3.879 billion, remaining stable year-on-year, while the pharmaceutical commercial revenue decreased by 14.88% [2]. - The company’s net profit and non-recurring net profit showed significant differences due to fair value changes, which were 77 million in H1 2025 compared to -88 million in H1 2024 [2]. Strategic Developments - The company has restructured its product classification to align with its future development strategy, categorizing products by therapeutic areas rather than by type of medicine [2]. - The company is actively implementing the management philosophy of China Resources, enhancing operational efficiency and management systems [3]. - The company is collaborating with China Resources' health consumer goods business to deepen strategic partnerships with leading retail pharmacies [3]. R&D Pipeline - The company has increased its R&D efforts, focusing on three core areas: cardiovascular and metabolism, neurology/psychiatry, and digestion, with 83 projects in the pipeline, including 31 innovative drugs [4]. - The company has received clinical approval for three products, including the world's first mesenchymal stem cell injection approved for IND in the U.S. [4]. - The report highlights that the market has not fully priced the company's innovative biopharmaceutical developments, indicating potential for value revaluation [4]. Earnings Forecast - The company is expected to achieve operating revenues of 8.66 billion, 9.32 billion, and 10.08 billion for the years 2025, 2026, and 2027, respectively [6]. - The net profit attributable to the parent company is projected to be 1.196 billion, 1.331 billion, and 1.484 billion for the same years [6]. - The report anticipates an increase in EPS (diluted) to 0.80, 0.89, and 0.99 for 2025, 2026, and 2027, respectively [6].