Revenue and Profitability - The company's revenue for Q1 2025 was CNY 2,054,886,385.20, a slight increase of 0.30% compared to CNY 2,048,654,962.31 in the same period last year[4] - Net profit attributable to shareholders increased by 6.47% to CNY 314,309,585.08 from CNY 295,211,183.76 year-on-year[4] - Net profit for Q1 2025 was CNY 332,084,620.96, up from CNY 293,013,054.52 in Q1 2024, reflecting a growth of 13.3%[18] - Total comprehensive income attributable to the parent company was CNY 315,495,489.57, an increase from CNY 290,052,754.70 in the previous year, reflecting a growth of approximately 8.7%[20] - The company's gross profit margin improved to approximately 38.5% in Q1 2025, compared to 36.5% in Q1 2024[18] Earnings Per Share - The basic and diluted earnings per share rose by 6.48% to CNY 0.2104 from CNY 0.1976 in the previous year[4] - Basic and diluted earnings per share increased to CNY 0.2104 from CNY 0.1976, representing a rise of about 3.5%[20] Cash Flow - The company reported a net cash flow from operating activities of -CNY 362,370,203.85, compared to -CNY 336,905,188.62 in the same period last year[4] - Cash inflow from investment activities was CNY 1,520,575,088.22, significantly higher than CNY 63,321,987.12 in the previous year, showing a substantial increase in investment cash flow[23] - The company reported a net cash flow from financing activities of CNY 332,276,381.40, compared to CNY 687,058,089.28 in the previous year, reflecting a decrease of about 51.6%[23] - The total operating cash inflow was CNY 1,792,072,157.04, slightly down from CNY 1,806,017,853.75 year-over-year[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 14,996,747,169.87, reflecting a 0.14% increase from CNY 14,976,295,362.69 at the end of the previous year[5] - Total liabilities decreased to CNY 2,850,779,163.13 as of March 31, 2025, from CNY 2,865,102,076.56 at the end of 2024, a reduction of 0.5%[15] - The total assets amounted to CNY 14,383,439,650.10, a decrease from CNY 14,509,097,779.09 in the previous period[26] Research and Development - Research and development expenses for Q1 2025 totaled CNY 203,060,110.34, slightly higher than CNY 199,383,930.36 in Q1 2024, marking an increase of 1.8%[19] - Research and development expenses for Q1 2025 were CNY 98,078,477.66, a decrease of 20.7% from CNY 123,558,982.19 in Q1 2024[27] Shareholder Information - The major shareholder, China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., holds 28.00% of the shares, following a change in control from Tian Shili Group[12] Inventory and Costs - The company's inventory as of March 31, 2025, was CNY 1,616,304,954.83, down from CNY 1,711,924,485.34 at the end of 2024, a decrease of 5.6%[13] - Total operating costs for Q1 2025 were CNY 1,716,567,608.85, compared to CNY 1,669,996,584.89 in Q1 2024, indicating an increase of 2.8%[18] - The company reported a decrease in the cost of sales to CNY 609,533,119.79 in Q1 2025 from CNY 536,158,811.95 in Q1 2024[27] Financial Performance - The company recognized non-recurring gains totaling CNY 78,087,713.10 during the reporting period[7] - The company reported an investment income of CNY 22,152,396.21 in Q1 2025, compared to a loss of CNY 12,402,584.70 in Q1 2024, indicating a significant turnaround[19] - The company's financial expenses showed a significant improvement, with a net income of CNY -370,490.73 in Q1 2025 compared to CNY 4,655,586.64 in Q1 2024[27] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[31]

Core Viewpoint - The company Tianjin Tasly Pharmaceutical is poised for stable growth in 2025, driven by favorable national policies promoting the high-quality development of traditional Chinese medicine (TCM) industry and successful integration with China Resources Sanjiu [1][4]. Financial Performance - In Q1, the company achieved pharmaceutical industrial revenue of 1.842 billion yuan, a year-on-year increase of 1.83% [2][4]. - The net profit attributable to shareholders reached 314 million yuan, reflecting a year-on-year growth of 6.47% [2][4]. - The TCM segment generated revenue of 1.469 billion yuan, up 1.90% year-on-year [2]. R&D and Product Pipeline - The company plans to invest 1.039 billion yuan in R&D for 2024, accounting for 12.23% of its revenue, positioning it as a leader in the industry [2]. - Tianjin Tasly has a robust pipeline with 98 products under development, including 33 innovative drugs and 27 in clinical trials [2]. - Key products in clinical III phase include various formulations for pain relief and chronic conditions, with several others in II phase trials [3]. Strategic Integration - The integration with China Resources Sanjiu is progressing smoothly, aligning with national strategies to enhance TCM quality and industry development [4]. - The completion of share transfer and management restructuring is expected to enhance the company's competitive edge and operational efficiency [4][5]. - The collaboration is anticipated to leverage marketing strengths and accelerate product pipeline development, enhancing overall market presence [5].

关于增加经营范围并修订《公司章程》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。 天士力医药集团股份有限公司（以下简称"公司"或"上市公司"）原控股股 东及其一致行动人协议转让公司股份过户登记暨控制权变更已于近期完成，与本公 司相关的服务保障业务，包括物业、会议、运输、绿化景观、餐饮等，由原控股股 东旗下物业管理服务公司调整至上市公司独立进行经营管理，该事项有利于进一步 减少上市公司的关联交易。基于以上业务调整，拟对现有公司经营范围进行增项， 将"会议及展览服务；单位后勤管理服务；住房租赁；园林绿化工程施工；游览景 区管理；物业管理；餐饮服务"增加至公司的经营范围中。并对《公司章程》中对 应的经营范围条款进行修订。 1、经营范围增项 证券代码：600535 证券简称：天士力 编号：临 2025-037 号 天士力医药集团股份有限公司 住房租赁；园林绿化工程施工；游览景区管理；物业管理。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动） 公司经营范围内容以当地市场监督管理局批准文件或公司营业执照为准。 2 ...

证券代码：600535 证券简称：天士力 编号：临 2025-038 号 天士力医药集团股份有限公司 关于公司 2025 年度担保预计的公告 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： 被担保人名称：天津天士力医药商业有限公司（以下简称"医药商业"）、 为公司的全资子公司，江苏鸿泰药业有限公司（以下简称"江苏鸿泰"），为公司 的全资孙公司。 本次担保金额及已实际为其提供的担保余额：天士力医药集团股份有限 公司（以下简称"公司"或"天士力"）为医药商业不超过5亿元的银行融资授信 业务提供连带责任担保，为江苏鸿泰不超过4亿元的银行融资授信业务提供连带 责任担保，累计占公司最近一期经审计归属于上市公司股东净资产的7.56%。截 至公告披露日，公司对医药商业和江苏鸿泰提供的担保余额为人民币3.3314亿元， 占公司最近一期经审计净资产的2.80%；无逾期担保事项。 本次担保是否有反担保：无。 对外担保逾期的累计数量：无。 特别风险提示：本次被担保人医药商业的资产负债率超过70%，敬请投 资者注意相关风险。 一 ...

关于公司 2025 年第一季度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第六号——医药制造》及《关 于做好主板上市公司 2025 年第一季度报告披露工作的重要提醒》的要求，现将公 司 2025 年第一季度主要经营数据披露如下： 一、报告期内分行业经营数据 证券代码：600535 证券简称：天士力 编号：临 2025-040 号 天士力医药集团股份有限公司 1 单位：元 币种：人民币 行业 主营业务收入 主营业务成本 毛利率（%） 2025 年 1 季度 2024 年 1 季度 增长 率（%） 2025 年 1 季度 2024 年 1 季度 增长 率（%） 2025 年 1 季度 2024 年 1 季度 增长 率 医药 工业 1,841,853,945.50 1,808,711,593.51 1.83 544,797,151.33 507,143,805.22 7.42 70.42 71.96 -1.54 医药 商业 201,533,271.02 226 ...

天士力（600535）公告，2025年第一季度营收为20.55亿元，同比增长0.30%；净利润为3.14亿元，同比 增长6.47%。 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes the acceleration of domestic substitution and investment opportunities in blood products [3] - The implementation of the "Pharmaceutical Industry Digital Transformation Plan (2025-2030)" aims to enhance the efficiency of drug research and development through artificial intelligence and digital technologies [4][6] - The report suggests focusing on companies such as China Resources Sanjiu, Tasly, and Kangyuan Pharmaceutical due to their potential benefits from the digital transformation in the pharmaceutical industry [6] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry is currently experiencing a digital transformation, with significant government support and initiatives aimed at modernizing the sector [4][5] Digital Transformation Plan - The plan outlines goals for 2027, including the development of over 100 high-performance products in smart pharmaceutical equipment and the establishment of more than 100 exemplary digital pharmaceutical factories [4] - It also aims to create a comprehensive digital service system to support the transformation of the pharmaceutical industry [4] Investment Opportunities - The report highlights the potential for improved drug development efficiency through AI-assisted drug target discovery and virtual screening of compounds [6] - The focus on traditional Chinese medicine (TCM) is also noted, with the establishment of a traceable data platform for the entire TCM industry chain [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The Chinese traditional medicine sector is expected to experience a relative recovery in 2025, with opportunities in key lines and individual stocks [4][12] - The overall market demand is gradually recovering due to the end of the pandemic and the impact of influenza, leading to a high base and inventory digestion pressure in 2024 [4][12] - The State Council's March 2025 document supports the quality improvement of traditional Chinese medicine, which is expected to stimulate innovation and commercialization of high-quality products [5][13] Summary by Sections Industry Trends - In April 2025, the pharmaceutical and biotechnology sector rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points [6][15] - The medical research outsourcing sector saw the largest increase of 6.34%, while the vaccine sector experienced the largest decline of 3.78% [20][21] Investment Opportunities - Four main investment lines are identified: 1. Innovative R&D-focused companies with strong capabilities, benefiting from accelerated approvals and optimized procurement, recommended stocks include Fangsheng Pharmaceutical, Yuyuan Pharmaceutical, Tianshili, and Yiling Pharmaceutical [5][14] 2. State-owned enterprises undergoing operational efficiency improvements, recommended stocks include Dong'e Ejiao, Jiangzhong Pharmaceutical, and Kunming Pharmaceutical [5][14] 3. Companies with strong brand power and relatively scarce products, recommended stocks include Zoli Pharmaceutical and Lingrui Pharmaceutical [5][14] 4. Companies experiencing turnaround and valuation recovery, recommended stock includes Jichuan Pharmaceutical [5][14] Market Performance - The traditional Chinese medicine sector has faced pressure since the pandemic, but the situation is expected to improve in 2025 as macro disturbances ease [4][12] - The price index of traditional Chinese medicine materials has been declining since mid-July 2024, which is expected to alleviate the gross margin pressure on companies in 2025 [5][12]

Group 1 - The event at Suzhou University showcased the intersection of traditional Chinese medicine and modern creativity, emphasizing health protection and innovative ideas [1][4][8] - The "Dampness Removal Energy Station" created by Tianshili Huoxiang Zhengqi Pill engaged students in interactive games, promoting health awareness ahead of the humid summer [4][6] - The event allowed students to experience the essence of traditional Chinese medicine through hands-on activities, transforming ancient wisdom into accessible health solutions [6][8] Group 2 - Tianshili's large medicine box attracted significant attention, and the strategy documents were well-received by students, indicating strong interest in the brand's positioning [8][10] - Liu Shan, the public relations and integrated communication head of Tianshili, delivered an engaging presentation that connected the brand's identity with youthful creativity, aiming to gather innovative ideas from students [8][10]

2025 年第二次临时股东大会会议资料 天士力医药集团股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 5 月 7 日 2025 年第二次临时股东大会会议资料 天士力医药集团股份有限公司 2025 年第二次临时股东大会议程 一、会议时间： 现场会议召开时间：2025 年 5 月 7 日 15 点 30 分 网络投票系统及投票时间： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 7 日 至 2025 年 5 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会 召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东大会召开当日的 9:15-15:00。 二、会议地点：天津市北辰科技园区天士力现代中药城天士力医药集团股份有限公司会 议室 三、会议议程： （四）宣读议案并请股东针对议案发表意见 | 非累积投票议案 | | | | --- | --- | --- | | 序号 1 | 关于增加 2025 | 议案名称 年预计发生的日常关联交易的议案 ...