证券代码：600535 证券简称：天士力 编号：临 2025-069 号 天士力医药集团股份有限公司 第九届董事会第 15 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 15 次会 议通知于 2025 年 10 月 13 日以书面方式发出，会议于 2025 年 10 月 23 日下午 13:20 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 15 人，公司监事、 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： 2025 年 10 月 25 日 1 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。 天士力医药集团股份有限公司董事会 2、关于公司组织架构调整的议案 根据公司实际发展需要，为进一步增强组织效能、提升运营效率，对现行组 织架构进行调整。 1、2025 年第三季度报告 表决情况为：有效表 ...

天士力医药集团股份有限公司 2025 年第三季度报告 证券代码：600535 证券简称：天士力 天士力医药集团股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人蔡金勇先生、主管会计工作负责人魏洁女士及会计机构负责人（会计主管人员） 林勇志先生保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 1 / 16 单位：元 币种：人民币 项目 本报告期 本报告期比 上年同期增 减变动幅度 (%) 年初至报告期末 年初至报告期 末比上年同期 增减变动幅度 (%) 营业收入 2,022,464,001.07 -3.27 6,310,672,857.39 -2.35 利润总额 248,134,735.12 21.62 1,152,753,398.51 ...

天士力公告，第三季度营收为20.22亿元，同比下降3.27%；净利润为2.1亿元，同比增长16.56%。前三 季度营收为63.11亿元，同比下降2.35%；净利润为9.84亿元，同比增长16.88%。 ...

Group 1 - The transition of leadership in the Tianjin Youth Chamber of Commerce symbolizes the rise of a new generation of entrepreneurs, reflecting the ongoing industrial upgrade and generational inheritance in Tianjin's private economy [1][5] - Under the leadership of former president Yan Kaijng, the chamber grew from 38 to over 200 members and received multiple honors, showcasing the successful development of local private enterprises like Tianjin Tianshi [2][5] - The new president Zhang Hongzhong represents a different model focused on strategic investments, having invested nearly 17 billion yuan in Tianjin since 2018, aligning with the city's development strategies [4][5] Group 2 - The leadership change highlights the diverse paths of industrial development in Tianjin, with Tianshi representing the traditional biomedicine sector's evolution, while TBEA exemplifies the growth of high-end equipment manufacturing [5][6] - The new leadership aims to empower industries and connect globally, with plans to establish a platform for industry-academia-research collaboration and a cooperative mechanism for large and small enterprises [4][5] - The Tianjin government expresses hope that young entrepreneurs will become the main force in the city's development, emphasizing strategic planning and transformative capabilities [5][6]

Core Insights - The appointment of Cheng Jie as the new president of China Resources Pharmaceutical signifies a strategic shift as the company faces challenges in traditional business growth and profitability amidst industry transformation [1][2][11] - The company reported a "revenue growth without profit increase" in its recent half-year report, with total revenue reaching 131.87 billion yuan, a 2.5% year-on-year increase, while net profit dropped by 20.3% to 2.08 billion yuan [2][7] - Cheng Jie, who has a strong background within the company, is expected to leverage his experience to navigate the current challenges and drive innovation and growth [4][19] Company Performance - China Resources Pharmaceutical's revenue has shown steady growth, increasing from 232.20 billion yuan in 2022 to 257.67 billion yuan in 2024, with an average annual growth rate of over 5% [7] - However, net profit has fluctuated, with a 13.06% decline in 2024 to 3.35 billion yuan and a further drop of 20.25% in the first half of 2025 [7][8] - The decline in profit is attributed to one-time impairment losses and rigid expense growth, with a net loss of 1.09 billion yuan in other income and losses reported for the first half of 2025 [7][8] Strategic Initiatives - The company has been actively pursuing mergers and acquisitions, with significant transactions including the acquisition of 100% of Green Cross Hong Kong for 1.82 billion yuan and a 28% stake in Tian Shi Li Pharmaceutical for 6.21 billion yuan [9][10] - Despite the expansion through acquisitions, the company is now shifting focus towards optimizing its asset structure by divesting non-core and loss-making businesses to enhance operational efficiency and profitability [10][15] - Cheng Jie is tasked with balancing the expansion from acquisitions with the need for profit growth, as well as addressing potential impairment risks associated with goodwill from these acquisitions [11][19] Industry Context - The Chinese pharmaceutical distribution market is experiencing maturation and differentiation, presenting structural opportunities for leading companies like China Resources Pharmaceutical [12] - Collaborations with multinational pharmaceutical companies are increasing, as these companies seek to focus on core products and leverage local distribution expertise [12][13] - The industry is transitioning from a phase of scale expansion to one of high-quality development, emphasizing the need for new products, channels, and innovative service models [14][15] Innovation and R&D - China Resources Pharmaceutical is enhancing its pharmaceutical business through initiatives such as establishing a 1 billion yuan investment fund focused on innovative drugs and high-end medical devices [17] - The company is also pursuing partnerships for innovative drug development, such as a collaboration with Nanjing Ai Er Pu for a heart failure treatment [17][19] - However, the company faces challenges in its R&D efforts, with a significant portion of its pipeline still focused on generic drugs rather than innovative products, which may hinder its competitive edge in a rapidly evolving market [18][19]

Core Viewpoint - The Chinese medicine sector shows resilience with the Chinese Medicine ETF (560080) rising by 0.28% despite market fluctuations, indicating strong investor interest and a net inflow of over 220 million yuan in the past 10 days [1][3]. Market Performance - The Chinese Medicine ETF (560080) has maintained a premium, closing with a premium rate of 0.14%, and has seen a total trading volume exceeding 1 billion yuan [1]. - Major stocks within the ETF, such as Dong'e Ejiao and Yunnan Baiyao, have shown positive performance, with Dong'e Ejiao increasing by over 1% [3][4]. Index Performance - The Chinese medicine index has experienced a negative return of -2.86% year-to-date, with a decline of 8.13% projected for 2024 [4]. - The index has shown a pattern of alternating performance, with three consecutive years of gains from 2019 to 2021, followed by three years of declines from 2016 to 2018 [4]. Valuation Metrics - The TTM price-to-earnings ratio for the Chinese Medicine ETF (560080) stands at 24.86, placing it at the 20.6% percentile of the past decade, suggesting a favorable valuation [6]. Financing and Investment Trends - Leveraged funds are increasingly utilizing the ETF for exposure to the higher-value Chinese medicine consumer sector, with the latest financing balance exceeding 91 million yuan, maintaining historical highs [7]. - The overall sentiment in the Chinese medicine sector is expected to improve, driven by stable market demand and accelerated innovation [9]. Future Outlook - The Chinese medicine sector is anticipated to benefit from innovation and transformation, with a focus on new product development and cost reductions in raw materials [9][10]. - The sector is positioned to leverage its advantages in preventive healthcare and as a complementary treatment alongside Western medicine [10]. Corporate Governance and Incentives - Recent corporate governance improvements and incentive plans in state-owned enterprises are expected to drive growth in the Chinese medicine sector, with companies like Huaren Sanjiu and Jiangzhong Pharmaceutical implementing effective incentive programs [11][12]. Dividend Yield - Several Chinese medicine companies are projected to have dividend yields exceeding 3% in 2024, with state-owned enterprises leading in this regard, indicating strong cash flow and shareholder returns [13][14].

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。 近日，天士力医药集团股份有限公司（以下简称"公司"）收到国家药品监督管理局颁发的关于温经汤颗 粒（以下简称"该药品"）的《药品注册证书》，现将相关情况公告如下： 一、药品的基本情况 生产企业：天士力医药集团股份有限公司 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品符合药品注册的有关要求， 批准本品上市，发给药品注册证书。 二、药品的相关信息 温经汤颗粒处方来源于宋·陈自明《妇人大全良方》，并已列入国家中医药管理局发布的《古代经典名 方目录（第一批）》，由肉桂、酒当归、川芎、醋莪术、牡丹皮、酒牛膝等9味组成。该药品温经补 虚，化瘀止痛。用于血海虚寒，气血凝滞证。症见妇人月经不调，脐腹作痛，脉沉紧。截至目前，公司 针对该药品累计研发投入为1,071.55万元人民币。 药品名称：温经汤颗粒 剂型：颗粒剂 规格：每袋相当于饮片10g 注册分类：中药3.1类 证书编号：2025S03004 药品批准文号：国药准字C20250013 上市许可持有人：天士力医药集团 ...

Core Points - The company has received the drug registration certificate for "Wenjing Decoction Granules" from the National Medical Products Administration, which allows the product to be marketed [1][2] - The drug is classified as a traditional Chinese medicine and is composed of nine ingredients, aimed at treating menstrual irregularities and related symptoms in women [2] Drug Information - Drug Name: Wenjing Decoction Granules - Dosage Form: Granules - Specification: Each bag is equivalent to 10g of medicinal materials - Registration Category: Traditional Chinese Medicine Class 3.1 - Certificate Number: 2025S03004 - Approval Number: National Drug Standard C20250013 - License Holder: Tianjin Tianshi Pharmaceutical Group Co., Ltd. - Manufacturer: Tianjin Tianshi Pharmaceutical Group Co., Ltd. - R&D Investment: The total R&D investment for this drug has reached 10.72 million RMB [1][2] Market Context - The company is one of three manufacturers in China that have obtained the drug registration certificate for Wenjing Decoction Granules [2]

Core Viewpoint - Recently, the company received a drug registration certificate for Wengjing Decoction Granules from the National Medical Products Administration [2] Group 1 - The company is Tianjin Tasly Pharmaceutical Group Co., Ltd. [2] - The announcement was made on the evening of October 13 [2] - The drug registration certificate is a significant regulatory milestone for the company [2]

Core Viewpoint - Tianshili (600535) has received a drug registration certificate from the National Medical Products Administration for its product, Wengjing Decoction Granules, which is indicated for treating specific gynecological conditions [1] Company Summary - Tianshili announced the receipt of the drug registration certificate on October 13 [1] - The product, Wengjing Decoction Granules, is designed to supplement and warm the body, alleviate pain, and is used for conditions related to blood deficiency and stagnation [1] - The specific symptoms addressed by the product include menstrual irregularities and abdominal pain in women [1]