Core Viewpoint - Tianjin Tasly Pharmaceutical has withdrawn its application for the registration of Loquat Lung Cleansing Granules due to the need for further improvement of the application materials [1] Group 1: Company Actions - The company submitted the drug registration application to the National Medical Products Administration in January 2024 and received acceptance [1] - The company has submitted a request to withdraw the drug registration application and has received a notification from the National Medical Products Administration agreeing to the withdrawal [1] - The total R&D investment for this project amounts to 11.3662 million yuan [1] Group 2: Impact on Operations - The withdrawal of the application is not expected to have a significant impact on the company's current and future production operations and performance [1] - The pharmaceutical industry is characterized by high technology and high risk, with long R&D cycles and multiple influencing factors [1]

Group 1 - The board of directors of Tianjin Tasly Pharmaceutical Group Co., Ltd. held its 10th meeting of the 9th session on July 14, 2025, with 14 out of 15 directors present, ensuring the meeting's legality and effectiveness [1][2] - The board approved the "Guarantee Management System" with unanimous support, receiving 15 votes in favor and no opposition or abstentions [1] - The "Debt Financing and Liability Management System" was also approved unanimously, with 15 votes in favor and no opposition or abstentions [1] - The performance contract for the company and its management team for 2025 was recognized and approved by the board's nomination, remuneration, and assessment committee prior to the meeting [1] Group 2 - The proposal for senior management compensation and a three-year integration cash incentive plan was approved with 13 votes in favor, with no opposition or abstentions, while related directors recused themselves from the vote [2]

证券代码：600535 证券简称：天士力 编号：临 2025-045 号 天士力医药集团股份有限公司 第九届董事会第 10 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董事会 天士力医药集团股份有限公司（以下简称"公司"或"本公司"）第九届董事会第 10 次会议通知于 2025 年 7 月 10 日以书面方式发出，会议于 2025 年 7 月 14 日下午 14:00 在 公司会议室以现场与视频相结合的方式召开，会议应到董事 15 人，实到 14 人，董事原京 先生因工作原因书面委托职工董事席凯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： 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。 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。 本议案已经董事会提名、薪酬与考核委员会 2 ...

证券代码：600535 证券简称：天士力 编号：临 2025-045 号 4、关于高级管理人员薪酬及三年融合期现金激励方案的议案 天士力医药集团股份有限公司 第九届董事会第 10 次会议决议公告 1、关于公司《担保管理制度》的议案 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。 2、关于公司《债权融资及负债管理制度》的议案 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。 3、关于公司及经理层 2025 年业绩合同的议案 本议案已经董事会提名、薪酬与考核委员会 2025 年第三次会议事前认可并审议通过。 表决情况为：有效表决票 13 票，其中：同意 13 票，反对 0 票，弃权 0 票。关联董事 蔡金勇先生、席凯先生回避表决。 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"本公司"）第九届董事会第 10 次会议通知于 2025 年 7 月 10 日以书面方式发出，会议于 2025 年 7 月 14 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Group 1 - China Resources Sanjiu (华润三九) acquired 28% stake in Tianshili (天士力) to strengthen its full industry chain layout in traditional Chinese medicine [1] - Luxshare Precision (立讯精密) acquired part of the subsidiary equity of Wentai Technology (闻泰科技) to enhance its ODM resources in the Android ecosystem [1] - Zhizheng Co., Ltd. (至正股份) plans to acquire 99.97% of Advanced Packaging Materials International Ltd. to transition from rubber and plastic manufacturing to semiconductor packaging materials and specialized equipment [1] Group 2 - Since the release of the "Six Merger Rules" by the China Securities Regulatory Commission (证监会), Shenzhen's merger and acquisition market has seen a surge, with 263 new disclosed M&A transactions and a total transaction amount exceeding 57 billion yuan [1][4] - The "Six Merger Rules" aim to enhance the role of the capital market in M&A, support the injection of quality assets into listed companies, and improve investment value [2][3] - The Shenzhen Municipal Financial Office has proposed an action plan to promote high-quality development of M&A, introducing 14 innovative measures [2] Group 3 - The M&A market in Shenzhen is characterized by strong chain reinforcement, accelerated business integration among state-owned enterprises, and cross-industry mergers aiding transformation and upgrading [4] - Notable cases include China General Nuclear Power (中国广核) acquiring 100% of the subsidiary Taishan Nuclear Power, enhancing its nuclear energy project reserves and market share [4] Group 4 - Shenzhen is recognized for its unique ecological conditions supporting M&A, with over 20,000 national high-tech enterprises and more than 1,020 national specialized and innovative "little giant" companies [6] - The city has a robust private equity and venture capital fund management scale exceeding 1.5 trillion yuan, fostering a fertile environment for M&A activities [6] Group 5 - The Shenzhen Securities Regulatory Bureau has established a merger and acquisition project resource library, collecting over 500 potential M&A targets, including more than 460 specialized and innovative enterprises [7] - Future plans include enhancing the resource library and facilitating project matching and roadshows to better serve various M&A needs [7]

Group 1 - The core viewpoint of the articles highlights the surge in mergers and acquisitions (M&A) activity in Shenzhen following the release of the "Six M&A Guidelines" by the China Securities Regulatory Commission (CSRC), which aims to enhance the role of capital markets in corporate restructuring and support the integration of quality assets [1][2][3] - Since the introduction of the "Six M&A Guidelines," Shenzhen listed companies have disclosed 263 new M&A transactions, with 196 transactions revealing a total deal value exceeding 57 billion yuan [1][3] - The policies encourage companies to pursue strategic mergers and acquisitions, particularly in emerging industries, to enhance their business layouts and drive high-quality development [2][3] Group 2 - Specific examples of recent M&A activities include China Resources Sanjiu acquiring 28% of Tianshili's shares to strengthen its position in the traditional Chinese medicine sector, and Luxshare Precision acquiring part of Wentai Technology to enhance its resources in the Android ecosystem [1][3] - The articles emphasize the role of state-owned enterprises in accelerating business integration, with China General Nuclear Power Corporation acquiring 100% of the shares of Taishan Nuclear Power, which will help increase its nuclear power generation capacity and market share [3] - Shenzhen's unique ecosystem, characterized by a high concentration of high-tech enterprises and a robust private equity market, provides fertile ground for M&A activities, with over 20,000 national high-tech enterprises and more than 1.5 trillion yuan in private equity fund management [4][5] Group 3 - The establishment of the Shenzhen M&A Fund Alliance, which includes 240 participating institutions, aims to enhance collaboration among various financial entities to support M&A activities [5] - The Shenzhen Securities Regulatory Bureau is actively building a resource database for M&A projects, which currently includes over 500 potential acquisition targets, primarily focusing on specialized and innovative technology companies [5][6] - Future initiatives will include ongoing policy promotion, resource database enhancement, and targeted matchmaking events to facilitate M&A transactions [6]

Core Viewpoint - The National Medical Products Administration (NMPA) is focusing on enhancing the regulatory framework for pharmaceuticals and medical devices to promote innovation and streamline the approval process for new products [1] Group 1: Regulatory Reforms - The NMPA is implementing a strategy of "early intervention, tailored approaches for each company, comprehensive guidance, and collaborative review" to improve communication and service throughout the product development process [1] - There is an emphasis on replicating and promoting pilot experiences to shorten the review and approval timelines for innovative drugs and medical devices [1] Group 2: Encouragement of Clinical Trials - The NMPA is encouraging the conduct of international multi-center clinical trials to facilitate the simultaneous development, application, review, and market launch of global innovative drugs and medical devices in China [1]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is positioned as a leading enterprise in the modernization of traditional Chinese medicine, with a strong partnership with China Resources, enhancing its innovation and market capabilities [7][18]. - The core product portfolio remains solid, with innovative research and development in traditional Chinese medicine and secondary development of existing products expected to yield significant growth [7][44]. - The biopharmaceutical and chemical drug segments are gradually improving, with the company focusing on its strengths to enhance efficiency and profitability [7][34]. - The earnings forecast for the company indicates a net profit of 11.52 billion, 13.35 billion, and 15.03 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio below the average of comparable companies [7][44]. Summary by Sections Company Overview - Established in 1994, the company has focused on developing modern traditional Chinese medicine and has a significant presence in various therapeutic areas, including cardiovascular, digestive metabolism, and oncology [13][14]. Strategic Partnership - The acquisition of a 28% stake by China Resources enhances the company's capabilities in brand building and market expansion, particularly in outpatient markets [7][18]. Product Development - The company has a robust pipeline of innovative products, with 22 products in clinical II and III phases as of 2024, laying a strong foundation for long-term growth [7][21][26]. Financial Performance - The company’s revenue for 2024 is projected at 84.98 billion yuan, with a slight decline, but a return to growth is expected in 2025 [34][39]. - The net profit is expected to rebound, with a gradual improvement in profit margins due to a focus on core pharmaceutical operations [38][42]. Market Position - The cardiovascular drug market is substantial, with the company maintaining a strong position through its flagship products, such as Compound Danshen Dripping Pills, which have shown stable sales growth [44][52].