Group 1: Event Details - Tianjin Securities Regulatory Bureau, Tianjin Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. are jointly hosting the "2024 Annual Tianjin Listed Companies Semi-Annual Report Performance Briefing and Investor Online Reception Day" [2] - The event will be held online on September 3, 2024, from 13:30 to 16:40, with investor interaction scheduled from 15:00 to 16:30 [2] - Investors can participate via the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [2] Group 2: Company Participation - Tianjin Tasly Pharmaceutical Group Co., Ltd. will be represented by General Manager Cai Jinyong, Independent Director Wang Aijian, Deputy General Manager and Board Secretary Yu Jie, and Financial Director Wei Jie [2] - The representatives will discuss company performance, governance, development strategy, operational status, and sustainable development during the event [2] Group 3: Investor Engagement - Investors are encouraged to submit questions via the company email (stock@tasly.com) by September 2, 2024, at 12:00 [2] - The company will address commonly asked questions during the performance briefing [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance with a slight decrease in revenue of 0.46% to 4.372 billion yuan and a net profit decline of 6.33% to 662 million yuan for the first half of 2024. However, the net profit after excluding non-recurring items increased by 6.31% to 735 million yuan [5] - The traditional Chinese medicine segment showed steady performance, while the negative impact from the centralized procurement of chemical drugs has been fully reflected. The approval of new indications for biological drugs is expected to bring a turning point [5] - The company’s modern Chinese medicine R&D pipeline is rich, with two products in the production application stage and 19 products in clinical II and III phases, which are expected to become new growth points for revenue [5] - The revenue forecasts for 2024 to 2026 are 8.78 billion yuan, 9.43 billion yuan, and 10.11 billion yuan, with year-on-year growth rates of 1.2%, 7.4%, and 7.3% respectively. The net profit forecasts are 1.14 billion yuan, 1.36 billion yuan, and 1.64 billion yuan, with growth rates of 6.4%, 19.5%, and 20.2% respectively [5] Summary by Sections Company Basic Data - Latest closing price: 13.76 yuan - One-year high/low price: 17.67/12.24 yuan - Current P/E ratio: 20.03 - Current P/B ratio: 1.64 - Total shares: 1.494 billion - Total market value: 20.557 billion yuan [3] Performance Analysis - The company achieved a revenue of 4.372 billion yuan in H1 2024, with a slight decline of 0.46%. The net profit attributable to shareholders was 662 million yuan, down 6.33%, while the net profit after excluding non-recurring items was 735 million yuan, up 6.31% [5] - Traditional Chinese medicine revenue was 3.121 billion yuan, an increase of 3.53%. Chemical drug revenue was 631 million yuan, up 12.57%, while biological drug revenue was 107 million yuan, down 7.75% [5] Profit Forecast - The company’s revenue and net profit forecasts for 2024 to 2026 are as follows: - Revenue: 87.80 billion yuan (2024), 94.26 billion yuan (2025), 101.10 billion yuan (2026) - Net profit: 11.40 billion yuan (2024), 13.62 billion yuan (2025), 16.37 billion yuan (2026) [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.01 CNY based on a 19x P/E ratio for 2024 [2][3]. Core Insights - The company's performance showed slight pressure, with a revenue of 4.372 billion CNY in the first half of 2024, a year-on-year decline of 0.5%. However, the pharmaceutical industrial segment grew steadily, achieving a revenue of 3.896 billion CNY, up 4.6% year-on-year [1]. - Profitability improved with a gross margin of 67.5% and a net profit margin of 16.8%, both showing increases of 1.3 and 1.1 percentage points respectively compared to the previous year [1]. - The company is undergoing a change in control as it transfers 28% of its shares to China Resources Sanjiu, which is expected to enhance its competitive edge through improved management and marketing resources [1]. Financial Performance Summary - For the first half of 2024, the company reported a net profit attributable to shareholders of 666 million CNY, down 6.3% year-on-year, while the non-recurring net profit increased by 6.3% to 735 million CNY [1]. - The company’s R&D investment reached 470 million CNY, a 3.5% increase year-on-year, with a pipeline of 101 products under development, including 40 innovative drugs [1]. - The forecast for earnings per share (EPS) is adjusted to 0.79 CNY for 2024, 0.88 CNY for 2025, and 0.96 CNY for 2026, reflecting a downward revision due to factors like centralized procurement and fluctuations in raw material prices [2][5].

Investment Rating - The investment rating for the company is "Buy" with a target price of 17.30 RMB [6][7]. Core Views - The company has demonstrated stable operating performance and maintains a leading position in traditional Chinese medicine. The revenue for 1H24 was reported at 4.37 billion RMB, with a net profit attributable to the parent company of 660 million RMB, reflecting a year-on-year growth of 6% in net profit after excluding non-recurring items [1][2]. Summary by Sections Financial Performance - In 1H24, the company's revenue and net profit showed a year-on-year change of 0% and -6%, respectively, while the net profit after excluding non-recurring items increased by 6%. The revenue for 2Q24 saw a slight increase of 1%, but the net profit decreased by 17% [1][2]. - The company expects net profit attributable to the parent company to grow by 10%, 11%, and 11% in 2024, 2025, and 2026, respectively, reaching 1.18 billion RMB in 2024 [1][5]. Business Segments - Traditional Chinese medicine revenue grew by 4% in 1H24, with specific products like compound Danshen dripping pills and Qi Shen Yi Qi showing single-digit growth. The chemical drug segment saw a 13% increase in revenue, while the biopharmaceutical segment experienced an 8% decline [2][3]. - The company is expected to achieve stable growth in revenue for the year, with significant contributions from various products in the traditional Chinese medicine and chemical drug segments [2]. Research and Development - The company has been actively investing in R&D, with expenses ranging from 600 million to 900 million RMB since 2018, positioning itself among the top three in the traditional Chinese medicine sector. It has a pipeline of twenty innovative traditional Chinese medicine projects, with several expected to submit NDA applications in 2024-2025 [3][4]. Shareholder Changes - The controlling shareholder plans to transfer 28% of its equity to China Resources Sanjiu, which is expected to stabilize the company in the short term and potentially enhance its management and strategic direction in the medium to long term [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The pharmaceutical industry is experiencing steady growth, and the entry of China Resources may empower high-quality development for the company [7] - The company reported a revenue of 4.372 billion yuan for the first half of 2024, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders was 0.662 billion yuan, down 6.33% year-on-year [11] - The company’s pharmaceutical industrial revenue reached 3.896 billion yuan in H1 2024, an increase of 4.55% year-on-year, with the modern Chinese medicine segment contributing 3.121 billion yuan, up 3.53% year-on-year [11] Financial Performance Summary - For Q2 2024, the company achieved a revenue of 2.323 billion yuan, a year-on-year increase of 0.68%, while the net profit attributable to shareholders was 0.367 billion yuan, down 17.04% year-on-year [11] - The company’s net profit forecast for 2024-2026 is expected to be 1.183 billion yuan, 1.338 billion yuan, and 1.479 billion yuan respectively, with year-on-year growth rates of 10.46%, 13.08%, and 10.57% [12] - The company’s earnings per share (EPS) for the same period is projected to be 0.79 yuan, 0.90 yuan, and 0.99 yuan [12] Strategic Developments - In August 2024, the company announced that its controlling shareholder, Tian Shili Group, would transfer 28% of its shares to China Resources Sanjiu, which may enhance the company's management, marketing, and policy resource advantages [11] - The partnership is expected to strengthen the company's position as a leader in modern Chinese medicine research and development, improving its competitive edge in distribution channels [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][13] Core Views - The company reported a slight decline in revenue for H1 2024, achieving 4.372 billion yuan, a year-on-year decrease of 0.46%. However, the gross margin improved to 67.46%, an increase of 1.28 percentage points [5] - The company is optimistic about its innovation-driven growth potential, maintaining profit forecasts for 2024-2026 with expected net profits of 1.183 billion, 1.279 billion, and 1.380 billion yuan respectively [5] - The pharmaceutical industrial segment showed steady revenue growth across various product lines, with traditional Chinese medicine revenue at 3.121 billion yuan (up 3.53%) and chemical preparations at 631 million yuan (up 12.57%) [6] Financial Performance Summary - H1 2024 financial highlights include: - Revenue: 4.372 billion yuan (down 0.46%) - Net profit attributable to shareholders: 662 million yuan (down 6.33%) - Non-recurring net profit: 735 million yuan (up 6.31%) - Gross margin: 67.46% (up 1.28 percentage points) - Net margin: 14.94% (down 0.70 percentage points) [5] - The company has a total market capitalization of 20.183 billion yuan and a current stock price of 13.51 yuan [4] R&D and Product Pipeline - The company is enhancing its R&D efforts with a pipeline of 101 products, including 40 first-class innovative drugs. Notably, two traditional Chinese medicine products are in the production application stage, and 19 innovative traditional Chinese medicine products are in clinical II and III phases [7] - The company has received registration approval for its chemical drug, and its biological drug for acute ischemic stroke has submitted a production application [7]

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 3 次会议通知和会议材料于 2024 年 8 月 13 日向全体董事、监事及公司高级 管理人员以直接送达、邮寄等方式发出，会议于 2024 年 8 月 23 日以通讯方式召 开。会议应到董事 9 人，实到 9 人，公司监事、高级管理人员等相关人员列席会 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 公司董事长闫凯境先生主持，经与会人员逐项审议，通过了以下议案： 1、《2024 年半年度报告》全文及摘要 本报告已经董事会审计委员会事前认可并审议通过。内容详见公司在上海证 券交易所网站（www.sse.com.cn）发布的《2024 年半年度报告》全文及摘要。 表决情况为：有效表决票 9 票，其中：同意 9 票，反对 0 票，弃权 0 票。 2、关于子公司对外投资暨与关联人共同投资的关联交易议案 本议案事先已经公司 2024 年第二次独立董事专门会议审议通过。该关联交易 议案关联董事闫凯境、蒋晓萌、李克新均回避了表决，其余六名董事表决全部通 过。内容详见公司在上海证券交易所网站（www.sse.com.cn）发布 ...

天士力医药集团股份有限公司（以下简称"公司"）第九届监事会第 2 次会议 通知和会议材料于 2024 年 8 月 13 日向全体监事及公司高级管理人员以直接送达、 邮寄等方式发出，会议于 2024 年 8 月 23 日以通讯方式召开。会议应到监事 5 人， 实到 5 人，公司高级管理人员全部列席本次会议。会议的召开符合《公司法》和 《公司章程》的有关规定。会议由监事会主席鞠爱春先生主持，审议通过了如下 事项： 1、《2024 年半年度报告》全文及摘要 证券代码：600535 证券简称：天士力 编号：临 2024-034 号 天士力医药集团股份有限公司 第九届监事会第 2 次会议决议公告 本公司监事会及全体监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。 1 3、2024 年半年度利润分配预案 经监事会对董事会编制的《2024 年半年度报告》全文及摘要审慎审核，监事 会一致认为： （1）公司《2024 年半年度报告》编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制度的各项规定； （2）公司《2024 年半年度报告》的内容和格式符合 ...

天士力医药集团股份有限公司 2024 年第二次独立董事专门会议决议 天士力医药集团股份限公司（以下简称"公司"）2024 年第二次独立董事专 门会议于 2024 年 8 月 22 日以通讯方式召开。本次会议由全体独立董事共同推举 张斌先生召集并主持。本次会议应到独立董事 3 人，实到独立董事 3 人。本次会 议的召开符合《上市公司独立董事管理办法》、《公司章程》、《独立董事工作制度》 等有关规定，经与会独立董事审议形成决议如下： 一、审议通过《关于子公司对外投资暨与关联人共同投资的关联交易议案》 经审查，我们认为：公司作为基石投资者参与脑动极光香港首次公开发行股 份，有利于稳固双方合作关系，通过脑动极光产品进行相关疾病的评估筛查，强 化天士力心脑血管相关产品药械联动多渠道的推广与销售，有助于提升复方丹参 滴丸、芪参益气滴丸、养血清脑制剂和盐酸美金刚缓释胶囊等产品销量。本次投 资与关联方形成共同投资，参与认购价格按照届时由脑动极光正式刊发的法律文 件中载列的全球发售价确定，定价方式公允、合理，不存在损害公司和中小股东 利益的情形。董事会审议该议案时，关联董事回避了表决，审议程序合法合规。 同意公司使用自有资金 ...

证券代码：600535 证券简称：天士力 编号：临 2024-038 号 天士力医药集团股份有限公司 关于公司 2024 年半年度主要经营数据的公告 分治疗领域 营业收入 营业成本 毛利率 （%） 营业收入比上 年增减（%） 营业成本比上 年增减（%） 毛利率比上 年增减（%） 心脑血管 2,791,924,109.56 751,163,505.87 73.10 6.60 15.64 -2.10 抗肿瘤 104,687,846.04 29,050,432.57 72.25 20.20 -13.91 11.00 感冒发烧 183,587,682.71 64,615,536.35 64.80 -37.39 -40.15 1.62 肝病治疗 345,229,579.12 68,560,550.91 80.14 17.15 24.16 -1.12 其他 470,769,088.89 185,144,661.06 60.67 8.77 11.24 -0.87 医药工业小计 3,896,198,306.32 1,098,534,686.76 71.80 4.55 8.45 -1.01 医药商业小计 453,702,295 ...