Investment Rating - The report assigns an "Accumulate" investment rating for the company [3]. Core Views - The company is entering a new development stage by joining the China Resources system, enhancing its position as a leading innovator in traditional Chinese medicine [7]. - The company focuses on innovation, with successful secondary development of existing products and expansion into new indications, thereby extending product lifecycles [7]. - The company has a rich pipeline of research and development, with 98 projects underway, including 33 first-class new drugs, indicating a strong competitive edge [7]. - The financial outlook is positive, with projected net profits of 1.16 billion, 1.35 billion, and 1.52 billion yuan for 2025-2026, reflecting growth rates of 21%, 17.1%, and 12.3% respectively [7]. Financial Data and Valuation - Total revenue for 2023 is projected at 8.674 billion yuan, with a slight increase to 9.107 billion yuan in 2025, representing a 7% growth [2]. - The company's net profit for 2023 is estimated at 1.071 billion yuan, with expectations to rise to 1.155 billion yuan in 2025, marking a 21% increase [2]. - The price-to-earnings (PE) ratio is expected to decrease from 21.5 in 2023 to 19.9 in 2025, indicating improving valuation metrics [2]. Business Development - The company has successfully developed a comprehensive product line in modern Chinese medicine, focusing on cardiovascular, digestive metabolism, and oncology fields [20]. - The flagship product, Compound Danshen Dripping Pills, has achieved significant sales, with a market share of 6.2% and sales exceeding 3.1 billion yuan in 2023 [32]. - The company is actively expanding its product indications, with recent approvals for new uses in diabetes-related conditions, enhancing its market potential [39]. Research and Development Pipeline - The company is advancing its R&D capabilities, with 27 projects in clinical stages, including treatments for cardiovascular diseases, metabolic disorders, and tumors [7]. - The R&D investment intensity is among the highest in the traditional Chinese medicine industry, positioning the company for future growth [7]. - The company is focusing on secondary development of existing products, which has proven effective in extending product lifecycles and increasing sales [26].

2024 年年度股东大会会议资料 天士力医药集团股份有限公司 2024 年年度股东大会会议资料 2025 年 3 月 17 日 2024 年年度股东大会会议资料 天士力医药集团股份有限公司 2024 年年度股东大会议程 一、会议时间： 现场会议召开时间：2025 年 3 月 17 日 15 点 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 3 月 17 日 至 2025 年 3 月 17 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： （一）宣布会议正式开始 （二）宣布大会出席情况和事项的表决方法 （三）推举表决票清点人、监票人、结果宣布人 （四）宣读议案并请股东针对议案发表意见 | 序号 | 议案名称 | | --- | --- | | 非累积投票议 ...

证券代码：600535 证券简称：天士力 编号：临 2025-015 号 天士力医药集团股份有限公司 关于 2024 年年度股东大会增加临时提案的公告 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法律责任。 一、股东大会有关情况 1. 股东大会的类型和届次： 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600535 | 天士力 | 2025/3/12 | 二、增加临时提案的情况说明 1. 提案人：天士力生物医药产业集团有限公司 2. 提案程序说明 公司已于 2025 年 2 月 25 日公告了 2024 年年度股东大会召开通知。单独持 有公司 45.57%股份的股东天士力生物医药产业集团有限公司，在 2025 年 3 月 7 日提出临时提案并书面提交股东大会召集人。召集人按照《上市公司股东大会规 则》有关规定，现予以公告。 3. 临时提案的具体内容 天士力生物医药产业集团有限公司提议将《关于吸收合并全资子公司的议案》 作为临时提案提交 ...

Investment Rating - The investment rating for the company is "Buy" with a first-time coverage [1] Core Views - The company is a leading player in the cardiovascular traditional Chinese medicine sector, demonstrating strong research and sales capabilities [1] Company Development History - The company originated from the development of Dan Di and has continuously expanded its product portfolio, focusing on traditional Chinese medicine after a period of adjustment [4][5] - Key milestones include the establishment in 1994, the introduction of major products into the national medical insurance directory, and significant revenue growth from core products [5] Management Team - The management team has extensive backgrounds in traditional Chinese medicine and drug research, with many members having long tenures at the company [6] Financial Analysis - The company's Return on Equity (ROE) has fluctuated, with a peak of nearly 32% in 2014, followed by a decline until 2021, after which it began to recover [10] - Key factors affecting ROE include net profit margin and asset turnover, with the latter showing a stable level of around 50%-55% in recent years [10][11] Growth Drivers - The company's pharmaceutical industrial revenue is primarily driven by traditional Chinese medicine, which constitutes about 80% of its revenue, with cardiovascular treatments accounting for 70%-75% [15] - The company has a strong portfolio of unique products in the cardiovascular line, benefiting from procurement and medical insurance negotiation advantages [18] Market Position - The company holds a leading position in the cardiovascular traditional Chinese medicine market, with its flagship product, Compound Danshen Dripping Pill, being the top seller [24] - The market for cardiovascular diseases is growing, with increasing prevalence and a significant portion of patients being treated in tertiary hospitals [20] Product Pipeline - The company is expanding its product offerings, including new indications for existing drugs and the development of innovative therapies [18][40] - The potential for growth in the biopharmaceutical sector is significant, particularly with the upcoming approval of new treatments for acute ischemic stroke [42][45]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 8.498 billion, 0.956 billion, and 1.036 billion yuan respectively in 2024, showing a year-on-year decline of 2.03%, 10.78%, and 12.31% [1] - The decline in net profit excluding non-recurring items is primarily due to price reductions of certain products and a provision for impairment losses on development expenses amounting to 193 million yuan [2] - The company’s gross margin increased by 0.35 percentage points to 67.14%, despite a decline in the industrial gross margin due to product price reductions [3] - The company has a robust pipeline of innovative drugs, with 98 products under development, including 33 Class 1 innovative drugs [4] - Following the potential share transfer agreement with China Resources Sanjiu, the company is expected to enhance its innovation capabilities and competitive edge [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 8.498 billion yuan, a decrease of 2.03% year-on-year, with a net profit of 956 million yuan, down 10.78% [1] - The cash flow from operating activities was 2.015 billion yuan, a decline of 21.78% year-on-year [1] - The company’s gross margin was 67.14%, with the industrial and commercial gross margins showing a decline and increase respectively [3] Product and Market Analysis - The pharmaceutical industrial revenue grew by 2.06% to 7.574 billion yuan, while the pharmaceutical commercial revenue fell by 26.39% to 895 million yuan [2] - The revenue from traditional Chinese medicine, chemical preparations, and biological drugs showed positive growth rates of 0.88%, 8.62%, and 1.06% respectively [2] Research and Development - The company invested 1.039 billion yuan in R&D in 2024, maintaining its leading position in traditional Chinese medicine research [4] - The company has 98 products in the pipeline, with 27 in clinical trials and 22 in clinical phases II and III [4] Future Outlook - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.150 billion and 1.245 billion yuan, reflecting a decrease of 14% and 17% respectively from previous estimates [4] - The expected net profit for 2027 is projected to be 1.399 billion yuan, indicating a growth of 20% year-on-year [4]

天士力医药集团股份有限公司 简式权益变动报告书（修订稿） 1 上市公司： 天士力医药集团股份有限公司 上市地点： 上海证券交易所 股票简称： 天士力 股票代码： 600535.SH 信息披露义务人一： 天士力生物医药产业集团有限公司 住所： 天津北辰科技园区 通讯地址： 天津北辰科技园区汀江路 1 号 信息披露义务人二： 天津和悦科技发展合伙企业（有限合伙） 住所： 天津自贸试验区（东疆保税港区）重庆道以南,呼伦贝尔路 以西铭海中心 5 号楼-4、10-707（天津东疆商服商务秘书 服务有限公司滨海新区分公司托管第 735 号） 通讯地址： 天津北辰科技园区汀江路 1 号 信息披露义务人三： 天津康顺科技发展合伙企业（有限合伙） 住所： 天津自贸试验区（东疆保税港区）重庆道以南,呼伦贝尔路 以西铭海中心 5 号楼-4、10-707（天津东疆商服商务秘书 服务有限公司滨海新区分公司托管第 736 号） 通讯地址： 天津北辰科技园区汀江路 1 号 信息披露义务人四： 天津顺祺科技发展合伙企业（有限合伙） 住所： 天津自贸试验区（东疆保税港区）鄂尔多斯路 599 号东疆 商务中心 A3 楼 903（天津东疆商服商务 ...

天士力医药集团股份有限公司 简式权益变动报告书（修订稿） 上市公司名称：天士力医药集团股份有限公司 上市地点：上海证券交易所 股票简称：天士力 股票代码：600535 信息披露义务人：国新投资有限公司 住所：北京市海淀区复兴路 12 号恩菲科技大厦 B 座 5 层 558 室 通讯地址：北京市海淀区复兴路 12 号恩菲科技大厦 B 座 5 层 558 室 权益变动性质：协议转让，股份增加 签署日期：二〇二五年二月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收 购管理办法》及《公开发行证券的公司信息披露内容与格式准则第 15 号——权 益变动报告书》的规定，本报告书已全面披露信息披露义务人在天士力医药集团 股份有限公司中拥有权益 ...

天士力医药集团股份有限公司 详式权益变动报告书 （修订稿） | 上市公司： | 天士力医药集团股份有限公司 | | --- | --- | | 上市地点： | 上海证券交易所 | | 股票简称： | 天士力 | | 股票代码： | 600535.SH | 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号 ——上市公司收购报告书》等相关法律、法规和规范性文件编制。 二、截至本报告书签署日，信息披露义务人签署本报告书已获得必要的授权 和批准，其履行亦不违反其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在天士力医药集团股份有限公司中拥有权 益的股份。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通过 任何其他方式在天士力医药集团股份有限公司拥有权益。 四、本次权益变动是根据本报告书所载明的资料进行的。除信息披露 ...

华泰联合证券有限责任公司 关于 天士力医药集团股份有限公司 详式权益变动报告书 （修订稿） 之 财务顾问核查意见 二〇二五年二月 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券公司信息披露内容与格式准则第15号——权益变动报 告书》《公开发行证券公司信息披露内容与格式准则第16号——上市公司收购报 告书》等相关法律、法规的规定，华泰联合证券有限责任公司（简称"本财务顾 问"）按照行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的精神， 对本次权益变动的相关情况和资料进行了核查，对《天士力医药集团股份有限公 司详式权益变动报告书》所披露的内容出具核查意见。 本财务顾问特作出如下声明： 一、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人已 作出声明，保证其所提供的资料均为真实、准确、完整的原始书面资料或副本资 料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、印章均是真 实的；所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并对所提供信 息的真实性、准确性和完整性承担个别和连带的法律责任。 二、本财务顾问已按照规定履行尽职调查义 ...

证券代码：600535 证券简称：天士力 编号：临 2025-014 号 天士力医药集团股份有限公司 关于控股股东及其一致行动人签署《股份转让协议之补充协议》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。 一、基本情况概述 天士力医药集团股份有限公司（以下简称"天士力""公司"）于 2024 年 8 月 5 日披露了《天士力关于控股股东及其一致行动人签署<股份转让协议>暨控制权变更 的提示性公告》（公告编号：临 2024-030 号），公司控股股东天士力生物医药产业集 团有限公司（以下简称"天士力集团"）及其一致行动人与华润三九医药股份有限公 司（以下简称"华润三九"）签订了《股份转让协议》，天士力集团及其一致行动人 向华润三九合计转让其所持有的天士力 418,306,002 股股份，占公司总股本的 28%。 此外，天士力集团同意，天士力集团应出具书面承诺，承诺在转让给华润三九的股份 登记日后放弃其所持有的天士力 5%股份所对应的表决权等方式，使其控制的表决权 比例不超过 12.5008%。上述权益变动完成后，公 ...