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 ...

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 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 ...

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 ...

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Views - The company reported a slight decline in revenue for 2024, achieving 8.498 billion yuan, a year-on-year decrease of 2.03%, and a net profit of 956 million yuan, down 10.78% year-on-year. The decline is attributed to challenges in the pharmaceutical commercial sector, but improvements are expected in 2025 due to the normalization of product shipments and synergies with China Resources Sanjiu [7][8]. - The company is advancing its innovation and research capabilities, with a pipeline of 98 products under development, including 33 innovative drugs. The acquisition by China Resources Sanjiu is anticipated to enhance the company's competitive edge and innovation capabilities [7][8]. Financial Summary - Revenue and Profit Forecasts: - 2024: Revenue of 8.498 billion yuan, net profit of 956 million yuan - 2025E: Revenue of 8.994 billion yuan, net profit of 1.099 billion yuan (up 14.97%) - 2026E: Revenue of 9.959 billion yuan, net profit of 1.336 billion yuan (up 21.61%) - 2027E: Revenue of 10.945 billion yuan, net profit of 1.561 billion yuan (up 16.85%) [3][8]. - Earnings Per Share (EPS) Forecasts: - 2024: 0.64 yuan - 2025E: 0.74 yuan - 2026E: 0.89 yuan - 2027E: 1.04 yuan [3][8]. Operational Insights - The pharmaceutical industrial segment achieved revenue of 7.574 billion yuan, a year-on-year increase of 2.06%, while the pharmaceutical commercial segment saw a significant decline of 26.39% [7][8]. - The company’s gross margin for 2024 is projected at 67.14%, with a net profit margin of 10.11% [8]. Strategic Developments - The acquisition by China Resources Sanjiu has received approval from the State-owned Assets Supervision and Administration Commission, which is expected to enhance the company's management, marketing, and policy resources, thereby improving its competitive position [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][17] Core Views - The company achieved a revenue of 8.498 billion yuan in 2024, a year-on-year decrease of 2.03%, with a net profit attributable to shareholders of 956 million yuan, down 10.78% [5] - The company maintains a strong position in innovative research and development, particularly in traditional Chinese medicine, and anticipates growth potential from collaboration with China Resources Sanjiu [5][7] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.183 billion yuan, 1.306 billion yuan, and 1.455 billion yuan respectively, with corresponding EPS of 0.79, 0.87, and 0.97 yuan per share [5][9] Financial Performance Summary - In 2024, the company's gross margin was 67.14%, an increase of 0.35 percentage points, while the net margin was 10.11%, a decrease of 1.61 percentage points [5][9] - The revenue from the cardiovascular segment was 5.593 billion yuan, up 4.23%, while the oncology segment revenue increased by 19.91% to 227 million yuan [6] - The company has a total market capitalization of 21.752 billion yuan and a circulating market capitalization of 21.752 billion yuan [1] Research and Development Progress - The company is advancing its innovative traditional Chinese medicine research, with three products in the production application stage and 17 products in clinical II and III phases [7] - The company is expanding its biopharmaceuticals, with a focus on acute ischemic stroke treatment [7] Valuation Metrics - The current stock price is 14.56 yuan, with a projected P/E ratio of 18.4 for 2025, 16.7 for 2026, and 15.0 for 2027 [1][9]

Investment Rating - The investment rating for Tian Shi Li (600535.SH) is maintained at "Buy" [1][5][17] Core Views - The company achieved a revenue of 8.498 billion yuan in 2024, a decrease of 2.03% year-on-year, with a net profit attributable to shareholders of 956 million yuan, down 10.78% year-on-year [5] - The company is expected to see a gradual recovery in revenue and profit, with projected net profits of 1.183 billion yuan, 1.306 billion yuan, and 1.455 billion yuan for 2025, 2026, and 2027 respectively [5] - The company maintains a strong position in traditional Chinese medicine research and development, with ongoing innovation in its product pipeline [7] Financial Summary - Revenue for 2024 is projected at 84.98 billion yuan, with a gross margin of 67.14% and a net margin of 10.11% [5][9] - The company’s earnings per share (EPS) are forecasted to be 0.79 yuan, 0.87 yuan, and 0.97 yuan for 2025, 2026, and 2027 respectively [5][9] - The price-to-earnings (P/E) ratio is expected to be 18.4, 16.7, and 15.0 for the years 2025, 2026, and 2027 respectively [5][9] Product Performance - Cardiovascular products generated revenue of 5.593 billion yuan, an increase of 4.23%, while oncology products saw a revenue increase of 19.91% to 227 million yuan [6] - The company is advancing its innovative traditional Chinese medicine products, with several in the clinical trial stages [7] Research and Development - The company is actively pursuing innovation in traditional Chinese medicine, with three products in the production application stage and 17 products in clinical II and III phases [7] - The expansion of indications for its biological drugs is also underway, indicating a robust pipeline for future growth [7]

Investment Rating - The report assigns a "Buy" rating for Tian Shi Li (600535) based on its stable core assets and growth potential in the pharmaceutical industry [1]. Core Views - The company has shown stable performance despite a slight decline in revenue and net profit in 2024, with total revenue at 8.498 billion yuan, down 2.03% year-on-year, and net profit at 956 million yuan, down 10.78% year-on-year [1][3]. - The pharmaceutical industrial segment achieved revenue of 7.574 billion yuan, a year-on-year increase of 2.06%, while the pharmaceutical commercial segment saw a significant decline of 26.39% to 895 million yuan [3]. - The company is entering a harvest period for its R&D pipeline, with 98 products under development, including 33 innovative drugs, and several products expected to receive regulatory approval in 2025 [6]. Summary by Sections Financial Performance - In 2024, Tian Shi Li reported total revenue of 8.498 billion yuan, with a year-on-year decline of 2.03%. The net profit attributable to shareholders was 956 million yuan, down 10.78% [1][5]. - The gross profit margin for 2024 was 67.1%, slightly up from 66.8% in 2023, indicating stable profitability [5]. - The company’s operating cash flow decreased by 21.78% to 2.015 billion yuan in 2024 [1]. Business Segments - The pharmaceutical industrial segment generated 7.574 billion yuan in revenue, with growth in traditional Chinese medicine and chemical preparations, while the pharmaceutical commercial segment faced a decline [3]. - Key products such as Compound Danshen Dripping Pills and Yangxue Qingnao Granules showed strong sales growth, indicating resilience in core offerings [3]. R&D and Future Outlook - The company has a robust R&D pipeline with 98 products, including 27 in clinical trials and 2 in the production application stage [6]. - Expected product approvals in 2025 include several innovative drugs, which are anticipated to enhance revenue growth [6]. - The report forecasts revenue growth to 9.051 billion yuan in 2025, with net profit projected to reach 1.186 billion yuan, reflecting a recovery trajectory [5][6].