Investment Rating - The report maintains a "Buy-A" investment rating for the company [5] Core Views - The company is undergoing a significant change in control, with the controlling shareholder being transferred to China Resources Sanjiu, which will transform the company into a state-owned enterprise [2] - The partnership with China Resources Sanjiu is expected to enhance the company's operational efficiency and market presence through various synergies [3][10] - The report suggests monitoring key milestones during the transition, including approvals from the State-owned Assets Supervision and Administration Commission (SASAC) and changes in the board of directors [2] Summary by Sections Company Overview - The company is transitioning to a state-owned enterprise with the controlling stake being sold to China Resources Sanjiu, which will enhance its market position and operational capabilities [2] Financial Projections - Projected revenues for 2024, 2025, and 2026 are estimated at 9.09 billion, 9.73 billion, and 10.48 billion yuan respectively, with net profits expected to be 1.27 billion, 1.44 billion, and 1.63 billion yuan [12] - The report anticipates a PE ratio of 16.5, 14.6, and 12.9 for the years 2024, 2025, and 2026 respectively [12] Strategic Initiatives - The collaboration with China Resources Sanjiu is expected to leverage its strong retail network, enhancing the distribution of the company's core products [4] - The focus will be on modern traditional Chinese medicine, which is the company's most profitable segment, while streamlining other less profitable business lines [10] - The company aims to improve operational efficiency, with a strong emphasis on enhancing both research and sales capabilities [11]

Summary of Conference Call Notes Company and Industry Overview - **Company**: Tian Shi Li (天士力) and China Resources Sanjiu (华润三九) - **Industry**: Pharmaceutical Industry, specifically focusing on Traditional Chinese Medicine (TCM) Key Points and Arguments 1. Business Layout and R&D Innovation of Tian Shi Li - Tian Shi Li's primary business is divided into pharmaceutical manufacturing and pharmaceutical commerce, achieving a revenue of 8.67 billion yuan in 2023, with pharmaceutical manufacturing revenue at 7.27 billion yuan, accounting for 84% of total revenue [1][5] - Modern TCM accounts for over 80% of pharmaceutical manufacturing revenue, with nearly 100 products in development, including 41 Class 1 innovative drugs and 36 in clinical trials [1][5] 2. Acquisition Plan and Transaction Process of China Resources Sanjiu - China Resources Sanjiu plans to acquire 28% of Tian Shi Li's shares from its parent group for approximately 6.212 billion yuan, with a per-share transfer price of 14.85 yuan [2][6] - The transaction is classified as a major asset restructuring and will occur in two phases, requiring audits, evaluations, and approvals from various stakeholders, aiming for completion in Q1 of the following year [2][6] 3. Strategic Synergy and Future Planning - The collaboration between China Resources Sanjiu and Tian Shi Li is expected to enhance R&D pipelines and innovation capabilities, focusing on TCM R&D, smart manufacturing, and marketing channels [2][4] - Short-term stability for Tian Shi Li's team, customers, and operations will be prioritized, while mid-term strategies will involve the introduction of China Resources' methodologies for value and business restructuring [2][4] 4. Financial Arrangements and Fundraising - China Resources Sanjiu has sufficient self-funding, with the acquisition funds of 6.2 billion yuan to be paid in installments, starting with 35% (approximately 2.2 billion yuan) [2][10] 5. Integration and Collaboration of Tian Shi Li - Tian Shi Li's management will focus on maintaining stability while optimizing the management team through China Resources' methodologies [2][5] - The complementary nature of both companies' businesses will enhance their competitive edge in the TCM sector [2][5] 6. Internationalization of TCM and Future Outlook - Tian Shi Li is a pioneer in the internationalization of TCM, with support from China Resources Sanjiu to further this initiative, believing in the potential success of TCM in international markets [3][18] 7. Q&A Insights - The strategic cooperation involves three levels: alignment with national strategies, collaboration in TCM innovation, and dual-driven growth through acquisitions and internal development [4][11] - Future collaboration will focus on enhancing the core capabilities of Tian Shi Li, particularly in prescription drug sales and OTC products [8][17] 8. Long-term Goals and Market Positioning - The long-term goal is to achieve satisfaction for shareholders, employees, and customers, with a focus on becoming a leader in the TCM industry [4][19] - China Resources Sanjiu aims to leverage its strengths in OTC while Tian Shi Li focuses on innovative prescription drugs, with both companies targeting different demographic segments [14][19] Other Important but Possibly Overlooked Content - The integration process is expected to face challenges, but the existing mature teams and clear strategic directions will facilitate a successful merger [9][19] - Continuous monitoring of potential acquisition targets in the TCM sector will be part of China Resources Sanjiu's strategy to maintain leadership in the industry [12][13]

天士力医药集团股份有限公司 详式权益变动报告书 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： | 华润三九医药股份有限公司 | | | --- | --- | --- | | 住所： | 广东省深圳市龙华区观湖街道观澜高新园区观清路 | 号 1 | | 通讯地址： | 广东省深圳市龙华区观湖街道观澜高新园区观清路 | 1 号 | 股份权益变动性质： 股份增加（协议受让） 签署日期：二〇二四年八月 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 ...

天士力医药集团股份有限公司 简式权益变动报告书 上市公司名称：天士力医药集团股份有限公司 签署日期：二〇二四年八月五日 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。 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 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的股份 ...

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 之 财务顾问核查意见 二〇二四年八月 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务，有充分理 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 14.08 CNY [2] Core Insights - The report discusses the strategic share transfer agreements signed by the controlling shareholder Tian Shi Li Group and its associates with China Resources Sanjiu, which will result in a change of control to China Resources [5][6] - The share transfer involves 418,306,002 shares, representing 28% of the total share capital, at a price of 14.85 CNY per share, totaling approximately 6.21 billion CNY [5][6] - The report highlights Tian Shi Li's commitment to innovation in traditional Chinese medicine, with a 29.49% increase in R&D investment in 2023, amounting to 1.315 billion CNY, which represents 17.73% of its pharmaceutical industrial revenue [6][7] - The company has a robust pipeline with 98 products under development, including 25 modern traditional Chinese medicine products [6][7] - The report emphasizes the synergistic benefits of the merger, enhancing both companies' capabilities in the traditional Chinese medicine sector [7] Financial Summary - The total share capital is 1.494 billion shares, with a total market capitalization of 21.035 billion CNY [3] - The company's revenue for 2023 is projected at 8.674 billion CNY, with a net profit of 1.071 billion CNY, marking a significant recovery from previous losses [8][9] - The report forecasts a steady growth in net profit for 2024-2026, with expected figures of 1.194 billion CNY, 1.345 billion CNY, and 1.500 billion CNY respectively, reflecting growth rates of 12% [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The announcement of the equity transfer plan marks a new chapter in collaboration with China Resources Sanjiu, with a share transfer price of 14.85 CNY per share, totaling approximately 6.212 billion CNY for 28% of the company's total shares [2] - The company is expected to benefit from continuous innovation and research and development, with projected net profits for 2024-2026 estimated at 1.183 billion, 1.279 billion, and 1.380 billion CNY respectively, corresponding to EPS of 0.79, 0.86, and 0.92 CNY per share [2] - The strategic partnership with China Resources Sanjiu is anticipated to enhance the company's innovation capabilities and solidify its leadership position in the traditional Chinese medicine industry [3] - The involvement of state-owned capital through the transfer of shares to Guoxin Investment is expected to optimize resource allocation and support the development of innovative drugs [4] Financial Summary - Revenue for 2022 was 8.637 billion CNY, with a slight increase to 8.674 billion CNY in 2023, and projected revenues of 9.036 billion, 9.485 billion, and 9.950 billion CNY for 2024, 2025, and 2026 respectively [5] - The company reported a net profit of -264 million CNY in 2022, turning to a profit of 1.071 billion CNY in 2023, with forecasts of 1.183 billion, 1.279 billion, and 1.380 billion CNY for the following years [5] - The gross margin is expected to improve from 63.9% in 2022 to 67.4% by 2026, while the net margin is projected to rise from -3.1% in 2022 to 13.9% in 2026 [5] - The current share price is 14.08 CNY, with a market capitalization of approximately 21.035 billion CNY [6]

证券代码：600535 证券简称：天士力 编号：临 2024-031 号 天士力医药集团股份有限公司 关于 T89 预防及治疗急性高原反应适应症 美国 FDA 临床试验进展暨风险提示公告 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"天士力"、"公司"）复方丹参 滴丸（FDA 临床研究申报代码为 T89）预防及治疗急性高原反应适应症美国 FDA （美国食品药品监督管理局）Ⅲ期临床试验于 2021 年开始受试者入组，详见公 司《关于 T89 预防及治疗急性高原反应申请美国新药上市临床试验进展情况暨 风险提示公告》（公告编号：临 2021-040 号）。公司就临床试验主要进展与 FDA 召开会议，并于近日收到相关会议纪要，现公告如下： 一、临床试验进展情况 1 则，尚无法作出结论。FDA 同意公司开展第二个 T89 预防和治疗 AMS 的 III 期 临床试验，并可豁免部分儿童临床研究。 T89 防治 AMS 的作用机制是在高原缺氧情况下维护血氧饱和度和运动耐量， III 期临床数据也 ...

证券代码：600535 证券简称：天士力 编号：临 2024-029 号 天士力医药集团股份有限公司 关于控股股东筹划控制权变更事项的复牌公告 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。 根据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"天士力产业集团"） 股份转让交易进展情况,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600535 | 天士力 | A 股 | 复牌 | | | 2024/8/2 | 2024/8/5 | 天士力医药集团股份有限公司（以下简称"公司"）于 2024 年 7 月 31 日收到公司控股 股东天士力产业集团的通知，其正在筹划股份转让事宜，该事项可能导致公司控制权变更。 鉴于上述事项尚存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公 司股价异常波动，根据《上海证券交易 ...

证券代码：600535 证券简称：天士力 编号：临 2024-030 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》 暨控制权变更的提示性公告 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。 重要内容提示： 1、本次权益变动为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"）及其一致行动人天津和悦科技发展合伙企业（有限合伙） （以下简称"天津和悦"）、天津康顺科技发展合伙企业（有限合伙）（以下简 称"天津康顺"）、天津鸿勋科技发展合伙企业（有限合伙）（以下简称"天津 鸿勋"）、天津通明科技发展合伙企业（有限合伙）（以下简称"天津通明"）、 天津顺祺科技发展合伙企业（有限合伙）（以下简称"天津顺祺"）、天津善臻 科技发展合伙企业（有限合伙）（以下简称"天津善臻"）拟通过协议转让的方 式向华润三九医药股份有限公司（股票简称：华润三九，股票代码：000999.SZ， 以下简称"华润三九"）合计转让其所持有的天士力医药集团股份有限公司（以 下简称"天士力"或"公司"）418,3 ...