Core Viewpoint - ST Muyu Pharmaceutical Co., Ltd. is undergoing a strategic transformation following a change in control, with improved financial performance and operational efficiency expected in the coming years [2][3]. Group 1: Company Overview - ST Muyu is the first A-share listed company in Hangzhou and the first A-share listed company for traditional Chinese medicine preparations in China [2]. - The actual controller of the company has changed to the Qingdao Laoshan District Finance Bureau, which has led to a series of equity acquisitions and management changes [2]. Group 2: Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 15.25 million yuan, with a net profit of 9.96 million yuan after deducting non-recurring gains and losses [2]. - The company reported a significant increase in revenue for the first quarter of 2025, reaching 52.29 million yuan, representing a year-on-year growth of 88.55% [3]. - The net profit for the first quarter of 2025 was 5.09 million yuan, marking a turnaround from previous losses [3]. Group 3: Management and Strategy - A professional management team with rich industry experience has been established under the new state-owned control, which is expected to enhance decision-making and market positioning [3]. - The company is focusing on core businesses such as traditional Chinese medicine, raw materials, and health products, while also optimizing operational strategies to reduce costs and increase efficiency [3]. - The completion of internal control defect rectification has been confirmed, with a standard unqualified opinion issued by the accounting firm on the internal control audit report [3].

Core Viewpoint - The company, Hangzhou Tianmu Mountain Pharmaceutical Co., Ltd., reported significant growth in its health product business, with a revenue increase of 321.62% year-on-year, driven by new product launches and a high gross margin of 74.25% [1][2]. Health Product Business - The health product business generated revenue of 68 million yuan in 2024, contributing to a total annual revenue of 217 million yuan [1]. - The main products include iron skin maple fruit, Zhen Ting prepared wine, and white flower snake grass water, with the latter showing a gross margin of 54.71% [10][11]. - The company has established a strong customer base, primarily in Qingdao, with significant sales to local construction companies [12][13]. Supplier and Customer Transactions - The top ten suppliers for the health product business had a total transaction amount of 26.90 million yuan, with no prepayment balances at year-end [4][5]. - The top ten customers contributed to a total transaction amount of 25.72 million yuan, with a significant portion being related to the company's controlling shareholder [5][6]. Gross Margin Comparison - The gross margin for the company's iron skin maple fruit products is 84.55%, which is higher than the industry average of 70.14% [5][6]. - The gross margin for Zhen Ting prepared wine is 66.88%, which is lower than the industry average of 74.23% but higher than some competitors [8][9]. Sales Channel Development - The company has developed a robust sales network, focusing on direct sales and establishing long-term relationships with distributors [12][13]. - The addition of numerous Qingdao construction company clients is justified by the local industry's growth and demand for health products [13][14]. Service Business Growth - The company reported a 285.70% increase in service business revenue, amounting to 42.89 million yuan, primarily from a contract with the Qingdao Health Commission [20]. - The service business has a gross margin of 71.46%, indicating strong profitability [20]. Audit and Compliance - The company has undergone thorough audits regarding its health product business, confirming the accuracy of its financial disclosures and compliance with accounting standards [19][20].

尤尼泰振青会计师事务所（特殊普通合伙） 《关于杭州天目山药业股份有限公司2024年年度报告的信息披 露监管工作函》的回复 尊敬的上海证券交易所： 根据贵所于 2025 年 4 月 11 日下发的《关于杭州天目山药业股份有限公司 2024 年年度报告的信息披露监管工作函》（上证公函【2025】0368 号）（以下简称"问 询函"）的有关意见和要求，尤尼泰振青会计师事务所（特殊普通合伙）(以下简称 "本所"）作为杭州天目山药业股份有限公司(以下简称"天目药业")聘任的 2024 年度财务报表审计机构，对贵所的问询函所列问题进行了逐项落实、核查，现将有关 问题回复如下： 问题一、关于保健品业务。年报显示，公司全年营业收入 2.17 亿元，同比增长 78.44%，扣非后归母净利润 0.10 亿元，去年同期为-0.39 亿元。业绩变化主要是由 于本年度新增铁皮枫斗、臻庭配制酒、白花蛇草水等保健品业务实现营收 0.68 亿元， 同比增长 321.62%，毛利率为 74.25%。三季报问询回复显示，该业务主要系 2024 年 依托控股股东开展的新业务，且前五大客户及供应商均为青岛本地企业。 请公司补充披露：（1）保健品业务 ...

证券代码：600671 证券简称：ST 目药 公告编号：临 2025-025 杭州天目山药业股份有限公司 关于对上海证券交易所信息披露监管工作函的回复公告 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。 杭州天目山药业股份有限公司（以下简称"公司"）于近日收到上海证券交易所 上市公司管理二部发送的《关于杭州天目山药业股份有限公司 2024 年年度报告信息 披露监管工作函》（上证公函【2025】0368 号）（以下简称"《监管函》"）。根 据上海证券交易所的要求，经公司认真研究、核实，现就《监管函》要求补充披露事 项回复如下： 问题一、关于保健品业务。年报显示，公司全年营业收入 2.17 亿元，同比增长 78.44%，扣非后归母净利润 0.10 亿元，去年同期为-0.39 亿元。业绩变化主要是由 于本年度新增铁皮枫斗、臻庭配制酒、白花蛇草水等保健品业务实现营收 0.68 亿元， 同比增长 321.62%，毛利率为 74.25%。三季报问询回复显示，该业务主要系 2024 年 依托控股股东开展的新业务，且前五大客户及供应商均为青岛 ...

证券代码：600671 证券简称：ST 目药 公告编号：临 2025-026 关于撤销其他风险警示暨停牌的公告 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。 重要内容提示： 证券停复牌情况：适用 因杭州天目山药业股份有限公司（以下简称"公司"）股票撤销其他风险警示, 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600671 | ST | 目药 | A 股 | 停牌 | 2025/5/19 | 全天 | 2025/5/19 | 2025/5/20 | 第一节 股票种类简称、证券代码以及撤销风险警示的起始日 第二节 撤销其他风险警示的适用情形 停牌日期为2025 年 5 月 19 日。 撤销起始日为2025 年 5 月 20 日。 撤销后 A 股简称为天目药业。 杭州天目山药业股份有限公司 1、 股票类型：A ...

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。 重要内容提示： 本次会议是否有否决议案：无 证券代码：600671 证券简称：ST 目药 公告编号：临 2025-024 杭州天目山药业股份有限公司 2025年第二次临时股东大会决议公告 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 28 日 (二)股东大会召开的地点：浙江省杭州市萧山区博亚时代中心 1803 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 104 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 54,893,711 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 45.0765 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会提议召开，由董事长刘加勇先生通过通讯方式主持，记 名投票方式表决。会议采用现场投票和网络投票相结合的方式进行。 ...

上海泽昌律师事务所 关于 关于杭州天目山药业股份有限公司 杭州天目山药业股份有限公司 2025年第二次临时股东大会的 法律意见书 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200122 二〇二五年四月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 2025 年第二次临时股东大会的 法律意见书 泽昌证字 2025-01-01-03 致：杭州天目山药业股份有限公司 上海泽昌律师事务所（以下简称"本所"）接受杭州天目山药业股份有限公司 （以下简称"公司"）委托，就公司召开 2025 年第二次临时股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督管 理委员会发布的《上市公司股东会规则》（以下简称《股东会规则》）等法律、 法规、规章和其他规范性文件以及《杭州天目山药业股份有限公司章程》（以下 简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管 ...

Core Viewpoint - The company has announced a share buyback plan by a major shareholder, indicating confidence in the company's future development and value [5]. Financial Data - The financial report for the first quarter of 2025 is unaudited, with no significant changes in accounting data or financial indicators reported [3][6]. - The company reported a total shareholding increase of 1,114,100 shares by the major shareholder, representing 0.91% of the total share capital, with a total investment of approximately 1,002.69 million RMB [5]. Shareholder Information - The major shareholder, Yuanjia Medical, plans to increase its stake in the company by investing between 10 million and 20 million RMB within six months starting from August 24, 2024 [5]. - After the completion of the buyback plan, Yuanjia Medical will hold 16,160,000 shares, accounting for 13.27% of the total share capital [5].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 52,293,464.92, an increase of 88.55% compared to CNY 27,735,233.63 in the same period last year[4]. - Net profit attributable to shareholders was CNY 5,094,308.04, a significant recovery from a loss of CNY 9,722,783.48 in the previous year[4]. - Basic and diluted earnings per share were both CNY 0.0418, compared to a loss of CNY 0.0798 per share in the same period last year[4]. - Operating profit for Q1 2025 was ¥3,215,303.05, compared to an operating loss of ¥10,916,187.17 in the same period last year[21]. - Net profit for Q1 2025 was ¥2,910,762.90, a recovery from a net loss of ¥10,098,459.85 in Q1 2024[21]. Cash Flow and Assets - Cash flow from operating activities was negative at CNY -9,652,306.07, worsening from CNY -3,573,723.68 in the previous year[4]. - Cash flow from operating activities in Q1 2025 showed a net outflow of ¥9,652,306.07, worsening from a net outflow of ¥3,573,723.68 in Q1 2024[24]. - The company's cash and cash equivalents decreased to RMB 33,246,867.03 from RMB 65,724,985.87, a decline of approximately 49.5%[16]. - Cash and cash equivalents at the end of Q1 2025 were ¥24,255,029.38, down from ¥55,920,693.46 at the end of Q1 2024[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 430,219,519.16, a decrease of 2.55% from CNY 441,463,237.69 at the end of the previous year[5]. - The company's current assets totaled RMB 217,008,513.62, slightly down from RMB 222,713,693.72 at the end of 2024, indicating a decrease of about 2.99%[17]. - The company's total liabilities were RMB 342,259,854.95, down from RMB 356,444,336.38, showing a reduction of about 3.97%[18]. - The company's total equity attributable to shareholders increased to RMB 57,478,192.84 from RMB 52,383,884.80, marking an increase of approximately 9.4%[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,805[10]. - Shareholder Source Medical plans to increase its stake in the company by investing between RMB 10 million and RMB 20 million over a six-month period starting August 24, 2024[13]. - As of February 19, 2025, Source Medical had acquired a total of 1,114,100 shares, representing 0.91% of the company's total share capital, for a total investment of RMB 1,002.69 million[13]. Revenue and Sales - The company's revenue growth was driven by increases in sales from subsidiaries, contributing an additional CNY 11,300,000, CNY 5,160,000, CNY 2,520,000, and CNY 2,420,000 respectively[9]. - The company reported a significant increase in sales revenue from services, with cash received from sales reaching ¥43,618,766.57 in Q1 2025, up from ¥37,294,343.10 in Q1 2024[23]. Accounting and Reporting - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[25].

杭州天目山药业股份有限公司 2025 年第二次临时股东大会会议资料 杭州天目山药业股份有限公司 2025 年第二次临时股东大会 会议资料 中国•杭州 二〇二五年四月二十八日 会议召开方式：本次股东大会采用现场会议和网络投票相结合的方式，网络投票 系统为上海证券交易所股东大会网络投票系统 会议召集人：董事会 目 录 1 / 5 杭州天目山药业股份有限公司 2025 年第二次临时股东大会会议资料 | 一、2025 | 年第二次临时股东大会会议议程 | 3 | | --- | --- | --- | | 二、2025 | 年第二次临时股东大会须知 | 4 | | 三、2025 | 年第二次临时股东大会审议议案 | | | | 议案一：关于补选第十二届非独立董事的议案 | 5 | 2025年第二次临时股东大会会议议程 现场会议时间：2025年4月28日下午14:00 现场会议地点：浙江省杭州市博亚时代中心1803会议室 2 / 5 杭州天目山药业股份有限公司 2025 年第二次临时股东大会会议资料 会议主持人：公司董事长 会议议程： 1.审议《关于补选第十二届非独立董事的议案》。 杭州天目山药业股份有限公司 2025 ...