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、董事会会议召开情况 杭州天目山药业股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日以 现场结合通讯表决方式召开了第十二届董事会第十四次会议。本次会议通知及会 议材料于 2025 年 8 月 16 日以电子或书面的方式送达各位董事。本次会议应出席 董事 9 名，实际出席董事 9 名。会议由董事长刘加勇先生主持，公司监事、高级 管理人员列席会议。 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 本次会议审议情况如下： 证券代码：600671 证券简称：天目药业 公告编号：临 2025-034 杭州天目山药业股份有限公司 第十二届董事会第十四次会议决议公告 经与会董事表决，会议审议并通过了如下决议： （一）审议并通过《关于公司 2025 年半年度报告全文及摘要的议案》 经审核，公司 2025 年半年度报告全文及其摘要真实反映了公司 2025 年半年 度的财务状况和经营成果，编制程序符合相关法律法规、中国证券监督管理委员 会和上海证券交易所的相 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines key terms, ensuring clarity on professional and company-specific terminology for readers - The reporting period refers to **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Tianmu Pharmaceutical, the Company, and Company all refer to **Hangzhou Tianmu Mountain Pharmaceutical Co., Ltd**[14](index=14&type=chunk) - GMP refers to **Good Manufacturing Practice for Pharmaceuticals**[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section introduces the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Hangzhou Tianmu Mountain Pharmaceutical Co., Ltd., abbreviated as **Tianmu Pharmaceutical**[13](index=13&type=chunk) - The company's legal representative is **Liu Jiayong**[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is **Dang Guojun**, and the Securities Affairs Representative is **Chen Guoxun**[15](index=15&type=chunk) - The contact number is **0571-63722229**, and the email address is **tianmuyaoye@126.com**[15](index=15&type=chunk) [III. Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the historical changes in the company's registered address and lists the current office address - The company's registered address changed to **No. 18 Shangyang Road, Jinnan Street, Lin'an District, Hangzhou City, Zhejiang Province** in November 2019[16](index=16&type=chunk) - The company's office address is **Room 1803, Boya Times Center, Xiaoshan District, Hangzhou City, Zhejiang Province**[16](index=16&type=chunk) [IV. Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated information disclosure newspaper, the website address for the semi-annual report, and the report's storage location - The company's designated information disclosure newspaper is **Securities Daily**[17](index=17&type=chunk) - The website address for publishing the semi-annual report is **http://www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, code, and previous abbreviation - The company's stock is **A-shares**, listed on the **Shanghai Stock Exchange**, with stock abbreviation **Tianmu Pharmaceutical** and stock code **600671**[18](index=18&type=chunk) - The previous stock abbreviation was **ST Muyuan**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators, reflecting its operating results and financial position, showing significant revenue growth and a return to profitability Key Accounting Data (January-June 2025 vs. Prior Year Period) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 103,597,373.91 | 59,548,398.28 | 73.97 | | Total Profit (yuan) | 7,118,740.85 | -21,382,023.77 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 10,247,808.74 | -18,500,728.95 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 5,903,269.48 | -22,057,080.85 | Not applicable | | Net Cash Flow from Operating Activities (yuan) | -10,872,094.27 | -28,128,424.22 | 61.35 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0842 | -0.1519 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.0842 | -0.1519 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.0485 | -0.1811 | Not applicable | | Weighted Average Return on Net Assets (%) | 17.8199 | -66.3401 | Not applicable | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 10.2652 | -79.0925 | Not applicable | Assets and Liabilities Data (End of Current Period vs. End of Prior Year) | Indicator | End of Current Period (yuan) | End of Prior Year (yuan) | Change from End of Prior Year (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 62,631,693.54 | 52,383,884.80 | 19.56 | | Total Assets | 404,706,947.80 | 441,463,237.69 | -8.33 | [VIII. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **4,344,539.26 yuan**, primarily including other non-operating income and expenses, and government grants Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -659,717.50 | | Government grants recognized in current profit or loss | 189,158.28 | | Other non-operating income and expenses apart from the above | 4,513,033.85 | | Other gains and losses items that meet the definition of non-recurring gains and losses | 3,095.89 | | Less: Income tax impact | 37.79 | | Impact on minority interests (after tax) | -299,006.53 | | Total | 4,344,539.26 | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section outlines the company's pharmaceutical manufacturing industry, core business, operating model, and market trends, emphasizing its strategic presence in drug manufacturing, distribution, medical training, and health - The company operates in the **pharmaceutical manufacturing industry**, with main businesses including R&D, manufacturing, and sales of **traditional Chinese medicine, Western medicine, and raw materials**, as well as **drug distribution, medical technology training, equipment sales services, and the broader health sector**[26](index=26&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The company holds **99 drug approval numbers**, including **7 exclusive ones**, focusing on the inheritance and innovation of classic traditional Chinese medicine formulas and breakthroughs in modern traditional Chinese medicine preparation technology[27](index=27&type=chunk)[28](index=28&type=chunk) - The pharmaceutical industry is influenced by policies such as **medical insurance cost control and centralized procurement**, while the **'14th Five-Year Plan' encourages pharmaceutical innovation and the development of traditional Chinese medicine**, and the **silver economy market size is projected to grow significantly**, bringing new opportunities to the industry[33](index=33&type=chunk)[34](index=34&type=chunk) [(I) Main Businesses Engaged by the Company](index=7&type=section&id=(I)%20Main%20Businesses%20Engaged%20by%20the%20Company) The company's business covers four major segments: pharmaceutical manufacturing, drug distribution, medical training, and the broader health sector, possessing multiple production bases and **99 drug approval numbers**, actively promoting R&D and market expansion - The company owns two GMP-certified modern production bases in Hangzhou and Huangshan, holding a total of **99 drug approval numbers**, with **7 being exclusive approval numbers**[27](index=27&type=chunk)[28](index=28&type=chunk) - Key products include **Amoxicillin and Clavulanate Potassium Tablets, Liuwei Dihuang Oral Liquid, Heche Dazao Capsules, Menthol, Mentha Oil**, and enjoy high market recognition[28](index=28&type=chunk) - The company achieves product innovation through a **'three-chain synergy' strategy** (industry chain, innovation chain, supply chain), building a 'pyramid-shaped' product hierarchy and actively exploring online marketing platforms[28](index=28&type=chunk) [(II) Company's Operating Model](index=8&type=section&id=(II)%20Company%27s%20Operating%20Model) The company has established comprehensive procurement, production, and sales models, with centralized bidding and qualified supplier management for procurement, strict adherence to GMP standards for production, and both direct and distribution sales models, while expanding into drug distribution and medical device/training businesses - The procurement model adopts **centralized bidding**, evaluating suppliers across four dimensions: quality, technology, service, and price, to establish long-term stable strategic partnerships[31](index=31&type=chunk) - The production model strictly adheres to national **Good Manufacturing Practice (GMP) requirements**, covering the entire drug production process to ensure product quality, safety, and efficacy[31](index=31&type=chunk) - The sales model includes **direct sales** (directly to drug distribution enterprises and other terminals) and **distribution** (sales promotion through distributors), and has established **Jiahe Pharmaceutical as a GSP-qualified sales platform**[31](index=31&type=chunk)[32](index=32&type=chunk) [(III) Industry Development Status](index=10&type=section&id=(III)%20Industry%20Development%20Status) The pharmaceutical manufacturing industry, as a strategic sector, is driven by the "14th Five-Year Plan," traditional Chinese medicine quality improvement policies, and the development of the silver economy, moving towards innovation, high-quality development, and digital transformation - The **'14th Five-Year Plan' encourages pharmaceutical innovation and R&D**, the development of high-end preparation production technologies, and the promotion of traditional Chinese medicine reform and development[33](index=33&type=chunk) - The General Office of the State Council issued the **'Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting High-Quality Development of the Traditional Chinese Medicine Industry'**, providing top-level design for the industry's development[33](index=33&type=chunk) - The **silver economy market size is projected to grow to 30 trillion yuan by 2035**, bringing new development opportunities for the pharmaceutical industry[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company focused on "stabilizing pharmaceuticals, promoting health, and turning losses into profits," achieving double-digit growth in revenue and net profit, successfully lifting the "ST" risk warning, and actively advancing work in production, channels, products, and management, revitalizing its operations - In the first half of the year, the company achieved operating revenue of **103.60 million yuan**, a year-on-year increase of **73.97%**, and net profit attributable to owners of the parent company of **10.25 million yuan**, successfully **turning losses into profits**[37](index=37&type=chunk) - Effective May 20, 2025, the company successfully **lifted the 'other risk warning'**, and its stock abbreviation changed from 'ST Muyuan' to **'Tianmu Pharmaceutical'**, marking its entry into a new phase of vitality[36](index=36&type=chunk)[37](index=37&type=chunk) - In the first half of the year, the company made significant progress in **strict control of production risks, improving channel construction, revitalizing dormant products, and optimizing its management system**[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [(I) Strict Control of Production Risks, Solidifying the Foundation for Development](index=11&type=section&id=(I)%20Strict%20Control%20of%20Production%20Risks%2C%20Solidifying%20the%20Foundation%20for%20Development) The company strictly adheres to GMP management requirements, implementing full-chain quality management from raw material procurement to product release, obtaining **25 drug re-registration approval numbers** in the first half of the year, and accelerating the construction of the Huangshan Tianmu capacity enhancement and technical transformation project - The company strictly adheres to **GMP management requirements**, implementing full-chain quality management for products to ensure a **100% ex-factory pass rate**[37](index=37&type=chunk) - In the first half of the year, **25 drug re-registration approval numbers** were obtained, and all other re-registration varieties have been accepted[38](index=38&type=chunk) - The main structure of the first phase of the **Huangshan Tianmu capacity enhancement and technical transformation project** was topped out in May 2025, with production expected by the **end of 2026**[38](index=38&type=chunk) [(II) Improving Channel Construction, Expanding Market Space](index=11&type=section&id=(II)%20Improving%20Channel%20Construction%2C%20Expanding%20Market%20Space) The company comprehensively promotes channel construction in pharmaceutical manufacturing, raw materials, drug distribution, and health product sales, effectively increasing market coverage and sales scale through self-built marketing networks, market segmentation, expanding professional pharmaceutical services, and online-offline integration - In pharmaceutical manufacturing, **Jiahe Pharmaceutical** was established to build a self-owned marketing network, forming a **'recruitment + agency' system** to enhance national product coverage[38](index=38&type=chunk) - In drug distribution, **Sanshentai Baofeng's business** has expanded to traditional Chinese medicine clinics and halls in East China, South China, and other regions, offering services such as **decoction preparation and delivery**[39](index=39&type=chunk) - In health product sales, relying on northern and southern sales centers, the company actively participates in large marketing events, leverages shareholder resources, and expands e-commerce channels such as **Taobao**[39](index=39&type=chunk) [(III) Market-Oriented Approach, Revitalizing Dormant Products](index=12&type=section&id=(III)%20Market-Oriented%20Approach%2C%20Revitalizing%20Dormant%20Products) The company is committed to the inheritance and innovation of traditional Chinese medicine, focusing on a "boutique traditional Chinese medicine" development strategy, re-evaluating and re-developing existing varieties, and accelerating the resumption of production and marketization of "dormant products" - The company focuses on revitalizing **'dormant products'** such as **Pearl Eye Drops, Compound Fresh Bamboo Juice Liquid, and Baihe Gujin Oral Liquid**[40](index=40&type=chunk) - Research is conducted by integrating factors such as prescription, process, efficacy, and market, covering aspects like formulation, pharmacological activity, process optimization, and sensory evaluation, to accelerate the approval for resuming product production inspections[40](index=40&type=chunk) [(IV) Optimizing Management System, Promoting Standardized Operations](index=12&type=section&id=(IV)%20Optimizing%20Management%20System%2C%20Promoting%20Standardized%20Operations) The company comprehensively enhances its overall management level and standardized operation capabilities by optimizing management systems, streamlining approval processes, deepening organizational synergy, and strengthening subsidiary supervision and management - The management team promotes **optimization of management systems**, streamlines approval processes, and improves business circulation efficiency[40](index=40&type=chunk) - Through regular operational meetings and special conferences, the company deepens **organizational synergy** and clarifies responsibilities[40](index=40&type=chunk) - The company continuously strengthens **supervision and management of subsidiaries**, conducts self-inspections of system and process construction, utilizes internal audit functions, and promotes standardized operations of subsidiaries[40](index=40&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Leveraging its profound historical heritage, rich drug approval documents, professional marketing team, and strict quality management system, the company has formed four core competitive advantages: brand, product, marketing, and quality - The company owns well-known brands such as **'Tianmu Mountain,' 'Xin'an River,' and 'Huangshan,'** with **'Tianmu Mountain Traditional Chinese Medicine Culture'** listed as an intangible cultural heritage of Zhejiang Province, demonstrating strong brand influence[41](index=41&type=chunk) - The company holds **99 drug approval numbers and 5 health product approval numbers**, with **67 varieties included in the medical insurance catalog**, and possesses multiple national exclusive varieties, forming a comprehensive product line[41](index=41&type=chunk) - Leveraging the opportunity of state-owned capital entry, the company has assembled an experienced management team, established northern and southern sales centers, and continuously expanded marketing channels by relying on **Qingdao state-owned assets resources and local policies**[42](index=42&type=chunk)[43](index=43&type=chunk) - The company adheres to the principle of **'quality first, brand paramount,'** possessing standard production workshops certified by national GMP and comprehensive quality testing equipment[43](index=43&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=13&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, the impact of non-core businesses on profit, asset and liability status, and investment activities, revealing improvements in operating performance, adjustments in asset structure, and strategic investment布局 - Operating revenue increased by **73.97%** year-on-year, primarily due to increased revenue from **Huangshan Tianmu, Qingdao Tianmu Mountain, and Sanshentai Baofeng**[44](index=44&type=chunk) - Net cash flow from operating activities increased by **61.35%** year-on-year, mainly due to an increase of **32.43 million yuan** in cash received from sales of goods and provision of services[44](index=44&type=chunk) - Changes in non-core business profit primarily stemmed from **2.99 million yuan in relocation subsidies** and **1.57 million yuan in debt restructuring gains** for Huangshan Tianmu[46](index=46&type=chunk) [(I) Analysis of Main Business Operations](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business%20Operations) The company's main business revenue and costs both increased significantly, with operating revenue growing by **73.97%**, primarily driven by contributions from Huangshan Tianmu, Qingdao Tianmu Mountain, and Sanshentai Baofeng, and a notable improvement in net cash flow from operating activities Analysis of Changes in Financial Statement Items (Current Period vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 103,597,373.91 | 59,548,398.28 | 73.97 | | Operating Cost | 59,951,092.44 | 43,458,675.67 | 37.95 | | Selling Expenses | 6,399,486.78 | 4,554,216.37 | 40.52 | | Administrative Expenses | 29,653,362.27 | 31,789,446.65 | -6.72 | | Financial Expenses | 3,214,080.59 | 4,260,602.06 | -24.56 | | R&D Expenses | 0.00 | 106,796.12 | -100.00 | | Net Cash Flow from Operating Activities | -10,872,094.27 | -28,128,424.22 | 61.35 | | Net Cash Flow from Investing Activities | -19,598,473.16 | -9,977,465.06 | -96.43 | | Net Cash Flow from Financing Activities | -2,629,198.95 | -7,580,475.03 | 65.32 | - The change in operating revenue was primarily due to increases of **9.08 million yuan** from Huangshan Tianmu, **12.92 million yuan** from Qingdao Tianmu Mountain, and **4.54 million yuan** from Sanshentai Baofeng[44](index=44&type=chunk) - The change in net cash flow from operating activities was mainly due to an increase of **32.43 million yuan** in cash received from sales of goods and provision of services compared to the prior year period[44](index=44&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Core Businesses](index=13&type=section&id=(II)%20Explanation%20of%20Significant%20Profit%20Changes%20Caused%20by%20Non-Core%20Businesses) During the reporting period, significant changes in the company's profit were partly due to non-core businesses, primarily including relocation subsidies and debt restructuring gains, which positively impacted the company's profit - The listed company and Huangshan Tianmu received a total of **2.99 million yuan** in relocation subsidies[46](index=46&type=chunk) - Huangshan Tianmu realized **1.57 million yuan** in debt restructuring gains[46](index=46&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes at the end of the reporting period, with a decrease in monetary funds, a significant increase in accounts receivable and construction in progress, and a substantial decrease in taxes payable and other payables, reflecting adjustments in the company's operating and investment activities Changes in Assets and Liabilities (End of Current Period vs. End of Prior Year) | Item Name | End of Current Period Amount (yuan) | Proportion of Total Assets at End of Current Period (%) | End of Prior Year Amount (yuan) | Proportion of Total Assets at End of Prior Year (%) | Change from End of Prior Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 25,367,141.74 | 6.27 | 65,724,985.87 | 14.89 | -61.40 | | Accounts Receivable | 113,431,446.03 | 28.03 | 96,565,118.72 | 21.87 | 17.47 | | Construction in Progress | 9,093,268.10 | 2.25 | 1,253,350.94 | 0.28 | 625.52 | | Taxes Payable | 4,343,460.18 | 1.07 | 15,659,645.82 | 3.55 | -72.26 | | Other Payables | 19,766,084.80 | 4.88 | 35,019,264.50 | 7.93 | -43.56 | | Total Equity Attributable to Parent Company Shareholders | 62,631,693.54 | 15.48 | 52,383,884.80 | 11.87 | 19.56 | - Monetary funds decreased by **61.40%**, mainly due to payments for purchases and various renovation projects[47](index=47&type=chunk) - Construction in progress increased by **625.52%**, primarily due to an increase of **7.84 million yuan** in project investments by wholly-owned subsidiary Huangshan Tianmu[47](index=47&type=chunk) - Total restricted assets at period-end amounted to **59,850,279.73 yuan**, mainly comprising bank acceptance bill deposits, engineering payment guarantee deposits, bank guarantee deposits, and fixed assets and intangible assets pledged for loans[50](index=50&type=chunk) [(IV) Investment Analysis](index=15&type=section&id=(IV)%20Investment%20Analysis) The company engaged in equity and non-equity investments, including a **50 million yuan** capital increase to wholly-owned subsidiary Huangshan Tianmu to boost production capacity, and the joint establishment of Jiahe Pharmaceutical with a partner, acquiring control, while also advancing the Lin'an Pharmaceutical Center plant relocation and renovation project - The company increased capital in its wholly-owned subsidiary Huangshan Tianmu by **50 million yuan** using its own funds, raising the registered capital to **80 million yuan**, to promote capacity enhancement and technical transformation project construction[51](index=51&type=chunk) - The company, through its wholly-owned subsidiary Huangshan Tianmu, jointly invested with a partner to establish **Jiahe Pharmaceutical**, with Huangshan Tianmu holding **42%** equity, and acquired control of Jiahe Pharmaceutical by signing a **'Concerted Action Agreement'** with Kanghe Technology, thus including it in the consolidated financial statements[52](index=52&type=chunk)[53](index=53&type=chunk)[58](index=58&type=chunk) - The first phase of the **Lin'an Pharmaceutical Center plant relocation and renovation project** has invested over **47.30 million yuan**, with **Amoxicillin and Clavulanate Potassium Tablets** having resumed production and sales, and the re-production of **Pearl Eye Drops** is being actively promoted[56](index=56&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=18&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section lists the basic information and financial data of the company's major holding subsidiaries, including their business nature, registered capital, total assets, net assets, operating revenue, operating profit, and net profit, and explains the reason for including Jiahe Pharmaceutical in the consolidated financial statements Financial Performance of Major Subsidiaries (Unit: yuan) | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huangshan Tianmu Pharmaceutical Co., Ltd. | Subsidiary | Traditional Chinese Medicine Preparations, Proprietary Chinese Medicines | 80,000,000 | 96,137,100 | 13,341,000 | 13,853,600 | -1,841,900 | 74,100 | | Huangshan Tianmu Mentha Pharmaceutical Co., Ltd. | Subsidiary | Raw Materials, Menthol, Mentha Oil | 9,750,000 | 82,172,300 | 27,919,500 | 16,557,100 | -358,200 | -376,300 | | Hangzhou Sanshentai Baofeng Traditional Chinese Medicine Co., Ltd. | Subsidiary | Traditional Chinese Medicine Wholesale, Economic Information Consulting, etc. | 1,000,000 | 45,232,600 | 13,569,700 | 21,375,200 | -964,200 | -816,700 | | Shanghai Tianmu Mountain Pharmaceutical Technology Co., Ltd. | Subsidiary | Pharmaceutical Wholesale | 3,000,000 | 3,797,800 | 2,937,600 | 3,450,100 | 1,525,500 | 1,555,600 | | Qingdao Simulation Medical Technology Co., Ltd. | Subsidiary | Medical Training | 50,000,000 | 61,523,200 | 22,540,700 | 335,600 | -7,638,000 | -7,644,300 | | Qingdao Tianmu Mountain Medical Technology Co., Ltd. | Subsidiary | Medical Device Sales, Medical Device Operations | 20,000,000 | 22,684,400 | 12,098,900 | 2,952,900 | 1,602,900 | 1,642,500 | | Qingdao Tianmu Mountain Health Technology Co., Ltd. | Subsidiary | Pharmaceutical, Health Product Sales | 3,000,000 | 73,415,200 | 15,143,700 | 13,211,500 | 4,300,300 | 3,421,600 | | Zhejiang Jiahe Kangyuan Pharmaceutical Co., Ltd. | Subsidiary | Pharmaceutical Wholesale | 10,000,000 | 12,433,500 | 3,099,000 | 1,201,300 | 49,100 | 99,000 | - Jiahe Pharmaceutical was included in Tianmu Pharmaceutical's consolidated financial statements after Huangshan Tianmu signed a **'Concerted Action Agreement'** with Kanghe Technology, granting the company **63%** of its voting rights and a majority of board seats[58](index=58&type=chunk) [V. Other Disclosure Matters](index=19&type=section&id=V.%20Other%20Disclosure%20Matters) This section details six major categories of risks the company may face, including policy, product R&D, product quality, concentration of leading products, accounts receivable, environmental, and safety risks, and outlines the company's strategies and measures to address these risks - The company faces **policy risks**, such as adjustments to the medical insurance catalog and medical insurance payment reforms, which may affect product entry into clinical pathways[59](index=59&type=chunk)[60](index=60&type=chunk) - Product R&D is characterized by **long cycles, high difficulty, and significant investment**, posing risks such as inability to launch successfully, extended cycles, and loss of key technologies or talent[60](index=60&type=chunk) - Leading products (such as **Liuwei Dihuang Oral Liquid, Heche Dazao Capsules**, etc.) are relatively concentrated, and their production and sales status directly determine the company's revenue and profitability, posing **performance fluctuation risks**[60](index=60&type=chunk) - Accounts receivable increase with business growth, posing the risk of **bad debts**; the company has adopted measures such as strengthening assessments, regular reconciliation, and strict credit management to control this risk[61](index=61&type=chunk) [(I) Potential Risks](index=19&type=section&id=(I)%20Potential%20Risks) The company identified and disclosed six major risks, including policy adjustments, R&D failures, product quality issues, reliance on leading products, accounts receivable bad debts, and environmental and safety incidents, emphasizing proactive response and management measures - Policy risk: Normalization of adjustments to the medical insurance catalog and essential drug catalog, and medical insurance payment reforms may prevent the company's products from entering corresponding disease or diagnosis-related group clinical pathways[59](index=59&type=chunk)[60](index=60&type=chunk) - Product R&D risk: Long cycle, high difficulty, and significant investment, with risks such as inability to launch successfully, extended cycles, and loss of key technologies or talent[60](index=60&type=chunk) - Risk of concentrated leading products: Abnormal fluctuations in the production and sales of leading products such as Liuwei Dihuang Oral Liquid and Heche Dazao Capsules will have a significant impact on the company's performance[60](index=60&type=chunk) - Environmental and safety risks: Increased national environmental supervision, with pharmaceutical enterprises facing higher environmental standardization management and pollution prevention requirements, posing risks of environmental accidents and production safety incidents[62](index=62&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Mr. Yu Hongjian resigned as a director, deputy general manager, and CFO due to work adjustments; the board appointed Mr. Leng Liang as deputy general manager and Ms. Wang Yihui as CFO, and Ms. Wang Yihui was elected as a non-independent director - Mr. Yu Hongjian resigned from his positions as **company director, deputy general manager, and CFO**[65](index=65&type=chunk) - Mr. Leng Liang was appointed as **deputy general manager**, and Ms. Wang Yihui was appointed as **CFO**[65](index=65&type=chunk) - Ms. Wang Yihui was elected as a **non-independent director** of the company's twelfth board of directors[66](index=66&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan applicable for this semi-annual report - This semi-annual report does not include a **profit distribution plan or a capital reserve to share capital conversion plan**[67](index=67&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no disclosed equity incentive, employee stock ownership plans, or other employee incentive measures with subsequent progress or changes - During the reporting period, the company had **no progress or changes related to equity incentive plans, employee stock ownership plans, or other employee incentive measures**[68](index=68&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=23&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company and two major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with information disclosed through the National Pollutant Discharge Permit Management Information Platform and Anhui Province Enterprise Environmental Information Disclosure System - A total of **3 enterprises**, including the company, Huangshan Tianmu Mentha Pharmaceutical Co., Ltd., and Huangshan Tianmu Pharmaceutical Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) - Environmental information disclosure reports can be accessed through the **National Pollutant Discharge Permit Management Information Platform** and the **Anhui Province Enterprise Environmental Information Disclosure System**[69](index=69&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Initiatives](index=23&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Initiatives) During the reporting period, the company had no specific progress to disclose regarding consolidating and expanding poverty alleviation achievements, rural revitalization, or other related initiatives - During the reporting period, the company had **no specific progress in consolidating and expanding poverty alleviation achievements, rural revitalization, or other related initiatives**[70](index=70&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, Huilong Huaze/Jinjialing Holding Group, and other related parties strictly fulfilled commitments regarding resolving horizontal competition, related-party transactions, and maintaining company independence during the reporting period; Yuanjia Medical also fulfilled its share lock-up commitment - Controlling shareholder **Huilong Huaze/Jinjialing Holding Group** committed not to engage in business activities that compete with the listed company and has strictly fulfilled this commitment[72](index=72&type=chunk) - The controlling shareholder committed to minimize or reduce related-party transactions with the listed company and its subsidiaries, ensuring adherence to the principles of openness, fairness, and impartiality in market transactions, and has strictly fulfilled this commitment[72](index=72&type=chunk)[73](index=73&type=chunk) - Yuanjia Medical committed not to transfer its shares in Tianmu Pharmaceutical within **18 months** from November 1, 2023, and has strictly fulfilled this commitment[74](index=74&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=27&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties - During the reporting period, the company was **not subject to non-operating fund occupation by its controlling shareholder or other related parties**[7](index=7&type=chunk) [III. Irregular Guarantees](index=27&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did **not provide external guarantees in violation of prescribed decision-making procedures**[8](index=8&type=chunk) [IV. Semi-Annual Report Audit Status](index=28&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is **unaudited**[4](index=4&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report](index=28&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year%27s%20Annual%20Report) During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the prior year's annual report - Not applicable to **changes and handling of matters related to non-standard audit opinions in the prior year's annual report**[77](index=77&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=28&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company had no bankruptcy and reorganization matters - Not applicable to **bankruptcy and reorganization matters**[77](index=77&type=chunk) [VII. Major Litigation and Arbitration Matters](index=28&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - The company had **no major litigation or arbitration matters** during this reporting period[77](index=77&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification by the Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=28&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20by%20the%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the listed company, its directors, supervisors, senior management, controlling shareholder, and actual controller had no alleged violations, penalties, or rectification situations - Not applicable to **alleged violations, penalties, and rectification situations involving the listed company, its directors, supervisors, senior management, controlling shareholder, and actual controller**[77](index=77&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=28&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no instances of unfulfilled effective court judgments or large overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained **good integrity**, with **no instances of unfulfilled effective court judgments or large overdue debts**[77](index=77&type=chunk) [X. Significant Related-Party Transactions](index=28&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's related-party transactions involving sales of goods in ordinary operations during the reporting period, including transaction amounts and comparisons with estimated amounts - The company's sales of goods to related parties totaled **14.02 million yuan** in the first half of 2025, representing **36.22%** of the estimated total of **38.70 million yuan**[78](index=78&type=chunk)[79](index=79&type=chunk) - Major related-party sales recipients include **Hangzhou Dehetang Sanshentai Traditional Chinese Medicine

第一章 总则 第一条 为进一步建立健全杭州天目山药业股份有限公司（以下 简称"公司"）董事及高级管理人员的考核和薪酬管理制度，完善公 司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》 《杭州天目山药业股份有限公司公司章程》（以下简称"《公司章程》"） 及有关规定，公司特设立董事会薪酬与考核委员会，并制定本工作细 则。 杭州天目山药业股份有限公司董事会薪酬与考核委员会工作细则 杭州天目山药业股份有限公司 董事会薪酬与考核委员会工作细则 （2025 年 8 月修订） 第二条 薪酬与考核委员会是董事会设立的专门工作机构，主要 负责制定公司董事及高级管理人员的考核标准并进行考核；负责制 定、审查公司董事及高级管理人员的薪酬政策与方案，对董事会负责。 第三条 本细则所称董事是指在本公司领取薪酬的董事长、董事， 高级管理人员是指董事会聘任的总经理、副总经理、董事会秘书、财 务总监及《公司章程》中规定的高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由三名董事组成，独立董事占多 数。 杭州天目山药业股份有限公司……………………………………………………………第 1 页 第五条 薪酬与考核委员会委员由 ...

杭州天目山药业股份有限公司对外投资管理办法 第一条 为规范杭州天目山药业股份有限公司（以下简称公司）投资的管 理，提高投资合规效益，降低投资风险，有效、合理地开展资金运作，保护 公司和股东的利益，根据《中华人民共和国公司法》（以下简称《公司 法》）、《上海证券交易所股票上市规则》（以下简称"《股票上市规 则》"）《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交 易》等法律、法规、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》"），并结合公司实际情况，制定本办法。 第二条 本办法所称投资，是指本公司为获取未来收益而将一定数量的货 币资金、股权、土地使用权、经评估后的实物或无形资产以法律、法规允许 的其他方式作价出资，对外进行的投资活动。 第三条 按照投资期限的长短，公司对外投资分为短期投资和长期投资。 短期投资主要指公司购入的能随时变现且持有时间不超过一年（含）的投资， 包括各种股票、债券、基金等；长期投资主要指投资期限超过一年，不能随 时变现或不准备变现的各种投资，包括债券投资、股权投资和其他投资等。 包括但不限于以下类型： （一） 公司独立兴办的企业或独立出资的经 ...

杭州天目山药业股份有限公司信息披露暂缓与豁免管理制度 杭州天目山药业股份有限公司 信息披露暂缓与豁免管理制度 （2025 年 8 月修订） 第一条 为规范杭州天目山药业股份有限公司（以下简称"公司"） 信息披露暂缓与豁免行为，督促公司依法合规履行信息披露义务，保 护投资者的合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司信息披露管理办法》《上市公司信息披露暂缓 与豁免管理规定》《上海证券交易所股票上市规则》（以下简称"《股 票上市规则》"）等法律法规、规范性文件及《杭州天目山药业股份有 限公司章程》（以下简称"《公司章程》"）、《杭州天目山药业股份有限 公司信息披露管理制度》等规定，特制定本制度。 第二条 公司及相关信息披露义务人按照《上市公司信息披露暂 缓与豁免管理规定》《股票上市规则》及上海证券交易所其他相关业 务规则的规定，办理信息披露暂缓、豁免业务的，适用本制度。 杭州天目山药业股份有限公司……………………………………………………………第 1 页 杭州天目山药业股份有限公司信息披露暂缓与豁免管理制度 （一）属于核心技术信息等，披露后可能引致不正当竞争的； （二）属于公司自身经 ...

杭州天目山药业股份有限公司信息披露管理制度 杭州天目山药业股份有限公司 信息披露管理制度 （2025 年 8 月修订） 第一章 总 则 第一条 为规范杭州天目山药业股份有限公司（以下简称"公 司"）及其他信息披露义务人的信息披露行为，加强信息披露工作的 管理，保护公司和投资者的合法权益，依据《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》")、《上市公司信息披露管理办法》《上海证券交易 所股票上市规则》 (以下简称"《股票上市规则》")等法律、法规 和规范性文件以及《杭州天目山药业股份有限公司章程》（以下简称 "《公司章程》"）的规定，特制定本制度。 第二条 本制度所称"信息披露"是指，将法律、法规、证券监 管部门规定要求披露的已经或可能对公司股票及其衍生品种交易价 格产生重大影响的信息，在规定时间内、在规定的媒体上、按规定的 程序、以规定的方式向社会公众公布，并按规定程序送达证券监管部 门和上海证券交易所。 第三条 公司的信息披露义务人应当及时履行信息披露义务，披 露的信息应当真实、准确、完整、及时和公平，简明清晰、通俗易懂， 不得有虚假记载、误导性陈述 ...

杭州天目山药业股份有限公司董事会战略委员工作细则 杭州天目山药业股份有限公司 董事会战略委员会工作细则 （2025 年 8 月修订） 第一章 总则 第一条 为完善公司治理结构，加强公司决策科学性，持续强化 公司核心竞争力，保证公司长期发展战略和发展规划的合理性，根据 《中华人民共和国公司法》《上市公司治理准则》《杭州天目山药业股 份有限公司公司章程》（以下简称"《公司章程》"）及其他有关规定， 公司特设立董事会战略委员会（以下简称"战略委员会"），并制定本 细则。 第二条 战略委员会是董事会下设的专门工作机构，对董事会负 责。战略委员会根据《公司章程》《董事会议事规则》以及本细则的 规定履行职责和报告工作。 第二章 人员组成 第三条 战略委员会成员由 3 至 5 名董事组成，其中至少包括企 业管理或经济学、法律或法学、产品等方面的专家各 1 名（以下简称 "专家委员"）。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 专家委员可以外聘；专家委员在有足够能力履行职责的情况下， 可以兼任董事会其他专门委员会的职务。 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子公司管理制度 杭州天目山药业股份有限公司 子公司管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为加强杭州天目山药业股份有限公司（以下简称"公司" 或"上市公司"）内部管理，维护上市公司总体形象和投资者利益， 根据《中华人民共和国公司法》《上海证券交易所股票上市规则》（以 下简称"《股票上市规则》"）等法律、法规和规章以及《杭州天目山 药业股份有限公司章程》（以下简称"《公司章程》"）的规定，特制定 本制度。 （一）全资子公司：指公司拥有 100%股权的子公司； （二）控股子公司：指公司持股 50%以上，或持股比例未达到 50%， 但能够决定其董事会半数以上成员的组成，或通过协议或者其他安排 实际控制的子公司。 （三）公司的子公司同时控制其他公司的，该子公司应参照本制 度，建立对其下属子公司的管理控制制度。 第三条 公司从公司治理、财务管理、运营管理、董监高管理、 审计监督、信息披露、考核奖惩等方面加强对子公司有效的管控，各 职能部门应按照本制度及相关内控制度，及时有效地对子公司做好指 导、协调、监督、管理、服务等工作。提高公司整体运作效率和抗风 险能力。 第四条 公 ...

杭州天目山药业股份有限公司独立董事制度 独立董事应当独立履行职责，不受公司及其主要股东、实际控制 人等单位或者个人的影响。 杭州天目山药业股份有限公司 独立董事制度 杭州天目山药业股份有限公司…………………………………………………………第 1 页 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当 按照法律、行政法规、中国证券监督管理委员会（以下简称中国证监 会）规定、证券交易所业务规则和公司章程的规定，认真履行职责， （2025 年 8 月修订） 杭州天目山药业股份有限公司独立董事制度 第一章 总 则 在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体 利益，保护中小股东合法权益。 第一条 为进一步完善杭州天目山药业股份有限公司（以下简称 "公司"）的法人治理结构，规范独立董事行为，充分发挥独立董事 在上市公司治理中的作用，促进提高上市公司质量，维护公司的整体 利益及中小投资者的合法利益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《国务院办公厅关于上市公司独立董事制度改 革的意见》《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等法律、法 ...

杭州天目山药业股份有限公司 章 程 （2025年8月修订） （尚需提交2025年第三次临时股东大会审议） 二〇二五年八月 | | | 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公 司的组织和行为，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》"）、《上市公司章程指引》《上海证券交易所股票上市规则》 和其他有关规定，制定本章程。 第二条 公司 1989 年 10 月 31 日经临安县人民政府临政发 〔1989〕18 号文件批准，作为临安市首家国有企业股份制试点单位， 由杭州天目山药厂发起并认购部分股份和向社会公开募集股份而设 立股份制企业；1992 年根据国家体改委发布的《股份有限公司规范 意见》进行规范；1993 年又根据《公司法》进行了重新规范；公司 依法在浙江省市场监督管理局注册登记，取得营业执照，统一社会 信用代码：91330000253930812T。 第三条 公司于 1989 年 3 月 17 日经中国人民银行杭州市分行 批准，首次向企事业单位和社会公众发行人民币普通股 200 万股。 1993 年 8 月 23 日 ...