Market Overview - The Chinese medicine sector experienced a decline of 0.36% on August 28, with Xintian Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Buchang Pharmaceutical (603858) with a closing price of 20.02, up 5.59% and a trading volume of 325,000 shares, totaling 654 million yuan [1] - Tianmu Pharmaceutical (600671) closed at 20.40, up 5.37% with a trading volume of 159,300 shares, totaling 324 million yuan [1] - Jilin Aodong (000623) closed at 20.34, up 1.75% with a trading volume of 239,000 shares, totaling 479 million yuan [1] - Conversely, significant decliners included: - Xinda Pharmaceutical (002873) with a closing price of 12.00, down 4.76% and a trading volume of 304,000 shares, totaling 364 million yuan [2] - Qidi Pharmaceutical (000590) closed at 12.22, down 4.61% with a trading volume of 221,600 shares, totaling 274 million yuan [2] - Kangjia Pharmaceutical (600557) closed at 17.22, down 4.39% with a trading volume of 313,700 shares, totaling 537 million yuan [2] Capital Flow - The Chinese medicine sector saw a net outflow of 1.134 billion yuan from institutional investors, while retail investors contributed a net inflow of 930 million yuan [2] - Key stocks with significant capital flow included: - Zhendong Pharmaceutical (300158) with a net inflow of 67.58 million yuan from institutional investors [3] - Jilin Aodong (000623) with a net inflow of 13.62 million yuan from institutional investors [3] - Tianmu Pharmaceutical (600671) with a net inflow of 7.33 million yuan from institutional investors [3]

Group 1 - The company Tianmu Pharmaceutical announced the convening of its 12th Board of Directors' 14th meeting on August 26, 2025, which was held through a combination of on-site and remote voting [1] - The meeting reviewed the proposal regarding the full text and summary of the company's 2025 semi-annual report [1] Group 2 - The news highlights a significant medical advancement with the world's first successful transplantation of gene-edited pig lungs into a human [1] - A dialogue with key participants discusses the timeline and challenges for clinical application of this groundbreaking procedure [1]

Core Viewpoint - Tianmu Pharmaceutical has shown significant improvement in its financial performance for the first half of 2025, with a notable increase in revenue and a return to profitability, indicating a recovery and growth potential in the company’s operations [1][2][3] Financial Performance - The company achieved an operating income of 104 million yuan, representing a year-on-year increase of 73.97% [1] - Net profit attributable to shareholders reached 10.25 million yuan, marking a turnaround from losses, with a net profit of 5.90 million yuan after deducting non-recurring items [1] - Operating costs increased by 37.95% to 59.95 million yuan, but this was significantly lower than the revenue growth, leading to improved gross margins [1] - Management expenses decreased by 6.72%, and financial expenses dropped by 24.56%, indicating better internal management and financial structure [1] - The weighted average return on net assets turned positive to 17.82%, reflecting a recovery in the profitability of core operations [1] Balance Sheet and Cash Flow - As of June, accounts payable decreased by 15.76%, and tax payables reduced by 72.26%, alleviating pressure on debt repayment and tax obligations [2] - Net assets attributable to shareholders grew by 19.56% to 62.63 million yuan, enhancing the company's capital strength [2] - The net cash flow from operating activities was -10.87 million yuan, but this represented a significant narrowing of losses by approximately 60%, indicating improving cash flow conditions [2] Business Development - The company focuses on traditional Chinese medicine, raw materials, and health industries, implementing a "fine traditional Chinese medicine" strategy [2] - Tianmu Pharmaceutical received re-registration approval for 25 products and is advancing capacity enhancement and technical transformation projects, with the first phase expected to be operational by the end of 2026 [2] - The establishment of a GSP-certified sales platform, Jiahe Pharmaceutical, and a self-built marketing network supports nationwide expansion [3] - The health supplement segment is expanding through large marketing activities and e-commerce channels, becoming a new revenue growth point [3] - The company has officially removed "other risk warnings," indicating a return to stability after years of challenges, with improved management and capital strength [3] Strategic Outlook - Tianmu Pharmaceutical aims to strengthen its product portfolio and explore the potential of advantageous products while accelerating channel expansion in the health industry [3] - The strategic transformation in modernization and industrial upgrading of traditional Chinese medicine is expected to deepen, supported by resources from state-owned shareholders in Qingdao [3]

杭州天目山药业股份有限公司市值管理制度 杭州天目山药业股份有限公司 市值管理制度 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" ）市值管理，切实推动公司投资价值提升，增强投资者回报，维护投资 者利益，根据《中华人民共和国公司法》《中华人民共和国证券法》《 上市公司监管指引第10号——市值管理》等法律法规、规范性文件和《 杭州天目山药业股份有限公司章程》（以下简称"《公司章程》"）等 规定，制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础，为提 升公司投资价值和股东回报能力而实施的一项长期战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤 其是中小投资者利益，诚实守信、规范运作、专注主业、稳健经营，以 新质生产力的培育和运用，推动经营水平和发展质量提升，并在此基础 上做好投资者关系管理，增强信息披露质量和透明度，必要时积极采取 措施提振投资者信心，推动上市公司投资价值合理反映上市公司质量。 第四条 公司质量是公司投资价值的基础和市值管理的重要抓手。 公司应当立足提升公司质量，依法依规运用各类方式提升公司投资价值。 第五条 市值管理的基本原则包 ...

杭州天目山药业股份有限公司会计师事务所选聘制度 杭州天目山药业股份有限公司 会计师事务所选聘制度 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"）选 聘（含续聘、改聘，下同）会计师事务所相关行为，提高财务信息质量， 切实维护股东利益，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》"）《上海证券交易所股 票上市规则》《国有企业、上市公司选聘会计师事务所管理办法》等有关 法律、法规、规章和规范性文件及《杭州天目山药业股份有限公司章程》 （以下简称"《公司章程》"）结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规 要求，聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的 行为。公司选聘会计师事务所从事其他专项审计业务的，视重要性程度可 参照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（"审计委员 会"）审核同意后，提交董事会审议，并由股东会决定。董事会不得在股 东会决定前委托会计师事务所开展工作。 第四条 公司控股股东、实际控制人不得在公司董事会、股东会审议 前向 ...

杭州天目山药业股份有限公司舆情管理制度 杭州天目山药业股份有限公司 舆情管理制度 第一章 总则 第一条 为提高杭州天目山药业股份有限公司（以下简称"公司"）应 对舆情管理的能力，建立快速反应和应急处置机制，及时、妥善处理各类 舆情对公司股票及其衍生品交易价格和正常经营管理活动造成的影响，切 实保护投资者合法权益，根据《上海证券交易所股票上市规则》等相关法 律法规、规范性文件和《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，结合公司实际情况，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、杂志、电视、广播、网络等媒体对公司进行的负面报道、 不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经 营活动，使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生 品种交易价格变动的负面舆情； 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舆情管理制度 （二）一般舆情：指除重大舆情之外的其他舆情。 第四条 基本原则 （一）及时性：快速响应 ...

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： 二、董事会会议审议情况 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》 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 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。 限公司监事会议事规则》相应废止，公司其他各项制度中尚存的涉及监事会及监 事的规定不再适用， 《公司法》规定的监事会职权由董事会审计委员会行使。并废 止《 ...

证券代码：600671 证券简称：天目药业 公告编号：临 2025-036 杭州天目山药业股份有限公司 关于取消监事会并修订《公司章程》及制定和修订部 分管理制度的公告 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。 为贯彻落实《中华人民共和国公司法》 （以下简称" 《公司法》"）的要求，进 一步改善和优化杭州天目山药业股份有限公司（以下简称"公司"）治理结构， 提升公司治理效能，完善公司治理水平，根据《公司法》《关于新〈公司法〉配 套制度规则实施相关过渡期安排》 《上市公司章程指引》 《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》等法律法规和规范性文件的要求，并结 合公司实际情况，公司于 2025 年 8 月 26 日召开了第十二届董事会第十四次会议， 审议通过了《关于取消监事会并修订〈公司章程〉的议案》《关于修订、制定部 分公司治理制度的议案》，同意公司取消监事会并修订《杭州天目山药业股份有 限公司章程》 （以下简称" 《公司章程》"）及制定、修订部分治理制度，本项议案 尚需提交公司股东大会审议通过。现将相关 ...

杭州天目山药业股份有限公司内部控制缺陷认定标准 杭州天目山药业股份有限公司 内部控制缺陷认定标准 （2025 年 8 月修订） 第一章 总则 杭州天目山药业股份有限公司内部控制缺陷认定标准 企业内部控制的有效性，进而导致企业严重偏离控制目标。当存在任 何一个或多个内部控制重大缺陷时，应当在内部控制评价报告中作出 内部控制无效的结论。 （二）重要缺陷：指一个或多个控制缺陷的组合，其严重程度和 经济后果低于重大缺陷，但仍有可能导致企业偏离控制目标。重要缺 陷的严重程度低于重大缺陷，不会严重危及内部控制的整体有效性， 但也应当引起董事会和管理层的充分关注。 第一条 为保证杭州天目山药业股份有限公司（以下简称公司） 内部控制制度的建立健全和有效执行，提高公司的经营管理水平和风 险防范能力，促进公司规范运作和健康发展，根据《公开发行证券的 公司信息披露编报规则第 21 号-年度内部控制评价报告的一般规定》 《企业内部控制基本规范》《企业内部控制评价指引》及其配套指引 的有关规定，结合公司经营规模、行业特点、风险水平和重要性等因 素，制定本认定标准。 第二章 内部控制缺陷的分类 第三条 按照内部控制缺陷的成因或来源，公司 ...

General Principles - The internal control framework aims to standardize management behaviors, enhance operational efficiency, and ensure compliance with laws and regulations [1][2] - Internal control is defined as a process implemented by the board, management, and employees to achieve control objectives, ensuring legal compliance, asset security, and accurate financial reporting [1][2] Internal Environment - The company establishes a governance structure and decision-making rules to clarify responsibilities and create a balanced mechanism [4][5] - The board is responsible for establishing and implementing effective internal controls, while the management is tasked with daily operations [5][6] Risk Identification and Assessment - The company must continuously identify and assess risks related to its operations, considering both internal and external factors [16][19] - Risk tolerance levels should be established to guide decision-making and risk management strategies [16][20] Control Activities - Control measures include separation of incompatible duties, authorization controls, and performance evaluations to mitigate risks [23][24] - A comprehensive budget management system is essential for ensuring financial discipline and accountability [20][21] Information and Communication - The company should establish effective communication channels for internal and external information flow, ensuring timely and accurate reporting [32][34] - Internal reports must be clear and concise, facilitating understanding and action among employees [34][36] Internal Supervision - Regular internal supervision is necessary to evaluate the effectiveness of internal controls and identify deficiencies [47][48] - The company must maintain records of internal control processes to ensure accountability and transparency [50][51]