Report Overview [Special Notice and Disclaimer](index=1&type=section&id=Special%20Notice%20and%20Disclaimer) Preliminary H1 2025 financial data, internally audited but unaudited externally, may differ from final figures, requiring investor caution - This report's data is preliminary and unaudited, potentially differing from the final report, thus investors should be aware of investment risks[3](index=3&type=chunk) Key Financial Data for H1 2025 [Key Income Statement Metrics](index=1&type=section&id=Key%20Income%20Statement%20Metrics) H1 2025 total operating revenue grew 16.36% to 1.175 billion yuan, with all key profit metrics, including non-recurring net profit, showing significant growth Key Income Statement Data for H1 2025 | Project | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,175,031,545.29 | 1,009,833,674.27 | 16.36 | | Operating Profit | 416,710,928.53 | 366,529,410.38 | 13.69 | | Total Profit | 399,917,158.99 | 365,162,439.71 | 9.52 | | Net Profit Attributable to Shareholders of Listed Company | 358,060,664.37 | 325,685,757.00 | 9.94 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 289,110,936.50 | 227,292,243.01 | 27.20 | | Basic Earnings Per Share (yuan) | 0.6749 | 0.6143 | 9.86 | | Weighted Average Return on Net Assets | 8.58% | 8.48% | Increase by 0.10 percentage points | [Key Balance Sheet Metrics](index=1&type=section&id=Key%20Balance%20Sheet%20Metrics) At period-end, total assets increased by 0.69% to 6.837 billion yuan, while equity attributable to shareholders slightly decreased by 0.70%, and net assets per share marginally declined Key Balance Sheet Data for H1 2025 | Project | End of Current Period (yuan) | Beginning of Current Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 6,837,219,961.11 | 6,790,420,367.07 | 0.69 | | Equity Attributable to Shareholders of Listed Company | 4,036,118,607.27 | 4,064,375,038.17 | -0.70 | | Share Capital | 531,237,399.00 | 531,085,718.00 | 0.03 | | Net Assets Per Share Attributable to Shareholders of Listed Company (yuan) | 7.38 | 7.41 | -0.40 | Analysis of Operating Performance and Financial Position [Revenue and Profit Growth](index=2&type=section&id=Revenue%20and%20Profit%20Growth) Total operating revenue increased by 16.36% and operating profit grew by 13.69%, indicating a stable operating growth trend - Total operating revenue reached **1.175 billion yuan**, a **16.36% year-over-year increase**[7](index=7&type=chunk) - Operating profit reached **417 million yuan**, a **13.69% year-over-year increase**[7](index=7&type=chunk) [Net Profit and Profitability](index=2&type=section&id=Net%20Profit%20and%20Profitability) Net profit attributable to shareholders increased by 9.94%, with non-recurring net profit surging 27.20%, indicating significant core business profitability improvement - Net profit attributable to shareholders of the listed company was **358 million yuan**, a **9.94% year-over-year increase**[7](index=7&type=chunk) - Net profit attributable to shareholders of the listed company (excluding non-recurring items) was **289 million yuan**, a **27.20% year-over-year increase**[7](index=7&type=chunk) - The company's operating performance demonstrated steady growth[7](index=7&type=chunk) Other Disclosures [Explanation of Performance Forecast Differences](index=2&type=section&id=Explanation%20of%20Performance%20Forecast%20Differences) No H1 2025 performance forecast was disclosed, hence no differences exist from previous performance estimates - The company did not disclose a H1 2025 performance forecast[8](index=8&type=chunk) [Documents for Reference](index=2&type=section&id=Documents%20for%20Reference) Investors can review the signed and sealed comparative balance sheet and income statement, and the internal audit report signed by the head of internal audit - Documents for reference include the signed and sealed comparative balance sheet and income statement[9](index=9&type=chunk) - Documents for reference include the internal audit report signed by the head of the internal audit department[9](index=9&type=chunk)

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Insights - The market for traditional Chinese medicine (TCM) in musculoskeletal diseases is expected to grow significantly due to an aging population and increasing prevalence of related conditions [2][18] - The oral medication segment presents structural opportunities, while external patches are anticipated to continue expanding [3][32] Summary by Sections 1. Demand Growth in Musculoskeletal TCM Market - The aging population in China reached 202 million people aged 65 and above in 2023, leading to a rise in musculoskeletal disorders [2][18] - The penetration rate of musculoskeletal pain among the population aged 56 and above is 60.8%, while it is 42.2% among those aged 35 and below, indicating a younger demographic is increasingly affected [2][23] - The global pain management drug market is projected to reach $110.4 billion by 2030, with significant growth potential in China compared to markets in the US and Japan [2][28] 2. Structural Opportunities in Oral Medications - The oral TCM market is stable, with the top 10 products each generating sales below 1 billion yuan, indicating a lack of large-scale products [3][47] - Three innovative TCM products in the musculoskeletal field are expected to be approved and enter the national medical insurance directory from 2020 to 2024, which may lead to rapid market growth [3][53] - The basic drug policy aims to increase the usage of essential medicines, providing a competitive advantage for unique insurance products [3][69] 3. Expansion of External Patches - Compared to mature markets like Japan and South Korea, China's external patch market has significant room for growth, with external patches likely to gradually replace oral medications [3][30] - The concentration of external patches in public medical institutions and retail pharmacies is high, allowing leading companies to increase their market share [3][30] - Price increases are expected to continue driving growth in the external patch industry [3][32] 4. Investment Recommendations - Companies to watch include Fangsheng Pharmaceutical, Panlong Pharmaceutical, Lingrui Pharmaceutical, and Qizheng Tibetan Medicine, which have significant advantages in musculoskeletal TCM products [4]

Core Points - The report discusses the management of the convertible bond issuance by Tibet Qizheng Tibetan Medicine Co., Ltd, detailing the bond's approval, issuance, and key terms [3][4][10] Group 1: Bond Issuance Overview - The China Securities Regulatory Commission approved the issuance of convertible bonds totaling RMB 800 million, with a face value of RMB 100 per bond, consisting of 8 million bonds [3][4] - The bonds are listed on the Shenzhen Stock Exchange under the name "Qizheng Convertible Bonds" with the code 128133, and the issuance date was October 27, 2020 [3][4] Group 2: Bond Terms and Conditions - The bond has a six-year term, from September 22, 2020, to September 21, 2026 [4] - The coupon rates are structured to increase annually, starting at 0.40% in the first year and reaching 1.80% in the sixth year [4][5] - Interest is paid annually, with the first payment occurring one year after the issuance date [5] Group 3: Conversion and Adjustment Mechanism - The initial conversion price is set at RMB 30.12 per share, subject to adjustments based on stock dividends, capital increases, and other corporate actions [6][7] - Following the 2024 annual profit distribution, the conversion price will be adjusted from RMB 19.39 to RMB 19.01 per share, effective from July 10, 2025 [9][10] Group 4: Impact Analysis - The adjustments to the conversion price comply with legal regulations and do not adversely affect the company's operational or debt repayment capabilities [10]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 | 证券代码：002287 | 证券简称：奇正藏药 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：128133 | 债券简称：奇正转债 | | 西藏奇正藏药股份有限公司 关于奇正转债恢复转股的提示性公告 董事会 二〇二五年七月八日 2、转股期限：2021 年 3 月 29 日至 2026 年 9 月 21 日 3、暂停转股日期：2025 年 7 月 1 日至 2025 年 7 月 9 日 4、恢复转股日期：2025 年 7 月 10 日 特别提示： 1、债券代码：128133 债券简称：奇正转债 西藏奇正藏药股份有限公司（以下简称"公司"）因实施 2024 年度权益分 派，根据公司《公开发行可转换公司债券募集说明书》等相关规定，自 2025 年 7 月 1 日起至本次权益分派股权登记日止，公司可转换公司债券（债券简称：奇 正转债；债券代码：128133）暂停转股。详见 2025 年 6 月 28 日刊登在《证券时 报》、巨潮资讯网（http://www.cninfo.c ...

第二次临时报告 （2025 年度） 二〇二五年七月 申万宏源证券承销保荐有限责任公司 关于 西藏奇正藏药股份有限公司 公开发行可转换公司债券受托管理事务 一、本次债券审批概况 重要声明 本报告依据《公司债券发行与交易管理办法》、《西藏奇正藏药股份有限公司 公开发行可转换公司债券受托管理协议》（以下简称"《受托管理协议》"）《西藏 奇正藏药股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集 说明书》"）等相关规定，由本次债券受托管理人申万宏源证券承销保荐有限责任 公司（以下简称"申万宏源承销保荐"）编制。申万宏源承销保荐对本报告中所 包含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信 息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为申万宏源承销保荐所 作的承诺或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为， 申万宏源承销保荐不承担任何责任。 申万宏源承销保荐作为西藏奇正藏药股份有限公司（以下简称"奇正藏药"、 "发行人"或"公司"）公开 ...

Group 1 - The company announced an adjustment to the conversion price of its convertible bonds, "Qizheng Convertible Bonds," from the original price of 19.39 CNY/share to 19.01 CNY/share, effective from July 10, 2025, following a cash dividend distribution of 3.80 CNY per 10 shares [3][2][1] - The cash dividend distribution will be based on the total share capital as of the record date, with a total cash dividend amounting to 201,075,080.62 CNY distributed among 531,237,399 shares, resulting in a per-share cash dividend of approximately 0.3785 CNY [3][2][1] - The company will implement the 2024 annual profit distribution plan, which includes a cash dividend without any stock dividends or capital reserve transfers, with the record date set for July 9, 2025 [2][1] Group 2 - The company will disclose the details of the conversion price adjustment in accordance with relevant regulations and will ensure that the rights of convertible bondholders are protected during any changes in share capital or shareholder equity [2][1] - The adjustment formula for the conversion price is specified, taking into account various scenarios such as stock dividends, capital increases, and cash dividends [1]

| 证券代码：002287 | 证券简称：奇正藏药 公告编号：2025-047 | | --- | --- | | 债券代码：128133 | 债券简称：奇正转债 | 西藏奇正藏药股份有限公司 关于 2024 年度权益分派实施后调整回购股份价格上限的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、调整前回购股份价格上限：31.65 元/股 2、调整后回购股份价格上限：31.27 元/股 一、回购股份的基本情况 西藏奇正藏药股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召开 第六届董事会第九次会议，审议通过了《关于回购股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购公司 A 股股份，回购的公司股份将用于股 权激励或员工持股计划。公司回购总金额为不低于人民币 9,000 万元（含）且不 超过人民币 16,000 万元（含），回购价格不超过 31.65 元/股（含），回购股份 的实施期限自董事会审议通过本次回购股份方案之日起不超过十二个月。详见 2025 年 3 月 3 日及 2025 年 3 月 4 日刊登在 ...

| 证券代码：002287 | 证券简称：奇正藏药 公告编号：2025-046 | | --- | --- | | 债券代码：128133 | 债券简称：奇正转债 | 西藏奇正藏药股份有限公司 关于调整可转换公司债券转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、调整前"奇正转债"转股价格为：19.39 元/股 2、调整后"奇正转债"转股价格为：19.01 元/股 3、转股价格调整起始日期：2025 年 7 月 10 日 一、"奇正转债"转股价格调整的相关规定 西藏奇正藏药股份有限公司（以下简称"公司"、"奇正藏药"）于 2020 年 9 月 22 日公开发行人民币 80,000.00 万元可转换公司债券（债券代码：128133， 债券简称：奇正转债），初始转股价为 30.12 元/股。 根据公司《公开发行可转换公司债券募集说明书》发行条款以及中国证监会 关于可转换公司债券发行的有关规定，在本次发行之后，当公司发生派送股票股 利、转增股本、增发新股或配股、派送现金股利等情况（不包括因本次发行的可 转换公司债券转股而增加的股本）使 ...

| 证券代码：002287 | 证券简称：奇正藏药 公告编号：2025-048 | | --- | --- | | 债券代码：128133 | 债券简称：奇正转债 | 西藏奇正藏药股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 西藏奇正藏药股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召开 第六届董事会第九次会议，审议通过了《关于回购股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购公司 A 股股份，回购的公司股份将用于股 权激励或员工持股计划。本次回购总金额为不低于人民币 9,000 万元（含）且不 超过人民币 16,000 万元（含），回购价格不超过 31.65 元/股（含），若按回购 总金额上、下限和回购股份价格上限测算，预计回购股份数量约为 284.36 万股 ——505.53 万股，约占目前公司总股本的 0.5354%——0.9519%。具体回购金额 及回购数量以回购完成时实际使用的资金和回购股份数量为准。回购股份的实施 期限自董事会审议通过本次回购股份方案之日起不超过十二个月 ...

| 证券代码：002287 | 证券简称：奇正藏药 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：128133 | 债券简称：奇正转债 | | 西藏奇正藏药股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 西藏奇正藏药股份有限公司（以下简称"公司"）本次利润分配方案为：以 公司实施利润分配时股权登记日当天的总股本（扣除回购账户中的股份）为基数， 向全体股东每10股派发现金红利3.80元（含税），送红股0股，不以公积金转增股 本。 本次权益分派实施后，按公司总股本折算每股现金红利及除权除息参考价如 下：按总股本折算每股现金分红=实际现金分红总额/总股本（含回购股份） =201,075,080.62元/531,237,399股=0.3785032元/股（保留七位小数，最后一位 直接截取，不四舍五入）；除权除息参考价格=股权登记日（2025年7月9日）收盘 价-0.3785032元/股。 公司2024年度权益分派方案已获2025年5月16日召开的公司2024年度股东会 ...