Core Viewpoint - Qizheng Tibetan Medicine is leveraging its traditional Tibetan medicine expertise to innovate and expand in modern healthcare, aiming for global promotion and integration of Tibetan medicine with modern medical practices [2][6][7] Group 1: Company Overview - Qizheng Tibetan Medicine is the only publicly listed company in China focused on Tibetan medicine, with a history of 30 years in the industry [2] - The company’s flagship product, "Pain Relief Plaster," has become a leading brand in the domestic musculoskeletal pain market, showcasing the successful modernization of Tibetan medicine [4] Group 2: Product Development and Innovation - The company is expanding its product pipeline beyond pain management to include respiratory, neurological, and gynecological fields, addressing the rising prevalence of chronic diseases due to an aging population [5] - The "Pain Relief Plaster" utilizes advanced low-temperature freeze-drying technology to preserve the active ingredients of medicinal materials, enhancing its clinical value [4] Group 3: Research and Clinical Applications - Qizheng has initiated multiple clinical collaborations, demonstrating the effectiveness of Tibetan medicine in reducing recurrence rates and side effects in treatments like chronic pelvic inflammatory disease and cancer support [3] - The company has established a comprehensive research and development system that integrates classic exploration, pharmacological research, and dosage form innovation [3] Group 4: Strategic Vision and Goals - The company aims to double its business in the pain relief sector within five years and establish a 10 billion yuan full industry chain in Tibetan medicine within ten years, aspiring to become a globally influential Tibetan medicine health industry group in thirty years [6] - The strategic framework includes health care, cultural heritage, technological innovation, resource protection, and employee development [6] Group 5: Commitment to Traditional Medicine - Qizheng emphasizes the importance of preserving traditional Tibetan medicine while modernizing and internationalizing it, ensuring that all products are based on Tibetan medical texts and validated through modern clinical trials [7] - The company is committed to creating value for investors by promoting the development of traditional Tibetan medicine through modernization and standardization [7]

Group 1 - The company announced the early redemption of "Qizheng Convertible Bonds" and the upcoming cessation of trading [1] - The last trading day for the bonds is set for August 28, 2025, and the last conversion day is September 2, 2025 [1] - The redemption price is 101.701 yuan per bond, including accrued interest, with the redemption date on September 3, 2025 [1] Group 2 - The board of directors decided to exercise the early redemption rights due to the company's stock price triggering conditional redemption clauses [1] - Investors are reminded to pay attention to the conversion deadline to avoid potential losses, especially those with pledged or frozen shares [1]

| 证券代码：002287 | 证券简称：奇正藏药 | 公告编号：2025-078 | | --- | --- | --- | | 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 关于提前赎回"奇正转债"实施暨即将停止交易的重要提示性公告 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。 重要内容提示： 1、最后交易日：2025年8月28日 2025年8月28日是"奇正转债"最后一个交易日，当日"奇正转债"简称为 "Z正转债"；2025年8月28日收市后"奇正转债"将停止交易。 2、最后转股日：2025年9月2日 2025年9月2日是"奇正转债"最后一个转股日，当日收市前，持有"奇正转 债"的投资者仍可进行转股；2025年9月2日收市后，未转股的"奇正转债"将停 止转股。 3、截至2025年8月26日收市后，距离"奇正转债"停止交易仅剩2个交易日， 距离"奇正转债"停止转股并赎回仅剩5个交易日。本公司特提醒投资者仔细阅 读本公告内容，关注相关风险，谨慎交易"奇正转债"。 特别提示： 1、"奇正转债"赎回价格：101.701元/张 ...

Core Viewpoint - The company has decided to exercise the early redemption of its convertible bonds "奇正转债" due to current market conditions and its own situation, with the redemption process set to take place shortly [2][6]. Group 1: Convertible Bond Details - The company issued 8 million convertible bonds at a face value of 100 RMB each, totaling 800 million RMB, which began trading on October 27, 2020 [2]. - The bond's conversion period started on March 29, 2021, and will end on September 21, 2026 [2]. - The current redemption price for "奇正转债" is set at 101.701 RMB per bond, which includes accrued interest [8]. Group 2: Redemption Conditions - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within a 30-day period [6]. - The redemption will occur on September 2, 2025, after which the bonds will be delisted from the Shenzhen Stock Exchange [9]. Group 3: Shareholder Transactions - The company's major shareholders, including the actual controller and those holding over 5% of shares, did not engage in any transactions involving "奇正转债" in the six months leading up to the redemption conditions being met [9]. Group 4: Redemption Process - Bondholders must submit their conversion requests through the securities company that holds their bonds, and the conversion must be in whole shares [10]. - The redemption funds will be credited to the bondholders' accounts on September 10, 2025 [9].

Financial Performance - The company reported an impressive operating cash flow of 0.92 CNY per share, reflecting a year-on-year increase of 991.52% [2] - The net cash flow from operating activities increased by 993.71% due to optimized cash flow management and accelerated discounting of receivables [2][5] Sales and Marketing Strategy - The company has established a strong presence in both B2C and O2O channels, achieving rapid growth by collaborating with major platforms and expanding its online medical resources [3] - The O2O strategy focuses on differentiated operations based on consumer needs, enhancing exposure and conversion rates through targeted marketing [3] - The company’s pain relief patches have outperformed the industry growth rate due to their dual efficacy in pain relief and anti-inflammation [4] Research and Development - The company is concentrating its R&D efforts on key therapeutic areas such as external pain relief, respiratory, and neurological treatments, with a focus on unmet clinical needs [4][6] - The new drug "Xiaoer Relixin Granules" has received clinical trial approval, enhancing the pediatric product pipeline [5] - R&D investment reached 48.65 million CNY in the first half of the year, a 3.31% increase year-on-year, with a R&D expense ratio of 5.6%, below the industry average [6] Market Position and Competitive Advantage - The company has established itself as a leading brand in the Tibetan medicine market, particularly in external pain relief [6] - The competitive landscape has intensified due to increased demand for topical anti-inflammatory products, but the company maintains a unique advantage with its multi-target Tibetan medicine formulations [4] - The company’s strategic focus on brand recognition and product differentiation supports its market leadership [6] Future Outlook - The company plans to enhance its cash flow management through improved receivables management and expanded financing channels to support business growth and R&D investments [5] - The ongoing construction of the pharmaceutical industrial base is on track, with production licenses being obtained for various formulations [4]

| 证券代码：002287 | 证券简称：奇正藏药 | 公告编号：2025-077 | | --- | --- | --- | | 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 关于提前赎回"奇正转债"实施暨即将停止交易的重要提示性公告 3、截至2025年8月25日收市后，距离"奇正转债"停止交易仅剩3个交易日， 距离"奇正转债"停止转股并赎回仅剩6个交易日。本公司特提醒投资者仔细阅 读本公告内容，关注相关风险，谨慎交易"奇正转债"。 特别提示： 重要内容提示： 1、最后交易日：2025年8月28日 2025年8月28日是"奇正转债"最后一个交易日，当日"奇正转债"简称为 "Z正转债"；2025年8月28日收市后"奇正转债"将停止交易。 2、最后转股日：2025年9月2日 2025年9月2日是"奇正转债"最后一个转股日，当日收市前，持有"奇正转 债"的投资者仍可进行转股；2025年9月2日收市后，未转股的"奇正转债"将停 止转股。 1、"奇正转债"赎回价格：101.701元/张（含当期应计利息，当期年利率为 1.80%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 ...

Core Viewpoint - The letter from the chairman of Qizheng Tibetan Medicine marks the 30th anniversary of the company, highlighting its journey and commitment to the modernization of Tibetan medicine through innovation, inheritance, and integration [1][3]. Group 1: Company Development - Qizheng Tibetan Medicine was established in 1995 and has achieved three significant milestones: being the first company to settle in Tibet for poverty alleviation, listing on the Shenzhen Stock Exchange as the first Tibetan medicine stock, and becoming a leading enterprise in the modernization of Tibetan medicine [1][3]. - The company has maintained a double-digit annual revenue growth over the past 30 years, attributed to its focus on innovation, inheritance, and integration [1][3]. Group 2: Innovation - The company emphasizes the development of effective products, such as pain relief patches and capsules, utilizing modern formulation technologies to enhance stability and convenience [2][4]. - Qizheng has expanded its product range to cover eight therapeutic areas, including respiratory, digestive, cardiovascular, neurological, skin, gynecological, and pediatric treatments [2][4]. Group 3: Inheritance - The company prioritizes the authenticity of its products by establishing connections with contemporary Tibetan medicine masters and supporting the education and development of Tibetan medicine [4]. - Initiatives include the establishment of a traditional Tibetan medicine inheritance center, construction of Tibetan hospitals, and funding for grassroots Tibetan medical clinics [4]. Group 4: Integration - Qizheng promotes Tibetan medicine through evidence-based research, aiming to include its products in national health insurance and essential drug lists, thereby enhancing treatment options for doctors and patients [4]. - The company has developed a comprehensive sales strategy that includes various channels such as tiered medical services, grassroots medical care, retail, B2C, and commercial sales [4].

Core Viewpoint - The company has triggered the conditional redemption clause for its convertible bonds, "Qizheng Convertible Bonds," due to the stock price exceeding 130% of the conversion price for fifteen consecutive trading days, leading to a decision for early redemption [2][7]. Group 1: Convertible Bond Redemption Details - The redemption price for "Qizheng Convertible Bonds" is set at 101.701 CNY per bond, which includes accrued interest [9]. - The total issuance of the convertible bonds was 800 million CNY, with each bond having a face value of 100 CNY [2][3]. - The redemption will occur on September 10, 2025, with the redemption registration date being September 2, 2025 [10]. Group 2: Conditions for Redemption - The company can redeem the bonds if the stock price remains above 130% of the conversion price for at least fifteen trading days or if the remaining unconverted bonds are less than 30 million CNY [7][8]. - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 19.01 CNY per share as of July 10, 2025 [7][10]. Group 3: Shareholder Information - The company has confirmed that major shareholders, including the actual controller and significant stakeholders, did not engage in trading the convertible bonds in the six months leading up to the redemption conditions being met [10]. - Shareholders wishing to convert their bonds must do so through the securities company that holds their bonds [11].

Core Points - The company reported a revenue of 1.175 billion yuan for the first half of 2025, representing a year-on-year growth of 16.36% [1] - The net profit attributable to shareholders was approximately 358 million yuan, showing a year-on-year increase of 10.04% [1] - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, marking the first semi-annual profit distribution since the special dividend in Q3 2024 [1] Financial Performance - Revenue for the reporting period reached 1.175 billion yuan, with a year-on-year growth of 16.36% [1] - Net profit attributable to shareholders was about 358 million yuan, reflecting a year-on-year increase of 10.04% [1] - The company has implemented a total of 17 cash dividend distributions since its listing, with a cumulative cash dividend amounting to 2.895 billion yuan [1] Dividend Policy - The company expects to distribute a total of 123 million yuan in dividends, which accounts for approximately 34.4% of the net profit attributable to shareholders for the first half of 2025 [1] - The company emphasizes the importance of reasonable returns to investors and aims to enhance the stability and sustainability of its cash dividend policy [1] - The company has already distributed a cash dividend of 201 million yuan for the 2024 fiscal year on July 10, 2025 [1]

| | | 西藏奇正藏药股份有限公司 关于提前赎回"奇正转债"的第九次提示性公告 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、"奇正转债"赎回价格：101.701元/张（含当期应计利息，当期年利率为 1.80%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025年8月11日 3、"奇正转债"停止交易日：2025年8月29日 4、"奇正转债"赎回登记日：2025年9月2日 5、"奇正转债"停止转股日：2025年9月3日 6、"奇正转债"赎回日：2025年9月3日 7、发行人（公司）资金到账日（到达中登公司账户）：2025年9月8日 8、投资者赎回款到账日：2025年9月10日 9、赎回类别：全部赎回 10、最后一个交易日可转债简称：Z正转债 11、根据安排，截至2025年9月2日收市后仍未转股的"奇正转债"将被强制 赎回。本次赎回完成后，"奇正转债"将在深圳证券交易所摘牌，特提醒"奇正 转债"债券持有人注意在限期内转股。债券持有人持有的"奇正转债" ...