Core Viewpoint - Tianyu Co., Ltd. has experienced a stock price increase of 51.72% year-to-date, but has seen a slight decline in recent trading days, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Tianyu Co., Ltd. achieved a revenue of 2.287 billion yuan, representing a year-on-year growth of 18.36% [2]. - The net profit attributable to shareholders for the same period was 221 million yuan, showing a significant year-on-year increase of 159.57% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Tianyu Co., Ltd. was 15,200, a decrease of 8.06% from the previous period [2]. - The average number of circulating shares per shareholder increased by 8.76% to 13,857 shares [2]. Dividend Distribution - Since its A-share listing, Tianyu Co., Ltd. has distributed a total of 303 million yuan in dividends, with 34.8 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth largest circulating shareholder, holding 6.144 million shares, an increase of 2.7532 million shares from the previous period [3].

Core Viewpoint - Tianyu Co., Ltd. is a leading domestic pharmaceutical raw material enterprise, focusing on the research and production of pharmaceutical intermediates, raw materials, and formulations, with significant technical and cost advantages [1] Financial Performance - In Q3 2025, Tianyu's revenue reached 2.287 billion yuan, ranking 8th in the industry out of 47 companies, with the industry leader, Prolo Pharmaceutical, generating 7.764 billion yuan [2] - The net profit for the same period was 221 million yuan, placing Tianyu 11th in the industry, while the top performer, Zhejiang Pharmaceutical, reported 867 million yuan [2] Profitability and Debt Ratios - As of Q3 2025, Tianyu's debt-to-asset ratio was 43.32%, down from 45.02% year-on-year, which is higher than the industry average of 27.75% [3] - The gross profit margin for the same period was 39.14%, an increase from 35.47% year-on-year, surpassing the industry average of 35.38% [3] Executive Compensation - The chairman and general manager, Tu Yongjun, received a salary of 1.688 million yuan in 2024, an increase of 670,000 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.06% to 15,200, while the average number of shares held per shareholder increased by 8.76% to 13,900 [5] - Hong Kong Central Clearing Limited is the fifth-largest shareholder, holding 6.144 million shares, an increase of 2.7532 million shares from the previous period [5] Business Highlights - The company has seen high growth in non-sartan products, CDMO, and formulations, with continuous improvement in profitability [5] - In H1 2025, revenue from the generic drug raw materials and intermediates business, particularly for blood sugar-lowering and anti-asthma products, grew rapidly [6] - The CDMO business benefited from expanded customer demand, while the formulation business saw improvements due to product structure optimization and marketing channel development [6]

Financial Performance - In Q3 2025, the company's revenue reached 719.55 million CNY, a year-on-year increase of 7.91% [3] - Net profit attributable to shareholders was 71.42 million CNY, up 123.90% compared to the same period last year [3] - For the first three quarters of 2025, total revenue was 2.29 billion CNY, reflecting an 18.36% growth year-on-year [3] - Net profit for the same period was 220.93 million CNY, a significant increase of 159.57% [3] Business Segments - Revenue growth in Q3 was primarily driven by the increase in formulation business, while raw materials and intermediates remained stable [3] - Non-sartan products continued to show stable growth, despite a slight decline in sartan products [3] Profitability Metrics - Overall gross margin for the first nine months of 2025 was 39.14%, an increase of 3.67 percentage points year-on-year [6] - Non-sartan raw material gross margin is on a steady upward trend due to commercialization of key products and cost optimization [6] - Sartan raw material gross margin remains stable despite competitive pricing pressures [6] Future Outlook - The formulation business is expected to enter a critical growth phase in 2026, with multiple products reaching significant sales volumes [4] - The company has set clear KPI targets for the formulation business, linking employee incentives directly to performance [4] R&D and Strategic Partnerships - R&D expenditures have been stable at around 1 billion CNY annually, with a focus on formulation development [8] - The company has established strategic partnerships with leading global pharmaceutical companies, enhancing its market position [8] - As of now, 78% of the company's raw material revenue comes from the regulated market, indicating a steady increase in scale and proportion [8]

Core Insights - Tianyu Co., Ltd. reported a total revenue of 2.287 billion yuan for Q3 2025, with a net profit attributable to shareholders of 221 million yuan, and a net cash inflow from operating activities of 215 million yuan, which represents a decrease of 117 million yuan or 35.13% compared to the same period last year [1] Financial Performance - The company's latest asset-liability ratio stands at 43.32%, ranking 91st among disclosed peers [3] - The latest gross profit margin is 39.14%, placing the company 77th among disclosed peers [3] - The return on equity (ROE) is reported at 5.94% [3] - The diluted earnings per share (EPS) is 0.63 yuan [3] - The total asset turnover ratio is 0.35 times, while the inventory turnover ratio is 0.75 times, ranking 108th among disclosed peers [3] Shareholder Structure - The number of shareholders is 15,200, with the top ten shareholders holding a total of 229 million shares, accounting for 65.94% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: - Lin Jie: 35.0 million shares - Tu Yongjun: 16.4 million shares - Jiangsu Zhaoxin Private Fund Management Co., Ltd.: 6.19 million shares - Tu Shanzeng: 2.33 million shares - Hong Kong Central Clearing Limited: 1.77 million shares - Zhejiang Tianyu Pharmaceutical Co., Ltd.: 1.02 million shares - Guotai Jiatai Stock Special Pension Product: 0.95 million shares - Ma Cheng: 0.87 million shares - Golden Eagle Fund: 0.68 million shares - Guotai Fund Management Co., Ltd.: 0.66 million shares [3]

Core Viewpoint - Tianyu Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and profitability [1] Financial Performance - The company achieved operating revenue of 2.287 billion yuan, representing an 18.36% year-on-year increase [1] - Net profit attributable to shareholders reached 221 million yuan, marking a substantial increase of 159.57% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 210 million yuan, reflecting a 130.13% year-on-year growth [1] - Basic earnings per share stood at 0.63 yuan [1]

浙江天宇药业股份有限公司 薪酬与考核委员会工作细则 二〇二五年十月 浙江天宇药业股份有限公司 薪酬与考核委员会工作细则 第一章 总则 第一条 为完善浙江天宇药业股份有限公司（以下简称"公司"）法人治理 结构，制订科学、有效的薪酬管理制度，根据《上市公司治理准则》《上市公司 独立董事管理办法《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》等有关法律、法规、规范性文件和《浙江天宇药业股份有限公 司章程》（以下简称"公司章程"）的规定，公司特设立薪酬与考核委员会，并制 定本工作细则。 第二条 薪酬与考核委员会是设在董事会下的一个专门委员会，经股东会 批准后成立。 第三条 薪酬与考核委员会必须遵守公司章程，在董事会授权的范围内独 立行使职权，并直接向董事会负责。 第二章 薪酬与考核委员会的产生与组成 第四条 薪酬与考核委员会由三名委员组成，设主任委员（召集人）一名。 第五条 薪酬与考核委员会委员由董事组成，其中独立董事委员占多数。 主任委员由独立董事担任。 1 浙江天宇药业股份有限公司 薪酬与考核委员会工作细则 向董事会提出建议： （一）董事、高级管理人员的薪酬； （二）制定或者变更股权激 ...

浙江天宇药业股份有限公司 董事、高级管理人员薪酬管理制度 二〇二五年十月 浙江天宇药业股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步规范浙江天宇药业股份有限公司（以下简称"公司"）董 事、高级管理人员的薪酬管理，建立科学有效的激励与约束机制，保证公司董 事有效地履行其职责和义务，有效调动公司高级管理人员的工作积极性，提高 公司的经营管理效率，进一步促进公司稳定持续发展，根据《中华人民共和国 证券法》《深圳证券交易所股票上市规则》等相关规定以及《浙江天宇药业股份 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。 （一）董事会成员：包括非独立董事（含职工代表董事）、独立董事； 第四条 公司股东会负责审议董事的薪酬制度和薪酬方案，公司董事会负责 审议高级管理人员的薪酬考核制度和薪酬方案。 （二）高级管理人员：包括公司总经理、副总经理、董事会秘书、财务负 责人及公司章程认定的其他人员。 第三条 公司薪酬制度遵循以下原则： （一）战略导向原则：薪酬与公司战略目标紧密结合，促进公司长期稳定 发展； （二）绩效挂钩原则：责权利相结合，薪酬水平与个人绩效、公司业绩紧 密关联 ...

浙江天宇药业股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范浙江天宇药业股份有限公司（以下简称"公司"）董事、高 级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东 的合法权益，公司根据《中华人民共和国公司法》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等法律、法规、规范性文件 及《浙江天宇药业股份有限公司章程》（以下简称"公司章程"）的有关规定， 结合公司实际情况，制定本制度。 浙江天宇药业股份有限公司 董事、高级管理人员离职管理制度 二〇二五年十月 第三条 董事、高级管理人员候选人的任职资格应当符合法律法规、深圳证 券交易所业务规则和公司章程等规定。存在下列情形之一的，不得担任公司董 事或者高级管理人员： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩 序，被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾 5 年，被宣告缓 刑的，自缓刑考验期满之日起未逾 2 年； （三）担任破产清算的公司、企业的董事或者厂长、总经理，对该公司、 企业的破产负有个人责任的，自该公司、企 ...

浙江天宇药业股份有限公司 内幕信息知情人登记管理制度 浙江天宇药业股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为进一步规范浙江天宇药业股份有限公司（下称"公司"）的内幕信 息管理，加强内幕信息保密工作，维护公司信息披露的公开、公平、公正原则， 根据《中华人民共和国公司法》《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》《上市公司监管指引第 5 号——上市公司内幕信息 知情人登记管理制度》《深圳证券交易所创业板股票上市规则》等法律法规及《浙 江天宇药业股份有限公司章程》（以下简称"公司章程"）的有关规定，结合公司 的实际情况，制定本制度。 第二条 公司董事会应当按照本制度以及中国证监会、深圳证券交易所相关 规则要求及时登记和报送内幕信息知情人档案，并保证内幕信息知情人档案真实、 准确和完整，董事长为主要责任人。董事会秘书负责办理内幕信息知情人的登记 入档和报送事宜。董事长与董事会秘书应当对内幕信息知情人档案的真实、准确 和完整签署书面确认意见。证券部为公司内幕信息的监督、管理、登记、披露及 备案的日常工作部门，具体负责公司内幕信息的日常管理工作。 第三条 公司 ...

浙江天宇药业股份有限公司 第一条 为规范浙江天宇药业股份有限公司（以下简称"公司"或"本公司"） 的行为，加强对董事和高级管理人员所持本公司股份及其变动的管理，依据《中 华人民共和国公司法》《上市公司董事和高级管理人员所持本公司股份及其变动 管理规则》等法律、法规、规范性文件及《浙江天宇药业股份有限公司章程》（以 下简称"公司章程"）的相关规定，制定本规则。 第二条 本制度适用于公司董事和高级管理人员及本制度第二十五条规定 的自然人、法人或其他组织持有及买卖本公司股票的管理。 第三条 公司董事和高级管理人员所持本公司股份，是指直接登记在其证券 账户下的公司股份。公司董事和高级管理人员从事融资融券交易的，还包括记载 在其信用账户内的公司股份。 第四条 公司董事和高级管理人员在买卖本公司股票及其衍生品种前，应知 悉《公司法》、《证券法》等法律、法规关于内幕交易、操纵市场等禁止行为的规 定，不得进行违法违规的交易。 第二章 买卖本公司股票行为的申报 董事和高级管理人员所持本公司股份及 其变动管理制度 二〇二五年十月 浙江天宇药业股份有限公司 董事和高级管理人员所持本公司股份及其变动管理制度 第一章 总则 第五条 公 ...