2025 年 07 月 20 日 投资评级：看好（维持） 医药生物 行业走势图 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 医药生物 沪深300 数据来源：聚源 相关研究报告 《CXO 龙头中报业绩超预期，重点关 注板块后续行情 — 行 业 周 报 》 -2025.7.13 《艾伯维收购 Capstan，加码体内 CAR-T—行业周报》-2025.7.6 《多款减肥药亮相 2025 ADA，重点关 注 AMYR 与 ActRII 靶点—行业周报》 -2025.6.29 集采政策明确优化，继续推荐制药板块性机会 ——行业周报 | 余汝意（分析师） | 刘艺（联系人） | 聂媛媛（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | nieyuanyuan@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | 证书编号：S0790124050002 | 集采政策持续优化，仿创 pharma 有望估值重塑 集采政策优化基调明确， ...

AI基金长盛养老健康混合A（000684）披露2025年二季报，第二季度基金利润265.91万元，加权平均基金份额本期利润0.0437元。报告期内，基金净值增长 率为2.1%，截至二季度末，基金规模为1.27亿元。 该基金属于灵活配置型基金，长期投资于医药医疗股票。截至7月18日，单位净值为2.171元。基金经理是郝征，目前管理4只基金近一年均为正收益。其 中，截至7月18日，长盛医疗量化股票A近一年复权单位净值增长率最高，达29.74%；长盛景气优选混合最低，为13.82%。 基金管理人在二季报中表示，2025 年二季度，医药行业仍然是创新药及产业链为主题。同时三生制药的大额BD落地，使得整体创新药的行情继续得以延 续。本产品主要围绕A股医药产业链进行布局。二季度适当做了一定的分散，减持了部分创新药标的，增加部分高值耗材和中药的配置。但是从产业趋势 看，国内创新药及创新药产业链的产业浪潮仍在进行中，因此对于产业链中业绩增速快或者出海预期确定的标的会选择在调整中继续增加配置。 截至7月18日，长盛养老健康混合A近三个月复权单位净值增长率为13.68%，位于同类可比基金116/138；近半年复权单位净值增长率为 ...

天士力医药集团股份有限公司（以下简称"公司"）于 2024 年 1 月向国家药 品监督管理局（以下简称"国家药监局"）药品审评中心递交枇杷清肺饮颗粒药 品注册申请并获得受理。现因该药品需进一步完善申报资料，公司向国家药监局 提交了撤回药品注册申请，待完成补充研究后将重新递交药品注册申请。公司于 近日收到国家药监局同意撤回注册申请的《药品注册申请终止通知书》，现将相 关信息披露如下： 证券代码：600535 证券简称：天士力 编号：临 2025-046 号 天士力医药集团股份有限公司 关于药品注册申请进展的公告 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个别及连带责任。 受理号：CXZS2400002 药品生产企业：天士力医药集团股份有限公司 一、基本情况 药品名称：枇杷清肺饮颗粒 注册分类：中药 3.1 类 剂型：颗粒剂 功能主治：清肺经热，用于肺风酒刺，症见面鼻疙瘩，红赤肿痛，破出粉汁 或结屑等。 规格：每袋相当于饮片 24.62g 截至本公告日，公司对该项目累计研发投入为人民币 1,136.62 万元。 三、对公司的影响及风险提 ...

Core Viewpoint - Tianjin Tasly Pharmaceutical has withdrawn its application for the registration of Loquat Lung Cleansing Granules due to the need for further improvement of the application materials [1] Group 1: Company Actions - The company submitted the drug registration application to the National Medical Products Administration in January 2024 and received acceptance [1] - The company has submitted a request to withdraw the drug registration application and has received a notification from the National Medical Products Administration agreeing to the withdrawal [1] - The total R&D investment for this project amounts to 11.3662 million yuan [1] Group 2: Impact on Operations - The withdrawal of the application is not expected to have a significant impact on the company's current and future production operations and performance [1] - The pharmaceutical industry is characterized by high technology and high risk, with long R&D cycles and multiple influencing factors [1]

Core Viewpoint - The Tianjin Beichen District is implementing a comprehensive strategy focusing on theoretical reinforcement, new industry development, strong party leadership, improved public services, and robust team building to enhance social work and contribute to the overall development of Tianjin [1][4]. Group 1: Key Initiatives - The district is focusing on "two coverages" and enhancing "two functions" through the implementation of the "Five Frontline" foundational project, aiming to create strong examples of party building and development [4]. - Notable companies such as Tianshili Group and North China Group have been included in the list of China's top 500 enterprises, while 24 private enterprises have been recognized in the annual Tianjin top 100 private enterprises list [4]. - The district is exploring the creation of the "Ziwei Gathering" party building brand, promoting five strengths: increasing motivation, tapping potential, gathering forces, strengthening capabilities, and activating energy [4]. Group 2: Community and Volunteer Services - Beichen District is innovatively creating friendly environments for new employment groups across ten categories, including communities, business circles, and schools, and has developed the "Code on Bee Travel" APP [4]. - The district has established a 24-hour open district-level service center and services for ride-hailing and freight drivers, with its practices recognized as one of the top 100 grassroots ideological work cases nationwide [4]. - Volunteer services are closely linked to the "Economically Strong District, Charming Beichen" initiative, with over 1,600 volunteer teams and 170,000 volunteers providing heartfelt services, leading to recognition for individual volunteers and teams [4]. Group 3: Future Directions - The Beichen District plans to continue leading with party building, breaking new ground through innovation, and achieving excellence through practical efforts, aiming to present a new image of social work and contribute to the modernization of Tianjin [5].

Group 1 - The board of directors of Tianjin Tasly Pharmaceutical Group Co., Ltd. held its 10th meeting of the 9th session on July 14, 2025, with 14 out of 15 directors present, ensuring the meeting's legality and effectiveness [1][2] - The board approved the "Guarantee Management System" with unanimous support, receiving 15 votes in favor and no opposition or abstentions [1] - The "Debt Financing and Liability Management System" was also approved unanimously, with 15 votes in favor and no opposition or abstentions [1] - The performance contract for the company and its management team for 2025 was recognized and approved by the board's nomination, remuneration, and assessment committee prior to the meeting [1] Group 2 - The proposal for senior management compensation and a three-year integration cash incentive plan was approved with 13 votes in favor, with no opposition or abstentions, while related directors recused themselves from the vote [2]

Core Viewpoint - Lisheng Pharmaceutical (002393) is expected to achieve a significant increase in net profit for the first half of 2025, driven by market expansion and product sales growth despite price reductions [1][2] Group 1: Financial Performance - The company forecasts a net profit of 330 million to 355 million yuan for the first half of 2025, representing a year-on-year growth of 222.42% to 246.85% [1] - The positive performance is attributed to overcoming product price reductions and actively expanding market presence, along with the beneficial impact of Tian Shili Group's dividends [1] Group 2: Product Development and Approvals - Lisheng Pharmaceutical has received approval from the National Medical Products Administration for two specifications of Perindopril Amlodipine tablets, marking it as the second and fourth company in China to obtain such approvals [1] - The approved Perindopril Amlodipine tablets will enhance the company's product portfolio and assist in expanding its business scope [1] - Since 2020, the company has made significant progress in new product development, with multiple drugs achieving breakthroughs, including 11 generic products receiving drug registration certificates and 22 products passing consistency evaluations [2] - The approval of Arginine Perindopril active pharmaceutical ingredient in November 2024 is a key milestone in the company's "raw material + formulation" strategy, indicating a comprehensive breakthrough in the cardiovascular treatment field [2]

证券代码：600535 证券简称：天士力 编号：临 2025-045 号 天士力医药集团股份有限公司 第九届董事会第 10 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个别及连带责任。 天士力医药集团股份有限公司董事会 天士力医药集团股份有限公司（以下简称"公司"或"本公司"）第九届董事会第 10 次会议通知于 2025 年 7 月 10 日以书面方式发出，会议于 2025 年 7 月 14 日下午 14:00 在 公司会议室以现场与视频相结合的方式召开，会议应到董事 15 人，实到 14 人，董事原京 先生因工作原因书面委托职工董事席凯先生代为行使表决权，公司部分高管列席会议。会 议符合《公司法》和《公司章程》的有关规定，会议合法、有效。会议由公司董事长周辉 女士主持，经与会人员逐项审议，通过了以下议案： 表决情况为：有效表决票 15 票，其中：同意 15 票，反对 0 票，弃权 0 票。 表决情况为：有效表决票 15 票，其中：同意 15 票，反对 0 票，弃权 0 票。 本议案已经董事会提名、薪酬与考核委员会 2 ...

证券代码：600535 证券简称：天士力 编号：临 2025-045 号 4、关于高级管理人员薪酬及三年融合期现金激励方案的议案 天士力医药集团股份有限公司 第九届董事会第 10 次会议决议公告 1、关于公司《担保管理制度》的议案 表决情况为：有效表决票 15 票，其中：同意 15 票，反对 0 票，弃权 0 票。 2、关于公司《债权融资及负债管理制度》的议案 表决情况为：有效表决票 15 票，其中：同意 15 票，反对 0 票，弃权 0 票。 3、关于公司及经理层 2025 年业绩合同的议案 本议案已经董事会提名、薪酬与考核委员会 2025 年第三次会议事前认可并审议通过。 表决情况为：有效表决票 13 票，其中：同意 13 票，反对 0 票，弃权 0 票。关联董事 蔡金勇先生、席凯先生回避表决。 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个别及连带责任。 天士力医药集团股份有限公司（以下简称"公司"或"本公司"）第九届董事会第 10 次会议通知于 2025 年 7 月 10 日以书面方式发出，会议于 2025 年 7 月 14 ...

Core Viewpoint - Lisheng Pharmaceutical (002393.SZ) is expected to report significant growth in net profit for the first half of 2025, driven by market expansion and product volume increase, alongside investment income from its subsidiary Tianjin Central Pharmaceutical [1][2] Group 1: Financial Performance - For the first half of 2025, the company anticipates a net profit attributable to shareholders of between 330 million to 355 million yuan, representing a year-on-year increase of 222.42% to 246.85% [1] - The net profit after excluding non-recurring gains and losses is projected to be between 100 million to 115 million yuan, showing a year-on-year growth of 0.83% to 15.95% [1] Group 2: Market Strategy - The company has overcome the challenges posed by product price reductions by actively expanding its market presence and increasing product sales [1] - Lisheng Pharmaceutical has intensified its research and development efforts in the chronic disease sector, particularly focusing on cardiovascular products, and has accelerated the launch of new products [1] Group 3: Dividend Impact - The company will receive a cash dividend of 304 million yuan from its wholly-owned subsidiary Tianjin Central Pharmaceutical, based on its 12.15% stake in Tianshili Biological [1] Group 4: Competitive Position - Industry experts highlight that Lisheng Pharmaceutical demonstrates strong risk resistance due to its brand strength, cost control capabilities, and precise strategic positioning amid the normalization of centralized procurement and increasing industry differentiation [2] - The company is expected to maintain high growth in the second half of the year, with annual profitability potentially exceeding expectations due to the gradual realization of its innovative drug pipeline and new product launches [2]