Investment Rating - The investment rating for Tian Shi Li is "Buy" (maintained) [1] Core Views - The report highlights that Tian Shi Li achieved a revenue of 4.288 billion yuan in H1 2025, a year-on-year decrease of 1.91%, while the net profit attributable to the parent company increased by 16.97% to 775 million yuan. The report maintains the profit forecast for 2025-2027 at 1.183 billion, 1.306 billion, and 1.455 billion yuan respectively, with EPS projected at 0.79, 0.87, and 0.97 yuan per share [4][8] Financial Performance Summary - In H1 2025, the gross profit margin was 67.37% (down 0.08 percentage points), and the net profit margin was 18.42% (up 3.48 percentage points) [4] - The sales expense ratio was 35.56% (up 1.95 percentage points), while the management expense ratio was 3.49% (up 0.03 percentage points). The R&D expense ratio was 8.00% (down 0.47 percentage points) [4] - The pharmaceutical industrial segment reported revenue of 3.879 billion yuan (down 0.45%), while the pharmaceutical commercial segment saw revenue of 386 million yuan (down 14.88%) [5] R&D and Innovation Strategy - The company is focusing on an innovation strategy around "disease tree" and "product tree," concentrating on cardiovascular and metabolic diseases, neurological/psychiatric disorders, and digestive diseases. There are 26 projects in the cardiovascular and metabolic field, with 10 being new drugs [6] - In the neurological/psychiatric field, there are 16 projects, including a class 1 innovative drug that has completed phase II clinical research [6] Financial Projections - Revenue projections for 2025-2027 are 8.827 billion, 9.381 billion, and 9.977 billion yuan, with corresponding net profit projections of 1.183 billion, 1.306 billion, and 1.455 billion yuan [8][10] - The projected EPS for 2025-2027 is 0.79, 0.87, and 0.97 yuan per share, with P/E ratios of 20.4, 18.5, and 16.6 respectively [4][8]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600535 公司简称：天士力 第一节 重要提示 （一）本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 （二）本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 （三）未出席董事情况 ■ （四）本半年度报告未经审计。 （五）董事会决议通过的本报告期利润分配预案或公积金转增股本预案 截至2025年6月30日，天士力医药集团股份有限公司期末可供分配利润为人民币7,152,640,177.94元。公 司2025年半年度拟以实施权益分派股权登记日登记的总股本为基数分配利润，根据董事会提议，拟向全 体股东每10股派发现金红利2.1元（含税）。截至2025年6月30日，公司总股本1,493,950,005股，以此计 算合计拟派发现金红利313,729,501.05元（含税）。本次分红占公司2025年半年度合并报表归属于上市 公司股东净利润的比率为 ...