关于公司 2025 年第一季度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第六号——医药制造》及《关 于做好主板上市公司 2025 年第一季度报告披露工作的重要提醒》的要求，现将公 司 2025 年第一季度主要经营数据披露如下： 一、报告期内分行业经营数据 证券代码：600535 证券简称：天士力 编号：临 2025-040 号 天士力医药集团股份有限公司 1 单位：元 币种：人民币 行业 主营业务收入 主营业务成本 毛利率（%） 2025 年 1 季度 2024 年 1 季度 增长 率（%） 2025 年 1 季度 2024 年 1 季度 增长 率（%） 2025 年 1 季度 2024 年 1 季度 增长 率 医药 工业 1,841,853,945.50 1,808,711,593.51 1.83 544,797,151.33 507,143,805.22 7.42 70.42 71.96 -1.54 医药 商业 201,533,271.02 226 ...

证券代码：600479 证券简称：千金药业 公告编号：2025-029 株洲千金药业股份有限公司 | | | | | 营业 | 营业 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 收入 | 成本 | 毛利率 | | | | | 毛利 | 比上 | 比上 | 比上年 | | 分行业 | 营业收入 | 营业成本 | 率（%） | 年同 | 年同 | 同期增 | | | | | | 期增 | 期增 | 减（%） | | | | | | 减（%） | 减（%） | | | 药品生 | | | | | | 减少 | | | 530,222,497.67 | 175,258,545.39 | 66.95 | 7.21 | 11.75 | 1.34 个 | | 产 | | | | | | 百分点 | | 中药材 | | | | | | 减少 | | 及饮片 | 15,719,733.38 | 14,157,680.18 | 9.94 | -24.25 | -19.24 | 5.59 个 | | 生产 | | | | | | 百分点 | | 药品批 | | ...

文 /高歌 之外，二季度宏观层面将要应对的另一个压力。 一季度开门红，基于当前的经济增长成果，甘肃将重大项目作为短期内的增长引擎，为实现全年既定 目标需要进一步压实基础。甘肃省二季度计划聚焦"两重""两新"领域加强重大项目谋划储备；抓住 二季度施工黄金期，加速形成更多实物工作量；规范推进政府和社会资本合作新机制，激发民间投资 活力等。 稳存量，抢增量。长期 而言 ，甘肃仍需要在产业焕新、消费回暖、培育增量等内生因素方面下足功 夫。同时抓住扩内需、稳外贸的政策机遇，在共建"一带一路"国家进出口方面承担更重要的角色。 01 "两重"项目挑大梁 去年四季度以来，一揽子增量政策开始显效扭转经济下滑趋势、推动经济企稳回升。反映至经济表 现，今年一季度国内经济总体延续了去年四季度以来的回升势头，更加积极的财政政策加码效果最为 明显。 一季度财政前置发力，结合社融数据来看，1-3月政府债净融资3.87 万亿，比2024年同期高出 2.51万亿元（其中有一些是要置换的），广义财政支持也呈现温和上升趋势。 今年一季度国民经济开局良好，初步核算，一季度国内生产总值318758亿元，按不变价格计算，同 比增长5.4%。除经济大省继 ...

Fund News Overview - 50 actively managed equity funds have reached new net asset value highs since April 8, primarily in the pharmaceutical sector, Beijing Stock Exchange funds, and emerging consumer sectors [1] - Publicly offered ETFs have significantly increased their dividend payouts, totaling 10.081 billion yuan year-to-date, representing a year-on-year growth of over 182% [1] - Insurance capital is increasingly investing in public REITs, with a notable example being the establishment of a 10 billion yuan infrastructure equity investment fund involving multiple insurance companies [1] Notable Fund Manager Activities - Liu Gesong has increased his stake in Jiangbolong, with the fund now holding 879,000 shares as of the latest quarterly report, a new addition compared to the previous year-end [2] - Zhu Shaoxing has reduced his holdings in Weiteng Electric from 6.0067 million shares at the end of last year to 1.5 million shares as of the latest quarterly report, a decrease of 4.5067 million shares [2] ETF Market Commentary - The market experienced a slight decline with the Shanghai Composite Index down by 0.2%, and the Shenzhen Component Index down by 0.62%. The total trading volume in the two markets was 1.06 trillion yuan, a decrease of 57.2 billion yuan from the previous trading day [3] - The gaming sector ETFs showed positive performance, with the leading gaming ETF rising by 1.52% [3] ETF Thematic Opportunities - The State Council has approved a plan to accelerate the opening of the service industry, highlighting 155 pilot tasks, including a focus on the international expansion of the gaming industry. This presents potential investment opportunities in gaming ETFs [6] Upcoming Fund Launches - The Huatai-PineBridge Hang Seng Consumer ETF is set to launch, managed by Li Muyang, with a performance benchmark based on the Hang Seng Consumer Index [7]

金 融 期 货 研 究 | 期指：关注今日发布会 毛磊 | | 投资咨询从业资格号：Z0011222 | | | maolei@gtht.com | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【期指期现数据跟踪】 | | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 涨跌幅% 成交额-亿 | 基 差 | | 成交量 | 变 | | 动 | 动 | 持仓量 | 变 | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 3786.99 | ↑0.07 | | 2205.4 | | | | | | IF2505 | 3774.8 | ↑0.14 | -12.19 | 282.3 | 24910 | ↑984 | 48945 | ↓1234 | | IF2506 | 3739. ...

// 今日关注 // // 宏观预警 // 1、十四届全国人大常委会第十五次会议审议民营经济促进法草案等 十四届全国人大常委会第十五次会议27日上午在京举行第一次全体会议。会议听取了全国人大宪法法律 委主任委员信春鹰作的关于民营经济促进法草案审议结果的报告。草案三审稿进一步充实支持民营经济 发展相关举措，进一步规范执法行为，加强劳动者合法权益保护，优化民营经济健康发展、高质量发展 的法治环境。 2、国务院常务会议讨论并原则通过《中华人民共和国医疗保障法（草案）》 国务院总理李强4月27日主持召开国务院常务会议，讨论并原则通过《中华人民共和国医疗保障法（草 案）》，决定将草案提请全国人大常委会审议。会议指出，要以此次立法为契机，进一步完善我国医疗 保障政策体系，有效保护参保人合法权益，打牢人民群众病有所医的制度基础。要加强医保基金监管， 健全监督检查机制，严厉打击虚假诊疗、虚假购药等欺诈骗保行为。要加强普法宣传教育，提升医疗机 构、医务人员和群众守法意识，规范就医秩序和医疗行为。 3、最高法：坚决防止把经济纠纷当作犯罪处理 最高法近日印发关于坚持严格公正司法规范涉企案件审判执行工作的通知，积极促进法治化营商环境 ...

热点聚焦 林园辩巴菲特策略：高现金储备或为"择时"备战，炮轰黄金无价值，称医药20年或超美 2025年5月3日伯克希尔·哈撒韦股东大会前夕，知名投资人林园在《投资会客厅》直播中就巴菲特策略、A股操作逻辑及行 业机会抛出多番犀利观点。 1）针对巴菲特现金占比达22%（含类现金资产近50%）创1995年新高，林园认为其或通过牛市幅度或周期评估风险，暗 藏"择时"意图，但拒绝揣测具体时点。反观自身，林园称始终保持"基本满仓+5%现金"策略，强调"子弹"需留待关键机会， 直言"除行业衰败或基本面恶化，否则不因股价高低减仓"。 2）林园预测，中国医药工业总市值20年内或赶超美国，理由在于老龄化驱动消费人群扩容十倍，叠加潜在牛市环境催化估 值。而黄金市场则遭其炮轰："无价值，回调一半也不会买"，直言趋势上涨难掩本质，与价值投资理念背离。 3）对于巴菲特重仓日本五大商社，林园认为其覆盖能源、制造、消费等经济命脉，盈利稳定"合算"，并透露个人在日本亦 有布局。谈及A股机会，林园将高股息板块与日本商社类比，指出供水供电、港口等"非竞争性"行业估值低、分红稳，虽 短期不涨但"终将被认可"。林园强调，中日高储蓄率特征相似，暗示人民 ...

Core Insights - The company achieved a revenue of 1.538 billion yuan and a net profit of 80.3345 million yuan in the 2024 annual report, with a proposed cash dividend of 0.125 yuan per share totaling 24.5136 million yuan [1] - The company emphasizes research and development (R&D) as a core growth driver, with R&D investment reaching 230.5208 million yuan, a 33.74% increase year-on-year, accounting for 14.99% of revenue, marking a record high since its listing [1] - The company is transitioning from a focus on generic drugs to a strategy combining specialty generics, modified new drugs, and innovative drugs, termed "co-innovation" [1][3] Business Strategy - The company adheres to a "dual-drive" strategy of raw materials and formulations, with main business areas including chemical raw materials, chemical formulations, pharmaceutical excipients, and specialty intermediates [2] - The company has significant advantages in oral cephalosporin raw materials, alpha-keto acid raw materials, cardiovascular formulations, inhalation anesthetics, and anti-androgen intermediates [2] Innovation and Development - The company is actively supported by government initiatives for innovative drugs, having reached an agreement with Qinhui on the authorization of ALK-N001/QHL1618, obtaining all rights in China [3] - The company plans to submit registration applications for modified new drugs ALKA016-1 and NHKC-1 in 2025 and initiate clinical trials for innovative drugs, enhancing its product line and profitability [3] Future Outlook - The company aims to become a modern pharmaceutical enterprise with high brand recognition, focusing on R&D transformation and improving operational efficiency through digitalization and intelligent technologies [4] - The company will continue to adapt to changing market conditions, actively participate in procurement and bidding, and enhance market promotion and product sales [4]

Group 1 - The "Negative List for Market Access (2025 Edition)" has been released, reducing the number of restricted items from 117 in 2022 to 106, indicating further relaxation of market access restrictions and optimization of management [3] - The Ministry of Commerce and the Ministry of Foreign Affairs clarified that there are currently no ongoing trade negotiations between China and the U.S., dismissing related rumors as unfounded [3] - The People's Bank of China announced a 600 billion yuan MLF operation on April 25, with a net injection of 500 billion yuan, reflecting the central bank's commitment to enhancing liquidity support and stabilizing market expectations [3] Group 2 - The A-share market showed mixed results, with the Shanghai Composite Index up 0.03% to 3297.29 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.58% and 0.68%, respectively [14] - The Hong Kong Hang Seng Index closed down 0.74% at 21909.76 points, ending a three-day rally, with notable declines in JD.com and Meituan stocks [14] - The real estate sector is receiving positive signals, with analysts from Citigroup and HSBC expressing optimism about the industry's profitability due to policy support and improved management practices [15] Group 3 - The first quarter saw a 10% year-on-year increase in the total transaction volume of new and second-hand homes nationwide, with second-hand homes experiencing a significant 34.7% growth [20] - The Ministry of Industry and Information Technology and other departments issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, focusing on the deep application of AI technology [22] - The Shanghai headquarters of the People's Bank of China reported a 13.6% year-on-year increase in household loan balances as of the end of March, with personal housing loan demand rebounding [20]

Investment Rating - The report maintains a positive outlook on the company, indicating a recovery in revenue growth and potential for improved profitability [2][3]. Core Viewpoints - The company operates a dual business model focusing on "drug molecular building blocks + scientific reagents," which has shown resilience despite domestic business pressures [3]. - The first quarter of 2025 saw a return to double-digit revenue growth, suggesting a recovery in the revenue stream [2][3]. - The company has a rich inventory of products and a well-established logistics system, enhancing its competitiveness on a global scale [4][5]. Revenue and Profit Analysis - In 2024, the company achieved total revenue of 1.102 billion yuan, a year-on-year increase of 0.93%, with a net profit attributable to the parent company of 117 million yuan, up 7.17% [3][6]. - The revenue from drug molecular building blocks was 936 million yuan, a decrease of 0.99%, while scientific reagents generated 166 million yuan, an increase of 13.35% [4]. - The overall gross margin for 2024 was 41.33%, with domestic operations at 29.84% and international operations at 50.40% [4]. Future Financial Projections - The company is projected to achieve revenues of 1.329 billion yuan in 2025, 1.595 billion yuan in 2026, and 1.902 billion yuan in 2027, with corresponding net profits of 146 million yuan, 179 million yuan, and 218 million yuan respectively [7]. - The expected EPS (diluted) for 2025 is 1.61 yuan, with a PE ratio of 25.90 times [7].