Core Viewpoint - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. plans to issue A-shares to specific investors in 2025, aiming to raise up to 3.764 billion yuan for innovative drug research and development projects [1][4]. Summary by Sections Issuance Plan - The company will issue domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share [1]. - The issuance will be conducted through a specific object issuance method, with the timing to be determined after approval from the China Securities Regulatory Commission (CSRC) [1]. - The target investors include up to 35 specific institutional and individual investors, such as qualified foreign institutional investors and various financial institutions [1]. Issuance Details - The total number of shares to be issued will not exceed 20,050,000, representing no more than 5% of the company's total share capital before the issuance [3]. - The pricing will be based on the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date, set at 80% of that average [1]. Fundraising Scale and Use - The total amount to be raised is capped at 376.4 million yuan, which will be fully allocated to innovative drug R&D projects [4]. - The company may adjust the specific amounts allocated to projects based on actual needs and progress [4]. Lock-up Period - Shares acquired by investors in this issuance will be subject to a six-month lock-up period post-issuance [5]. Listing Location - The newly issued shares will be listed and traded on the Shanghai Stock Exchange's Sci-Tech Innovation Board [5]. Financial Performance - The company has reported net losses in multiple periods, with net profits of -282.38 million yuan, -780.50 million yuan, 370.75 million yuan, and -1.12 billion yuan in recent years [8]. - The company anticipates continued losses in 2025 as R&D expenditures increase before achieving commercial success [8]. Risks - The pharmaceutical industry is heavily influenced by national policies, which can significantly impact the company's operational environment [6]. - The company faces high risks associated with innovative drug development, including the potential for clinical trial failures and regulatory approval delays [6]. - The collaboration with Bristol Myers Squibb (BMS) for the commercialization of the drug iza-bren carries risks related to development timelines and financial outcomes [7]. Measures to Mitigate Immediate Return Dilution - The company has outlined measures to enhance competitiveness and protect shareholder interests, including strict management of raised funds and adherence to cash dividend policies [12].

泰恩康主营业务为医药产品的研发、生产和销售，公司产品涵盖化学药制剂、中成药制剂、原料药等。 公司致力于为患者提供高质量的医药产品和服务。 公开信息显示，养老基金在二季度新进泰恩康前十大流通股东名单，新增持股市值超过1亿元。 数据显示，泰恩康8月26日主力资金净流出3595.12万元，近五日主力资金净流出3694.16万元。 风险提示：股市有风险，投资需谨慎。 泰恩康股价报34.36元，较前一交易日下跌1.09元，跌幅3.07%。盘中最高触及35.35元，最低下探至 34.35元，成交量为56956手，成交金额达1.98亿元。 ...

Group 1: Industry Development - The traditional Chinese medicine industry in various regions of Shandong is extending its industrial chain from cultivation to deep processing, enhancing rural income and efficiency [1][2] - In Juyecounty, the local industry has transitioned from merely selling raw materials to producing health products like mugwort fluff and pillows, generating an annual stable income of 1.5 million RMB for the town [1] - The total transaction volume of the traditional Chinese medicine market in Jucheng County reached 6.05 billion RMB in the first half of the year, with an increase of 18,000 acres in planting area [2] Group 2: Specific Products and Innovations - The development of products from mulberry mushrooms, known as "forest gold," is being promoted in Linqing City, with over 50 high-quality products developed, aiming for a production value of 350 million RMB by 2024 [2] - The Jinan Yuesheng Traditional Chinese Medicine Planting Cooperative focuses on developing extracts and health foods from various medicinal herbs, with over 10,000 acres of Dan Shen planted, generating an annual income exceeding 30 million RMB [3] Group 3: Community and Economic Impact - The "Yandu Medicine Valley" in Weifang Anqiu City has established a comprehensive development model integrating high-end seedling cultivation, standardized planting, and processing, benefiting local communities [3][4] - Approximately 2,000 villagers are engaged in labor services and self-sustained wild-like cultivation of medicinal herbs, leading to an income increase of 600 million RMB, with an average annual increase of over 40,000 RMB per person [4]

Core Points - The company aims to protect the legal rights of shareholders, employees, and creditors while adhering to various laws and regulations [2][4] - The company was established as a joint-stock company in accordance with the Company Law and has a registered capital of RMB 1,371,470,262 [3][6] - The company emphasizes the importance of the Communist Party's leadership in its governance and operations [5][6] Company Overview - The registered name of the company is Beijing Tong Ren Tang Co., Ltd., with its English name being the same [3] - The company is located in Daxing District, Beijing, with a postal code of 102629 [3] - The company was approved for its initial public offering of 50 million shares in May 1997 [3][4] Governance Structure - The chairman represents the company in executing its affairs and is the legal representative [3][4] - The company has established a party organization that plays a core leadership role, ensuring the integration of party leadership and corporate governance [5][6] - The company’s articles of association serve as a legally binding document for the rights and obligations of shareholders and management [4][5] Business Objectives and Scope - The company's business objective is to uphold the traditional values of Tong Ren Tang while promoting high-quality development in the traditional Chinese medicine industry [6] - The company is engaged in the manufacturing and processing of traditional Chinese medicine, cosmetics, and various other related services [6][7] Share Structure - The company has issued a total of 1,371,470,262 shares, all of which are ordinary shares [7][8] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shareholders [7][8] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and supervise the company's operations [14][15] - Shareholders are obligated to comply with laws and regulations and cannot withdraw their capital except as legally permitted [18][19] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the fiscal year [55] - Special meetings can be convened under specific circumstances, such as when requested by shareholders holding more than 10% of the shares [56][57] Financial Transactions and Approvals - Major financial transactions, including asset purchases and external investments, require shareholder approval if they exceed specified thresholds [47][48][49] - The company must disclose significant financial guarantees and related transactions to ensure transparency [51][52]