证券时报记者 唐强 "十四五"时期，西藏药业扎根雪域高原，以创新为翼、责任为基，在民族医药现代化与高质量发展道路上成果丰 硕，成为西藏医药产业的标杆企业。 从雪域高原出发，西藏药业逐步构建起覆盖西藏、四川、上海、香港及海外的产业版图，拥有多家子公司，建立 起全链条管理平台。目前，西藏药业核心产品聚焦心脑血管治疗领域，形成以生物制药为主，藏药、中成药、化 学药协同发展的产业格局，让西藏医药的智慧与现代制药的科技跨越山海、惠及世界。 近年来，西藏药业展现出强劲韧性，在复杂市场环境中展现出稳健的增长态势。2024年，西藏药业实现营业收入 28.07亿元，近五年的营收复合增长率达20%；归母净利润10.51亿元，同比增长31.26%。 西藏药业创下多个"行业第一"：自主研发的"新活素"（注射用重组人脑利钠肽）是我国首个治疗急性心衰的基因工 程一类新药，填补了国内该领域生物制品空白；独家藏药"诺迪康胶囊"入选国家基药目录、医保目录，成为藏药 现代化的标志性产品；以1.9亿美元从阿斯利康收购的"依姆多"（单硝酸异山梨酯缓释片），作为治疗冠心病的国 际一线药物，进一步完善了公司心脑血管药物矩阵。 2025年，西藏药业加码创 ...

具体至产品本身，公告介绍，新活素是公司自主研发的国家生物制品一类新药，作为治疗急性心衰的基 因工程药物，能快速改善心衰患者的心衰症状和体征，提高患者的生存质量，并降低患者的心衰住院治 疗费用和缩短住院时间。同时，该药品技术指标国际领先，对公司在基因工程药物领域研发、生产具有 较强指导意义。 依托良好的临床价值，新活素不仅得到市场的广泛认可，也成为公司的业绩支柱。公告指出，该产品 2024年销售量达700.83万支，销售收入24.33亿元；2025年上半年销售量416.72万支，销售收入14.56亿 元。据悉，相较庞大的心衰市场，目前新活素渗透率并不高，后续仍有较大的增长空间。而转入常规目 录后，更稳定的价格，也将进一步强化公司长期业绩增长的预期。 12月8日，西藏药业（600211）(600211.SH)披露一则关于公司产品新活素被继续纳入国家医保药品目录 的公告。据12月7日国家医保局及人力资源和社会保障部发布的《国家基本医疗保险、生育保险和工伤 保险药品目录(2025年)》，公司全资子公司成都诺迪康生物制药有限公司生产的注射用重组人脑利钠肽 (商品名：新活素)持续被纳入医保目录，并由此前协议期内谈判药品部 ...

本公司于2025年11月27日在《中国证券报》《上海证券报》《证券时报》及上海证券交易所网站 （www.sse.com.cn）披露了《关于召开2025年第三季度业绩说明会的公告》。2025年12月3日15:00一 16:00，公司董事长陈达彬先生、总经理郭远东先生、副总经理兼董秘刘岚女士、财务总监陈俊先生、 独立董事满加云先生出席了本次业绩说明会，并与投资者进行互动交流和沟通，就投资者关注的问题进 行了回复。 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法律责任。 本公司于2025年12月3日（星期三）15:00-16:00在上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/），以网络文字互动方式召开了公司2025年第三季度业绩说明会，现将召开 情况公告如下： 一、业绩说明会召开情况 第三季度营收减少主要受销售波动影响。采取措施：第一，公司将在力争稳定新活素收入的同时，努力 提高诺、金、十、小等其他品种的销售，带来整体业绩的提升；第二，公司将继续加大研发投入与项目 引进力度，实现"内源性增长" ...

积极布局创新药领域，打造第二成长曲线。公司在明确创新转型战略的基础上，通过研发投入、并购整 合丰富创新产品布局，2025 年8 月，公司公告，拟通过全资子公司对Accuredit Therapeutics Limited 进 行股权投资6000 万美元，持有其40.82%的股权。Accuredit TherapeuticsLimited 专注于开发基于LNP 和 其他非病毒载体的体内基因编辑技术和产品，核心资产和主要业务集中于其在国内通过 VIE 架构控制 的锐正基因（苏州），其主要在研产品为针对转甲状腺素蛋白淀粉样变性（ATTR）的产品 ART001， 于2024 年分别获批中国和美国 IND（新药临床研究审批），目前在中国正在开展 I/IIa 期临床试验。此 外，公司亦于2025 年 3 月，对晨泰医药进行股权投资，投资人民币 3 亿元，持有其 13.04%的股权，同 时获得其佐利替尼在中国大陆区域的独家总代理，有望助力实现公司高质量增长。 事件 公司发布2025 年三季报业绩，实现营收20.89 亿元（yoy-3.96%），实现归母净利润7.22 亿元（yoy- 8.85%）,实现扣非归母净利润6.68 ...

Core Viewpoint - The company is focusing on both endogenous growth and external expansion to achieve sustainable development, leveraging its core product and exploring innovative drug frontiers through strategic investments [1][5]. Internal Growth - The company has established a comprehensive industrial layout covering Tibet, Sichuan, Shanghai, and overseas markets over the past two decades [6]. - Its product range includes biopharmaceuticals, Tibetan medicine, traditional Chinese medicine, and chemical drugs, with key products addressing cardiovascular, liver, and respiratory issues [6]. - The core product, Xinhuasuan, is a self-developed national biological product for treating acute heart failure, which has maintained stable sales revenue [6]. - The company plans to invest several million yuan in evidence-based medical exploratory research for Xinhuasuan to expand its application scenarios and enhance academic promotion [6]. - Xinhuasuan has reached nearly 7,000 medical institutions, with plans to strengthen partnerships with commercial companies to further expand its coverage [6][7]. External Expansion - The company is investing in the cutting-edge field of gene editing, having invested $60 million in Accuredit Therapeutics Limited, acquiring a 40.82% stake [8][9]. - Accuredit focuses on developing in vivo gene editing technologies and products, aiming to provide innovative treatment solutions with cost advantages [9]. - The company also invested $30 million in Jiangsu Chentai Pharmaceutical Technology Co., acquiring a 13.04% stake, with Chentai's Zorifertinib being a significant product for advanced non-small cell lung cancer [10]. Future Strategy - The company aims to enhance its innovation platform to support cutting-edge innovation and increase its product pipeline, focusing on both internal and external growth strategies [11]. - Future efforts will include increasing R&D investment and project introduction, driven by new media marketing and innovative drug development to improve profitability and sustainable growth [11].

◎记者 孙小程 西藏药业一度让不少同行艳羡——大单品新活素经久不衰，支撑其业绩常年保持稳定。 但硬币的另一面，显然是单一产品依赖度过高的风险，这是始终悬在西藏药业头顶的现实考题。 西藏药业生产线 西藏药业厂区 居安常思危，如何摆脱"单腿走路"的局面？ 近日，上海证券报记者走进西藏药业，探寻其在新时期的转型密码。西藏药业董事长陈达彬将其总结 为：内源性增长与外延式扩张并重。对内拓展新活素的市场覆盖率，深挖藏药资源护城河；对外通过投 资基因编辑企业，持续探索创新药前沿领域。"内外"兼修，让谋求可持续发展的西藏药业迈向更广阔的 增长空间。 守正于"内" 夯实发展根基 从雪域高原出发，西藏药业在二十余年的时间里，逐步构建起覆盖西藏、四川、上海及海外市场的产业 版图。 目前，西藏药业产品涵盖生物制药、藏药、中药和化学药领域，主要产品涉及心脑血管、肝胆、扭挫伤 及风湿、类风湿、感冒等，代表品种有新活素、依姆多、诺迪康、十味蒂达胶囊、雪山金罗汉止痛涂膜 剂、小儿双清颗粒等。 其中，新活素是西藏药业拥有自主研发的国家生物制品一类新药，是治疗急性心衰的基因工程药物。新 活素能快速改善心衰患者的心衰症状和体征，提高患者的生存质量 ...

Core Viewpoint - Tibet Pharmaceutical (600211.SH) reported a steady performance in Q3 2025, with revenue of 2.089 billion yuan and net profit of 722 million yuan, while actively seeking new growth points through investments in innovative drug development [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, Tibet Pharmaceutical achieved operating revenue of 2.089 billion yuan and a net profit attributable to shareholders of 722 million yuan, indicating stable overall performance [1]. - The company reported a non-recurring net profit of 668 million yuan, reflecting its solid financial foundation [1]. Group 2: Strategic Investments - The company made a significant investment of 60 million USD in Suzhou Ruizheng Gene Co., Ltd., marking a key highlight in its management strategy for entering the innovative drug sector [1]. - In August 2025, Tibet Pharmaceutical announced a 60 million USD equity investment in Accuredit Therapeutics Limited, acquiring a 40.82% stake, which aligns with its strategic focus on innovative drug development [1][2]. Group 3: Innovative Drug Pipeline - Ruizheng Gene is developing therapies targeting metabolic diseases, particularly in the liver disease area, addressing significant unmet clinical needs [2]. - The company is the first in China to enter exploratory clinical research for an LNP-based in vivo gene editing product and has received FDA clinical approval in the U.S. for its pipeline [2]. - The ART001 pipeline targets rare diseases, currently in Phase I/IIa clinical trials in China, and has received orphan drug designation from the FDA [2]. Group 4: Product Development and Market Strategy - The company reported sales of its product "New活素" reaching approximately 4.17 million units, generating revenue of 1.456 billion yuan, with a low market penetration rate despite a large annual incidence of heart failure patients in China [3]. - The company is actively promoting "New活素" sales and has initiated exploratory research to expand sales channels [3]. - Other products like "诺迪康" and "金罗汉" are performing well in the market, with expectations for gradual growth in market share [3]. Group 5: Additional Investments - In March 2025, the company completed a 300 million yuan equity investment in Jiangsu Chentai Pharmaceutical Technology Co., Ltd., acquiring a 13.04% stake [4]. - The drug "Zorifertinib" developed by Chentai is the first globally to conduct registration clinical trials for advanced non-small cell lung cancer with CNS metastasis, showing significant clinical value [4]. - The commercialization of Zorifertinib is underway, with preparations for negotiations regarding medical insurance, which could provide stable cash flow for the company [4].

Core Viewpoint - Tibet Pharmaceutical (600211) reported a closing price of 48.89 yuan on October 10, 2025, with a 2.47% increase, indicating positive market sentiment and trading activity [1]. Trading Information Summary - On October 10, the net inflow of main funds was 39.73 million yuan, accounting for 7.52% of the total transaction amount [1]. - Retail investors experienced a net outflow of 41.00 million yuan, representing 7.76% of the total transaction amount [1]. Company Announcement Summary - Tibet Nodi Kang Pharmaceutical Co., Ltd. held a semi-annual performance briefing on October 10, 2025, attended by key executives to address investor inquiries [1]. - The company plans to invest several million yuan in new active substance evidence-based medical research, enhance academic promotion, and expand commercial cooperation [1]. - The existing production capacity of the new active substance is expected to meet demand, with a slight increase in annual sales compared to last year [1]. - The launch of a new production line is anticipated to improve efficiency and reduce costs [1]. - Zolizitin has initiated commercialization, with preparations for medical insurance negotiations underway, although its impact on company revenue is expected to be minimal this year [1]. - Sales of Zolizitin will adopt an agency model, with the major shareholder Kangzhe Pharmaceutical not participating in promotion [1]. - The investment in Rui Zheng Gene aligns with the company's innovative transformation strategy, aimed at enhancing R&D capabilities and expanding the product line [1]. - The overseas registration of the new active substance is under research evaluation, with international expansion to be pursued at an appropriate time [1]. - Medical insurance negotiation prices are expected to remain stable, with no significant fluctuations in sales volume [1].

Core Viewpoint - Tibet Pharmaceutical (600211) has shown a price increase of 4.69% this week, closing at 48.89 yuan, with a total market capitalization of 15.758 billion yuan, ranking 20th in the biopharmaceutical sector and 1216th in the A-share market [1] Company Announcements Summary - The company held a semi-annual performance briefing on October 10, 2025, attended by key executives to address investor inquiries [3] - The company plans to invest several million yuan in new evidence-based medical research for its product, New Active Substance, to enhance academic promotion and commercial collaboration, aiming to expand hospital coverage and ensure production supply [3][4] - The current production capacity of New Active Substance is sufficient to meet demand, with an expected slight increase in annual sales compared to last year [4] - The commercialization of Zolbetuximab has been initiated, and preparations for medical insurance negotiations are underway, with minimal expected impact on company revenue this year [3] - The sales model for Zolbetuximab will be through agents, and the major shareholder, Kangzhe Pharmaceutical, will not participate in its promotion [3] - The investment in Ruizheng Gene aligns with the company's strategic shift towards innovation, aimed at enhancing R&D capabilities and expanding the product line [3] - The overseas registration of New Active Substance is under research and evaluation, with international expansion to be pursued at an appropriate time [3] - The expected price for medical insurance negotiations is anticipated to remain stable, with no significant fluctuations in sales volume [3]

Core Viewpoint - The company held a half-year performance briefing on October 10, 2025, to address investor inquiries and discuss future strategies and product developments [1][2]. Group 1: Performance and Market Strategy - The company plans to invest several million yuan in evidence-based medical exploratory research to enhance the market penetration of its product, New活素 [2]. - New活素 has already reached nearly 7,000 medical institutions, and the company aims to strengthen partnerships with commercial companies to expand its coverage [2]. - The company is committed to ensuring the production of New活素 to meet market demand [2]. Group 2: Product Development and Sales - The product Zoliflodin, developed by晨泰, is the first drug targeting CNS metastasis in advanced non-small cell lung cancer and has shown significant results in clinical trials [3]. - Zoliflodin was commercialized in the first half of the year, but its revenue is not expected to significantly impact the company this year as it is still preparing for medical insurance negotiations [3]. Group 3: Investment and Innovation - The investment in锐正基因 aligns with the company's strategic transformation, aiming to leverage cutting-edge technology to enhance R&D capabilities and expand the product pipeline [4]. - The company plans to increase R&D investment and project acquisition to achieve both endogenous and exogenous growth, focusing on new media marketing and innovative drug development [4]. Group 4: International Expansion and Challenges - The company is evaluating regulatory requirements for New活素's registration in international markets and is preparing relevant materials for expansion [5]. - The strategic transformation poses challenges, including product selection and R&D progress, which the company plans to address by increasing R&D investment and enhancing team capabilities [5]. Group 5: Production Capacity and Sales Forecast - New活素's production capacity is currently sufficient to meet market demand, with an expected slight increase in sales compared to the previous year [6]. - The newly launched production lines for New活素 are anticipated to double output, ensuring future sales are not hindered by capacity constraints [6].