证券日报网2月9日讯，西藏药业（600211）在接受调研者提问时表示，佐利替尼是全世界首款专门面向 伴中枢神经系统(CNS)转移的晚期非小细胞肺癌(NSCLC)开展注册临床试验并取得显著成果的药物，作 为目前唯一明确采用非血脑屏障外排蛋白底物设计的EGFR酪氨酸激酶抑制剂(EGFR-TKI)，具有100% 透过血脑屏障的能力。该产品已于2024年11月获批上市，并于2025年12月成功纳入国家医保目录，为未 来销售打开了上升渠道，但考虑到新药上市初期的市场导入、医院准入等时间周期，预计2026年该产品 收益不会对公司产生较大的影响。 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Tibet Pharmaceutical has established itself as a benchmark enterprise in the Tibetan medicine industry, focusing on innovation and responsibility while achieving significant results in the modernization and high-quality development of ethnic medicine [1][2] Group 1: Business Development - Tibet Pharmaceutical has built an industrial layout covering Tibet, Sichuan, Shanghai, Hong Kong, and overseas, with multiple subsidiaries and a full-chain management platform [1] - The company’s core products focus on cardiovascular treatments, forming an industrial pattern that integrates biopharmaceuticals, Tibetan medicine, traditional Chinese medicine, and chemical drugs [1] - In 2024, Tibet Pharmaceutical achieved a revenue of 2.807 billion yuan, with a compound annual growth rate of 20% over the past five years; net profit attributable to shareholders was 1.051 billion yuan, a year-on-year increase of 31.26% [1] Group 2: Product Innovation - Tibet Pharmaceutical has achieved several industry firsts, including the self-developed "New Active Substance" (recombinant human brain natriuretic peptide injection), which is the first gene-engineered new drug for acute heart failure in China [1] - The exclusive Tibetan medicine "Nodikon Capsule" has been included in the national essential drug list and medical insurance directory, marking a significant product in the modernization of Tibetan medicine [1] - The acquisition of "Imdur" (isosorbide mononitrate sustained-release tablets) from AstraZeneca for $190 million enhances the company's portfolio of cardiovascular drugs [1] Group 3: Future Plans and Social Responsibility - In 2025, Tibet Pharmaceutical plans to invest $60 million in Ruizheng Gene to enter the gene editing sector, with its product ART001 recognized as an orphan drug by the FDA [2] - The company has invested 300 million yuan in Morningstar Pharmaceuticals to secure exclusive commercial sales rights for the lung cancer drug "Zolmitriptan" in mainland China, preparing for long-term growth [2] - Tibet Pharmaceutical has integrated social responsibility into its operations, contributing a total tax amount of 2.899 billion yuan, with 2.608 billion yuan paid in Tibet, and donating over 70 million yuan in medicines and materials [2] - Looking ahead to the "15th Five-Year Plan," Tibet Pharmaceutical aims to pursue growth through both internal development and external expansion, while continuing to contribute unique value to the pharmaceutical industry [2]

Core Viewpoint - The announcement regarding the inclusion of the drug Xinhuasuan in the national medical insurance drug list indicates a significant shift for the company, as it transitions from a negotiable agreement drug to a stable inclusion in the regular catalog, enhancing long-term revenue predictability [1][2]. Group 1: Product and Market Impact - Xinhuasuan, developed by the company's subsidiary Chengdu Nuodikan Biopharmaceutical Co., Ltd., is a new biological product for treating acute heart failure, which improves patient symptoms and reduces hospitalization costs [1]. - The sales volume for Xinhuasuan is projected to reach 7.0083 million units in 2024, generating revenue of 2.433 billion yuan, with 4.1672 million units and 1.456 billion yuan expected in the first half of 2025 [2]. - The drug's penetration in the large heart failure market remains low, indicating substantial growth potential following its transition to the regular catalog, which will stabilize pricing and support long-term performance growth [2]. Group 2: Additional Developments - The company’s associate, Chentai Pharmaceutical, has also seen its drug Zorifertinib included in the medical insurance catalog, with a negotiation agreement effective from January 1, 2026, to December 31, 2027 [2]. - Zorifertinib is recognized as the first drug targeting advanced non-small cell lung cancer with central nervous system metastasis, which is expected to accelerate its commercial value realization after being included in the insurance catalog [2].

Performance Meeting Overview - The company held a performance meeting on December 3, 2025, to discuss its third-quarter results, attended by key executives and independent directors [1] - The meeting addressed investor concerns regarding stock price decline and sales performance of the flagship product, Xinhuosu [1][2] Sales Performance and Revenue Impact - Xinhuosu's sales decreased in the third quarter due to sales fluctuations, impacting overall revenue [2][3] - The company plans to stabilize Xinhuosu's sales while increasing sales of other products like Nuo, Jin, and Shi to enhance overall performance [3] Future Growth Strategies - The main growth drivers identified for the fourth quarter and beyond include stabilizing Xinhuosu sales and enhancing sales through new media marketing and cinema distribution for products like Nuo and Jinluohan [4] - The company aims to achieve growth through both internal and external strategies, focusing on R&D investment, mergers, and innovative product development [5][6] Investment and Risk Management - The company is closely monitoring industry policies and market conditions to manage investment risks effectively [3] - Future investments will focus on high-tech biopharmaceuticals, particularly cardiovascular products, while remaining open to high-revenue oncology drugs [6]

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]