岁末年终，让我们一起回顾高光时刻！ 01 更名启新程 战略谋长远 圣方医药研发更名为"太美智研医药"，明确了"AI驱动的医药研发解决方案提供商"核心定位，以太美创 新的基因，为创新药行业的发展持续贡献力量。 2025年终回顾 2025年 太美智研医药笃定前行、硕果盈枝 项目合作、行业研讨、科研成果、专业著作 多点开花 02 硬核支持临床运营 成果闪耀国际 全程助力由复旦大学附属中山医院樊嘉院士领衔的中国原创研究TALENTop肝细胞癌Ⅲ期研究，推动相 关研究成果于 2025 ESMO 大会全球首发，为肝癌治疗领域的技术突破与临床实践开辟全新方向。 03 专业医学支持 助力终点裁定 参与某知名药企Ⅲ期关键注册项目的CEC章程制定，组织潜在事件CEC会议，提供独立、专业裁定支 持； 04深耕药物警戒领域 护航药品全生命周期安全 为天士力普佑克脑梗适应症Ⅲ期临床试验提供药物安全风险管理服务，助力核心适应症获批； 组织撰写《AI 在药物警戒中的应用·专家共识(2025)》，为 AI 在药物警戒领域的应用提供参考； 参与翻译和出版《科伯特药物安全和药物警戒手册》，推动国际经验本土化。 05 强化数据科学与统计 加速创新 ...

12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融 界主办，汇聚监管部门、行业协会、金融机构、上市公司、媒体等领域数百位相关领导和重磅嘉宾。会 上，第十四届金融界"金智奖"年度评选结果重磅揭晓，天士力荣获"医药生物产业优胜奖"。 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优 质企业集聚。本届评选中，金融界上市公司研究院紧密契合"十五五"规划建议中"提升上市公司质量"的 要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大 维度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企 业，评选出近200家获奖企业。 "医药生物产业优胜奖"聚焦引领医药生物产业高质量发展的优质企业，聚焦创新研发实力、临床价值转 化、民生健康保障与产业升级赋能，引导企业深耕创新药研发、高端医疗器械、精准医疗、生物制造等 核心赛道，为"十五五"健康中国战略实施与生物医药产业高质量发展注入新动能，是反映医药生物产业 创新趋势、推动医药强国建设的重要风向标。 天士力此次 ...

创新是天士力高质量发展的核心驱动力，其长期致力于构建创新中药和创新生物药"双引擎"研发创新体 系，目前这一体系已进入成果密集收获期，为未来业绩增长储备了充足动能。2025年第三季度，其创新 药研发捷报频传：重磅生物创新药普佑克成功获得国家药监局批准新增适应症，用于急性缺血性脑卒中 （AIS）的溶栓治疗；另一款中药产品顺利获批上市，一款化药获准开展晚期实体瘤临床试验，研发管 线推进效率持续提升。 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优 质企业集聚。本届评选中，金融界上市公司研究院紧密契合"十五五"规划建议中"提升上市公司质量"的 要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大 维度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企 业，评选出近200家获奖企业。 "医药生物产业优胜奖"聚焦引领医药生物产业高质量发展的优质企业，聚焦创新研发实力、临床价值转 化、民生健康保障与产业升级赋能，引导企业深耕创新药研发、高端医疗器械、精准医疗、生物制造等 核心赛道，为"十五五"健康中国 ...

多年来，在CHC（自我诊疗）领域，华润三九（000999.SZ）属于标杆性企业之一，品牌具有极高的辨 识度，公司"999"主品牌家喻户晓；在资本市场，它长期业绩保持稳健，是投资者心目中妥妥的"白马 股"之一。 在医药行业，创新正成为驱动行业增长的核心引擎之一。作为医药行业的龙头企业之一，华润三九已拥 抱行业创新转型浪潮，加大创新布局，在拓宽公司竞争赛道的同时，撬动公司新的增长点。 创新转型力度加大 近日，华润三九的经典名方半夏白术天麻汤颗粒成功获批，这是公司又一款国内首家获批上市的经典名 方。 2024年以来，华润三九屡有经典名方获批上市，其中不乏产品顺利进入医保目录。 近日，2025年国家基本医保目录在广州公布。在医保谈判成功的名单中，华润三九的呼吸系统疾病药 物"999益气清肺颗粒"赫然在列。 今年1月，益气清肺颗粒作为3.2类中药获批上市，用于呼吸道感染康复期综合症状治疗，该药填补了呼 吸道感染康复用药空白。 益气清肺颗粒是基于生脉散（《医学启源》金·张元素）、平胃散（《简要济众方》宋·周应）两大经典 名方，结合现代康复期诊疗需求化裁而来。在呼吸道感染性疾病的诊疗上，相对于预防和治疗环节，康 复期没有受 ...

◎记者黎灵希 "999感冒灵，暖暖的，很贴心。"这句家喻户晓的广告词，成就了"999"的医药健康品牌，也成为它守护 无数家庭日常健康的朴素情怀。华润三九由此出发，搭建了横跨全生命周期、纵贯全健康管理场景 的"1+N"品牌矩阵。 华润三九从靠几款OTC药品打开市场的企业，蜕变为中国医药行业的"多面手"——连续多年位列非处方 药生产企业综合排名榜首，在处方药领域构建了中药、化药、生物药协同发展的创新格局。 近日，上海证券报记者走进华润三九，探寻这家国民药企打通高质量发展"任督二脉"的故事。 "'十四五'期间，我们积极抓住行业和市场机遇，提前完成营收翻番的目标。"华润三九董事长邱华伟告 诉记者，"下一个五年，公司的自主研发能力及管线将呈现更强大的活力。" 引擎："创新+品牌"双轮驱动 2024年实现营收276亿元，较2020年增长超102%；近三年营收、利润总额年复合增长率分别达23.6%、 24.5%……采访伊始，邱华伟用一组关键数据开启了对话。 "公司一方面持续打造具有疗效优势、品质感强的差异化产品矩阵，另一方面通过和消费者保持长期沟 通，不断延伸品牌效应。"邱华伟说，公司始终贴近消费者的沟通语境，持续探索媒介 ...

Core Viewpoint - Tianjin Tasly Pharmaceutical Group Co., Ltd. has received approval from the National Medical Products Administration for its innovative biological drug "Recombinant Human Urokinase (Puyouke)" for the treatment of acute ischemic stroke (AIS), addressing the specificity issues of traditional thrombolytic drugs in the stroke field [4][9]. Group 1: Product Approval and Market Impact - The new indication approval for Puyouke follows its previous approval for treating acute ST-segment elevation myocardial infarction, enhancing its role in stroke treatment [4]. - Puyouke targets occlusive thrombus specifically, activating plasminogen at the site of occlusion, which reduces systemic activation of the fibrinolytic system, thus lowering the risk of bleeding and improving patient outcomes [7][9]. Group 2: Challenges in Stroke Treatment - China faces significant challenges in the prevention and treatment of acute ischemic stroke, with approximately 3.3 million new cases annually, making it the leading cause of death and disability among adults [6]. - Public awareness of stroke symptoms and emergency response is low, with 67%-75% of patients missing the thrombolysis window due to delayed treatment [6]. - The rate of intravenous thrombolysis is only about 10%, and endovascular treatment is less than 1%, indicating a substantial gap compared to developed countries [6]. Group 3: Innovation and Production Challenges - The development of Puyouke required overcoming multiple technical barriers, including the stability and yield of the active ingredient, recombinant human urokinase [8]. - Tasly has established a comprehensive quality control system and stable production capacity, addressing the high barriers to commercial production of unstable enzyme products [8]. Group 4: Public Health Initiatives - The "Stroke Prevention and Treatment Capacity Enhancement and Health Promotion" project, initiated by the Chinese Stroke Association and supported by Tasly, aims to improve public awareness and enhance grassroots medical capabilities in stroke prevention and treatment [10][11]. - The project focuses on educating the public about stroke prevention and early treatment, as well as improving the diagnostic and treatment skills of primary care physicians [11].

Core Viewpoint - In the third quarter of 2025, many pharmaceutical companies are seeking a balance between cost reduction and growth, with A-share pharmaceutical companies experiencing a 5.5% decline in overall revenue and a 14.3% drop in net profit excluding non-recurring items in the first half of the year. The performance of listed pharmaceutical companies in the third quarter serves as an important window to observe their resilience in development [1]. Group 1: Company Performance - China Resources Sanjiu (华润三九) reported a revenue of 21.986 billion yuan in the first three quarters, a year-on-year increase of 11.38%, primarily driven by the consolidation of Tianjin Tasly Pharmaceutical (天士力) [1]. - The net profit attributable to shareholders was 2.353 billion yuan, with a significant narrowing of the decline compared to the second quarter, indicating clear signs of improvement [1]. - The company is actively pursuing short-term recovery, merger synergies, and cost control, with a clearer rhythm in long-term layout implementation [1]. Group 2: Strategic Initiatives - China Resources Sanjiu is proactively positioning itself in channels and brands, which serves as a solid foundation for its current performance amidst industry adjustments [2]. - The company has not adjusted its annual growth target for respiratory products despite challenges, reflecting confidence derived from channel and brand certainty [2]. - The retail pharmacy market in China saw a decline of 1.3% in the first five months of the year, with one-third of stores experiencing sales declines exceeding 15%, indicating a shift to a competitive phase [2]. Group 3: Brand Development - The "999" series of products continues to perform well, with Ganmaoling ranking first in sales among traditional Chinese medicine products in pharmacies during the first half of the year [3]. - The product 999 Yiqi Qingfei Granules is preparing for negotiations related to national medical insurance, forming a closed loop of "prevention-treatment-recovery" with core products [3]. - The company expects its revenue to surpass the industry average growth rate in 2025, aiming for double-digit growth while maintaining stable profits [3]. Group 4: Mergers and Acquisitions - The value of China Resources Sanjiu's mergers and acquisitions is gradually moving beyond short-term financial impacts, avoiding the common industry issue of "heavy acquisition, light integration" [4]. - Following the completion of the "100-day integration" with Tianjin Tasly, business synergies have entered a practical implementation phase, focusing on stabilizing teams, operations, and business before advancing specific collaborations [4]. - The integration with Kunming Pharmaceutical Group (昆药集团) also reflects a long-term value creation strategy, expanding into retail and building new growth curves [4]. Group 5: Innovation and Future Outlook - China Resources Sanjiu is increasing its focus on innovation, particularly in the field of cell therapy, with a project in collaboration with Nanjing Aierpu Regenerative Medicine that is the first globally to receive clinical approval for heart failure treatment [5]. - The company has maintained a strong financial position, with a total dividend of 1.695 billion yuan in 2024 and nearly 750 million yuan in the first half of 2025, reflecting a commitment to shareholder returns [6]. - The company has distributed over 10 billion yuan in dividends since its listing, indicating a significant cash return to shareholders compared to the average level in the A-share market [6]. Group 6: Market Trends and Future Prospects - During the "14th Five-Year Plan" period, China Resources Sanjiu's dividends reached 6.4 billion yuan, showcasing confidence in long-term operations [7]. - The current performance fluctuations are seen as a temporary reflection of cyclical and integration costs, with signs of narrowing declines in the third quarter [7]. - As the industry approaches a recovery phase, the value logic behind this pharmaceutical leader is expected to gain increasing attention [7].

Summary of Tianjin Tasly Pharmaceutical Conference Call Company Overview - **Company**: Tianjin Tasly Pharmaceutical Co., Ltd. - **Industry**: Pharmaceutical Industry in China Key Points and Arguments Integration with China Resources Sanjiu - The integration with China Resources Sanjiu has progressed smoothly, achieving the 100-day integration goal and entering the first year of integration phase [2][6] - Focus areas include stabilizing business, teams, and customers while promoting synergy and empowerment [2][6] - The vision is to become a leading enterprise in the Chinese pharmaceutical market through innovation-driven strategies [6] Financial Performance - For the first three quarters of 2025, the company reported revenue of 6.31 billion yuan and a net profit of 984 million yuan [4] - Pharmaceutical industrial sales remained stable at 5.709 billion yuan, with cardiovascular and metabolic segments showing a slight growth of 1.16% [4] - The collaboration with China Resources Sanjiu has led to a 20% increase in terminal coverage in lower-tier cities [4][12] Product Development and Market Opportunities - Core products like Compound Danshen Dripping Pills are seeing steady sales growth, with expectations to reach 250 to 300 million yuan this year, nearly doubling year-on-year [4][16] - The newly approved indication for the drug Puyouke for cerebral infarction is expected to enter the national medical insurance negotiation directory next year, with significant growth anticipated by 2026-2027 [2][8] - The market potential for cerebral infarction treatment is substantial, with 4.5 to 5.5 million new cases annually and a low treatment rate of around 5% [8] R&D Strategies - The company emphasizes innovation in drug development, focusing on cardiovascular, neurological, and digestive fields [9][10] - Plans to enhance the pipeline of innovative traditional Chinese medicine (TCM) and strengthen existing projects [11] - The company is developing advanced therapeutic drugs, particularly in cell and gene therapy (CGT) and small nucleic acid products [11] Clinical Trials and New Products - The PD-L1/VGF dual antibody project has shown promising results in Phase I trials, with Phase II studies underway [13][14] - The FGF21 analog project has demonstrated good safety and efficacy in improving glucose and lipid metabolism [15] - New antidepressant GS1,101 has completed Phase II trials and is expected to become a significant innovative treatment option [17][18] Market Trends and Future Outlook - The company aims to leverage national policy opportunities to drive growth in county-level medical community drug directories [2][7] - Plans to expand retail channels and integrate online sales resources to build a healthy consumption ecosystem [8][12] - The company is actively pursuing inclusion in the national basic medical insurance directory for more proprietary products [20] Potential Products in Clinical Trials - Several innovative TCM products are in Phase III clinical trials, including those targeting common ailments like colds and acute gout [19] - The company is also exploring treatments for conditions like acute ischemic stroke and chronic heart failure through stem cell therapies [21] Additional Important Information - The company is implementing a 6S management system to enhance operational efficiency [6] - The integration with China Resources Sanjiu is expected to strengthen the company's market position and operational capabilities [12]

Core Viewpoint - Tianjin Tasly Pharmaceutical Group Co., Ltd. reported steady growth in its pharmaceutical industrial revenue and net profit for the first three quarters of 2025, with a focus on innovative drug development as a dual-engine strategy for future performance enhancement [1][2]. Group 1: Financial Performance - For the first three quarters, the company achieved pharmaceutical industrial revenue of 5.709 billion yuan, maintaining stability [1] - The net profit attributable to shareholders reached 984 million yuan, representing a year-on-year growth of 16.88% [1] - The cardiovascular/metabolic segment generated revenue of 3.186 billion yuan, showing a slight year-on-year increase of 1.16% [1] Group 2: Research and Development Progress - The company is committed to enhancing its innovative capabilities in traditional Chinese medicine and biopharmaceuticals, with significant advancements reported in the third quarter [1] - Multiple achievements in innovative drug development were announced, including the approval of a new indication for the major biopharmaceutical product, Puyouke, for acute ischemic stroke treatment [1] - The company has 31 innovative drugs in its pipeline, with nearly 20 products in the clinical mid-to-late stages in traditional Chinese medicine and several in the high-demand biopharmaceutical sector [1] Group 3: Strategic Focus Areas - The company is strategically focusing on high clinical value products in three major disease areas: cardiovascular/metabolic, neurological/psychiatric, and digestive diseases [2] - It has obtained clinical approvals for advanced treatment products, including three types of stem cell injection therapies, with one being the first of its kind approved for IND in the U.S. [2] - The PD-L1/VEGF dual antibody product is undergoing clinical trials for solid tumors and colorectal cancer, showing promising progress in patient enrollment [2]

Core Viewpoint - Tian Shi Li reported a steady performance in Q3 2025, with revenue of 6.311 billion and a net profit of 984 million, marking a year-on-year growth of 16.88%, defying the industry trend of decline [1] Group 1: Financial Performance - The company achieved a revenue of 6.311 billion in the first three quarters, maintaining stability [1] - The net profit attributable to shareholders reached 984 million, reflecting a year-on-year increase of 16.88% [1] - The pharmaceutical industrial revenue was 5.709 billion, showing steady performance [1] - The cardiovascular/metabolic segment generated 3.186 billion, with a slight year-on-year growth of 1.16% [1] Group 2: Product Development - The key product, Pu You Ke, received approval to expand its indication to treat acute ischemic stroke, which is expected to contribute to future performance [3] - The company’s three major basic drug products are performing well, with the compound Danshen dripping pill expanding its indications to diabetic retinopathy, further driving growth [2] - The company has a rich pipeline of 31 innovative drugs in development, including nearly 20 clinical mid-to-late stage products in traditional Chinese medicine and several in the high-attention biopharmaceutical field [3] Group 3: Market Potential - Analysts predict that Pu You Ke could become a billion-dollar product following its new indication approval, with sales potential expected to exceed 1 billion [3] - The company is focusing on three core disease areas and continuously optimizing its R&D pipeline, which is expected to bring incremental contributions [4]