医药生物/中药Ⅱ 天士力（600535.SH） 2025 年 08 月 17 日 投资评级：买入（维持） | 日期 | 2025/8/15 | | --- | --- | | 当前股价(元) | 16.18 | | 一年最高最低(元) | 17.77/13.35 | | 总市值(亿元) | 241.72 | | 流通市值(亿元) | 241.72 | | 总股本(亿股) | 14.94 | | 流通股本(亿股) | 14.94 | | 近 3 个月换手率(%) | 58.91 | 股价走势图 数据来源：聚源 -8% 0% 8% 16% 24% 32% 2024-08 2024-12 2025-04 天士力 沪深300 相关研究报告 《管线创新稳步推进，中药研发龙头 地位持续巩固—公司信息更新报告》 -2025.2.26 《前三季度业绩相对承压，心脑血管 板块延续增长态势—公司信息更新报 告》-2024.10.29 《2024H1 业绩表现相对平稳，管线创 新稳健推进—公司信息更新报告》 -2024.8.26 2025H1 利润端稳健增长，优化研发布局提升竞争力 ——公司信息更新报告 余汝意（分析师） 巢舒然（ ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600535 公司简称：天士力 第一节 重要提示 （一）本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 （二）本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完 整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 （三）未出席董事情况 ■ （四）本半年度报告未经审计。 （五）董事会决议通过的本报告期利润分配预案或公积金转增股本预案 截至2025年6月30日，天士力医药集团股份有限公司期末可供分配利润为人民币7,152,640,177.94元。公 司2025年半年度拟以实施权益分派股权登记日登记的总股本为基数分配利润，根据董事会提议，拟向全 体股东每10股派发现金红利2.1元（含税）。截至2025年6月30日，公司总股本1,493,950,005股，以此计 算合计拟派发现金红利313,729,501.05元（含税）。本次分红占公司2025年半年度合并报表归属于上市 公司股东净利润的比率为 ...

中证报中证网讯(王珞)8月15日晚间，天士力（600535）发布的中报显示，公司上半年实现营业收入 42.88亿元，实现归属于上市公司股东的净利润7.75亿元，同比增长16.97%。 安神滴丸申报生产获得受理，安体威颗粒III期、芪参益气滴丸治疗慢性心力衰竭II期完成全部受试者出 组，正在开展数据统计；青术颗粒III期、芪参益气滴丸治疗糖尿病肾脏疾病II期完成全部受试者出组， 正在进行数据清理；三黄睛视明丸启动III期临床；养血清脑丸治疗轻中度阿尔茨海默病II期临床完成入 组，持续开展临床观察。 另外，普佑克(治疗急性缺血性脑卒中)完成CDE审评会。普佑克适应症从急性ST段抬高型心肌梗死(心 梗)治疗拓展至急性缺血性脑卒中(脑梗)治疗，IIIc期研究充分证明了普佑克的有效性和安全性优势，结 果发表于《Lancet Neurology》(IF：46.5)，并于世界卒中大会(WSC)做前沿报告。 华泰证券发布研报指出，天士力中成药领域III期、II期项目预计2025年起陆续上市，丰富的在研管线有 望接力公司未来的业绩成长。 天士力表示，公司秉承"没有围墙的研究院"理念，加强对外合作，全面整合先进技术资源。公司拥有 ...

今年以来，随着创新药的热度急剧升温，市场对于拥有创新药管线布局的上市公司备加关注。值得注意的是，以天士力 （600535）为代表的部分转型中企业也早已布局创新药，成为一支不容忽视的新兴力量。 8月15日晚间，天士力（600535）发布的中报显示，公司聚焦心血管及代谢、神经/精神、消化三大核心领域，目前在研管 线中创新药达31项。其中，公司不仅在创新中药领域有近20款临床中后期产品持续推进，而且在市场关注度高的生物创新领域 已有布局，多款CGT、抗体药物等热门靶点药品进入临床，实现了双线创新。 CGT、抗体药物已进入临床研究 细胞与基因治疗（CellularandGeneTherapy，CGT）是当前生物制药行业的一大热点，目前化药市场已趋于饱和，而小分 子、单抗类新型治疗药物如雨后春笋般层出不穷，政策支持及其广阔的利润空间使得CGT类生物药的前景极为可观。 公司重点产品研发进度图 公司重点布局CGT（细胞与基因治疗）、抗体药物等生物药，已获得人脐带间充质干细胞注射液、脂肪间充质基质细胞注 射液、双靶点CAR-T细胞注射液3项临床批件，其中脂肪间充质基质细胞注射液是全球首款基于基质细胞原理获批美国IND的 治疗 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is positioned as a leading enterprise in the modernization of traditional Chinese medicine, with a strong partnership with China Resources, enhancing its innovation and market capabilities [7][18]. - The core product portfolio remains solid, with innovative research and development in traditional Chinese medicine and secondary development of existing products expected to yield significant growth [7][44]. - The biopharmaceutical and chemical drug segments are gradually improving, with the company focusing on its strengths to enhance efficiency and profitability [7][34]. - The earnings forecast for the company indicates a net profit of 11.52 billion, 13.35 billion, and 15.03 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio below the average of comparable companies [7][44]. Summary by Sections Company Overview - Established in 1994, the company has focused on developing modern traditional Chinese medicine and has a significant presence in various therapeutic areas, including cardiovascular, digestive metabolism, and oncology [13][14]. Strategic Partnership - The acquisition of a 28% stake by China Resources enhances the company's capabilities in brand building and market expansion, particularly in outpatient markets [7][18]. Product Development - The company has a robust pipeline of innovative products, with 22 products in clinical II and III phases as of 2024, laying a strong foundation for long-term growth [7][21][26]. Financial Performance - The company’s revenue for 2024 is projected at 84.98 billion yuan, with a slight decline, but a return to growth is expected in 2025 [34][39]. - The net profit is expected to rebound, with a gradual improvement in profit margins due to a focus on core pharmaceutical operations [38][42]. Market Position - The cardiovascular drug market is substantial, with the company maintaining a strong position through its flagship products, such as Compound Danshen Dripping Pills, which have shown stable sales growth [44][52].

Summary of Tianjin Tasly Pharmaceutical Conference Call Company Overview - **Company**: Tianjin Tasly Pharmaceutical - **Date**: Q1 2025 Conference Call Key Points Industry and Company Positioning - Tianjin Tasly is integrating into China Resources and is formulating a 15-year strategic plan to define its positioning and business development goals within the "One Body, Two Wings" model of China Resources Sanjiu [2][3] - The company is actively collaborating with various business units within the China Resources group to implement synergistic projects aimed at consolidating core businesses and exploring new growth opportunities [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 2.055 billion yuan, with pharmaceutical industrial revenue at 1.842 billion yuan, a year-on-year increase of 1.83% [2][6] - Net profit attributable to shareholders was 314 million yuan, up 6.47% year-on-year, while the asset-liability ratio remained low at 19% [2][6] - Despite facing a 15% price drop in Compound Danshen Dripping Pills, sales volume and revenue remained stable, with expectations for a growth trend in the latter half of the year [2][11] Product Performance and Market Strategy - The Chinese medicine segment is expected to maintain stable growth, driven by the promotion of three core essential drug varieties in grassroots markets and rapid growth of potential products like Scan Paper Granules and Niuhuang Qingxin Pills [2][9] - The chemical drug segment focuses on a combination of imitation and innovation, with two main products, Shuilinjia and Diqing, expected to continue stable growth [2][10] - The biological drug segment, particularly the product Puyouke, is anticipated to maintain stability, with new growth opportunities following the approval of indications for cerebral infarction [2][10][18] Strategic Initiatives - The company is implementing the 6S management system to enhance operational efficiency and overall management quality [5][26] - A focus on academic promotion and market penetration for new indications, such as diabetic retinopathy, is expected to significantly expand market potential [11][12] - The synergy with China Resources Sanjiu's commercial system is expected to enhance market coverage and brand recognition for core products [13] Risk Management - The company acknowledges the risks associated with price reductions but believes they are manageable, as evidenced by stable sales and revenue despite price drops [14] - The expansion of the grassroots sales network and the introduction of new academic promotion initiatives are expected to mitigate risks and enhance market access [14] Future Outlook - The company aims to become a leader in innovative Chinese medicine and a prominent player in the healthcare market, with a focus on leveraging the advantages of the China Resources group [5][26] - Continuous efforts will be made to optimize product lines and enhance research and development management efficiency [26] Additional Insights - The company plans to adjust its compensation structure and consider cash incentive plans in the short term, with potential long-term equity incentive plans pending approval [22] - The integration with China Resources is expected to resolve competition issues within five years, with ongoing updates to be provided [23] This summary encapsulates the key insights from the conference call, highlighting Tianjin Tasly's strategic direction, financial performance, product outlook, and risk management strategies.

青侨阳光医药投资 - 投资思考 在过去几年里，一个印象深刻的教训，是不同时期、不同标的之间的强烈异质性。 这种异质性，既体现在同 一时期不同标的在基本面方面的剧烈分化，也体现在同一标的不同时期在股价主导逻辑上的强烈变迁。 这里的异质性，不管是基本面表现的分化和股价逻辑的变迁，放在特定时空下都有其自洽的合理性，因此 当 出现远超我们预期的事实时，所反映的未必是市场的非理性或世界的不正常，而更可能是我们的认知脱离了客 观真相，形成了局限偏颇。 跳出简单化的、平均化的、定式化的、教条化的思维模式，去重新审视客观事实 中所展现的混沌复杂和随机多变，或许能为日常投研带来新的视角，促进新的思考，形成新的认知。 1 横向视角下的分化： 在爆款思维里，寻找潜在的时代徽章 先看一下横截面上的分化。 下图是早年(2017年之前)获批上市的国产创新药，在2022年PDB样本医院的终端销售额，可以看到， 不同创新 药之间的营收差异很大 ：新活素成就了西藏药业，特比澳奠定了三生制药的基础，恩必普也为石药集团成功 打开了制剂业务的空间；但与此同时，曾经红极一时的今又生早已销声匿迹，优朋、可唯适、利卡汀、谊生泰 们苦苦挣扎在生存的边缘，就 ...