Investment Rating - The report maintains a rating of "Accumulate" for the company [6][12]. Core Views - The recent approval of a new indication for the innovative drug Puyouke for acute ischemic stroke treatment validates the company's R&D capabilities and enhances its market competitiveness [2][12]. - The approval of the new indication is expected to expand the sales potential of Puyouke, which is a first-class biological innovative drug supported by national major drug creation projects [12]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.77, 0.83, and 0.89 yuan respectively, with a target price set at 19.25 yuan based on a price-to-earnings (PE) ratio of 25X for 2025 [12][13]. Financial Summary - Total revenue is projected to be 8,674 million yuan in 2023, with a slight decrease to 8,498 million yuan in 2024, followed by a recovery to 8,649 million yuan in 2025, and further growth to 9,071 million yuan in 2026 and 9,548 million yuan in 2027 [4][13]. - Net profit attributable to the parent company is expected to rise significantly from 1,071 million yuan in 2023 to 1,325 million yuan in 2027, reflecting a growth rate of 505.3% in 2023 followed by a decline of 10.8% in 2024, and then a steady increase in subsequent years [4][13]. - The company’s return on equity (ROE) is projected to improve from 8.7% in 2023 to 9.6% in 2027, indicating enhanced profitability [4][13]. Market Data - The company's stock has a 52-week price range of 13.61 to 17.41 yuan, with a total market capitalization of 24,187 million yuan [7][12]. - The current stock price is 16.19 yuan, which is below the target price of 19.25 yuan, suggesting potential upside for investors [12][13].

Core Viewpoint - The report from Open Source Securities highlights that Tianshili has announced a new indication for its proprietary biological innovative drug, Recombinant Human Urokinase (Puyouke), for thrombolytic treatment of acute ischemic stroke, marking its second approved indication in China [1] Group 1: Product Development - Puyouke was approved as a Class 1 biological innovative drug during the "11th Five-Year Plan" under the national "Major New Drug Creation" technology major project, initially for acute ST-segment elevation myocardial infarction [1] - The new indication for acute ischemic stroke is expected to enhance the drug's market potential and reflects the company's strategic focus on expanding its product offerings [1] Group 2: Financial Projections - The company maintains its profit forecasts for the years 2025 to 2027, estimating net profits of 1.183 billion, 1.306 billion, and 1.455 billion yuan respectively [1] - Earnings per share (EPS) are projected to be 0.79, 0.87, and 0.97 yuan per share for the same years, with corresponding price-to-earnings (PE) ratios of 19.8, 18.0, and 16.1 times [1] Group 3: Investment Rating - The report maintains a "Buy" rating for the stock, indicating confidence in the company's growth potential driven by the dual indications of Puyouke [1]

Core Viewpoint - Tianjin Tasly Pharmaceutical Co., Ltd. announced the approval of a new indication for its innovative biological drug, recombinant human urokinase (Puyouke), for thrombolytic treatment of acute ischemic stroke by the National Medical Products Administration [1] Group 1 - The company received a drug registration certificate for the new indication [1] - The drug has independent intellectual property rights [1] - The new application is specifically for the treatment of acute ischemic stroke [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company announced the approval of a new indication for its innovative drug, Puyouke, for thrombolytic treatment of acute ischemic stroke, enhancing its product portfolio and long-term growth potential [4][6] - The company is expected to maintain its net profit forecasts for 2025-2027 at 1.183 billion, 1.306 billion, and 1.455 billion yuan respectively, with corresponding EPS of 0.79, 0.87, and 0.97 yuan per share [4][7] - The current stock price corresponds to P/E ratios of 19.8, 18.0, and 16.1 for the years 2025, 2026, and 2027 respectively [4][7] Financial Summary - Revenue for 2023 is reported at 8.674 billion yuan, with a slight decrease expected in 2024 to 8.498 billion yuan, followed by a recovery to 8.827 billion yuan in 2025 [7][9] - The gross margin is projected to remain stable around 67% from 2025 to 2027, while the net profit margin is expected to improve from 13.4% in 2025 to 14.6% in 2027 [7][10] - The return on equity (ROE) is forecasted to increase from 9.3% in 2025 to 9.5% in 2027 [7][10]

证券代码：600535 证券简称：天士力 编号：临2025-064号 药品名称：注射用重组人尿激酶原（商品名称：普佑克） 剂型：注射剂 规格：5mg（50万IU）/支 申请事项：新增急性缺血性脑卒中的溶栓治疗适应症 受理号：CXSS2400083 天士力医药集团股份有限公司 关于全资子公司注射用重组人尿激酶原增加急性缺血性脑卒中 新适应症获得药品注册证书的公告 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个别及连带责任。 近日，天士力医药集团股份有限公司（以下简称"公司"）全资子公司天士力生物医药股份有限公司（以 下简称"天士力生物"）收到国家药品监督管理局核准签发的《药品注册证书》，批准公司拥有自主知识 产权的生物创新药注射用重组人尿激酶原（普佑克）新增适应症，用于急性缺血性脑卒中的溶栓治疗。 普佑克是"十一五"规划期间国家"重大新药创制"科技重大专项支持下获批的1类生物创新药（急性ST段 抬高型心肌梗死适应症），本次急性缺血性脑卒中适应症是该药在国内获批的第二个适应症。现就相关 情况公告如下： 一、基本情况 生产企业：天士力生物医 ...

Core Viewpoint - Tianjin Tasly Pharmaceutical has received approval from the National Medical Products Administration for its innovative drug, recombinant human urokinase (Puyouke), to be used for thrombolytic treatment of acute ischemic stroke, marking its second approved indication in China [1] Group 1 - The drug Puyouke was developed under the "Major New Drug Creation" project supported by the national "11th Five-Year Plan" and is classified as a Class 1 biological innovative drug [1] - The newly approved indication for acute ischemic stroke expands the therapeutic applications of Puyouke, which was previously approved for acute ST-segment elevation myocardial infarction [1]

Core Viewpoint - Tianjin Tasly Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for its innovative drug, recombinant human urokinase (Puyouke), to be used for thrombolytic treatment of acute ischemic stroke, marking its second approved indication in China [1] Group 1 - The drug Puyouke was initially approved for acute ST-segment elevation myocardial infarction during the "11th Five-Year Plan" under a major national project for new drug development [1] - The newly approved indication for acute ischemic stroke expands the therapeutic applications of Puyouke, enhancing its market potential [1]

Core Viewpoint - Tianjin Tasly Pharmaceutical Co., Ltd. has received approval from the National Medical Products Administration for its innovative drug, recombinant human urokinase (Puyouke), to be used for thrombolytic treatment of acute ischemic stroke, expanding its market potential and product line in the neurology/psychiatry sector [1] Group 1 - The company’s subsidiary, Tasly Biopharmaceuticals, has been granted a drug registration certificate for Puyouke, which now has a new indication for acute ischemic stroke [1] - Puyouke is the only approved recombinant human urokinase product in China and is the first class of innovative biological drug supported by the national "Major New Drug Creation" project during the "11th Five-Year Plan" [1] - The approval of the new indication enhances the company's product offerings and competitiveness in the market by targeting a broader patient population [1]

Core Viewpoint - Tianjin Tasly Pharmaceutical Co., Ltd. (600535.SH) announced that its wholly-owned subsidiary, Tasly Biopharmaceuticals Co., Ltd., received approval from the National Medical Products Administration for a new indication of its innovative biological drug, Recombinant Human Urokinase (Puyouke), for thrombolytic treatment of acute ischemic stroke [1] Group 1 - The drug Puyouke is a Class 1 innovative biological drug that was supported by the "Major New Drug Creation" technology major project during the "Eleventh Five-Year Plan" period [1] - This new indication for acute ischemic stroke is the second approved indication for the drug in China, following its initial approval for acute ST-segment elevation myocardial infarction [1]

普佑克作为国内目前唯一获批上市的重组人尿激酶原产品，也是首个获批"十一五"规划期间国家"重大 新药创制"科技重大专项支持下的1类生物创新药。该药已上市适应症为急性ST段抬高型心肌梗死，本 次新增急性缺血性脑卒中溶栓治疗适应症的获批丰富了公司神经/精神领域产品线，进一步拓展了产品 目标患者人群，有利于提升公司及产品市场竞争力。 天士力（600535）(600535.SH)发布公告，近日，公司全资子公司天士力生物医药股份有限公司(简称"天 士力生物")收到国家药品监督管理局核准签发的《药品注册证书》，批准公司拥有自主知识产权的生物 创新药注射用重组人尿激酶原(普佑克)新增适应症，用于急性缺血性脑卒中的溶栓治疗。普佑克是"十 一五"规划期间国家"重大新药创制"科技重大专项支持下获批的1类生物创新药(急性ST段抬高型心肌梗 死适应症)，本次急性缺血性脑卒中适应症是该药在国内获批的第二个适应症。 ...