2025年上半年中药行业整体承压，万得（Wind）中药指数录得-0.79%，但优质中药上市公司却逆势上 扬，上半年同期天士力股价上涨9.7%，跑赢行业指数，显现市场对公司未来业绩保持乐观。8月15日晚 间，天士力（600535）发布的中报证实了市场预期，公司2025年上半年实现归母净利润7.75亿元，同比 增长16.97%，公司经营业绩与质量稳步提升，为后续的持续增长筑牢了坚实根基。 跑赢中药行业指数，持续为投资者创造价值 在近期召开的第二届中医药产业生态论坛上，行业专家坦言，随着政策环境、终端需求等方面的变化， 中医药行业面临跨周期挑战，部分中成药企业出现营收、净利润同步下滑的趋势。2025年上半年，万得 （Wind）中药指数下降0.79%。国家统计局数据显示，今年1-6月，全国规模以上工业企业医药制造业 营业收入12275.2亿元，同比下降1.2%；利润总额1766.9亿元，同比下降2.8%。 （文章来源：21世纪经济报道） 同时，公司公告拟向全体股东每10股派发现金红利2.1元（含税），持续为长期投资者提供价值回报。 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 ...

Core Viewpoint - Tianjin Tasly Pharmaceutical Group Co., Ltd. reported a net profit of 775 million yuan for the first half of 2025, marking a year-on-year increase of 16.97%, indicating steady improvement in operational performance and quality [1] Financial Performance - The company achieved total revenue of 4.288 billion yuan in the first half of 2025, with pharmaceutical manufacturing revenue at 3.879 billion yuan, remaining stable compared to the same period last year, and pharmaceutical commercial revenue at 386 million yuan [1] - The net profit attributable to shareholders reached 775 million yuan, reflecting a year-on-year growth of 16.97% [1] - The asset-liability ratio decreased from 19.13% at the beginning of the year to 18.43% by the end of the reporting period, a reduction of 0.7 percentage points [1] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares (tax included) to all shareholders, amounting to approximately 313.73 million yuan, which represents 40.50% of the net profit attributable to shareholders for the first half of 2025 [1] Corporate Changes - In the first half of 2025, the controlling shareholder changed to China Resources Sanjiu, with the actual controller becoming China Resources Limited, officially integrating the company into the China Resources Sanjiu group [1] Strategic Initiatives - The company is actively implementing a "100-day integration" with China Resources Sanjiu, focusing on operational management, financial, human resources, and compliance systems integration to enhance management efficiency and lay a solid foundation for future business collaboration [2] - Strategic planning efforts include organizing multiple strategic integration discussions between the management teams of both companies, aiming to develop the "14th Five-Year" strategic plan to guide future growth and high-quality development [2] - In marketing, the company is collaborating with China Resources to enhance product market share through resource integration and establishing a cooperative mechanism for new product development [2] - The company plans to comprehensively advance the first-year integration work with China Resources Sanjiu, focusing on "value reshaping," "business reshaping," "organizational reshaping," and "spiritual reshaping" to systematically upgrade the management system [2]

Core Viewpoint - Tianjin Tasly Pharmaceutical Co., Ltd. reported a net profit of 775 million yuan for the first half of 2025, marking a year-on-year increase of 16.97%, indicating steady improvement in operational performance and quality [1] Financial Performance - The company achieved total revenue of 4.288 billion yuan in the first half of 2025, with pharmaceutical industrial revenue at 3.879 billion yuan, remaining stable compared to the same period last year, and pharmaceutical commercial revenue at 386 million yuan [1] - The net profit attributable to shareholders reached 775 million yuan, reflecting a year-on-year growth of 16.97% [1] - The asset-liability ratio decreased from 19.13% at the beginning of the year to 18.43% by the end of the reporting period, a reduction of 0.7 percentage points [1] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares (including tax), totaling approximately 313.73 million yuan, which represents 40.50% of the net profit attributable to shareholders for the first half of 2025 [1] Corporate Changes and Strategic Initiatives - In the first half of 2025, the controlling shareholder changed to China Resources Sanjiu, with the actual controller being China Resources Limited, marking the company's formal integration into the China Resources Sanjiu group [1] - The company is actively promoting the "100-day integration" with China Resources Sanjiu, focusing on operational management, financial integration, and organizational optimization to enhance management efficiency and lay a solid foundation for future business collaboration [2] - Strategic planning efforts include multiple discussions between the management teams of both companies to develop the "15th Five-Year Plan," aiming to guide future development and promote high-quality growth [2] - In marketing, the company is leveraging synergies with China Resources to enhance market cooperation for key products and establish collaborative mechanisms for new product development [2] - The company plans to comprehensively advance the first-year integration work with China Resources Sanjiu, focusing on "value reshaping," "business reshaping," "organizational reshaping," and "spiritual reshaping" to systematically upgrade the management system [2]

Group 1 - The traditional Chinese medicine (TCM) industry faced pressure in the first half of 2025, with the TCM index recording a decline of 0.79%, while Tianshili (600535) stock price increased by 9.7%, indicating market optimism about the company's future performance [1][2] - Tianshili reported a net profit attributable to shareholders of 775 million yuan in the first half of 2025, representing a year-on-year growth of 16.97%, with steady improvement in operational performance and quality [1][2] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares (tax included) to all shareholders, with a dividend payout ratio of 40.50% [1][3] Group 2 - The pharmaceutical manufacturing industry in China saw a revenue of 1,227.52 billion yuan in the first half of 2025, a year-on-year decrease of 1.2%, and total profits of 176.69 billion yuan, down 2.8% [2] - Tianshili's revenue for the first half of 2025 was 4.288 billion yuan, with pharmaceutical industrial revenue stable at 3.879 billion yuan and commercial revenue at 386 million yuan [2] - The company's debt-to-asset ratio decreased from 19.13% at the beginning of the year to 18.43% by the end of the reporting period, a reduction of 0.7 percentage points [2] Group 3 - Tianshili underwent a change in controlling shareholder to China Resources Sanjiu (000999) and completed the restructuring of its board of directors and supervisory board [4] - The company is actively implementing the management philosophy of China Resources, enhancing financial, human resources, and operational management integration, and initiating a "Fifteen Five" strategic planning process [4][5] - The company aims to enhance marketing collaboration with China Resources, integrating resources to improve market share and address distribution challenges in certain markets [4][5]