Group 1 - The core viewpoint of the articles emphasizes the resurgence of traditional medicine, particularly ethnic medicine, as a rational choice in the medical system driven by the demand for effective treatments for chronic diseases and complex conditions [1][2] - The "14th Five-Year Plan for the Development of Traditional Chinese Medicine" highlights the need to enhance research on ethnic medicine for major diseases and advantageous conditions, while the WHO's 2025-2034 Traditional Medicine Strategy aims to improve global health coverage [1] - The effectiveness of ethnic medicine is rooted in thousands of years of clinical validation, and modern research methods like evidence-based medicine are bridging the gap between traditional and modern medical understanding [1] Group 2 - Qizheng Tibetan Medicine, established in 1995, prioritizes patient benefits and focuses on clinical needs through research and technological innovation to enhance drug efficacy and safety [2] - The company has developed a comprehensive ecosystem covering the entire industry chain, including medicinal material cultivation, research and development, intelligent manufacturing, marketing, sales, and medical services [2] - On its 30th anniversary, the company aims to double its performance in five years, reach a revenue of 10 billion in ten years, and become a globally influential Tibetan medicine health industry group in thirty years [2]

董事长的一封信：致每一位同行的你 ——写在奇正藏药成立三十周年 奇正藏药董事长刘凯列 亲爱的朋友们： 见字如面。2025年，奇正藏药迎来了三十岁生辰。30年，是一段漫长却温暖的旅途，感谢你们的一路相 伴，见证这家从雪域高原走出的企业，在时光中扎根生长、稳步前行。 追忆往昔，自1995年在雪域高原播下第一粒创业火种，奇正藏药已悄然完成三次历史性跨越——作为中 国光彩事业投资扶贫援藏史上第一家企业落户西藏林芝，以"主营藏药第一股"之姿敲响深交所上市钟 声，以藏药现代化领军企业之势构建起覆盖药材种植、研发、智能制造、营销、销售、医院等的全产业 链生态。 3800年历史的藏药，现代化之路自奇正开启，我们肩负使命，而奇正在藏药现代化之路上的探索，就如 在高原的无人区行走，既是行路者，又是开路人。 （以下为公开信全文） 创新，我们坚持用疗效卓越的产品诠释创新的内涵。消痛贴膏，想必大家都已非常熟悉，它的快速、强 效、持久镇痛，它外用止痛和透皮抗炎的奇效，很大比例来自于我们发明的独家湿敷剂型，和真空冻 干、低温粉碎等现代制剂技术；我们用现代科技对藏药经典复方进行剂型改良，让药效更稳定，服用更 方便，就如仁青芒觉胶囊；我们通过 ...

Group 1 - The company reported steady growth in its operating performance, achieving revenue of 1.175 billion yuan, a year-on-year increase of 16.36% [1] - Operating profit reached 419 million yuan, reflecting a year-on-year growth of 14.42%, while net profit attributable to shareholders was 358 million yuan, up 10.04% year-on-year [1] - The company plans to distribute a cash dividend of 2.20 yuan (including tax) for every 10 shares to all shareholders [1] Group 2 - The company is guided by a strategic framework of "dual-wheel drive, dual-wing leadership, and dual-foundation assurance," resulting in significant marketing effectiveness across multiple products [1] - Core products in the musculoskeletal system, such as pain relief patches, have maintained market share, while new growth points have emerged from products like Baimai ointment and Ru Yi Zhen Bao tablets [1] - The company has made breakthroughs in core capability construction, optimizing marketing systems and channel efficiency, and advancing smart manufacturing systems as planned [1] Group 3 - In terms of corporate governance, the company focuses on long-term value creation, standardized governance, and professional operations, aiming for a "100 billion yuan Tibetan medicine" strategic goal [2] - The company has been recognized with titles such as "National Civilized Unit" and "Advanced Collective in the National Industrial and Information System" during the reporting period [2] - The company ranked in the top 26 of the "2025 China Traditional Chinese Medicine R&D Strength Ranking" and was listed in the "2025 Golden Bee Corporate Social Responsibility China List" [2]

Core Viewpoint - Qizheng Tibetan Medicine (002287) reported a revenue increase but a decline in net profit for Q1 2025, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for Q1 2025 reached 403 million yuan, a year-on-year increase of 10.39% compared to 365 million yuan in Q1 2024 [1] - Net profit attributable to shareholders was 75.68 million yuan, down 22.35% from 97.46 million yuan in the same quarter last year [1] - Gross margin stood at 81.53%, a slight increase of 0.19% year-on-year, while net margin decreased by 31.07% to 18.63% [1] - Total operating expenses (selling, administrative, and financial) amounted to 232 million yuan, accounting for 57.51% of revenue, a decrease of 1.93% year-on-year [1] - Earnings per share (EPS) decreased by 22.47% to 0.14 yuan, while operating cash flow per share increased significantly by 233.48% to 0.48 yuan [1] Business Model and Strategy - The company relies heavily on marketing-driven performance, with a return on invested capital (ROIC) of 11.42% and a net profit margin of 24.87% last year, indicating a high added value of products or services [3] - Future plans include enhancing market penetration for key products like pain relief patches, focusing on grassroots medical institutions and expanding B2C and O2O channels [4] - The company aims to develop exclusive products and innovate in traditional Tibetan medicine, with over 50% of strategic varieties having established medicinal material bases [4][5] Debt and Financial Health - The company has a debt ratio of 26.91% for interest-bearing liabilities, suggesting a need for monitoring its debt situation [4]