证券时报记者 唐强 "十四五"时期，西藏药业扎根雪域高原，以创新为翼、责任为基，在民族医药现代化与高质量发展道路上成果丰 硕，成为西藏医药产业的标杆企业。 从雪域高原出发，西藏药业逐步构建起覆盖西藏、四川、上海、香港及海外的产业版图，拥有多家子公司，建立 起全链条管理平台。目前，西藏药业核心产品聚焦心脑血管治疗领域，形成以生物制药为主，藏药、中成药、化 学药协同发展的产业格局，让西藏医药的智慧与现代制药的科技跨越山海、惠及世界。 近年来，西藏药业展现出强劲韧性，在复杂市场环境中展现出稳健的增长态势。2024年，西藏药业实现营业收入 28.07亿元，近五年的营收复合增长率达20%；归母净利润10.51亿元，同比增长31.26%。 西藏药业创下多个"行业第一"：自主研发的"新活素"（注射用重组人脑利钠肽）是我国首个治疗急性心衰的基因工 程一类新药，填补了国内该领域生物制品空白；独家藏药"诺迪康胶囊"入选国家基药目录、医保目录，成为藏药 现代化的标志性产品；以1.9亿美元从阿斯利康收购的"依姆多"（单硝酸异山梨酯缓释片），作为治疗冠心病的国 际一线药物，进一步完善了公司心脑血管药物矩阵。 2025年，西藏药业加码创 ...

Core Insights - Tibet Pharmaceutical has evolved from its establishment in 1999 to a modern pharmaceutical company integrating R&D, production, and sales, contributing significantly to the modernization of ethnic medicine and rural revitalization [1][2] - The company reported a revenue of 16.51 billion yuan and a net profit of 5.43 billion yuan for the first half of 2025, with a total revenue of 28.07 billion yuan and a net profit of 10.51 billion yuan in 2024, marking a year-on-year growth of 31.26% [1][2] - Tibet Pharmaceutical is recognized as a pioneer in the modernization of Tibetan medicine, with a focus on cardiovascular treatments and a global marketing network spanning over 40 countries [2] Company Development - Since its inception, Tibet Pharmaceutical has established a comprehensive management platform covering R&D, production, and marketing, with nine subsidiaries and a focus on modern Tibetan medicine, biopharmaceuticals, and innovative chemical drugs [2] - The company has achieved several industry firsts, including the development of "New Active Substance," the first gene-engineered drug for acute heart failure in China, and the inclusion of its unique Tibetan medicine "Nodikon Capsule" in national essential drug and medical insurance directories [2] Social Responsibility - Tibet Pharmaceutical has contributed significantly to local development, with a total tax contribution of 28.99 billion yuan since its listing, of which 26.08 billion yuan was paid in Tibet, accounting for 89.96% of the total [2] - The company actively supports rural revitalization through initiatives that combine industry, livelihood, and culture, including the artificial cultivation of Tibetan medicinal materials to enhance local farmers' income while protecting the fragile ecosystem [3] - Employment support initiatives include partnerships with educational institutions and training programs for Tibetan students, fostering local talent and promoting community development [3]

Core Viewpoint - The report highlights the financial performance of Tibet Rhodiola Pharmaceutical Holding Co., Ltd. for the first half of 2025, indicating a slight increase in revenue but a decline in net profit, primarily due to reduced government subsidies [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 1.65 billion RMB, representing a 2.23% increase compared to the same period last year [2][6]. - The total profit for the period was approximately 637.32 million RMB, which is an 8.41% decrease from the previous year [2][6]. - The net profit attributable to shareholders was approximately 567.32 million RMB, reflecting an 8.96% decline year-on-year [2][6]. - The net cash flow from operating activities was approximately 600.22 million RMB, showing a slight increase of 0.93% compared to the previous year [2][12]. Key Financial Indicators - Basic earnings per share decreased to 1.76 RMB, down 8.81% from 1.93 RMB in the previous year [2][6]. - The weighted average return on equity dropped to 14.01%, a decrease of 3.31 percentage points from the previous year [2][6]. - The company's net assets increased by 6.21% to approximately 4.16 billion RMB compared to the end of the previous year [2][6]. Business Overview - The company operates in the pharmaceutical manufacturing industry, producing various forms of medication including capsules, biological agents, and granules, with a focus on cardiovascular, liver, and pain relief treatments [3][4]. - Key products include Xinhuasuan (新活素), Yimuduo (依姆多), and Nuodikan (诺迪康), which target various health conditions [3][4]. Industry Context - The pharmaceutical industry is significantly influenced by national policies, with recent reforms aimed at enhancing innovation and market expansion [4][5]. - The company is recognized as the first high-tech pharmaceutical listed enterprise in Tibet and has established itself as a modern pharmaceutical entity with multiple production bases [4][5]. Strategic Initiatives - The company is focusing on enhancing its product promotion, particularly for core products like Nuodikan and Xueshan Jinluohan pain relief plaster, through academic marketing and expanding hospital coverage [4][8]. - There is an ongoing effort to improve research and development capabilities, with increased investment in R&D by 78.36% compared to the previous year [2][11]. Market Position - The company has been awarded multiple honors, including recognition as a key agricultural industrialization enterprise and ranking in the top lists for innovation in pharmaceuticals [5][6]. - The company is actively pursuing international market opportunities and enhancing its digital management capabilities to improve operational efficiency [8][9].