Core Viewpoint - The company is focusing on both endogenous growth and external expansion to achieve sustainable development, leveraging its core product and exploring innovative drug frontiers through strategic investments [1][5]. Internal Growth - The company has established a comprehensive industrial layout covering Tibet, Sichuan, Shanghai, and overseas markets over the past two decades [6]. - Its product range includes biopharmaceuticals, Tibetan medicine, traditional Chinese medicine, and chemical drugs, with key products addressing cardiovascular, liver, and respiratory issues [6]. - The core product, Xinhuasuan, is a self-developed national biological product for treating acute heart failure, which has maintained stable sales revenue [6]. - The company plans to invest several million yuan in evidence-based medical exploratory research for Xinhuasuan to expand its application scenarios and enhance academic promotion [6]. - Xinhuasuan has reached nearly 7,000 medical institutions, with plans to strengthen partnerships with commercial companies to further expand its coverage [6][7]. External Expansion - The company is investing in the cutting-edge field of gene editing, having invested $60 million in Accuredit Therapeutics Limited, acquiring a 40.82% stake [8][9]. - Accuredit focuses on developing in vivo gene editing technologies and products, aiming to provide innovative treatment solutions with cost advantages [9]. - The company also invested $30 million in Jiangsu Chentai Pharmaceutical Technology Co., acquiring a 13.04% stake, with Chentai's Zorifertinib being a significant product for advanced non-small cell lung cancer [10]. Future Strategy - The company aims to enhance its innovation platform to support cutting-edge innovation and increase its product pipeline, focusing on both internal and external growth strategies [11]. - Future efforts will include increasing R&D investment and project introduction, driven by new media marketing and innovative drug development to improve profitability and sustainable growth [11].

◎记者 孙小程 西藏药业一度让不少同行艳羡——大单品新活素经久不衰，支撑其业绩常年保持稳定。 但硬币的另一面，显然是单一产品依赖度过高的风险，这是始终悬在西藏药业头顶的现实考题。 西藏药业生产线 西藏药业厂区 居安常思危，如何摆脱"单腿走路"的局面？ 近日，上海证券报记者走进西藏药业，探寻其在新时期的转型密码。西藏药业董事长陈达彬将其总结 为：内源性增长与外延式扩张并重。对内拓展新活素的市场覆盖率，深挖藏药资源护城河；对外通过投 资基因编辑企业，持续探索创新药前沿领域。"内外"兼修，让谋求可持续发展的西藏药业迈向更广阔的 增长空间。 守正于"内" 夯实发展根基 从雪域高原出发，西藏药业在二十余年的时间里，逐步构建起覆盖西藏、四川、上海及海外市场的产业 版图。 目前，西藏药业产品涵盖生物制药、藏药、中药和化学药领域，主要产品涉及心脑血管、肝胆、扭挫伤 及风湿、类风湿、感冒等，代表品种有新活素、依姆多、诺迪康、十味蒂达胶囊、雪山金罗汉止痛涂膜 剂、小儿双清颗粒等。 其中，新活素是西藏药业拥有自主研发的国家生物制品一类新药，是治疗急性心衰的基因工程药物。新 活素能快速改善心衰患者的心衰症状和体征，提高患者的生存质量 ...

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].