Core Insights - Cardiovascular diseases are a significant public health issue in China, impacting the health and safety of the population, necessitating robust prevention and treatment efforts [1] - The "Heart Power: Rewalking the Long March" grassroots cardiovascular disease prevention project has successfully conducted activities across 17 provinces since its launch in 2024, engaging over 140,000 healthcare professionals and providing health services to more than 3,500 individuals [1] Group 1 - The project aims to empower grassroots healthcare through a collaborative approach between traditional Chinese and Western medicine, focusing on safeguarding public heart and brain health [1] - The project has been recognized for its achievements during a summary conference, where experts were awarded for their contributions and a new project plan for 2026 was announced, emphasizing resource integration and innovative models [2] Group 2 - During the event, medical experts from top hospitals conducted multidisciplinary consultations and teaching rounds, offering personalized health assessments and enhancing local medical staff's clinical skills through hands-on training [5] - The conference featured academic exchanges on topics such as hypertension and coronary intervention, fostering deep discussions among experts and local healthcare providers to share best practices [5] Group 3 - The project will continue to integrate resources from healthcare, industry, and academia to enhance grassroots medical service capabilities, contributing to a comprehensive prevention system for cardiovascular diseases [7] - The initiative embodies the spirit of the Long March, focusing on community welfare and addressing health challenges, aligning with the Healthy China strategy that prioritizes grassroots healthcare [7]

Investment Rating - The report maintains a rating of "Buy" for the pharmaceutical and biotechnology sector, with a focus on specific companies such as Innovent Biologics, Efang Biologics, and Mindray Medical [4][27]. Core Insights - The report emphasizes the investment opportunities in the "One Old, One Young" sectors, particularly in reproductive assistance, pediatric drugs and vaccines, maternal and infant health monitoring, and aging-related consumer healthcare [2][24]. - It highlights the importance of clinical value in the pharmaceutical sector, suggesting that future investments should focus on innovative drug chains and high-end medical devices [3][25]. - The report notes that the domestic pharmaceutical sector is experiencing a valuation recovery, driven by supportive policies and increasing global competitiveness [26]. Summary by Sections Market Review - The A-share pharmaceutical index fell by 1.04%, underperforming the CSI 300 index by 0.96 percentage points and the ChiNext index by 2.52 percentage points, ranking 17th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index decreased by 2.26%, lagging behind the Hang Seng Index by 0.97 percentage points [1][15]. R&D Progress - Recent developments include IND applications from Haisimengnuo and clinical trial advancements for various drugs from companies like Hengrui Medicine and Anke Biotechnology [29][30]. Key Companies and Valuation - The report provides a detailed earnings forecast and valuation table for key companies, indicating a positive outlook for companies like WuXi AppTec and Mindray Medical, with projected PE ratios decreasing over the next few years [4][27]. Policy and Industry Resonance - The report discusses the eight key tasks for medical insurance in 2026, focusing on improving coverage for flexible employment and enhancing maternal healthcare services, which are expected to boost the birth rate and the rehabilitation medical device industry [2][20][24]. Investment Strategy - The report suggests a three-stage investment strategy based on clinical value, recommending investments in innovative drugs and high-value medical devices, with a focus on companies that are expanding internationally [3][25][26].

Core Viewpoint - The company announced the decisions made during the 16th meeting of the 9th Board of Directors, including the cancellation of the supervisory board and amendments to the Articles of Association, which will be submitted for approval at the upcoming extraordinary general meeting of shareholders [1][37]. Group 1: Board Meeting Resolutions - The 16th meeting of the 9th Board of Directors was held on December 9, 2025, with all 15 directors present, and all resolutions were passed unanimously [1][2]. - The proposal to cancel the supervisory board and amend the Articles of Association was approved, which aims to enhance the company's governance structure and operational efficiency [1][37]. - The proposal to revise and establish certain corporate governance systems was also approved, with specific sub-proposals requiring further review at the upcoming extraordinary general meeting [3][4]. Group 2: Related Party Transactions - The board approved the expected daily operational related party transactions for 2026, which will also be submitted for shareholder approval [5][11]. - Two sub-proposals regarding related party transactions with China Resources Group and Tasly Biopharmaceutical Industry Group were presented, with voting results showing unanimous support from non-related directors [6][7][14]. - The company emphasized that these transactions are essential for its operations and will not adversely affect its independence or the interests of minority shareholders [12][19]. Group 3: Change of Auditor - A proposal to change the auditing firm was approved by the audit committee and will be submitted for shareholder approval [8][9]. Group 4: Extraordinary General Meeting - The extraordinary general meeting of shareholders is scheduled for December 26, 2025, with both on-site and online voting options available [21][22]. - The meeting will address several key proposals, including those related to the cancellation of the supervisory board and the expected related party transactions [24][26].

Core Viewpoint - Tianjin Tasly Pharmaceutical Group Co., Ltd. announced the appointment of KPMG Huazhen LLP as its auditor for the fiscal year 2025, following discussions with the previous auditor, Tianjian Certified Public Accountants LLP, which had no objections to the change [1] Group 1 - The company is undergoing a change in its auditing firm to better align with its operational development and auditing needs [1] - KPMG Huazhen LLP will be responsible for auditing the company's financial statements and internal controls for the year 2025 [1] - The transition was communicated with the former auditor, Tianjian Certified Public Accountants LLP, who agreed to the change without any objections [1]

Group 1 - The core point of the article is the resignation of Mr. Xi Kai, the Deputy General Manager of Tian Shi Li, due to work adjustments, while he will continue to serve as an employee director [1] - For the fiscal year 2024, Tian Shi Li's revenue composition is as follows: Traditional Chinese Medicine accounts for 70.89%, Chemical Preparations 15.38%, Pharmaceutical Commerce 10.53%, Biological Drugs 2.25%, and Chemical Raw Materials 0.61% [1] - As of the report date, Tian Shi Li has a market capitalization of 22.7 billion yuan [1] Group 2 - The article also highlights a significant issue in the pharmaceutical industry regarding the abuse of Pregabalin, marking the first reported case of addiction in China, raising concerns about the accessibility of prescription drugs without proper medical records [1]

天士力医药集团股份有限公司 内部审计制度 第一章 总则 （二）坚持依法依规审计、客观公正。始终以国家法律和上级单位制度为准绳 履行审计监督职责。坚持原则、恪尽职守、勤勉尽责，查真相、说真话、报实情。 落实"三个区分开来"重要要求，客观审慎地进行审计评价。 （三）坚持改革创新。与时俱进，推进审计理念、思路、方法、制度、机制创 新。坚持以改革视角发现问题，以改革思路推动解决问题。坚持揭示问题与推动解 决问题相统一，促进改革一体推进。 1 （四）坚持系统观念。强化天士力总部统筹管理作用，立足审计工作一盘棋， 强化天士力党组织对审计工作的统筹协调、整体推进、督促落实，强化审计工作前 瞻性、整体性和协同性，持续增强政治意识，围绕"国之大者"谋划和开展审计工 作。 第一条 为规范天士力医药集团股份有限公司（以下简称"天士力"、"本公司" 或"公司"）内部审计工作，遵循相关法律法规，深入贯彻落实中央重大决策部署、 国家政策措施和国资监管要求，实施天士力战略规划，遵守天士力规章制度，不断 规范经营行为、防范和降低经营风险、提升经营效率和效果，实现高质量发展，根 据《中华人民共和国审计法》《审计署关于内部审计工作的规定》《关于 ...

天士力医药集团股份有限公司 重大信息内部报告及保密制度 第一章 总则 第一条 为加强天士力医药集团股份有限公司（以下简称"公司"、"本公司"） 的重大信息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理， 真实、准确、完整、及时、公平地进行信息披露，维护投资者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上 海证券交易所股票上市规则》及其他有关法律、法规、规范性文件的规定，结合 本公司《公司章程》和本公司的实际情况，制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生可能对本公 司股票及其衍生品种交易价格产生较大影响的情形或事件时，按照本制度规定负 有报告义务的有关人员、部门和单位，应及时将有关信息向公司董事长和董事会秘 书（或公司证券部）报告的制度。 第三条 本制度所称"信息报告义务人"包括： （一）公司实际控制人、控股股东、持有公司5%以上股份的其他股东； （二）公司董事、高级管理人员、各部门负责人； （三）公司各级控股子公司的董事、高级管理人员、财务负责人； （四）公司分支机构及附属企业的负责人； （五）公司派驻参股公司的 ...

对外捐赠管理制度 第一章 总则 第一条 为推动天士力医药集团股份有限公司（以下简称"天士力"或"公司"） 积极履行社会责任，规范对外捐赠行为，进一步加强对外捐赠事项管理，根据《中 华人民共和国公益事业捐赠法》、《公司法》、国务院国资委《关于加强中央企业 对外捐赠管理有关事项的通知》等法律、法规及规范性文件，特制定本制度。 第二条 本制度适用于天士力及公司控股子公司。 第三条 本制度所称"对外捐赠"，是指公司自愿无偿将其有权处分的合法财产 赠送给合法的受赠人，用于与生产经营活动没有直接关系的公益事业的行为。 天士力医药集团股份有限公司 第四条 天士力及公司控股子公司开展对外捐赠活动应当遵循以下原则： （一）一致性原则。公司开展对外捐赠是企业履行社会责任的重要组成部分， 是对企业品牌建设、无形资产培育的长期投资，要结合公司发展战略，紧密围绕企 业文化，确保与企业的战略目标相一致。 （二）自愿无偿原则。公司对外捐赠后，不得要求受赠方在融资、市场准入、 行政许可、占有其他资源等方面创造便利条件。 （三）权责清晰原则。公司经营者或者其他职工不得将公司拥有的财产以个人 名义对外捐赠，公司对外捐赠有权要求受赠人落实自己正当 ...

天士力医药集团股份有限公司 董事和高级管理人员持有及买卖本公司股份的专项管理制度 第一章 总则 第一条 为加强对天士力医药集团股份有限公司（以下简称"公司"或"本公司"） 董事和高级管理人员所持本公司股份及其变动的管理，进一步明确办理程序，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司董事和高级管理人 员所持本公司股份及其变动管理规则》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第8号——股份变动管理》等法律、法规、规范性文件以 及《公司章程》的有关规定，结合公司的实际情况，特制定本制度。 第五条 公司董事和高级管理人员在买卖本公司股票及其衍生品种前，应知悉《公 司法》《证券法》等法律、法规关于内幕交易、操纵市场、短线交易等禁止行为的规 定，不得进行违法违规的交易。 第二章 一般原则和规定 第六条 公司董事、高级管理人员在买卖本公司股份及其衍生品种前，应当将其买 卖计划以书面方式通知董事会秘书，董事会秘书应当核查公司信息披露及重大事项等 进展情况，该买卖行为可能违反法律法规、本所相关规定和公司章程的，董事会秘书 应当及时书面通知相关董事、高级管理人员。 第七条 公司董 ...

第一章 总 则 天士力医药集团股份有限公司 年报信息披露重大差错责任追究制度 第一条 为了进一步提高天士力医药集团股份有限公司（以下简称"公司"） 规范运作水平，加大对年报信息披露责任人的问责力度，提高年报信息披露的 质量和透明度，增强年报信息披露的真实性、准确性、完整性和及时性，根据 《中华人民共和国证券法》《中华人民共和国会计法》《上市公司信息披露管 理办法》《上市公司治理准则》和《上海证券交易所股票上市规则》等法律、 法规、规范性文件及《天士力医药集团股份有限公司章程》（以下简称《公司 章程》）等有关规定，结合公司的实际情况，特制定本制度。 第二条 公司有关人员应当严格执行《企业会计准则》及相关规定，严格遵 守公司与财务报告相关的内部控制制度，确保财务报告真实、公允地反映公司 的财务状况、经营成果和现金流量。公司有关人员不得干扰、阻碍审计机构及 相关注册会计师独立、客观地进行年报审计工作。 第三条 公司董事、高级管理人员、各子公司负责人以及与年报信息披露相 关的其他人员在年报信息披露工作中违反国家有关法律、法规、规范性文件以 及公司规章制度，未勤勉尽责或者不履行职责，导致年报信息披露发生重大差 错，应当 ...