证券代码：600535 证券简称：天士力 编号：临 2025-014 号 天士力医药集团股份有限公司 关于控股股东及其一致行动人签署《股份转让协议之补充协议》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、基本情况概述 天士力医药集团股份有限公司（以下简称"天士力""公司"）于 2024 年 8 月 5 日披露了《天士力关于控股股东及其一致行动人签署<股份转让协议>暨控制权变更 的提示性公告》（公告编号：临 2024-030 号），公司控股股东天士力生物医药产业集 团有限公司（以下简称"天士力集团"）及其一致行动人与华润三九医药股份有限公 司（以下简称"华润三九"）签订了《股份转让协议》，天士力集团及其一致行动人 向华润三九合计转让其所持有的天士力 418,306,002 股股份，占公司总股本的 28%。 此外，天士力集团同意，天士力集团应出具书面承诺，承诺在转让给华润三九的股份 登记日后放弃其所持有的天士力 5%股份所对应的表决权等方式，使其控制的表决权 比例不超过 12.5008%。上述权益变动完成后，公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Views - The company reported a slight decline in revenue for 2024, achieving 8.498 billion yuan, a year-on-year decrease of 2.03%, and a net profit of 956 million yuan, down 10.78% year-on-year. The decline is attributed to challenges in the pharmaceutical commercial sector, but improvements are expected in 2025 due to the normalization of product shipments and synergies with China Resources Sanjiu [7][8]. - The company is advancing its innovation and research capabilities, with a pipeline of 98 products under development, including 33 innovative drugs. The acquisition by China Resources Sanjiu is anticipated to enhance the company's competitive edge and innovation capabilities [7][8]. Financial Summary - Revenue and Profit Forecasts: - 2024: Revenue of 8.498 billion yuan, net profit of 956 million yuan - 2025E: Revenue of 8.994 billion yuan, net profit of 1.099 billion yuan (up 14.97%) - 2026E: Revenue of 9.959 billion yuan, net profit of 1.336 billion yuan (up 21.61%) - 2027E: Revenue of 10.945 billion yuan, net profit of 1.561 billion yuan (up 16.85%) [3][8]. - Earnings Per Share (EPS) Forecasts: - 2024: 0.64 yuan - 2025E: 0.74 yuan - 2026E: 0.89 yuan - 2027E: 1.04 yuan [3][8]. Operational Insights - The pharmaceutical industrial segment achieved revenue of 7.574 billion yuan, a year-on-year increase of 2.06%, while the pharmaceutical commercial segment saw a significant decline of 26.39% [7][8]. - The company’s gross margin for 2024 is projected at 67.14%, with a net profit margin of 10.11% [8]. Strategic Developments - The acquisition by China Resources Sanjiu has received approval from the State-owned Assets Supervision and Administration Commission, which is expected to enhance the company's management, marketing, and policy resources, thereby improving its competitive position [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][17] Core Views - The company achieved a revenue of 8.498 billion yuan in 2024, a year-on-year decrease of 2.03%, with a net profit attributable to shareholders of 956 million yuan, down 10.78% [5] - The company maintains a strong position in innovative research and development, particularly in traditional Chinese medicine, and anticipates growth potential from collaboration with China Resources Sanjiu [5][7] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.183 billion yuan, 1.306 billion yuan, and 1.455 billion yuan respectively, with corresponding EPS of 0.79, 0.87, and 0.97 yuan per share [5][9] Financial Performance Summary - In 2024, the company's gross margin was 67.14%, an increase of 0.35 percentage points, while the net margin was 10.11%, a decrease of 1.61 percentage points [5][9] - The revenue from the cardiovascular segment was 5.593 billion yuan, up 4.23%, while the oncology segment revenue increased by 19.91% to 227 million yuan [6] - The company has a total market capitalization of 21.752 billion yuan and a circulating market capitalization of 21.752 billion yuan [1] Research and Development Progress - The company is advancing its innovative traditional Chinese medicine research, with three products in the production application stage and 17 products in clinical II and III phases [7] - The company is expanding its biopharmaceuticals, with a focus on acute ischemic stroke treatment [7] Valuation Metrics - The current stock price is 14.56 yuan, with a projected P/E ratio of 18.4 for 2025, 16.7 for 2026, and 15.0 for 2027 [1][9]

Investment Rating - The investment rating for Tian Shi Li (600535.SH) is maintained at "Buy" [1][5][17] Core Views - The company achieved a revenue of 8.498 billion yuan in 2024, a decrease of 2.03% year-on-year, with a net profit attributable to shareholders of 956 million yuan, down 10.78% year-on-year [5] - The company is expected to see a gradual recovery in revenue and profit, with projected net profits of 1.183 billion yuan, 1.306 billion yuan, and 1.455 billion yuan for 2025, 2026, and 2027 respectively [5] - The company maintains a strong position in traditional Chinese medicine research and development, with ongoing innovation in its product pipeline [7] Financial Summary - Revenue for 2024 is projected at 84.98 billion yuan, with a gross margin of 67.14% and a net margin of 10.11% [5][9] - The company’s earnings per share (EPS) are forecasted to be 0.79 yuan, 0.87 yuan, and 0.97 yuan for 2025, 2026, and 2027 respectively [5][9] - The price-to-earnings (P/E) ratio is expected to be 18.4, 16.7, and 15.0 for the years 2025, 2026, and 2027 respectively [5][9] Product Performance - Cardiovascular products generated revenue of 5.593 billion yuan, an increase of 4.23%, while oncology products saw a revenue increase of 19.91% to 227 million yuan [6] - The company is advancing its innovative traditional Chinese medicine products, with several in the clinical trial stages [7] Research and Development - The company is actively pursuing innovation in traditional Chinese medicine, with three products in the production application stage and 17 products in clinical II and III phases [7] - The expansion of indications for its biological drugs is also underway, indicating a robust pipeline for future growth [7]

Investment Rating - The report assigns a "Buy" rating for Tian Shi Li (600535) based on its stable core assets and growth potential in the pharmaceutical industry [1]. Core Views - The company has shown stable performance despite a slight decline in revenue and net profit in 2024, with total revenue at 8.498 billion yuan, down 2.03% year-on-year, and net profit at 956 million yuan, down 10.78% year-on-year [1][3]. - The pharmaceutical industrial segment achieved revenue of 7.574 billion yuan, a year-on-year increase of 2.06%, while the pharmaceutical commercial segment saw a significant decline of 26.39% to 895 million yuan [3]. - The company is entering a harvest period for its R&D pipeline, with 98 products under development, including 33 innovative drugs, and several products expected to receive regulatory approval in 2025 [6]. Summary by Sections Financial Performance - In 2024, Tian Shi Li reported total revenue of 8.498 billion yuan, with a year-on-year decline of 2.03%. The net profit attributable to shareholders was 956 million yuan, down 10.78% [1][5]. - The gross profit margin for 2024 was 67.1%, slightly up from 66.8% in 2023, indicating stable profitability [5]. - The company’s operating cash flow decreased by 21.78% to 2.015 billion yuan in 2024 [1]. Business Segments - The pharmaceutical industrial segment generated 7.574 billion yuan in revenue, with growth in traditional Chinese medicine and chemical preparations, while the pharmaceutical commercial segment faced a decline [3]. - Key products such as Compound Danshen Dripping Pills and Yangxue Qingnao Granules showed strong sales growth, indicating resilience in core offerings [3]. R&D and Future Outlook - The company has a robust R&D pipeline with 98 products, including 27 in clinical trials and 2 in the production application stage [6]. - Expected product approvals in 2025 include several innovative drugs, which are anticipated to enhance revenue growth [6]. - The report forecasts revenue growth to 9.051 billion yuan in 2025, with net profit projected to reach 1.186 billion yuan, reflecting a recovery trajectory [5][6].

Investment Rating - The report assigns a "Buy" rating for Tian Shili (600535) based on its stable core assets and growth potential in the pharmaceutical industry [3]. Core Insights - The company reported a revenue of 8.498 billion yuan in 2024, a decrease of 2.03% year-on-year, and a net profit attributable to shareholders of 956 million yuan, down 10.78% year-on-year [3][6]. - Despite the decline in overall revenue, the pharmaceutical manufacturing segment achieved a revenue of 7.574 billion yuan, growing by 2.06% year-on-year, indicating resilience in core operations [3][6]. - The company is entering a harvest period for its R&D pipeline, with 98 products under development, including 33 innovative drugs, which positions it as a leading innovative modern Chinese medicine enterprise [6]. Financial Performance Summary - In 2024, the company faced a significant asset impairment loss of 231 million yuan, primarily due to the underperformance of the Amimodipine project, which led to a full impairment provision of 163 million yuan [3][6]. - The forecast for 2025-2027 indicates expected revenues of 9.051 billion yuan, 9.739 billion yuan, and 10.521 billion yuan, respectively, with net profits projected at 1.186 billion yuan, 1.308 billion yuan, and 1.447 billion yuan [5][6]. - The gross profit margin is expected to remain stable, with a slight increase from 67.1% in 2024 to 67.5% in 2027 [5][6]. Business Segment Analysis - The pharmaceutical manufacturing segment's revenue breakdown shows that traditional Chinese medicine generated 6.024 billion yuan, growing by 0.88%, while chemical preparations saw an 8.62% increase to 1.307 billion yuan [3][6]. - The cardiovascular segment achieved a revenue of 5.593 billion yuan, up 4.23%, while the oncology segment grew by 19.91% to 228 million yuan [3][6]. R&D Pipeline and Future Outlook - The company is focusing on accelerating the registration of six key products in 2025, including traditional Chinese medicine formulations and innovative drugs [6]. - The collaboration with China Resources Sanjiu is expected to enhance the company's development prospects and operational efficiency [3][6].

本报告依据中国资产评估准则编制 天士力医药集团股份有限公司 拟受让所涉及的天士力生物医药产业集团有限公司 拥有的位于天津市北辰区普济河东道 2 号 科研办公房地产市场价值 资产评估报告 信资评报字(2024)第 090052 号 元信 上海立信资产评估有限公司 2024 年 8月9日 ASEA)立信 目 录 | 声 明 | | --- | | 摘 要 | | 正文 . | | 一、委托人、产权持有单位和其他资产评估报告使用人概况 . | | 二、评估目的 . | | 三、评估对象和评估范围 | | 四、价值类型 . | | 五、评估基准日 | | 六、评估依据 . | | 七、评估方法 . | | 八、评估程序实施过程和情况 . | | 九、 评估假设 ………………………………………………………………………………………………………… - 23 - | | 十、评估结论 ……………………………………………………………………………………………………… - 24 - | | 十一、特别事项说明 | | 十二、资产评估报告使用限制说明 | | 十三、资产评估报告日 . | | 附 件 | 1x4 立信 天津市北辰区普 ...

目 录 | 一、审计报告……………………………………………………… 第 1—5 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 6—13 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 6 页 | | （二）母公司资产负债表………………………………………… | 第 | 7 页 | | （三）合并利润表………………………………………………… | 第 | 8 页 | | （四）母公司利润表……………………………………………… | 第 | 9 页 | | （五）合并现金流量表……………………………………………第 | | 10 页 | | （六）母公司现金流量表…………………………………………第 | | 11 页 | | （七）合并所有者权益变动表……………………………………第 | | 12 页 | | （八）母公司所有者权益变动表…………………………………第 | | 13 页 | 天士力医药集团股份有限公司全体股东： 一、审计意见 我们审计了天士力医药集团股份有限公司（以下简称天士力公司）财务报表， 包括 ...

一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是天士 力公司董事会的责任。 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕192 号 天士力医药集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了天士力医药集团股份有限公司（以下简称天士力公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 我们认为，天士力公司于 2024 年 12 月 31 日按照《企业内部控制基本规范》 第 1 页 共 2 页 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 中国·杭州 中国注册会计师： 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来 ...

本报告依据中国资产评估准则编制 天士力医药集团股份有限公司拟向天士 力生物医药产业集团有限公司转让所持 有的天津市北辰区淮河道 9 号部分非居 住房地产市场价值项目 资产评估报告 中企华评报字(2024)第 6676 号 (共一册,第一册) 北京中企华 赛产评估有限责任公司 可以在- E 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1211020110120201202500026 | | | --- | --- | --- | | 合同编号: | PG20241264279000 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中企华评报字(2024)第6676号 | | | 报告名称: | 天士力医药集团股份有限公司拟向天士力生物医药产业集团有限 公司转让所持有的天津市北辰 区淮河道 9 号部分非居住房地产 市场价值项目 | | | 评估结论: | 59,758,440.00元 | | | 评估报告日: | 2024年12月16日 | | | 评估机构名称: | 北京中企华资产评估有限责任公司 | | | 签名人员: | 高桂金 (资产评估师) 正式会 ...