In the first half of 2026, the domestic pharmaceutical industry is in the throes of policy transformation, with profits of manufacturing enterprises above designated size declining synchronously and market differentiation accelerating. In the context of this industry, after integrating into the China Resources state-owned enterprise system, Tianshi Li (600535) has made substantial breakthroughs in four major areas: new drug research and development, international chemical technology certification, access to basic drug catalogs, and central enterprise industry collaboration. The innovation pipeline continues to be implemented to realize value, and the internal management efficiency is synchronously optimized. On the evening of July 14th, Tasly released its semi annual performance report, with multiple profit indicators achieving year-on-year positive growth, demonstrating full development potential.

Accelerate the promotion of innovative research and development

Tianzhili's original innovative traditional Chinese medicine, Zao Renning Xin Drop Pills, was successfully approved for market in the first half of the year. It is the first domestically approved Class 1.1 innovative traditional Chinese medicine drug this year. The layout demand of this product continues to rise in the insomnia track, and the market development potential is sufficient. According to a research report by CITIC Securities, there is considerable market potential for Zaoren Ningxin Dripping Pills to increase in volume in the future, and it is expected to grow into a new core single product of the company, continuously contributing to performance growth.

The company's core biopharmaceutical, Puyouke (recombinant human urokinase for injection), has been successfully included in the American Heart Association/American Stroke Association (AHA/ASA) 2026 guidelines for the diagnosis and treatment of acute ischemic stroke based on complete and detailed clinical research data. It is also the first domestically produced Class I thrombolytic drug recognized by this international authoritative guideline. This breakthrough directly confirms that the company's biopharmaceutical research and development strength and clinical value have been fully certified by the world's top academic system.

The company has laid out the forefront of cell and gene therapy in advance, building multiple clinical pipelines with differentiated advantages. Currently, three CGT drugs have entered phase I clinical trials. At present, domestic policies continue to increase support for advanced treatment industries, and Tianshi Li looks forward to the industry trend and accelerates its transformation into an innovative biopharmaceutical enterprise. Dongwu Securities' research report evaluation shows that the company's CGT research and development continues to make breakthrough progress, and cutting-edge technology pipelines such as small nucleic acid and dual antibody are being developed synchronously and orderly. The continuous improvement of the innovative research and development system will lay a solid core support for the company's strategic goal of doubling revenue and profits in the industrial sector during the 15th Five Year Plan period.

The 2026 version of the National Essential Medicines List has recently been officially launched. Tianshi Li has added 10 new products, including 2 exclusive varieties of traditional Chinese medicine (Shaoma Zhijing Granules, Jinghua Weikang Capsules) and 8 chemical drugs (Youzopiclone, temozolomide, etc.), covering multiple core diagnostic and treatment fields such as pediatrics, psychiatry, digestion, and oncology. The company has established a diversified and multi departmental coverage of basic drug products, continuously expanding grassroots market channels, and opening up stable incremental space for the company's medium - and long-term development.

Steady improvement in business quality and efficiency

According to industry data released by the National Bureau of Statistics, the cumulative industry profit of the pharmaceutical manufacturing industry above designated size in China from January to May 2026 was 129.05 billion yuan, a year-on-year decrease of 1.3%. The overall industry is affected by medical insurance cost control and outpatient coordination policies, and the business prosperity is relatively weak.

Against the backdrop of a slight decline in the industry's overall market, Tianshi Li has achieved differentiated growth through deep integration of the China Resources 39 system. After being integrated into the China Resources 39 Industry Platform, the channels, production capacity, and management resources of both parties are fully complementary, and the synergistic empowerment effect of the industry continues to be released.

Faced with the dual pressure of policy changes and market competition in the first half of the year, the company has systematically promoted various management work throughout the entire chain of research and development innovation, marketing, intelligent manufacturing, and operation management, optimized business layout, and achieved steady improvement in operational efficiency and quality.

According to the semi annual performance report, it is estimated that the company's net profit attributable to the parent company in the first half of the year will be 893 million yuan, a year-on-year increase of 15.23%; Deducting non recurring net profit of 871 million yuan, a year-on-year increase of 36.01%, with both core profit indicators recording positive growth. Supported by the continuous implementation of innovative pipelines, the release of basic drug policy dividends, and the synergistic advantages of central enterprises, the development of enterprises has maintained a steady upward trend.