Qizheng Tibetan Medicine: 2025 Annual Report Summary
Summary of the 2025 Annual Report of Tibet Qizheng Tibetan Medicine Co., Ltd.
Securities code: 002287 Securities abbreviation: Qizheng Tibetan Medicine Announcement number: 2026-015
Tibet Qizheng Tibetan Medicine Co., Ltd. 2025 Annual Report Summary
1. Important tips
The summary of this annual report comes from the full text of the annual report. In order to fully understand the company's operating results, financial status and future development plans, investors should go to the media designated by the China Securities Regulatory Commission to carefully read the full text of the annual report.
All directors have attended the board meeting where this report was considered.
Non-standard audit opinion tips
□Applicable Not applicable
The profit distribution plan for the reporting period or the plan for converting public reserve funds into share capital reviewed by the board of directors
Applicable □Not applicable
Whether to convert public reserve funds into share capital?
□Yes No
The company's profit distribution plan reviewed and approved by the board of directors is as follows: based on the total share capital of 572,118,203 shares on the day when the board of directors reviewed the profit distribution plan, excluding 5,239,895 shares in the repurchase account, which is 566,878,308 shares, a cash dividend of 4.10 yuan (tax included) will be distributed to all shareholders for every 10 shares, and 0 bonus shares (tax included) will be given. The reserve fund will not be converted into share capital.
Preferred stock profit distribution plan for the reporting period approved by the board of directors
□Applicable □Not applicable
2. Basic situation of the company
- Company profile
Stock abbreviation Qizheng Tibetan Medicine Stock Code 002287 Stock Exchange Shenzhen Stock Exchange
Contact person and contact information Secretary of the Board of Directors Name of securities affairs representative Feng Ping Chen Hongyan
9 Wangjing North Road, Chaoyang District, Beijing Office address 9, Wangjing North Road, Chaoyang District, Beijing
7th Floor, Block D, Yeqing Building No. 7th Floor, Block D, Yeqing Building Fax 010-84766081 010-84766081 Telephone 010-84766012 010-84766012 Email [email protected] [email protected]
- Introduction to main business or products during the reporting period
(1) Main business and main products
Summary of the 2025 Annual Report of Tibet Qizheng Tibetan Medicine Co., Ltd.
The company's main business is the research and development, production and sales of Tibetan medicines, including external analgesics and oral Tibetan medicines, traditional Chinese medicines, etc. The company is committed to exploring the modernization path of traditional Tibetan medicine through technological innovation, cultural inheritance and market integration, and creating an industrialization platform for innovative development and manufacturing of modern Tibetan medicine. The company continues to be guided by basic theoretical research on Tibetan medicine, focusing on advantageous treatment areas, using modern medical technology to conduct systematic evaluation and research on traditional Tibetan medicine, exploring treatment principles, expanding clinical application areas, and improving clinical value; at the same time, from the planting, processing and inheritance of Tibetan medicinal materials, to using leading domestic and foreign process technology and quality control indicators to solve technical problems in Tibetan medicine production, it improves the quality of medicines and ensures the safety and effectiveness of medicines for patients.
The company's current main products include a series of external products such as Xiaotong Patch, Qingpeng Ointment, Baimai Ointment, and Tiebangchui Analgesic Ointment, as well as oral Tibetan and traditional Chinese medicine products such as Honghua Ruyi Pills, Ruyi Zhenbao Tablets, Shiwei Gentianhua Capsules, Shiwei Gentianhua Granules, and Renqing Mangjue Capsules; the company currently has Xiaotong Patch, Baimai Ointment, etc. There are 141 drug approval numbers with 25 exclusive varieties including Pulse Ointment as the core, including 60 OTC varieties and 3 national secret technology (secret level) varieties. The products cover the musculoskeletal system, nervous system, respiratory system, digestive system, urinary system, cardiovascular and cerebrovascular, gynecology, pediatrics, dermatology and other fields.
Treatment Treatment Market Access Yes
Main Products Function Indications OTC/Prescription Drug Field Form Situation Exclusive
Promotes blood circulation and removes blood stasis, reduces swelling and relieves pain. Used for acute and chronic sprains, bruises and bruises
essential medicine, national
Xiaotong Patch Pain, bone hyperplasia, rheumatism and rheumatoid pain, stiff neck, shoulder circumference is OTC/prescription drug provider medical insurance
inflammation, lumbar muscle strain and old injuries.
Tibetan medicine: activates blood circulation and removes blood stasis, reduces inflammation and relieves pain. Used for gout, rheumatism, and similar
Caused by rheumatoid arthritis, thermal "gamba" and "yellow water" lesions
Joint swelling and pain, sprains and bruises, skin itching, and eczema.
Qingpeng Ointment Traditional Chinese Medicine: Promotes blood circulation and removes blood stasis, reduces swelling and relieves pain. For rheumatoid arthritis, National Medical Insurance No Prescription drug for external use Rheumatoid arthritis, osteoarthritis, gout, acute and chronic sprains
Bones
Joint and muscle swelling, pain and skin itching caused by injuries and frozen shoulder
muscles
Itching, eczema.
Relax your muscles and activate your muscles. Used for white vein disease, paralysis, hemiplegia, tendon ankylosis,
Baimai Ointment is a prescription drug prescribed by the National Medical Insurance for rupture of meridians and tendons, contracture of hands and feet, claudication, etc. caused by trauma.
Iron rod hammer relieves pain, dispels wind and removes dampness, activates blood circulation and relieves pain. Used for wind-cold-dampness, joint swelling and pain,
- It is OTC cream for bruises, sprains, neuralgia, etc.
It clears away heat, refreshes the brain and resuscitates the mind, relaxes the tendons and unblocks the meridians, dry yellow water, and is effective in treating white vein disease.
Orally administered Ruyi Zhenbao Tablets is a prescription drug with good efficacy under national medical insurance.
Dermatology External use Qingpeng ointment Same as above National medical insurance No Prescription medicine to clear away heat and resolve phlegm, relieve cough and asthma. Used for coughs caused by phlegm-heat blocking the lungs,
Ten Flavors of Gentian Flower: Wheezing, yellow phlegm, or combined with fever, runny nose, sore throat, thirst, and urination
Respiratory Oral National Medical Insurance Yes OTC/prescription drug capsule/granule Symptoms such as yellow and dry stool; acute tracheitis and chronic bronchitis
For those who see the above symptoms.
It can dispel wind, relieve pain, regulate menstrual blood, and remove freckles. Used for women with blood syndrome, rheumatism,
Vaginitis, cervical erosion, upset and blood deficiency, irregular menstruation, dysmenorrhea,
Honghua Ruyi Pills National Medical Insurance Yes Prescription medicine for lower limb joint pain, muscle and bone swelling, morning stiffness, numbness, cold pain in the lower abdomen
and cold-damp paralysis.
Oral for women and children
Xiaoer Chai Qin Qing clears away heat and detoxifies. Used for children with exogenous fever, sore throat, headache and cough
- It is an OTC granule solution for cough.
Benefits the lungs, reduces inflammation and relieves cough. Used for pneumonia and upper respiratory tract disease caused by influenza in children
Jiuwei Zhuhuang Powder - is a prescription medicine for respiratory tract infections, etc.
Clears away heat and detoxifies, nourishes the liver and stomach, improves eyesight and refreshes the mind, heals sores, nourishes and strengthens
Renqingmangjuejiao body. Used for various poisoning diseases such as natural poisons, food poisons, and prepared poisons;
National medical insurance is prescription medicine sachet "Bacon Wood Cloth", peptic ulcer, acute and chronic gastroenteritis, atrophy
Gastritis, ascites, leprosy, etc.
Digestive Oral
Six flavors can eliminate glue, widen the middle and regulate qi, moisten the intestines and relieve constipation. Suitable for epigastric distension and pain, anorexia, indigestion
National health insurance is OTC/prescription sachet poor and constipation.
It can promote choleretic effects and reduce jaundice, improve liver function and regulate immune function. for acute and chronic
Hepatitis B Jian Tablets - is a prescription drug
Hepatitis B and other hepatitis.
Summary of the 2025 Annual Report of Tibet Qizheng Tibetan Medicine Co., Ltd.
Rhodiola rosea orally
Replenishing qi and activating blood circulation. Used for altitude sickness and physical weakness. - Is a prescription drug for heart and brain fluid
Oral
Blood vessels: Replenish qi and nourish yin, activate blood circulation and remove blood stasis. Used for deficiency of Qi and Yin, blood stasis and blood stagnation
Xinnaoxin Capsules National Medical Insurance is an OTC/prescription drug that can cause dizziness, headache, palpitations, asthma, and fatigue.
(2) Industry structure and trends
Under the joint influence of policy guidance, deepening supervision, technological empowerment and market expansion, the traditional Chinese medicine industry is entering a new stage of high-quality development with "quality improvement and upgrading" as the core. The country continues to implement the "Outline of the Strategic Plan for the Development of Traditional Chinese Medicine (2016-2030)". In 2025, the "Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting the High-Quality Development of the Traditional Chinese Medicine Industry" issued by the General Office of the State Council has become a programmatic document, systematically promoting the standardization of the entire industry chain and the traceability of quality throughout the entire process, marking a shift in the focus of industry development to a precise implementation stage with "quality" and "industrial modernization" as the core. On January 30, 2026, eight departments including the Ministry of Industry and Information Technology jointly issued the "Implementation Plan for the High-Quality Development of the Traditional Chinese Medicine Industry (2026-2030)", which specifically deployed the "implementation of the revitalization action of the ethnic medicine industry" and proposed to vigorously explore ethnic medicine resources and sort out characteristic processing technologies. Standardize techniques, prescription compatibility and medication use, formulate quality standards in line with ethnic medicine theories, and improve the quality control system; accelerate the modernization and transformation of the ethnic medicine industry, focus on developing new products for advantageous diseases, cultivate famous ethnic medicines, support the planned development of major production areas, and introduce leading enterprises, technology and financial empowerment. The successive introduction of this series of policies has provided a clear direction and strong institutional support for the development of the ethnic medicine industry, including Tibetan medicine.
At the regulatory and payment levels, the reshaping of rules has created a new ecology of “high quality and good price” for the industry. The normalized supervision of the entire chain in the pharmaceutical field continues to deepen, forming a penetrating supervision situation. At the same time, the DRG/DIP payment method reform has achieved full coverage, and drug centralized procurement has steadily expanded. Together, they have forced the industry to strengthen cost control and quality improvement, and promoted the market's transformation from scale expansion to value competition.
Technology has become the core engine driving industrial modernization. Artificial intelligence has been deeply implemented in all scenarios such as R&D, clinical, and production. The construction of smart traditional Chinese medicine systems and big data platforms has been accelerated, jointly promoting the profound transformation of traditional Chinese medicine from a traditional experience model to a modern precision model.
Market demand shows a diversified and scenario-based expansion trend. The increase in national recognition has led to the continuous deepening of the application of traditional Chinese medicine in the fields of chronic disease management, "preventive treatment" and health conditioning, and has been fully integrated with the general health industry. Innovative products such as medicine and food have the same origin and continue to expand industry boundaries.
As a representative of ethnic medicine, Tibetan medicine has ushered in a strategic window for characteristic development. Its complete theoretical system and authentic concepts are in line with modern healthy consumption trends. Driven by the dual wheels of policy and technology, Tibetan medicine companies are realizing simultaneous improvements in cultural value and market value by discovering classic prescriptions, developing new dosage forms, deepening national layout and brand building, and leveraging the "Belt and Road" to accelerate the pace of internationalization.
Looking forward to 2026, the industry will continue to evolve under the pattern of "policy guidance, regulatory standards, technology drive, market expansion, and highlighted features". For the traditional Chinese medicine and ethnic medicine industry, seizing the opportunity of inheritance and innovation, adhering to the foundation of quality, and deepening technological empowerment are the keys to achieving breakthroughs in the wave of high-quality development.
The company's product, Xiaotong Patch, ranks first in the musculoskeletal system as a patent medicine for external use; the company ranks third overall in all channels of external analgesics; the company continues to rank first in the Tibetan medicine market, with a market share of more than 50% (data source: Minai.com 2025). In response to the competitive environment, the company will give full play to its advantages in ethnic medicine, increase academic and brand marketing efforts, strengthen medical research and the construction of evidence-based medical evidence, strengthen marketing capabilities in multiple aspects, and expand precision marketing on the Internet to consolidate its market position in the pain field.
(3) The company’s industry status
The company is one of the first batch of "innovative enterprises" in the country, a national high-tech enterprise, a key high-tech enterprise in the National Torch Plan, and a national technological innovation demonstration enterprise. The company was founded 30 years ago, with the mission of "inheriting wisdom and protecting life", relying on the health wisdom of traditional Tibetan medicine culture, insisting on using modern innovative technology to develop new Tibetan medicines, leading the upgrading of the traditional Tibetan medicine industry, and achieving the company's status as a leading modern Tibetan medicine enterprise.
Summary of the 2025 Annual Report of Tibet Qizheng Tibetan Medicine Co., Ltd.
The company has 24 wholly-owned and holding subsidiaries such as GMP pharmaceutical factories and GSP marketing companies. During the reporting period, at the 2025 Wuzhen Health Conference, the company was listed among the top 50 comprehensive statistics of China's over-the-counter drug companies in 2025, and ranked among the "Top 100 Comprehensive Competitiveness of the Pharmaceutical Industry in 2025 and the Top 50 Comprehensive Competitiveness of the Chinese Patent Medicine Industry in 2025" of the Western Conference, with a brand value of 3.37 billion yuan. At the "2025 PDI Pharmaceutical R&D Innovation Conference and China's Top 100 Drug R&D List Press Conference", it was ranked among the TOP50 of the "2025 China Traditional Chinese Medicine R&D Strength Ranking", ranking 26th.
The company has a national-level enterprise technology center and two national and local joint engineering laboratories for Tibetan medicine external preparations and Tibetan medicine solid preparations. It has successively become a key project implementation unit of the national "11th Five-Year Plan" science and technology support plan, a national "12th Five-Year Plan" major science and technology special project implementation unit, the national "13th Five-Year Plan" Ministry of Science and Technology's "Traditional Chinese Medicine Modernization Research" key special leading unit, and the national "14th Five-Year Plan" key research and development plan project implementation unit of the Ministry of Science and Technology. As of the end of the reporting period, the company had 141 drug approval numbers and 151 patented technologies, including 125 invention patents. As a modern inheritor of Tibetan medicine for thousands of years, the company uses multi-product management, multi-disciplinary coverage, and multi-echelon layout to give full play to the unique treatment advantages of Tibetan medicine in multiple fields and provide users with a full range of diagnosis and treatment solutions. In the skeletal and muscle field, the company has built an pain relief series product line with Xiaotong Patch, Baimai Ointment, Qingpeng Ointment, and Ruyi Zhenbao Tablets as the core, realizing the combination of "single product to multiple products" and "patch, ointment, and oral multi-dose products" to create an integrated diagnosis and treatment model for skeletal and muscle system analgesia. The company's core product, Xiaotong Patch, won the second prize of the National Science and Technology Progress Award and the Geneva International Invention Gold Medal. It is a national technical secret (secret level) variety. With its remarkable effects of promoting blood circulation and removing blood stasis, reducing swelling and relieving pain, it ranks at the forefront of the industry in terms of market share and single product sales scale. It ranks first in the skeletal and muscular system. The company ranks third in the overall channel of topical analgesics. The company continues to rank first in the Tibetan medicine market, with a market share of more than 50% (data source: Minai.com 2025).
The company actively carries out evidence-based medical research, selects indications, optimizes instructions, builds its own marketing team, and carries out academic marketing and brand marketing, so that traditional Tibetan medicines can go out of Tibetan areas and enter the mainstream market, mass medical institutions and retail pharmacies, and be recognized by consumers at home and abroad.
- Main accounting data and financial indicators
(1) Main accounting data and financial indicators in the past three years
Whether the company needs to retroactively adjust or restate previous years’ accounting data
□Yes No
Unit: Yuan
End of 2025 End of 2024 Increase or decrease at the end of this year compared with the end of the previous year Total assets at the end of 2023 6,916,267,759.81 6,790,420,367.07 1.85% 6,298,478,593.58 Net attributable to shareholders of listed companies
4,947,659,807.97 4,064,375,038.17 21.73% 3,720,328,772.46Assets
2025 2024 Increase or decrease this year compared with the previous year Operating income in 2023 2,416,012,277.20 2,337,969,652.39 3.34% 2,045,152,409.09 Net attributable to shareholders of listed companies
648,425,430.79 582,281,116.79 11.36% 581,198,850.19 Profit
Deductions attributable to shareholders of listed companies
480,163,167.33 425,808,626.27 12.77% 369,978,084.82Net profit except recurring gains and losses
cash flow from operating activities
729,702,695.28 456,751,292.92 59.76% 693,405,084.34 Net
Basic earnings per share (yuan/share) 1.1930 1.0981 8.64% 1.0972 Diluted earnings per share (yuan/share) 1.1930 1.0981 8.64% 1.0964 Weighted average return on equity 14.68% 15.07% -0.39% 17.15%
Summary of the 2025 Annual Report of Tibet Qizheng Tibetan Medicine Co., Ltd.
(2) Main accounting data by quarter
Unit: Yuan
First quarter Second quarter Third quarter Fourth quarter
Operating income 403,015,309.71 772,040,044.43 347,888,464.29 893,068,458.77
Net attributable to shareholders of listed companies
75,679,793.49 282,714,382.05 65,124,856.92 224,906,398.33Profit
Deductions attributable to shareholders of listed companies
65,183,489.42 224,288,986.24 -7,544,342.43 198,235,034.10 Net profit except recurring gains and losses
cash flow from operating activities
255,818,548.95 235,422,451.28 11,297,742.96 227,163,952.09 Net
Are there any significant differences between the above financial indicators or their totals and the relevant financial indicators disclosed by the company in quarterly reports and semi-annual reports?
□Yes No
- Share capital and shareholders
(1) The number of common shareholders and preferred shareholders whose voting rights have been restored, and the shareholding status of the top 10 shareholders
Unit: Share
Annual report End of reporting period
At the end of the reporting period, voting rights are restored before the disclosure date. One day before the annual report disclosure date.
Total shareholders of ordinary shares 30,790 At the end of one month 31,525 Priority for restoration of voting rights at the end of the month 0 Number of ordinary shares Total shareholders Total number of shareholders
East total number
Shareholding status of the top 10 shareholders (excluding shares lent through refinancing)
Shares held with sales restrictions Pledged, marked or frozen Name of shareholder Nature of shareholder Shareholding ratio Number of shares held
Quantity Share Status Quantity Gansu Qizhengshi
Domestic non-state-owned enterprises 27,113,45 Industrial Group Co., Ltd. 63.72% 364,546,473 0 Pledge
There are 6 companies with legal persons
Tibetan Yutuowen
non-state within territory
Chemical Development Co., Ltd. 17.20% 98,395,215 0 Pledge 3,000,000
Have legal person
company
Nature within the territory
Huangyun 1 0.86% 4,941,627 0 Not applicable 0
people
Hong Kong Central Junction
Overseas legal person 0.64% 3,680,412 0 Not applicable 0 Limited company
China Merchants Bank Stock
Co., Ltd.
－South China Securities Securities Co., Ltd.
1000 Transaction Others 0.19% 1,060,700 0 Not applicable Type 0 open-end index
Digital securities investment
fund
Nature within the territory
Zhang Hongyong 0.14% 825,077 0 frozen 200
people
China Construction Bank
Bank Co., Ltd.
Company - Huitian Others 0.12% 700,100 0 Not applicable 0 Fu Zhongzheng Traditional Chinese Medicine
transactional openness
Summary of the 2025 Annual Report of Tibet Qizheng Tibetan Medicine Co., Ltd.
index securities
investment fund
China Merchants Bank Stock
Co., Ltd.
- China Securities Securities Co., Ltd.
1000 Transaction Others 0.12% 663,038 0 Not applicable Type 0 open-end index
Digital securities investment
fund
Tibet Qizhengzang
Pharmaceutical Co., Ltd.
Company-2024
Others 0.10% 581,460 0 Not applicable 0 years of employee stock ownership
plan (first
period)
ICBC
Bank Co., Ltd.
Company-Guangfa
CSI 1000 Others 0.08% 480,400 0 Not applicable 0 Open for trading
index securities
investment fund
Ms. Lei Jufang holds 68.73% of the equity of Gansu Qizheng Industrial Group Co., Ltd., Mr. Cheng Ruoqiong holds 100% of the equity of Tibet Yutuo Cultural Development Co., Ltd. or Yizhan Co., Ltd., Tibet Yutuo Cultural Development Co., Ltd. holds 28.30% of the equity of Gansu Qizheng Industrial Group Co., Ltd. Ms. Lei Jufang and Mr. Cheng Ruoqiong have a mother-son relationship, and the actual controller of the company is Ms. Lei Jufang. Except for the above situation, the company does not know whether there is any related relationship between the other shareholders mentioned above, nor whether they are persons acting in concert.
Shareholder Zhang Hongyong holds 200 shares of the company through ordinary securities accounts, and holds 824,877 shares of the company through investor credit securities accounts. Shareholders participating in margin trading and securities lending business
shares, a decrease of 300 shares compared with the ordinary securities account on December 31, 2024, and an increase of 296,478 in the investor’s credit securities account (if any)
shares, a total increase of 296,178 shares.
Note: 1 Among the top 10 shareholders, the special repurchase securities account of Tibet Qizheng Tibetan Medicine Co., Ltd. holds 5,239,895 shares of the company.
Accounting for 0.92% of the company's total share capital, it is not included in the listing of the top 10 shareholders.
The situation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participating in the refinancing business and lending shares
□Applicable Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed from the previous period due to refinancing lending/returning.
□Applicable Not applicable
(2) Total number of preferred shareholders of the company and shareholding status of the top 10 preferred shareholders
□Applicable Not applicable
The company has no preference shareholders’ shareholdings during the reporting period.
Tibet Qizheng Tibetan Medicine Co., Ltd. 2025 Annual Report Summary (3) Discloses the property rights and control relationship between the company and the actual controller in the form of a block diagram
- Bonds existing on the date of approval of the annual report
□Applicable Not applicable
3. Important matters
None
Chairman: Liu Kailie
Tibet Qizheng Tibetan Medicine Co., Ltd.
April 24, 2026