香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出的。 茲刊載廣州白雲山醫藥集團股份有限公司（「本公司」）在上海證券交易所網站(www.sse.com.cn)刊登的 本公司關於召開2025年半年度業績說明會的公告之中文全文，僅供參考。 廣州白雲山醫藥集團股份有限公司 董事會 中國廣州，2025年8月28日 於本公告日，本公司董事會成員包括執行董事李小軍先生、程寧女士、程洪進先生、唐和平先生與 黎洪先生，及獨立非執行董事陳亞進先生、黃民先生、黃龍德先生與孫寶清女士。 证券代码：600332 证券简称：白云山 公告编号：2025-063 海外監管公告 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法律责任。 重要内容提示： 广州白云山医药集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 15 日发布公司 ...

白云山（600332）(00874)发布公告，于2025年8月28日，广州医药与兴证资管根据基础资产买卖协议(第 四期)签订《新增基础资产交割确认函》，确认向兴证资管出售第四次新增基础资产(其为账面值人民币 5.08亿元的应收账款)，并收到购买价款人民币5.02亿元。 广州医药通过该等交易项下的交易利用应收账款进行资产证券化，可以将应收账款转变为流动性较高的 现金资产，达到盘活资产存量的目的。鉴于上述原因及本公告所披露的该等交易的条款，董事会认为该 等交易的条款属公平合理，符合集团及公司股东的整体权益。 ...

格隆汇8月28日丨白云山(00874.HK)公告，于2025年8月28日，广州医药与兴证资管根据基础资产买卖协 议(第四期)签订《新增基础资产交割确认函》，确认向兴证资管出售第四次新增基础资产，并收到购买 价款人民币501,956,830.93元。 相关事件 白云山(00874.HK)出售应收账款 研报掘金丨天风证券：白云山业绩承压，下调至"增持"评级 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 須予披露的交易：出售應收賬款 本次交易 於2025年8月28日，廣州醫藥與興證資管根據基礎資產買賣協議（第四期）簽訂《新增基礎資產交割 確認函》，確認向興證資管出售第四次新增基礎資產，並收到購買價款人民幣501,956,830.93元。 上市規則的含義 本公司根據上市規則第14.07條單獨計算有關本次交易的所有適用百分比率低於5%，故本次交易 單獨並不構成本公司的須予公佈的交易，無須根據上市規則第十四章遵守任何披露規定。 然而，根據上市規則第14.22條，如一連串交易全部均於12個月內完成或屬彼此相關者，則該等交 易應合併計算，並視作一項交易處理。鑒於本次交易及過往交易均由廣州醫藥與興證資管於12個 月內訂立，並且交易性質相似，就計算相關百分比率而言，該等交易應根據上市規則第14.22條進 行合併。 由於根據上市規則第14.07條就本次交易及過往交易按合併基準計算的最高適用百分比率高於5% 但低於25% ...

来源：新浪证券-红岸工作室 截至6月30日，白云山股东户数8.55万，较上期减少8.54%；人均流通股16443股，较上期增加0.00%。 2025年1月-6月，白云山实现营业收入418.35亿元，同比增长1.93%；归母净利润25.16亿元，同比减少 1.31%。 分红方面，白云山A股上市后累计派现102.56亿元。近三年，累计派现37.08亿元。 机构持仓方面，截止2025年6月30日，白云山十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股4044.81万股，相比上期增加936.01万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股1263.59万股，相比上期增加107.81万股。易方达沪深300医药ETF（512010）位居第八大流 通股东，持股1152.43万股，相比上期减少92.48万股。易方达沪深300ETF（510310）位居第九大流通股 东，持股893.66万股，为新进股东。 融资方面，白云山当日融资买入5423.37万元。当前融资余额8.67亿元，占流通市值的2.29%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，白云山8月27日融券偿还2. ...

2025年半年报显示，白云山经营活动产生的现金流净额约为-33.97亿元，同比下降66.79%，去年同期为-20.37亿元。具体来看，报告期内，公司销售商品、提供劳务收到的现金约345.5亿元 与此同时，白云山的应收账款持续增加，从2020年年末的123.9亿元增至2024年年末的157.26亿元，今年上半年同比增长10.45%至约184.68亿元，较去年年底增加约27亿元，占总营收的比 截至2025年6月30日，白云山银行借款增至152.71亿元，其中短期借款增至102.65亿元（今年上半年增加约11亿元），长期借款降至25.81亿元，一年内到期的非流动负债增至26.21亿元（ 为培育新的利润增长点，今年7月，白云山宣布拟以自有资金出资约15亿元参与设立广州广药基金二期股权投资合伙企业（有限合伙）（以下简称"广药二期基金"），其认缴出资额占比99.9%。 8月19日晚间，白云山公告广药二期基金已于2025年7月30日完成工商登记并取得营业执照，各合伙人已按出资比例实缴首期出资，合计1.1亿元，并于8月18日完成私募资金备案。近日，白云 生物医药前沿领域投资周期长、风险高。不过，白云山今年上半年的研发费用同比 ...

中经记者 陈婷 赵毅 广州报道 自去年交出近七年最差业绩之后，白云山（600332.SH）仍在经历业绩阵痛。 近日，白云山披露2025年半年度业绩。上半年，白云山营收约418.35亿元，同比增长1.93%，净利润约 25.16亿元，同比下降1.31%，延续了2024年上半年的下滑态势。 公告显示，白云山今年上半年利润对比去年同期下降的主要是受需求不足、行业竞争加剧及行业政策等 因素持续影响，公司部分业务的经营业绩有所下降。上半年，白云山的医药制造业务——大南药板块营 收同比下降15.23%，而其正是白云山毛利率最高的业务。分产品来看，白云山中成药、化学药报告期 内收入均出现下降。 上半年，白云山经营活动产生的现金流净额仍为负，同比下降66.79%至约-33.97亿元，主要是公司下属 企业货款回收有所下降，同时采购支付金额增加。上述经营成果背后，白云山报告期内投入的销售费用 并未明显减少，保持在30亿元以上。 8月20日，白云山方面对《中国经营报》记者表示，公司2025年第二季度营收193.61亿元，同比增长 6.99%，归母净利润6.95亿元，同比增长17.48%。从行业视角看，第二季度多家医药企业归母净利润 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited, indicating a decline in stock price and net financing outflow on August 19 [1] - On August 19, Baiyunshan's stock price fell by 0.98%, with a trading volume of 392 million yuan, and a net financing outflow of 13.40 million yuan [1] - As of August 19, the total margin balance for Baiyunshan was 830 million yuan, with the financing balance accounting for 2.17% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - Baiyunshan's main business includes the research, development, manufacturing, and sales of traditional Chinese and Western medicines, with a revenue composition of 69.32% from large commercial operations, 16.79% from health products, and 12.53% from traditional medicine [2] - For the first half of 2025, Baiyunshan reported a revenue of 41.83 billion yuan, representing a year-on-year growth of 1.93%, while the net profit attributable to shareholders decreased by 1.31% to 2.52 billion yuan [2] - The company has distributed a total of 10.26 billion yuan in dividends since its A-share listing, with 3.71 billion yuan distributed in the last three years [3] Group 3 - As of June 30, 2025, Baiyunshan had 85,500 shareholders, a decrease of 8.54% from the previous period, with an average of 16,443 circulating shares per shareholder [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited increased its holdings by 9.36 million shares, while the E Fund CSI 300 Medical ETF reduced its holdings by 0.92 million shares [3]

Core Viewpoint - The company reported its 2025 mid-year results, showing a slight increase in revenue but a decline in net profit, with a focus on its health and pharmaceutical segments [1] Financial Performance - In H1 2025, the company achieved revenue of 41.835 billion RMB, a year-on-year increase of 1.93%, and a net profit attributable to shareholders of 2.516 billion RMB, a year-on-year decrease of 1.31% [1] - For Q2 2025, the company reported revenue of 19.361 billion RMB, a year-on-year increase of 6.99%, and a net profit attributable to shareholders of 0.695 billion RMB, a year-on-year increase of 17.48% [1] - The company’s gross profit margin and net profit margin for H1 2025 were 18.32% and 6.01%, respectively, showing slight declines compared to the previous year [1] Segment Performance - Revenue breakdown for H1 2025: major commercial segment 29 billion RMB (+4.25% YoY), health segment 7.023 billion RMB (+7.42% YoY), and traditional Chinese medicine segment 5.241 billion RMB (-15.23% YoY) [1] - Within the traditional Chinese medicine segment, revenue from traditional Chinese medicine and chemical medicine was 3.246 billion RMB (-20.12% YoY) and 1.994 billion RMB (-5.85% YoY), respectively [1] - The health segment saw improvements through enhanced distribution and new product marketing strategies [1] Dividend and Future Outlook - The company announced a cash dividend of 0.40 RMB per share, totaling 650 million RMB, which represents 25.85% of the net profit for H1 2025 [1] - Future revenue projections for 2025-2027 are 77.589 billion RMB, 81.396 billion RMB, and 84.733 billion RMB, with expected net profits of 3.071 billion RMB, 3.566 billion RMB, and 3.980 billion RMB, respectively [1] - The company maintains a "buy" rating based on its competitive advantages in the health and pharmaceutical sectors [1]

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [6] Core Views - The company has shown stable fundamental performance but faces challenges due to insufficient demand, intensified industry competition, and ongoing policy impacts, leading to a decline in some business operations [1][5] - The company is expanding its overseas market presence, with successful registrations of traditional Chinese medicine products in regions like Macau and Saudi Arabia [4] - The health product segment has seen growth, with a focus on innovative marketing strategies to capture market share in the ready-to-drink beverage sector [3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 41.835 billion yuan, a year-on-year increase of 1.93%, while the net profit attributable to shareholders was 2.516 billion yuan, a decrease of 1.31% [1] - The company's revenue forecast for 2025-2026 has been revised down from 88.223 billion yuan to 78.013 billion yuan and from 95.710 billion yuan to 81.185 billion yuan, respectively [5] - The net profit forecast for 2025-2026 has also been adjusted down from 5.015 billion yuan to 3.065 billion yuan and from 5.545 billion yuan to 3.299 billion yuan, respectively [5] Segment Performance - The traditional Chinese medicine segment reported a revenue of 5.241 billion yuan in the first half of 2025, a decline of 15.23%, while the gross margin was 49.71% [2] - The health product segment generated revenue of 7.023 billion yuan, reflecting a year-on-year increase of 7.42%, with a gross margin of 44.67% [3]