FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州白雲山醫藥集團股份有限公司 （「本公司」） 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00874 說明 香港聯交所上市 H 股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 219,900,000 RMB 1 RMB 219,900,000 增加 / 減少 (-) RMB 本月底結存 219,900,000 RMB 1 RMB 219,900,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600332 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/ ...

Core Viewpoint - Wanglaoji Pharmaceutical is focusing on expanding its product offerings and entering new markets, particularly in the health beverage and pharmaceutical sectors, while maintaining its traditional Chinese medicine roots [2][12]. Group 1: Product Strategy - Wanglaoji plans to launch new products such as sugar-free herbal tea in 2025 and health water in 2026 to attract younger consumers [2][6]. - The company aims to enhance its product matrix by collaborating with large chain supermarkets for customized and co-branded products [5]. - Wanglaoji is developing sub-brands to diversify its offerings while leveraging its strong brand recognition in herbal tea [7][10]. Group 2: Market Expansion - The pharmaceutical segment currently contributes less to revenue compared to food, but the company aims to double its revenue in this sector by 2026 [12]. - Wanglaoji is targeting the hospital market, which it views as a blank space for growth, planning to establish a dedicated team for this purpose [11][13]. - The company has a strategy to expand its presence in hospitals nationwide, focusing on integrating its products into clinical settings [14][17]. Group 3: Acquisitions and Internationalization - The acquisition of Caishantang, a historical brand, is expected to enhance Wanglaoji's growth by utilizing its existing distribution network to expand the brand's reach [18]. - Wanglaoji has plans for international expansion, aiming to promote traditional Chinese medicine and its cultural significance through overseas initiatives [19].

Core Viewpoint - The article discusses the decline of Baiyunshan's product "Jinge," a domestic erectile dysfunction drug, which has faced significant sales drops due to increased competition and failure to innovate [4][12][26]. Group 1: Product Performance - Jinge was initially a major success, with sales skyrocketing from 2.34 billion yuan in 2015 to 12.9 billion yuan at its peak, achieving a market share of 55% by 2019 [10][11]. - However, sales began to decline in 2024, dropping to 87.85 million units, a 13% decrease from the previous year, with revenue falling to 10.34 billion yuan, a nearly 20% drop [12][13]. Group 2: Market Dynamics - The erectile dysfunction market in China is growing, with over 40% of men over 40 experiencing erectile dysfunction, indicating that the market potential remains [17][18]. - The decline in Jinge's sales is attributed to two main pressures: intense price competition and the product's inability to meet evolving consumer demands [19][20]. Group 3: Competitive Landscape - The entry of nearly 50 competitors producing similar drugs has intensified the price war, eroding Jinge's initial cost advantage [21][22]. - A significant factor was the 2020 national centralized procurement policy, which allowed competitors to offer much lower prices, leading to Jinge losing access to public hospital sales [22]. Group 4: Product Innovation - Jinge is a short-acting drug with effects lasting 4-6 hours, while competitors are offering long-acting alternatives that last up to 36 hours, which are more appealing to consumers [24]. - The lack of innovation in Jinge's formulation and delivery methods has resulted in a decline in consumer interest, as newer products provide better experiences [24][27]. Group 5: Future Outlook - The future of Jinge and Baiyunshan's ability to revive its sales will depend on their capacity to innovate and adapt to market changes [28].

Core Viewpoint - The article discusses the decline of Baiyunshan's product "Jinge," a domestic erectile dysfunction drug, which has faced significant sales drops due to increased competition and changing consumer preferences [2][8][22]. Group 1: Product Performance - Jinge was launched after the patent expiration of Viagra in 2014, quickly gaining market share due to its lower price, selling 1.495 million tablets in its second year, a fivefold increase from its first year [6][4]. - By 2019, Jinge's sales volume reached 101 million tablets, with revenue soaring to 1.29 billion yuan, achieving a peak market share of 55% in the domestic ED drug market [7][6]. - However, in 2024, Jinge's sales dropped to 87.85 million tablets, a 13% decline, with revenue falling to 1.034 billion yuan, a nearly 20% decrease [8][9]. Group 2: Market Dynamics - The market for erectile dysfunction drugs is expanding, with the ED rate among Chinese men rising to 43.4% in 2025, up from 38.17% in 2024, indicating sustained demand for such products [14][15]. - The decline in Jinge's sales is attributed to two main pressures: intense price competition and the product's inability to meet evolving consumer needs [16][22]. Group 3: Competitive Pressures - The entry of nearly 50 competitors producing similar ED drugs has intensified price competition, eroding Jinge's initial cost advantage [18][19]. - A significant factor was the 2020 national centralized procurement policy, which allowed competitors to offer much lower prices, leading to Jinge losing access to public hospital sales channels [19][20]. Group 4: Product Innovation - Jinge is a short-acting drug with effects lasting 4-6 hours, while competitors are offering long-acting alternatives that last up to 36 hours, appealing more to consumers [20][22]. - The lack of innovation in Jinge's formulation has resulted in a decline in consumer interest, as newer products with better user experiences have entered the market [20][23]. Group 5: Future Outlook - The future of Jinge and Baiyunshan depends on the company's ability to innovate and adapt to market changes, as reliance on low pricing and imitation has proven unsustainable [22][24].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 77.656 billion yuan in 2025, representing a year-on-year growth of 3.55%, and a net profit attributable to shareholders of 2.983 billion yuan, which is a 5.21% increase year-on-year [3][4] - The company plans to distribute a cash dividend of 1.382 billion yuan, with a payout ratio of 46.32%, marking a historical high for dividend distribution [4] - The company is focusing on internationalization, research and development innovation, external growth, and market value management as part of its comprehensive strategy [3] Financial Performance Summary - In 2025, the pharmaceutical commercial revenue was 56.983 billion yuan (up 6.21% year-on-year), while the revenue from natural beverages was 9.672 billion yuan (down 0.34% year-on-year) [3] - The company’s net profit for Q4 2025 was -327 million yuan, a decrease of 1.07% year-on-year, with a revenue of 16.05 billion yuan, reflecting a 0.74% increase year-on-year [3] - The company’s gross margin for Q4 2025 was 11%, down 1.95 percentage points year-on-year, attributed to changes in revenue structure and increased expense ratios [3] Future Projections - Revenue projections for 2026-2028 are 80.929 billion yuan, 85.164 billion yuan, and 89.633 billion yuan, with year-on-year growth rates of approximately 4.2%, 5.2%, and 5.2% respectively [6] - The net profit attributable to shareholders is expected to be 3.154 billion yuan, 3.336 billion yuan, and 3.582 billion yuan for the same years, with growth rates of about 5.7%, 5.8%, and 7.4% respectively [6] - The company maintains a focus on optimizing operational quality and enhancing market value management, which supports the "Buy" investment rating [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 77.66 billion yuan in 2025, representing a year-on-year increase of 3.55%, and a net profit attributable to shareholders of 2.98 billion yuan, up 5.21% year-on-year [3][4] - The company plans to distribute a cash dividend of 1.38 billion yuan, with a payout ratio of 46.32%, marking a historical high for dividend distribution [4] - The company is focusing on internationalization, research and development innovation, external growth, and market value management as part of its strategic deployment [3] Financial Performance Summary - In 2025, the pharmaceutical commercial revenue reached 56.98 billion yuan, an increase of 6.21% year-on-year, while the revenue from natural beverages was 9.67 billion yuan, down 0.34% [3] - The company’s net profit for Q4 2025 was -0.33 billion yuan, a decrease of 1.07% year-on-year, indicating short-term profit pressure [3] - The company’s total revenue is projected to grow to 80.93 billion yuan in 2026, with a net profit of 3.15 billion yuan, reflecting a year-on-year growth of 5.7% [6] Strategic Developments - The company has established strategic partnerships for international operations with firms in Saudi Arabia, Japan, and South Korea, among others, to enhance its global presence [3] - In terms of R&D, the company has made significant progress with several new drug projects entering critical clinical trials and approvals [3] - The company has also engaged in external growth by acquiring stakes in other firms, enhancing its market position in East China [3]

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。 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。 海外監管公告 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2025年度可持續發展報告摘要之中文全文，僅供參考。 董事會 中國廣州，2026年3月20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、陳傑輝先生、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。 可持续发展报告摘要 证券代码：600332 证券简称：白云山 广州白云山医药集团股份有限公司 2025 年度可持续发展报告摘要 1 / 6 廣州白雲山醫藥集團股份有限公司 2、可持续发展治理体系 （1）是否设置负责管理、监督可持续发展相关影响、风险和机遇的治理机构：√是， 该治理机构名称为董事会（2025 年，可持续发展相关事项由董事会进行全面监督， ...

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。 海外監管公告 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 關於本公司及子公司向金融機構申請綜合授信額度的公告之中文全文，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，2026年3月20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、陳傑輝先生、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：2026-017 广州白云山医药集团股份有限公司 关于本公司及子公司向金融机构申请综合 授信额度的公告 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法律责任。 广州白云山医药集团 ...

广州白云山医药集团股份有限公司 独立董事2025年度述职报告 2025年度（"本报告期"），本人黄龙德，作为广州白云山 医药集团股份有限公司（"本公司"或"公司" ）的独立董事，严 格按照《公司法》《证券法》《上市公司治理准则》《上海证 券交易所股票上市规则》《香港联合证券交易所有限公司证券 上市规则》等法律、法规及《公司章程》《董事会议事规则》 《独立董事制度》《独立董事年报工作制度》等有关规定，始 终保持独立董事的独立性，忠实、勤勉地履行了独立董事的职 责，谨慎、认真地行使了独立董事的权利。现将本人在2025年 度的主要工作情况报告如下： 一、 独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 黄龙德先生（下称"黄先生"），78 岁，香港执业会计师、 企业管治师及税务师，黄先生为英格兰及威尔士特许会计师公 会资深会员、国际会计师公会资深会员及香港会计师公会资深 会员。黄先生为英国特许公认会计师公会资深会员、香港税务 学会注册税务师、香港公司治理公会资深会士及英国特许公司 治理公会资深会士。黄先生获授多项荣誉，包括于 1993 年 1 月 获英女王授予的荣誉勋章，于 1998 年 7 月获香港政府 ...

海外監管公告 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2025年度利潤分配方案及2026年中期現金分紅規劃的公告之中文全文，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，2026年3月20日 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。 於本公告日，本公司董事會成員包括執行董事李小軍先生、陳傑輝先生、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：2026－015 广州白云山医药集团股份有限公司 2025 年年度利润分配方案及 2026 年中期现金分红规划的公告 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 ...