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 本公司關於分公司獲得藥品補充申請批件的公告之中文全文，僅供參考。 廣州白雲山醫藥集團股份有限公司 董事會 一、药品的基本情况 （一）注射用头孢呋辛钠（规格 0.25g、1.25g、1.75g、2.0g） 药品通用名称：注射用头孢呋辛钠 中國廣州，2025年12月29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：2025-095 近日，广州白云山医药集团股份有限公司（以下简称"本公司"） 分公司广州白云山医药集团股份有限公司白云山 ...

截至本公告日期，有關設立廣藥荔灣基金的合夥協議二尚未正式簽署。本公司將根據香港上市規則 之規定於合夥協議二簽署後另行刊發公告。本公司股東及潛在投資者於買賣本公司股份時，務請審 慎行事。 廣州白雲山醫藥集團股份有限公司 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。 關連交易進展公告 參與設立廣藥廣開基金和廣藥荔灣基金 茲提述廣州白雲山醫藥集團股份有限公司（「本公司」）日期為2025年12月22日之公告（「該公告」），內 容有關本公司附屬企業廣藥二期基金參與設立廣藥廣開基金和廣藥荔灣基金之關連交易。除另有界 定外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會欣然宣佈於2025年12月29日，廣藥二期基金與廣藥資本、廣開基金訂立了有關設立廣藥廣開 基金的合夥協議一。合伙協議一於同日正式生效，合夥協議一的主要條款並無任何變更。合夥協議 一的主要條款及本次投資詳情載於該公告。 董事會 中國廣州，2025年12月29日 於本公告日，本公司董事會成員包括 ...

Core Viewpoint - Recently, the company announced that its subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd. (referred to as "Baiyunshan Biological"), received approval from the National Medical Products Administration for the drug registration certificate of the freeze-dried human rabies vaccine (Vero cells) [1] Group 1 - The company has successfully obtained a drug registration certificate for its rabies vaccine, indicating a significant milestone in its product development [1] - This approval may enhance the company's product portfolio and strengthen its position in the biopharmaceutical market [1]

Core Viewpoint - The company has received approval from the National Medical Products Administration for the registration of a freeze-dried human rabies vaccine (Vero cells), which will enhance its product portfolio and competitiveness in the vaccine market [1] Group 1 - The company, Guangzhou Baiyunshan Biological Products Co., Ltd., has obtained the drug registration certificate for the freeze-dried human rabies vaccine (Vero cells) [1] - The vaccine is intended for the prevention of rabies [1] - The approval will allow the company to enrich its product structure and improve its competitiveness in the vaccine market [1] Group 2 - Baiyunshan Biological will actively commence production of the freeze-dried human rabies vaccine in accordance with relevant requirements [1] - The product will be available for sale after obtaining the biological product batch release certificate from the National Medical Products Administration [1]

Core Viewpoint - Recently, the company announced that its subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd. (referred to as "Baiyunshan Biological"), received the drug registration certificate for the lyophilized human rabies vaccine (Vero cells) from the National Medical Products Administration, which will enhance the company's product portfolio and competitiveness in the vaccine market [1] Group 1 - The lyophilized human rabies vaccine (Vero cells) is intended for the prevention of rabies [1] - The approval of the drug registration certificate will allow Baiyunshan Biological to actively commence production of the vaccine [1] - The product will be available for sale after obtaining the biological product batch release certificate from the National Medical Products Administration [1]

Core Viewpoint - The company Baiyunshan (00874) has received approval from the National Medical Products Administration for the registration certificate of the lyophilized human rabies vaccine (Vero cells), which will enhance its product portfolio and competitiveness in the vaccine market [1] Group 1 - Baiyunshan's subsidiary, Guangzhou Baiyunshan Biological Products Co., Ltd. (referred to as "Baiyunshan Biological"), is the entity that received the vaccine registration certificate [1] - The lyophilized human rabies vaccine (Vero cells) is intended for the prevention of rabies [1] - The company plans to actively commence production of the vaccine in accordance with relevant requirements, and it will be available for sale after obtaining the biological product batch release certificate from the National Medical Products Administration [1]

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。 证券代码：600332 证券简称：白云山 公告编号：2025－094 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）刊登的本公司關於廣州白雲山生物製品股份有限公司收到藥品註冊證書的 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 12 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、陳傑輝先生、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。 广州白云山医药集团股份有限公司 关于广州白云山生物制品股份有限公司收到 药品注册证书的公告 本公司董事会及全体董事保证本公告内 ...

Core Viewpoint - The new leadership of Guangzhou Pharmaceutical Group aims to lead the company out of a low operational period by focusing on technological innovation and transformation during the 14th Five-Year Plan period [3]. Group 1: Innovation Strategy - The company plans to invest between 10 billion to 15 billion yuan in research and development and 20 billion to 30 billion yuan in industrial investment and acquisitions during the 14th Five-Year Plan [3]. - The strategy includes building incubation platforms, aggregating innovation ecosystems, and enhancing talent acquisition and platform development to accelerate innovation transformation [3][6]. Group 2: Business Performance - Guangzhou Pharmaceutical Group's listed company, Baiyunshan, derives its revenue from three main sectors: traditional Chinese medicine, health products, and pharmaceutical distribution [3]. - The pharmaceutical distribution sector generated 29 billion yuan in revenue in the first half of 2025, accounting for nearly 70% of Baiyunshan's total revenue, but with a low gross margin of 6.13% [4]. - The health products sector followed with a revenue of 7.02 billion yuan and a gross margin of 44.67%, while the traditional Chinese medicine sector generated 5.24 billion yuan with a gross margin of 49.71% [4]. Group 3: Challenges and Market Dynamics - The health products and traditional Chinese medicine sectors are experiencing sluggish growth due to intense competition in the beverage industry and ongoing drug procurement policies [5]. - Traditional pharmaceutical companies that have prioritized innovation are seeing growth in sales of innovative drugs and external licensing, contrasting with the challenges faced by traditional Chinese medicine companies, which struggle with innovation capacity and aging product structures [5]. Group 4: Commitment to Innovation - Baiyunshan's R&D investment was only 828 million yuan in 2024, representing just 4.26% of the company's revenue, indicating a need for increased focus on innovation [6]. - The company is committed to a dual approach of self-research and acquisitions to drive innovation, aiming for results from acquisitions within one to two years and from self-research within five to ten years [6].

Core Viewpoint - The article discusses the urgent need for Guangzhou Pharmaceutical Group (广药集团) to innovate and transform in order to overcome its current operational challenges, with a focus on technology and research investment during the 14th Five-Year Plan period [3][4]. Group 1: Company Strategy and Goals - The company aims to invest between 10 billion to 15 billion yuan in research and development and 20 billion to 30 billion yuan in industrial investment and acquisitions during the 14th Five-Year Plan [3]. - The new management under Chairman Li Xiaojun emphasizes the importance of building an innovation ecosystem and a nurturing platform for talent [3][4]. Group 2: Current Business Performance - Guangzhou Pharmaceutical's listed subsidiary, Baiyunshan, derives most of its revenue from three main sectors: traditional Chinese medicine, health products, and pharmaceutical distribution [4]. - The pharmaceutical distribution sector is the largest revenue contributor, generating 29 billion yuan in the first half of 2025, accounting for nearly 70% of Baiyunshan's total revenue, but with a low gross margin of 6.13% [4]. - The health products sector generated 7.02 billion yuan with a gross margin of 44.67%, while the traditional Chinese medicine sector brought in 5.24 billion yuan with a gross margin of 49.71% [4]. Group 3: Challenges and Industry Context - The company faces challenges such as intense competition in the beverage industry and ongoing drug procurement policies, leading to sluggish growth in its health products and traditional medicine sectors [5]. - Compared to innovative pharmaceutical companies that have successfully increased revenue through innovative drug sales and licensing, Guangzhou Pharmaceutical's traditional focus on Chinese medicine has resulted in insufficient innovation capabilities and an aging product structure [5][6]. Group 4: Future Outlook and Innovation Focus - The company plans to adopt a dual approach of self-research and acquisitions to drive innovation, targeting best-in-class positions in specific fields [7]. - The management acknowledges the need for a long-term commitment to innovation, with expected results from acquisitions within one to two years and from self-research within five to ten years [7].

Core Viewpoint - Guangzhou Pharmaceutical Group is accelerating its innovation transformation to overcome operational challenges and aims to invest significantly in research and development as well as industry acquisitions during the 14th Five-Year Plan period [1][5]. Group 1: Innovation Strategy - The company plans to invest between 10 billion to 15 billion yuan in R&D and 20 billion to 30 billion yuan in industrial investments and acquisitions during the 14th Five-Year Plan [1]. - The management emphasizes the need for a dual approach of "self-research + acquisitions" to drive innovation in the pharmaceutical sector [5]. - The company aims to achieve best-in-class status in certain fields and is prepared for a long-term commitment to innovation despite the inherent risks and challenges [5]. Group 2: Business Performance - The major revenue source for Guangzhou Pharmaceutical's listed company platform, Baiyunshan, is the large commercial sector, which generated 29 billion yuan in revenue in the first half of 2025, accounting for nearly 70% of total revenue [2]. - The health sector follows with a revenue of 7.02 billion yuan and a gross margin of 44.67%, while the large pharmaceutical sector generated 5.24 billion yuan with a gross margin of 49.71% [2]. - The performance of the health and pharmaceutical sectors has been sluggish due to increasing competition in the beverage industry and ongoing drug procurement policies [4]. Group 3: Challenges and Market Dynamics - Traditional pharmaceutical companies that have successfully transitioned to innovation have seen growth in sales and licensing revenues, contrasting with traditional Chinese medicine companies facing challenges such as insufficient innovation capacity and aging product structures [5]. - Baiyunshan's R&D investment was only 828 million yuan in 2024, representing a low proportion of 4.26% of the company's revenue, indicating a need for increased focus on innovation [5].