Core Insights - Nanjing Pharmaceutical (600713) has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group and Guangzhou Guangyao Phase II Fund, marking a significant collaboration in capital, distribution channels, and traditional Chinese medicine [1] - The agreement involves the transfer of 11.04% of shares from Alliance Healthcare Asia Pacific Limited (AHAPL) to the Guangyao Phase II Fund at a price of 5.18 yuan per share, totaling approximately 750 million yuan, which is a 6.15% premium over the closing price prior to the agreement [1] Group 1: Nanjing Pharmaceutical's Growth - Since AHAPL's investment in 2014, Nanjing Pharmaceutical has seen substantial growth, with revenue increasing from 18.7 billion yuan in 2013 to 53.7 billion yuan in 2024, nearly tripling [3] - The net profit attributable to shareholders rose from 39 million yuan to 570 million yuan, representing an increase of over 14 times [3] - The growth is attributed to the management's efforts and support from AHAPL in terms of international experience and resources [3] Group 2: Walgreens Boots Alliance's Strategic Shift - AHAPL is a wholly-owned subsidiary of Walgreens Boots Alliance (WBA), which ranks 52nd on the Fortune Global 500 list with annual sales exceeding 1 trillion yuan [2] - WBA has been focusing on retail and health services while divesting from wholesale operations, including the sale of Alliance Healthcare to a leading North American drug distributor [2] - The recent share transfer aligns with WBA's global strategy to concentrate on its core retail and healthcare business [3] Group 3: Future Prospects and Investments - WBA has established a QFLP fund in Guangzhou with an initial capital of 1 billion yuan, focusing on the health, elderly care, and medical industries, indicating ongoing investment in emerging health sectors [4] - The company maintains a broad presence in the Asia-Pacific retail pharmacy and consumer business, including partnerships in China [4] - WBA's leadership has expressed optimism about the long-term prospects of the health and wellness industry, highlighting opportunities in artificial intelligence and retail pharmacy [4]

每经记者｜金喆 每经编辑｜张益铭 9月28日傍晚，白云山（SH600332，股价25.49元，市值414.41 亿 元）与 南 京 医 药（SH600713，股价 4.96元，市值64.92亿元）同时发布公告称，9月26日，白云山、南京医药、白云山旗下广州广药二期基 金股权投资合伙企业（有限合伙）（以下简称广药二期基金）签订《战略投资协议》，广药二期基金拟 收购Alliance Healthcare Asia Pacific Limited（AHAPL）持有的南京医药1.44亿股非限售股份，占南京医 药总股份数的11.04%。收购完成后，广药二期基金将成为南京医药第二大股东。 《每日经济新闻》记者注意到，目前买卖双方约定的目标股份价格为5.18元/股。公告表示，上述价格 经买卖双方同意，以合同签署日前60个交易日目标公司每日收盘价的算术平均值为基础。 医药流通现集中化趋势 《每日经济新闻》记者注意到，南京医药以医药流通为主业，今年上半年实现营业收入279.67亿元，同 比增长2.70%，归母净利润2.91亿元，同比下滑6.44%。 医药流通也是广药集团和白云山核心业务之一。白云山半年报显示，今年上半年大商业板 ...

医药流通领域的市场集中度正在快速提升。 9月28日，南京医药（600713.SH）与白云山（600332.SH）双双发布公告，白云山旗下广州广药二期基 金股权投资合伙企业拟出资约7.49亿元人民币，收购南京医药二股东Alliance Healthcare Asia Pacific Limited（下称"AHAPL"）持有的南京医药144557431股非限售股份，占总股本的11.04%。交易完成后， 广药二期基金将成为南京医药第二大股东。 同时，白云山、广药二期基金与南京医药签署《战略投资协议》。根据协议，三方将在资本合作、自有 工业品种分销渠道合作以及中医药领域合作等方面展开战略协作。 登录新浪财经APP 搜索【信披】查看更多考评等级 本报（chinatimes.net.cn）记者陶炜 南京报道 南京医药方面告诉本报记者，白云山入股南京医药一事是基于此前广州医药集团有限公司与南京新工投 资集团有限责任公司（南京医药大股东）签署的《战略合作协议》精神而推进的。南京医药与广药白云 山、广州广药二期基金共同签署的《战略投资协议》，以广州广药二期基金拟持有南京医药11.04%股 权为契机，构建"耐心资本"长期稳定战略 ...

据了解，南京医药立足于大健康产业发展，以医药批发及医药零售为主营业务，是中国医药流通行业区 域性龙头企业，市场网络覆盖江苏、安徽、湖北、福建等地，业务覆盖近70个城市，在区域市场积累了 丰富的医药商业运作经验、资源和品牌知名度。公司现居2024年国内医药流通行业规模排名第7位； 2025年《财富》中国500强第307位。 中证报中证网讯(王珞)近日，基于广州医药集团有限公司与南京新工投资集团有限责任公司签署的《战 略合作协议》精神，为促进南京医药（600713）和广药白云山两家上市公司健康稳定可持续高质量发 展、树立上市公司良好资本市场形象，南京医药与广药白云山、广州广药二期基金共同签署《战略投资 协议》，以广州广药二期基金拟持有南京医药11.04%股权为契机，构建"耐心资本"长期稳定战略合作关 系。 南京医药董事长周建军、广药白云山董事长李小军共同见证签约。南京医药总裁张靓、广药白云山副董 事长程宁、广州广药资本总经理陈静分别代表南京医药、广药白云山和广州广药二期基金签约。 广州广药二期基金主要围绕广药白云山战略规划，通过子基金投资、项目直接投资等方式投向医药、医 疗器械、医疗服务等生物医药与健康领域。 南 ...

Core Viewpoint - The acquisition of 145 million non-restricted shares of Nanjing Pharmaceutical by Guangzhou Pharmaceutical's second-phase fund for 749 million RMB marks a significant strategic investment, positioning Guangzhou Pharmaceutical as the second-largest shareholder of Nanjing Pharmaceutical, enhancing collaboration in the pharmaceutical distribution sector [1][2][3] Group 1: Acquisition Details - Guangzhou Pharmaceutical's second-phase fund will invest 749 million RMB to acquire 11.04% of Nanjing Pharmaceutical's total shares at a price of 5.18 RMB per share, based on the average closing price over the previous 60 trading days [1] - The acquisition agreement includes a strategic investment agreement focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine sector cooperation [1][2] Group 2: Strategic Cooperation - The capital cooperation will involve establishing joint ventures and strategic investments based on business needs [2] - In distribution channel collaboration, both companies will work on market expansion and supply chain optimization to create a stable and efficient supply chain system [2] - In the traditional Chinese medicine sector, both parties will support their respective subsidiaries in upgrading production processes and establishing a traceability system for the entire supply chain of traditional Chinese medicine [2] Group 3: Industry Context - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies projected to hold an 82% market share by 2025 [3] - Guangzhou Pharmaceutical and Nanjing Pharmaceutical rank sixth and seventh respectively in the 2024 top 100 pharmaceutical distribution companies in China [3] - The collaboration is expected to enhance regional network complementarity and accelerate the industry's transition from fragmented competition to professional and large-scale operations [3]

分红方面，白云山A股上市后累计派现109.06亿元。近三年，累计派现43.59亿元。 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。 融券方面，白云山9月26日融券偿还7100.00股，融券卖出2.00万股，按当日收盘价计算，卖出金额50.76 万元；融券余量10.45万股，融券余额265.22万元，超过近一年90%分位水平，处于高位。 资料显示，广州白云山医药集团股份有限公司位于广东省广州市荔湾区沙面北街45号,香港金钟道89号 力宝中心第2座20楼2005室，成立日期1997年9月1日，上市日期2001年2月6日，公司主营业务涉及中西 成药、化学原料药、天然药物、生物医药、化 ...

9月28日，白云山（600332.SH）、南京医药（600713.SH）同时公告，白云山附属企业广州广药二期基 金股权投资合伙企业（有限合伙）（以下简称"广药二期基金"）与Alliance Healthcare Asia Pacific Limited（以下简称"AHAPL"）签署股份转让合同，AHAPL拟将所持南京医药约1.45亿股股份转让给广 药二期基金，占南京医药股份总数的11.04%，转让价款约为7.5亿元。交易完成后，广药二期基金将成 为南京医药第二大股东。 中经记者 陈婷 赵毅 深圳报道 与此同时，为加强与南京医药的战略合作，白云山、广药二期基金与南京医药签署了战略投资协议，内 容主要包括资本合作、自有工业品种分销渠道合作、中医药领域合作等，具体合作事项及实施进展存在 不确定性。 根据公告，广药二期基金此次收购南京医药的交易价格定为5.18元/股，较股份转让合同签署日（9月26 日）收盘价溢价6.15%。 值得注意的是，此次交易是白云山新领导班子上任以来开展的首个大型战略投资项目，也是白云山产投 结合新布局的重要落子，同时是广药集团与区域产业头部企业加强合作的模式创新，向外界释放出广药 集团加强资 ...

Group 1 - Rongchang Biopharma's "Taitasip" is proposed for priority review by CDE for treating adult patients with primary IgA nephropathy, showing significant reduction in proteinuria levels [1] - "Taitasip" has already been approved for three indications in China, including myasthenia gravis, rheumatoid arthritis, and systemic lupus erythematosus, with a recent application for Sjögren's syndrome also accepted [1] Group 2 - Baiyunshan and Guangzhou Pharmaceutical Phase II Fund signed a strategic investment agreement to acquire over 144 million shares of Nanjing Pharmaceutical, making it the second-largest shareholder with an 11.04% stake [2] - This strategic investment aims to enhance market competitiveness through resource integration and synergy, potentially impacting Nanjing Pharmaceutical's governance structure and market performance [2] Group 3 - Pian Zai Huang's Chief Financial Officer Yang Haipeng resigned due to work adjustments, with Deputy General Manager He Wei temporarily taking over the CFO duties [3] - The long-term brand value and market position of Pian Zai Huang remain strong, and if the management transition is smooth, the impact on the company's long-term development may be limited [3] Group 4 - Former Chief Technology Officer of Kailai Ying, Hu Xinhui, has joined Hengrui Medicine as Vice President and Chief Technology Officer, indicating a strategic move to strengthen R&D capabilities [4] - Hu Xinhui's appointment is expected to bring new opportunities for Hengrui Medicine's R&D system upgrades, technological breakthroughs, and international development [4] Group 5 - The former Chairman of Guangzhou Pharmaceutical Group, Li Chuyuan, has been reported for violations of discipline and law, leading to his expulsion from the party and public office [5] - This incident highlights governance and internal oversight issues within Guangzhou Pharmaceutical Group, which may affect investor trust and subsequently impact its stock performance and market reputation [5]

冠中生态：控股股东拟变更为深蓝财鲸，9月29日复牌 再升科技：控股股东拟减持不超3%公司股份 风语筑：股东拟减持不超3%公司股份 海联讯：公司换股吸收合并杭汽轮获证监会同意注册批复 精工转债，康医转债：不下修 道生天合：沪深新股 【申购】 华夏凯德商业REIT(508091)：【上市】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 110086 | 精工转债 | 不下修 | 2025-09-27 | 公告 | | 123151 | 康医转债 | 不下修 | 2025-09-26 | 公告 | 中环环保：筹划控制权变更事项停牌 南京医药：白云山附属企业广药二期基金受让公司11.04%股份 | 转债代码 | 转债名称 | 现价 | 赎回价 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (税前) | | | (亿元) | 流通市值比 | | 128076 | 金轮转债 | 121.834 ...

Group 1 - The core point of the article is that Baiyunshan has initiated a significant strategic investment project following a leadership change, involving the acquisition of a stake in Nanjing Pharmaceutical [2][3] - Baiyunshan's subsidiary, Guangzhou Guangyao Phase II Fund, plans to invest 749 million yuan to acquire 145 million non-restricted shares of Nanjing Pharmaceutical, representing 11.04% of its total shares [2] - The acquisition price of 5.18 yuan per share reflects a premium of approximately 6.15% over Nanjing Pharmaceutical's closing price of 4.88 yuan on September 26 [2] Group 2 - A strategic investment agreement was signed on September 28, focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine cooperation [3] - Baiyunshan and Nanjing Pharmaceutical will work together to develop market expansion and channel sharing plans, optimizing supply chain resources and logistics networks [3] - Both companies have similar business layouts, with Baiyunshan's Guangzhou Pharmaceutical being a leading player in South China's pharmaceutical distribution, while Nanjing Pharmaceutical is a leader in Jiangsu's pharmaceutical distribution [3] Group 3 - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies projected to hold an 82% market share by 2025 [4] - Baiyunshan believes this transaction will enhance its business cooperation with Nanjing Pharmaceutical, optimize regional industrial layout, and strengthen its competitive advantage in pharmaceutical distribution [4]