Core Viewpoint - The report from Tianfeng Securities indicates that Baiyunshan's fundamentals remain stable while expanding its overseas market presence [1] Financial Performance - In the first half of 2025, Baiyunshan's southern medicine segment achieved revenue of 5.241 billion yuan, a year-on-year decrease of 15.23%, with a gross margin of 49.71%, down by 0.02 percentage points [1] - The company is focusing on cultivating key products and exploring potential products to ensure stable development in its pharmaceutical manufacturing business [1] Product Sales - In the first half of 2025, sales revenue for products such as Baoji series, anti-inflammatory analgesic plaster, methoxyflavone, Kunxian capsule, summer chrysanthemum series, candesartan cilexetil tablets, and Xiaoke pill experienced relatively rapid growth year-on-year [1] Market Challenges - The company faces pressure on performance due to intensified industry competition and insufficient demand [1] - The rating has been adjusted to "overweight" [1]

（文章来源：每日经济新闻） 天风证券8月20日发布研报称，给予白云山（600332.SH，最新价：27.3元）增持评级。评级理由主要包 括：1）大南药短期承压，重点品种仍有较好增长；2）深掘大健康产品增量，开展精准营销；3）瞄准 海外市场，国际化合作步伐加大。风险提示：产品销售不及预期风险，行业竞争加剧风险，政策波动风 险。 ...

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]

（编辑 任世碧） 证券日报网讯 8月19日晚间，白云山发布公告称，2025年7月25日，公司召开第九届董事会第二十七次 会议，审议通过了《关于本公司参与设立股权投资基金暨关联交易的议案》，同意本公司作为有限合伙 人以自有资金出资14.985亿元（人民币，下同）参与设立广州广药基金二期股权投资合伙企业（有限合 伙）（简称"广药二期基金"），占广药二期基金认缴出资总额的99.90%，并与广州广药资本私募基金管 理有限公司（简称"广药资本"）签署《广州广药基金二期股权投资合伙企业（有限合伙）合伙协议》。 近日，公司收到广药资本的通知，广药二期基金已于2025年8月18日在中国证券投资基金业协会完成备 案手续，并取得了《私募投资基金备案证明》。 ...

证券代码：600332 证券简称：白云山 公告编号：2025－062 广州白云山医药集团股份有限公司 关于完成私募基金备案暨关联交易进展的公告 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。 一、关联交易概述 2025 年 7 月 25 日，广州白云山医药集团股份有限公司（"本公司"） 召开第九届董事会第二十七次会议，审议通过了《关于本公司参与设立股 权投资基金暨关联交易的议案》，同意本公司作为有限合伙人以自有资金 出资 14.985 亿元（人民币，下同）参与设立广州广药基金二期股权投资 合伙企业（有限合伙）（暂定名，以工商登记为准，"广药二期基金"）， 占广药二期基金认缴出资总额的 99.90%，并与广州广药资本私募基金管 理有限公司（"广药资本"）签署《广州广药基金二期股权投资合伙企业（有 限合伙）合伙协议》。具体内容详见本公司于 2025 年 7 月 26 日披露的编 号为 2025-054 的公告。 二、进展情况 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， 企业名称为"广州广药二期基金 ...

Group 1 - The core viewpoint of the news is that Baiyunshan's subsidiary, Guangyao Caizhilin, has received approval for an environmental impact assessment for its production service base project, with a total investment of 59.96 million yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that eight listed companies have recently exposed environmental risks [1] Group 2 - Baiyunshan's main business segments include large commerce (69.32% of revenue), health (16.79%), traditional Chinese medicine (12.53%), and other businesses [2] - In the first half of 2025, Baiyunshan reported a revenue of 41.835 billion yuan, with a net profit attributable to shareholders of 2.516 billion yuan [3] - The company's gross profit margin for the first half of 2025 was 18.32%, with a return on equity of 6.83% [3]

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a revenue increase of 1.93% year-on-year for the first half of 2025, achieving a total revenue of RMB 41.835 billion. However, the net profit attributable to shareholders decreased by 1.31% year-on-year to RMB 2.516 billion [1][2][3] - The company continues to distribute dividends, proposing a cash dividend of RMB 0.40 per share, totaling RMB 650 million, which accounts for 25.85% of the net profit for the first half of the year [1][3] Financial Performance Summary - Revenue for 2023 is projected at RMB 75.515 billion, with a year-on-year growth rate of 6.7%. For 2024, revenue is expected to decrease slightly to RMB 74.993 billion, followed by a recovery to RMB 77.589 billion in 2025, representing a growth rate of 3.5% [1][4] - The net profit attributable to shareholders is forecasted to decline to RMB 2.835 billion in 2024, with a subsequent increase to RMB 3.071 billion in 2025, reflecting an 8.3% growth rate [1][4] - The company's return on equity (ROE) is expected to decrease from 11.6% in 2023 to 7.9% in 2024, before gradually improving to 8.9% by 2027 [1][4] - The earnings per share (EPS) is projected to decline from RMB 2.49 in 2023 to RMB 1.74 in 2024, with a recovery to RMB 2.45 by 2027 [1][4] Business Segment Performance - The company’s major business segments include large commercial, health products, and traditional Chinese medicine, with respective revenues of RMB 290 billion, RMB 70.23 billion, and RMB 52.41 billion in the first half of 2025. The health segment showed a growth of 7.42%, while the traditional Chinese medicine segment faced a decline of 15.23% [2][3] - The company is focusing on enhancing its traditional channel coverage for health products and collaborating with major restaurant platforms to boost sales [2] Future Outlook - The company is expected to achieve revenues of RMB 775.89 billion, RMB 813.96 billion, and RMB 847.33 billion from 2025 to 2027, with respective growth rates of 3%, 5%, and 4% [4] - The net profit attributable to shareholders is projected to grow to RMB 30.71 billion, RMB 35.66 billion, and RMB 39.80 billion over the same period, with growth rates of 8%, 16%, and 12% respectively [4]

信达证券8月19日发布白云山（600332.SH，最新价：27.16元）研报：1）大健康板块收入及利润表现突 出，大南药板块业绩承压明显；2）值得期待"国际化+创新+股东回报"，25H2或有望呈边际改善趋势。 风险提示：产品推广风险，凉茶市场开拓不及预期，市场竞争风险，应收账款回收不及预期，监管政策 变动风险。 （文章来源：每日经济新闻） ...