Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. has approved its 2024 annual equity distribution plan during the shareholders' meeting held on June 3, 2025, emphasizing its commitment to shareholder returns [1] Summary by Relevant Sections Equity Distribution Plan - The equity distribution plan includes a record date of June 18, 2025, and the ex-dividend date and cash dividend payment date are both set for June 19, 2025 [1] - The distribution is targeted at A-share shareholders registered with China Securities Depository and Clearing Corporation Limited in Shanghai as of the close of trading on the record date [1] Taxation Details - Individual shareholders and securities investment funds holding shares for over one year are exempt from personal income tax, while those holding for one month to one year are taxed at a rate of 10%, and those holding for less than one month are taxed at 20% [1] - Qualified Foreign Institutional Investors (QFII) and investors through the Shanghai-Hong Kong Stock Connect are subject to a 10% tax rate [1] Shareholder Engagement - The dividend plan reflects the company's focus on returning value to shareholders and aligns with relevant tax policy requirements [1] - Investors are advised to pay attention to the record date and tax treatment details to ensure the smooth realization of their rights [1]

Core Viewpoint - Baiyunshan has received approval for the registration of Tadalafil tablets, positioning it as a successor to its existing product, Jin Ge (Sildenafil) [1][3]. Group 1: Product Overview - Tadalafil is a PDE5 inhibitor similar to Sildenafil, primarily used for treating erectile dysfunction (ED) [1][3]. - Tadalafil has advantages over Sildenafil, including lower dosage, longer half-life, and less impact from high-fat meals and alcohol [3]. Group 2: Market Dynamics - The domestic market for Tadalafil has not performed as well as Sildenafil, facing intense competition and a dual market structure of hospital and retail sales [3][4]. - In 2024, Tadalafil's sales in public hospitals were only RMB 186 million, indicating a limited market size [7]. - The introduction of centralized procurement policies has compressed the market ceiling for Tadalafil in hospitals [4]. Group 3: Competitive Landscape - In 2024, Tadalafil's total sales in hospitals were RMB 142 million, with the original drug, Cialis, holding a 30.14% market share, while generic competitors have gained significant volume [7][11]. - The retail market for Tadalafil is much larger, with total sales of approximately RMB 2.906 billion in 2024, split between offline and online pharmacies [14]. - The online retail market is highly fragmented, with various brands competing for market share [20]. Group 4: Challenges and Future Outlook - Baiyunshan faces challenges in establishing Tadalafil as a blockbuster product due to the competitive landscape and lack of first-mover advantage [23]. - The company is also exploring other male health medications, such as Dapoxetine, but the overall market for these products is limited [24]. - Jin Ge's sales and revenue have declined in 2024, indicating potential saturation in its market [24][25].

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

Group 1 - The company has received the drug registration certificate for Tadalafil tablets (2.5mg, 5mg) from the National Medical Products Administration [1][2] - Tadalafil is a phosphodiesterase type 5 (PDE5) inhibitor primarily used for treating erectile dysfunction (ED) [2] - The original manufacturer of Tadalafil is Eli Lilly, which received approvals in the EU and the US in November 2002 and November 2003, respectively, and in China in December 2004 [2] Group 2 - The company submitted the drug registration application for Tadalafil on January 2, 2024, and received acceptance on January 24, 2024 [2] - In 2024, the sales figures for Tadalafil tablets in Chinese public hospitals, urban pharmacies, and online pharmacies were approximately RMB 185.73 million, RMB 1.294 billion, and RMB 1.61182 billion, respectively [2] - The company has invested approximately RMB 2.54 million and RMB 4.30 million in the R&D of 2.5mg and 5mg Tadalafil tablets, respectively [3] Group 3 - The approval of Tadalafil tablets enhances the company's product offerings in the male medication sector, potentially increasing its market competitiveness [3] - The company plans to commence production in accordance with relevant requirements and market demand [3]

Core Viewpoint - The company has received the drug registration certificate for Tadalafil tablets (2.5mg, 5mg), enhancing its product offerings in the male medication market and improving its competitive position in this sector [1][2]. Drug Information - The drug's generic name is Tadalafil, with active ingredients being Tadalafil in tablet form, available in specifications of 2.5mg and 5mg [1]. - The registration classification is categorized as a Class 4 chemical drug, with certificate numbers 2025S01530 and 2025S01529 [1]. - The drug is approved for use in treating erectile dysfunction (ED) and was originally developed by Eli Lilly, receiving approvals in the EU and the US in 2002 and 2003, respectively, and in China in 2004 [1]. Market Context - The registration application for Tadalafil tablets was accepted on January 24, 2024, and the approval is valid until May 26, 2030 [1]. - Major competitors in the domestic market include Guangdong Dongyangguang Pharmaceutical Co., Ltd., Jiangsu Tianshili Diyi Pharmaceutical Co., Ltd., and Lefusi Health Industry Co., Ltd., with sales figures of RMB 185.73 million, RMB 1.294 billion, and RMB 1.61182 billion, respectively [1]. - The company has invested approximately RMB 2.5401 million and RMB 4.2976 million in the R&D of Tadalafil tablets (2.5mg and 5mg) [1]. Impact on the Company - The acquisition of the drug registration certificate will diversify the product range of the company's male medication offerings, thereby enhancing its competitiveness in the male medication market [2]. - The company plans to commence production in accordance with regulatory requirements and market demand [2].

证券代码：600332 证券简称：白云山 公告编号：2025－048 规格：2.5mg、5mg 注册分类：化学药品 4 类 证书编号：2025S01530、2025S01529 广州白云山医药集团股份有限公司 关于分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。 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制药总厂（以下简称 "白云山制药总厂"）收到国家药品监督管理局核准签发关于他达拉 非片（2.5mg、5mg）的《药品注册证书》。现将相关情况公告如下： 一、药品的基本情况 药品通用名称：他达拉非片 主要成份：他达拉非 剂型：片剂 药品注册标准编号：YBH10982025 上市许可持有人：（1）名称：广州白云山医药集团股份有限公 司白云山制药总厂；（2）地址：广州市白云区同和街云祥路 88 号 生产企业：（1）名称：广州白云山医药集团股份有限公司白云 山制药总厂；（2）地址：广州市白云区同和街云祥路 88 号 受理号：CYHS2400338、 ...

Core Insights - The health food industry is experiencing significant growth driven by innovation, with the FFI2025 Food Formula Innovation Forum highlighting future trends in functional foods [1] - Guangzhou Baiyunshan Weiyi Industrial Co., Ltd. showcased its star product, the Dendrobium officinale probiotic solid beverage, which won the "2025 Innovation Exploration Award" through expert evaluation and consumer voting [1][3] Group 1 - The Dendrobium officinale probiotic solid beverage combines traditional medicine and modern probiotic technology, meeting diverse health needs of modern consumers [3] - The expert panel praised the product for its innovative formula that integrates traditional wisdom with modern scientific logic, setting a benchmark in the probiotic market [3] Group 2 - Dendrobium officinale has a long history of medicinal use, documented in ancient texts like "Compendium of Materia Medica," and modern pharmacological studies confirm its health benefits due to over 30 active substances [5] - The company selected the AB21 composite probiotics, which include Lactobacillus plantarum and Lactococcus lactis, achieving a perfect blend of traditional medicine and modern probiotic technology [5] Group 3 - The forum reinforced the "scientific formula" concept of the Dendrobium officinale probiotics, reflecting the company's commitment to quality and consumer health, while promoting a healthy lifestyle [7] - As a key member of the Guangzhou Pharmaceutical Group's health industry, the company leverages its billion-level industrial ecosystem to meet consumer demands with a range of popular health products [7] - The company aims to continue its focus on "technology and traditional Chinese medicine," investing in the modernization and scientific research of traditional health culture to provide innovative and practical health solutions [7]

Core Viewpoint - Baiyunshan Pharmaceutical has received the drug registration certificate for Tadalafil tablets (2.5mg, 5mg) from the National Medical Products Administration, enhancing its product offerings in the male medication market [1] Summary by Categories Company Developments - Baiyunshan Pharmaceutical's subsidiary, Baiyunshan Pharmaceutical Factory, has invested approximately RMB 2.54 million and RMB 4.30 million in the research and development of Tadalafil tablets (2.5mg and 5mg) respectively [1] Market Impact - The approval of the drug registration certificate is expected to enrich the variety of male medication products offered by Baiyunshan Pharmaceutical, thereby improving its competitiveness in the male medication sector [1]

Core Viewpoint - The article discusses the significant impact of centralized procurement policies on the traditional Chinese medicine (TCM) industry, highlighting the challenges and potential restructuring within the sector as it enters a new era of competition and pricing pressures [1][2][3]. Group 1: Impact of Centralized Procurement - The centralized procurement system has greatly affected the Western medicine industry, and similar pressures are now being felt in the TCM sector as it officially enters the "procurement era" [1][3]. - The scope of centralized procurement for TCM has expanded from 15 provinces to nationwide, with the number of products increasing to 45, indicating a growing impact on the industry [10][9]. - Many selected companies are pricing their products close to cost, leading to expectations of profit declines in the TCM industry by 2025 [11][12]. Group 2: Market Dynamics and Price Trends - Despite the challenges, the price of raw materials for TCM has significantly decreased this year, with the Chinese herbal medicine price index dropping over 20% from its peak [14][13]. - Some companies that won bids in the procurement process are experiencing unexpectedly high profits due to fixed hospital procurement prices, leading to optimistic sales forecasts [17]. - The average price drop for selected products in the latest procurement round was 47.38%, with some products seeing reductions as high as 69.3% [37][38]. Group 3: Industry Restructuring and Future Outlook - The TCM industry is expected to undergo significant restructuring, with a potential reduction in the number of suppliers as centralized procurement becomes more prevalent [23][24]. - The government has issued policies aimed at enhancing the quality and development of the TCM industry, indicating a push towards modernization and improved standards [25]. - The performance of TCM companies has been under pressure, with a reported 4.6% decline in total revenue and an 18.7% drop in net profit for 75 listed TCM companies in 2024 [29][28]. Group 4: Competitive Landscape - The competitive landscape is shifting, with traditional TCM giants facing challenges as their unique product strategies are tested by centralized procurement [33][40]. - Companies that previously opted out of insurance reimbursement to avoid price cuts are now facing increased pressure as more exclusive products enter centralized procurement [34][36]. - The article suggests that only companies with strong R&D capabilities, unique products, and brand advantages will thrive in the increasingly competitive environment [44][42].

Core Viewpoint - The domestic "Viagra" (Sildenafil Citrate) market is facing unprecedented challenges due to intensified competition, changing consumer perceptions, and societal trends, leading to significant declines in sales and profits for major companies in the sector [2][15]. Group 1: Sales Performance - The sales of Sildenafil Citrate, once a leading product, have drastically declined, with major companies like Baiyunshan reporting a 50% increase in inventory, reaching 24.2 million tablets, equivalent to over a quarter's worth of sales [4][6]. - Baiyunshan's revenue decreased by 427 million yuan, a 2.06% year-on-year decline, while net profit also fell, contrasting with a 6.09% growth in the previous year [6]. - Other companies, such as Kelun Pharmaceutical and Tainkang, also reported significant revenue drops of 29.42% and 32.45%, respectively, with inventory surging by 25.41% [6][14]. Group 2: Market Dynamics - The decline in sales is attributed to a surge in competing products, with 91 different formulations of Sildenafil approved for sale in China, leading to a highly competitive market environment [8][9]. - The entry of numerous pharmaceutical companies has intensified price wars, with products like Qilu Pharmaceutical's "Qianwei" being sold at prices significantly lower than original brands, further eroding market share for established products like Jin Ge [10][12]. - The changing health consciousness among consumers is reshaping the market, with alternatives like Tadalafil and Avanafil gaining traction due to their longer-lasting effects and better safety profiles [14]. Group 3: Societal Trends - A decline in sexual activity among younger generations, with only 50% of those born after 1995 reporting weekly sexual activity, is impacting the demand for erectile dysfunction medications [14][15]. - The pharmaceutical industry is transitioning from a "patent protection period" to a "fully competitive era," where traditional market advantages are being challenged by rapid technological advancements and evolving consumer preferences [15].