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） ...

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》。 白云山(00874)发布公告，2025年7月25日，广州白云山医药集团股份有限公司("公司")召开第九届董事 会第二十七次会议，审议通过了《关于公司参与设立股权投资基金暨关联交易的议案》，同意公司作为 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》。 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"广州广药二期基金股权投 资合伙企业(有限合伙)"。各合伙人已按出资比例实缴首期出资，合计1.10亿元。 ...

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》。 智通财经APP讯，白云山(00874)发布公告，2025年7月25日，广州白云山医药集团股份有限公司("公 司")召开第九届董事会第二十七次会议，审议通过了《关于公司参与设立股权投资基金暨关联交易的议 案》，同意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》。 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"广州广药二期基金股权投 资合伙企业(有限合伙)"。各合伙人已按出资比例实缴首期出资，合计1.10亿元。 ...

Core Insights - Baiyunshan's revenue and net profit for the first half of 2025 were 41.835 billion yuan and 2.516 billion yuan, reflecting year-on-year changes of 1.93% and -1.31% respectively, primarily due to insufficient demand, intensified industry competition, and policy impacts [1][3] - The company's stock price experienced fluctuations, closing at 27.43 yuan per share on August 18, 2025, with a market capitalization of 44.6 billion yuan [1] - The three main segments, Traditional Chinese Medicine (大南药), Health Products (大健康), and Commercial (大商业), reported revenues of 5.241 billion yuan, 7.023 billion yuan, and 29 billion yuan, with year-on-year changes of -15.23%, 7.42%, and 4.25% respectively [1][2] Segment Performance - The Traditional Chinese Medicine segment saw a significant revenue decline of 15.23%, with a gross margin of 49.71%, which decreased by 0.02 percentage points [2] - The Health Products segment experienced a revenue increase of 7.42%, with a gross margin of 44.67%, up by 1.69 percentage points [2] - The Commercial segment's revenue grew by 4.25%, but its gross margin fell to 6.13%, down by 0.26 percentage points [2] Product Insights - The flagship product, Jin Ge (金戈), generated sales of 1.052 billion yuan in 2022, accounting for 10.31% of the Traditional Chinese Medicine segment's revenue [5] - Jin Ge's sales declined by 20% in 2024 to 1.034 billion yuan, with a 13.17% drop in volume and a 49.78% increase in inventory, attributed to increased competition and changes in promotional strategies [5][8] - Baiyunshan is developing new products to support growth, including two newer male health medications, but their current market impact is limited due to high competition [8] Market Trends - The health beverage market, particularly for Wanglaoji (王老吉), has seen a slowdown, with market growth rates dropping from 15% to below 10% from 2012 to 2017, and an 18% decline in 2018 [9] - Baiyunshan is expanding Wanglaoji's international presence, with significant growth in overseas markets, which have increased 6.5 times over the past decade [9] - The company is adjusting its sales strategies for new products to stabilize revenue streams and reduce seasonal fluctuations [10] Financial Health - Baiyunshan's accounts receivable stood at 18.468 billion yuan, representing over 20% of total assets, with a collection period of 68.24 days, slightly improved from the previous year [13]

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 本公司關於完成私募基金備案暨關聯交易進展的公告之中文全文，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8月19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、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。 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（ ...

Investment Rating - The investment rating for Baiyunshan (600332) is not explicitly stated in the provided documents, but the report indicates a positive outlook for the company's performance in the second half of 2025, suggesting a potential upgrade in sentiment [1][3]. Core Viewpoints - The report highlights that Baiyunshan achieved a revenue of 41.835 billion yuan in H1 2025, representing a year-on-year increase of 1.93%, while the net profit attributable to shareholders was 2.516 billion yuan, down 1.31% year-on-year [2][3]. - The health sector showed strong revenue and profit performance, while the traditional Chinese medicine segment faced significant pressure, with a revenue decline of 15.23% [3]. - The company is focusing on international expansion and innovation, with successful overseas registrations for several products and a commitment to increasing shareholder returns through higher dividend payouts [3][4]. Summary by Sections Financial Performance - In H1 2025, Baiyunshan's revenue was 41.835 billion yuan, with a 1.93% increase year-on-year. The net profit attributable to shareholders was 2.516 billion yuan, reflecting a decrease of 1.31% year-on-year. The second quarter alone saw a revenue of 19.361 billion yuan, up 6.99% year-on-year, and a net profit of 0.695 billion yuan, up 17.48% year-on-year [2][3]. - The revenue structure showed that the health sector generated 7.023 billion yuan, growing by 7.42%, while the traditional Chinese medicine sector's revenue fell by 15.23% [3]. Future Outlook - The report anticipates a marginal improvement in performance for H2 2025, driven by a lower comparative base from H2 2024 and improved operational efficiency from the new management team [3]. - Revenue projections for 2025-2027 are estimated at 78.321 billion yuan, 82.844 billion yuan, and 87.634 billion yuan, with corresponding net profits of 3.381 billion yuan, 3.644 billion yuan, and 3.933 billion yuan, indicating growth rates of approximately 19.2%, 7.8%, and 7.9% respectively [4][5]. Strategic Initiatives - Baiyunshan is prioritizing internationalization and innovation, with ongoing efforts to expand its product registrations overseas and enhance its market presence in the health sector [3]. - The company has increased its dividend payout ratio to 45.87% in 2024, reflecting a commitment to shareholder returns [3].

Core Viewpoint - Wanglaoji, a subsidiary of Baiyunshan, is advancing its brand internationalization with the global launch of its international can products, aligning with the rapid growth of the global plant-based beverage market [1][2]. Group 1: Company Performance - In the first half of 2025, Wanglaoji achieved a main operating revenue of 6.499 billion yuan and a net profit of 1.295 billion yuan, both reflecting double-digit growth rates of 12.69% and 15.87% respectively [1]. - The growth in performance is attributed to the deep exploration of health products, enhanced coverage of traditional channel endpoints, and partnerships with major restaurant platforms to increase penetration in the dining channel [1]. Group 2: Market Position and Trends - Wanglaoji holds nearly 50% market share in the domestic plant beverage segment, with the fastest growth rate in brand share within the industry [2]. - The global plant beverage industry has seen explosive growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, while the carbonated beverage market is experiencing a decline of 6.7% year-on-year from July 2023 to June 2024 [2]. Group 3: International Expansion - Over the past decade, Wanglaoji's overseas market size has increased 6.5 times, with a compound annual growth rate exceeding 25% [3]. - In the first half of this year, Wanglaoji signed agreements with various partners for localized production overseas, employing a model of "supply chain collaboration + localized production + deep distribution" to expand its international footprint [3].

Core Viewpoint - The traditional Chinese medicine company Baiyunshan is facing significant challenges, with its net profit continuing to decline for the second consecutive year due to insufficient demand, intensified industry competition, and regulatory pressures [1][2]. Financial Performance - In the first half of the year, Baiyunshan reported an operating income of approximately 418.35 billion yuan, a year-on-year increase of 1.93%, while the net profit attributable to shareholders was about 25.16 billion yuan, a decrease of 1.31% [2]. - The company’s net profit for the first half of 2024 is projected to be around 25.5 billion yuan, reflecting a year-on-year decline of 9.31% [2]. - Quarterly performance shows a significant drop in Q1, with operating income of about 224.7 billion yuan, down 2.06%, and a net profit of approximately 18.21 billion yuan, down 6.99%. However, Q2 showed signs of recovery with operating income of about 193.6 billion yuan, up 6.99%, and a net profit of 6.95 billion yuan, up 17.48% [3]. Business Segment Analysis - Baiyunshan's business is divided into four main segments: Traditional Chinese Medicine (TCM), Health Products, Commercial, and Medical [5]. - The TCM segment, which is the core business, saw a revenue decline of 15.23%, with the main revenue from TCM products dropping by 20.12% to approximately 32.46 billion yuan [5][6]. - The Health Products and Commercial segments reported revenue growth of 7.42% and 4.25%, respectively, with revenues of 70.23 billion yuan and 290 billion yuan [5]. R&D and Marketing Expenditure - Baiyunshan's R&D expenses decreased by 27.06% to 2.85 billion yuan in the first half of the year, continuing a downward trend over the past three years [8]. - In contrast, sales expenses were 30.28 billion yuan, down 2.92%, but still significantly higher than R&D expenses, indicating a long-standing focus on marketing over R&D [8]. Management Changes - Baiyunshan has experienced management instability, with the former chairman resigning in July 2024 amid allegations of serious violations, and a new chairman, Li Xiaojun, taking over in January 2024 [9].