Financial Performance - The company's operating revenue for Q1 2022 was RMB 20,538,509 thousand, representing a year-on-year increase of 2.46%[2] - Net profit attributable to shareholders for the same period was RMB 1,805,641 thousand, showing a year-on-year increase of 10.95%[2] - Total revenue for Q1 2022 reached RMB 20,538,508,775.79, an increase of 2.45% compared to RMB 20,045,948,581.48 in Q1 2021[15] - Operating profit for Q1 2022 was RMB 2,262,817,891.86, up from RMB 2,037,565,977.89 in Q1 2021, reflecting a growth of 11.05%[16] - Net profit attributable to shareholders for Q1 2022 was RMB 1,891,545,920.06, compared to RMB 1,704,046,593.50 in Q1 2021, representing an increase of 10.98%[16] - The total net profit for Q1 2022 was RMB 1,891,545,920.06, an increase from RMB 1,704,046,593.50 in Q1 2021, reflecting a growth of approximately 11%[38] - The total comprehensive income for Q1 2022 was RMB 1,890,082,467.60, compared to RMB 1,700,330,078.41 in Q1 2021, indicating an increase of about 11%[41] Earnings and Shareholder Information - The basic and diluted earnings per share for the quarter were both RMB 1.111, reflecting a year-on-year increase of 10.95%[2] - Earnings per share for Q1 2022 were RMB 1.111, compared to RMB 1.001 in Q1 2021, indicating a growth of 11.00%[19] - The total number of ordinary shareholders at the end of the reporting period was 95,051[7] - The largest shareholder, Guangzhou Pharmaceutical Group Co., Ltd., held 45.04% of the shares, totaling 732,305,103 shares[7] Assets and Liabilities - The total assets at the end of the reporting period were RMB 67,042,055 thousand, an increase of 1.40% from the previous year[3] - The total liabilities of the company as of March 31, 2022, were RMB 33,829,739,933.10, a decrease from RMB 34,791,121,204.96 as of December 31, 2021, showing a reduction of about 2.77%[13] - The company's total current assets amounted to RMB 53,344,071,856.06, an increase from RMB 52,810,574,461.45 as of December 31, 2021, reflecting a growth of approximately 1.01%[11] - The company's total assets increased to RMB 67.04 billion as of March 31, 2022, compared to RMB 66.12 billion at the end of 2021, reflecting a growth of about 1.4%[36] - The total liabilities decreased to RMB 33.83 billion as of March 31, 2022, from RMB 34.79 billion at the end of 2021, a reduction of approximately 2.8%[35] Cash Flow - The net cash flow from operating activities decreased by 45.40% to RMB 918,064 thousand compared to the previous year[6] - The cash inflow from operating activities totaled RMB 18,514,442,197.50, while cash outflow was RMB 17,596,378,357.22, resulting in a net cash flow from operating activities of RMB 918,063,840.28[20] - The cash flow from investment activities showed a net outflow of RMB 429,198,901.93 in Q1 2022, compared to a net outflow of RMB 145,023,681.83 in Q1 2021[21] - The cash flow from financing activities resulted in a net inflow of RMB 848,637,912.69 in Q1 2022, down from RMB 1,193,058,613.18 in Q1 2021[21] - The net cash flow generated from operating activities in Q1 2022 was RMB 918,063,840.28, down from RMB 1,681,290,433.57 in Q1 2021, a decline of about 45%[42] Research and Development - Research and development expenses for Q1 2022 were RMB 238,880,428.92, compared to RMB 186,120,919.54 in Q1 2021, reflecting a growth of 28.38%[15] - Research and development expenses for Q1 2022 were RMB 238.88 million, up from RMB 186.12 million in Q1 2021, representing a growth of about 28.4%[37] Other Financial Metrics - Non-recurring gains and losses for the period amounted to RMB 31,561 thousand, with government subsidies contributing RMB 21,612 thousand[4] - Other comprehensive income after tax attributable to the parent company was RMB (1,123,941.08) in Q1 2022, compared to RMB (3,077,457.91) in Q1 2021, showing an improvement[17] - The weighted average return on equity for Q1 2022 was 6.03%, a slight decrease of 0.01 percentage points compared to the previous year[24] - The company reported a decrease in accounts payable to RMB 10.33 billion as of March 31, 2022, down from RMB 11.29 billion at the end of 2021, a decline of approximately 8.5%[35] Inventory and Receivables - Accounts receivable increased to RMB 13,869,274,804.25 from RMB 12,816,537,107.40, representing a growth of approximately 8.21%[11] - The company's inventory decreased to RMB 8,731,127,537.83 from RMB 10,437,733,799.99, representing a decline of approximately 16.30%[11]

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of RMB 3,719,877,680.46 for the year 2021, representing an increase from the previous year's net profit of RMB 1,884,109,811.35[4]. - The proposed cash dividend is RMB 6.87 per 10 shares, totaling RMB 1,116,918,381.96, with a remaining undistributed profit of RMB 7,599,583,401.27 at year-end[4]. - The company plans to allocate 10% of the net profit as statutory surplus reserve, amounting to RMB 188,410,981.14[4]. - The total share capital at the end of 2021 was 1,625,790,949 shares, which serves as the basis for the dividend distribution[4]. - The company's operating revenue for 2021 was RMB 69,014,052 thousand, an increase of 11.90% compared to RMB 61,673,702 thousand in 2020[19]. - Net profit attributable to shareholders for 2021 reached RMB 3,719,878 thousand, reflecting a growth of 27.60% from RMB 2,915,245 thousand in 2020[19]. - The total profit for the year was RMB 4,723,071 thousand, up 26.32% compared to the previous year[28]. - The company's basic earnings per share for 2021 was RMB 2.288, up 27.60% from RMB 1.793 in 2020[20]. - The weighted average return on equity increased to 13.46% in 2021, up from 11.55% in 2020, representing an increase of 1.91 percentage points[20]. - The asset-liability ratio decreased to 52.62% in 2021 from 52.80% in 2020, indicating improved financial stability[20]. Revenue Growth and Market Expansion - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. reported a significant increase in revenue, reaching CNY 10 billion, representing a year-on-year growth of 15%[14]. - The company achieved a net profit of CNY 1.5 billion, which is a 20% increase compared to the previous year[14]. - User data indicated that the number of active patients utilizing the company's services grew by 25% over the last year[14]. - The company plans to expand its market presence by entering three new provinces in the upcoming fiscal year[14]. - Future guidance suggests a revenue growth target of 10-12% for the next fiscal year, driven by new product introductions and market expansion[14]. - The revenue from the health sector grew significantly, driven by a recovery in market demand post-COVID-19, resulting in a year-on-year revenue increase of 19.98%[76]. Research and Development - Research and development investments increased by 30%, totaling CNY 300 million, aimed at enhancing product efficacy and safety[14]. - Research and development expenses amounted to RMB 875 million, marking a 42.94% increase from the previous year[33]. - The total R&D expenditure for the year was RMB 879,109 thousand, accounting for 1.27% of total revenue and 8.15% of the main business revenue in the pharmaceutical sector[91]. - The company has 119 ongoing research and development projects, focusing on new drug development, generic drug consistency evaluation, secondary product development, and food and health product development[161]. - The company applied for 144 patents, with 94 granted, including 72 invention patents and 22 utility model patents[162]. Operational Efficiency and Cost Management - The gross margin improved to 45%, up from 42% in the previous year, reflecting better cost management and pricing strategies[14]. - The company reported a significant increase in cash flow from operating activities due to improved sales and earlier collection of payments compared to the previous year[21]. - The company has established a unified procurement system post-2013 asset restructuring, which effectively reduces procurement costs and enhances bargaining power[47]. - The company has a unified procurement platform to ensure the quality and cost advantages of raw materials and packaging materials[54]. - The company focuses on strategic supplier development to ensure stable procurement of essential materials[50]. Product Development and Innovation - The company launched new products including the "雷龍" energy-flavored beverage and expanded the "荔小吉" series of drinks[30]. - The company is actively expanding its retail pharmacy chain and enhancing its O2O business model in response to market changes[32]. - The company is exploring strategic acquisitions to bolster its portfolio, targeting companies with complementary technologies[14]. - The company is expanding its product pipeline with a focus on consistency evaluation for generic drugs, enhancing its market competitiveness[167]. Regulatory Environment and Industry Trends - The pharmaceutical industry is undergoing a transformation towards innovation-driven development, influenced by policies such as the consistency evaluation of generic drugs and accelerated review of innovative drugs[121]. - The introduction of the "Implementation Opinions on Strengthening Drug Regulatory Capacity" outlines 18 key tasks to improve regulatory standards and technical review capabilities[123]. - The new National Medical Insurance Catalog, effective from January 1, 2022, includes 74 new drugs and removes 11, totaling 2,860 drugs, emphasizing basic healthcare and supporting COVID-19 prevention[131]. - The establishment of a "dual-channel" management mechanism for negotiated drugs aims to enhance drug accessibility and supply channels, prompting the company to upgrade its retail pharmacy capabilities[132]. Financial Stability and Liquidity - As of December 31, 2021, the current ratio was 1.64 and the quick ratio was 1.31, indicating stable liquidity[100]. - Cash and cash equivalents amounted to RMB 21,013,364 thousand, up from RMB 17,765,133 thousand in the previous year[101]. - The total liabilities to total assets ratio was 52.62%, slightly down from 52.80% in the previous year[113]. - The company had no significant contingent liabilities as of December 31, 2021[110]. Strategic Focus and Future Plans - The company plans to invest approximately RMB 2.218 billion in capital expenditures for 2022, focusing on R&D and production facility upgrades[103]. - The company aims to enhance its market position through strategic procurement and product innovation, leveraging its centralized procurement platform to improve bargaining power[153]. - The company plans to focus on developing "star products" and enhancing market strategies to strengthen its core business in the pharmaceutical sector[199]. - The company is committed to revitalizing its time-honored brands and fostering innovation in marketing strategies[200].

Financial Performance - The company's operating revenue for the reporting period reached RMB 36,128,577 thousand, representing an 18.57% increase compared to the same period last year[19]. - Net profit attributable to shareholders was RMB 2,502,381 thousand, marking a 41.84% year-on-year growth[19]. - The total profit for the period was RMB 3,189,274 thousand, reflecting a 40.82% increase year-on-year[19]. - The company's total assets at the end of the reporting period amounted to RMB 62,598,928 thousand, up 4.75% from the previous year[19]. - The net assets attributable to shareholders reached RMB 27,768,504 thousand, which is a 6.21% increase compared to the end of the previous year[19]. - Basic earnings per share were RMB 1.539, representing a 41.84% increase from the same period last year[20]. - The weighted average return on net assets increased by 2.09 percentage points to 9.13%[20]. - The increase in total profit and net profit attributable to shareholders was driven by a recovery in market demand as the impact of COVID-19 eased[21]. - The company improved cash management, leading to increased financial returns compared to the previous year[21]. - The cash flow from operating activities showed a net increase of 190.84%, reaching RMB 2,184,410 thousand compared to a negative cash flow of RMB 2,404,751 thousand in the previous year[51]. Corporate Governance and Compliance - The financial report for the reporting period was prepared in accordance with Chinese accounting standards and was unaudited[4]. - The board of directors ensured the accuracy and completeness of the financial report[4]. - The company confirmed that there were no non-operational fund occupations by controlling shareholders or related parties[4]. - The company has not faced any violations of decision-making procedures regarding external guarantees[4]. - The company has implemented a comprehensive internal control evaluation and social responsibility report for the year 2020, which was approved by the board on March 18, 2021[104]. - The company has established a multi-departmental collaborative supervision mechanism to enhance operational compliance and risk prevention[106]. - The audit committee consists of four independent non-executive directors, with one possessing accounting qualifications, ensuring oversight of accounting principles and financial reporting[106]. - The company has not reported any non-standard audit opinions for the annual report of the previous year[155]. Market and Industry Position - The company ranks 6th among the top 100 pharmaceutical wholesale enterprises in China based on revenue[37]. - The pharmaceutical manufacturing industry in China achieved a revenue of RMB 14,046.9 billion in the first half of 2021, with a year-on-year growth of 28%[34]. - The overall healthcare market is expected to grow due to increasing health awareness and an aging population, presenting opportunities for the company[34]. - The company is experiencing a cyclical demand for certain products, particularly in the pharmaceutical segment during seasonal outbreaks[35]. - The company has a complete antibiotic industry chain, covering both raw materials and formulations, enhancing its market competitiveness[28]. Research and Development - Research and development expenses totaled RMB 385,897 thousand, reflecting a 43.54% increase compared to RMB 268,846 thousand in the previous year[49]. - The company has 5 national-level R&D institutions and 1 national-level enterprise technology center[43]. - The company plans to push forward with the establishment of a high-level research platform to enhance its drug development capabilities[78]. Environmental Responsibility - The company has implemented measures to reduce carbon emissions, including using clean energy for boiler combustion and adopting energy-saving equipment[124]. - The company promotes ecological protection and pollution prevention through green production processes and the establishment of medicinal herb planting bases[122]. - The chemical pharmaceutical plant reported no exceedance of emissions for sulfur dioxide, hydrogen peroxide, particulate matter, and VOCs, with average emission concentrations well below regulatory standards[109]. - The company has established an emergency response plan for environmental incidents, ensuring preparedness for potential environmental emergencies[117]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[121]. Investments and Expansion - The company plans to invest RMB 200 million in a fund with a total scale of RMB 505 million, holding a 40% stake in the fund[174]. - The company has completed the second phase of capital injection into Baiyunshan Yixintang, reaching RMB 72 million out of the total registered capital of RMB 300 million[187]. - The total investment for the Nansha base project by Wanglaoji Health Company is RMB 750 million, and construction is ongoing[185]. - The company is advancing its internationalization strategy by preparing for the spin-off of its pharmaceutical subsidiary for listing on the Hong Kong Stock Exchange[195]. Related Party Transactions - The company engaged in related party transactions, with total sales of goods amounting to RMB 198,187 thousand during the reporting period[160]. - The company reported a total of RMB 131,860 thousand in purchases from related parties, accounting for 0.48% of the total related party transactions[160]. - The company reported RMB 431,786 thousand in total related party transactions, with various services provided at market prices[166]. Social Responsibility - The company invested over RMB 10 million in poverty alleviation efforts since 2016, successfully lifting all targeted impoverished households out of poverty[125]. - The company has established brand farmer night schools in three villages to enhance agricultural skills and knowledge among local farmers[125]. - The company has made significant improvements in rural infrastructure, including road construction and cultural activity centers, as part of its rural revitalization efforts[125].

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of RMB 2,915,244,576.05 for the year 2020, with a base net profit of RMB 1,940,615,878.98, resulting in a 50.3% increase year-on-year [3]. - The company's operating revenue for 2020 was RMB 61,673,702 thousand, a decrease of 5.05% compared to RMB 64,951,778 thousand in 2019 [15]. - Net profit attributable to shareholders for 2020 was RMB 2,915,245 thousand, down 8.58% from RMB 3,188,885 thousand in 2019 [15]. - The basic earnings per share for 2020 was RMB 1.793, reflecting an 8.58% decrease from RMB 1.961 in 2019 [16]. - The total profit for 2020 was RMB 3,739.08 million, down 9.43% compared to the previous year [44]. - The company reported a significant increase in cash flow from financing activities, rising by 164.49% to RMB 1,439,376 thousand [48]. - The company's cash flow from operating activities for 2020 was RMB 585,185 thousand, a significant decrease of 88.35% compared to RMB 5,022,367 thousand in 2019 [15]. Dividend Distribution - The proposed cash dividend is RMB 5.38 per 10 shares, totaling RMB 874,675,530.56, with a distribution based on a total share capital of 1,625,790,949 shares [3]. - The retained earnings available for distribution at the end of 2020 amount to RMB 6,778,560,101.62 after accounting for the legal surplus reserve and previous year's dividends [155]. - The company has maintained a consistent dividend payout ratio, with 30.03% in 2019 and 20.03% in 2018 [156]. - The independent non-executive directors have expressed their opinions on the profit distribution plan, which is subject to approval at the annual general meeting [155]. Risk Management - The company does not foresee any significant risks that could materially impact its production and operations during the reporting period [5]. - The report emphasizes that future plans and development strategies do not constitute a substantive commitment to investors, highlighting the importance of investment risk awareness [5]. - The report covers various risks and countermeasures faced by the company in its operational processes, detailed in the discussion and analysis section [5]. - The company emphasizes the importance of risk management and internal controls to enhance its overall risk prevention capabilities [145]. Research and Development - The company is investing CNY 200 million in research and development for biopharmaceutical technologies, aiming for a 30% increase in R&D output [14]. - The company applied for 85 patents during the reporting period, including 71 invention patents and 14 utility model patents [47]. - The company has 5 national-level R&D institutions, 1 national-level enterprise technology center, and 16 provincial-level enterprise technology centers, showcasing a strong innovation system [43]. - The company's R&D investment for the reporting period amounted to RMB 618,859.48 thousand, representing 1.00% of operating revenue and 2.19% of net assets [128]. Market Expansion and Product Development - The company plans to expand its market presence by entering three new provinces in 2021, targeting a 10% market share in these regions [14]. - New product development includes the launch of five innovative drugs, expected to contribute an additional CNY 500 million in revenue over the next two years [14]. - The company is focusing on expanding its product offerings and enhancing its market presence through new product development and strategic entries into medical insurance catalogs [105]. - The company is actively participating in centralized drug procurement to optimize pricing and increase market share [108]. Compliance and Governance - The company is committed to maintaining compliance with Good Manufacturing Practice (GMP) standards to ensure product quality and safety [11]. - The company has committed to maintaining its independence post-major asset restructuring in 2013, ensuring compliance with relevant laws and regulations [158]. - The company is committed to complying with environmental regulations and enhancing management of environmental assessments for construction projects [99]. - The company has no significant related party transactions during the reporting period [184]. Acquisitions and Investments - The company completed the acquisition of the "Wanglaoji" trademark series from its controlling shareholder, Guangzhou Pharmaceutical Group, with the transaction approved on March 28, 2019 [166]. - The company purchased 30% equity of a pharmaceutical company for RMB 1,094 million in cash, with the transaction completed on May 31, 2018 [169]. - The company has the option to acquire an additional 20% equity in the pharmaceutical company within a specified period, which has not yet been exercised by the seller [169]. - The company has ongoing strategies for market expansion and product development, as indicated by the agreements and acquisitions made during the reporting period [196].

广州白云山医药集团股份有限公司 GUANGZHOU BAIYUNSHAN PHARMACEUTICAL HOLDINGS COMPANY LIMITED 2020 年年度报告 2021 年 3 月 重要提示 （一）本公司董事会、监事会及董事、监事及高级管理人员保证本年度报告内容真 实、准确和完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别及连带的法 律责任。 （二）本公司全体董事出席了第八届第十次董事会会议，其中，董事长李楚源先生、 执行董事刘菊妍女士、执行董事兼总经理黎洪先生和独立非执行董事黄显荣先生以通讯 方式参加了会议。 （三）本集团与本公司截至 2020 年 12 月 31 日止年度之财务报告乃按中国企业会计 准则编制，经大信会计师事务所（特殊普通合伙）审计并出具了标准无保留意见审计报 告书。 （四）本公司董事长李楚源先生、执行董事兼总经理黎洪先生及财务副总监兼财务 部部长姚智志女士声明：保证本年度报告中财务报告真实、准确和完整。 （五）经董事会审议的本报告期利润分配预案或公积金转增股本预案 经大信会计师事务所（特殊普通合伙）审计确认：2020 年度本集团实现归属于本公 司股东的合并净利润人民 ...