长江商报消息 ●长江商报记者 沈右荣 再出手，广药集团旗下的白云山（600332.SH）收购资产。 12月17日晚，白云山发布公告，控股子公司广州医药拟出资5.01亿元，收购浙江省医药工业有限公司 （以下简称"浙江医工"）100%股权。 浙江医工拥有浙江省麻黄素、咖啡因及二类麻醉药品的经营及配送资质，其配送网络覆盖浙江全省。 对于此次收购，白云山称，是为了进一步优化广州医药在华东区域的产业布局。 2025年9月底，白云山曾公告，附属企业广药二期基金拟受让南京医药11.04%股权，交易价款约7.49亿 元。此举，也是为了加码布局华东市场。 接连出手加码布局华东市场，实际上是白云山补短板。2025年上半年，作为仅次于华南市场的华东市 场，白云山的收入不增反降。通过联手南京医药、收购浙江医工，白云山在华东市场的版图、影响力将 进一步扩大。 近年来，虽然行业整体承压，白云山的经营业绩也出现了波动，但并不影响市场对其具备较强盈利能力 的判断。2025年前三季度，通过加大市场开拓力度，公司实现的归母净利润为33.10亿元，实现了由降 转增。 连续收购补华东市场短板 白云山再度收购，以补齐华东市场短板。 根据最新公告，12 ...

Core Viewpoint - The Hong Kong government has officially released the "Traditional Chinese Medicine Development Blueprint," which aims to promote comprehensive, high-quality, and high-level development of traditional Chinese medicine (TCM) in Hong Kong [1][2] Group 1: Development Goals - The blueprint includes eight goals, such as optimizing clinical services, establishing a cross-professional service system, and leading the development of TCM professionals [1][2] - Goals also focus on enhancing the quality of Chinese medicine, establishing international standards, driving research and innovation, promoting TCM culture, and facilitating the global outreach of TCM services [2] Group 2: Industry Outlook - CITIC Securities indicates that the short-term pressure on the Chinese medicine industry is expected to ease, with channel inventory clearing accelerating and demand expected to recover by year-end [1][3] - Huajin Securities emphasizes the importance of the "premium + innovation" strategy in the Chinese medicine sector, highlighting the strong brand effect and pricing power of premium Chinese medicine products [3] Group 3: Company Highlights - China Traditional Chinese Medicine (00570) reported a revenue of approximately 7.46 billion RMB for the first half of 2025, a year-on-year decrease of 11.0%, with a gross profit of about 3.63 billion RMB, down 10.5% [5] - Tong Ren Tang (03613) is a historic brand in the Chinese medicine industry, producing over 400 types of traditional Chinese medicine products [6] - Guo Sheng Tang (02273) is actively expanding its presence in Singapore through a strategy of mergers, partnerships, and self-built initiatives [6] - Baiyunshan (00874) reported a revenue of 61.606 billion RMB for the first three quarters of 2025, an increase of 4.31% year-on-year, with a net profit of 3.31 billion RMB, up 4.78% [6]

Core Viewpoint - The Hong Kong government has officially released the "Traditional Chinese Medicine Development Blueprint," aiming to promote comprehensive, high-quality, and high-level development of traditional Chinese medicine (TCM) in Hong Kong, encompassing five areas, eight goals, and twenty actions [1][2]. Group 1: Development Goals - The eight goals include optimizing clinical services, establishing a cross-professional service system, leading the development of TCM professions, enhancing the quality of TCM, building international standards for TCM, driving research and innovation in the industry, promoting TCM culture, and facilitating the global outreach of TCM [1][2]. - The government aims to enhance the quality of TCM services and integrate them into the healthcare system, thereby improving public health and establishing Hong Kong as a bridge for TCM to the world [2][3]. Group 2: Industry Outlook - CITIC Securities indicates that the short-term pressure on the TCM industry is expected to ease, with channel inventory clearing accelerating, and anticipates a demand rebound by year-end, along with opportunities for fundamental and valuation improvements [1][3]. - Huajin Securities emphasizes the importance of the "premium + innovation" strategy in the TCM sector, highlighting that premium TCM products possess significant medical value and consumer attributes, while innovative TCM is gradually entering a harvest period supported by favorable policies [3][4]. Group 3: Company Highlights - China Traditional Chinese Medicine (00570) reported a revenue of approximately 7.46 billion RMB for the first half of 2025, a year-on-year decrease of 11.0%, with a gross profit of about 3.63 billion RMB, down 10.5%, but with a gross margin of 48.7%, up 0.3 percentage points from the previous year [5]. - Tong Ren Tang (03613), a historic brand in the TCM industry, produces over 400 types of traditional Chinese medicine, covering various medical fields [5][6]. - Guo Sheng Tang (02273) is actively expanding its TCM services in Singapore through a strategy of mergers, partnerships, and self-built initiatives, including a recent joint venture with a digital healthcare platform [6]. - Baiyunshan (00874) reported a revenue of 61.606 billion RMB for the first three quarters of 2025, an increase of 4.31% year-on-year, with a net profit of 3.31 billion RMB, up 4.78% [6].

12月17日，白云山（600332）发布公告，公司下属控股子公司广州医药(874839)与海正药业（600267） 签署《浙江省医药工业有限公司股权交易合同》及补充协议，广州医药成功摘牌，受让海正药业持有的 浙江省医药工业有限公司（下称"浙江医工"）100%股权。 此次收购完成后，广州医药将依托浙江医工在当地成熟的医疗终端网络和商业渠道资源，构建"医院纯 销+零售分销+智慧供应链"的全链条业务生态，加速SPD模式、医药电商等创新业务在长三角区域的落 地，惠及当地患者，为患者提供药品冷链配送、临床药学服务、患者管理等增值服务。 本次交易始于公开挂牌转让，12月10日，广州医药以5亿元的价格成功摘牌，并向台州市产权交易所有 限公司缴纳竞买保证金8600万元。紧接着，广州医药与海正药业签署《股权交易合同》及《补充协 议》，以其自有资金收购海正药业持有的目标公司100%股权，目标股权转让价款为5亿元。 作为交易核心标的，浙江医工的行业地位与资源优势成为本次收购的关键亮点。公开信息显示，浙江医 工是浙江省内排名前列的优质医药流通企业，拥有覆盖省内99%以上公立医院的配送网络。其核心竞争 力体现在三大方面：一是稀缺资质优 ...

对于海正药业而言，其出售浙江医工的目的在于优化公司业务结构、聚焦医药工业的核心优势领域以提 升整体利润率与资源配置效益。 而在白云山看来，浙江医工地处长三角地区，医药市场发达，且是浙江省排名前6的优质医药流通企 业。同时，浙江医工一直深耕浙江省医药市场，积累了丰富的客户资源，最近一年年销售收入规模40亿 元以上，拥有良好的前景。 长江商报奔腾新闻记者 徐佳 海正药业（600267.SH）出售子公司敲定新买家。 12月17日晚间，白云山（600332.SH）披露资产收购计划。公司下属控股子公司广州医药股份有限公司 （"广州医药"）拟通过公开摘牌方式受让海正药业所持浙江省医药工业有限公司（"浙江医工"）100% 股权，转让价款为5亿元。 资料显示，浙江医工成立于1999年，是浙江省医药流通企业，拥有浙江省麻黄素、咖啡因及二类麻醉药 品的经营及配送资质，其配送网络覆盖浙江全省，业务以医院纯销及药店批发为主。 截至2025年9月末，浙江医工资产总额17.12亿元，负债总额13.5亿元，净资产3.62亿元。资产负债率达 到78.84%。 本次交易中，浙江医工100%股权对应的评估价值为3.92亿元，海正药业以4.3亿元 ...

公告提到，本次收购事项不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 2025年12月10日，广州医药以5.05亿元的价格成功摘牌，并向台州市产权交易所有限公司缴纳竞买保证 金8600万元。2025年12月17日，广州医药与海正药业签署《股权交易合同》及《补充协议》，以其自有 资金收购海正药业持有的目标公司100%股权，目标股权转让价款为50,050.00万元。 近日，广州白云山（600332）发布公告称，为进一步优化广州医药在华东区域的产业布局，推动广州医 药业务发展，经本公司董事会战略发展与投资委员会2025年第十次会议审议，同意广州医药通过公开摘 牌的方式参与海正药业（600267）转让其持有的全资子公司浙江医工100%股权事宜。 ...

本文源自：财华网 【财华社讯】白云山(00874.HK)公布，于2025年12月17日，买方(公司子公司广州医药)与卖方(独立第三 方海正药业)订立股权交易合同及补充协议。根据股权交易合同及补充协议，买方同意收购，卖方同意 出售目标公司100%股权，收购对价约为人民币5亿元。于收购事项完成后，买方将持有目标公司100% 股权。目标公司浙江医工是浙江省医药流通企业，业务以各类医药产品的批发为主。 ...

南财智讯12月18日电，白云山（00874.HK）发布须予披露交易公告，于2025年12月17日，公司子公司 广州医药股份有限公司与浙江海正药业股份有限公司订立《股权交易合同》，拟通过公开挂牌方式收购 浙江省医药工业有限公司100%股权，交易对价为人民币5.005亿元。其中8600万元已作为竞买保证金支 付并转为部分对价，剩余4.145亿元将在合同生效后五个工作日内一次性支付至台州市产权交易所有限 公司指定账户。本次交易构成白云山的须予披露交易，但未达到股东批准标准。目标公司为浙江省排名 前六的优质医药流通企业，最近一年销售收入超40亿元，收购有助于广州医药完善华东区域布局，提升 终端市场覆盖能力。本次收购资金来源于广州医药自有资金，董事会认为交易条款公平合理，不会对公 司财务及经营状况产生不利影响，符合公司及股东整体利益。 ...

Group 1: Major Asset Restructuring - Pulutong plans to acquire 100% of Leqee Group Limited and 8.26% of Hangzhou Lemai through share issuance and cash payment, with the transaction price yet to be determined [2][3] - Wanlong Optoelectronics intends to acquire 100% of Zhejiang Zhongkong Information Industry Co., Ltd. through share issuance and cash payment, with the final transaction price still pending [4][5] - Fengxing Co. plans to acquire 75% of Baiyin Huaxin Jiuhe Recycling Resources Co., Ltd. through share issuance and cash payment, with the asset valuation and transaction price yet to be confirmed [6] Group 2: Corporate Mergers and Acquisitions - CICC disclosed a plan to absorb and merge Dongxing Securities and Xinda Securities, with the merger expected to result in the cancellation of the latter's listings [7] - Meike Home is in the process of planning to acquire control of Shenzhen Wandelong Optoelectronics Co., Ltd., with the valuation still under consideration [8] Group 3: Significant Contracts and Agreements - China CRRC signed several major contracts totaling approximately 533.1 billion yuan, which includes contracts for wind power equipment and urban rail vehicles [15] - China Duty Free Group won bids for duty-free store projects at Shanghai Pudong and Hongqiao International Airports, with a joint investment of 102 million yuan for a new duty-free joint venture [16]

格隆汇12月17日丨白云山(00874.HK)宣布，于2025年12月17日，买方(广州医药，公司子公司)与卖方(海 正药业，公司独立第三方)订立了股权交易合同及补充协议。根据股权交易合同及补充协议，买方同意 收购，卖方同意出售目标公司浙江省医药工业有限公司100%股权，收购对价为人民币5亿元。于收购事 项完成后，买方将持有目标公司100%股权。 浙江医工是浙江省医药流通企业，业务以各类医药产品的批发为主。海正药业持有浙江医工100%股 权，为浙江医工唯一股东。 公司注意到，收购事项的交易代价较评估值存在一定溢价。经综合考虑以下因素，公司认为交易代价合 理，并符合公司及广州医药的长期发展战略规划：(1)目标公司位于长三角地区，医药市场发达，是浙 江省排名前六的优质医药流通企业。目标公司长期深耕浙江省市场，积累了丰富的客户资源，最近一年 年销售收入规模超过人民币40亿元，具有良好发展前景；(2)收购事项有利于广州医药获取浙江省及周 边地区成熟的客户网络，进一步优化在华东区域的产业布局，提升对国内终端市场的覆盖广度和深度。 ...