香港联交所最新资料显示，9月24日，Lazard Asset Management LLC减持国药控股(01099)54.64万股，每 股均价18.48港元，总金额约为1009.75万港元。减持后最新持股数目约为1.34亿股，最新持股比例为 9.99%。 ...

Group 1 - Lazard Asset Management LLC reduced its holdings in China National Pharmaceutical Group (01099) by 546,400 shares at an average price of HKD 18.48 per share, totaling approximately HKD 10.0975 million [1] - After the reduction, Lazard's latest shareholding stands at approximately 134 million shares, representing a holding percentage of 9.99% [1]

Core Viewpoint - The report maintains a "Buy" rating for China National Pharmaceutical Group (国药控股) with a target price of HKD 21.3, highlighting short-term performance pressure but long-term benefits from aging trends and policy integration [1] Financial Performance - In H1 2025, the company reported revenue of CNY 286.04 billion, a decrease of 2.95% year-on-year, with a gross profit of CNY 20.35 billion, down 7.28% [1] - The overall gross margin was under pressure at 7.11%, a decline of 0.34% year-on-year, while net profit fell to CNY 5.337 billion, down 9.53% [1] - Profit attributable to equity holders was CNY 3.47 billion, a decrease of 6.43%, but effective cost control led to a reduction in selling, administrative, and financial expense ratios [1] Pharmaceutical Distribution Segment - The pharmaceutical distribution segment generated revenue of CNY 218.53 billion, down 3.52% year-on-year, with an operating profit margin of 2.58%, a decline of 0.17 percentage points [2] - The company is focusing on core hospital markets and grassroots medical needs, which has contributed to overall market share growth despite revenue decline [2] - The strategic shift to reduce low-margin revenue has improved supply chain efficiency and compliance [2] Medical Device Distribution - Revenue from the medical device distribution business was CNY 57.05 billion, down 2.46%, with an operating profit margin of 1.92%, a decrease of 0.33 percentage points [2] - The company is optimizing channel structures and has added new projects to enhance revenue, with SPD projects driving a 13% year-on-year increase in device revenue [2] Retail Pharmacy Segment - The retail pharmacy segment achieved revenue of CNY 17.16 billion, a growth of 3.6%, with an operating profit margin of 2.68%, up 1.13 percentage points [3] - As of June 30, 2025, the total number of Guoda pharmacies was 8,591, a net decrease of 978 stores, focusing on quality improvement and network optimization [3] - The net profit of the retail segment saw a significant increase of 215.8% year-on-year, driven by same-store sales growth in prescription and innovative drug support [3]

Core Viewpoint - The report maintains a "Buy" rating for China National Pharmaceutical Group (国药控股) with a target price of HKD 21.3, highlighting short-term performance pressure but long-term benefits from aging trends and policy integration [1] Financial Performance - In the first half of 2025, the company achieved revenue of CNY 286.04 billion, a decrease of 2.95% year-on-year, with a gross profit of CNY 20.35 billion, down 7.28% [1] - The overall gross margin continued to be under pressure at 7.11%, a decline of 0.34% year-on-year, while net profit was CNY 5.337 billion, down 9.53% [1] - Profit attributable to equity holders was CNY 3.47 billion, a decrease of 6.43% year-on-year, with effective cost control leading to reduced expense ratios [1] Pharmaceutical Distribution Segment - Revenue for the pharmaceutical distribution segment was CNY 218.53 billion, down 3.52% year-on-year, with an operating profit margin of 2.58%, a decline of 0.17 percentage points [2] - The company is focusing on core hospital markets and grassroots medical needs, which has contributed to overall market share growth despite revenue decline [2] - The strategic shift to reduce low-margin revenue has improved supply chain efficiency and compliance [2] Medical Device Distribution - Revenue from medical device distribution was CNY 57.05 billion, down 2.46% year-on-year, with an operating profit margin of 1.92%, a decrease of 0.33 percentage points [2] - The company is optimizing channel structures and has added new projects to enhance revenue, with SPD projects driving a 13% year-on-year increase in device revenue [2] Retail Pharmacy Segment - The retail pharmacy segment achieved revenue of CNY 17.16 billion, a growth of 3.6% year-on-year, with an operating profit margin of 2.68%, an increase of 1.13 percentage points [3] - As of June 30, 2025, the total number of Guoda pharmacies was 8,591, a net decrease of 978 stores, focusing on quality improvement and network optimization [3] - The professional pharmacy segment saw a reduction in store numbers but maintained double-digit same-store revenue growth due to supportive policies [3]

| 股份代號: | 01099 | | --- | --- | | 上市法國名稱: | 國藥控股股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/08/2025 - 29/09/2025 | 格隆汇9月29日丨根据联交所最新权益披露资料显示，2025年9月23日，国药控股(01099.HK)遭FMR LLC在场内以每股均价18.4387港元减持131.88万股，涉 资约2431.7万港元。 减持后，FMR LLC最新持股数目为146,893,747股，持股比例由11.05%下降至10.95%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | ( 請參閱上述 * 註 | | | | | | | | ler 份百分比 年) | | | | | | | | (%) | | | CS20250926E00273 | FMR LLC 1,318, ...

香港联交所最新资料显示，9月23日，FMR LLC减持国药控股(01099)131.88万股，每股作价18.4387港 元，总金额约为2431.7万港元。减持后最新持股数目约为1.47亿股，持股比例为10.95%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月23日，FMR LLC减持国药控股(01099)131.88万股， 每股作价18.4387港元，总金额约为2431.7万港元。减持后最新持股数目约为1.47亿股，持股比例为 10.95%。 ...

關愛 生命 呵護 健康 關愛 生命 健康 中期報告 2025 * 本公司以中文名稱及英文名稱「Sinopharm Group Co. Ltd.」根據香港公司條例註冊為非香港公司。 The Company is registered as a non-Hong Kong company under the Hong Kong Companies Ordinance * under its Chinese name and the English name "Sinopharm Group Co. Ltd.". All for Health for All 公司簡介 本公司是中國醫藥集團有限公司所屬核心企業，成立於2003年1月，於 2009年9月在香港聯交所上市（股票代碼：01099.HK），為中國藥品、醫 療器械及醫療保健產品龍頭分銷商和零售商，及領先的供應鏈服務提供 商。 本集團主營醫藥及醫療器械分銷業務，依託覆蓋全國的分銷及配送網絡，為 國內外藥品、醫療器械、耗材及其他醫療保健產品的製造商和供貨商，及下 游的醫院、其他分銷商、零售藥店、基層醫療機構等客戶提供全面的分銷、 配送和其他增值服務。 Health ...

Core Viewpoint - Despite the mid-term performance of leading Chinese pharmaceutical distributors not turning profitable by the first half of 2025, there is structural optimism in the industry due to several factors [1] Industry Summary - Potential relaxation of mainland medical insurance spending may occur [1] - Volume-based procurement may see optimization, influenced by potential anti-involution measures in the healthcare sector [1] - Enhanced cash payment capabilities of medical insurance funds are expected [1] - The domestic interest rate reduction cycle will assist distributors in improving financial leverage [1] Company Summary - Citic Securities raised the target price for China National Pharmaceutical Group (01099) by 22.5%, from HKD 20 to HKD 24.5 [1] - Shanghai Pharmaceuticals (02607) H-shares target price increased by 15.4%, from HKD 12.3 to HKD 14.2 [1] - Target price for China Resources Pharmaceutical (03320) was lowered by 5.1%, from HKD 5.9 to HKD 5.6 [1] - All three companies maintain an "outperform the market" rating, with China National Pharmaceutical Group being the preferred choice [1]

Group 1 - The core viewpoint of the article indicates a structural optimism for the pharmaceutical distribution industry in China despite the mid-term performance not turning profitable by the first half of 2025 [1] - Factors contributing to this optimism include potential relaxation of mainland medical insurance spending, possible optimization of volume-based procurement due to anti-involution measures in the healthcare sector, enhanced cash payment capabilities of medical insurance funds, and a domestic interest rate reduction cycle that may help distributors improve financial leverage [1] Group 2 - Citic Lyon raised the target price for China National Pharmaceutical Group (01099) by 22.5%, from HKD 20 to HKD 24.5 [1] - The target price for Shanghai Pharmaceuticals (02607) H-shares was increased by 15.4%, from HKD 12.3 to HKD 14.2 [1] - However, the target price for China Resources Pharmaceutical (03320) was lowered by 5.1%, from HKD 5.9 to HKD 5.6 [1] - The rating for all the mentioned companies remains "outperform the market," with China National Pharmaceutical Group being the preferred choice [1]