Core Viewpoint - Cinda Securities reports that China National Pharmaceutical Group (National Pharmaceutical Holdings) is nearing the end of its inefficient business adjustments, with profit improvements expected by Q3 2025. The company is benefiting from increased industry concentration and the development of innovative businesses, leading to a gradual increase in dividend payout ratios and a current valuation below historical averages. The initial coverage gives the company a "Buy" investment rating [1]. Group 1: Profit Improvement and Business Adjustments - The adjustment of inefficient businesses is close to completion, with significant profit improvements observed. In Q3 2025, the sales expense ratio and management expense ratio decreased, resulting in a net profit margin increase of 0.2 percentage points, with a year-on-year growth rate of 17% in net profit attributable to shareholders [2]. - The year 2025 marks the end of the 14th Five-Year Plan and the base year for the 15th Five-Year Plan, focusing on quality improvement and business structure optimization. The company is expected to perform well in 2026, with profits likely to exceed expectations [2]. - The company has steadily increased its dividend payout ratio over the past four years, from 28.1% in 2021 to 30.98% in 2024, with an average annual increase of 0.96 percentage points. The average dividend yield over the past five years is 4.45%, and the current price-to-book (PB) ratio is approximately 0.71, below the five-year average of 0.81 [2][4]. Group 2: Industry Concentration and Growth Drivers - The concentration of the distribution industry has increased, with the market share of the top four companies rising from 38.38% in 2019 to 42.69% in 2023, with National Pharmaceutical Holdings holding a 20.36% market share in 2023. The compound annual growth rate (CAGR) of the company's pharmaceutical distribution revenue is approximately 7% from 2018 to 2024, with projected revenue of about 424.6 billion yuan in 2024 [3]. - Growth drivers for pharmaceutical distribution include increased industry concentration, optimization of product structure towards high-demand and high-value products, and the promotion of innovative service development. The CAGR for medical device distribution revenue is approximately 15.69%, with projected revenue of about 117.5 billion yuan in 2024 [3]. - In the retail sector, the company is advancing its "integrated wholesale and retail" strategy, with a CAGR of approximately 16% in retail revenue from 2018 to 2024. The revenue growth for the National Pharmacy is projected at 12.52%, while specialized pharmacies are expected to grow at a CAGR of about 23.64% [3]. Group 3: Future Planning and Governance Changes - The governance structure of the National Pharmaceutical Group underwent changes in 2024, with new leadership appointed. The company aims to achieve a strategic goal of becoming a top 100 company with a trillion yuan in revenue by the end of the 14th Five-Year Plan, and the planning for the 15th Five-Year Plan is set to begin in 2025 [4]. - The company’s dividend payout ratio has shown a steady increase, with a slight decline in the dividend yield to 3.47% in 2024 due to a decrease in profits. The current PB ratio is approximately 0.71, which is below the five-year average of 0.81 [4]. Group 4: Revenue and Profit Forecast - The company is projected to achieve revenues of 577.19 billion yuan, 597.83 billion yuan, and 619.32 billion yuan for the years 2025 to 2027, with year-on-year growth rates of -1%, 4%, and 4%, respectively. The net profit attributable to shareholders is expected to be 8.08 billion yuan, 8.75 billion yuan, and 9.52 billion yuan, with growth rates of 15%, 8%, and 9% [5].

Core Viewpoint - The report from Cinda Securities indicates that China National Pharmaceutical Group (Sinopharm) is nearing the end of its inefficient business adjustments, with profit improvements expected by Q3 2025. The company is benefiting from increased industry concentration and the development of innovative businesses, leading to a gradual increase in dividend payout ratios and a current valuation below historical averages. The company is rated "Buy" for the first time [1]. Group 1: Profit Improvement and Business Adjustments - By Q3 2025, the adjustment of inefficient businesses is nearing completion, resulting in a noticeable improvement in profits [1] - In Q3 2025, the sales expense ratio and management expense ratio decreased, leading to a net profit margin increase of 0.2 percentage points, with a year-on-year growth rate of 17% in net profit attributable to shareholders [1] - The company is focusing on quality improvement and efficiency enhancement in 2025, which is expected to allow for sustained profit growth beyond expectations in 2026 [1] Group 2: Industry Concentration and Growth Drivers - The concentration of the top four companies in the distribution industry has increased from 38.38% in 2019 to 42.69% in 2023, with Sinopharm's market share reaching 20.36% in 2023 [2] - The compound annual growth rate (CAGR) of Sinopharm's pharmaceutical distribution revenue is approximately 7% from 2018 to 2024, with projected revenue of about 424.6 billion yuan in 2024 [2] - The growth drivers for pharmaceutical distribution include increased industry concentration, optimization of product structure towards high-demand and high-value products, and the advancement of innovative services [2] Group 3: Dividend Policy and Valuation - The company's dividend payout ratio has steadily increased from 28.1% in 2021 to 30.98% in 2024, with an average annual increase of 0.96 percentage points [3] - The average dividend yield over the past five years has been 4.45%, although it is expected to decrease to 3.47% in 2024 due to a decline in profits [3] - The current price-to-book (PB) ratio is approximately 0.71, which is below the five-year average of 0.81 [3] Group 4: Revenue and Profit Forecast - The company is projected to achieve revenues of 577.19 billion yuan, 597.83 billion yuan, and 619.32 billion yuan for the years 2025 to 2027, with year-on-year growth rates of -1%, 4%, and 4% respectively [4] - The expected net profits attributable to shareholders for the same period are 8.08 billion yuan, 8.75 billion yuan, and 9.52 billion yuan, reflecting growth rates of 15%, 8%, and 9% respectively [4] - Corresponding price-to-earnings (PE) ratios for the years 2025 to 2027 are projected to be 7.27, 6.71, and 6.17 [4]

Core Insights - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4406.89 points, down 0.24%, with a trading volume of HKD 7.939 billion and a turnover rate of 0.88% [1] - Among the index constituents, 23 stocks rose while 34 stocks fell, with Yiyang Sunshine leading the gainers at 3.98% and Jinxin Fertility leading the decliners at 3.89% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index are as follows: - Mindray Medical (sz300760) holds a weight of 14.56%, latest price at HKD 200.05, down 1.16%, with a market cap of HKD 242.549 billion [1] - Aier Eye Hospital (sz300015) has a weight of 11.62%, latest price at HKD 11.40, up 0.89%, with a market cap of HKD 106.31 billion [1] - Lepu Medical (sz300003) has a weight of 4.85%, latest price at HKD 15.89, up 0.38%, with a market cap of HKD 29.292 billion [1] - Aimeike (sz300896) has a weight of 4.80%, latest price at HKD 142.81, down 0.11%, with a market cap of HKD 43.213 billion [1] - Yuyue Medical (sz002223) has a weight of 4.66%, latest price at HKD 35.84, down 0.83%, with a market cap of HKD 35.929 billion [1] - Yingke Medical (sz300677) has a weight of 3.64%, latest price at HKD 43.72, up 0.97%, with a market cap of HKD 28.644 billion [1] - Furuide (sz300049) has a weight of 3.59%, latest price at HKD 70.75, up 0.71%, with a market cap of HKD 18.747 billion [1] - Meinian Onehealth (sz002044) has a weight of 3.58%, latest price at HKD 5.13, down 0.58%, with a market cap of HKD 20.08 billion [1] - Sinopharm (hk01099) has a weight of 3.35%, latest price at HKD 18.51, down 0.97%, with a market cap of HKD 57.767 billion [1] - Ping An Good Doctor (hk01833) has a weight of 2.63%, latest price at HKD 13.18, up 0.21%, with a market cap of HKD 28.495 billion [1] Capital Flow Analysis - The index constituents experienced a net outflow of main funds totaling HKD 230 million, while retail investors saw a net inflow of HKD 268 million [1] - Detailed capital flow for specific stocks shows: - Furuide (sz300049) had a main fund net inflow of HKD 8.7323 million, with retail outflows of HKD 3.3726 million [2] - Aier Eye Hospital (sz300015) had a main fund net inflow of HKD 6.6536 million, with retail outflows of HKD 1.8752 million [2] - Lepu Medical (sz300003) had a main fund net inflow of HKD 3.7716 million, with retail outflows of HKD 0.7273 million [2]

Core Viewpoint - The company is expected to improve profitability and operational efficiency as it approaches the end of its low-efficiency business adjustments by Q3 2025, with a projected net profit growth of 17% in that quarter [1] Group 1: Financial Performance - In Q3 2025, the company's sales expense ratio and management expense ratio decreased, leading to a net profit margin increase of 0.2 percentage points [1] - The company's dividend payout ratio has steadily increased from 28.1% in 2021 to 30.98% in 2024, with an average annual increase of 0.96 percentage points [1][3] - The company's current price-to-book (PB) ratio is approximately 0.71, which is lower than the five-year average of 0.81 [1][3] Group 2: Industry Trends - The concentration of the pharmaceutical distribution industry has increased from 38.38% in 2019 to 42.69% in 2023, with the company holding a market share of 20.36% in 2023 [2] - The compound annual growth rate (CAGR) for the company's pharmaceutical distribution revenue is projected to be around 7% from 2018 to 2024, with expected revenue of approximately 424.6 billion yuan in 2024 [2] - The company's medical device distribution revenue is expected to grow at a CAGR of about 15.69% from 2018 to 2024, reaching approximately 117.5 billion yuan in 2024 [2] Group 3: Strategic Initiatives - The company is focusing on enhancing quality and efficiency while optimizing its business structure in preparation for the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" initiation [1][3] - The company is implementing a "wholesale and retail integration" strategy to deepen its dual-brand strategy with professional pharmacies and Guoda pharmacies [2] - The company anticipates improvements in profitability for Guoda pharmacies by optimizing underperforming stores [2] Group 4: Future Projections - The company forecasts revenues of 577.19 billion yuan, 597.83 billion yuan, and 619.32 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 8.08 billion yuan, 8.75 billion yuan, and 9.52 billion yuan [4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 7.27, 6.71, and 6.17, respectively [4]

Investment Rating - The report assigns a "Buy" investment rating to the company [2] Core Views - The report highlights that the company is undergoing a significant improvement in profitability, with a notable 17% year-on-year growth in net profit for Q3 2025, driven by a reduction in sales and management expense ratios [5][27] - The company is expected to benefit from the ongoing consolidation in the pharmaceutical distribution industry, with its market share increasing to 20.36% in 2023 [5][44] - The report emphasizes the company's commitment to enhancing operational quality and optimizing its business structure, which is anticipated to lead to sustained profit growth in 2026 [5][15] Summary by Sections Company Overview - The company, China National Pharmaceutical Group Corporation (Sinopharm), is a leading player in the pharmaceutical distribution industry, with a comprehensive business layout that includes pharmaceutical distribution, medical device distribution, and retail [17][18] - The company has achieved a compound annual growth rate (CAGR) of approximately 9% in revenue over the past seven years, with a significant 17% growth in net profit for Q3 2025 [22][27] Industry Dynamics - The pharmaceutical distribution industry has seen an increase in concentration, with the market share of the top four companies rising from 38.38% in 2019 to 42.69% in 2023 [13][43] - The report notes that the company's pharmaceutical distribution revenue is projected to grow at a CAGR of about 7% from 2018 to 2024, with a focus on high-demand and high-value products [5][36] Financial Performance - The company reported total revenue of approximately 584.5 billion yuan in 2024, with a projected revenue of 577.2 billion yuan for 2025, reflecting a slight decline of 1% [6][27] - The net profit attributable to the parent company is expected to reach 80.77 billion yuan in 2025, representing a 15% increase year-on-year [6][27] Dividend Policy - The company has steadily increased its dividend payout ratio from 28.1% in 2021 to 30.98% in 2024, with an average dividend yield of 4.45% over the past five years [5][16] - The report indicates that the company's price-to-book (PB) ratio is currently around 0.71, which is below the five-year average of 0.81, suggesting potential for valuation improvement [5][16]

Core Insights - China National Pharmaceutical Group (Sinopharm) has renewed its distribution partnership with Fuhong Hanlin, which will last from January 1, 2026, to December 31, 2028, focusing on the commercialization of innovative biopharmaceutical products [1][10]. Group 1: Partnership with Fuhong Hanlin - Fuhong Hanlin, a biopharmaceutical company, has a strong product matrix and approximately 50 molecules in development, ensuring a stable supply of new products for Sinopharm [3][5]. - The sales cap for the renewed partnership is set at 12.224 billion RMB over three years, with expected sales growth driven by new product launches and existing product demand [5][17]. - Specific sales growth expectations include a 0.8% increase in 2027 and a 14.2% increase in 2028, attributed to new indications and innovative products [5][17]. Group 2: Strategic Collaborations - Sinopharm is accelerating collaborations with upstream industrial partners, including a recent strategic partnership with Pierre Fabre, a French pharmaceutical company [5][19]. - The company is also engaging with other multinational pharmaceutical giants like AstraZeneca and Bristol-Myers Squibb to explore strategic synergies and innovative business models [19][20]. - Domestic collaborations are also progressing, with Sinopharm partnering with Tianjin Pharmaceutical Group to enhance channel integration and product offerings [21][22]. Group 3: Retail and Operational Performance - Sinopharm's retail arm, Guoda Pharmacy, is transforming its procurement system and has seen a 11.3% year-on-year sales growth in core products from industrial partners in the first half of 2025 [23]. - The company reported a revenue of 431.5 billion RMB in the first three quarters of 2025, with a reduced year-on-year decline of 2.47% [23]. - Recent leadership changes, including the resignation of Chairman Zhao Bingxiang, signal a potential shift in strategic direction for Sinopharm [24].

截至月份: 2025年11月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 國藥控股股份有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01099 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,341,810,740 | RMB | | 1 RMB | | 1,341,810,740 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,341,810,740 | RMB | | 1 RMB | | 1,341,810,740 | | 2. 股份分類 | 普通股 | 股份類別 | ...

SINOPHARM GROUP CO. LTD. * 01099 為本人╱吾等的代理人出席將於2025年12月19日（星期五）上午九時半於中華人民共和國（「中 國」）上海市黃浦區龍華東路385號國藥控股大廈1401會議室舉行的本公司股東特別大會（「股東 特別大會」）或其任何續會，並於該會或其任何續會上代表本人╱吾等，依照下列指示就股東特 別大會通告所載決議案投票。如無作出指示，則由本人╱吾等的代理人酌情決定投票。 | | 普通決議案 贊成 | （附註5） | 反對 | （附註5） | | --- | --- | --- | --- | --- | | 1. | 審議及酌情批准委任晉斌先生為第六屆董事會非執行董 | | | | | | 事，並授權董事會釐定其酬金及授權本公司董事長或任何 | | | | | | 一位執行董事與其簽訂服務合約或該等其他文件或補充協 | | | | | | 議或契據。 | | | | | 2. | 審議及酌情批准委任楊秉華先生為第六屆董事會執行董 | | | | | | 事，並授權董事會釐定其酬金及授權本公司董事長或任何 | | | | | | 一位執行董事與其簽訂服務合約或該等其他 ...

股東特別大會通告 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通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本通告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SINOPHARM GROUP CO. LTD. * 01099 茲通告國藥控股股份有限公司（「本公司」）謹訂於2025年12月19日（星期五）上午九時半假 座中華人民共和國（「中國」）上海市黃浦區龍華東路385號國藥控股大廈1401會議室舉行股 東特別大會（「股東特別大會」），藉以考慮並酌情通過以下決議案： 普通決議案 * 本公司以其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。 - 1 - 1. 審議及酌情批准委任晉斌先生為第六屆董事會非執行董事，並授權董事會釐定其酬 金及授權本公司董事長或任何一位執行董事與其簽訂服務合約或該等其他文件或補 充協議或契據。 2. 審議及酌情批准委任楊秉華先生為第六屆董事會執行董事，並授權董事會釐定其酬 金及授權本公司董事長或任何一位執行董事與其簽訂服務合約或該等其他文件或補 充協議或契據。 ...

此乃要件 請即處理 閣下對本通函如有任何疑問，應徵詢獨立專業意見。 閣下如已出售或轉讓名下所有國藥控股股份有限公司H股，應立即將本通函連同隨附的代理人 委任表格送交買方或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉交買方 或承讓人。 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通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SINOPHARM GROUP CO. LTD. * 01099 (1)建議委任非執行董事； (2)建議委任執行董事；及 (3)股東特別大會通告 董事會函件載於本通函第3-8頁。本公司謹訂於2025年12月19日（星期五）上午九時半假座中國 上海市黃浦區龍華東路385號國藥控股大廈1401會議室舉行股東特別大會，召開股東特別大會 的通告將連同本通函按股東就收取公司通訊已作出選擇的方式寄發予股東。 如股東擬委任代理人出席股東特別大會，務請按照適用代理人委任表格印列之指示填妥及交回 代理人委任表格。本代理人委任表格必須由 閣下或 閣下以書面正式授權的人士簽署，如屬 ...