Core Viewpoint - The biotechnology and innovative pharmaceutical industry in China has experienced volatility due to high valuations from previous increases, uncertainty in national medical insurance drug pricing, delays in business expansion expectations, and year-end fund sell-offs [1] Industry Summary - The market liquidity remains robust, making valuations of quality companies increasingly attractive [1] - Business expansion activities are ongoing, with the potential for large transactions still possible, and further downside price risks appear limited [1] - The rising proportion of innovative drugs and accelerated profit growth indicate that the current pullback is a healthy consolidation, providing attractive opportunities for deployment in the coming year [1] Company Summary - For CSPC Pharmaceutical Group (01093), delays in business expansion execution have weakened investor confidence, creating a more attractive buying opportunity [1] - Assuming business expansion resumes as expected, the price-to-earnings ratio remains very attractive [1] - The possibility of completing several smaller business expansion transactions before year-end is still likely, with Q3 performance potentially serving as a recent catalyst [1] - For Sinopharm Group (01099), improvements in accounts receivable days and the initiation of the "14th Five-Year Plan" will support the recovery of profit momentum [1] - Current stock price levels offer an appealing dividend yield and a low price-to-earnings ratio, with significant upside potential as operational efficiency continues to improve [1]

國藥控股股份有限公司截至 2025 年 9 月 30 日止九個月之未經審核財務報表 ( 於中華人民共和國註冊成立之股份有限公司 , 在香港以國控股份有限公司之名稱經營業務 ) (股份代號 :01099) 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 條作出。 茲載列國藥控股股份有限公司（「本公司」）於 2025 年 10 月 27 日於上海證券交易所網 站 (http://www.sse.com.cn)、中國貨幣網網站(http://www.chinamoney.com.cn)及上海清算所 網站(http://www.shclearing.com)發佈的截至 2025 年 9 月 30 日止九個月之合併以及本公司 的未經審核資產負債表、利潤表、現金流量表及所有者權益變動表，僅供參閱。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 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，概不就因本公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。 2025年 10月 27日 ...

Core Viewpoint - The Chinese biotechnology and innovative pharmaceutical industry has experienced volatility due to previous overvaluation, uncertainty in national medical insurance drug pricing, delays in business expansion expectations, and year-end fund sell-offs [1] Industry Summary - Market liquidity remains robust, making valuations of quality companies increasingly attractive [1] - Business expansion activities are ongoing, with the potential for large transactions still present, and further price downside risks appear limited [1] - The rising proportion of innovative drugs and accelerated profit growth indicate that the current pullback is a healthy consolidation, providing attractive opportunities for deployment in the coming year [1] Company Summary - For CSPC Pharmaceutical Group, delays in executing business expansion have weakened investor confidence, creating more attractive buying opportunities; assuming business expansion resumes as expected, its price-to-earnings ratio remains very appealing [1] - The company is expected to complete several smaller business expansion transactions before year-end, with third-quarter performance potentially serving as a recent catalyst [1] - For Sinopharm Group, improvements in accounts receivable days and the initiation of the 14th Five-Year Plan will support the recovery of profit momentum; the current stock price offers an attractive dividend yield and a low price-to-earnings ratio, indicating significant upside potential as operational efficiency continues to improve [1]

Group 1 - The core viewpoint of the article is that China National Pharmaceutical Group (国药控股) reported a decline in revenue for the first nine months of 2025, while net profit showed a slight increase [1] Group 2 - The company's operating revenue for the first nine months was approximately 431.48 billion yuan, representing a year-on-year decrease of 2.47% [1] - The net profit attributable to the parent company's owners was about 5.31 billion yuan, reflecting a year-on-year growth of 0.53% [1] - The basic earnings per share were reported at 1.7 yuan [1]

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 賴該等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司， 在香港以國控股份有限公司之名稱經營業務） （股份代號：01099） 公告 截至 2025 年 9 月 30 日止九個月之季度財務資料 根據中國銀行間市場交易商協會及上海證券交易所之規則，國藥控股股份有限公司（「本 公司」）須刊發本公司及其附屬公司（「本集團」）之季度財務資料（包括本集團之合併資 產負債表、合併利潤表及合併現金流量表），並刊發本公司之季度財務資料（包括本公司 之資產負債表、利潤表及現金流量表）。 本公告乃根據證券及期貨條例（香港法例第 571 章）第 XIVA 部及香港聯合交易所有限公 司證券上市規則第 13.09 條作出。 本公司董事會欣然宣佈本集團及本公司根據中國公認會計原則所編製的截至 2025 年 9 月 30 日止九個月之未經審計財務資料。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據 ...

Core Viewpoint - China National Pharmaceutical Group (国药控股) reported a decline in revenue and profits for its subsidiary China Medical Equipment Co., Ltd. for the nine months ending September 30, 2025, indicating potential challenges in the medical equipment sector [1] Financial Performance - The subsidiary achieved operating revenue of 54.693 billion RMB, representing a year-on-year decrease of 2.41% [1] - Operating profit was recorded at 0.962 billion RMB, down 10.34% compared to the previous year [1] - The total comprehensive income attributable to the parent company's owners was 0.395 billion RMB, reflecting a decline of 2.71% year-on-year [1]

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，概不就因本公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。 公告 國藥器械截至 2025 年 9 月 30 日止九個月之主要未經審核財務數據 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09 條及證券及期貨條例（香港法例第 571 章）第 XIVA 部刊發。 1 國藥器械之主要合併未經審核財務數據 單位：元 幣種：人民幣 本報告期比 | | 本報告期 | 上年同期 | 上年同期增減(%) | | --- | --- | --- | --- | | 營業收入 | 54,693,011,286.36 | 56,045,505,051.00 | -2.41 | | 營業利潤 | 962,113,681.56 | 1,073,122,928.71 | -10.34 | | 歸屬於母公司所有者的綜合收 | 395,277,818.67 | 406,294,708.29 | -2.71 | | 益總額 | | | | | 經營活動產生的現金流量淨額 | -4,1 ...

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，概不就因本公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。 海外監管公告 中國醫療器械有限公司截至 2025 年 9 月 30 日止九個月之未經審核財務報表 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 條作出。 茲載列國藥控股股份有限公司旗下一間附屬公司，中國醫療器械有限公司（「國藥器械」）於 2025 年 10 月 23 日於中國貨幣網及上海清算所網站刊發的截至 2025 年 9 月 30 日止九個月之本 部及合併的未經審核資產負債表、利潤表及現金流量表，僅供參閱。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 2025 年 10 月 23 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Gr ...

Core Viewpoint - Morgan Stanley believes that the stock price of China National Pharmaceutical Group (01099) will rise within the next 30 days, with a probability of 70% to 80%, and has given it an "Overweight" rating with a target price of HKD 22.5 [1] Group 1: Company Performance - Two subsidiaries of China National Pharmaceutical Group have reported third-quarter results showing a positive trend quarter-on-quarter, which is expected to have a beneficial effect on the group [1] - China National Pharmaceutical Co., Ltd. (600511.SH), a major distributor in Beijing and a key supplier of anesthetics, reported a year-on-year revenue and profit increase of 4% and 13% respectively in the third quarter, indicating a positive turnaround [1] - China National Pharmaceutical Group's southern distribution network and Guoda Pharmacy chain, represented by China National Pharmaceutical Group Co., Ltd. (000028.SZ), saw a year-on-year decline in revenue and net profit of 2% and 10% respectively in the third quarter, but the company noted that its distribution business has "stabilized and is recovering growth" [1] Group 2: Market Conditions - The pharmaceutical distributor sector is currently not receiving much market attention due to weak domestic demand and the impact of technology licensing activities in China, which is expected to persist into 2025 [1] - The current valuation of China National Pharmaceutical Group is considered a good entry point, with a projected price-to-earnings ratio of 6.5 times for 2026 [1]

Core Viewpoint - Morgan Stanley believes that the stock price of China National Pharmaceutical Group (01099) will rise within the next 30 days, with a probability of 70% to 80%, and has given a "Buy" rating with a target price of HKD 22.5 [1] Group 1: Company Performance - Two subsidiaries of China National Pharmaceutical Group have reported third-quarter results showing a positive trend, which is expected to have a beneficial effect on the group [1] - China National Pharmaceutical Co., Ltd. (600511.SH), a major distributor in Beijing and a key supplier of anesthetic drugs, reported a year-on-year revenue and profit increase of 4% and 13% respectively in the third quarter, indicating a positive turnaround [1] - China National Pharmaceutical Group's southern distribution network and Guoda Pharmacy chain, represented by China National Pharmaceutical Holdings (000028.SZ), experienced a year-on-year revenue and net profit decline of 2% and 10% respectively in the third quarter, but the company noted that its distribution business has "stabilized and is recovering growth" [1] Group 2: Market Outlook - The pharmaceutical distributor is expected to remain under market attention until 2025 due to weak domestic demand and the impact of technology licensing activities in China [1] - Based on a projected price-to-earnings ratio of 6.5 times for 2026, Morgan Stanley considers that China National Pharmaceutical Group currently presents a good entry opportunity [1]