2月26日，华润医药商业集团有限公司正式对外发布人事变动公告，宣布公司董事长、总经理及职工董事职务发生重要调 整，引发行业内外广泛关注。本次变动标志着公司治理结构进一步完善，也为企业未来发展注入新的领导动能。 根据公告内容，经公司董事会2026年第二次会议审议通过，郭霆先生被选举为公司董事长，同时免去其总经理职务；在 新任总经理聘任前，由其继续代行总经理职责。 这一安排体现了董事会对郭霆先生综合管理能力的高度认可，也确保了公司日常运营的连续性和稳定性。 此外，经公司第五届职工代表大会（总部）第十次会议决定，傅吉奎先生当选为公司职工董事。这一选举结果充分体现 了职工代表的广泛共识，也进一步强化了公司在决策层面的民主参与机制，有助于更好地平衡企业管理与员工利益。 公告还披露了两位新任领导的基本情况。郭霆出生于1973年3月，现任华润医药商业集团党委书记、董事长，并代行总经 理职责，拥有中欧国际商学院工商管理硕士学位，具备扎实的理论基础与丰富的管理经验。 傅吉奎出生于1972年9月，现任公司党委副书记、职工董事，拥有南京政治学院法学博士学位，长期从事党务与组织管理 工作，具有较高的政治素养和协调能力。 总体来看，本 ...

Core Viewpoint - The article discusses the divestment of a 17.87% stake in Tianmai Biotechnology by China Resources Pharmaceutical, marking a significant shift in strategy after a decade of investment in oral insulin, which has faced multiple setbacks and challenges in commercialization [5][9]. Group 1: Company Background and Investment History - China Resources Pharmaceutical began its investment in Tianmai Biotechnology in 2016, focusing on the development and commercialization of insulin and its analogs, particularly oral insulin [5]. - The initial optimism surrounding oral insulin was based on its potential to improve patient compliance by replacing injections with oral administration, thus expanding the user base [5][6]. Group 2: Challenges Faced - The development of oral insulin has proven to be extremely challenging due to the instability of insulin in the gastrointestinal tract and the difficulty in achieving stable bioavailability [6]. - Tianmai faced delays in obtaining necessary approvals for injectable insulin, and the introduction of centralized procurement in China significantly altered the market dynamics, leading to price reductions and increased competition from larger players [6][7]. Group 3: Recent Developments and Strategic Shift - In 2023, Oramed's failure to meet primary and secondary endpoints in Phase III trials for ORM-0801 posed a significant setback for the oral insulin narrative, leading to diminished investor confidence and uncertainty regarding future funding [9]. - Following these developments, China Resources Pharmaceutical opted to divest its stake in Tianmai, indicating a strategic pivot towards more certain and commercially viable products, such as a partnership with Borui Pharmaceutical for BGM0504 [10]. Group 4: Market Context and Future Outlook - The divestment reflects a broader trend in the pharmaceutical industry where large companies are increasingly focused on maximizing returns on capital and minimizing exposure to high-risk projects [11]. - Despite the withdrawal from oral insulin, the article suggests that there may still be potential for value in Tianmai, as the company explores new avenues such as GLP-1 analogs, although the competitive landscape has become significantly more challenging [10][11].

Group 1 - Xinda Biopharmaceutical announced a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology, with a total potential value of up to $88.5 billion [1] - Under the agreement, Xinda will receive an upfront payment of $350 million and may earn up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization achievements [1] - Xinda retains all rights for the projects in Greater China, while Eli Lilly obtains exclusive development and commercialization rights outside this region [1] Group 2 - Kangtai Biological announced the termination of its collaboration with AstraZeneca to establish a joint venture in the vaccine sector, which was initially planned to be set up in Beijing with a registered capital of approximately 345 million yuan (about $50 million) [2] - The decision to terminate was made due to significant market changes and increased investment risks in the vaccine industry, with no adverse impact on Kangtai's operations [2] Group 3 - China Resources Pharmaceutical announced plans to sell approximately 17.87% of its stake in Tianmai Biotechnology for a base price of about 1.42 billion yuan [3] - The sale will be conducted through a public listing, and as of the announcement date, China Resources holds less than 30% of Tianmai's shares [3] Group 4 - Dong'e Ejiao plans to invest 1.485 billion yuan to construct a health consumer goods industrial park, with a construction period of approximately 22 months [4] - The project aims to support the high-quality development of the health consumer goods business, including the production of food and health products [4] Group 5 - WuXi Biologics expects a revenue increase of approximately 16.7% to 21.79 billion yuan for the fiscal year ending December 31, 2025, with a projected profit growth of 45.3% to 5.733 billion yuan [5] - The growth is attributed to successful execution of its "Follow and Win" strategy, expansion of service offerings, and increased utilization of production capacity [7] Group 6 - Kintor Pharmaceutical signed a strategic cooperation agreement to expand its CAR-T cell therapy production base in Shanghai, with a total investment of up to 370 million yuan [8] - This initiative aligns with the commercialization of multiple CAR-T products and aims to enhance production capacity to support global competitiveness [8]

21世纪经济报道记者唐唯珂报道 深耕胰岛素领域十年后，华润系选择与天麦生物"分道扬镳"。 2月9日，华润医药发布公告称，其全资附属公司华润医药投资拟通过上海联合产权交易所公开挂牌，转 让所持合肥天麦生物科技发展有限公司(下称"天麦生物")约17.87%股权，挂牌底价约14.2亿元。以此计 算，该笔股权对应天麦生物整体估值约80亿元。 据华润医药集团公告，若确定意向受让方，双方将订立相关协议；若期满未果，则本次公开挂牌将自动 失效并终止。根据上海联合产权交易所网站，信息披露日期截止到3月13日。这意味着，留给潜在意向 方的时间已经不多了。 尽管此次华润医药投资并未清仓所有股份，但华润系退意已决。目前，华润医药投资作为天麦生物第一 大股东，手握20%股权。一旦这笔交易落槌，其持股将降至5.88%，彻底告别大股东之位，其附属公司 (持有3.75%股权)将彻底退出。 华南某券商从业者向21世纪经济报道记者指出，从2016年战略入股携手开拓胰岛素市场，到2026年挂牌 出让大部分股权，这场持续十年的合作落幕，既折射出华润系聚焦主业的资产整合逻辑，也与天麦生物 核心研发管线口服胰岛素遇挫、行业竞争格局变化密切相关。 口服 ...

智通财经记者 | 陈杨 智通财经编辑 | 谢欣 在行业媒体动脉网2018年的一篇报道中，天麦生物如此定位自己：在二代胰岛素上是跟随者，三代胰岛素上是竞争者，口服胰岛素上是引领者。 可以参考的是，同期，誉衡药业曾拟以不低于40亿元收购天麦生物不低于35%的可转让无负担股权，交易方亦承诺此后三年天麦生物净利润合计 达到18亿元。换而言之公司当时估值高达114亿元。不过该交易很快终止。 据天麦生物官网，2014年至2016年，公司先后完成二代胰岛素、三代（长效、速效）胰岛素类似物的开发、工艺放大及商业化规模的开发及生产 等工作。 智通财经注意到，当时，胰岛素确实是个好生意。据米内网数据，2016年，其在公立医疗机构终端市场规模约190亿元，诺和诺德、赛诺菲的单品 销售额约在25至35亿元，甘李药业、通化东宝单品销售额也各有13亿元。 而天麦生物更大的想象空间在于口服胰岛素。基于庞大的用药群体，这种让患者免于每天一针的给药方式的市场相当可观。 2015年，天麦生物与以色列Oramed公司签订投资协议及口服胰岛素大中华区技术许可协议。Oramed是一家以色列的纳斯达克上市公司。从公司名 上即可窥见，其致力于开发口服药物 ...

业绩方面，2024年以来，华润医药归母净利润持续下滑。2024年，华润医药实现营收约2577亿元，同比 增长5.3%；归母净利润约33.51亿元，同比下滑13.06%。2025年上半年，实现营收约1319亿元，同比增 长2.54%；同期归母净利润约20.77亿元，同比下滑20.30%。 据企查查，截至2026年2月10日，华润医药及其子公司华润医药投资共持有天麦生物科技23.75%股权。 其中，华润医药投资直接持股20%，系天麦生物科技的第一大股东。 此次华润医药出售其持有的天麦生物科技大部分股份，业内认为，一方面，是华润系聚焦主业剥离非核 心资产之举，另一方面，天麦生物科技重点布局的口服胰岛素上市失败也是影响因素之一。 2025年12月29日，国家药监局网站显示，天麦生物科技参股公司合肥天汇生物科技有限公司申请的重组 人胰岛素肠溶胶囊（ORMD-0801）收到药品通知件，即未能获批上市。ORMD-0801是重组人胰岛素肠 溶胶囊，口服给药，用于需要用胰岛素的糖尿病患者的治疗。该品种最初由Oramed Pharmaceutical Inc. 研发，从2015年底开始，天麦生物与Oramed Pharmaceu ...

Core Viewpoint - China Resources Pharmaceutical (华润医药) announced that its non-wholly owned subsidiary, Dong'e Ejiao (东阿阿胶), has decided to invest in and construct a health consumer goods industrial park, which will enhance its production capabilities and support the growth of its health consumer goods business [1][2]. Group 1: Investment and Construction Details - The health consumer goods industrial park is expected to include manufacturing facilities for health consumer products (such as pharmaceuticals, health foods, and functional foods), along with supporting warehousing, logistics facilities, quality inspection centers, new product incubation centers, and e-commerce sorting and finished product warehouses [1]. - The total area of the health consumer goods industrial park is approximately 406,800 square meters, with a proposed construction area of 151,100 square meters, which will include production facilities for Ejiao cakes, Ejiao dates, and Ejiao powder, as well as comprehensive warehouses and other storage facilities [1]. - The total investment for the project is estimated to be around RMB 1.485 billion, with fixed asset investment amounting to approximately RMB 1.421 billion and working capital of about RMB 64 million [1]. Group 2: Strategic Importance - The investment and construction of the health consumer goods industrial park is a necessary requirement for Dong'e Ejiao to implement its "1238" strategy, aiming to create a model for high-quality development in traditional Chinese medicine [2]. - The project is designed to establish a dual-driven business growth model combining pharmaceuticals and health consumer goods, fostering a second growth curve while addressing the urgent needs for the development of health consumer goods [2]. - The existing industrial park faces limitations in expansion and capacity bottlenecks, which hinder the ability to meet the rapid upgrades and iterations in health consumer goods, making the new construction essential for maintaining competitive advantages [2].

Group 1 - The company Huaren Pharmaceutical (03320) announced that its non-wholly owned subsidiary Dong'e Ejiao (000423.SZ) has decided to invest in and construct a health consumer goods industrial park [1] - The health consumer goods industrial park is expected to include manufacturing facilities for health consumer products (such as pharmaceuticals, health foods, and functional foods), along with supporting warehousing and logistics facilities, quality inspection centers, new product incubation centers, and e-commerce sorting and finished product warehouses [1] - The total area of the health consumer goods industrial park is approximately 406,800 square meters, with a proposed construction area of 151,100 square meters, including production facilities for Ejiao cakes, Ejiao dates, and Ejiao powder, as well as comprehensive warehouses and other storage facilities [1] Group 2 - The investment and construction of the health consumer goods industrial park is a necessary requirement for Dong'e Ejiao to implement its "1238" strategy, aiming to create a model for high-quality development in traditional Chinese medicine and establish a dual-driven business growth model of pharmaceuticals and health consumer goods [2] - The existing industrial park of Dong'e Ejiao faces limitations in expansion area and capacity bottlenecks in major production lines, which cannot meet the rapid upgrading and iteration needs of health consumer products [2] - Building the new facilities will help Dong'e Ejiao establish a core advantage in the health consumer goods sector, with a focus on Ejiao series products, enhancing brand regional recognition, and strengthening core competitiveness [2]

Core Viewpoint - China Resources Pharmaceutical (03320.HK) announced that its non-wholly owned subsidiary, Dong'e Ejiao Co., Ltd. (listed on Shenzhen Stock Exchange, stock code: 000423), has decided to invest in and construct a health consumer products industrial park [1] Group 1 - The proposed health consumer products industrial park is expected to include manufacturing facilities for health consumer products such as pharmaceuticals, traditional food, health supplements, and functional foods [1] - The industrial park will also feature supporting warehousing and logistics facilities, a quality inspection center, a new product incubation center, e-commerce sorting, and finished product warehouses [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 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。 本公 告乃由 華潤 醫藥集 團有限 公司（「本公 司，連 同其附 屬公司 合稱 為「本集 團」） 根 據 香 港 聯合 交 易 所 有 限 公 司證 券 上 市 規 則（「上 市 規 則」）第 13.09 (2) 條及 香 港 法 例第571章《證券及期貨條例》第XIVA部之內幕消息條文而作出。 本 公 司 謹 此 宣 佈 ， 本 公 司 非 全 資 附 屬 公 司 東 阿 阿 膠 股 份 有 限 公 司（「東 阿 阿 膠」， 其 股 份 於 深 圳 證 券 交 易 所 上 市 ， 股 票 代 碼 ： 000423 ）議 決 投 資 及 建 設 健 康 消 費 品 產業園（「健康消費品產業園」）（「擬議項目」）。 預 計 健 康 消費 品 產 業 園 將 包 含 健 康消 費 品（ 如藥 品 與 同 源 食 品 、 保 健品 及 功 能 ...