格隆汇8月12日丨华润医药(03320.HK)公布，公司将于2025年8月26日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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。 華潤醫藥集團有限公司 主席 白曉松先生 中國，2025年8月12日 於本公告日期，董事會包括本公司主席及執行董事白曉松先生；本公司執行董事 陶然先生及鄧蓉女士；本公司非執行董事郭巍女士、孫永強先生、王宇航先生、 郭川先生及焦瑞芳女士；及本公司獨立非執行董事招敏慧女士、傅廷美先生、張 克堅先生及史錄文先生。 董事會會議日期 茲公告華潤醫藥集團有限公司（「本公司」）將於2025年8月26日（ 星期二 ）舉行本公 司董事（「董事」）會（「董事會」）會議，旨在（ 其中包括 ）考慮及通過（ 如適用 ）(i)本公 司及其附屬公司截至2025年6月30日止六個月之中期業績及其發佈；以及(ii)宣派 中期股息（ 如有 ）。 承董事會命 （於香港註冊成立的有限公司） （股份代號：3320） ...

近年来，华润医药商业经营规模位居行业前列，营收和净利润有所增长，但毛利率有下降趋势。 根据2025年6月披露的"25润药05"公司债(第三期)募集说明书，2022—2024年度，华润医药商业实现营 业收入分别为1,828.87亿元、2,024.81亿元和2,132.00亿元；其中，公司医疗纯销业务收入分别为1,271.12 亿元、1,426.67亿元和1,481.96亿元，分别占营业收入的69.50%、70.46%和69.51%，为公司最主要的营 业收入来源。 财报数据显示，2022—2024年度，华润医药商业净利润分别为17.85亿元、19.68亿元及22.13亿元；同期 营业毛利率分别为6.88%、6.47%及6.51%。 据华润医药商业官网资料，这家总资产超过1500亿元的医药流通企业前身为北京医药股份有限公司， 2010年进入华润体系，由地区性公司发展成为全国性医药流通企业。2012年，公司更名为华润医药商业 集团有限公司，此后于2023混改引战成功，进入股权多元化新时期。 此次公司高层人事调整，由现任华润医药商业党委副书记、总经理郭霆代行财务负责人职责，公司公告 称将尽快安排聘任新任财务负责人。与此 ...

Group 1: Industry Overview - The Chinese pharmaceutical distribution market can be divided into three competitive tiers, with the first tier consisting of national wholesale giants such as China National Pharmaceutical Group, Shanghai Pharmaceuticals, China Resources Pharmaceutical, and Jiuzhoutong, all generating over 100 billion in revenue [1] - The retail pharmacy rankings show Dazhenlin at the top, followed by Guoyao Pharmacy and Yifeng Pharmacy, indicating significant changes in the top five rankings compared to the previous year [3] - The e-commerce segment is led by Ark Health's online pharmacy, which is pioneering a new H2H (Hospital To Home) smart healthcare model [4] Group 2: Strategic Analysis - The strategic cluster analysis of listed companies in the pharmaceutical distribution industry indicates that leaders such as China Resources Pharmaceutical, Shanghai Pharmaceuticals, Jiuzhoutong, and China National Pharmaceutical Group have revenues exceeding 100 billion and are well-established in the market [5] - The competitive landscape is characterized by intense competition, with numerous participants including wholesale and retail pharmaceutical companies, as well as brand operators entering the supply chain [7] Group 3: Competitive Forces - The analysis using Porter's Five Forces model reveals a highly competitive environment in the pharmaceutical distribution industry, with a quantification of competitive forces ranging from 0 (minimum) to 1 (maximum) [7]

Core Insights - The Chinese pharmaceutical distribution market is segmented into three competitive tiers, with major players like China National Pharmaceutical, Shanghai Pharmaceuticals, and China Resources Pharmaceutical leading the first tier with revenues exceeding 100 billion [1] - The retail pharmacy rankings show Dazhenlin at the top, followed by Guoda Pharmacy and Yifeng Pharmacy, indicating significant changes in the rankings from 2022-2023 [3][4] - In the e-commerce sector, Fangzhou Jianke leads the online pharmacy rankings, emphasizing the shift towards technology-driven healthcare solutions [5] Competitive Landscape - The pharmaceutical distribution industry is characterized by intense competition, with numerous participants including wholesale, retail, and brand operation companies, as well as e-commerce platforms entering the market [7] - The five forces analysis indicates a high threat from potential entrants and moderate bargaining power from downstream medical institutions and patients [7] - The strategic cluster analysis reveals that leading companies like China Resources Pharmaceutical and Shanghai Pharmaceuticals are positioned as market leaders due to their extensive experience and comprehensive business layouts [5][6] Retail Pharmacy Rankings - The top five retail pharmacies are Dazhenlin, Guoda Pharmacy, Yifeng Pharmacy, Laobaiyi, and Yixintang, reflecting a dynamic market with significant shifts in rankings [3][4] - Other notable pharmacies in the top 25 include Henan Zhang Zhongjing Pharmacy and Shandong Yanjitang, showcasing a diverse competitive landscape [3] E-commerce Pharmacy Rankings - Fangzhou Jianke leads the online pharmacy sector, followed by 1Yao.com and JD Health, highlighting the growing importance of digital platforms in the pharmaceutical distribution market [5] - The focus on technology and innovation is evident as companies aim to connect patients with medical services more effectively [5]

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 第 2 頁 共 10 頁 v 1.1.1 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華潤醫藥集團有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03320 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,282,510,461 | | 0 | | 6,282,510,461 | | ...

Key Points - The article discusses the establishment of various investment funds across different regions in China, focusing on government-guided funds and their investment strategies in emerging industries [5][6][7][9][10][15][18]. Government-Guided Funds - Qingdao Financial Group established three guiding funds, each with a capital of 10 billion RMB, aimed at investment activities using their own funds [5]. - Guangzhou set up an AIC equity investment fund with a total scale of 3 billion RMB, focusing on intelligent manufacturing, new energy, and artificial intelligence [6]. - Hubei launched its first AIC equity investment fund with a scale of 1 billion RMB, targeting strategic emerging industries like new generation information technology and semiconductors [7]. - Jiangsu Province initiated the third batch of industry-specific funds with a total scale of 15.5 billion RMB, including various specialized funds for emerging industries [12]. Market-Oriented Funds - China Chengtong established a 10 billion RMB science and technology innovation fund to support early and mid-stage technology projects in Jiangsu [15]. - The Zhongke Chuangxing Fund was launched with a scale of 2.617 billion RMB, focusing on hard technology projects in artificial intelligence and related fields [16]. - The Huazhong Medicine Industry Investment Fund II was announced with a scale of 1 billion RMB, concentrating on pharmaceutical health and emerging industries [20]. Regional Initiatives - Tianjin announced a 300 million RMB brain science angel fund, focusing on early investments in brain-machine interface technologies [7]. - The establishment of a green chemical industry fund in Cangzhou aims to support the development of a green chemical industry chain with a scale of 100 million RMB [9]. - The Yunnan Advanced Manufacturing Equity Investment Fund was registered with a scale of 5.008 billion RMB, aimed at enhancing the competitiveness of Yunnan's manufacturing sector [13]. Investment Focus Areas - Many funds are targeting strategic emerging industries such as new energy, artificial intelligence, and advanced manufacturing, reflecting a national push towards innovation and modernization [6][10][15][20]. - The funds emphasize early-stage investments and support for small and medium-sized enterprises (SMEs) in high-tech sectors, aiming to foster innovation and technological advancement [7][12][18].

Core Viewpoint - The establishment of a 1 billion yuan investment fund by companies under China Resources, in collaboration with Shanghai Fosun Pharmaceutical and Chengdu state-owned enterprises, aims to focus on the pharmaceutical and health sectors, particularly in innovative drug development and strategic emerging industries [2][4]. Group 1: Fund Structure and Partners - The fund, named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund, has a total capital of 100 million yuan, with various partners contributing different amounts [3]. - The general partner (GP) is China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership (Limited Partnership), while limited partners (LPs) include several pharmaceutical companies and investment funds [2][3]. - The fund's lifespan is set for 7 years, with a 3-year investment period and a 4-year exit period, extendable by 1 year upon partner approval [3]. Group 2: Investment Focus - The fund will concentrate on the pharmaceutical health sector and strategic emerging industries, targeting areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices, and traditional Chinese medicine [4]. - The involvement of the Chengdu Bio-City Jingchuang Equity Investment Fund indicates a strong potential for project implementation within the Chengdu Tianfu International Bio-City [4]. Group 3: Historical Context - An earlier fund, the China Resources Pharmaceutical (Shantou) Industry Investment Fund, was established 8 years ago but did not perform as expected, failing to reach its initial target of 2.5 billion yuan [4][6]. - The Shantou fund entered a liquidation phase in December 2024, having not achieved the anticipated scale, which affected the contributions of its partners [5][6].

Group 1 - China Resources Pharmaceutical (03320.HK) announced the establishment of a joint venture fund named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund Partnership (Limited Partnership) with a proposed scale of RMB 1 billion and a total duration of seven years [1] - The group's proposed capital contribution will be approximately RMB 245 million, accounting for about 24.5% of the total fund capital [1] - The fund is expected to primarily engage in equity investment, venture capital, and investment management activities, focusing on the pharmaceutical and health industry as well as strategic emerging sectors [1] Group 2 - The fund will target investments in areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices (including IVD), traditional Chinese medicine supplements, and synthetic biology, among other strategic emerging fields [1] - The company believes it can leverage the fund's professional investment team resources to effectively control risks associated with mergers and acquisitions and innovation projects, ensuring the quality of target companies and accelerating strategic mergers and acquisitions in the pharmaceutical industry [2] - This strategy aims to enhance the company's long-term sustainable development capabilities within the pharmaceutical sector [2]

Group 1 - The 42nd National Pharmaceutical Industry Information Annual Conference was held in Beijing from July 5 to 7, organized by the China Pharmaceutical Industry Information Center, which released the list of the top 100 companies by main business revenue for 2024 [1] - China National Pharmaceutical Group continues to rank first, followed by China Resources Pharmaceutical and Qilu Pharmaceutical in second and third places respectively [1] - The conference theme was "Exploring Life, Co-creating the Future," focusing on cutting-edge technology, industrial ecology, and capital empowerment to outline a development blueprint for the Chinese pharmaceutical health industry [1] Group 2 - The pharmaceutical industry in Zibo has over 70 years of development history, forming a comprehensive industrial system that includes drug formulations, active pharmaceutical ingredients, medical devices, and traditional Chinese medicine [2] - In 2024, Zibo's pharmaceutical industry is projected to achieve a revenue of 65 billion yuan with double-digit growth, demonstrating strong industry resilience and development potential [2] Group 3 - Shandong Xinhua Pharmaceutical Co., Ltd. ranked 37th, Ruiyang Pharmaceutical Co., Ltd. ranked 77th, Shandong Qidu Pharmaceutical Co., Ltd. ranked 83rd, and Shandong Jincheng Pharmaceutical Group Co., Ltd. ranked 96th in the top 100 list [1] - Compared to the previous year's rankings, Xinhua Pharmaceutical improved by 3 positions, Ruiyang Pharmaceutical dropped by 14 positions, Qidu Pharmaceutical improved by 4 positions, and Jincheng Pharmaceutical dropped by 5 positions [1]