Core Viewpoint - The pharmaceutical distribution industry is categorized into three main business models: wholesale, retail, and various new distribution models, each with distinct characteristics and profit margins [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [3]. - The wholesale model can be further divided into categories such as hospital direct sales, commercial allocation, and third terminal distribution, with the third terminal being a key focus for internet healthcare companies [3]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distribution companies and selling them to individual consumers for profit [4]. - Although the retail model is smaller in scale compared to wholesale, it offers higher profit margins, and can be subdivided into single-store and chain models, with chain models further categorized into direct-operated and franchise operations [4]. Group 3: Internet Retail Model - The internet pharmaceutical new retail model encompasses various internet hospitals and pharmaceutical e-commerce platforms that conduct diagnosis and drug sales through online channels, including B2B, B2C, and O2O models [6]. Group 4: Third-Party Cold Chain Logistics - The pharmaceutical distribution industry is expected to build a modern smart pharmaceutical supply chain service system during the 14th Five-Year Plan period, focusing on enhancing networked, scaled, and specialized levels for safer and more efficient logistics [10]. - Third-party cold chain logistics provide significant advantages, such as reducing upfront investment for pharmaceutical companies, ensuring temperature control during transport, and optimizing the pharmaceutical supply chain through integrated information management [11].

Core Viewpoint - The collaboration between China Resources Pharmaceutical Group and the Nano and Advanced Materials Institute (NAMI) aims to advance the "Nano Delivery Optimization" project for Alzheimer's disease treatment, addressing the growing challenge posed by the increasing number of Alzheimer's patients globally, which has surpassed 50 million [1][3]. Group 1: Collaboration Details - The partnership will leverage NAMI's drug nano-delivery technology and China Resources Pharmaceutical's expertise in pharmaceuticals to enhance drug absorption and treatment efficiency [1][3]. - The collaboration is expected to accelerate the application of nano-delivery technology in Alzheimer's treatment, promoting international scientific research and industrial upgrades [3][4]. - The project focuses on overcoming challenges related to drug absorption and the blood-brain barrier, aiming for breakthroughs from original innovation to industrialization [3][4]. Group 2: Technological Innovations - The collaboration will explore the use of FDA-approved CDK4/6 anti-tumor drugs to inhibit the Pax6 pathway, which links key pathological features of Alzheimer's disease [4][5]. - The partnership will work on advanced technologies such as nano-microsphere carriers and small molecule drug encapsulation to address significant research and development bottlenecks [5]. - The goal is to reduce the dosage of single administrations to minimize adverse reactions, simplify administration protocols to improve patient compliance, and optimize pharmacokinetic characteristics to enhance treatment outcomes [4][5].

Financial Performance - The Group's revenue reached RMB 131,867 million, a YoY increase of 2.5%[11] - Gross profit increased to RMB 21,510 million, representing a YoY growth of 2.8%[11] - Net profit attributable to shareholders decreased significantly by 20.3% to RMB 2,077 million[11] - Operating cash flow significantly improved, reaching RMB 1,531 million, a YoY increase of 250.1%[11] Business Segments - Pharmaceutical manufacturing business revenue increased by 4.3% YoY to RMB 24.81 billion[20] - Distribution business revenue increased by 2.3% YoY to RMB 108,330 million[63] - Retail business revenue increased by 11.4% YoY to RMB 5,515 million[63] Strategic Initiatives - The Group completed the acquisitions of Nigale and Tasly to expand into medical devices and TCM, respectively[24] - The Group is committed to innovative R&D with 476 total projects under research and development[37] - The Group is strengthening international expansion of chemical drugs, TCM, medical devices and blood products[54] - The Group introduced 7 new medical device products, with estimated annual revenue contribution of over RMB 600 million[73]

Core Viewpoint - China Resources Pharmaceutical (03320) announced Tianjin Tasly Pharmaceutical's (600535) performance for the first half of 2025, indicating a slight decline in total revenue but an increase in net profit attributable to shareholders [1] Financial Performance - Total revenue for the first half of 2025 was approximately 4.288 billion yuan, representing a year-on-year decrease of 1.91% [1] - Net profit attributable to shareholders was about 775 million yuan, showing a year-on-year increase of 16.97% [1] - Basic earnings per share were reported at 0.52 yuan [1]

Core Viewpoint - China Resources Pharmaceutical (03320) reported its subsidiary China Resources Sanjiu's unaudited financial performance for the six months ending June 30, 2025, showing a total revenue of RMB 14.81 billion, a year-on-year increase of 4.99%, while net profit attributable to shareholders decreased by 24.31% to RMB 1.815 billion, with basic earnings per share at RMB 1.09 [1] Financial Performance - Total revenue reached RMB 14.81 billion, reflecting a year-on-year growth of 4.99% [1] - Net profit attributable to shareholders was RMB 1.815 billion, representing a decline of 24.31% compared to the previous year [1] - Basic earnings per share stood at RMB 1.09 [1]

（股份代號：3320） 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。 （於香港註冊成立的有限公司） 2 公告 華潤三九 截至2025年6月30日止六個月的未經審核財務業績 於2025年8月15日，華潤三九公佈其截至2025年6月30日止六個月的半年度 報告。 華潤三九醫藥股份有限公司（「華潤三九」）為一家於中華人民共和國註冊成立 的公司。華潤三九的股份於深圳證券交易所上市。截至本公告日期，華潤三九 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」）間接 持有63.02%的權益，並為本公司的附屬公司。 1 於2025年8月15日，華潤三九公佈其截至2025年6月30日止六個月的半年度報告 （「華潤三九未經審核財務資料」）。下表載列華潤三九未經審核財務資料的主 要財務數據： | | 截至2025年 | 截至2024年 | | | --- | --- | --- | --- | | | 6月30日 | 12月31日 | 增加╱減少 | ...

Core Viewpoint - China Resources Pharmaceutical (03320) reported a decline in revenue and net profit for Kunming Pharmaceutical Group in the first half of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - Total revenue for the first half of 2025 was approximately 3.351 billion yuan, representing a year-on-year decrease of 11.68% [1] - Net profit attributable to shareholders was about 198 million yuan, down 26.88% year-on-year [1] - Basic earnings per share were reported at 0.26 yuan [1]

Core Viewpoint - China Resources Pharmaceutical (03320) reported Tianshili Pharmaceutical's performance for the first half of 2025, showing a slight decline in total revenue but an increase in net profit attributable to shareholders [1] Financial Performance - Total revenue for the first half of 2025 was approximately 4.288 billion yuan, representing a year-on-year decrease of 1.91% [1] - Net profit attributable to shareholders was about 775 million yuan, reflecting a year-on-year increase of 16.97% [1] - Basic earnings per share were reported at 0.52 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。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 天士力醫藥集團股份有限公司（「天士力醫藥」）為一家於中華人民共和國註冊 成立的公司。天士力醫藥的股份於上海證券交易所上市。截至本公告日期，天 士力醫藥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」）通過其非全資附屬公司華潤三九醫藥股份有限公司持有約28%的權益，並 以本公司附屬公司的形式入賬。 1 於2025年8月15日，天士力醫藥公佈其截至2025年6月30日止六個月的半年度報 告（「天士力醫藥未經審核財務資料」）。下表載列天士力醫藥未經審核財務資 料的主要財務資料： | | 截至6月30日止六個月 | | 增加╱減少 | | --- | --- | --- | --- | | | 2025 | 2024 | | | | （人民幣） | （人民幣） | (%) | | | （未經審核） | （未經審核） | | | 營 ...

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。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 | | 截至 | 截至 | | | --- | --- | --- | --- | | | 2025年6月30日 | 2024年12月31日 | 增加╱減少 | | | （人民幣） | （人民幣） | (%) | | | （未經審核） | （經審核） | | | 總資產 | 12,657,788,827.12 | 12,611,367,133.57 | 0.37% | | 上市公司股東應佔資產 | 5,226,959,645.61 | 5,253,648,545.41 | –0.51% | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | 增加╱減少 | | --- | --- | --- | --- | | | （人民幣） | （人民幣） | (%) | | | （未經審核） | （未經審核） | | | ...