格隆汇10月21日丨华润医药(03320.HK)公告，董事会欣然宣布，本金总额人民币11亿元的第一期2025年 公司债券已发行，期限三年，票面年利率为1.82%。发行第一期2025年公司债券所募集的所得款项净额 将用于生产性支出，包括偿还公司债务、补充营运资金、项目开发与营运支出、与科技创新相关的投资 以及符合适用法律法规的其他用途。 ...

华润医药(03320)公布，本金总额人民币11亿元的第一期2025年公司债券已发行，期限三年，票面年利 率为1.82%。所得款项净额将用于生产性支出，包括偿还公司债务、补充营运资金、项目开发与营运支 出、与科技创新相关的投资以及符合适用法律法规的其他用途。 ...

华润医药(03320)公布，本金总额人民币11亿元的第一期2025年公司债券已发行，期限三年，票面年利 率为1.82%。所得款项净额将用于生产性支出，包括偿还公司债务、补充营运资金、项目开发与营运支 出、与科技创新相关的投资以及符合适用法律法规的其他用途。 ...

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。 發行第一期2025年公司債券所募集的所得款項淨額將用於生產性支出，包括 償還公司債務、補充營運資金、項目開發與營運支出、與科技創新相關的投資 以及符合適用法律法規的其他用途。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 華潤醫藥集團有限公司 主席 （於香港註冊成立的有限公司） （股份代號：3320） 內幕消息 於中國完成公開發行第一期2025年公司債券 本公告乃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（定義見上市規 則）之規定而作出。 華潤醫藥集團有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司的全 資附屬公司華潤醫藥控股有限公司（「華潤醫藥控股」）已根據中國證券監督管 理委員會的批覆（證監許可[2025]1457號）於中華人民共和國（「中國」）發行第一 期公司債券（「 2025 ...

Core Insights - The appointment of Cheng Jie as the new president of China Resources Pharmaceutical signifies a strategic shift as the company faces challenges in traditional business growth and profitability amidst industry transformation [1][2][11] - The company reported a "revenue growth without profit increase" in its recent half-year report, with total revenue reaching 131.87 billion yuan, a 2.5% year-on-year increase, while net profit dropped by 20.3% to 2.08 billion yuan [2][7] - Cheng Jie, who has a strong background within the company, is expected to leverage his experience to navigate the current challenges and drive innovation and growth [4][19] Company Performance - China Resources Pharmaceutical's revenue has shown steady growth, increasing from 232.20 billion yuan in 2022 to 257.67 billion yuan in 2024, with an average annual growth rate of over 5% [7] - However, net profit has fluctuated, with a 13.06% decline in 2024 to 3.35 billion yuan and a further drop of 20.25% in the first half of 2025 [7][8] - The decline in profit is attributed to one-time impairment losses and rigid expense growth, with a net loss of 1.09 billion yuan in other income and losses reported for the first half of 2025 [7][8] Strategic Initiatives - The company has been actively pursuing mergers and acquisitions, with significant transactions including the acquisition of 100% of Green Cross Hong Kong for 1.82 billion yuan and a 28% stake in Tian Shi Li Pharmaceutical for 6.21 billion yuan [9][10] - Despite the expansion through acquisitions, the company is now shifting focus towards optimizing its asset structure by divesting non-core and loss-making businesses to enhance operational efficiency and profitability [10][15] - Cheng Jie is tasked with balancing the expansion from acquisitions with the need for profit growth, as well as addressing potential impairment risks associated with goodwill from these acquisitions [11][19] Industry Context - The Chinese pharmaceutical distribution market is experiencing maturation and differentiation, presenting structural opportunities for leading companies like China Resources Pharmaceutical [12] - Collaborations with multinational pharmaceutical companies are increasing, as these companies seek to focus on core products and leverage local distribution expertise [12][13] - The industry is transitioning from a phase of scale expansion to one of high-quality development, emphasizing the need for new products, channels, and innovative service models [14][15] Innovation and R&D - China Resources Pharmaceutical is enhancing its pharmaceutical business through initiatives such as establishing a 1 billion yuan investment fund focused on innovative drugs and high-end medical devices [17] - The company is also pursuing partnerships for innovative drug development, such as a collaboration with Nanjing Ai Er Pu for a heart failure treatment [17][19] - However, the company faces challenges in its R&D efforts, with a significant portion of its pipeline still focused on generic drugs rather than innovative products, which may hinder its competitive edge in a rapidly evolving market [18][19]

（原标题："少壮派"程杰掌舵，华润医药这艘巨舰将驶向何方？） 21世纪经济报道记者 季媛媛、韩利明 传统业务增长渐显乏力，并购遗留问题逐渐浮现，华润医药这家医药巨头正尝试以换帅与自我革新之 举，穿越行业转型周期。 近日，港股上市企业华润医药（03320.HK）发布了一则人事公告，宣布新总裁人选。作为一家年营收 超过2500亿元的医药巨头，46岁的程杰正式出任公司执行董事兼总裁，踏入集团核心决策层。这一任 命，不仅意味着这位"少壮派"高管再度晋升，更将他推向了应对行业变革与企业盈利挑战的前沿。 2003年自沈阳药科大学毕业后，程杰便投身华润三九，从999感冒灵产品经理做起。伴随着"暖暖的，很 贴心"这句广告语传遍四方，他也逐步晋升，直至担任华润三九专业品牌事业部总经理。2022年初，程 杰"空降"东阿阿胶出任总裁，挑起转型的重担。 如今，从东阿阿胶迈向华润医药集团的核心岗位，程杰的晋升既体现了华润系内部人才培养体系的成 果，也彰显出集团对其战略决策能力与业务运营经验的认可。 纵观华润系的"医药帝国"，已全面覆盖医药各细分领域，旗下掌控着华润三九、江中药业、东阿阿胶、 昆药集团、华润双鹤、华润医疗等多家上市药企。 ...

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 截至月份: 2025年9月30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10月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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 | | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 | | 本月內變動 | | 本月底結存的股份期權數 | 本月內因此發行的新股數 | 本月内因此自庫存轉讓的 | 本月底因此可能發行或自 | 本月底可於所有根據計劃 授出的股份期權予以行使 | ...

Core Viewpoint - The overall performance of China Resources Pharmaceutical Group (华润医药) has been negatively impacted by external acquisitions, leading to a significant decline in net profit despite a slight increase in revenue [1][2]. Financial Performance - In the first half of the year, the company reported total revenue of 131.87 billion yuan, a year-on-year increase of 2.50%, while net profit attributable to shareholders was 2.08 billion yuan, down 20.30% year-on-year [1][2]. - The core distribution business achieved revenue of 108.33 billion yuan, up 2.30% year-on-year, while the pharmaceutical segment generated 24.81 billion yuan, up 4.30% year-on-year, and the retail segment saw revenue of 5.52 billion yuan, up 11.40% year-on-year [1]. Acquisition Impact - The company has engaged in several acquisitions, including the purchase of 100% equity in Green Cross Hong Kong for 1.82 billion yuan and a 28% stake in Tianjin Tasly Pharmaceutical for 6.21 billion yuan, with total expenditures exceeding 8 billion yuan [3][4]. - These acquisitions have led to a rapid increase in goodwill, with the goodwill balance rising to 24.29 billion yuan, an increase of 1.93 billion yuan from the beginning of the year [5]. Profitability Challenges - The decline in profit is attributed to one-time impairment losses and rigid expenses, with net losses from other income and expenses amounting to -1.09 billion yuan, including approximately 392 million yuan in equity impairment losses and 609 million yuan in trade receivables impairment provisions [2]. - The retail segment's gross margin decreased to 6.10%, down 0.40 percentage points year-on-year, highlighting the impact of increased specialty drug proportions on profit margins [1]. Strategic Initiatives - The company is pushing for deeper channel penetration and has implemented electronic prescription access in 187 dual-channel pharmacies, enhancing traceability and compliance with new regulations [7]. - The DTP specialty pharmacy segment generated revenue of 3.76 billion yuan, reflecting a year-on-year growth of 14.10%, with the number of managed specialty drug patients reaching 820,000 [8]. Future Outlook - The company is expanding its logistics network, planning to build or expand 11 provincial logistics hubs by 2030, with a total investment of 5.5 billion yuan [8]. - The collaboration with Haohai Biological Technology in the medical beauty sector aims to leverage the company's distribution network, although it faces challenges due to regulatory requirements for medical devices [9][11].

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） Notification of publication of corporate communications on the Company's website We hereby notify you that the Interim Report 2025 (the "Current Corporate Communication") of China Resources Pharmaceutical Group Limited (the "Company"), in both English and Chinese, are now available on the Company's website at http://www.crpharm.com. You may access the Current Corporate Communication by clicking the relevant document title mentioned above in t ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code: 3320) （股份代號：3320） Dear Shareholders, 26 September 2025 Letter to new shareholders — election of means of receipt of corporate communications In order to protect the environment, China Resources Pharmaceutical Group Limited (the "Company") proposes that as a shareholder of the Company, you may choose to receive its Corporate CommunicationsNote: (i) by electronic means through the Company's website at http://www.crpharm.com (the "E ...