格隆汇1月26日丨华润医药(03320.HK)宣布，公司非全资附属公司华润双鹤药业股份有限公司(「华润双 鹤」)已接获中国证券监督管理委员会就华润双鹤拟于中华人民共和国(「中国」)向合资格投资者发行公 司债券所发出之注册批准通知(证监许可[2026]第118号)。该通知自发出之日起24个月内有效，于有效期 内，华润双鹤可分期发行总额为人民币30亿元之公司债券。 ...

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） – 1 – 於 本 公 告 日 期 ， 董 事 會 包 括 主 席 及 執 行 董 事 白 曉 松 先 生 ； 執 行 董 事 程 杰 先 生 及 劉 長 安 先 生 ； 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。 – 2 – 華潤醫藥集團有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司非全資附 屬公司華潤雙鶴藥業股份有限公司（「華潤雙鶴」）已接獲中國證券監督管理委員會 就華潤雙鶴擬於中華人民共和國（「中國」）向合資格投資者發行公司債券所發出之 註冊批准通知（ 證監許可[ 2026 ]第118號 ）（「通知」）。該通知自發出之日起24 ...

Core Insights - The aging population in China is leading to an increase in cardiovascular diseases, with rising prevalence of chronic conditions such as hypertension and hyperlipidemia, driving demand for cardiovascular drugs [1][8] - There is a significant increase in health awareness among residents, leading to earlier screening and treatment of cardiovascular diseases, which expands the applicable population for cardiovascular medications [1][8] - The implementation of centralized drug procurement policies is causing a downward trend in drug prices, putting pressure on the overall market size, which is projected to decline to 954.1 billion yuan for traditional Chinese medicine and 1,415.8 billion yuan for chemical drugs by 2025 [1][8] Market Overview - Cardiovascular diseases encompass both cardiovascular and cerebrovascular diseases, primarily caused by conditions like hyperlipidemia, blood viscosity, atherosclerosis, and hypertension [2] - Cardiovascular drugs are classified into two main categories: cardiovascular system drugs and cerebrovascular system drugs, targeting various heart and brain-related conditions [2] Policy Environment - The pharmaceutical manufacturing industry, including cardiovascular drugs, is a key focus of national policy support, with various regulations aimed at correcting malpractices and promoting industry development [3][4] Industry Chain - The upstream of the cardiovascular drug industry includes chemical raw materials, traditional Chinese medicinal materials, and pharmaceutical packaging materials, while the midstream involves research, production, and registration processes [4][5] Demand Dynamics - Cardiovascular diseases are the leading cause of death in China, with hypertension cases expected to reach 370 million and coronary heart disease cases at 30 million by 2025, indicating a growing demand for cardiovascular medications [6][8] Competitive Landscape - The market has developed a dual competitive structure, with foreign companies dominating the chemical drug sector and local companies leading in traditional Chinese medicine, creating a competitive environment [10] - Notable domestic players include Shijiazhuang Pharmaceutical Group and Shandong Buchang Pharmaceutical, which have established strong market positions through unique products and effective distribution networks [10][11] Development Trends - The industry is shifting from reliance on generic drugs to innovation, focusing on high-value drug development, including targeted and biological drugs [12] - There is a growing integration of chronic disease management with digital tools, enhancing patient adherence and treatment precision [13] - Policy reforms are reshaping market dynamics, emphasizing high clinical value drugs and expanding the market for basic medications in primary healthcare [14] - The industry is moving towards a collaborative ecosystem, with increased internationalization efforts and participation in global clinical trials [15]

Core Viewpoint - The strategic importance of medical device logistics and distribution is increasingly recognized as the market for medical devices continues to expand, leading to a strong demand for specialized and efficient logistics services [1][8]. Industry Overview - Medical device logistics and distribution involves the effective transfer of medical device products from suppliers or manufacturers to medical institutions, pharmacies, or other relevant endpoints, ensuring safety, timeliness, and accuracy [2][3]. - The industry has evolved through four stages, from minimal focus during the early marketization phase to a rapid development period from 2010 to 2020, driven by increasing demand and regulatory policies [3]. Industry Policies - Recent government policies have provided strong support for the development of the medical device logistics industry, promoting standardization, efficiency, and scale [4]. - Key policies include the establishment of a risk-sharing alliance for online sales of medical devices and encouragement for wholesale companies to integrate storage and transportation resources [4]. Industry Chain - The upstream of the medical device logistics chain includes suppliers of logistics vehicles, software, medical devices, storage equipment, and packaging materials [4]. - The midstream consists of logistics service providers, which are crucial for the entire supply chain, while the downstream includes medical institutions and patients as the primary demand side [4]. Current Industry Status - The logistics total cost for medical devices in China is projected to reach 26.78 billion yuan in 2024, with a year-on-year growth of 1.88% [8]. - The logistics warehousing area is expected to be 23.58 million square meters in 2024, reflecting a 0.8% increase [8]. Market Trends - The medical device logistics industry is expected to accelerate its digital transformation and integration of intelligent technologies, utilizing IoT for real-time monitoring and big data for demand forecasting [12][14]. - Service models are evolving towards highly specialized and integrated solutions, addressing specific requirements for different categories of medical devices [14]. - The logistics network is anticipated to deepen into lower-tier cities, establishing regional distribution centers to enhance efficiency and reduce costs [15].

Core Viewpoint - China Resources Pharmaceutical (华润医药) reported a revenue of RMB 4.22 billion for Jiangzhong Pharmaceutical in 2025, reflecting a year-on-year decline of 4.87%, while the net profit attributable to shareholders increased by 14.96% to RMB 906 million [1] Group 1: Financial Performance - Jiangzhong Pharmaceutical achieved a revenue of RMB 4.22 billion in 2025, down 4.87% compared to the previous year [1] - The net profit attributable to shareholders reached RMB 906 million, marking a year-on-year increase of 14.96% [1] Group 2: Strategic Initiatives - The company is focusing on strengthening brand development amidst structural adjustments in the industry [1] - Jiangzhong Pharmaceutical is enhancing its marketing strategies, optimizing cost structures, and deepening lean manufacturing practices to improve profitability [1]

Core Viewpoint - Jiangzhong Pharmaceutical reported its preliminary unaudited financial data for the year ending December 31, 2025, indicating a focus on brand building and core business consolidation amid structural industry adjustments [1] Financial Performance - For the year 2025, Jiangzhong Pharmaceutical achieved a revenue of RMB 4.22 billion, representing a year-on-year decline of 4.87% [1] - The net profit attributable to shareholders of the listed company was RMB 906 million, showing a year-on-year increase of 14.96% [1] Strategic Initiatives - The company is enhancing its marketing strategies, optimizing cost structures, and deepening lean manufacturing practices to improve profitability [1] - Jiangzhong Pharmaceutical is focusing on "big single products and strong categories" to solidify its core business foundation [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 江中藥業截至2025年12月31日止年度的主要經營業績預告 於 2026 年 1 月 23 日， 江 中 藥業 公 佈 其 截至 2025 年 12 月 31 日 止 年 度的 未 經 審核 初 步財務資料。 華潤江中藥業股份有限公司（「江中藥業」）為一家於中華人民共和國註冊成立的公 司。江中藥業的股份於上海證券交易所上市。截至本公告日期，江中藥業由華潤 醫藥集團有限公司（「本公司」，連同其附屬公司合稱為「本集團」）非全資附屬公司 華潤江中製藥集團有限責任公司持有約43.14 %的權益，本集團實際控制江中藥業 約26.12 %並以本公司附屬公司的形式入賬。 – 1 – 於2026年1月23 日，江中藥業公佈其截至2025年12月31日止年度（「本報告期」）的 未經審核初步財務資料 ...

Core Viewpoint - China Resources Pharmaceutical Group Limited is a leading comprehensive pharmaceutical company in China, ranking among the top three in the industry, with a compound annual growth rate (CAGR) of 7.5% in revenue from 2019 to 2024 [1] Group 1: Pharmaceutical Manufacturing and OTC Business - The company is the largest OTC manufacturer in China, focusing on consumer health products (CHC), with traditional Chinese medicine and health products accounting for nearly 60% of revenue by mid-2025 [1] - The pharmaceutical business is expected to grow at a CAGR of 10.4% from 2022 to 2024, driven by both organic growth and acquisitions [2] - By mid-2025, the revenue from OTC traditional Chinese medicine and chemical OTC products reached 8.7 billion yuan and 2.5 billion yuan, respectively, making up 45% of the pharmaceutical business revenue [1] Group 2: Business Expansion through Acquisitions - The company expanded its business scope through acquisitions, including a 43% stake in Jiangzhong Pharmaceutical in February 2019, enhancing its position in the traditional Chinese medicine sector [2] - Acquisitions of 28% stakes in Kunming Pharmaceutical and Tasly Pharmaceutical in December 2022 and March 2025, respectively, further solidified its leadership in the traditional Chinese medicine industry [2] - The company entered the blood products sector by acquiring a 29% stake in Boya Bio-Pharmaceutical in November 2021 and expanded into medical devices with the acquisition of Nanger Technology in February 2025 [2] Group 3: Pharmaceutical Distribution - The company ranks third in the pharmaceutical distribution industry, with revenue reaching 110 billion yuan in the first half of 2025, following China National Pharmaceutical Group and Shanghai Pharmaceuticals [3] - The distribution business generated 108.3 billion yuan in revenue in the first half of 2025, with medical device revenue growing by 8% to 18 billion yuan [3] - Retail revenue reached 5.5 billion yuan in the first half of 2025, reflecting an 11% year-on-year growth, supported by the establishment of specialized pharmacies and a new retail system [3] Group 4: Financial Projections and Valuation - The company is projected to achieve net profits attributable to ordinary shareholders of 3.49 billion yuan, 3.76 billion yuan, and 4.05 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 4.0%, 7.9%, and 7.7% [3] - A price-to-earnings (PE) ratio of 8.7 times is assigned for 2026, corresponding to a market value of 35.3 billion Hong Kong dollars, indicating a 24% upside potential from the current market value of 28.5 billion Hong Kong dollars [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is the largest OTC manufacturer in China, with a strong brand presence and a projected revenue compound annual growth rate (CAGR) of 7.5% from 2019 to 2024 [6][26] - The pharmaceutical manufacturing segment ranks second in the industry, while the pharmaceutical distribution segment ranks third [6][65] - The company has a robust pipeline of acquisitions to expand its business scope, particularly in traditional Chinese medicine and healthcare products [7][38] Summary by Sections Company Overview - China Resources Pharmaceutical Group Limited is a leading integrated pharmaceutical company, covering manufacturing and distribution of pharmaceuticals, healthcare products, and medical devices [20] - The company has a significant market presence, with a market capitalization of HKD 285.23 billion and a closing price of HKD 4.54 as of January 16, 2026 [1] Financial Performance - The company’s revenue for the first half of 2025 reached CNY 1,319 billion, with a year-on-year growth of 3% [26] - The distribution business accounted for approximately 80% of total revenue, with distribution revenue of CNY 1,045 billion, growing by 2% [26] - The pharmaceutical business generated CNY 218 billion in revenue, increasing its share from 15% in 2019 to 17% in the first half of 2025 [26] Pharmaceutical Manufacturing - The company produces 944 products, including traditional Chinese medicine, chemical drugs, biological products, and medical devices, covering a wide range of therapeutic areas [32] - The pharmaceutical business is expected to grow at a CAGR of 10.4% from 2022 to 2024 [36] Pharmaceutical Distribution - The company’s distribution revenue for the first half of 2025 was CNY 1,100 billion, ranking third in the industry, behind China National Pharmaceutical Group and Shanghai Pharmaceuticals [8][65] - The distribution model is evolving from traditional distribution to a dual approach of distribution and deep marketing [8] Profit Forecast and Valuation - The projected net profit attributable to ordinary shareholders for 2025-2027 is CNY 34.9 billion, CNY 37.6 billion, and CNY 40.5 billion, respectively, with growth rates of 4.0%, 7.9%, and 7.7% [9] - The report assigns a price-to-earnings (PE) ratio of 8.7x for 2026, suggesting a market value of HKD 353 billion, indicating a 24% upside potential from the current market value [8] Key Assumptions - The pharmaceutical business is expected to grow at rates of 4.1%, 6.0%, and 6.5% from 2025 to 2027 [12] - The distribution business is projected to grow at rates of 2.6%, 5.0%, and 5.3% during the same period [12] - The retail business is anticipated to grow at rates of 11.8%, 12.0%, and 12.0% from 2025 to 2027 [12]

(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 Non-Registered Holder of securities of the Company, 20 January 2026 Notification of publication of corporate communications on the Company's website We hereby notify you that the following corporate communications (the "Current Corporate Communications") of China Resources Pharmaceutical Group Limited (the "Company"), in both English and Chinese, are now available on the Company's website at http://www.crph ...