中国医药健康产业股份有限公司 董事会议事规则 （2025 年 8 月修订） 第一条 宗 旨 为了进一步规范中国医药健康产业股份有限（以下简称"公 司"）董事会的议事方式和决策程序，促使董事和董事会有效 地履行其职责，提高董事会规范运作和科学决策水平，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司 治理准则》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》《上市公司章 程指引》及《公司章程》等有关规定，制定本规则。 第二条 董事会办公室 董事会下设董事会办公室，协助董事会秘书处理董事会日 常事务，保管董事会和董事会办公室印章。董事会秘书为履行 职责有权参加相关会议，查阅有关文件，了解公司的财务和经 营等情况。 1 （一）代表十分之一以上表决权的股东提议时； （八）本公司《公司章程》规定的其他情形。 第六条 临时会议的提议程序 按照前条规定提议召开董事会临时会议的，应当通过董事 会办公室或者直接向董事长提交经提议人签字（盖章）的书面 提议。书面提议中应当载明下列事项： 第三条 定期会议 董事会每年应当至少召开四次定期会议。 第四条 定期会议的提案 在发 ...

中国医药健康产业股份有限公司 独立董事制度 （2025 年 8 月修订） 第一章 总则 第一条为保证中国医药健康产业股份有限公司（以下简 称"公司"）规范运作，充分发挥独立董事在公司治理中的 作用，促进独立董事尽责履职，更好地维护中小股东利益， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》《上市公司独立董事管理办法》（以下 简称"《独立董事管理办法》"）《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 1 号—规范 运作》及《中国医药健康产业股份有限公司公司章程》（以 下简称"《公司章程》"）的有关规定，制订本制度。 第二条本制度所称独立董事是指不在公司担任除董事 外的其他职务，并与公司及公司主要股东或实际控制人不存 在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、 实际控制人等单位或者个人的影响。 第三条独立董事对公司及全体股东负有忠实与勤勉义 务，应当按照法律、行政法规、中国证券监督管理委员会（以 下简称"中国证监会"）规定、证券交易所业务规则和《公 司章程》的规定，认真履行 ...

中国医药健康产业股份有限公司 股东会议事规则 （2025 年 8 月修订） 第一章 总则 第五条股东会分为年度股东会和临时股东会。年度股东会每 年召开一次，应当于上一会计年度结束后的 6 个月内举行。 第六条临时股东会不定期召开。有下列情形之一的，公司在 事实发生之日起 2 个月以内召开临时股东会： （一）董事人数不足《公司章程》所定人数的 2/3，即 6 人 1 时； （二）公司未弥补的亏损达实收股本总额 1/3 时； 第一条为规范中国医药健康产业股份有限公司（以下简称 "公司"）行为，保证股东会依法行使职权，根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证 券法》《上市公司章程指引》《上市公司股东会规则》《上海证 券交易所股票上市规则》及《中国医药健康产业股份有限公司章 程》（以下简称"《公司章程》"）等相关规定，制定本规则。 第二条公司股东会的召集、提案、通知、召开等事项适用本 规则。 第三条公司应当严格按照法律、行政法规、本规则及《公司 章程》相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公 司全体董事应当勤勉尽责，确保股东 ...

（2025 年 8 月修订） 中国医药健康产业股份有限公司 对外担保管理制度 第三条 本制度所称控股子公司是指公司持股比例超过 50% 的子公司和持股比例未超过 50%但拥有实际控制权的子公司。公 司控股子公司对外担保，视同公司行为，其对外担保应按照本制 度执行。 1 第二章 对外担保的对象及审查 第一章 总则 第一条 为规范中国医药健康产业股份有限公司(以下简称 "公司")对外担保行为，维护投资者利益，有效控制公司对外 担保风险，促进公司健康稳定发展，根据《中华人民共和国公司 法》（以下简称"《公司法》"）《中华人民共和国民法典》（以下简 称"《民法典》"）《上市公司监管指引第 8 号——上市公司资金往 来、对外担保的监管要求》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 市公司信息披露管理办法》等法律法规、规范性文件以及《中国 医药健康产业股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，制定本制度。 第二条 本制度所称对外担保是指公司以自有资产或信誉为 他人提供的担保，包括公司对控股子公司的担保。担保方式包括 但不限于保证、抵押、质押，具体种 ...

Summary of Conference Call on China Healthcare Sector Industry Overview - The conference call focused on the **China Healthcare** sector, particularly the pharmaceutical industry, amidst concerns regarding potential tariffs from the US on pharmaceutical products and services [1][67]. Key Points and Arguments 1. **Tariff Concerns**: The US announced a ~100% tariff on semiconductor chips, which has negatively impacted market sentiment regarding upcoming pharmaceutical tariffs [2][8]. 2. **Low Likelihood of Tariffs on BD Deal Payments**: The analysis suggests a low probability of tariffs being imposed on out-licensing deal payments, as US tariffs have primarily targeted tangible goods rather than service-related income [3][8]. 3. **Focus on Manufacturing Rights**: Most business development (BD) agreements grant manufacturing rights to licensors, with some companies like Pfizer planning to manufacture licensed products in the US [3][8]. 4. **Expectations for Future BD Deals**: There is an expectation for an increase in BD deals in the second half of 2025, particularly from key pharmaceutical companies with robust pipelines such as Hengrui, Hansoh, Sino Biopharma, and CSPC [4][8]. 5. **Minimal Impact of Tariffs**: Chinese pharmaceutical companies have low exposure to finished drug sales in the US, indicating that any potential tariffs would likely have a minimal immediate impact [4][8]. Additional Important Insights - **Market Reaction**: The Hang Seng Healthcare index experienced a 3% decline during the trading session, attributed to profit-taking and concerns over US pharmaceutical tariffs [8]. - **Service Trade Surplus**: The US maintains a services trade surplus with China, which may further reduce the likelihood of tariffs on service-related income, including intellectual property transfers [3][8]. - **Exhibit Data**: An exhibit presented data showing that most Chinese pharmaceutical companies have minimal overseas sales contributions, reinforcing the argument that tariffs would not significantly affect their operations [11][12]. Conclusion - The overall sentiment regarding the China Healthcare sector remains **attractive**, with expectations for continued growth in business development activities despite tariff concerns [5][67].

Summary of Key Points from the Conference Call Industry Overview - The Chinese pharmaceutical sector has shown strong performance, with HSHKBIO up 95% YTD, outperforming major indices [2][4] - Domestic pharma firms have collected 47% of all upfront payments globally for cancer drugs YTD, indicating a robust out-licensing trend [2] Company-Specific Insights 3SBio, SBP, and Hansoh - 3SBio is reiterated as a top pick due to its innovative drug exposure and near-term business development (BD) revenue [2] - SBP and Hansoh are also viewed positively for their high exposure to innovative drugs and potential revenue growth from BD activities [2] CSPC and Kelun - Potential downside surprises are anticipated in Q225 results for CSPC and Kelun due to the lingering impact of Value-Based Pricing (VBP) price cuts on legacy products [2] Financial Estimates and Model Changes SBP - Revenue and margin estimates for SBP have been raised, with EPS estimates for 2025/26/27 increased by 37%/13%/21% due to higher revenue and margin assumptions [3][23] - The acquisition of LaNova Medicines is expected to enhance SBP's innovative drug pipeline and revenue potential [14][18] Hansoh - Hansoh's sales estimates have been adjusted upwards, particularly for combo therapies, with expected peak sales of Rmb8.5 billion in 2029 [3] - EPS estimates for Hansoh for 2025/26/27 have been raised by 3%/5%/5% based on higher revenue expectations [3] Sino Biopharm (SBP) - SBP's total revenue is forecasted to grow at an 8.9% CAGR from 2024-34, driven by stable generics and innovative drugs [8] - The operating profit margin (OPM) is expected to increase from 21.8% in 2024 to 33.4% in 2034 [8] Valuation Adjustments - Price targets for SBP and Hansoh have been raised to HK$11.70 and HK$44.00 respectively, with both stocks rated as "Buy" [5][28] - The pharma sector trades at a median 23.7x 2026E PE and 1.7x 2026E PEG [5] Catalysts and Future Outlook - Key catalysts for the pharma sector include upcoming license-out deals and data readouts from ESMO [4][25] - SBP is expected to announce two more license-out deals in H225, while Hansoh is anticipated to have significant data readouts [4] Risk Factors - The implementation of the 10th round GPO has negatively impacted pharma sales, with a 3.2% decline in QTD Q225 [4] - The potential impact of the 11th round GPO is expected to be limited, but the sector remains sensitive to pricing pressures [4] Additional Insights - The acquisition of LaNova Medicines is seen as a strategic move to enhance SBP's oncology portfolio, with expected milestone revenues contributing significantly [14][18] - The TQC3721 (PDE3/4 inhibitor) is undergoing Phase II trials and is expected to enter Phase III in 2025, indicating promising market potential [15] This summary encapsulates the key insights and financial projections discussed in the conference call, highlighting the performance and outlook of the Chinese pharmaceutical sector and specific companies within it.

Core Insights - The pharmaceutical distribution industry in China is heavily concentrated in regions with convenient transportation, with the Yangtze River Economic Belt accounting for nearly half of the total sales in 2023, at 49.8% of the national sales [1] - The East China region remains a major pharmaceutical distribution market, contributing 36.2% to the national sales, although this represents a decrease of 0.2 percentage points year-on-year [3] - In the distribution of Western medicine, Guangdong province holds the highest share at 10%, followed by other provinces primarily in East China [7] - For Traditional Chinese Medicine distribution, Beijing leads with a 10.7% share, with other significant contributions from provinces like Zhejiang and Henan [8] - In the medical device distribution sector, Guangdong again ranks first with a 16.8% share, followed by provinces such as Henan and Beijing [10] Regional Distribution Analysis - The sales distribution across six major regions in China for 2023 is as follows: East China 36.2% (down 0.2 percentage points), Central South 27.0% (down 0.2 percentage points), North China 15.2% (up 0.3 percentage points), and Southwest 13.4% (unchanged) [3] - The Yangtze River Economic Belt's dominance in sales highlights the importance of transportation infrastructure in the pharmaceutical distribution sector [1] Market Opportunities - The report indicates potential investment opportunities in the pharmaceutical distribution sector, particularly in regions with high sales concentrations and growth potential [12]

证券日报网讯 8月8日晚间，中国医药发布公告称，公司第九届监事会第14次会议审议并通过了《关于 取消监事会并废止的议案》。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that China Pharmaceutical announced the convening of its fifth extraordinary general meeting of shareholders for 2025 on August 8, 2025, to review and approve the proposal to increase the estimated guarantee limit for the year 2025 [2] Group 2 - The meeting is scheduled to take place on August 8, 2025, indicating the company's proactive approach to governance and financial management [2] - The proposal under review pertains to the estimated guarantee limit for the year 2025, which suggests potential strategic financial maneuvers by the company [2]

（文章来源：证券日报） 证券日报网讯 8月8日晚间，中国医药发布公告称，公司第九届董事会第30次会议审议通过了《关于修 订的议案》等多项议案。 ...