长江商报消息 ●长江商报记者 徐佳 现金收购控股股东旗下资产，中国医药（600056.SH）引起监管部门关注。 5月12日晚间，中国医药抛出收购计划，公司拟以现金3.02亿元收购关联方新兴集团所持北京金穗科技 开发有限责任公司（以下简称"金穗科技"）100%股权。 资料显示，金穗科技为电商运营服务行业公司。通过此笔收购，中国医药将加强公司在搭建电商运营平 台、拓宽产品管线、创新营销策略、树立品牌形象等方面的能力建设，加快实现从医药企业向医药健康 企业转型。 不过，5月13日，上交所对中国医药发出监管工作函。 目前，金穗科技主营业务为电商运营服务，其运营产品涵盖个人健康消费产品、大健康等多个品类，已 与飞利浦、欧姆龙等国内外知名品牌建立合作。金穗科技的核心业务为飞利浦个人健康消费等产品的品 牌授权经销，运营渠道包括京东、阿里、抖音等电商平台及线下渠道。 长江商报记者注意到，近年来，金穗科技的营收规模明显缩水。2021年至2024年上半年，金穗科技分别 实现营业收入17.47亿元、15.08亿元、10.18亿元、5.11亿元，净利润4613.06万元、4818.81万元、 5215.79万元、2135.74万元。 ...

此次交易构成关联交易，收购完成后，金穗科技将成为中国医药全资子公司，帮助后者打造电商运营平 台。 长江商报奔腾新闻记者杨蝶 中国医药（600056）(600056.SH)借助收购拓宽电商运营平台。 5月12日晚间，中国医药发布公告称，公司拟以现金3.02亿元收购中国新兴集团有限责任公司持有的北 京金穗科技开发有限责任公司(简称"金穗科技")100%股权。 金穗科技成立于1993年5月，主营业务为电商运营服务，其运营产品涵盖个人健康消费产品、大健康等 多个品类，已与飞利浦、欧姆龙等国内外知名品牌建立合作。目前的核心业务为飞利浦个人健康消费等 产品的品牌授权经销。运营渠道包括京东、阿里、抖音、得物等电商平台及线下渠道。 业绩方面，2022年和2023年，中国医药实现营业收入和净利润连续两年增长。2024年，受临时医疗物资 保障业务规模下降影响，公司实现营业收入341.48亿元，同比下降12.04%；由于上期存在非经营土地处 置收益影响，净利润为5.35亿元，同比下降48.91%。 分业务看，2024年，中国医药重要业务板块收入均下滑，其中医药工业同比下滑9.85%，医药商业同比 下滑9.72%，国际贸易同比下滑4 ...

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) in the A-share market reflects a deep-seated logic of industrial upgrading and strategic transformation, showcasing the diversification and specialization of the current M&A landscape [1] Group 1: Characteristics of Recent M&A Activity - Cash transactions dominate the current wave of M&A, with companies accelerating their entry into new sectors [2] - The M&A activities are driven by three strategic directions: seeking breakthroughs in technological innovation, enhancing risk resilience through resource integration, and capitalizing on policy incentives to enter emerging sectors like AI and semiconductors [2] Group 2: Industry Chain Integration - Industry chain integration is a core driver of M&A among A-share companies, with firms pursuing horizontal and vertical integration to enhance competitiveness [3] - Jiangsu Zongyi Co., Ltd. plans to acquire control of Jiangsu Jilai Microelectronics Co., Ltd. to extend its reach into the power semiconductor sector [3] - Suzhou Dongshan Precision Manufacturing Co., Ltd. intends to acquire 100% of Groupe Mécanique Découpage to optimize its debt structure and enhance its capabilities in the automotive parts sector [3][4] Group 3: Strategic Focus and Diversification - Companies are adopting divergent strategies, with some focusing on core businesses while others pursue diversification [5] - Jiangsu Zongyi's acquisition of Jilai Microelectronics aims to strengthen its position in the integrated circuit sector, enhancing its technical capabilities and market share [5] - China National Pharmaceutical Group plans to acquire Beijing Jinsui Technology to enter the e-commerce service sector, diversifying its business and revenue streams [5] Group 4: Investment Trends - Beijing Lier High-Temperature Materials Co., Ltd. is investing in Shanghai Zhenliang Intelligent Technology Co., Ltd. to enter the AI chip market, reflecting a commitment to both core business and new growth areas [6] Group 5: Valuation and Compliance Concerns - Valuation and compliance are critical issues in M&A transactions, directly impacting their success [8] - Huafeng Chemical Co., Ltd. terminated its planned acquisition of Zhejiang Huafeng Synthetic Resin Co., Ltd. due to high valuation and lack of shareholder approval, highlighting the risks associated with high-premium related transactions [8][9] - Companies are advised to establish a scientific valuation system and ensure transparency in operations to mitigate risks associated with related-party transactions [10]

"三大方向将推动医药健康产业向高质量、智能化、可持续转型升级，为行业注入新动能。"黄正明院士介绍说。 齐鲁晚报.齐鲁壹点从发布会上获悉，此次大会以"破界新融合.链变新智能.探索新模式"为主题，紧扣国家"十四五"规 划与健康中国战略核心方向，将于6月27日至29日在淄博齐盛国际宾馆举行，旨在推动医药健康产业创新与高质量发 展，助力健康中国战略落地。 大会主席、联合国国际生态生命安全科学院副主席、中国医药教育协会终生荣誉会长黄正明院士在致辞中表示，本届 大会以"新融合、新智能、新模式"为三大核心方向，主题紧扣国家"十四五"规划与健康中国战略核心方向。其中的新 融合是指推动产业链上下游协同，加速科研、生产、服务一体化；新智能是指依托AI、大数据等技术，赋能智慧医疗 与精准诊疗；新模式则是指探索产学研用深度结合，构建现代化产业体系。 齐鲁晚报.齐鲁壹点樊伟宏 5月11日，第二届(2025)中国医药健康产业发展大会新闻发布会在山东淄博世博高新医院举办。 此外，此次大会还设立了多项亮点活动。例如打造学术与产业深度融合盛会，慢病防治工作站(淄博站)揭牌及开展基 层公益义诊等。 据大会执行主席、世博高新医院党总支书记、创始院 ...

Policy Developments - The National Medical Products Administration (NMPA) emphasizes the need for comprehensive drug regulation reform to enhance drug safety and support high-quality development in the pharmaceutical industry [2] Drug and Device Approvals - Zai Lab's new drug application for JAK inhibitor, Tofacitinib, for treating severe alopecia areata has been accepted by the NMPA, marking its second indication for this drug [4] - Tonghua Dongbao's insulin injection has received marketing approval in Nicaragua, expanding its overseas sales potential [5] - BeiGene's new indication application for its BCL2 inhibitor, Sotorasib, for treating mantle cell lymphoma has been accepted by the NMPA [6] - Yilian Biopharma's antibody-drug conjugate targeting VEGF has received clinical trial approval in the U.S. [7] - Zhengda Tianqing's combination therapy for advanced hepatocellular carcinoma has shown positive results in a Phase III trial, with plans for a market application in November 2024 [8] - Rongchang Biopharma's clinical trial application for its ADC molecule RC278 has been accepted by the NMPA [9][10] Capital Markets - Easternova Biotechnology has submitted its IPO application to the Hong Kong Stock Exchange, focusing on regenerative medical materials [12] - China National Pharmaceutical Group plans to acquire 100% of Jinsui Technology for 302 million yuan, enhancing its e-commerce operations in health products [13] Industry Developments - Suzhou Industrial Park has launched a plan to accelerate the development of the biopharmaceutical and health industry, focusing on innovation and enterprise growth [15] - Ganli Pharmaceutical has signed a cooperation agreement with the Brazilian Ministry of Health, becoming the first Chinese pharmaceutical company to enter Brazil's PDP program [16]

Group 1 - Shengyi Electronics plans to repurchase shares with a total amount between 50 million and 100 million yuan, at a price not exceeding 43.02 yuan per share, for employee stock ownership plans [1] - Guoyao Modern's subsidiary has passed the consistency evaluation for the quality and efficacy of a generic drug, which is used for treating severe infections [1] - Tianhe Magnetic Materials' subsidiaries have obtained project filing notices for high-performance rare earth permanent magnet projects, with total investments of 100 million yuan and 50 million yuan respectively [1][2] Group 2 - Dream Lily intends to repurchase shares with an amount between 85 million and 170 million yuan, at a price not exceeding 10.90 yuan per share, supported by a loan commitment of up to 150 million yuan [3] - Weifu High-Tech has received a loan commitment of up to 135 million yuan from a financial institution for share repurchase [3] Group 3 - Lu'an Environmental Energy reported a coal sales volume of 4.51 million tons in April, a year-on-year increase of 17.75% [5] - *ST Tianshan reported a significant decline in livestock sales and revenue, with a revenue of 70,500 yuan in April, down 95.68% year-on-year [7] Group 4 - Feirongda announced a cash dividend of 0.38 yuan per 10 shares, with a total distribution of 21.9 million yuan [8] - Zhejiang Rongtai's shareholders and executives plan to reduce their holdings by up to 1.93% of the company's shares [9] Group 5 - Changhua Group's subsidiary won the land use rights for an industrial site in Ningbo for 27.05 million yuan, intended for manufacturing and related business [11] - Zejing Pharmaceutical's new drug application for a treatment for severe alopecia has been accepted by the regulatory authority [13][14] Group 6 - Hainan Mining plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling 1.59 billion yuan [15] - China Jushi plans to distribute a cash dividend of 0.24 yuan per share, totaling 9.61 billion yuan [16] Group 7 - Zhengzhong Design's subsidiary has obtained a utility model patent for an acrylic signage guide [18] - Rundu Co., Ltd. received approval for a veterinary drug product, which is intended for treating bacterial diseases in livestock [20] Group 8 - Emei Mountain A announced the resignation of its general manager due to work reasons [22] - Tonghua Dongbao's insulin injection has received a registration certificate in Nicaragua, allowing for sales in that market [23] Group 9 - Dizu Fashion's subsidiary has completed the registration of a private equity investment fund [24] - Ningbo Gaofa plans to increase capital by 60 million yuan in its subsidiary for operational needs [26] Group 10 - Haichuan Intelligent has obtained two utility model patents for material handling devices [27] - Newland's subsidiary signed a deep cooperation agreement with Alibaba Cloud for AI model applications [29] Group 11 - Rui Neng Technology's controlling shareholder plans to reduce its stake by up to 2.89% [30] - Guomai Culture intends to repurchase shares between 50 million and 100 million yuan for capital reduction [31] Group 12 - Shaanxi Construction won major construction projects totaling 7.88 billion yuan in April [32] - Hanyu Pharmaceutical signed a joint development agreement for a new peptide drug with a partner [34] Group 13 - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a stock suspension [35] - Haizheng Pharmaceutical plans to repurchase shares between 50 million and 100 million yuan for employee stock ownership [36] Group 14 - Tianqiao Hoisting's controlling shareholder plans to increase its stake by 75 million to 150 million yuan [37] - Tiandi Online's controlling shareholder is transferring shares to introduce a strategic investor [38] Group 15 - Hongchang Technology plans to invest 15 million yuan in a joint venture with a partner [39] - Rabbit Baby's subsidiary is preparing for an IPO in Hong Kong [41] Group 16 - Wol Nuclear Materials is planning to issue H-shares for listing in Hong Kong [42] - Tangyuan Electric plans to raise up to 864 million yuan through a private placement for various projects [43] Group 17 - Tongrun Equipment's major shareholders plan to reduce their holdings by up to 2% [44] - Linzhou Heavy Machinery plans to raise up to 600 million yuan through a private placement [46] Group 18 - China Merchants Securities announced the resignation of its vice president [47] - Shangsheng Electronics plans to issue convertible bonds to raise up to 330 million yuan for various projects [48] Group 19 - Longda Co., Ltd.'s major shareholder plans to reduce its stake by up to 1% [49] - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [50] Group 20 - Silek has signed a strategic cooperation agreement with a battery manufacturer [51] - Boyun New Materials' major shareholder plans to reduce its stake by up to 3% [53]

智通财经APP获悉，5月13日，中国医药保健品进出口商会发布2025年一季度我国医药外贸情况简报。2025年一季度，中国医药保健品进出口贸易在复杂 多变的国际环境中展现出"总量平稳、结构优化"的特征。进出口总额达到470.88亿美元，同比微增0.38%。其中，出口额为266.32亿美元，同比增长 4.39%，主要依赖西药原料、医疗器械耗材等传统优势产品的持续增长；进口额则延续收缩态势，同比下降4.42%至204.56亿美元，反映国内产业升级带来 的进口替代效应。 从结构看，西药类产品以256.05亿美元占据54.4%的份额，仍是主导品种，其中西药原料出口111.08亿美元，同比增长5.19%，激素类、维生素类等细分品 类表现亮眼，但呼吸系统用药、青霉素类等受国际竞争加剧影响出现下滑。医疗器械产品以195.61亿美元占比41.5%，同比增长5.38%，一次性耗材、医用 敷料等低附加值产品仍是出口主力，而高端设备进口替代加速，医院诊断与治疗设备进口下降7.01%。中药类进出口额19.43亿美元，同比下滑3.42%，提 取物出口7.83亿美元，增长9.35%。 出口市场呈现日趋多元化格局。美国作为最大单一市场，对美 ...

中信建投（601066）指出，在全球化格局重塑背景下，中国医药行业需"立足于内，开拓于外"，推动技 术自主可控、加速国际化布局，应对关税政策与地缘政治挑战，捕捉全球医药产业链变革机遇。本次美 国对中国加征关税中，药品阶段性豁免，创新药BD出海主要是IP转让，影响同样有限。对于器械行业 我们长期看好自主可控及器械出海趋势。展望行业未来投资机遇，我们看好医药企业对内稳住国内根 基，积极参与行业整合，对外把握节奏与路径，积极开拓海外市场。 ...

Group 1 - China National Pharmaceutical plans to acquire 100% equity of Jinsui Technology for 302 million yuan to enhance marketing and supply chain management capabilities [1] - The acquisition aims to strengthen the company's e-commerce platform, product pipeline, and marketing strategies, potentially boosting investor confidence and stock performance [1] Group 2 - Tianjin Pharmaceutical responded to an inquiry regarding its 2024 annual report, highlighting strategic R&D collaborations and significant reductions in sales expenses due to policy changes and marketing upgrades [2] - The reduction in sales expenses indicates improved cost control and operational efficiency, which may positively impact investor confidence and stock valuation [2] Group 3 - President Trump announced plans to sign an executive order aimed at reducing prescription drug prices by 30% to 80%, aligning U.S. drug prices with the lowest global prices [3] - A significant drop in U.S. drug prices could pressure domestic pharmaceutical companies' export businesses, but innovative domestic firms may leverage unique advantages to mitigate risks [3] Group 4 - Fosun Pharma's FCN-159 tablet has been included in the breakthrough therapy designation program, indicating strong R&D capabilities and market potential for treating rare diseases and tumors [4] - The breakthrough designation may accelerate the drug's development and approval process, enhancing investor confidence and potentially increasing the company's market competitiveness [4] Group 5 - Rongchang Biopharma's ADC drug, RC48, has successfully met primary endpoints in a Phase III clinical trial for treating advanced or metastatic urothelial carcinoma [5] - The successful trial results may expand the drug's indications and significantly enhance its market competitiveness and commercial value, attracting investor interest [6]

Core Viewpoint - China National Pharmaceutical Group Corporation plans to acquire 100% equity of Beijing Jinsui Technology Development Co., Ltd. from China Emerging Group for a cash consideration of 302.07 million yuan, enhancing its marketing capabilities and supply chain management in the pharmaceutical and health product sectors [2][4]. Summary by Sections 1. Overview of Related Transactions - The acquisition involves a cash payment of 302.07 million yuan for the 100% equity of Jinsui Technology, which will become a wholly-owned subsidiary of China National Pharmaceutical [2][4]. - This transaction is classified as a related party transaction due to the relationship between China Emerging Group and the company [2][5]. 2. Related Party Information - China Emerging Group is a wholly-owned subsidiary of China General Technology (Group) Holding, which is the controlling shareholder of China National Pharmaceutical [5][6]. 3. Financial Data of Jinsui Technology - As of March 31, 2025, Jinsui Technology reported total assets of 890.17 million yuan and net assets of 224.54 million yuan, with revenue of 264.43 million yuan and net profit of 6.24 million yuan for the first quarter [15]. - The company has experienced a decline in revenue due to business restructuring and is actively seeking to optimize its product structure [15][12]. 4. Valuation and Pricing of the Transaction - The valuation of Jinsui Technology was conducted using both asset-based and income approaches, with the income approach yielding a valuation of 302.07 million yuan, reflecting a significant premium over the book value [20][22]. - The transaction price was agreed upon based on the valuation report, ensuring fairness and reasonableness [23][32]. 5. Impact of the Transaction on the Company - The acquisition is expected to strengthen the company's e-commerce operations and marketing strategies, facilitating its transition from a pharmaceutical company to a health enterprise [30][31]. - The integration of Jinsui Technology's resources and expertise is anticipated to enhance the company's capabilities in the health product sector [30][31]. 6. Approval Process - The transaction was approved by the board of directors, with independent directors affirming that it aligns with the company's strategic direction and does not harm the interests of minority shareholders [38][39].