北京市中伦律师事务所 法律意见书 关于华润双鹤药业股份有限公司 2026 年第一次临时股东会的 法律意见书 致：华润双鹤药业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事证券法律业 务管理办法》等法律、法规和规范性文件以及《华润双鹤药业股份有限公司章程》 （以下简称"《公司章程》"）的规定，北京市中伦律师事务所（以下简称"本 所"）作为华润双鹤药业股份有限公司（以下简称"公司"）的常年法律顾问， 指派律师出席公司 2026 年第一次临时股东会（以下简称"本次股东会"），并 依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序是否符合法律、行政法规 及《公司章程》的规定，以及出席本次股东会人员的资格、召集人资格、会议表 决程序及表决结果是否合法有效发表意见，而不对本次股东会所审议的议案内 容以及该等议案所表述的相关事实或数据的真实性、准确性或合法性发表意 见。本次股东会通过网络投票系统进行投票的股东资格由网络投票系统提供机 构验证其身份。 为出具本法律意见书，本所律师列席了本次股东会，并根据有关法律、法 ...

Group 1 - The core viewpoint of the news indicates that the Artemisinin concept sector has experienced a decline of 0.85%, ranking among the top losers in the concept sector, with companies like Delong Huineng, Rundu Co., and Kunming Pharmaceutical Group showing significant declines [1] Group 2 - The top gainers in today's concept sectors include Lead Metal with a rise of 5.01%, Zinc Metal at 4.83%, and Gold Concept at 3.82%, while the top losers include Duty-Free Shops at -1.16% and Trust Concept at -1.09% [2] - The net outflow of main funds from the Artemisinin concept sector today was 0.24 billion yuan, with six stocks experiencing net outflows, led by Delong Huineng with a net outflow of 36.54 million yuan [2] - The stocks with the highest net inflows include Fosun Pharma, New Hecheng, and Zhejiang Medicine, with net inflows of 32.34 million yuan, 19.09 million yuan, and 9.40 million yuan respectively [2]

Group 1 - The NMN concept index rose by 1.95%, ranking fourth among concept sectors, with 16 stocks increasing in value, including Meibang Technology which hit a 30% limit up [1] - Notable gainers in the NMN sector included Hongyang Sun, Youa Shares, and Chenguang Biology, which rose by 6.54%, 3.52%, and 3.35% respectively [1] - The sector experienced a net outflow of 51 million yuan in main funds, with six stocks seeing net inflows, led by Zhongsheng Pharmaceutical with a net inflow of 93.86 million yuan [2][3] Group 2 - The main fund inflow ratios were highest for Guoyao Modern, Zhongsheng Pharmaceutical, and Hongyang Sun, with net inflow rates of 6.13%, 4.99%, and 3.77% respectively [3] - The NMN concept fund inflow rankings showed Zhongsheng Pharmaceutical at 1.80% increase with a turnover rate of 11.13%, while Hongyang Sun had a 6.54% increase with a turnover rate of 9.10% [3][4] - Stocks like Yaba Chemical and Anqi Yeast showed negative fund flow, indicating potential concerns in their performance, with Yaba Chemical at -317.96 million yuan and Anqi Yeast at -610.36 million yuan [4]

证券日报网讯 1月19日，华润双鹤在互动平台回答投资者提问时表示，公司充分理解投资者对股价走势 的关切，股价受宏观市场环境、行业周期、资金偏好等多重因素综合影响。公司始终将市值管理作为重 要工作，其核心是立足主业提升经营质效。公司一方面凝心聚力深耕主营业务，优化经营策略、提升盈 利质量，以可持续的业绩增长夯实内在价值，为股价提供基本面支撑；另一方面高度重视投资者回报， 结合自身发展阶段、财务状况等核心要素，审慎评估并研究市值维护相关方案，后续若有具体举措落 地，将严格依规及时履行信息披露义务，切实维护全体股东利益。 （文章来源：证券日报） ...

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]

Group 1 - The company exports products such as Coenzyme Q10, Valsartan, and Heparin to EU countries like Germany and Italy [1] - Revenue from the EU region constitutes a small proportion of the company's overall revenue [1] - Sales to the EU market are conducted through direct exports and third-party channels, with no overseas subsidiaries established in the EU region [1]

华润双鹤（600062.SH）1月19日在投资者互动平台表示，公司出口欧盟地区的收入占整体营业收入的 比重较小，对欧盟地区的销售通过境内主体直接出口、第三方渠道转销两种方式开展，目前未在欧盟地 区设立海外子公司。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司近年是否存在向欧盟出口的相关业务？如 有，欧盟地区业务收入在公司整体营业收入中的占比大致为多少？此外，公司对欧盟市场的销售主要是 通过直接出口，还是通过海外子公司或第三方渠道实现？ ...

2026 年第一次临时股东会会议议程 一、会议时间： 1、现场会议召开时间：2026 年 1 月 23 日(星期五)上午 10 点 00 分 2、网络投票时间：2026 年 1 月 23 日，采用上海证券交易所网络 投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交 易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东会召开当日的 9:15-15:00。 华润双鹤药业股份有限公司 2026 年第一次临时股东会会议文件 2026 年 1 月 23 日 2026 年第一次临时股东会 2026 年 1 月 23 日 二、会议地点： 1、现场会议地点：北京市朝阳区锐创国际中心 A 座 9 层会议室 2、网络投票平台：上海证券交易所股东会网络投票系统 三、会议议程： | 序号 | | 审议内容 | | --- | --- | --- | | 1 | 关于 | 年预计发生日常关联交易的议案 2026 | | 2 | 议案 | 关于在珠海华润银行办理承兑汇票、存款、理财和融资业务的 | | 3 | 关于 | 年向银行申请综合授信和借款额度的议案 20 ...

Core Viewpoint - China Resources Double Crane (华润双鹤) is taking the quality issues related to its sodium bicarbonate injection products seriously and has established a special team to conduct an in-depth review of the situation [1] Group 1: Quality Control Measures - The company reported that the products in question were from inventory checks and had not been sold to the public, thus no harm was caused [1] - The non-compliance in the product testing was attributed to individual products leaking due to transportation issues [1] - A self-inspection and third-party testing of all inventory and production batches at the involved subsidiary revealed no issues with other batches [1] Group 2: Commitment to Product Safety - The company emphasizes that product quality is its lifeline and will formulate and implement corrective measures [1] - There will be ongoing improvements to product quality inspections and safety production supervision mechanisms to ensure product safety [1]

格隆汇1月14日丨华润双鹤(600062.SH)公布，公司收到了国家药品监督管理局颁发的小儿复方氨基酸注 射液(19AA-I-SF)(简称"该药品")《药品补充申请批准通知书》。小儿复方氨基酸注射液(19AA-I-SF)为静 脉用胃肠外营养输液，适用于需要全肠外营养的婴幼儿(包括低出生体重儿)及小儿的营养支持。 ...