Core Viewpoint - Baiyunshan (600332) reported a slight increase in revenue but a decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1][4]. Financial Performance - Total revenue for the first half of 2025 reached 41.835 billion yuan, a year-on-year increase of 1.93% [1]. - Net profit attributable to shareholders was 2.516 billion yuan, down 1.31% year-on-year [1]. - In Q2 2025, total revenue was 19.361 billion yuan, up 6.99% year-on-year, while net profit rose 17.48% to 0.695 billion yuan [1]. Profitability Metrics - Gross margin decreased to 18.32%, down 3.6% year-on-year [1]. - Net margin also fell to 6.16%, a decrease of 5.28% year-on-year [1]. - The total of selling, administrative, and financial expenses was 4.354 billion yuan, accounting for 10.41% of revenue, unchanged from the previous year [1]. Cash Flow and Assets - Cash flow per share was -2.09 yuan, a significant decrease of 67.16% year-on-year [1]. - The company's cash and cash equivalents decreased by 27.11% to 11.827 billion yuan [1]. - Accounts receivable increased by 10.45% to 18.468 billion yuan, indicating potential liquidity concerns [1]. Investment Returns - The company's return on invested capital (ROIC) was 6.01%, reflecting average capital returns [2]. - Historical data shows a median ROIC of 9.9% over the past decade, indicating a decline in investment returns [2]. Market Sentiment - Analysts expect the company's performance for 2025 to reach 3.188 billion yuan, with an average earnings per share forecast of 1.96 yuan [2]. - The largest fund holding Baiyunshan shares is the Huatai-PB Zhongzhong Medicine ETF, with a scale of 1.814 billion yuan [3].

Core Viewpoint - Guangzhou Baiyunshan Xihe Health Pharmaceutical Co., Ltd. has been established with a registered capital of 50 million RMB, indicating a significant investment in the healthcare sector [1] Company Summary - The legal representative of the newly established company is Liu Hong [1] - The company’s business scope includes a wide range of activities related to medical devices, pharmaceuticals, and technical services, highlighting its comprehensive approach to healthcare [1] - Specific activities include the production and sales of various classes of medical devices, drug retail, clinical trial services, and medical services, showcasing its diverse operational capabilities [1] Industry Summary - The establishment of the company reflects ongoing investment and development in the healthcare and medical device industry in China, particularly in the context of increasing demand for medical services and products [1] - The wide range of services and products offered by the company, including the rental and sale of medical equipment, indicates a growing trend towards integrated healthcare solutions [1]

公司最新总资产周转率为0.51次，较去年同期总资产周转率减少0.01次，同比较去年同期下降2.75%。 最新存货周转率为2.83次，较去年同期存货周转率减少0.15次，同比较去年同期下降5.18%。 公司股东户数为8.56万户，前十大股东持股数量为11.66亿股，占总股本比例为71.73%，前十大股东持 股情况如下： 公司最新资产负债率为51.70%，较上季度资产负债率增加1.22个百分点，较去年同期资产负债率增加 0.58个百分点。 公司最新毛利率为18.32%，较上季度毛利率减少2.19个百分点，较去年同期毛利率减少0.68个百分点。 最新ROE为6.66%，较去年同期ROE减少0.37个百分点。 公司摊薄每股收益为1.55元，较去年同报告期摊薄每股收益减少0.02元，同比较去年同期下降1.28%。 2025年8月16日，白云山(600332.SH)发布2025年中报。 公司营业总收入为418.35亿元，较去年同报告期营业总收入增加7.92亿元，实现5年连续上涨，同比较去 年同期上涨1.93%。归母净利润为25.16亿元，较去年同报告期归母净利润减少3342.43万元，同比较去 年同期下降1.31%。经营 ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited reported a slight increase in revenue but a decline in total profit for the first half of 2025, indicating challenges in the industry and competitive pressures [14][12]. Financial Summary - The company achieved a revenue of RMB 41.83 billion, a year-on-year increase of 1.93% [14]. - Total profit amounted to RMB 3.09 billion, reflecting a decrease of 4.30% compared to the previous year [14]. - The net profit attributable to shareholders was RMB 2.45 billion, with a decrease in cash flow from operating activities by 66.79% to RMB -3.40 billion [14][7]. Company Overview - The company focuses on the pharmaceutical and health industry, engaging in the research, development, manufacturing, and sales of traditional Chinese medicine, chemical raw materials, and health products [8][11]. - It operates 27 pharmaceutical manufacturing enterprises and institutions, including 3 branches and 22 directly controlled subsidiaries [8][9]. Industry Position - The company is one of the largest pharmaceutical groups in China, with a comprehensive layout in the biopharmaceutical health industry [13]. - It holds a leading position in traditional Chinese medicine, chemical generic drugs, and health products, with several core products ranking first in their respective market segments [13][21]. Business Segments - The pharmaceutical segment includes the production and sales of traditional Chinese medicine and chemical drugs, while the health segment focuses on beverages and health products, notably the Wanglaoji herbal tea [10][11]. - The commercial segment is involved in the wholesale and retail of pharmaceutical products and medical devices, with Guangzhou Medicine being a key player in the South China market [10][11]. Growth Strategies - The company is enhancing its pharmaceutical manufacturing capabilities and expanding its market presence through innovation and strategic partnerships [15][18]. - It aims to strengthen its international market presence by registering products overseas and forming strategic collaborations with international companies [17][18]. Research and Development - The company has established a robust research and development framework, with numerous ongoing projects in traditional Chinese medicine and innovative drug development [21]. - It has received multiple awards for its research achievements and continues to invest in technological advancements to enhance its product offerings [21].

Core Viewpoint - The company reported a slight increase in revenue but a decline in net profit, indicating challenges in the pharmaceutical industry due to competition and policy impacts [6][9]. Financial Performance - The company achieved operating revenue of RMB 41,834,546,114, a year-on-year increase of 1.93% [6][16]. - Total profit amounted to RMB 3,090,416,329, reflecting a decrease of 4.30% compared to the previous year [6][16]. - Net profit attributable to shareholders was RMB 2,517,000,000, with a decrease in cash flow from operating activities to RMB (3,397,136,268), down 66.79% year-on-year [6][13]. Business Development - The company focused on strengthening its pharmaceutical manufacturing chain, enhancing the development of traditional Chinese medicine and raw materials [6][7]. - Sales of key products such as Baijiu series and various health products showed significant growth, indicating a successful marketing strategy [7][9]. - The company expanded its international market presence, with products like Xiao Chai Hu Granules receiving registration in Macau [9][10]. Innovation and Digital Transformation - The company is advancing its digital transformation, implementing new ERP systems and S2B2C modules to enhance supply chain management [8][12]. - Continuous investment in research and development led to the approval of 15 new drug registrations during the reporting period [10][11]. Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.40 per share, totaling approximately RMB 650 million based on the total share capital [6][9]. - The total number of shareholders reached 85,550 by the end of the reporting period [13][17].

证券代码：600332 证券简称：白云山 公告编号：2025－056 广州白云山医药集团股份有限公司 第九届董事会第二十八次会议决议公告 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 本议案已经本公司董事会审核委员会 2025 年第 3 次会议审议通过。 二、本公司 2025 年半年度财务报告 表决结果：同意票 9 票、反对票 0 票、弃权票 0 票，审议通过本议案。 本议案已经本公司董事会审核委员会 2025 年第 3 次会议审议通过。 三、本公司 2025 年中期利润分配方案（有关内容详见本公司日期为 2025 年 8 月 15 日、编号为 2025-058 的公告） 广州白云山医药集团股份有限公司（"本公司"）第九届董事会第二十八 次会议（"会议"）通知于 2025 年 8 月 4 日以书面及电邮方式发出，于 2025 年 8 月 15 日上午在中国广东省广州市荔湾区沙面北街 45 号本公司会议室召开。 本次会议应出席会议董事 9 人，实际出席会议董事 9 人，其中，独立非执行董 事陈亚进先生、黄龙德先生和孙宝清女士以 ...

Group 1 - The company has revised its Articles of Association, Shareholders' Meeting Rules, and Board Meeting Rules, and has decided to abolish the Supervisory Board [1][2][3] - The revisions are in accordance with the new Company Law effective from July 1, 2024, and other relevant regulations [2][3] - Key changes include renaming the Shareholders' Meeting Rules, clarifying decision-making authority, and transferring the powers of the Supervisory Board to the Audit Committee [2][3][4] Group 2 - The decision to abolish the Supervisory Board aims to enhance corporate governance and streamline operations [3][4] - The current Supervisory Board members will be dismissed upon approval by the shareholders' meeting, while they will continue to fulfill their duties until then [3][4] - The company expresses gratitude for the contributions made by the Supervisory Board and its members during their tenure [3]

证券代码：600332 证券简称：白云山 公告编号：2025-057 广州白云山医药集团股份有限公司 第九届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 年 8 月 15 日在中国广东省广州市荔湾区沙面北街 45 号本公司会议室召开。 本次会议应出席监事 3 人，实际出席监事 3 人，其中，监事简惠东先生以 通讯方式出席会议。监事会主席刘漤女士主持了会议，会议的召集、召开 符合《公司法》及《公司章程》的规定。 经与会监事审议、表决，会议通过了如下议案： 一、本公司 2025 年半年度报告及其摘要 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票，审议通过本议案。 二、本公司 2025 年中期利润分配方案 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票，审议通过本议案。 三、本公司 2025 年半年度募集资金存放与实际使用情况的专项报告 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票，审议通过本议案。 特此公告。 广州白云山医药集团股份有限公司监事会 广州白云山医药集团股 ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. has announced a mid-term profit distribution plan, proposing a cash dividend of RMB 0.40 per share (including tax) based on the total number of shares issued as of the record date for the distribution [1][2]. Group 1: Profit Distribution Plan - As of June 30, 2025, the company's undistributed profits amounted to RMB 7,568,559,146.29 [1]. - The total share capital of the company is 1,625,790,949 shares, leading to a total proposed cash dividend distribution of RMB 650,316,379.60 (including tax) [1]. - If there are changes in the total number of shares issued before the record date, the total distribution amount will remain unchanged, but the per-share distribution ratio will be adjusted accordingly [1]. Group 2: Decision-Making Process - The company's 2024 annual general meeting held on June 3, 2025, approved the profit distribution plan and authorized the board to implement the mid-term dividend distribution plan for 2025, provided it does not affect the company's normal operations and sustainable development [2]. - The ninth board meeting and the fourteenth supervisory board meeting held on August 15, 2025, reviewed and approved the mid-term profit distribution plan, confirming its compliance with the company's profit distribution policy and previously disclosed shareholder return plan [2].

（经本公司 2025 年 8 月 15 日召开的第九届董事会第二十八次会议审 议通过） 第一章 总 则 广州白云山医药集团股份有限公司 董事会议事规则 第一条 为了进一步明确广州白云山医药集团股份有限公司（以 下简称"公司"或"本公司"）董事会的职权范围，规范董事会内部 机构及运作程序，确保董事会的工作效率和科学决策，充分发挥董事 会的经营决策中心作用，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》（以下简称"《证券 法》"）、《上市公司治理准则》《广州白云山医药集团股份有限公 司章程》（以下简称"公司章程"）及其他境内外有关法律、行政法 规规定，制定本规则。 第二章 董 事 第二条 董事的任职资格： （一）董事为自然人，董事无需持有公司股份； （二）符合国家法律、行政法规、上市所在地证券监督管理机构 或者证券交易所相关规定及其他有关规定； 第三条 有下列情形之一者，不得担任公司的董事： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市 场经济秩序，被判处刑罚，或因犯罪被剥夺政治权利，执行期满未逾 五年，被宣告缓刑的，自缓 ...