本次获得越南卫生部传统药品管理局颁发的安宫牛黄丸药品注册证书后，该药品将由中一药业授权 TNHH NEWSEEN COAST公司在越南地区销售，有助于中一药业扩展越南市场业务，提升本公司产品 市场竞争力。本次获得安宫牛黄丸药品注册证书，对本公司当期业绩无重大影响。 格隆汇11月19日丨白云山(600332.SH)公布，公司全资子公司广州白云山中一药业有限公司（简称"中一 药业"）收到越南卫生部传统药品管理局签发的安宫牛黄丸注册证书。安宫牛黄丸的功能主治为清热解 毒，镇惊开窍。 ...

Core Viewpoint - Baiyunshan (600332.SH) announced that its wholly-owned subsidiary, Zhongyi Pharmaceutical, has received a registration certificate for the traditional medicine An Gong Niu Huang Wan from the Vietnam Ministry of Health, which will be sold in Vietnam through an authorized local company [1] Group 1 - The registration certificate allows Zhongyi Pharmaceutical to expand its business in the Vietnamese market [1] - The impact on the company's current performance is not significant [1] - Sales of pharmaceutical products are subject to market environment changes, indicating potential uncertainties [1]

白云山公告，全资子公司广州白云山中一药业有限公司收到越南卫生部传统药品管理局签发的安宫牛黄 丸注册证书。中一药业于2024年6月20日向越南卫生部传统药品管理局递交了药品注册申请。安宫牛黄 丸的功能主治为清热解毒，镇惊开窍。根据米内网数据显示，2024年中一药业安宫牛黄丸的销售收入为 人民币1.56亿元。在药品研发项目上已累计投入研发费用合计约人民币3279.81万元（未审计）。 ...

Core Viewpoint - Alliance Healthcare Asia Pacific Limited has agreed to transfer its entire 11.04% stake in Nanjing Pharmaceutical to Guangzhou Guangyao Phase II Fund for a total consideration of approximately RMB 748.81 million at a price of RMB 5.18 per share [2][8] Group 1: Share Transfer Details - The share transfer involves 144,557,431 shares, which represents 11.04% of the total share capital of Nanjing Pharmaceutical [2][8] - Following the completion of the transfer, Alliance Healthcare will no longer hold any shares in the company, while Guangzhou Guangyao Phase II Fund will hold the entire 11.04% stake [2][8] Group 2: Strategic Investment Agreement - On September 26, 2025, Nanjing Pharmaceutical's board approved a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group and Guangzhou Guangyao Phase II Fund [6][7] - The agreement aims to establish a long-term strategic partnership based on principles of mutual benefit, resource sharing, and innovation [7] Group 3: Lock-up Commitment - Guangzhou Guangyao Phase II Fund has committed not to transfer the acquired shares for 18 months following the registration of the share transfer, with certain exceptions [3][8] - This commitment includes any shares derived from stock dividends or capital increases during the lock-up period [3][8] Group 4: Regulatory Compliance - The company has disclosed the necessary reports and announcements regarding the share transfer and strategic investment agreement in accordance with regulatory requirements [3][9] - The revised simplified equity change report has been prepared to reflect the updated lock-up commitment [3][9]

1 本次交易尚需上海证券交易所进行合规性确认后方能办理股份过户 等手续，最终能否实施并完成交易尚存在不确定性。本公司将持续关注本 次交易进展，并严格按照有关法律、法规要求及时履行信息披露义务。敬 请广大投资者理性投资，注意投资风险。 证券代码：600332 证券简称：白云山 公告编号：2025－078 广州白云山医药集团股份有限公司 关于广州广药二期基金股权投资合伙企业（有限合伙） 收购南京医药股份有限公司 11.04%股权的进展公告 本公司董事会及全体董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。 一、本次交易的基本情况 2025 年 9 月 26 日，广州白云山医药集团股份有限公司（"本公司"） 召开第九届董事会第二十九次会议，审议通过了《关于广州广药二期基金 股权投资合伙企业（有限合伙）收购南京医药股份有限公司 11.04%股份 的议案》。本公司附属企业广州广药二期基金股权投资合伙企业（有限合 伙）（"广药二期基金"）拟以自有资金通过协议转让方式收购 Alliance Healthcare Asia Pacific Limited（"AH ...

海外監管公告 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 容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出的。 茲刊載廣州白雲山醫藥集團股份有限公司（「本公司」）在上海證券交易所網站(www.sse.com.cn)刊登的 本公司關於廣州廣藥二期基金股權投資合夥企業（有限合夥）收購南京醫藥股份有限公司11.04%股權 的進展公告之中文全文，僅供參考。 廣州白雲山醫藥集團股份有限公司 董事會 中國廣州，2025年11月17日 於本公告日，本公司董事會成員包括執行董事李小軍先生、陳傑輝先生、程寧女士、程洪進先生、 唐和平先生與黎洪先生，及獨立非執行董事陳亞進先生、黃民先生、黃龍德先生與孫寶清女士。 本公司董事会及全体董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。 一、本次交易的基本情况 2025 年 9 月 26 日，广州白云山医药集团股份有限公司（"本公司"） 召开 ...

Group 1 - The core viewpoint indicates a strong performance in the Traditional Chinese Medicine (TCM) sector, with the Zhongzheng TCM Index rising by 1.22% and individual stocks like Zhongsheng Pharmaceutical increasing by 9.98% [1] - The TCM ETF has shown a consistent upward trend, achieving an 8-day consecutive rise, with the latest price reported at 1.06 yuan [1] - The National Health Commission has projected a peak in influenza cases in China during mid-December to early January, which may positively impact the TCM market [1] Group 2 - CITIC Securities anticipates that the collection of traditional Chinese medicine will continue to expand, leading to increased brand concentration in the outpatient market [1] - The TCM industry is expected to reach a healthy inventory level by Q2 2025, following a period of destocking and sales efforts [1] - Continuous growth in R&D investment by TCM companies is highlighted as a key driver for future development, with a focus on innovative TCM contributing to stable growth [1]

Core Viewpoint - Baiyunshan Pharmaceutical Group has shown a mixed performance in financing activities and stockholder dynamics, with a slight increase in revenue and net profit year-on-year, indicating stable growth in its core business segments [1][2][3] Financing Activities - On November 11, Baiyunshan's financing buy-in amounted to 21.89 million yuan, while financing repayment reached 35.18 million yuan, resulting in a net financing outflow of 13.30 million yuan [1] - The total financing and securities balance for Baiyunshan as of November 11 is 859 million yuan, with the financing balance accounting for 2.23% of the circulating market value, which is above the 70th percentile of the past year [1] - In terms of securities lending, Baiyunshan repaid 1,000 shares and sold 11,000 shares on November 11, with the selling amount calculated at 301,100 yuan, and the remaining securities lending balance is 8.10 million shares [1] Company Overview - Baiyunshan Pharmaceutical Group, established on September 1, 1997, and listed on February 6, 2001, operates in various sectors including traditional Chinese medicine, chemical raw materials, and health management [2] - The company's revenue composition shows that the major commercial segment contributes 69.32%, followed by health products at 16.79%, and traditional medicine at 12.53% [2] - For the period from January to September 2025, Baiyunshan reported a revenue of 61.61 billion yuan, reflecting a year-on-year growth of 4.31%, and a net profit attributable to shareholders of 3.31 billion yuan, up by 4.78% [2] Dividend Distribution - Since its A-share listing, Baiyunshan has distributed a total of 10.91 billion yuan in dividends, with 4.36 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation, holding 47.28 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 20.44 million shares [3] - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 Medical ETF, both of which have seen a decrease in their holdings compared to the previous period [3]

Core Viewpoint - The pursuit of "health and longevity" is becoming a central goal in modern society, moving beyond mere longevity to maintaining quality of life over an extended lifespan. This shift is supported by a collaborative ecosystem of scientists, pharmaceutical and medical device companies, healthcare providers, and health service payers, driving the "big health" industry forward [1][2][7]. Group 1: Overview of the Big Health Industry - Well Equity Partners focuses on the health and longevity sector, backed by Walgreens Boots Alliance, a long-standing member of the Fortune Global 500 list [2]. - The collaboration between Fortune magazine and Well Equity Partners has identified 23 noteworthy companies in the big health sector, showcasing both established giants and emerging startups [2][3]. - The selected companies share a common trait: their business strategies and core operations align with the goals of promoting health and longevity [3][7]. Group 2: Key Companies in the Big Health Sector - Notable companies include UnitedHealth Group, Elevance Health, Johnson & Johnson, Roche, HCA Healthcare, Bayer, Eli Lilly, Novo Nordisk, China National Pharmaceutical Group, and others, all of which are recognized in the Fortune Global 500 [5][6]. - Emerging companies such as Shanghai Ladder Medical Technology and Quantum Life Limited are also highlighted for their innovative contributions to the health and longevity landscape [6][7]. Group 3: Innovations in Disease Management - The focus on transforming severe diseases into manageable chronic conditions is crucial for achieving health and longevity. Companies are innovating in drug development and medical devices to address high-prevalence diseases like metabolic and neurodegenerative disorders [14][24]. - Novo Nordisk and Eli Lilly are leading in the diabetes treatment space with their GLP-1 drugs, which have opened new avenues for managing metabolic diseases [16][17]. - Bayer is pioneering cell and gene therapies for neurodegenerative diseases, particularly Parkinson's disease, showcasing advancements in treatment methodologies [19][20]. Group 4: Preventive Health and Early Diagnosis - The emphasis on early detection and diagnosis is vital for intercepting health issues before they escalate. Companies are developing portable and efficient diagnostic tools to enhance accessibility and accuracy in healthcare [26][27]. - Innovations in functional foods and lifestyle management are gaining traction, aligning with the "Food as Medicine" philosophy to prevent diseases through dietary interventions [31][32]. Group 5: Health Services and Insurance Models - Companies like UnitedHealth Group and Elevance Health are creating integrated ecosystems that encompass health insurance, medical services, and health information technology, optimizing patient care and cost efficiency [39][40]. - In China, Taikang Insurance Group is building a comprehensive health ecosystem that connects insurance, asset management, and healthcare services, addressing the needs of various demographics [40]. Group 6: Future Directions and Ecosystem Development - The evolution of the health and longevity sector is marked by a shift towards a more integrated approach, where scientific research, innovative products, and supportive payment mechanisms converge to enhance public health outcomes [44][46]. - The ongoing development of technologies and services aims to make health and longevity accessible to a broader population, moving from niche offerings to mainstream solutions [43][46].

Core Viewpoint - The Chinese traditional medicine sector, particularly the Chinese Medicine ETF (560080), is experiencing increased investor interest due to favorable market conditions and relatively low valuations, with a notable inflow of funds and positive performance in recent trading sessions [1][3][10]. Group 1: Market Performance - On November 10, the Shanghai Composite Index rose by 0.53%, with the consumer sector leading gains, particularly the Chinese medicine segment, which saw the Chinese Medicine ETF (560080) increase by 1.55% and a trading volume exceeding 160 million yuan [1]. - The Chinese Medicine ETF (560080) has seen a cumulative net inflow of over 260 million yuan in the past 20 days, bringing its total fund size to over 2.8 billion yuan, leading its peers significantly [1][3]. Group 2: Valuation Insights - As of November 7, the TTM price-to-earnings (PE) ratio of the Chinese Medicine ETF (560080) was 25.31, placing it at the 24.5% percentile over the past decade, indicating that the index is cheaper than 75% of the time historically [3]. - The TTM PE ratio is just 0.57 away from the calculated opportunity value, suggesting a higher cost-performance ratio for potential investors [3]. Group 3: Stock Performance - Most constituent stocks of the Chinese Medicine ETF (560080) showed positive performance, with notable gains from Yunnan Baiyao, Pianzaihuang, and Yiling Pharmaceutical, all rising over 2%, while others like Tongrentang and Dong'e Ejiao also saw increases [5][6]. Group 4: Industry Trends - The Chinese medicine index has shown negative returns year-to-date, with a decline of 0.24% this year and an 8.13% drop in 2024, indicating a challenging market environment [7]. - Despite recent struggles, analysts suggest that the sector may be approaching a turning point, with potential improvements in performance expected due to rising flu incidence and better management of inventory levels among leading OTC Chinese medicine companies [10][11]. Group 5: Institutional Insights - Analysts from Zheshang Securities highlight that the Chinese medicine industry has characteristics similar to the banking sector, with strong cash flow and stable profit growth, suggesting resilience against external shocks [11]. - The industry is expected to see improved revenue growth in the second half of 2025, driven by declining raw material prices and cost-cutting measures by companies [11].