广州白云山医药集团股份有限公司 GUANGZHOU BAIYUNSHAN PHARMACEUTICAL HOLDINGS COMPANY LIMITED 2020 年半年度报告 2020 年 8 月 1 重要提示 （一）本公司董事会、监事会及其董事、监事、高级管理人员保证本半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 （二）本公司董事出席了第八届董事会第四次会议，其中，执行董事兼总经理黎洪先生 和执行董事兼常务副总经理吴长海先生因公务未能亲自出席会议，分别委托执行董事兼副总 经理张春波先生和执行董事刘菊妍女士代为出席并行使表决权；独立非执行董事黄显荣先生 以通讯方式参加了会议。 （三）本公司董事长李楚源先生、执行董事兼总经理黎洪先生及财务副总监兼财务部部 长姚智志女士声明：保证本半年度报告中财务报告的真实、准确、完整。 （四）经本公司董事会会议审议，本公司董事会建议不派发截至 2020 年 6 月 30 日止六 个月之中期股息，亦不进行公积金转增股本。 （五）本集团与本公司本报告期之财务报告乃按中国企业会计准则编制，未经审计。 （六）本半年度报告中 ...

廣州白雲山医药集团股份有限公司 guangzhou baiyunshan pharmaceutical holdings co., ltd. (股份代號：0874) (HWL 更意了 年報 2019 目錄 | --- | --- | --- | |---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------| | | | | | 第一節 | 釋義 ......................................................................... | 3 | | 第二節 | 公司簡介和主要財務指標 ......................................................... | 8 | | 第三節 | 公司業務概 ...

Financial Performance - The company's operating revenue reached RMB 33,340,828 thousand, representing a 124.67% increase compared to the same period last year[13]. - Net profit attributable to shareholders was RMB 2,547,561 thousand, a decrease of 2.73% from the previous year[13]. - The net profit after deducting non-recurring gains and losses was RMB 2,205,158 thousand, showing a 43.10% increase year-on-year[13]. - The total profit for the period was RMB 3,211,762 thousand, reflecting a year-on-year growth of 6.66%[55]. - The gross profit margin for the group's main business decreased by 9.76 percentage points to 22.11%[66]. - The company achieved a revenue of RMB 33,340,828 thousand in the first half of 2019, representing a year-on-year increase of 124.67%[55]. - The main business revenue was RMB 33,199,320 thousand, reflecting a 125.45% year-on-year growth from RMB 14,725,777 thousand[59]. Assets and Liabilities - Total assets amounted to RMB 53,353,846 thousand, reflecting a 3.64% increase from the end of the previous year[13]. - The net assets attributable to shareholders reached RMB 23,541,159 thousand, an increase of 8.56% year-on-year[13]. - The cash and cash equivalents as of June 30, 2019, amounted to RMB 15,142,206 thousand, up from RMB 15,071,612 thousand at the end of 2018[77]. - The company's short-term borrowings increased to RMB 6,933,818 thousand, compared to RMB 5,905,703 thousand at the end of 2018[77]. - The long-term liabilities increased by 12.39% to RMB 1,561,845 thousand compared to the end of 2018[78]. - The asset-liability ratio of the group as of June 30, 2019, was 52.69%, down from 55.05% as of December 31, 2018[91]. Cash Flow - The net cash flow from operating activities was negative at RMB (925,743) thousand, a significant decrease of 176.97% compared to the previous year[13]. - The net cash flow from operating activities decreased by 176.97%, resulting in a net outflow of RMB 925,743 thousand compared to a net inflow of RMB 1,202,777 thousand last year[59]. - Investment activities generated a net cash outflow of RMB 257,080 thousand, a 138.01% decline from a net inflow of RMB 676,412 thousand in the previous year[59]. - Financing activities produced a net cash inflow of RMB 1,253,450 thousand, a 214.39% increase from RMB 398,688 thousand last year[59]. Market and Business Strategy - The company plans to expand its market presence and enhance product offerings through strategic investments and potential acquisitions[11]. - The company is focusing on expanding its hospital and community medical business, with an increased emphasis on terminal distribution channels and retail business layout[57]. - The company is actively involved in the wholesale and retail of pharmaceuticals and medical devices, positioning itself as a leading player in the South China pharmaceutical distribution market[25]. - The company is actively developing new products and technologies to adapt to changing market demands and enhance its competitive edge[36]. - The company aims to implement a diversification strategy for the Wanglaoji brand, promoting new products such as "Coconut Juice" and "Walnut Drink" to strengthen market position[93]. Regulatory Compliance and Governance - The financial report for the reporting period was prepared in accordance with Chinese accounting standards and was unaudited[3]. - The board of directors confirmed the accuracy and completeness of the financial report for the first half of 2019[3]. - The company has no violations of regulatory decision-making procedures for external guarantees[3]. - The company has adhered to the corporate governance guidelines as per the Company Law, Securities Law, and relevant regulations, ensuring compliance with the requirements of the China Securities Regulatory Commission[190]. - The company has implemented a comprehensive risk management framework, including annual risk assessments and monitoring of significant risks such as large receivables and credit limits[194]. Research and Development - The company established one new national-level R&D institution and two provincial engineering centers during the reporting period[53]. - The company is committed to enhancing product quality management and has implemented self-inspections and regulatory training to improve safety awareness[57]. - The company continues to focus on the development of generic drugs and the consistency evaluation of their quality and efficacy[97]. Social Responsibility and Community Engagement - The group has implemented targeted poverty alleviation measures, with a total investment of RMB 48.89 million in financial support and RMB 1.09 million in material assistance[177]. - A total of 5 impoverished individuals were helped to escape poverty during the reporting period[177]. - The group has provided RMB 3.89 million in funding to assist 57 impoverished students[181]. - As of the end of the reporting period, 92% of the impoverished households in the targeted villages have achieved poverty alleviation[185]. Related Party Transactions - The company engaged in related party transactions totaling RMB 400,269,000, with pricing based on market rates, which did not adversely affect the company's ongoing operations[140]. - The company reported a total of RMB 117,554,000 in purchases from related parties, accounting for 39% of the total related party transactions[137]. - The company generated RMB 140,208,000 in sales to related parties, representing 42% of the total related party transactions[139]. Environmental Compliance - The company's chemical pharmaceutical plant and subsidiaries are classified as key pollutant discharge units, with specific monitoring of waste gas and wastewater emissions[195]. - The average annual emissions for the chemical pharmaceutical plant are regulated to be less than 50 mg/m³ for certain pollutants, ensuring compliance with environmental standards[196]. - The chemical pharmaceutical plant has implemented multiple pollution control facilities to ensure that emissions do not exceed standards, adhering to the Comprehensive Emission Standards for Air Pollutants and the Comprehensive Discharge Standards for Wastewater (Level 3) regulations[198].

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of RMB 3,440,980,103.08 for the year 2018, representing an increase from the previous year's net profit of RMB 2,139,729,642.17[3] - The total distributable profit for the year was RMB 5,261,377,836.18 after accounting for a 10% statutory surplus reserve of RMB 213,972,964.22 and cash dividends paid in 2017 of RMB 619,426,351.57[3] - A cash dividend of RMB 4.24 per 10 shares (including tax) is proposed, totaling RMB 689,335,362.38, based on a total share capital of 1,625,790,949 shares as of the end of 2018[3] - The company's operating revenue for 2018 was RMB 42,233,838 thousand, representing a 101.55% increase compared to RMB 20,954,225 thousand in 2017[13] - The net profit attributable to shareholders for 2018 was RMB 5,216,888 thousand, an increase of 184.50% from RMB 1,833,691 thousand in 2017[13] - The cash flow from operating activities for 2018 was RMB 2,131,485 thousand, a 10.12% increase from RMB 1,935,560 thousand in 2017[13] - The basic earnings per share for 2018 was RMB 2.116, a 66.90% increase from RMB 1.268 in 2017[14] - The weighted average return on equity for 2018 was 16.93%, an increase of 5.59 percentage points from 11.34% in 2017[14] - The total profit amounted to RMB 4,018,730 thousand, with a year-on-year increase of 61.20%[53] - Net profit attributable to shareholders reached RMB 3,440,980 thousand, reflecting a growth of 66.90% compared to the previous year[61] Revenue Growth and Projections - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. reported a significant increase in revenue, achieving a total of 10.5 billion CNY, representing a year-on-year growth of 12%[7] - For the upcoming fiscal year, the company provided guidance indicating an expected revenue growth of 10% to 15%, projecting revenues between 11.55 billion CNY and 12.08 billion CNY[9] - The company achieved a revenue of RMB 42,233,838 thousand, representing a year-on-year growth of 101.55%[53] - The increase in revenue was primarily due to the consolidation of the pharmaceutical company and Wanglaoji Pharmaceutical, contributing an additional RMB 20,322 million[62] Research and Development - The company is focusing on the development of new products, with an investment of 500 million CNY allocated for R&D in innovative drug formulations[10] - The company applied for 125 patents during the reporting period, with 52 patents granted, enhancing its innovation capabilities[59] - The company is focusing on quality management and has made significant progress in clinical trial approvals, with 2 production licenses and 6 clinical trial approvals obtained[59] - The company is focusing on the consistency evaluation of generic drugs and the development of biopharmaceuticals in response to national policies[171] - The company has a total of 169 products under research and 11 products submitted for approval, focusing on areas such as chemical raw materials, formulations, biomedicine, and secondary development of traditional Chinese medicine[157] Market Expansion and Strategy - Market expansion efforts include entering three new provinces, aiming to increase market share by 5% in these regions over the next year[9] - The company is exploring potential mergers and acquisitions to enhance its product portfolio, with a budget of 1 billion CNY earmarked for strategic acquisitions[8] - The company plans to enhance its online sales channels, targeting a 30% increase in e-commerce revenue by the end of the next fiscal year[9] - The company is actively pursuing market expansion and innovation through strategic partnerships and government support for research and development[188][191] Operational Efficiency and Cost Management - The gross margin improved to 45%, up from 42% in the previous year, reflecting better cost management and pricing strategies[7] - The company plans to enhance operational quality and manage inventory levels more effectively in response to market demands and regulatory changes[70] - The unified procurement platform established by the company has effectively reduced procurement costs and improved negotiation power[28] - The company has established a unified procurement platform to ensure quality and cost advantages for raw materials and packaging[35] Challenges and Risks - The company reported no significant risks that could materially affect its operations during the reporting period[5] - The company faced challenges in Q4 2018 due to inventory control measures and increased R&D expenses, impacting revenue and profit[16] - The fair value change of the equity held in a major pharmaceutical company resulted in a loss of RMB 136 million in Q4 2018[16] Regulatory Environment and Compliance - The company emphasizes that forward-looking statements in the report do not constitute substantive commitments to investors[5] - The implementation of the Environmental Protection Tax Law in 2018 mandates companies to pay taxes for direct emissions of pollutants, impacting operational costs[135] - The new basic drug system emphasizes the clinical value of drugs, with a focus on dynamic adjustments to the drug catalog and prioritizing the use of basic drugs in medical institutions[127] Product Portfolio and Innovation - The company has a strong pipeline of products, with several new entries into the market aimed at addressing chronic conditions and infections[143] - The company has introduced new products such as "Guo Xuan" and "Pei Mei Qu" which are aimed at treating various medical conditions, enhancing its product portfolio[143] - The company has a significant focus on research and development, with multiple new products aimed at addressing respiratory and urinary system infections[140] Financial Position and Assets - The total assets at the end of 2018 were RMB 51,482,184 thousand, with total liabilities of RMB 28,338,451 thousand[13] - The company's asset-liability ratio increased to 55.05% in 2018, up 23.08 percentage points from 31.97% in 2017[14] - As of December 31, 2018, cash and cash equivalents amounted to RMB 15,071,612 thousand, an increase from RMB 11,495,535 thousand in the previous year[82]

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of RMB 3,440,980,103.08 for the year ended December 31, 2018, with a base net profit of RMB 2,139,729,642.17[3]. - The actual distributable profit for the year is RMB 5,261,377,836.18 after accounting for the legal surplus reserve and previous undistributed profits[3]. - The company's revenue for 2018 reached RMB 42,233,838 thousand, representing a 101.55% increase compared to RMB 20,954,225 thousand in 2017[14]. - Net profit attributable to shareholders for 2018 was RMB 3,440,980 thousand, a 66.90% increase from RMB 2,061,652 thousand in 2017[14]. - The total profit for the period was RMB 4,018,730 thousand, an increase of 61.20% compared to the previous year[43]. - The company reported a quarterly revenue of RMB 12,358,013 thousand in Q4 2018, contributing to the overall annual performance[16]. - The net profit attributable to shareholders in Q4 2018 was RMB 1,687 thousand, indicating fluctuations in quarterly performance[16]. - The company achieved a revenue of RMB 42,233,838 thousand in 2018, representing a year-on-year growth of 101.55%[43]. - The company reported a significant increase in cash flow from operating activities due to an increase in advance payments and product collections, resulting in a cash flow of RMB 1,109,718 thousand, compared to a negative cash flow of RMB 2,440,644 thousand in the previous year, marking a 145.47% improvement[66]. Dividends and Profit Distribution - A cash dividend of RMB 4.24 per 10 shares (including tax) is proposed, totaling RMB 689,335,362.38, based on a total share capital of 1,625,790,949 shares as of the end of 2018[4]. - The proposed cash dividend for 2018 is RMB 4.24 per 10 shares, totaling RMB 689,335,362.38, which represents 20.03% of the net profit attributable to shareholders[167]. - In 2018, the company distributed a cash dividend of RMB 689,335,362.38, representing 20.03% of the net profit attributable to shareholders, which was RMB 3,440,980,103.08[168]. - The cash dividend for 2017 was RMB 619,426,351.57, accounting for 30.05% of the net profit of RMB 2,061,651,929.01[168]. - In 2016, the company paid a cash dividend of RMB 455,221,465.72, which was 30.19% of the net profit of RMB 1,508,032,671.07[168]. Assets and Liabilities - Total assets at the end of 2018 amounted to RMB 51,482,184 thousand, an 81.82% increase from RMB 28,314,713 thousand in 2017[14]. - The company's total liabilities increased by 213.08% to RMB 28,338,451 thousand in 2018 from RMB 9,051,560 thousand in 2017[14]. - The asset-liability ratio rose to 55.05% in 2018, an increase of 23.08 percentage points from 31.97% in 2017[15]. - The company's total borrowings amounted to RMB 6,523,281 thousand, a significant increase from RMB 42,807 thousand at the end of 2017, mainly due to the inclusion of the pharmaceutical company in the consolidation scope[83]. - The company's liquidity ratios showed a decline, with the current ratio at 1.60 (down from 2.60) and the quick ratio at 1.25 (down from 2.15), indicating a 61.14% decrease in accounts receivable turnover[69]. Acquisitions and Investments - The company completed the acquisition of a 30% stake in a pharmaceutical company, increasing its ownership to 80%[35]. - The company also acquired a 48.0465% stake in Wanglaoji Pharmaceutical, raising its ownership to 96.093%[35]. - The company completed the acquisition of a 30% stake in a pharmaceutical company for RMB 1,094,100 thousand, increasing its ownership to 80%[140]. - The company plans to purchase the "Wanglaoji" trademark series from its controlling shareholder, with the transaction pending shareholder approval[175]. - The company is pursuing a share transfer from Tongxing Pharmaceutical Co., which holds 48.0465% of shares in Wanglaoji Pharmaceutical, with a total transfer price of RMB 368,919,146.25 based on a net asset value of RMB 3.75 per share[200]. Research and Development - The company has a strong R&D framework with 6 national-level research institutions and 14 provincial-level technology centers, enhancing its innovation capabilities[39]. - The company applied for 125 patents during the reporting period, with 52 patents granted[49]. - The total R&D expenditure for the year was approximately RMB 585,498 thousand, representing 1.39% of total operating revenue and 6.08% of the main business income of the Daan Pharmaceutical segment[65]. - The company is focusing on the development of new products in biomedicine, chemical drugs, and traditional Chinese medicine to align with market needs[126]. - The company is actively pursuing the consistency evaluation of generic drugs to support its development strategy[126]. Market and Sales Performance - The company has a strong presence in the retail sector with 76 pharmacies, including well-known brands like "Cai Zhi Lin" and "Jian Min"[32]. - The sales model includes a mix of self-operated and agency sales, with a focus on e-commerce platforms like Tmall and JD[30]. - The company reported a total production of 1,224,775.88 thousand units for the Amoxicillin series, with sales of 1,149,691.29 thousand units, reflecting a significant market presence in the antimicrobial drug sector[101]. - The company has 143 varieties included in the National Essential Drug List, demonstrating a comprehensive product offering in the pharmaceutical market[102]. - The company is focusing on expanding its market presence through strategic partnerships and technological innovations in drug development[132]. Regulatory Compliance and Risks - There are no significant risks that could materially affect the company's operations during the reporting period[5]. - The company has outlined various risks and countermeasures in the "Discussion and Analysis of Operating Conditions" section of the report[5]. - The company will strengthen the management of auxiliary drugs in accordance with new regulations, ensuring compliance and effective marketing strategies[96]. - The company faces challenges from new policies such as centralized drug procurement and stricter regulations on auxiliary drugs, which may impact traditional business growth[149]. Corporate Governance and Shareholder Commitments - The controlling shareholder, Guangzhou Pharmaceutical Group, has committed to maintaining the independence of the listed company and avoiding any substantial competition with its subsidiaries[169]. - The commitment to avoid competition was made in relation to the major asset restructuring completed in 2013, ensuring no direct or indirect competition with Guangzhou Baiyunshan[170]. - The controlling shareholder has also pledged to minimize and regulate related party transactions post-restructuring, ensuring compliance with relevant laws and regulations[171]. - The company is ensuring that the interests of small and medium investors are protected and that any potential losses from property defects will be fully compensated by the controlling shareholder[174].