新京报讯（记者张秀兰）9月29日，两家上市公司白云山（600332）（广药集团旗下上市公司广州白云 山医药集团股份有限公司）与南京医药（600713）同时发布公告，白云山附属企业广州广药二期基金股 权投资合伙企业（有限合伙）（以下简称广药二期基金）拟以7.49亿元的价格，受让南京医药11.04%的 股份；白云山、广药二期基金还与南京医药签署战略投资协议。白云山将凭借此举成为南京医药第二大 股东。这也是广药集团新领导班子自2024年11月上任以来的首个大型对外投资项目。 医药流通业务为广药集团业务版图中的重要一块，即大商业板块，包括医药产品、医疗器械、保健品的 批发、零售与进出口业务，旗下广州医药股份有限公司作为广药集团医药商业板块核心企业，为华南地 区医药流通领军企业，主要从事医药流通批发及零售业务。据白云山财报，截至2024年底，集团旗下医 药零售网点共有157家，主要分布在广东、海南等省份。 根据广药二期基金与南京医药股东Alliance Healthcare Asia Pacific Limited（以下简称AHAPL）签署的股 份转让合同，AHAPL拟将所持南京医药约1.45亿股非限售股份转让给广药二 ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. (referred to as "Baiyunshan") announced a strategic investment by its subsidiary, Guangzhou Guangyao Phase II Fund, to acquire 11.04% of Nanjing Pharmaceutical Co., Ltd. for approximately 748.81 million RMB, positioning the fund as the second-largest shareholder of Nanjing Pharmaceutical [1][3][6]. Group 1: Acquisition Details - The acquisition involves the purchase of 144,557,431 non-restricted shares from Alliance Healthcare Asia Pacific Limited (AHAPL) at a price of 5.18 RMB per share, based on the average closing price over the previous 60 trading days [6][7]. - The total transaction value for the shares is 748,807,492.58 RMB [3][6]. Group 2: Strategic Cooperation - Alongside the acquisition, Baiyunshan, Guangyao Phase II Fund, and Nanjing Pharmaceutical signed a strategic investment agreement focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine (TCM) sector cooperation [6][7]. - The capital cooperation will explore joint ventures, strategic investments, and equity investment funds based on business needs [6][7]. - In distribution channel collaboration, both companies aim to optimize supply chain resources and logistics networks to establish an efficient supply chain system [7][8]. Group 3: Industry Context and Implications - This acquisition marks the first major strategic investment project under the new leadership of Baiyunshan, signaling a strong commitment to capital operations and innovation in collaboration with leading regional enterprises [8]. - The pharmaceutical distribution industry is experiencing significant consolidation, with Baiyunshan and Nanjing Pharmaceutical ranked sixth and seventh, respectively, in the 2024 pharmaceutical distribution industry rankings [8].

资本合作层面，协议各方将根据业务合作和资本运作需求，在合适时机通过包括但不限于成立合资公 司、战略投资、股权投资基金等开展合作。 产业协同层面，分销渠道合作上，白云山与南京医药将积极制定市场拓展与渠道共享方案，整合优化供 应链资源和物流配送网络，建立稳定、高效的供应链体系；针对自有工业品种，通过有效机制开展市场 准入和渠道销售，提升产业链合作等级。 根据公告，9月26日，广药二期基金与AHAPL签署了《关于南京医药股份有限公司11.04%股份的股份转 让合同》（"《股份转让合同》"），AHAPL拟将所持南京医药144,557,431股非限售股份转让给广药二 期基金。买卖双方同意，以该合同签署日前60个交易日目标公司的每日收盘价的算术平均值为基础，目 标股份的价格为5.18元/股，目标股份转让价款总计为748,807,492.58元。 同日，白云山、广药二期基金与南京医药签署了《广州白云山医药集团股份有限公司、南京医药股份有 限公司、广州广药二期基金股权投资合伙企业（有限合伙）战略投资协议》，合作主要包括资本合作、 自有工业品种分销渠道合作、中医药领域合作等三个方面。 南方财经记者伍素文 广州报道 9月28日， ...

Core Viewpoint - The acquisition of 145 million non-restricted shares of Nanjing Pharmaceutical by Baiyunshan for 749 million yuan at 5.18 yuan per share marks a strategic investment aimed at enhancing its presence in the East China market, with a focus on improving its pharmaceutical distribution business [2][5][16] Summary by Sections Acquisition Details - Baiyunshan's subsidiary, Guangyao Phase II Fund, signed a share transfer contract to acquire 11.04% of Nanjing Pharmaceutical, becoming its second-largest shareholder [2] - The acquisition price is based on the average closing price over the 60 trading days prior to the contract signing [2] Strategic Intent - This transaction is seen as a "short-board" operation to strengthen Baiyunshan's market position in East China by investing in a regional leader [2][7] - The deal is expected to optimize Baiyunshan's industrial layout in the region and enhance its competitive advantage in pharmaceutical distribution [7][16] Financial Metrics - The static P/E ratio for Nanjing Pharmaceutical based on the 2024 net profit is approximately 11.88 times, while the dynamic P/E ratio as of September 29 is 11.77 times, indicating a valuation lower than industry averages [5] - Baiyunshan's revenue for the first half of 2025 was 41.835 billion yuan, a slight increase of 1.93% year-on-year, but net profit showed a decline [7][9] Comparison with Industry Peers - Nanjing Pharmaceutical's financial data closely mirrors that of Baiyunshan's pharmaceutical distribution segment, reflecting the common challenges of low margins and high turnover in the industry [9][13] - The acquisition is positioned as a strategic move to avoid the pitfalls experienced by Yaozong, which faced significant losses due to aggressive expansion [12][13] Market Context - The pharmaceutical distribution sector is characterized by price pressures and long receivable cycles, leading to narrow profit margins [15] - The acquisition is funded by Guangyao Phase II Fund's own capital, which helps mitigate the impact of performance fluctuations on Baiyunshan's consolidated financial statements [13][16]

Core Insights - Nanjing Pharmaceutical (600713) has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group and Guangzhou Guangyao Phase II Fund, marking a significant collaboration in capital, distribution channels, and traditional Chinese medicine [1] - The agreement involves the transfer of 11.04% of shares from Alliance Healthcare Asia Pacific Limited (AHAPL) to the Guangyao Phase II Fund at a price of 5.18 yuan per share, totaling approximately 750 million yuan, which is a 6.15% premium over the closing price prior to the agreement [1] Group 1: Nanjing Pharmaceutical's Growth - Since AHAPL's investment in 2014, Nanjing Pharmaceutical has seen substantial growth, with revenue increasing from 18.7 billion yuan in 2013 to 53.7 billion yuan in 2024, nearly tripling [3] - The net profit attributable to shareholders rose from 39 million yuan to 570 million yuan, representing an increase of over 14 times [3] - The growth is attributed to the management's efforts and support from AHAPL in terms of international experience and resources [3] Group 2: Walgreens Boots Alliance's Strategic Shift - AHAPL is a wholly-owned subsidiary of Walgreens Boots Alliance (WBA), which ranks 52nd on the Fortune Global 500 list with annual sales exceeding 1 trillion yuan [2] - WBA has been focusing on retail and health services while divesting from wholesale operations, including the sale of Alliance Healthcare to a leading North American drug distributor [2] - The recent share transfer aligns with WBA's global strategy to concentrate on its core retail and healthcare business [3] Group 3: Future Prospects and Investments - WBA has established a QFLP fund in Guangzhou with an initial capital of 1 billion yuan, focusing on the health, elderly care, and medical industries, indicating ongoing investment in emerging health sectors [4] - The company maintains a broad presence in the Asia-Pacific retail pharmacy and consumer business, including partnerships in China [4] - WBA's leadership has expressed optimism about the long-term prospects of the health and wellness industry, highlighting opportunities in artificial intelligence and retail pharmacy [4]

Core Viewpoint - White Cloud Mountain and Nanjing Pharmaceutical have signed a strategic investment agreement, where White Cloud Mountain's Guangzhou Traditional Chinese Medicine Phase II Fund will acquire 11.04% of Nanjing Pharmaceutical's shares, becoming its second-largest shareholder [1][2] Group 1: Strategic Investment Details - The acquisition involves 144 million non-restricted shares at a price of 5.18 yuan per share, totaling an investment of 749 million yuan [1][2] - The agreement is part of White Cloud Mountain's new leadership strategy and aims to enhance cooperation with regional industry leaders [1][2] - The acquisition requires approval from the state-owned assets regulatory authority and compliance review by the Shanghai Stock Exchange [2] Group 2: Company Background and Financials - Nanjing Pharmaceutical's major shareholder is Nanjing New Industry Investment Group, holding 44.17% of shares, while the remaining shareholders have less than 3% each [2] - Nanjing Pharmaceutical reported a revenue of 27.967 billion yuan in the first half of the year, a year-on-year increase of 2.70%, but a net profit decline of 6.44% to 291 million yuan [4] - White Cloud Mountain's commercial segment, which includes pharmaceutical distribution, generated 29 billion yuan in revenue, accounting for 54.90% of total revenue [4] Group 3: Industry Trends - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies projected to hold an 82% market share by 2025 [4] - Both White Cloud Mountain and Nanjing Pharmaceutical are key players in the pharmaceutical distribution sector, ranking sixth and seventh respectively in a recent industry report [4]

医药流通领域的市场集中度正在快速提升。 9月28日，南京医药（600713.SH）与白云山（600332.SH）双双发布公告，白云山旗下广州广药二期基 金股权投资合伙企业拟出资约7.49亿元人民币，收购南京医药二股东Alliance Healthcare Asia Pacific Limited（下称"AHAPL"）持有的南京医药144557431股非限售股份，占总股本的11.04%。交易完成后， 广药二期基金将成为南京医药第二大股东。 同时，白云山、广药二期基金与南京医药签署《战略投资协议》。根据协议，三方将在资本合作、自有 工业品种分销渠道合作以及中医药领域合作等方面展开战略协作。 登录新浪财经APP 搜索【信披】查看更多考评等级 本报（chinatimes.net.cn）记者陶炜 南京报道 南京医药方面告诉本报记者，白云山入股南京医药一事是基于此前广州医药集团有限公司与南京新工投 资集团有限责任公司（南京医药大股东）签署的《战略合作协议》精神而推进的。南京医药与广药白云 山、广州广药二期基金共同签署的《战略投资协议》，以广州广药二期基金拟持有南京医药11.04%股 权为契机，构建"耐心资本"长期稳定战略 ...

据了解，南京医药立足于大健康产业发展，以医药批发及医药零售为主营业务，是中国医药流通行业区 域性龙头企业，市场网络覆盖江苏、安徽、湖北、福建等地，业务覆盖近70个城市，在区域市场积累了 丰富的医药商业运作经验、资源和品牌知名度。公司现居2024年国内医药流通行业规模排名第7位； 2025年《财富》中国500强第307位。 中证报中证网讯(王珞)近日，基于广州医药集团有限公司与南京新工投资集团有限责任公司签署的《战 略合作协议》精神，为促进南京医药（600713）和广药白云山两家上市公司健康稳定可持续高质量发 展、树立上市公司良好资本市场形象，南京医药与广药白云山、广州广药二期基金共同签署《战略投资 协议》，以广州广药二期基金拟持有南京医药11.04%股权为契机，构建"耐心资本"长期稳定战略合作关 系。 南京医药董事长周建军、广药白云山董事长李小军共同见证签约。南京医药总裁张靓、广药白云山副董 事长程宁、广州广药资本总经理陈静分别代表南京医药、广药白云山和广州广药二期基金签约。 广州广药二期基金主要围绕广药白云山战略规划，通过子基金投资、项目直接投资等方式投向医药、医 疗器械、医疗服务等生物医药与健康领域。 南 ...

Core Viewpoint - The acquisition of 145 million non-restricted shares of Nanjing Pharmaceutical by Guangzhou Pharmaceutical's second-phase fund for 749 million RMB marks a significant strategic investment, positioning Guangzhou Pharmaceutical as the second-largest shareholder of Nanjing Pharmaceutical, enhancing collaboration in the pharmaceutical distribution sector [1][2][3] Group 1: Acquisition Details - Guangzhou Pharmaceutical's second-phase fund will invest 749 million RMB to acquire 11.04% of Nanjing Pharmaceutical's total shares at a price of 5.18 RMB per share, based on the average closing price over the previous 60 trading days [1] - The acquisition agreement includes a strategic investment agreement focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine sector cooperation [1][2] Group 2: Strategic Cooperation - The capital cooperation will involve establishing joint ventures and strategic investments based on business needs [2] - In distribution channel collaboration, both companies will work on market expansion and supply chain optimization to create a stable and efficient supply chain system [2] - In the traditional Chinese medicine sector, both parties will support their respective subsidiaries in upgrading production processes and establishing a traceability system for the entire supply chain of traditional Chinese medicine [2] Group 3: Industry Context - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies projected to hold an 82% market share by 2025 [3] - Guangzhou Pharmaceutical and Nanjing Pharmaceutical rank sixth and seventh respectively in the 2024 top 100 pharmaceutical distribution companies in China [3] - The collaboration is expected to enhance regional network complementarity and accelerate the industry's transition from fragmented competition to professional and large-scale operations [3]

Core Insights - Baiyunshan Pharmaceutical Group Co., Ltd. has shown a slight increase in stock price by 0.04% on September 26, with a trading volume of 1.52 billion yuan [1] - The company reported a financing buy amount of 20.29 million yuan and a financing repayment of 20.96 million yuan on the same day, resulting in a net financing outflow of 0.67 million yuan [1] - As of September 26, the total financing and securities lending balance for Baiyunshan stands at 1.052 billion yuan, indicating a high level of financing activity [1] Financing Overview - On September 26, Baiyunshan's financing buy was 20.29 million yuan, with a current financing balance of 1.049 billion yuan, representing 2.94% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of investor interest [1] Securities Lending Activity - On the same day, Baiyunshan repaid 7,100 shares in securities lending and sold 20,000 shares, amounting to 507,600 yuan based on the closing price [1] - The remaining securities lending volume is 104,500 shares, with a balance of 2.65 million yuan, also above the 90th percentile of the past year [1] Company Profile - Baiyunshan was established on September 1, 1997, and listed on February 6, 2001, with its main business involving the research, development, manufacturing, and sales of traditional Chinese and Western medicines, chemical raw materials, and health products [2] - The company's revenue composition includes 69.32% from large commercial operations, 16.79% from health products, and 12.53% from traditional Chinese medicine [2] Financial Performance - For the first half of 2025, Baiyunshan achieved a revenue of 41.835 billion yuan, reflecting a year-on-year growth of 1.93%, while the net profit attributable to shareholders decreased by 1.31% to 2.516 billion yuan [2] Dividend Distribution - Since its A-share listing, Baiyunshan has distributed a total of 10.906 billion yuan in dividends, with 4.359 billion yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.36 million shares, and Huatai-PB CSI 300 ETF, which also saw an increase in holdings [3]