星珠药业进行生产经营业务调整，将主要业务集中在中药前处理提取业务上，在生产范围为中药饮片的 《药品生产许可证》有效期届满后，不再申请重新发证，将该《药品生产许可证》注销。星珠药业2024 年中药饮片业务没有产生营业收入。 格隆汇12月15日丨白云山(00874.HK)发布公告，近日，广东省药品监督管理局发布了《广东省药品监督 管理局关于注销<药品生产许可证>的通告(2025年第102号)》，公司子公司广州白云山星珠药业有限公 司(以下简称"星珠药业")《药品生产许可证》已注销，本次注销的原因是星珠药业进行生产经营业务调 整，在生产范围为中药饮片的《药品生产许可证》有效期届满后不再申请重新发证。 ...

星珠药业进行生产经营业务调整，将主要业务集中在中药前处理提取业务上，在生产范围为中药饮片的 《药品生产许可证》有效期届满后，不再申请重新发证，将该《药品生产许可证》注销。星珠药业2024 年中药饮片业务没有产生营业收入。 白云山(00874)发布公告，近日，广东省药品监督管理局发布了《广东省药品监督管理局关于注销 <药品 生产许可证> 的通告(2025年第102号)》，广州白云山医药集团股份有限公司(以下简称"本公司")子公司 广州白云山星珠药业有限公司(以下简称"星珠药业")《药品生产许可证》已注销，本次注销的原因是星 珠药业进行生产经营业务调整，在生产范围为中药饮片的《药品生产许可证》有效期届满后不再申请重 新发证。 ...

廣州白雲山醫藥集團股份有限公司 董事會 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。 海外監管公告 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 本公司關於子公司《藥品生產許可證》註銷的公告之中文全文，僅供參考。 中國廣州，2025年12月15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。 证券代码：600332 证券简称：白云山 公告编号：2025-086 广州白云山医药集团股份有限公司 关于子公司《药品生产许可证》注销的公告 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。 近日，广东省药品监督管理局 ...

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。 近日，广东省药品监督管理局发布了《广东省药品监督管理局 关于注销<药品生产许可证>的通告（2025 年第 102 号）》，广州白 云山医药集团股份有限公司（以下简称"本公司"）子公司广州白 云山星珠药业有限公司（以下简称"星珠药业"）《药品生产许可 证》已注销，本次注销的原因是星珠药业进行生产经营业务调整， 在生产范围为中药饮片的《药品生产许可证》有效期届满后不再申 请重新发证。现将相关情况公告如下： 一、《药品生产许可证》基本情况 企业名称：广州白云山星珠药业有限公司 证券代码：600332 证券简称：白云山 公告编号：2025-086 广州白云山医药集团股份有限公司 关于子公司《药品生产许可证》注销的公告 分类码：Ay 注册地址：广州市从化明珠工业园创业大道南 4 号 发证机关：广东省药品监督管理局 有效期至：2025 年 9 月 9 日 许可证编号：粤 20160117 生产地址和生产范围：广州市从化明珠工业园创业大道南 4 号， 中药饮片（净制、切制、炒制、蒸制、炙制） ...

据天眼查APP显示，广州白云山医药集团股份有限公司成立于1997年09月01日，注册资本162579.0949 万人民币。（数据宝） 12月12日白云山大宗交易一览 | 成交量 | 成交金 额 | 成交价 | 相对当日 收盘折溢 | | | | --- | --- | --- | --- | --- | --- | | （万 | | 格 | | 买方营业部 | 卖方营业部 | | 股） | （万 | （元） | 价 | | | | | 元） | | （%） | | | | 24.21 | 630.09 | 26.03 | 0.00 | 瑞银证券有限责任公司上海花园石桥路证券营业 部 | 机构专用 | | 11.73 | 305.33 | 26.03 | 0.00 | 中信证券股份有限公司总部(非营业场所) | 机构专用 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：白云山现2笔大宗交易 合计成交35.94万股） 白云山12月12日大宗交易平台共发生2笔成交，合计成交量35.94万股，成交金额935.42万元。成交价格 均为26.03元。从参与大宗交易营业部来看，机构专用席位共出现 ...

信达证券研报指出，白云山25Q3报表端已企稳修复，冲击圆满完成"十四五"，重点布局"十五五"。2025 年公司基本已完成治理层及中层干部调整，新治理层、新经营理念、新发展起点，且2025Q3报表端已 呈现出业绩拐点。在白云山新的治理层的领导下，公司的经营质量有望逐步提升。目前公司聚焦国际 化、数字化、研发创新、治理改善等。在研发创新方面，白云山制药总厂研发的BYS10片进入关键注册 临床试验，有望成为国产创新抗肿瘤药物的代表性产品。2025年10月，广药集团召开"十五五"战略规划 项目阶段性成果汇报会。在新一轮战略布局下，公司有望迎来发展新态势，以战略规划为引领，以数字 化转型为引擎，赋能公司高质量发展。公司2025H1大健康板块收入增速仍超7%，收入规模达70亿元。 公司目前正推行多个新品以及国际化战略。首次覆盖，给予公司"买入"投资评级。 ...

Core Viewpoint - The company is undergoing significant changes in governance and management, aiming for high-quality development and a strategic shift towards internationalization, digitalization, and innovation, with a notable performance turnaround expected in Q3 2025 [1][2]. Governance and Management Changes - The company has completed adjustments to its executive team by 2025, with a new chairman, Li Xiaojun, who previously led a public transport group, indicating a focus on improving operational quality [2]. - The new governance structure is expected to enhance the company's operational quality, with a focus on internationalization, digitalization, and research innovation [2]. Financial Performance - In Q3 2025, the company reported a revenue of 19.771 billion yuan, reflecting a year-on-year growth of approximately 10% [2]. - The net profit attributable to shareholders for Q3 2025 was 664 million yuan, showing a year-on-year increase of about 29% [2]. Dividend Policy - The dividend payout ratio is set to increase to 46% in 2024, up from around 30% in the previous five years, with an expected dividend yield of approximately 2.81% for A shares and 4.83% for H shares [1][2]. Strategic Planning - In November 2025, the company will hold a special meeting to mobilize efforts for achieving its operational goals for the "14th Five-Year Plan" and to ensure a solid foundation for becoming a world-class enterprise during the "15th Five-Year Plan" [1][2]. - The company has initiated a comprehensive strategic planning process for the "15th Five-Year Plan" and digital transformation, aiming for long-term growth [2]. Business Segments Performance - The large commercial segment is a revenue cornerstone, with a CAGR of approximately 6% from 2020 to 2024, and a projected revenue of 54.55 billion yuan in 2024, showing a year-on-year increase of 3% [3]. - The traditional Chinese medicine segment is under pressure, with a revenue decline of 10% in 2024, while the Chinese medicine revenue grew at a CAGR of 8% during the same period [3]. - The health segment is expected to grow at a CAGR of about 5% from 2020 to 2024, with a revenue of 9.705 billion yuan in 2024, despite a year-on-year decline of 13% [3]. Revenue and Profit Forecast - The company forecasts revenues of 79.001 billion yuan, 84.061 billion yuan, and 89.45 billion yuan for 2025 to 2027, with year-on-year growth rates of approximately 5.3%, 6.4%, and 6.4% respectively [4]. - The projected net profits for the same period are 3.735 billion yuan, 3.963 billion yuan, and 4.427 billion yuan, with respective growth rates of about 31.7%, 6.1%, and 11.7% [4].

Investment Rating - The report assigns a "Buy" investment rating to the company [2][6]. Core Insights - The company has completed adjustments in its governance structure and management team, marking a new development phase and focusing on high-quality growth [5][14]. - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of approximately 29% [31]. - The dividend payout ratio is set to increase to 46% in 2024, with corresponding increases in dividend yields for both A-shares and H-shares [5][35]. Summary by Sections Governance Changes and Strategic Focus - The company has completed the adjustment of its senior management team, with new leadership expected to enhance operational quality [16][30]. - The new governance structure emphasizes internationalization, digital transformation, and innovation in research and development [30]. - The company is advancing its strategic planning for the "15th Five-Year Plan" while ensuring the completion of the "14th Five-Year Plan" [37][38]. Business Performance - The commercial segment remains a cornerstone of revenue, with a compound annual growth rate (CAGR) of approximately 6% from 2020 to 2024 [15][39]. - The traditional Chinese medicine segment is under short-term pressure, with a decline in revenue due to inventory adjustments and increased competition [15][41]. - The health segment is experiencing growth, with a revenue increase of over 7% in the first half of 2025 [15][45]. Financial Projections - Revenue projections for 2025-2027 are estimated at 790.01 billion, 840.61 billion, and 894.5 billion respectively, with corresponding net profits of 37.35 billion, 39.63 billion, and 44.27 billion [6][7]. - The company anticipates a net profit growth of approximately 31.7% in 2025, followed by more moderate growth in subsequent years [6][7]. Dividend Policy - The company plans to increase its dividend payout ratio to 46% in 2024, significantly higher than the 30% range maintained from 2019 to 2023 [5][35]. - The expected dividend yield for A-shares is approximately 2.81%, while H-shares are projected to yield around 4.83% [5][35].

Core Viewpoint - The Guangzhou Yuexiu District People's Government has imposed an administrative penalty of RMB 858,665.8 on the Guangzhou Baiyun Mountain Scenic Area Management Bureau for illegal construction of 27 buildings without the necessary planning permits from 1978 to 2010 [1][2]. Summary by Relevant Sections Administrative Penalty - The penalty was issued due to multiple illegal constructions that violated various laws and regulations effective during different periods [2]. - The penalty decision was made on December 5, 2025, and will be publicly disclosed until December 5, 2028 [2]. Illegal Construction Details - The illegal constructions include 27 buildings located at various addresses, with construction dates ranging from 1978 to 2010, and building areas varying from over 10 square meters to over 400 square meters [1][3]. - The buildings were constructed without obtaining the required construction project planning permits, violating the Urban Planning Law and local regulations [2][3]. Background of Baiyun Mountain Scenic Area - The Baiyun Mountain Scenic Area, covering an area of 21.8 square kilometers, is a national 5A-level tourist attraction and a national scenic area, known for its natural beauty and historical significance [3][4].

证券日报网讯 12月8日，白云山在互动平台回答投资者提问时表示，公司收购南京医药股份事项尚需上 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，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。 （编辑 丛可心 王雪儿） ...