Core Viewpoint - Baiyunshan announced the initiation of a Phase III clinical trial for its product, Keguan Liyan Oral Solution, aimed at treating acute pharyngitis [1] Group 1: Company Information - Baiyunshan's subsidiary, Guangzhou Wanglaoji Pharmaceutical Co., Ltd., held a launch meeting for the Phase III clinical trial of Keguan Liyan Oral Solution [1] - Keguan Liyan Oral Solution received its new drug certificate and production approval in 1997, indicating its long-standing presence in the market [1] - The product is designed to relieve symptoms associated with wind-heat invasion and is primarily used for colds with external wind-heat and internal heat disturbance [1] Group 2: Clinical Trial Details - The Phase III clinical trial was approved by the National Medical Products Administration in February 2024, allowing for confirmatory clinical trials for acute pharyngitis [1] - The trial aims to validate the efficacy of Keguan Liyan Oral Solution in treating acute pharyngitis, which is categorized under the wind-heat syndrome [1]

Core Viewpoint - The company has officially launched a Phase III clinical trial for its proprietary product, Keguan Liyan Oral Solution, aimed at treating acute pharyngitis caused by external wind-heat syndrome [1] Group 1: Product Information - Keguan Liyan Oral Solution received its new drug certificate and production approval in 1997, making it a unique product of Wanglaoji Pharmaceutical [1] - The product is included in the 2025 edition of the Pharmacopoeia of the People's Republic of China and is known for its effects of dispelling wind, clearing heat, and detoxifying, primarily used for colds associated with external wind-heat invasion [1] Group 2: Clinical Trial Details - Wanglaoji Pharmaceutical obtained the clinical trial approval notice from the National Medical Products Administration in February 2024, allowing the company to conduct confirmatory clinical trials for acute pharyngitis [1] - The Phase III clinical trial has recently been officially initiated by Wanglaoji Pharmaceutical [1]

Core Viewpoint - The company announced the initiation of a Phase III clinical trial for its product, Keguanli Yan Oral Liquid, aimed at treating acute pharyngitis associated with external wind-heat syndrome [1] Group 1 - The clinical trial was organized by the company's subsidiary, Guangzhou Wanglaoji Pharmaceutical Co., Ltd. [1] - The trial is a significant step in the development of the company's product portfolio in the pharmaceutical sector [1]

Core Viewpoint - The company announced the initiation of a Phase III clinical trial for its proprietary product, Keguanli Yan Oral Liquid, aimed at treating acute pharyngitis caused by external wind-heat syndrome [1] Group 1: Product Information - Keguanli Yan Oral Liquid received its new drug certificate and production approval in 1997, making it a unique product of Wanglaoji Pharmaceutical [1] - The product is included in the 2025 edition of the Pharmacopoeia of the People's Republic of China and is known for its effects of dispelling wind, clearing heat, and detoxifying, primarily used for cold symptoms associated with wind-heat invasion [1] Group 2: Clinical Trial Details - Wanglaoji Pharmaceutical obtained the clinical trial approval notice from the National Medical Products Administration in February 2024, allowing the company to conduct confirmatory clinical trials for acute pharyngitis [1] - The Phase III clinical trial has recently been officially launched by Wanglaoji Pharmaceutical [1]

关于子公司药物进入 III 期临床试验的公告 证券代码：600332 证券简称：白云山 公告编号：2025－076 广州白云山医药集团股份有限公司 王老吉药业2024年克感利咽口服液的销售额为人民币1,828.52万元，除王老吉药 业生产的克感利咽口服液外，中国境内上市的克感利咽颗粒的生产厂家有葵花药业集 1 团（襄阳）隆中有限公司、临江市宏大药业有限公司等。 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。 广州白云山医药集团股份有限公司（"公司"）子公司广州王老吉药业股份有限 公司（"王老吉药业"）于近日召开克感利咽口服液治疗急性咽炎（外感风热证）的 III期临床试验启动会，该III期临床试验项目正式启动。现将相关情况公告如下： 一、克感利咽口服液的基本情况 药物名称：克感利咽口服液 剂型：合剂 规格：10 mL/支 注册分类：2.3类新药 二、克感利咽口服液的其他情况 克感利咽口服液于1997年获得新药证书和生产批件，是王老吉药业独家品种，收 载于《中华人民共和国药典》2025年版一部，具有疏风清热，解毒利咽作用，主要用 ...

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物進入III期臨床試驗的公告之中文全文，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10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。 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。 剂型：合剂 证券代码：600332 证券简称：白云山 公告编号：2025－076 广州白云山医药集团股份有限公司 关于子公司药物进入 III 期临床试验的公告 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。 广州白 ...

Core Viewpoint - Guangzhou Pharmaceutical Holdings Limited's subsidiary, Wanglaoji Pharmaceutical, has officially launched a Phase III clinical trial for its product, Keguanli Throat Oral Solution, aimed at treating acute pharyngitis [1] Group 1: Clinical Trial Details - The Phase III clinical trial for Keguanli Throat Oral Solution was initiated recently [1] - The product received its new drug certificate and production approval in 1997 and is listed in the 2025 edition of the Pharmacopoeia of the People's Republic of China [1] - The solution is indicated for symptoms related to wind-heat invasion and internal heat disturbance, primarily used for colds [1] Group 2: Regulatory Approvals - Wanglaoji Pharmaceutical obtained the clinical trial approval notice from the National Medical Products Administration in February 2024 [1] - The approval allows the company to conduct confirmatory clinical trials for acute pharyngitis [1]

Core Viewpoint - The announcement indicates that Guangzhou Wanglaoji Pharmaceutical Co., Ltd., a subsidiary of Baiyunshan, has officially launched the Phase III clinical trial for the drug Kegang Liyan Oral Liquid, aimed at treating acute pharyngitis [1] Group 1: Product Details - Kegang Liyan Oral Liquid is classified as a Class 2.3 new drug, with a specification of 10 mL per bottle, designed to dispel wind, clear heat, and detoxify [1] - The projected sales revenue for Kegang Liyan Oral Liquid in 2024 is estimated at RMB 18.2852 million [1] Group 2: Financial Investment - As of September 2025, the project has incurred research and development expenses of approximately RMB 18.1542 million (unaudited) [1]

Group 1 - Wanglaoji and JDB have resumed their public feud, trending on social media with topics like "Wanglaoji has a problem, go to the hospital" and "Wanglaoji is the first to get angry" [1] - The conflict has escalated with both companies making statements regarding trademark disputes, particularly concerning the overseas rights to the Wanglaoji brand [4][10] - JDB claims to have successfully defended its overseas trademark rights in multiple lawsuits, marking a significant step in its international branding strategy [4][8] Group 2 - Wanglaoji's parent company, Baiyunshan, asserts that it holds the legal rights to the Wanglaoji trademark globally, having registered it in over 100 countries [10][11] - Both companies have been engaged in a long-standing trademark dispute, with JDB emphasizing its acquisition of the Wanglaoji brand's overseas rights in the early 2000s [10][14] - The ongoing rivalry has implications for both companies' market performance, with potential impacts on their respective sales and brand positioning [14][16] Group 3 - The herbal tea market remains a viable business opportunity, with significant growth potential in overseas markets despite a slowdown in domestic growth [14][15] - Wanglaoji reported a revenue of 6.499 billion yuan in the first half of 2025, a year-on-year increase of 8.38%, and a net profit of 1.295 billion yuan, up 15.87% [14] - JDB has also been expanding its market presence, with a reported 28.31% market share in the domestic plant beverage category, closely following Wanglaoji's 46.33% [16]

Core Viewpoint - The ongoing rivalry between Wanglaoji and Jia Duo Bao, two major herbal tea brands in China, has escalated from domestic disputes to international markets, highlighting the challenges and strategic choices both companies face in their globalization efforts [1][2][3]. Group 1: Historical Context - The conflict between Wanglaoji and Jia Duo Bao dates back over a decade, marked by the "red can dispute," which has become a classic case in Chinese business history [1]. - Recent tensions reignited on September 30, when Jia Duo Bao claimed victory in international trademark disputes, asserting ownership of the "Wanglaoji" trademark in over 60 countries [3][4]. - Wanglaoji responded by accusing Jia Duo Bao of maliciously registering trademarks abroad and announced its own trademark registrations in over 100 countries by September 2025 [3][4]. Group 2: Strategic Moves - Both companies are targeting international markets as domestic growth stagnates, with Wanglaoji and Jia Duo Bao recognizing the necessity of expanding overseas to seek new growth opportunities [2][10]. - Wanglaoji has been actively promoting its brand internationally since 2013, establishing a presence in the U.S. and launching its international brand "WALOVI" in 2023 [9][10]. - Jia Duo Bao has also made strides in international markets, establishing production bases in Malaysia and signing agreements for further expansion [9]. Group 3: Market Dynamics - The herbal tea market in China has shown signs of saturation, with retail sales fluctuating since 2016 and a growth rate of approximately 20% over the past decade [10][13]. - Both companies face competition from emerging beverage brands and traditional tea products, which have diversified consumer preferences and fragmented the market [14][15]. - The global plant-based beverage market is experiencing significant growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, presenting opportunities for both brands [13]. Group 4: Internal Challenges - The prolonged legal battles between Wanglaoji and Jia Duo Bao have diverted resources and attention from product innovation and market expansion, leading to stagnation in their respective growth strategies [17][18]. - Both companies are struggling to diversify beyond the herbal tea category, which limits their potential in international markets [17]. - A collaborative approach to promote "Chinese herbal tea" as a category could benefit both companies and enhance their global presence, rather than continuing their competitive rivalry [17][18].