FF301 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00874 說明 香港聯交所上市 H 股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 219,900,000 RMB 1 RMB 219,900,000 增加 / 減少 (-) RMB 本月底結存 219,900,000 RMB 1 RMB 219,900,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600332 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,405,890,949 | RMB | | 1 RMB | | 1,405,890,949 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 ...

Core Viewpoint - The completion and operation of the Wanglaoji production base in Lanzhou marks a significant enhancement of the company's domestic and international supply chain system [1] Group 1: Company Development - The Lanzhou production base is the fourth self-owned production facility for Wanglaoji, following those in Ya'an, Meizhou, and Guangzhou [1] - The total investment for the Lanzhou project is 350 million yuan, covering an area of approximately 100 acres [1] - The facility is equipped with a highly automated filling production line, with an annual production capacity of about 6.5 million standard boxes [1] Group 2: Economic Impact - The launch of the Lanzhou base is expected to inject new momentum into the economic and social development of Gansu province [1] - A second production line is planned for future implementation, indicating potential growth and expansion for the company [1]

Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the first nine months of 2025 [1]. Industry Summary - In September 2025, the production of chemical pharmaceutical raw materials in China was 295,000 tons, representing a year-on-year decrease of 3.6% [1]. - Cumulatively, from January to September 2025, the total production of chemical pharmaceutical raw materials reached 2.721 million tons, showing a cumulative growth of 1.2% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the chemical pharmaceutical sector include Heng Rui Medicine (600276), East China Pharmaceutical (000963), Lizhu Group (000513), Baiyunshan (600332), North China Pharmaceutical (600812), Haizheng Pharmaceutical (600267), Fosun Pharmaceutical (600196), Kelun Pharmaceutical (002422), Enhua Pharmaceutical (002262), and Xianju Pharmaceutical (002332) [1].

Group 1 - The core point of the article is that Guangzhou Pharmaceutical's Wanglaoji has obtained distribution rights for Thai Tsingtao's taurine Red Bull in five provinces in China, indicating a strategic move to expand its market presence in the competitive functional beverage sector [1][2]. - Wanglaoji has confirmed the partnership with Thai Tsingtao but denied any specific sales targets, which were reported to be 80,000 boxes per month by late 2025 and over 500 million by 2026 [2][3]. - The collaboration is seen as a potential boost for Thai Tsingtao's Red Bull, suggesting a shift in the competitive landscape against Huabin's Red Bull, which has dominated the market for years [4]. Group 2 - The ongoing trademark dispute between Thai Tsingtao and Huabin has been a significant issue since 1998, with legal battles over trademark rights and competition intensifying in recent years [4][5]. - Thai Tsingtao has invested approximately 4.36 billion yuan in expanding its production capacity in China over the past five years, indicating a strong commitment to increasing its market share [6]. - The competitive dynamics are shifting, with Wanglaoji's entry into the market potentially increasing pressure on Huabin, which has been diversifying its brand portfolio to maintain growth [6].

Core Viewpoint - The collaboration between Guangyao Wanglaoji and Thai Tianshi Red Bull marks a significant development in the competitive landscape of the functional beverage market in China, potentially altering the dynamics of market competition with Huabin Red Bull [2][4][6]. Group 1: Partnership Details - Guangyao Wanglaoji has secured distribution rights for Thai Tianshi's taurine Red Bull in five provinces in China: Hunan, Hainan, Jiangxi, Guangdong, and Guangxi [2]. - Wanglaoji has established a dedicated division to manage the new business venture with Tianshi Red Bull [2]. - Wanglaoji's public relations department denied reports of specific sales targets, including a claimed goal of 5 billion yuan by 2026 [3]. Group 2: Market Context - The functional beverage market in China is highly competitive, with Wanglaoji's entry expected to provide support to Tianshi Red Bull against Huabin Red Bull [4]. - The ongoing trademark dispute between Tianshi Group and Huabin Group has been a long-standing issue, dating back to their joint venture in 1998 [5]. - Tianshi Group has been actively seeking new partnerships to enhance its market presence, having previously engaged with Yangyuan Beverage for operations in northern China [6]. Group 3: Financial Performance - Yangyuan Beverage reported a revenue of 649 million yuan from functional beverages in 2024, reflecting a year-on-year growth of 45.02% [6]. - Tianshi Group has invested approximately 4.36 billion yuan in China over the past five years to expand its production capacity [6].

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。 須予披露的交易：出售應收賬款 本次交易 於2025年11月28日，廣州醫藥與興證資管根據基礎資產買賣協議（第四期）簽訂《新增基礎資產交 割確認函》，確認向興證資管出售第五次新增基礎資產，並收到購買價款人民幣440,280,622.20 元。 本公司根據上市規則第14.07條單獨計算有關本次交易的所有適用百分比率低於5%，故本次交易 單獨並不構成本公司的須予公佈的交易，無須根據上市規則第十四章遵守任何披露規定。 然而，根據上市規則第14.22條，如一連串交易全部均於12個月內完成或屬彼此相關者，則該等交 易應合併計算，並視作一項交易處理。鑒於本次交易及過往交易均由廣州醫藥與興證資管於12個 月內訂立，並且交易性質相似，就計算相關百分比率而言，該等交易應根據上市規則第14.22條進 行合併。 由於根據上市規則第14.07條就本次交易及過往交易按合併基準計算的最高適用百分比率高於5% 但低於25%，因此，本次 ...

智通财经APP讯，白云山(00874)发布公告，于2025年11月28日，广州医药与兴证资管根据基础资产买卖 协议(第四期)签订《新增基础资产交割确认函》，确认向兴证资管出售第五次新增基础资产(其为账面值 人民币4.42亿元的应收账款)，并收到购买价款人民币4.4亿元。 广州医药通过该等交易项下的交易利用应收账款进行资产证券化，可以将应收账款转变为流动性较高的 现金资产，达到盘活资产存量的目的。鉴于上述原因及本公告所披露的该等交易的条款，董事会认为该 等交易的条款属公平合理，符合本集团及本公司股东的整体权益。 ...

Core Viewpoint - The announcement highlights the sale of receivables by Guangzhou Pharmaceutical to Xingzheng Asset Management, which is part of an asset securitization strategy aimed at enhancing liquidity and optimizing asset utilization [1] Group 1: Transaction Details - Guangzhou Pharmaceutical confirmed the sale of receivables with a book value of RMB 442 million to Xingzheng Asset Management, receiving a purchase price of RMB 440 million [1] - This transaction is part of the fourth phase of a foundational asset sale agreement, indicating a structured approach to asset management [1] Group 2: Strategic Implications - The transaction allows Guangzhou Pharmaceutical to convert receivables into cash, thereby improving liquidity and enabling better asset management [1] - The board of directors considers the terms of the transaction to be fair and reasonable, aligning with the overall interests of the company and its shareholders [1]

Group 1 - Guangdong Red Cross Society and nine other Red Cross organizations in the Greater Bay Area donated 1.68 million RMB to the Hong Kong Red Cross for emergency rescue and humanitarian assistance following the fire in Tai Po, Hong Kong [1] - Several companies and individuals from Guangdong have contributed to the fire rescue efforts, including Guangzhou Pharmaceutical's Baiyunshan, which donated 5 million HKD in cash and materials for post-disaster assistance [1] - Heytea announced a donation of 5 million HKD to support disaster relief, resettlement, and reconstruction efforts for affected residents [1] - XPeng Motors also pledged 5 million HKD to aid families impacted by the fire [1] - Chimelong Group donated 10 million RMB for emergency rescue and transitional housing for affected individuals, as well as community recovery efforts [1] - Shizhuang Co. contributed 2 million RMB for emergency rescue and transitional housing, supporting community recovery [1] Group 2 - Liang Guanjun, Vice President of the Chinese Overseas Friendship Association and Chairman of Guangzhou Software College, donated 1 million RMB for emergency rescue, living assistance, and post-disaster reconstruction for the affected residents [2] - Liang expressed hope that this donation would inspire more overseas Chinese to contribute, creating a strong positive energy to provide substantial help and warmth to the affected Hong Kong residents [2]

Core Viewpoint - The company, Baiyunshan (00874.HK), has announced a transaction involving the sale of additional underlying assets to Xingzheng Asset Management for a total purchase price of RMB 440,280,622.20, aimed at enhancing liquidity through asset securitization [1] Group 1: Transaction Details - Baiyunshan's non-wholly owned subsidiary, Guangzhou Pharmaceutical, signed a "New Underlying Asset Delivery Confirmation" with Xingzheng Asset Management based on the asset sale agreement (Phase IV) [1] - The transaction involves the sale of the fifth batch of additional underlying assets, confirming the financial terms and conditions of the deal [1] Group 2: Financial Implications - The transaction allows Guangzhou Pharmaceutical to utilize accounts receivable for asset securitization, converting receivables into more liquid cash assets [1] - The board of directors considers the terms of the transaction to be fair and reasonable, aligning with the overall interests of the group and its shareholders [1]