FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州白雲山醫藥集團股份有限公司 （「本公司」） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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 ...

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and JDB (Jiangxi Daba) has intensified, with both companies claiming rights to the "Wanglaoji" brand in various international markets, leading to legal battles and public statements that reflect their opposing positions [1][2][4]. Trademark Dispute - JDB claims to hold valid "Wanglaoji" trademarks in 63 countries and regions, including North America, South America, Europe, Asia, Africa, and Oceania, and has successfully defended these trademarks in multiple lawsuits [2][4]. - Wanglaoji asserts that JDB's claims of "infringement, counterfeiting, and unfair competition" are misinterpretations of trademark law, stating that JDB's registrations are malicious and lack legal basis [2][5]. - The Guangdong High People's Court ruled in July 2023 that JDB companies were jointly infringing on Wanglaoji's trademark rights, ordering them to pay 317 million yuan in damages, which JDB plans to appeal [3]. International Legal Context - JDB has reported favorable rulings in Canada and the EU, confirming the legality of its trademark registrations and usage in those regions [4]. - Wanglaoji is actively challenging JDB's registrations in 21 countries, with 10 countries already ruling in favor of Wanglaoji, including regions where JDB claims valid registrations [5]. Market Dynamics - The competition between Wanglaoji and JDB has extended beyond legal battles to international markets, with both brands vying for dominance in the growing plant-based beverage sector [8]. - According to Frost & Sullivan, the global plant beverage industry is experiencing explosive growth, with a compound annual growth rate (CAGR) of nearly 10% from 2019 to 2024, particularly in emerging markets like Southeast Asia and the Middle East [8]. - Wanglaoji holds a 46.33% market share in the plant beverage category in China, while JDB follows with 28.31% [8]. International Expansion Efforts - Wanglaoji has accelerated its international expansion, forming partnerships for localized production and distribution in various countries, including Malaysia, Vietnam, and Cambodia [9]. - The company reported a significant increase in overseas market size, growing 6.5 times over the past decade, with an annual growth rate exceeding 25% [9]. - Wanglaoji's revenue for the first half of the year reached 6.499 billion yuan, with a net profit of 1.295 billion yuan, both showing double-digit growth [9].

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and Jia Duo Bao has intensified, particularly in international markets, as both companies assert their rights to the "Wanglaoji" brand amidst legal battles and public statements [1][5][9]. Trademark Dispute - Jia Duo Bao claims to hold valid "Wanglaoji" trademarks in 63 countries and regions, including North America, South America, Europe, Asia, Africa, and Oceania, and has successfully defended these trademarks in multiple lawsuits [5][7]. - Wanglaoji refutes Jia Duo Bao's claims, stating that their assertions of "infringement, counterfeiting, and unfair competition" are misinterpretations of trademark law, and emphasizes that the "Wanglaoji" trademark is owned by Guangzhou Baiyunshan Pharmaceutical Group [5][6]. Legal Proceedings - A recent ruling by the Guangdong High People's Court found Jia Duo Bao liable for infringement, ordering them to pay 317 million yuan in damages, which Jia Duo Bao plans to appeal [6][7]. - In Canada, a court confirmed the legality of Jia Duo Bao's trademark registrations, while Wanglaoji is actively challenging these registrations in various countries, with some successes reported [7][8]. Market Dynamics - The global plant-based beverage market is experiencing significant growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, making it a key battleground for both brands [9]. - Wanglaoji holds a 46.33% market share in the plant beverage category in China, while Jia Duo Bao follows with 28.31% [10]. Financial Performance - Wanglaoji reported a revenue of 6.499 billion yuan and a net profit of 1.295 billion yuan in the first half of 2025, both showing double-digit growth [11].

Core Viewpoint - On September 30, Baiyunshan's stock increased by 0.24% with a trading volume of 219 million yuan, indicating active market participation and interest in the company [1] Financing Summary - On September 30, Baiyunshan had a financing buy-in amount of 22.36 million yuan and a financing repayment of 45.28 million yuan, resulting in a net financing outflow of 22.92 million yuan [1] - As of September 30, the total financing and securities lending balance for Baiyunshan was 1.015 billion yuan, with the financing balance at 1.013 billion yuan, accounting for 2.82% of the circulating market value, which is above the 90th percentile of the past year [1] - In terms of securities lending, Baiyunshan repaid 21,200 shares and sold 500 shares on September 30, with a selling amount of 12,800 yuan, while the securities lending balance was 1.99 million yuan, exceeding the 60th percentile of the past year [1] Company Overview - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. 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 revenue composition of Baiyunshan includes 69.32% from large commercial operations, 16.79% from health products, and 12.53% from traditional Chinese medicine, with specific contributions from various segments [2] - As of June 30, 2025, Baiyunshan reported a revenue of 41.835 billion yuan, a year-on-year increase of 1.93%, while the net profit attributable to shareholders was 2.516 billion yuan, a decrease of 1.31% year-on-year [2] Dividend and Shareholding Information - Baiyunshan has distributed a total of 10.906 billion yuan in dividends since its A-share listing, with 4.359 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included 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]

Core Insights - Guangzhou Yiyuan Molecular Technology Co., Ltd. has been established with a registered capital of 500 million RMB, focusing on medical research and development, technology services, and sales of medical devices and food products [1][2] Company Information - The legal representative of the company is Kong Jian, and it is wholly owned by Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. [1][2] - The company is registered under the unified social credit code 91440112MAEWX6L36M and is currently in a state of existence [2] Business Scope - The business scope includes medical research and experimental development, technology services, technology development, technology consulting, technology exchange, technology transfer, technology promotion, investment activities with self-owned funds, sales of second-class medical devices, and internet sales of food products [1][2]

白云山为何要入股南京医药？除了通过受让股权成为南京医药第二大股东外，白云山还与南京医药签署 了战略投资协议，双方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、高效的供应链体系等，实现协同发展。 入股地处江苏的南京医药，白云山将加码布局华东市场。 受近年来政策及市场变化等多种因素影响，白云山的经营业绩也出现了小幅调整。入股南京医药，白云 山谋求突围。 战投南京医药（600713.SH），广药集团旗下的白云山（600332.SH）将间接成为南京医药的第二大股 东。 近期，白云山及南京医药均公告，2025年9月26日，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）（简称"广药二期基金"）与相关方签署协议，拟受让南京医药11.04%的股权，交易价款 约7.49亿元。 长江商报消息 ●长江商报记者 沈右荣 分析人士认为，无论是医药制造还是医药流通环节，市场竞争加剧，"野蛮生长"时代已经过去，通过股 权纽带，寻求协同发展或将是突围之道。 携7.49亿入股南京医药 通过受让股权，白云山成了南京医药间接第二大股东。 2025年9月28日，白云山发布公告，公司附属企业广药二期基金与 ...

Core Insights - Guangzhou Pharmaceutical Holdings Limited has established a new subsidiary, Guangyao Yunshan Molecular Technology (Guangzhou) Co., Ltd, with a registered capital of 500 million RMB [1] Company Overview - The legal representative of the new company is Kong Jian [1] - The company is wholly owned by Baiyunshan (600332) [1] Business Scope - The business activities include medical research and experimental development, technical services, technical development, technical consulting, technical communication, technology transfer, and technology promotion [1] - The company will also engage in investment activities using its own funds, sales of Class II medical devices, internet sales of food, and food sales [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣州白雲山醫藥集團股份有限公司 （「本公司」） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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 ...

Core Viewpoint - A consumer reported purchasing expired bottled water from a discount store, raising concerns about product quality and safety [1][3] Company Summary - The discount store, 好特卖, was established in 2019 and is a chain specializing in discounted snacks [4] - The parent company, 上海芯果科技有限公司, has undergone five rounds of financing since 2019, with the latest being a Series B round in 2021 [4] - According to the China Chain Store & Franchise Association, 好特卖's sales are projected to grow by 33.4% year-on-year to 4.85 billion yuan in 2024, with a 15.3% increase in store count to 940 [4] Incident Summary - A consumer claimed to have bought a bottle of water that was over a year expired, with the product allegedly produced on September 15, 2023, and a shelf life of 12 months [1] - The store's customer service initially stated that the product was actually produced on September 15, 2025, and attributed the confusion to a printing error [3] - The water's manufacturer, 广州白云山星群健康科技有限公司, disputed the store's claim, stating they had not produced any bottled water in September 2023 and suggested the product might be counterfeit [3]

Core Viewpoint - Baiyunshan's acquisition of a 11.04% stake in Nanjing Pharmaceutical for 749 million yuan occurs amidst its own financial struggles, raising questions about the strategic wisdom of this investment given its declining core business and cash flow issues [1][2][6]. Financial Performance - Baiyunshan's net profit for 2024 is projected to drop by 30%, reaching a seven-year low, while its core product, Jin Ge, experiences a significant revenue decline [1][8]. - In the first half of 2025, Baiyunshan's revenue is reported at 418.35 billion yuan, a 1.93% increase year-on-year, but net profit decreases by 1.31% [10]. - The company's operating cash flow is negative 33.97 billion yuan in the first half of 2025, worsening from negative 20.37 billion yuan in the previous year [11]. Acquisition Details - The acquisition involves Baiyunshan's subsidiary purchasing 145 million non-restricted shares of Nanjing Pharmaceutical at 5.18 yuan per share, totaling approximately 749 million yuan [2][5]. - Post-acquisition, Baiyunshan becomes the second-largest shareholder of Nanjing Pharmaceutical, holding 11.04% of the shares, which allows it to gain significant influence without triggering mandatory takeover regulations [5][6]. Strategic Intent - The acquisition aims to leverage Nanjing Pharmaceutical's distribution network in East China to enhance market access for Baiyunshan's products, particularly as its core products face sales challenges [6][12]. - Baiyunshan plans to explore joint ventures and strategic investments with Nanjing Pharmaceutical, indicating a broader ambition to integrate supply chain resources and modernize traditional Chinese medicine [6][12]. Challenges and Risks - Baiyunshan's decision to finance the acquisition through borrowed funds raises concerns about the sustainability of its financial strategy, especially during a period of industry downturn [7][11]. - The company's significant reduction in R&D spending, which is only one-tenth of its sales expenses, poses long-term risks to its innovation capabilities and market competitiveness [11].