Core Viewpoint - Baiyunshan Pharmaceutical Group's stock performance shows a slight decline, with significant financing activity indicating investor interest despite the drop in share price [1][2]. Financing Activity - On November 26, Baiyunshan's stock fell by 0.42%, with a trading volume of 257 million yuan. The financing buy-in amounted to 28.26 million yuan, while financing repayment was 17.54 million yuan, resulting in a net financing buy of 10.73 million yuan [1]. - As of November 26, the total financing and securities lending balance for Baiyunshan was 864 million yuan, with the financing balance accounting for 2.37% of the circulating market value, indicating a high level compared to the past year [1]. Company Overview - Baiyunshan, established on September 1, 1997, and listed on February 6, 2001, is based in Guangzhou, China. The company specializes in the research, development, manufacturing, and sales of traditional Chinese and Western medicines, chemical raw materials, and health products [2]. - The revenue composition for Baiyunshan includes 69.32% from large commercial operations, 16.79% from health products, and 12.53% from traditional Chinese medicine [2]. Financial Performance - For the period from January to September 2025, Baiyunshan reported a revenue of 61.606 billion yuan, reflecting a year-on-year growth of 4.31%. The net profit attributable to shareholders was 3.31 billion yuan, with a growth of 4.78% [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 September 30, 2025, the top ten circulating shareholders of Baiyunshan include China Securities Finance Corporation, holding 47.278 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 20.437 million shares [3].

Core Insights - The company launched the "Chenpi Culture Festival" in Guangzhou, themed "Sailing Against the Wind, Living Forever," and released the "Chenpi Health '14th Five-Year' Strategic Plan" [1] - The company has established a solid industrial barrier by leveraging authentic resources from the core production area in Jiangmen, Guangdong [1] - The company has developed a variety of products around the Chenpi health industry, including aged Chenpi, Chenpi tea, medicinal pastes, and health foods to meet diverse consumer needs [1] Group 1 - The company has created a GAP demonstration planting base in the core production area, ensuring the authenticity and quality stability of raw materials through standardized management [2] - The company combines traditional aging techniques with modern technology, establishing a digital platform for the Chenpi industry park in collaboration with China Telecom, enabling real-time data access via blockchain [2] - The company aims to transform "data elements" into "gold elements" for farmers' income through blockchain traceability and AI identification of aging levels [2] Group 2 - The company has introduced the "Changsheng" cultural IP to engage young people with traditional Chinese medicine through immersive activities [2] - The Chen Li Ji Traditional Chinese Medicine Museum in Guangzhou serves as a cultural hub, offering innovative products like Chenpi coffee and health teas [2] - The company actively promotes the integration of the Chenpi industry with cultural tourism, enhancing local dining and accommodation sectors through events at the Chenpi Culture Festival [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the Traditional Chinese Medicine (TCM) sector, driven by supportive government policies aimed at innovation and industrial transformation [1][2] - The Shanghai government has issued a document encouraging collaboration among medical institutions, research units, and pharmaceutical companies to create platforms for TCM innovation and industrial transformation [1] - The document supports the development of major TCM varieties and the secondary development of classic varieties, as well as the establishment of mechanisms for collecting and organizing human experience data for drug registration [1] Group 2 - China Galaxy Securities anticipates that policy-driven changes will continue to propel the pharmaceutical industry towards innovation and upgrades, with a focus on finding incremental opportunities in niche markets [2] - The report indicates that domestic innovative drugs are expected to yield results, with several second-generation I/O drugs and ADCs entering phase three clinical trials, which is promising for future developments [2] - The TCM prescription drug market is facing clinical re-evaluation, which may reshape the market landscape and potentially lead to a turning point in TCM gross margins [2] Group 3 - The TCM ETF closely tracks the Zhongzheng TCM Index, which selects listed companies involved in TCM production and sales to reflect the overall performance of TCM concept stocks [2] - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng TCM Index account for 54.92% of the index, including companies like Yunnan Baiyao and Tongrentang [2]

Core Viewpoint - The article discusses the strategic transformation of Chen Li Ji, a 425-year-old traditional Chinese medicine brand, focusing on its integration of Chen Pi (dried tangerine peel) into the health industry, digital transformation, and rural revitalization efforts [1][2][4]. Group 1: Strategic Initiatives - Chen Li Ji launched the Chen Pi Cultural Festival themed "Sailing Against the Wind, Living Forever," marking its 425th anniversary and announcing the "Chen Pi Health" strategic plan [3][4]. - The company aims to leverage Chen Pi as a pivotal element to drive its growth in the health industry, digital transformation, and rural revitalization [5][12][54]. Group 2: Industry Context - The Chen Pi industry is experiencing unprecedented growth opportunities, with the New Hui district reporting a planting area of approximately 143,000 acres and a fresh fruit output of 180,000 tons in 2024 [16][17]. - The total output value of the Chen Pi industry is estimated at 26.018 billion yuan, providing employment and income increases for over 70,000 people, with farmers seeing an average income increase of about 22,000 yuan [18]. Group 3: Policy Support - The Chinese government has issued policies to promote the inheritance and innovation of traditional Chinese medicine, which supports the development of the Chen Pi industry [20][21][28]. - Chen Li Ji's new Chen Pi industrialization planting base was included in the second batch of Guangdong Province's traditional Chinese medicine industrialization base list in 2021, reflecting direct benefits from these policies [28][30]. Group 4: Consumer Trends - There is a notable shift in consumer demographics towards younger generations, with individuals under 35 years old making up 35.9% of the traditional health demand group [33]. - The health service industry is projected to reach a total scale of 16 trillion yuan by 2030, with the health and wellness market already valued at 708.2 billion yuan in 2022 and continuing to grow [34][35]. Group 5: Product Development - Chen Li Ji has expanded its product line from traditional Chinese medicine to include various health products such as aged Chen Pi, Chen Pi tea, and other health foods, catering to modern consumer preferences [54][78]. - The company has established a digital platform for the Chen Pi industry, integrating blockchain technology for traceability and quality assurance, addressing long-standing trust issues in the industry [68][76]. Group 6: Cultural Integration - Chen Li Ji is promoting cultural integration through events like the Chen Pi Cultural Festival and creative cultural projects, transforming traditional Chen Pi culture into appealing elements for younger consumers [80][83]. - The company has created an immersive cultural experience at its museum in Guangzhou, allowing urban consumers to engage with Chen Pi culture in a familiar setting [86][90].

Core Viewpoint - The company, Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd., is set to hold a Q3 2025 performance briefing on November 28, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 28, 2025, from 16:00 to 17:00 [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [4]. - The format of the meeting will be an interactive online session, allowing for real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [5]. - Questions can be submitted by investors from November 21, 2025, to November 27, 2025, through the "Pre-Question Collection" section on the website or via the company's email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Attendees - Key personnel attending the briefing include the Executive Director and General Manager, Mr. Li Hong, Independent Director Mr. Huang Longde, Board Secretary Ms. Huang Xuezheng, and Chief Financial Officer Ms. Liu Fei [4].

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 本公司關於召開2025年第三季度業績說明會的公告之中文全文，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11月20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：2025-080 广州白云山医药集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 二、 说明会召 ...

Group 1 - The Artemisinin concept index rose by 0.31%, ranking 10th among concept sectors, with three stocks increasing in value, including Delong Huineng, Rundu Co., and Haizheng Pharmaceutical, which rose by 4.35%, 0.87%, and 0.19% respectively [1] - The leading decliners in the sector included Fosun Pharma, New Hecheng, and Baiyunshan, which fell by 1.23%, 0.36%, and 0.34% respectively [1] Group 2 - The main capital flow analysis indicates a net outflow of 176 million yuan from the Artemisinin concept sector, with only one stock, Delong Huineng, experiencing a net inflow of 8.0428 million yuan [2] - The capital flow rankings for the Artemisinin concept show that Delong Huineng had a trading volume of 4.35% and a turnover rate of 13.19%, while other stocks like Kunming Pharmaceutical Group and Rundu Co. had net outflows of 1.72 million yuan and 3.06 million yuan respectively [2][3]

证券代码：600332 证券简称：白云山 公告编号：2025-080 广州白云山医药集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 广州白云山医药集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计 划于 2025 年 11 月 28 日（星期五）下午 16:00-17:00 举行 2025 年第 三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 会议召开时间：2025 年 11 月 28 日(星期五)下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资 ...

来源：新浪证券-红岸工作室 11月19日，白云山跌0.94%，成交额1.66亿元。两融数据显示，当日白云山获融资买入额1376.71万元， 融资偿还1548.14万元，融资净买入-171.43万元。截至11月19日，白云山融资融券余额合计8.31亿元。 分红方面，白云山A股上市后累计派现109.06亿元。近三年，累计派现43.59亿元。 机构持仓方面，截止2025年9月30日，白云山十大流通股东中，中国证券金融股份有限公司位居第四大 流通股东，持股4727.80万股，持股数量较上期不变。香港中央结算有限公司位居第五大流通股东，持 股2001.09万股，相比上期减少2043.72万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持 股1214.03万股，相比上期减少49.56万股。易方达沪深300医药ETF（512010）位居第八大流通股东，持 股881.01万股，相比上期减少271.42万股。易方达沪深300ETF（510310）位居第十大流通股东，持股 865.06万股，相比上期减少28.60万股。 融券方面，白云山11月19日融券偿还9400.00股，融券卖出0.00股，按当日收盘价计算， ...

Core Insights - Guangzhou Wanglaoji Health Industry Co., Ltd. has increased its registered capital from 900 million RMB to 1 billion RMB, representing an approximate 11% increase, alongside changes in its executive management [1] Company Information - The company was established in February 2012 and is wholly owned by Baiyunshan Pharmaceutical Group Co., Ltd. [1][3] - The legal representative of the company is Chen Kunnan, and its business scope includes retail of edible agricultural products, leasing of land use rights, and non-residential real estate leasing [1][3] Shareholder Structure - Baiyunshan Pharmaceutical Group Co., Ltd. holds 100% of the shares in Guangzhou Wanglaoji Health Industry Co., Ltd. [3]