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。 董事會會議召開日期 廣州白雲山醫藥集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10月28日（星期 二）舉行董事會會議，藉以審議及批准本公司及其附屬公司截至2025年9月30日止九個月未經審計財 務業績及處理其他事項（如有）。 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14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。 ...

Core Viewpoint - The trademark dispute between Jia Duo Bao and Wang Lao Ji has intensified, particularly focusing on overseas trademark rights, as both companies seek to expand in international markets amid slowing domestic growth in the herbal tea sector [1][3][4]. Trademark Dispute Background - The conflict stems from a historical agreement where Li Yimin, former general manager of Guangzhou Pharmaceutical Group, facilitated the transfer of the "Wang Lao Ji" trademark to Jia Duo Bao's parent company, Hongdao Group, in exchange for bribes totaling HKD 3 million [1][11][15]. - Following the exposure of Li Yimin's bribery case, Guangzhou Pharmaceutical Group reassessed the licensing agreements, claiming the trademark was undervalued, with usage fees at only 0.03% of sales compared to the industry norm of 5%-30% [1][16][17]. Recent Developments - On September 29, Jia Duo Bao announced victories in multiple lawsuits in Canada and the EU, asserting its rights to the "Wang Lao Ji" trademark in over 60 countries through its subsidiary, Multi Access Limited [4][20]. - Conversely, Wang Lao Ji's parent company, Baiyunshan, issued a statement disputing Jia Duo Bao's claims, asserting that the trademark ownership is clear and legally documented [5][4]. Market Context - The herbal tea industry in China is experiencing a slowdown, with market growth rates declining significantly from 16.7% in 2012 to a mere 6.8% projected over the next five years [20][19]. - In contrast, the global plant beverage market is booming, with a compound annual growth rate of nearly 10% from 2019 to 2024, particularly in emerging markets like Southeast Asia [22][26]. Financial Performance - Baiyunshan reported a 12.7% decline in revenue from its health segment, which primarily includes Wang Lao Ji, with total revenue around CNY 9.7 billion for 2024 [21]. - In the first half of 2025, Wang Lao Ji's health segment showed signs of recovery, with a revenue increase of 8.38% to CNY 6.5 billion, and a net profit rise of 15.87% [24]. Strategic Moves - Wang Lao Ji is actively pursuing international expansion, launching the new overseas brand "WALOVI" and registering it in over 100 countries [5][22]. - The ongoing trademark battle is crucial for Jia Duo Bao, as securing overseas rights could enhance its market position and attract potential investors amid plans for a Hong Kong IPO [26].

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and JDB (Jiangsu Dahe Beverage) has escalated, focusing on overseas trademark rights, with both companies asserting their claims in various international markets [2][4]. Group 1: Trademark Dispute Background - The trademark conflict between Wanglaoji and JDB has been ongoing for over a decade, involving issues of trademark licensing, commercial packaging, and advertising slogans [2][3]. - Wanglaoji's brand has a history dating back to the Qing Dynasty, and it became a national beverage during its operation under JDB [3]. - The initial trademark licensing agreement between Guangzhou Pharmaceutical Group and JDB was signed in the 1990s, with subsequent contracts leading to disputes over their validity due to alleged bribery [3][4]. Group 2: Recent Developments - JDB claims to have successfully defended its overseas trademark rights in multiple lawsuits, asserting ownership of the Wanglaoji brand in over 60 countries [2][5]. - Wanglaoji has countered these claims, accusing JDB of malicious trademark registration and has initiated legal actions in 21 countries, with some rulings already in its favor [6][5]. - The legal status of JDB's overseas trademark registrations varies by country, with some jurisdictions recognizing its legitimacy while others do not [6]. Group 3: Market Expansion Strategies - Both companies are aggressively pursuing international market expansion, with Wanglaoji launching a new brand name "WALOVI" to cater to global consumers [7][8]. - Wanglaoji's overseas market has seen a 6.5-fold growth over the past decade, with a compound annual growth rate exceeding 25% [7]. - JDB's international strategy appears more subdued, yet it continues to expand its marketing channels and product reach globally [8]. Group 4: Industry Trends - The global plant-based beverage market is experiencing significant growth, with a compound annual growth rate of nearly 10% from 2019 to 2024 [7]. - The competition in the herbal tea segment is intensifying, with both companies needing to adapt to changing consumer preferences and market dynamics [9]. - Analysts suggest that the trademark dispute is a reflection of the broader challenges faced by Chinese companies in international markets, emphasizing the importance of trademark rights in global expansion efforts [9].

Core Viewpoint - The dispute over the "Wang Lao Ji" trademark between Jia Duo Bao Group and Wang Lao Ji has escalated, with both parties claiming ownership and legitimacy of their respective trademarks in various jurisdictions [1][3][8]. Group 1: Trademark Ownership Claims - Jia Duo Bao Group asserts that it legally acquired the "Wang Lao Ji" trademark in the early 2000s and has registered it in over 60 countries and regions [1][3][5]. - Wang Lao Ji claims that the trademark ownership belongs to Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited, and they have legal documents to support their position [8]. - Both companies cite different court rulings to validate their claims, with Jia Duo Bao mentioning victories in Canadian and EU courts regarding their trademark registrations [8]. Group 2: Legal Actions and Responses - Wang Lao Ji has initiated legal challenges against Jia Duo Bao's trademark registrations in 21 countries, with 10 jurisdictions already ruling in favor of Wang Lao Ji by revoking Jia Duo Bao's trademark registrations [8]. - Jia Duo Bao emphasizes its commitment to protecting its brand and will take all necessary legal actions against any infringement or market disruption [5][6]. - The trademark registration strategies differ, with Jia Duo Bao using "WANG LAO JI" and "WONG LO KAT," while Wang Lao Ji has registered "WALOVI," although both parties agree on the Chinese name "王老吉" [8].

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and JDB (Jiangsu Dahe Beverage) has intensified, focusing on the overseas trademark ownership of "Wanglaoji" [3][22]. Group 1: Trademark Dispute Developments - JDB recently claimed ownership of the overseas trademark rights for "Wanglaoji," citing victories in multiple legal cases in Canada and the EU [6][9]. - Wanglaoji responded sharply, asserting that the trademark rights belong to Guangzhou Pharmaceutical Group and accusing JDB of maliciously registering trademarks to hinder their international expansion [15][19]. - The dispute has historical roots dating back to 2011, with both companies engaging in a protracted legal battle over trademark rights [33][34]. Group 2: Legal Victories and Strategies - JDB's Multi Access Limited successfully defended its trademark rights in Canadian and EU courts, marking significant progress in its international branding strategy [7][9]. - JDB has established trademark rights in over 60 countries and regions, positioning itself as the legitimate rights holder for the "Wanglaoji" brand globally [11][14]. - Wanglaoji has also been proactive in its international strategy, launching the English brand "WALOVI" and expanding its product offerings to international markets [28][30]. Group 3: Market Position and Financial Performance - Wanglaoji reported a revenue of 6.499 billion yuan in the first half of 2025, reflecting an 8.38% year-on-year growth, with profits also increasing significantly [27]. - The plant-based beverage market is experiencing rapid growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, indicating a favorable environment for both brands [31]. - As of June 2025, Wanglaoji holds a 46.33% market share in the plant beverage category in China, while JDB follows with 28.31% [31].

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and JDB has intensified, focusing on the overseas trademark ownership of "Wanglaoji" as both companies exchange statements and claims regarding their rights [2][4][9]. Group 1: Trademark Dispute - JDB recently claimed ownership of the overseas "Wanglaoji" trademark, citing victories in multiple legal cases in Canada and the EU [5][9]. - Wanglaoji responded sharply, asserting that the trademark rights belong to Guangzhou Pharmaceutical Group and accusing JDB of misleading the public [7][8]. - The dispute has historical roots dating back to 2011, with various legal battles and arbitration outcomes affecting both parties [12][14]. Group 2: Market Position and Strategy - Wanglaoji reported a revenue of 6.499 billion yuan in the first half of 2025, marking an 8.38% year-on-year increase, with profits also rising significantly [9]. - The company is actively expanding its international presence, having registered "Wanglaoji" and "WALOVI" trademarks in over 100 countries and regions [8][10]. - JDB is also pursuing international growth, having registered the "Wanglaoji" trademark in over 60 countries and emphasizing its marketing efforts to promote Chinese herbal tea globally [10][11]. Group 3: Industry Context - The plant beverage market is experiencing rapid growth, with a compound annual growth rate of nearly 10% from 2019 to 2024, indicating a favorable environment for both companies [11]. - As of June 2025, Wanglaoji holds a 46.33% market share in the plant beverage category, while JDB follows with 28.31% [11].

Core Insights - Wanglaoji's WALOVI international can has been launched in Germany, marking a significant step in the brand's internationalization strategy in the European market [1][2] - The entry into the German market is seen as a crucial move to capture the growing demand for plant-based beverages in Europe [1] Group 1: Market Entry and Strategy - Wanglaoji's WALOVI international can is the first product launched overseas after its global release in August [1] - The company aims to deepen its market presence in Europe by establishing a multi-channel market network through large supermarkets and dining channels [2] - Germany is identified as a key market due to its status as Europe's economic center and its high standards in the food market [1] Group 2: Market Context and Consumer Trends - Germany's GDP is projected to reach $4.66 trillion in 2024, accounting for over 20% of the EU's total economic output [1] - There is a rising consumer focus on healthy eating in Germany, particularly for natural, low-sugar, and plant-based beverage categories [1] - The Anuga exhibition attracted over 170,000 professional visitors and featured around 7,800 exhibitors from over 100 countries, highlighting the global interest in food and beverage innovations [2]

Core Viewpoint - The ongoing trademark dispute between Wanglaoji and JDB has escalated, with both companies making conflicting claims regarding the ownership of the "Wanglaoji" trademark in overseas markets [1][2][4]. Group 1: Background of the Dispute - The trademark conflict began in 2010 and has persisted for over a decade, with both companies now focusing on expanding their presence in international markets as domestic growth slows [5]. - JDB claims to have legally obtained the overseas rights to the "Wanglaoji" trademark in the early 2000s, while Wanglaoji asserts that JDB maliciously registered the trademark to hinder its international expansion [2][4]. Group 2: Legal Actions and Responses - Wanglaoji has registered the "Wanglaoji" and "WALOVI" trademarks in over 100 countries and regions, with clear ownership rights as of September 30, 2025 [3]. - Wanglaoji has initiated legal actions in 21 countries and regions, including Macau and Brazil, against JDB for trademark misuse, with 10 jurisdictions already supporting Wanglaoji's claims [3]. - JDB's response emphasizes its strategic intent to expand into over 60 countries and regions, claiming that its trademark registrations are aimed at market development [4]. Group 3: Market Strategies - Wanglaoji has launched international products under the "WALOVI" brand and plans to localize production in Malaysia, targeting the U.S. and Southeast Asia as key markets [5]. - JDB is also pursuing overseas expansion, focusing on markets in Southeast Asia and Hong Kong, with plans for a potential listing in Hong Kong [5]. Group 4: Legal Environment - Legal experts note that the trademark dispute is complicated by differing trademark governance systems across countries, leading to varying interpretations of trademark rights [6]. - The ongoing global market strategies of both companies suggest that the trademark conflict will continue to unfold through legal channels in various jurisdictions [6].

Core Viewpoint - The ongoing trademark dispute between Jia Duo Bao and Wang Lao Ji has intensified, with both companies making significant claims regarding their rights to the "Wang Lao Ji" brand in international markets [4][6][14]. Group 1: Trademark Ownership Claims - Jia Duo Bao asserts that it acquired the overseas trademark rights for "Wang Lao Ji" in the early 2000s and has since registered the trademark in over 60 countries [4][9]. - Wang Lao Ji claims that the current trademark owner is Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., and that it has registered the "Wang Lao Ji" and "WALOVI" trademarks in over 100 countries [13][14]. Group 2: Recent Developments - In August 2023, Wang Lao Ji launched its international core brand "WALOVI" and introduced four international canned products [6]. - Jia Duo Bao reported victories in multiple lawsuits in Canada and the EU, defending its overseas trademark rights [9]. Group 3: Historical Context - The trademark dispute dates back to 2012 when an arbitration ruling invalidated the trademark licensing agreements between Guangzhou Pharmaceutical Group and Jia Duo Bao's parent company [14]. - In 2023, a court ruled that Jia Duo Bao must pay 317 million yuan for trademark infringement, which Jia Duo Bao plans to appeal [14].

Core Viewpoint - The ongoing trademark dispute between Jia Duo Bao and Wang Lao Ji has escalated to include overseas trademark rights, highlighting the intensifying competition in international markets [2][11][15]. Trademark Dispute Overview - Wang Lao Ji accused Jia Duo Bao of maliciously registering the "Wang Lao Ji" trademark overseas through offshore companies [2][11]. - Jia Duo Bao claims to have legally acquired the overseas trademark rights in the 2000s and has registered the trademark in over 60 countries [6][11]. - Both companies cite different legal rulings to support their claims, with Jia Duo Bao referencing victories in Canadian and EU courts, while Wang Lao Ji has initiated challenges in 21 countries against Jia Duo Bao's registrations [12][11]. Historical Context - The trademark conflict began after a partnership between Hongdao Group (Jia Duo Bao's controlling entity) and Guangzhou Pharmaceutical Group ended in 2011, leading to numerous lawsuits over trademarks and branding [14]. - Significant legal battles have occurred, including a 2018 ruling that ordered Jia Duo Bao to pay 1.44 billion yuan in damages, which was later overturned by the Supreme People's Court [14]. Market Expansion and Growth - The competition has shifted from domestic to international markets, with both companies vying for dominance in the growing global plant-based beverage sector [15][17]. - The global plant beverage market is projected to grow at a compound annual growth rate of nearly 10% from 2019 to 2024, with Southeast Asia and the Middle East identified as key growth areas [17]. - Wang Lao Ji's international market has reportedly grown 6.5 times over the past decade, with a compound annual growth rate exceeding 25% [17]. - Wang Lao Ji's parent company reported a revenue of 6.499 billion yuan in the first half of 2025, reflecting an 8.38% year-on-year increase, while net profit rose by 15.87% [17].