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 4 月 29 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 3 月 31 日止三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 4 月 15 日 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 於本公告日，本公司董事會成員包括執行董事李小軍先生、楊軍先生、程寧女士與黎洪先生，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。 1 ...

Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of RMB 2,835,496,163.51 for the fiscal year 2024, with a base net profit of RMB 1,114,566,368.85[4] - The company reported an undistributed profit of RMB 7,524,341,276.23 after accounting for the statutory surplus reserve and cash dividends paid[4] - The company's operating revenue for 2024 was RMB 74,992,820 thousand, a decrease of 0.69% compared to RMB 75,515,404 thousand in 2023[27] - Net profit attributable to shareholders for 2024 was RMB 2,835,496 thousand, down 30.09% from RMB 4,055,679 thousand in 2023[27] - The net cash flow from operating activities decreased by 16.11% to RMB 3,442,427 thousand in 2024 from RMB 4,103,625 thousand in 2023[27] - Total profit amounted to RMB 3,607,580 thousand, reflecting a year-on-year decline of 29.41%[39] - The company's total liabilities increased by 4.78% to RMB 43,913,976 thousand at the end of 2024, compared to RMB 41,909,054 thousand at the end of 2023[27] - The asset-liability ratio increased to 53.76% in 2024 from 53.33% in 2023, an increase of 0.43 percentage points[28] - The company's total equity attributable to shareholders at year-end was RMB 35,904,528 thousand, an increase from the previous year[35] Dividend and Profit Distribution - A cash dividend of RMB 0.40 per share (before tax) is proposed, totaling RMB 650,316,379.60 based on a total share capital of 1,625,790,949 shares as of December 31, 2024[4] - The company plans to submit the profit distribution proposal to the shareholders' meeting for approval[5] Risks and Challenges - There are no significant risks that could materially affect the company's operations during the reporting period[6] - The report outlines various risks and challenges the company may face in its future development[6] - The company emphasizes that forward-looking statements in the report do not constitute a commitment to investors, urging them to be aware of investment risks[9] Research and Development - Investment in R&D for new products increased by 25%, focusing on innovative drug formulations and biopharmaceuticals[24] - The group has over 200 ongoing research projects, including traditional Chinese medicine, generic drugs, biosimilars, and medical devices, reflecting a strong commitment to innovation[42] - The company has five national-level R&D institutions and 15 provincial-level technology centers, indicating a strong commitment to innovation[92] - The total R&D expenditure amounted to RMB 828,407 thousand, representing 4.26% of operating revenue[123] - The company is actively pursuing innovation in drug development, focusing on both introducing projects and independent research and development[182] Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 12% for the next fiscal year, driven by new product launches and market expansion strategies[24] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales from this region by 2025[24] - The company plans to continue its international expansion and enhance e-commerce channels to drive sales growth[40] - The company is actively involved in expanding its market presence through the introduction of new formulations and product types[162] - The company aims to leverage its new product approvals to strengthen its market position and drive future growth[191] Product Development and Portfolio - The company has a strong pipeline of products aimed at addressing respiratory and gastrointestinal conditions, among others[162] - The company is enhancing its product pipeline with new approvals for drugs targeting various infections and conditions, including antibiotics and cardiovascular treatments[197] - The company is expanding its product line with traditional Chinese medicine, such as Sangju Granules, aimed at alleviating symptoms of wind-heat colds[200] - The company has ongoing research and development efforts for new products, including the Qingkailing series and Acetaminophen series, aimed at treating various conditions[162] Financial Health and Investment - The total assets of the company increased by 10% to RMB 15 billion, indicating strong financial health and investment capacity[24] - The company’s debt-to-equity ratio improved to 0.5, showcasing a stronger balance sheet and reduced financial risk[24] - The group plans to invest approximately RMB 2.014 billion in capital expenditures in 2025, up from RMB 1.55 billion in 2024, focusing on R&D and production facilities[135] Regulatory Compliance and Quality Management - The financial report has been audited by Da Xin Accounting Firm, which issued a standard unqualified opinion[8] - The financial report is prepared in accordance with Chinese accounting standards and is available in both Chinese and English[7] - The group adheres to national GMP standards in production, ensuring quality control throughout the manufacturing process from raw material procurement to final product delivery[81] - The company plans to strengthen its quality management system in line with the new TCM standard management regulations, focusing on quality control methods and improving the TCM quality standard system[52] Sales and Distribution - The pharmaceutical retail network consists of 157 outlets, primarily located in Guangdong and Hainan, including 60 "Jianmin" chain stores and 65 Guangzhou Pharmaceutical chain stores[87] - The group has developed an e-commerce sales system, leveraging platforms like Tmall and JD.com to expand product sales reach and adapt to new economic models[80] - The group actively integrates internal sales resources, forming a pharmaceutical sales platform centered around Baiyunshan Pharmaceutical Sales Company, enhancing sales efficiency[80] Industry Trends and Competitive Landscape - In 2024, the pharmaceutical distribution sector is expected to see increased concentration and intensified competition, with a focus on enhancing service capabilities and expanding distribution networks[42] - The pharmaceutical industry is characterized as non-cyclical, with certain products experiencing seasonal demand spikes, particularly in the case of flu medications and herbal teas[67] - The group is recognized as one of the largest pharmaceutical enterprises in China, with a comprehensive layout in the biopharmaceutical health industry and a strong market position[48]

证券代码：600332 证券简称：白云山 公告编号：2025－032 广州白云山医药集团股份有限公司 关于子公司《药品生产许可证》变更的公告 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。 近日，广州白云山医药集团股份有限公司（以下简称"本公司"） 全资子公司广州白云山明兴制药有限公司（以下简称"明兴药业"） 收到广东省药品监督管理局核准签发的《药品生产许可证》，同意 明兴药业新增生产范围和生产线，并通过药品生产质量管理规范符 合性检查。现将相关情况公告如下： 一、《药品生产许可证》基本情况 企业名称：广州白云山明兴制药有限公司 许可证编号：粤 20160012 分类码：AhzxBzCzDhz 注册地址：广州市海珠区工业大道北 48 号 发证机关：广东省药品监督管理局 有效期至：2025 年 11 月 22 日 生产地址和生产范围： 1、广州市黄埔区尖塔山路 1 号，冻干粉针剂（含抗肿瘤药）， 原料药［门冬酰胺酶（欧文）］；2、广州市海珠区工业大道北 48 号 ，片剂，硬胶囊剂，颗粒剂，合剂，乳剂，小容量注射剂（含激素类）， ...

Industry Overview - Chinese herbal medicine is a unique drug used in traditional Chinese medicine for disease prevention and treatment, encompassing both herbal medicine and traditional Chinese drugs [1][5] - The market size of Chinese herbal medicine planting in China is projected to grow from 156.3 billion yuan in 2019 to 295.68 billion yuan in 2024, with a year-on-year growth rate of 30.2% [9] - The planting area for Chinese herbal medicine has increased from 52.5 million mu in 2019 to 59.56 million mu in 2024, reflecting a year-on-year growth rate of 5.87% [5][9] Industry Chain - The upstream of the industry chain includes the planting of Chinese herbal medicine, breeding of medicinal animals, and collection of raw materials, with key players such as Baiyunshan, Kangmei Pharmaceutical, and Yunnan Baiyao [2] - The midstream involves the processing and manufacturing of Chinese herbal products, including traditional Chinese medicine and herbal pieces, with companies like Kangmei Pharmaceutical and Huaren Sanjiu leading this segment [2] - The downstream focuses on the distribution and sales of Chinese herbal products through traditional pharmacies and e-commerce platforms [2] Market Dynamics - The demand for Chinese herbal medicine is increasing due to factors such as industrialization, urbanization, and an aging population, alongside supportive government policies [9] - The recognition of traditional Chinese medicine in international markets is also on the rise, contributing to the industry's rapid growth [9] Competitive Landscape - The competitive landscape of the Chinese herbal medicine planting industry is tiered based on registered capital, with the first tier exceeding 1 billion yuan, including companies like Yunnan Baiyao and Kunming Pharmaceutical [11][13] - The second tier has registered capital between 500 million to 1 billion yuan, featuring companies like Yibai Pharmaceutical and Dong'e Ejiao [11][13] - The third tier consists of companies with registered capital below 500 million yuan, such as Foci Pharmaceutical and Zhendong Pharmaceutical [11][13] Development Trends - The establishment of geographical indication and ecological planting models is accelerating the construction of authentic medicinal material protection zones [17] - The standardization of seeds and seedlings is expected to overcome industry bottlenecks, with significant improvements in the coverage of quality seeds [17] - International certifications such as EU organic certification and US NOP standards are becoming essential for export enterprises, enhancing the competitiveness of Chinese herbal products in global markets [18]

FF301 | 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 | | | 1,405,890,949 | RMB | | 1 RMB | | 1,405,890,949 | 本月底法定/註冊股本總額： RMB 1,625,790,949 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3月31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 ...

白云山明兴清开 灵：向下扎根， 实现社会价值与 商业价值共生_ 南方+_南方plus 在中国医药行业 的版图上，"清 开灵"是一个特 殊的存在——它 既是传统中医药 智慧的结晶，也 是现代医疗体系 中的常备药物。 而在这一细分市 场的激烈竞争 中，白云山明兴 制药连续3年以 超50%的市场份 额稳居中国城市 药店清开灵销售 龙头企业地位 （米内网数 据），其背后的 逻辑不仅在于产 品力的深耕，更 在于品牌对"匠 心精神"的独特 诠释。从大国工 匠到社区医生， 从非遗传承到基 层治理，白云山 明兴清开灵正通 过一场"向下扎 根"的叙事变 革，重新定义医 药企业的社会责 任与商业价值。 | 数据来源：米内网 | | --- | 从"庙堂"到"街 巷"：匠心精神 的维度迁移 2024年，"明匠 心 兴品质"白云 山明兴清开灵工 匠精神益万家系 列活动的聚光灯 下，非遗传承 人、工艺大师仍 是主角；而到了 2025年，这一活 动却悄然转向 ——基层社区人 员成为舞台中 心。这种转变并 非偶然，而是活 动主办方对时代 命题的敏锐捕 捉，也彰显了主 办方之一广州白 云山医药销售公 司十年来从渠道 建设者向健康服 务生态构 ...

Group 1 - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. announced that its subsidiary, Guangzhou Baiyunshan Tianxin Pharmaceutical Co., Ltd., has received approval for the consistency evaluation of its generic drug, Ampicillin Sodium Injection [1][2] - The approved specifications for Ampicillin Sodium Injection are 1.0g and 0.5g, and it is classified as a chemical drug [1][3] - The drug is indicated for various infections caused by sensitive bacteria, including respiratory, gastrointestinal, urinary tract, soft tissue infections, endocarditis, meningitis, and sepsis [3][4] Group 2 - The sales revenue for Ampicillin Sodium Injection in 2024 is projected to be RMB 1.1507 million, while the drug's sales in the domestic market for 2023 were RMB 69.201 million [4] - The company has invested approximately RMB 1.8284 million in the research and development of the consistency evaluation project for Ampicillin Sodium Injection [4] Group 3 - The company also announced that its subsidiary, Baiyunshan Pharmaceutical Factory, received approval for the supplementary application of Hepatitis B Detoxification Capsules and Purple Flower Azalea Capsules [6][8] - The Hepatitis B Detoxification Capsules are indicated for hepatitis B with symptoms of liver heat and have a specification of 0.25g per capsule [10] - The sales revenue for Hepatitis B Detoxification Capsules in 2023 was RMB 390,000, and the company has invested about RMB 100,000 in the research and development of this product [10]

证券代码：600332 证券简称：白云山 公告编号：2025-031 剂型：注射剂 规格：1.0g（按C₁₆H₁₉N₃O₄S计）、0.5g（按C₁₆H₁₉N₃O₄S计） 注册分类：化学药品 广州白云山医药集团股份有限公司 关于子公司药品通过仿制药一致性评价的公告 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。 近日，广州白云山医药集团股份有限公司（以下简称"本公司"） 控股子公司广州白云山天心制药股份有限公司（以下简称"天心药业"） 收到国家药品监督管理局核准签发的《药品补充申请批准通知书》， 注射用氨苄西林钠（1.0g、0.5g）已通过仿制药质量和疗效一致性评 价。现将有关情况公告如下： 一、药品的基本情况 药品通用名称：注射用氨苄西林钠 通知书编号：2025B01234、2025B01235 受理号：CYHB2350940、CYHB2350941 药品注册标准编号：YBH06322025 上市许可持有人名称：（1）名称：广州白云山天心制药股份有限 公司；（2）地址：广州市海珠区滨江东路808号 生产企业：（1）名称：广州白 ...

证券代码：600332 证券简称：白云山 公告编号：2025－030 广州白云山医药集团股份有限公司 关于分公司获得药品补充申请批件的公告 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。 近日，广州白云山医药集团股份有限公司（以下简称"本公司"）分 公司广州白云山医药集团股份有限公司白云山制药总厂（以下简称"白云 山制药总厂"）收到国家药品监督管理局（以下简称"国家药监局"）签 发的《药品补充申请批准通知书》。现将有关情况公告如下： 一、药品的基本情况 （一）乙肝解毒胶囊 药品通用名称：乙肝解毒胶囊 剂型：胶囊剂 规格：每粒装 0.25g 通知书编号：2025B00846 受理号：CYZB2402374 药品注册标准编号：WS₃-B-0002-89 原药品批准文号：国药准字 Z44023419 上市许可持有人：（1）名称：广州白云山医药集团股份有限公司白 云山制药总厂；（2）地址：广州市白云区同和街云祥路 88 号 生产企业：（1）名称：广州白云山医药集团股份有限公司白云山制 1 药总厂；（2）地址：广州市白云区同和街云祥路 ...