Core Viewpoint - Kunming Pharmaceutical Group's stock price has experienced significant volatility, with a sharp decline following a brief rise, raising concerns among investors regarding its performance and future growth plans [2][3]. Financial Performance - In 2024, Kunming Pharmaceutical Group reported revenue of 8.401 billion yuan, a slight decrease of 0.34% year-on-year, while net profit attributable to shareholders increased by 19.86% to 648 million yuan [3]. - However, in Q1 2025, the company faced a substantial decline in performance, with revenue dropping by 16.53% to 1.608 billion yuan and net profit falling by 31.06% to approximately 90.48 million yuan [3][7]. - The company aims for double-digit revenue growth in 2025, despite the challenges faced in the first quarter [5][7]. Strategic Transition - The company is undergoing a significant transformation in its sales and channel management, moving from a decentralized distribution model to a more integrated and structured approach [4][5]. - The new channel system aims to enhance brand recognition and operational efficiency, focusing on long-term brand building and better collaboration with distributors [5][7]. Market Focus - Kunming Pharmaceutical Group is targeting the aging population and chronic disease management, positioning itself as a leader in the "silver health industry" [7][8]. - The company’s product portfolio includes treatments for cardiovascular diseases, with a noted decline in revenue from this segment, which fell by 17.45% to 2.195 billion yuan in 2024 [8]. Product Performance - Sales of key products, such as the blood stasis series and Tianma injection, have shown mixed results, with significant declines in some areas, such as a 54.66% drop in sales volume for the freeze-dried blood stasis injection [9]. - The company is actively working to improve its market presence and sales channels, particularly in retail and smaller medical institutions [9].

Group 1 - The annual general meeting of Kunming Pharmaceutical Group Co., Ltd. is scheduled for June 20, 2025, at 10:00 AM [1][3] - The meeting will be held at the company's management center located at 166 Keyi Road, National High-tech Development Zone, Kunming, Yunnan Province [1] - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [1][3] Group 2 - The meeting will review several proposals, including the independent directors' work report for the year 2024 [2] - Proposals 1, 3, 4, 5, and 6 were approved by the company's board on March 10, 2025, while proposal 2 was approved by the supervisory board on the same date [2] - There are no related shareholders that need to abstain from voting on the proposals [2] Group 3 - Shareholders must register to attend the meeting, with registration available from 8:30 AM to 11:30 AM and 1:00 PM to 5:00 PM on June 16, 2025 [4] - Registration can be done in person or via mail or fax for remote shareholders, with specific documentation required [4][5] - The company will provide a reminder service for shareholders to ensure participation in the meeting [5][6]

Group 1 - The board of directors of Kunming Pharmaceutical Group Co., Ltd. held its fifth meeting of the 11th session on May 29, 2025, and approved the decision to apply for the cancellation of its wholly-owned subsidiary, Kunming Shenghuo Pharmaceutical Co., Ltd., due to its lack of actual business operations [1] - The board approved the acquisition of exclusive commercialization rights for the drug JL2401 for 12 million RMB and allocated 29.2 million RMB for subsequent research and development activities and drug listing application, totaling 41.2 million RMB [1] - All resolutions were passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [2]

证券代码：600422 证券简称：昆药集团 公告编号：2025-032 昆药集团股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (七)涉及公开征集股东投票权 不涉及 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 20 日 10 点 00 分 召开地点：云南省昆明市国家高新技术开发区科医路 166 号昆药集团股份有 限公司管理中心 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-031号 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。 昆药集团股份有限公司（以下简称"昆药集团"、"公司"）于 2025 年 5 月 29 日以通讯表决方式召开公司十一届五次董事会会议。会议通知以书面方式于 2025 年 5 月 23 日发出。会议由公司董事长吴文多先生召集并主持，本次会议应参加表决董事 9 人，实际参加表决 9 人，符合《公司法》和《公司章程》的规定。会议以记名方式投 票表决，审议并通过以下决议： 1、 关于注销孙公司昆明圣火医药有限公司的议案 公司控股子公司昆明华润圣火药业有限公司之全资子公司昆明圣火医药有限公 司（以下简称"圣火医药公司"）已基本无实际业务及存续业务。根据公司战略定位 和实际经营需要，为进一步优化管理结构，降低管理成本，申请注销圣火医药公司。 本事项在董事会审批权限范围内，由董事会审批通过即可按照相关流程实施。 昆药集团股份有限公司十一届五次董事会决议公告 本议案已经公司十一届董事会战略与 ESG 委员会 2025 年第二 ...

Group 1: Kun Pharmaceutical Group - Kun Pharmaceutical Group is undergoing a significant transformation, focusing on channel system reconstruction and sales model optimization to ensure long-term high-quality development [1] - The company experienced a decline in revenue and net profit due to various factors, including the impact of national Chinese medicine procurement expansion and retail pharmacy integration [1] - The new channel system emphasizes improved channel control and brand building, aiming to enhance profitability through cost optimization and smart manufacturing upgrades [1] Group 2: Wentech Technology - Wentech Technology announced a major asset restructuring on January 24, 2025, involving the transfer of subsidiary equity and business assets for approximately 4.389 billion yuan, with about 3.7 billion yuan already paid by the counterpart [2] - The company reported a year-on-year increase in industrial revenue across global regions in Q1, with a healthy inventory level and a continuation of recovery trends [2] - The automotive sector accounts for over 60% of revenue, with rapid growth in the Chinese market, and the company expects a peak season in Q2 and Q3 [2] Group 3: Invec - Invec has achieved continuous revenue and profit growth for 14 years, attributed to diversified business operations and R&D investments [3] - The company is enhancing its global supply chain to mitigate the impact of US-China trade tariffs on its energy storage business [3] - The data center cooling market is experiencing accelerated growth driven by artificial intelligence, with challenges related to reliability and availability during operation [3]

关于召开 2025 年第一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： 昆药集团股份有限公司（以下简称"公司"）已于2025年4月29日发布公司2025年第一季度 报告，为便于广大投资者更全面深入地了解公司2025年第一季度经营成果、财务状况，公司 计划于2025年5月30日下午14:00-15:00举行2025年第一季度网上业绩说明会，就投资者关心的 问题进行交流。 本次业绩说明会以网络互动方式召开，公司将针对2025年第一季度的经营成果及财务指 标等具体情况与投资者进行交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 一、 说明会类型 证券代码：600422 证券简称：昆药集团 公告编号：2025-030 号 昆药集团股份有限公司 二、 说明会召开的时间、方式 召开时间：2025年5月30日（星期五）下午14:00-15:00。 召开地点：上证路演中心 召开方式：上证路演中心网络互动 三、 参加人员 公司副董事长兼总裁颜炜先生、财务总监孙志强先生、副总裁兼董事会秘 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Views - The company's Q1 2025 performance was under pressure due to multiple factors, including high base effects, channel reforms, and centralized procurement, leading to results below market expectations. However, significant improvement is anticipated in Q2 as channel reforms continue and the impact of centralized procurement becomes more favorable [1][8]. - Future outlook includes brand building for Kunzhong Medicine, expected synergy from the acquisition of Huaren Shenghuo, effective channel reforms starting to show results in 2025, and a gradual weakening of external environmental impacts [10][12]. Financial Performance Summary - Q1 2025 financial results showed revenue of 1.608 billion yuan, a year-on-year decline of 16.53%, with net profit at 90 million yuan, down 31.06% [2][8]. - Revenue projections for 2025-2027 are 9.258 billion yuan, 10.244 billion yuan, and 11.350 billion yuan, respectively, with net profits of 725 million yuan, 839 million yuan, and 973 million yuan [3][12]. - Key financial metrics include a projected EPS of 0.96 yuan in 2025, with a P/E ratio decreasing from 26.9 in 2023 to 16.5 in 2025 [3][12]. Segment and Product Line Analysis - The company is focusing on enhancing its "777" brand and expanding its product offerings, particularly in the blood circulation segment, despite facing challenges from centralized procurement and retail integration [9][10]. - The Kunzhong Medicine series is undergoing channel reforms, with expectations for improved sales performance as brand value and channel efficiency are enhanced [9][10]. Strategic Outlook - The company aims to leverage brand culture, product expansion, and IP marketing to strengthen its market position. The integration of the three-seven industry chain with Huaren Shenghuo is expected to enhance market competitiveness [10][12]. - The anticipated results of channel reforms are expected to manifest in 2025, with a forecast of double-digit revenue growth and matching net profit growth [10][12].

Group 1 - The company is undergoing a critical transformation period in Q1 2025, facing sales pressure due to multiple factors including the nationwide expansion of traditional Chinese medicine procurement and retail pharmacy integration [1] - In Q2, the company plans to leverage the execution of new procurement standards to enhance terminal development coverage and manage market uncertainties effectively [1] - The company is integrating its existing channels with Sanjiu's resources to expand product coverage and optimize cooperation with distributors, aiming to build an efficient product distribution network [1] Group 2 - The company focuses on the full industry chain of Sanqi, building brand recognition around "Sanqi is 777" and enhancing its core value through a consumer service system [2] - The brand employs a dual-driven model of "medical + retail," actively promoting its products in medical institutions and enhancing academic construction based on RCT clinical research [2] - The company is open to various new product development models, including independent research, product introduction, and potential acquisitions, while also advancing international certification and market expansion for its Artemisinin series [2]

届时公司财务总监孙志强先生，副总裁、董事会秘书张梦珣女士和证券事务代表 董雨女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和可持续发 展等投资者关心的问题，与投资者进行沟通和交流，欢迎广大投资者踊跃参与! 特此公告。 证券代码：600422 证券简称：昆药集团 公告编号：2025-029号 昆药集团股份有限公司董事会 昆药集团股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流工作，昆药集团股份有限公司（以下简称"公 司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有限公司联 合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"主题活动，现将有关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与公 司本次投资者集体接待日活动，活动时间为 20 ...