Group 1 - The Chinese medicine market is experiencing rapid growth, driven by favorable policies across supply, payment, and demand sides, with the market size expected to reach 2,357 billion yuan by 2024, up from 2,085 billion yuan in 2022, reflecting an 8.8% year-on-year increase [1][11] - Yunnan is the primary supplier of Chinese medicinal materials, with a comprehensive output value of 1,650 billion yuan in 2023, accounting for a significant portion of the national market [22][24] - The market for Chinese medicinal pieces is projected to grow at nearly 15%, with revenues reaching approximately 2,500 billion yuan in 2023 [13] Group 2 - The establishment of the "Yun Medicine Traceability" platform enhances the quality control of Chinese medicinal materials through a closed-loop traceability system, covering 271 production enterprises and 303 cultivation cooperatives [29] - Yunnan Province is recognized as a national base for the modernization of Chinese medicine, with numerous research and innovation platforms contributing to the development of new products, such as the successful cultivation of wild Allium macrostemon [31][33] - The provincial government continues to implement policies to support the high-quality development of the Chinese medicinal materials industry, aiming for a total industry output value of 200 billion yuan by 2027 [34] Group 3 - Yunnan Baiyao and Kunming Pharmaceutical Group are key players in the industry, with Yunnan Baiyao focusing on four main business segments, including pharmaceuticals and health products, while Kunming Pharmaceutical Group emphasizes elderly health and innovative product development [40][45] - Yunnan Baiyao is actively building an ecological system for the Chinese medicinal materials industry, promoting standardized production and enhancing the integration of various industry participants [43] - Kunming Pharmaceutical Group is restructuring its Sanqi (Panax notoginseng) industry chain, focusing on extending, supplementing, and strengthening the chain to ensure high-quality development [47]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [65]. Core Insights - The Chinese herbal medicine market is experiencing rapid growth, driven by favorable policies across supply, payment, and demand sides, with a market transaction value of 208.5 billion yuan in 2022, a year-on-year increase of 8.8%, and projected to reach 235.7 billion yuan by 2024 [3][21]. - Yunnan province is a major supplier of Chinese medicinal materials, with a comprehensive output value of 165 billion yuan in 2023, accounting for a significant portion of the national market [3][34]. - The report highlights the establishment of the "Cloud Medicine Traceability" platform in Yunnan, which enhances the quality control of medicinal materials through a closed-loop traceability system [4][47]. Summary by Sections 1. Rapid Growth of the Chinese Herbal Medicine Market - The market is supported by comprehensive policies that enhance the vitality of the industry, including improvements in registration, quality control, and cultural promotion [20][21]. - The midstream market for finished products is approximately 800 billion yuan, with traditional Chinese medicine (TCM) products dominating [21][26]. - The number of clinical trial applications for Chinese medicine has been increasing, indicating a growing pipeline of new products [29][30]. 2. Yunnan as a Major Supplier of Medicinal Materials - Yunnan is the richest region in China for medicinal resources, with a planting area of 8.72 million acres, leading the nation [34][37]. - The province's medicinal materials industry plays a significant role in agricultural structure optimization and rural revitalization, with over 1.446 million farmers involved [34][35]. - The report notes that over 70% of the more than 5,000 types of Chinese patent medicines use Yunnan medicinal materials [51]. 3. Key "Chain Leader" Companies - Yunnan Baiyao Group is focusing on four main business segments, including pharmaceuticals and health products, with a strategic emphasis on innovative TCM and nuclear medicine [57]. - Kunming Pharmaceutical Group is concentrating on the elderly health sector, with continuous innovation and product development in the TCM space [59][61]. - Both companies are recognized as leaders in the industry, contributing significantly to the growth and development of the TCM market in China [55][58].

Group 1 - The Artemisinin concept index increased by 0.65%, ranking 10th among concept sectors, with four stocks rising, including Haizheng Pharmaceutical which hit the daily limit, and Zhejiang Medicine, Huaren Shuanghe, and Baiyunshan also showing gains of 0.79%, 0.69%, and 0.08% respectively [1] - The leading decliners in the sector included Rundu Co., New Harmony, and Kunming Pharmaceutical, which fell by 1.41%, 1.36%, and 1.17% respectively [1] - The net inflow of main funds into the Artemisinin concept sector was 95 million yuan, with Haizheng Pharmaceutical receiving the highest net inflow of 105 million yuan, followed by Zhejiang Medicine, New Harmony, and Baihua Pharmaceutical with net inflows of 25.71 million yuan, 9.91 million yuan, and 2.14 million yuan respectively [2][3] Group 2 - In terms of fund inflow ratios, Haizheng Pharmaceutical, Zhejiang Medicine, and Baihua Pharmaceutical had the highest net inflow rates of 9.03%, 5.48%, and 2.27% respectively [3] - The trading performance of key stocks in the Artemisinin concept included Haizheng Pharmaceutical with a daily increase of 10.02% and a turnover rate of 9.22%, while Zhejiang Medicine rose by 0.79% with a turnover rate of 3.19% [3][4] - Other stocks such as New Harmony and Baihua Pharmaceutical experienced declines of 1.36% and 0.41% respectively, with turnover rates of 1.04% and 3.34% [3][4]

Group 1 - The core viewpoint of the article highlights that Kunming Pharmaceutical Group is focusing on the opportunities presented by the aging economy, particularly in the areas of premium traditional Chinese medicine and chronic disease management [1] - The company has a high accounts receivable due to long payment terms in the pharmaceutical distribution sector and has implemented measures to ensure the stability of its cash flow [1] - By 2025, the company aims to position itself as a leader in the aging health industry, with a strategic focus on its 14th Five-Year Plan [1] Group 2 - Marketing reforms will concentrate on brand promotion and terminal sales, establishing a diversified channel layout [1] - The company is focusing on the emotional health market with its Shugan Granules product, aiming to enhance product coverage in both hospital and retail settings [1] - The pharmaceutical distribution business will optimize its existing business structure to address competition issues within the industry [1] Group 3 - The company plans to achieve effective growth in its blood clotting oral products by 2025, utilizing collective procurement opportunities to enhance the coverage of its blood clotting series products across various medical institutions [1]

Summary of Key Points Core Viewpoint - The announcement details the progress of external guarantees provided by Kunming Pharmaceutical Group Co., Ltd. to its subsidiaries, emphasizing the financial support for their operational needs in 2025 and the associated risks due to high debt levels of the guaranteed companies [1][6]. Group 1: Guarantee Details - The total guarantee amount provided to the subsidiaries is RMB 12.5 million, with a cumulative guarantee balance of RMB 33.7 million [1]. - The guaranteed companies, Qujing Kangqiao Pharmaceutical Co., Ltd. and Kunming Commercial (Zhaotong) Pharmaceutical Co., Ltd., are both subsidiaries of Kunming Pharmaceutical Group [1][2]. - There are no collateral guarantees associated with this external guarantee [1]. Group 2: Financial Status of Guaranteed Companies - Qujing Kangqiao has an asset-liability ratio of 73.60% as of March 31, 2025, indicating a high level of debt [2]. - Kunming Commercial (Zhaotong) has an asset-liability ratio of 86.07% as of March 31, 2025, also reflecting significant financial leverage [2]. - Both companies are not classified as dishonest executors, and their credit status is reported as good [2]. Group 3: Board of Directors' Opinion - The board believes that the guarantees are necessary to support the subsidiaries' operational needs, enhance financing efficiency, and lower financing costs [6]. - The board has assessed the financial stability and operational conditions of the guaranteed companies, concluding that the overall risk is manageable [6]. Group 4: Cumulative Guarantee Information - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is RMB 113.85 million, which is 2.17% of the latest audited net assets [7]. - The total guarantee amount provided to subsidiaries is RMB 456.15 million, representing 8.68% of the latest audited net assets [7].

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、 担保情况概述 （1）担保事项履行的相关程序 证券代码：600422 证券简称：昆药集团 公告编号：2025-036号 昆药集团股份有限公司关于对外担保的进展公告 为支持昆药集团股份有限公司（以下简称"公司"）旗下全资及控股子公司 2025 年 生产经营及业务发展需要，满足相关下属公司融资担保需求，经公司十一届三次董事 会及 2025 年第三次临时股东大会审议通过，2025 年度由公司及下属子公司为旗下公 司合计不超过人民币 4.5615 亿元的银行融资授信业务提供连带责任担保，详见《昆药 集团股份有限公司关于 2025 年度担保计划的公告》（2025-020 号）和《昆药集团股 份有限公司 2025 年第三次临时股东大会决议公告》（2025-026 号）。 （2）担保概况 为支持旗下全资及控股子公司生产经营及业务发展，2025 年 6 月 23 日，在上述 批准范围内公司发生如下担保（单位：万元）： | 本次 | | | | | | | | --- | -- ...

贺明先生未受过中国证监会及其他有关部门的处罚和证券交易所惩戒；其任职资 格及推荐程序符合《公司法》《公司章程》的相关规定。 特此公告。 昆药集团股份有限公司董事会 2025 年 6 月 24 日 1 高级管理人员简历： 证券代码：600422 证券简称：昆药集团 公告编号：2025-035号 昆药集团股份有限公司关于聘任高级管理人员的公告 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。 根据公司发展及生产经营管理的需要，昆药集团股份有限公司（以下简称"昆药 集团"或"公司"）于 2025 年 6 月 23 日召开十一届六次董事会，审议通过了《关于 聘任公司副总裁的议案》，经董事会提名委员会审核通过，公司董事会同意聘任贺明 先生为公司副总裁(简历附后)，任期自本次董事会审议通过之日起至十一届董事会任 期届满之日止。 贺明先生未持有公司股票，与公司其他董事、监事、高级管理人员不存在关联关系，未受过 中国证监会及其他有关部门的处罚和证券交易所纪律处分，不存在《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》第 3.2.2 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-034号 昆药集团股份有限公司十一届六次董事会决议公告 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。 昆药集团股份有限公司（以下简称"昆药集团"、"公司"）于 2025 年 6 月 23 日以通讯表决方式召开公司十一届六次董事会会议。会议通知以书面方式于 2025 年 6 月 18 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、 关于聘任公司副总裁的议案（详见《昆药集团关于聘任高级管理人员的公告》） 本议案已经公司十一届董事会提名委员会 2025 年第二次会议审议通过，并同意 提交公司董事会审议。 根据《上市公司投资者关系管理工作指引》及其他有关法律、法规和规定，结合 公司实际情况，公司对《投资者关系管理制度》相关条款进行修订。 同意：9 票 反对：0 票 弃权：0 票 3、 关于修订公司《对外部单位报送信息管理制度》的议 ...

Group 1 - The core opinion of the article is that the legal opinion provided by Beijing DeHeng Law Offices confirms the legality and validity of the 2024 annual shareholders' meeting of Kunming Pharmaceutical Group Co., Ltd. [1][3] Group 2 - The shareholders' meeting was held on June 20, 2025, at the company's management center in Kunming, with a notice period of over 20 days, consistent with the announcement details [2] - A total of 514 shareholders and their proxies attended the meeting, representing 387,491,022 shares, which accounts for 51.1893% of the total voting shares [2] - The meeting was presided over by the company's chairman, Mr. Wu Wendo, in compliance with legal and regulatory requirements [2] Group 3 - The voting process combined on-site and online voting, with six proposals reviewed and approved, including the 2024 annual reports and profit distribution plan [3] - The legal opinion concludes that all aspects of the shareholders' meeting, including convening, attendance qualifications, and voting procedures, complied with legal and regulatory standards [3]

Meeting Details - The shareholders' meeting was held on June 20, 2025, at the company's management center in Kunming, Yunnan Province [1] - The meeting was presided over by Chairman Wu Wendo, and the attendance included company directors, supervisors, and legal representatives [2] Voting Results - All proposed resolutions were approved with significant majority votes, including: - 99.7732% approval for the first resolution with 386,612,422 votes in favor [2] - 99.7855% approval for the second resolution with 386,660,122 votes in favor [2] - 99.7724% approval for the third resolution with 386,609,122 votes in favor [3] - 99.7941% approval for the fourth resolution with 386,693,222 votes in favor [3] - 98.6687% approval for the profit distribution plan for 2024 with 382,332,429 votes in favor [3] Legal Compliance - The meeting's convening, attendance, and voting procedures complied with the relevant laws, regulations, and the company's articles of association, as confirmed by the attending lawyers [3]