北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2025 年第三次临时股东会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650032 北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2025 年第三次临时股东会的 法 律 意 见 昆药集团股份有限公司： 二、关于出席本次股东会人员的资格 北京德恒（昆明）律师事务所（下称"本所"）作为贵公司的常年法律顾问， 本次指派刘书含律师、杨敏律师出席贵公司 2025 年第三次临时股东会（以下简 称"本次股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精 神，对贵公司提供的与本次股东会有关的文件资料进行了审查，现根据《公司法》 《证券法》《上市公司股东会规则》及贵公司《章程》的规定，就贵公司本次股 东会的相关事项出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司董事会已于 2025 年 3 月 25 日召 ...

Core Insights - The company achieved operating revenue of 8.401 billion yuan in 2024, a slight decrease of 0.34% year-on-year, while net profit attributable to shareholders increased by 45.74% to 648 million yuan [1] - The company reported a significant increase in profitability, with a gross margin of 43.46%, despite a year-on-year decline of 1.36 percentage points, primarily due to a decrease in the revenue share of high-margin cardiovascular products [1] Business Performance - The revenue from the cardiovascular product line decreased by 17.45% year-on-year to 2.195 billion yuan, while the orthopedic series saw a significant decline of 52.80% to 103 million yuan [2] - The anti-malarial products generated revenue of 133 million yuan, reflecting a year-on-year growth of 45.89%, and the "Kunzhong Medicine 1381" division's digestive system products achieved revenue of 549 million yuan, up 2.46% [2] - The company is focusing on building a premium national medicine platform through its "Kunzhong Medicine 1381" series, which includes various traditional Chinese medicine products [2] Strategic Developments - The company completed the acquisition of a 51% stake in China Resources Shenghuo, marking a critical phase in the integration with China Resources Sanjiu [2] - A five-year strategic plan (2024-2028) was released, positioning the company as a leader in the elderly health industry, leveraging the "1246" model from China Resources Group [2] Investment Outlook - The investment rating remains "strongly recommended," with expectations for the core product, the blood clotting series, to gain traction post-collection renewal, benefiting from the advantages of focusing on the aging population [3] - Projected net profits for 2025-2027 are estimated at 778 million, 891 million, and 1.011 billion yuan, representing year-on-year growth rates of 20.0%, 14.6%, and 13.5% respectively [3]

昆药集团股份有限公司 为适应上市公司规范运作，提高股东大会议事效率，保障股东合法权益，确保大 会程序合法性，根据《中华人民共和国公司法》《中华人民共和国证券法》《公司章 程》以及《公司股东大会议事规则》等精神，特制定如下大会须知，望出席昆药集团 股份有限公司（以下简称"昆药集团"或"公司"）股东大会的全体人员严格遵守： 一、本次股东大会由公司董事会办公室具体负责大会的组织工作。 KPC Pharmaceuticals, Inc. 2025 年第三次临时股东大会 会 议 资 料 股票简称：昆药集团 股票代码：600422 2025 年 4 月 2025 年第三次临时股东大会会议资料 会 议 须 知 二、董事会以维护股东的合法权益，确保大会正常秩序和议事效率为原则，认真 履行法定职责。 三、出席本次股东大会的股东，依法享有发言权、表决权等各项权利。 四、会议期间请保持会场纪律、严肃对待每一项议题，会议期间全过程录音。 五、股东及股东代表参加本次股东大会，应当认真履行法定义务，不得侵犯其他 股东的权益，不得扰乱大会的正常程序和会议秩序。 六、会议议题全部说明完毕后统一审议、统一表决；股东大会采取现场投票和网 络投票 ...

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]

Group 1 - The core viewpoint is that Kun Pharmaceutical Group successfully won the bid for the national Chinese medicine procurement expansion renewal at the end of 2024, which will enhance the sales range of its products "Luo Tai" and "Li Xuan Wang" blood stasis soft capsules in hospitals, thereby increasing product coverage and driving external repurchase through initial hospital visits [1] - The company's gross margin in 2024 is expected to fluctuate due to changes in traditional Chinese medicine material costs and adjustments in revenue structure, while the injectable blood stasis product faces dual challenges of market expansion and intensified competition due to the procurement bid win [1] - Kun Pharmaceutical emphasizes long-term win-win strategies, integrating channel resources to improve product circulation efficiency, and is implementing channel reforms and brand building to optimize sales expense ratios [1] Group 2 - The company plans to increase brand investment for its core products to enhance terminal coverage, with a brand renewal expected in 2025 [1] - A cash dividend of 3 yuan per share is planned for 2024, with a continued focus on shareholder returns in the future [1]

Core Viewpoint - The report by Huazhong Securities on Kunming Pharmaceutical Group highlights the company's strategic advancements and strong financial performance, leading to a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved a revenue of 8.401 billion yuan, a slight decrease of 0.34% year-on-year; net profit attributable to shareholders was 648 million yuan, an increase of 19.86%; and the net profit after deducting non-recurring items was 419 million yuan, up 25.09% [1] - The company's Q4 2024 revenue was 2.944 billion yuan, a year-on-year increase of 40.71%; net profit attributable to shareholders was 261 million yuan, up 344.31%; and the net profit after deducting non-recurring items was 130 million yuan, an increase of 427.85% [1] Strategic Initiatives - The company is focused on becoming a leader in "premium traditional Chinese medicine," enhancing brand recognition for its "777" series products, particularly in chronic disease management for the aging population [2] - The acquisition of a 51% stake in China Resources Shenghuo is expected to enhance competitiveness in the cardiovascular field, with sales of its blood circulation soft capsules increasing by 11.27% year-on-year [2] R&D and Innovation - In 2024, the company invested 143 million yuan in R&D, achieving significant progress with its chlorazepate injection becoming the first in its category to pass the consistency evaluation for generic drugs [3] - The company is advancing multiple generic drugs and has successfully registered 131 applications overseas, receiving 30 approvals, including for its artemisinin-based combination therapy [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are 9.231 billion yuan, 10.282 billion yuan, and 11.552 billion yuan, respectively, with year-on-year growth rates of 9.9%, 11.4%, and 12.3% [4] - Net profit projections for the same years are 740 million yuan, 900 million yuan, and 1.01 billion yuan, with growth rates of 14.3%, 21.4%, and 12.3% [4]

证券代码：600422 证券简称：昆药集团 公告编号：2025-025号 昆药集团股份有限公司关于高级管理人员辞职的公告 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。 昆药集团股份有限公司（以下简称"公司"）董事会于近日收到副总裁席凯先生 提交的辞职报告。席凯先生由于工作变动原因，提请辞去公司副总裁职务。辞任后， 席凯先生不再担任公司任何职务。截至本公告日，席凯先生未持有公司股票。 根据《公司章程》及有关规定，席凯先生的辞职申请自辞职报告送达公司董事会 时生效。 昆药集团股份有限公司董事会 2025 年 3 月 28 日 1 席凯先生在担任公司副总裁期间，恪尽职守、勤勉履职，为公司的深度融合与变 革、高质量发展作出了重要贡献，公司董事会谨对席凯先生在任职期间对公司发展作 出的重要贡献表示衷心感谢！ 特此公告。 ...

公司投资者如需了解华润医药集团 2024 年业绩公告的详细信息，请查询香港联 交所网站：http://www.hkexnews.hk。 特此公告。 昆药集团股份有限公司董事会 2025 年 3 月 27 日 关于控股股东的间接控股股东华润医药集团有限公司 刊发 2024 年业绩公告的提示性公告 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"公司"）接控股股东华润三九医药股份有限公 司（以下简称"华润三九"）通知，华润三九的间接控股股东华润医药集团有限公司（以 下简称"华润医药集团"）于 2025 年 3 月 26 日在香港联合交易所有限公司（以下简称 "香港联交所"）刊发了 2024 年业绩公告。 证券代码：600422 证券简称：昆药集团 公告编号：2025-024号 昆药集团股份有限公司 ...

昆药集团: 昆药集团关于2025年度担保计划的公告 证券代码：600422 证券简称：昆药集团 公告编号：2025-020号 昆药集团股份有限公司关于 2025 年度担保计划的公告 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： 昆药集团本部 2025 年度对子公司担保计划额度为人民币 2.25 亿元，均为连带责 任担保，该等担保涉及被担保单位及相关担保明细如下所列： | | | | | | 单位：人民币 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 担保额度 | 是 | | | | | | 被担保 | | | | | | | | | | | 占上市公 | 否 | | | | | 担保方 | 方最近 | | | | | | | 担保 | | | 截止目前 | 本次担保 | 司最近一 | 关 | 是 | 否有 ? 2025 年度，为适应昆药集团股份有限公司（以下简称"本公司"、"公司" 或"昆药集团"）及相关下属公司业务发展需要 ...

重要内容提示： 召开的日期时间：2025 年 4 月 18 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 (五) 网络投票的系统、起止日期和投票时间。 昆药集团: 昆药集团关于召开2025年第三次临时股 东大会的通知 证券代码：600422 证券简称：昆药集团 公告编号：2025-022 昆药集团股份有限公司 关于召开 2025 年第三次临时股东大会的通知 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。 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 4 月 18 日 至 2025 年 4 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、 ...