Core Viewpoint - Kunming Pharmaceutical Group Co., Ltd. plans to invest up to 2.5 billion yuan of idle self-owned funds in low to medium-risk financial products to enhance fund utilization efficiency and yield levels while ensuring operational capital needs and safety [1][5]. Investment Details - Investment Amount: 2.5 billion yuan [4] - Investment Type: Low to medium-risk financial products [4] - Source of Funds: Self-owned funds [4] Product Characteristics - The company intends to purchase high-security, low to medium-risk financial products (risk rating R2 and below), including bank wealth management products and structured deposits [5]. - The investment will not be directed towards high-risk securities market products such as stocks, bonds, funds, foreign exchange, and derivatives [5]. Investment Timeline - Investment period is within one year from the date of shareholder meeting approval, until October 9, 2026 [5]. - Each financial product's single investment term shall not exceed six months [5]. Company Background - Kunming Pharmaceutical Group was established in March 1951 and listed on the Shanghai Stock Exchange in December 2000 [5]. - The company has over 50 subsidiaries, including Kunming Traditional Chinese Medicine Factory and Kunming Huaren Shenghuo Pharmaceutical Co., Ltd. [5]. - In the first half of 2023, the company achieved operating revenue of 3.351 billion yuan and a net profit attributable to shareholders of 198 million yuan [5].

关于利用闲置自有资金进行投资理财业务的公告 证券代码：600422 证券简称：昆药集团 公告编号：2025-047 号 昆药集团股份有限公司 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： 基本情况 | 投资金额 | 万元 250,000 | | --- | --- | | 投资种类 | 中低风险收益型理财产品 | | 资金来源 | 自有资金 | 已履行及拟履行的审议程序: 本事项已于 2025 年 9 月 17 日召开的昆药 集团股份有限公司（以下简称"公司"）十一届八次董事会、十一届六次监事会审 议通过，尚须提交公司股东大会审议。 特别风险提示: 公司拟购买的理财产品虽为银行及其下属理财子公司中 低风险收益型理财产品，但金融市场受宏观经济、财政及货币政策的影响较大， 不排除该项投资受到市场波动的影响。敬请广大投资者谨慎决策，注意防范投资 风险。 一、投资情况概述 （一）投资目的 在保证公司日常经营资金需求和资金安全的前提下，充分利用公司现有的部 分闲置资金，提高资金使用效率、收益水平。 （二）投资金额 不超 ...

关于召开2025年第四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。 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 证券代码：600422 证券简称：昆药集团 公告编号：2025-048 号 昆药集团股份有限公司 2025年第四次临时股东大会 (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 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 10 日 13 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10月10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 10 月 10 日 至2025 年 10 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票 ...

1、 关于利用闲置自有资金进行投资理财业务的议案（详见《昆药集团关于利用闲置 自有资金进行投资理财业务的公告》） 同意：5 票 反对：0 票 弃权：0 票 监事会意见： 证券代码：600422 证券简称：昆药集团 公告编号：2025-046号 昆药集团股份有限公司十一届六次监事会决议公告 本公司监事会及全体监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 9 月 17 日 以通讯表决方式召开公司十一届六次监事会会议。会议通知以书面方式于 2025 年 9 月 5 日发出。会议由公司监事会主席钟江先生召集并主持，本次会议应参加表决监事 5 人，实际参加表决 5 人，符合《公司法》和《公司章程》的规定。会议审议并通过 了以下决议： 公司在保证正常经营所需流动资金的情况下利用闲置自有资金购买信用级别较 高、流动性较好的理财产品，有利于提高资金利用效率，增加公司资金收益，为公司 和股东谋取投资回报，本事项的审议程序符合《上海证券交易所股票上市规则》及《公 司章程》的有关规定，因此，监 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-045号 本议案已经公司十一届董事会审计与风险控制委员会 2025 年第五次会议审议通 过，并同意提交公司董事会审议。 同意：9 票 反对：0 票 弃权：0 票 3、 关于召开公司 2025 年第四次临时股东大会的议案（详见《昆药集团关于召开 2025 年第四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。 昆药集团股份有限公司（以下简称"昆药集团"、"公司"）于 2025 年 9 月 17 日以通讯表决方式召开公司十一届八次董事会会议。会议通知以书面方式于 2025 年 9 月 5 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、 关于利用闲置自有资金进行投资理财业务的议案（详见《昆药集团关于利用闲置 自有资金进行投资理财业务的公告》） 同意：9 票 反对：0 票 弃权：0 票 此议案审议通过，还须提 ...

Group 1 - The company announced on September 17 that it will utilize idle self-owned funds for investment in low to medium-risk financial products, with a maximum investment amount of RMB 2.5 billion, allowing for fund recycling within this limit [1][1][1] - The revenue composition for the company in 2024 is as follows: oral preparations account for 43.95%, pharmaceutical wholesale and retail account for 43.51%, injections account for 6.42%, other businesses account for 5.26%, and other categories account for 0.87% [1][1][1] - The current market capitalization of the company is RMB 10.7 billion [1][1][1]

Group 1 - The core point of the article is that Kunming Pharmaceutical Group announced a board meeting to discuss investment management using idle funds, indicating a strategic move to optimize financial resources [1] - For the fiscal year 2024, the revenue composition of Kunming Pharmaceutical Group is as follows: oral formulations account for 43.95%, pharmaceutical wholesale and retail account for 43.51%, injections account for 6.42%, other businesses account for 5.26%, and other categories account for 0.87% [1] - As of the report date, the market capitalization of Kunming Pharmaceutical Group is 10.7 billion yuan [1]

Group 1 - The company plans to invest up to 2.5 billion yuan of idle funds in low to medium-risk financial products [1] - The investment decision has been approved by the board of directors and the supervisory board, pending shareholder meeting approval [1] - The investment period is set to be within one year from the date of shareholder meeting approval, with funds being reusable [1] Group 2 - The company's financial and operational management center will conduct risk, direction, and return assessments of the financial products according to the company's cash management system [1] - A ledger will be established to enhance regular tracking and management, with a strong emphasis on risk control [1]

Group 1 - The company has provided a guarantee of 400 million RMB for its subsidiary Tianjin Tianshili Pharmaceutical Commercial Co., Ltd., which is a wholly-owned subsidiary of Tianshili Pharmaceutical Group Co., Ltd. [2][4] - The guarantee was approved during the company's board meeting and aims to support the financing needs of Tianshili's subsidiaries, with a total expected guarantee amount of up to 900 million RMB for the year 2025 [3][8] - The guarantee agreement with Minsheng Bank Tianjin Branch includes a maximum guarantee limit of 400 million RMB, and the credit status of the guaranteed party is reported to be good [4][5] Group 2 - The company has no overdue guarantees and the current guarantee is within the previously estimated limit [5] - The guaranteed company, Tianjin Tianshili Pharmaceutical Commercial Co., Ltd., has an asset-liability ratio exceeding 70%, which is noted as a risk factor for investors [5] - As of the announcement date, the total external guarantee amount for the company's subsidiaries is 1.35615 billion RMB, accounting for 6.81% of the company's latest audited net assets [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][15]. Core Views - The company is experiencing temporary pressure on its performance due to factors such as delayed implementation of centralized procurement, internal channel restructuring, and ongoing healthcare cost control policies. The first half of 2025 saw a revenue decline of 11.68% to 3.351 billion yuan and a net profit drop of 26.88% to 198 million yuan [3][4]. - Despite the challenges, there is optimism for a sales recovery in the second half of 2025, driven by the successful selection of the company's products in the national centralized procurement process and the expected execution of these results across multiple provinces [5][6]. - The company is focused on enhancing brand value and actively developing channels, with new product launches and strategic upgrades aimed at strengthening its market position [6]. Financial Summary - For the first half of 2025, the company's gross margin was 39.8%, down 4.3 percentage points, while the net profit margin was 5.9%, down 1.2 percentage points. The company’s operating cash flow also decreased by 22.2% to 219 million yuan [4]. - Revenue projections for 2025 to 2027 are estimated at 8.247 billion yuan, 9.007 billion yuan, and 9.839 billion yuan respectively, with corresponding net profits of 617 million yuan, 741 million yuan, and 854 million yuan [7][9]. - The current price-to-earnings (P/E) ratios for the next three years are projected to be 18, 15, and 13 times [9].