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].

Core Viewpoint - On May 19, 39 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kun Pharmaceutical Group, Yongxi Electronics, and Taotao Vehicle, reflecting significant growth potential in the traditional Chinese medicine, semiconductor, and motorcycle industries respectively [1][2]. Group 1: Target Price Increases - Kun Pharmaceutical Group saw a target price increase of 55.14%, with a latest rating of "Buy" from Huatai Financial Holdings (Hong Kong) [2]. - Yongxi Electronics experienced a target price increase of 47.45%, rated "Buy" by CITIC Securities [2]. - Taotao Vehicle's target price rose by 46.25%, also rated "Buy" by Huatai Financial Holdings (Hong Kong) [2]. Group 2: Brokerage Recommendations - A total of 86 listed companies received brokerage recommendations on May 19, with Tongwei Co. receiving recommendations from 4 brokerages, and Huasheng Group and Kunlun Wanwei each receiving 2 recommendations [2]. - The highest number of recommendations indicates strong interest and confidence in these companies within their respective sectors [2]. Group 3: Rating Adjustments - On May 19, there was one upgrade in ratings, with Huachuang Securities raising the rating for Tianwei Food from "Recommended" to "Strongly Recommended" [3]. - There were two downgrades, including Huachuang Securities lowering the rating for BioShares from "Strongly Recommended" to "Recommended," and Huatai Securities downgrading Tongwei Co. from "Buy" to "Increase" [3]. Group 4: First-Time Coverage - On May 19, 12 companies received first-time coverage, including Semir Apparel and Bright Dairy, which were rated "Increase" by Industrial Securities [4]. - Other companies like Wens Foodstuffs received a "Buy" rating, indicating a positive outlook for these newly covered firms [4].

Group 1 - The core viewpoint of the article highlights the decline of the artemisinin concept sector, which fell by 0.82%, ranking among the top declines in the concept sector [1][2] - Within the artemisinin concept sector, major companies such as Rundu Co., Zhejiang Medicine, and Kunming Pharmaceutical experienced significant declines, while only two stocks, Delong Huineng and Baiyunshan, saw increases of 1.06% and 0.37% respectively [1][2] - The article provides a detailed overview of the capital flow, indicating a net outflow of 58 million yuan from the artemisinin concept sector, with Rundu Co. leading the outflow at 43.43 million yuan [2] Group 2 - The article lists the top-performing concept sectors, with the military equipment restructuring concept leading with a gain of 3.92%, while the artemisinin concept was among the worst performers [2] - A table is provided showing the capital flow for various companies within the artemisinin concept, detailing their respective price changes and turnover rates, with Rundu Co. showing a significant outflow [2]

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 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][50]. Core Viewpoints - The report emphasizes that the industry is expected to see a bottoming out and gradual improvement, with a continued focus on innovation and AI as key growth drivers. The performance of the pharmaceutical sector has shown resilience, with a year-to-date return of 1.2%, outperforming the Shanghai Composite Index by 3.4% [7][12]. - The report suggests that the innovation trend in pharmaceuticals is likely to persist, with specific recommendations for companies such as Changchun High-tech, Sanofi, and Betta Pharmaceuticals, among others [7][12]. - The report highlights the potential of AI in pharmaceuticals and healthcare, indicating that this sector is just beginning to unfold, with opportunities in drug development, diagnostic assistance, and chronic disease management [8][13]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 498 listed companies with a total market capitalization of 62,240.01 billion yuan and a circulating market value of 55,873.42 billion yuan [2][5]. Market Performance - The report notes that the Shanghai Composite Index rose by 2.00% while the pharmaceutical sector increased by 1.01%, ranking 26th among 31 sub-industries. Various sub-sectors, including medical devices and traditional Chinese medicine, also experienced gains [7][12]. Investment Opportunities - The report identifies several key areas for investment: 1. **Innovation Growth**: Focus on innovative drugs with strong technological attributes and ongoing policy support [7][12]. 2. **AI in Healthcare**: Emphasizing the emerging opportunities driven by AI in diagnostics and drug research [8][13]. 3. **Recovery in Distressed Sectors**: Highlighting potential recovery in CRO&CDMO and specialty raw materials due to improved industry policies and global order recovery [8][13]. Key Company Recommendations - The report recommends a focus on companies such as: - Changchun High-tech - Sanofi - Betta Pharmaceuticals - WuXi AppTec - Daan Diagnostics - Others in the AI and healthcare sectors [7][8][12][13].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The second quarter is recommended for the traditional Chinese medicine sector, with expectations for a performance turning point despite significant pressure in the first quarter [3][10] - The traditional Chinese medicine sector is anticipated to see a recovery in performance due to improved inventory levels and profitability, alongside favorable conditions from U.S. tariff policies [5][21] Summary by Sections 1. Quarterly Report Overview - The first quarter faced substantial pressure, but nearly half of the companies (31) achieved positive growth in net profit attributable to shareholders after excluding non-recurring items, with 18 companies reporting revenue growth [13][14] - Companies such as Jia Ying Pharmaceutical and Te Yi Pharmaceutical reported significant revenue growth of 28.8% and 79.3%, respectively, driven by channel expansion and marketing reforms [14] 2. Core Indicator Tracking - Inventory levels have decreased, leading to sustained improvements in profitability [18] - The traditional Chinese medicine sector's valuation is currently below the average since 2021, indicating potential for recovery [24] 3. Investment Recommendations - Companies with strong brand power and potential for margin improvement are recommended for aggressive investment, including Dong E E Jiao, Tong Ren Tang, and Pian Zai Huang [10][18] - Defensive investments are suggested in stable dividend-paying assets such as Yunnan Baiyao and Ling Rui Pharmaceutical [10][18] - The sector's overall valuation is low, with a TTM price-to-earnings ratio of 27.00x as of May 9, 2025, which is below the average since 2021 [24]