Summary of the Conference Call Company and Industry Involved - The conference call pertains to Dongwu Pharmaceutical, specifically focusing on the Chinese medicine sector and the performance of Kunming Pharmaceutical [1] Core Points and Arguments - The analyst, Li Qian, emphasizes the anticipation surrounding Kunming Pharmaceutical's performance following its integration into China Resources [1] Other Important but Possibly Overlooked Content - The call is part of a series of in-depth reports on Dongwu Pharmaceutical, indicating a structured approach to analyzing the company's developments and market position [1]

Summary of Conference Call Transcript Company Overview - The company has over 50 subsidiaries involved in various sectors [1] Key Points - In 2022, the company was publicly acquired by China Resources (华润) for a 28% stake [1]

证券代码：600422 证券简称：昆药集团 公告编号：2024-043 昆药集团股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 三、 相关日期 A 股每股现金红利 0.20 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/30 | － | 2024/7/31 | 2024/7/31 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 21 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 757,113,997 股为基数，每股派发现金红 ...

Group 1: Market Development and Product Strategy - The aging population in China is leading to a significant increase in chronic disease management needs, creating a large potential market for the Xuesaitong product series [1] - The company aims to focus on the Sanchi industry chain and provide integrated solutions for chronic disease management and elderly health [1] - The company plans to leverage the strengths of its Xuesaitong series and Huaren Shenghuo's products to create a differentiated market positioning and enhance brand value [1] Group 2: Sales and Market Share - In 2023, the injectable Xuesaitong (freeze-dried) won bids in Shanghai's traditional Chinese medicine procurement, and the Xuesaitong tablets won bids in Shanghai and Zhejiang [2] - The company aims to increase market share and brand awareness through active participation in national and provincial drug procurement [2] - The company plans to enhance its channel coverage and efficiency by expanding grassroots and clinic channels [2] Group 3: Brand Building and Consumer Engagement - The "777" brand will focus on chronic disease and elderly-related diseases, promoting the recognition of effective components in Xuesaitong soft capsules [3] - The company intends to build a comprehensive product line under the "777" brand, covering health management, disease prevention, and rehabilitation [3] - The company will enhance consumer communication to strengthen brand recognition and promote the effectiveness of its products [3] Group 4: Business Growth and Management - The company is restructuring its marketing organization into three core divisions: KPC1951, Kun Traditional Medicine 1381, and 777, to focus on high-performance marketing teams [4] - The integration of sales channels and optimization of the existing business model are ongoing to ensure effective sales and distribution [4] - The company aims to improve its net profit margin through cost reduction and efficiency enhancement strategies post-acquisition by Huaren Sanjiu [4] Group 5: Future Plans and Incentives - The company is in the process of establishing a long-term incentive mechanism to enhance sustainable development and align with strategic goals [5] - Future incentive plans will be disclosed in accordance with relevant laws and regulations as they are developed [5]

Summary of the Conference Call Record Company Overview - The document discusses KunYao Group, which became a subsidiary of China Resources Group in 2023 [1] Key Points and Arguments - In 2023, China Resources Group became the controlling shareholder of KunYao Group, indicating a significant shift in ownership and potential strategic direction for the company [1] Other Important Content - The analysis is structured around both short-term and long-term perspectives regarding the company's future and performance [1]

Summary of the Conference Call Record Company Overview - The document discusses KunYao Group, which became a subsidiary of China Resources Group in 2023 [1] Key Points and Arguments - In 2023, China Resources Group became the controlling shareholder of KunYao Group, indicating a significant shift in ownership and potential strategic direction for the company [1] Other Important Content - The analysis is structured around both short-term and long-term perspectives regarding the company's future and performance [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is expected to achieve revenues of 85.44 billion, 95.44 billion, and 107.22 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 10.92%, 11.70%, and 12.35% [1][53]. - Net profits are projected to be 5.89 billion, 7.7 billion, and 9.81 billion yuan for the same years, reflecting growth rates of 32%, 31%, and 27% [1][53]. - The strategic focus is on empowering the company through Huaren's resources and establishing itself as a leader in the silver health industry [1][9]. Summary by Sections Company Overview - The company, established in 1951, has a strong foundation in traditional Chinese medicine and has developed over 40 advanced natural drug products [33]. - It has a significant focus on the Sanqi (Panax notoginseng) industry and aims to provide quality products and solutions for chronic disease management and elderly health [33]. Business Structure and Strategy - The company has restructured into three major divisions: "KPC·1951" focusing on serious medical products, "昆中药 1381" for premium traditional Chinese medicine, and "三七口服 777" for oral Sanqi products [8][9]. - The strategic goal is to become the leading company in the silver health industry and a top player in premium traditional Chinese medicine by 2028 [9][28]. Financial Performance - The company reported a net profit of 4.45 billion yuan in 2023, a year-on-year increase of 16.05% [12]. - The gross profit margin improved to 44.8% in 2023, up by 3.3 percentage points from the previous year [13]. - Revenue from oral products is expected to grow significantly, with a projected increase of 23.1% in 2024 [50]. Market Position and Products - The company has a diverse product portfolio, including blood circulation products and various traditional Chinese medicines, with a focus on addressing the needs of the aging population [6][11]. - The launch of the "777" brand aims to enhance the company's market presence in the Sanqi product line [10][15]. Future Outlook - The company plans to double its revenue by 2028, targeting an industrial revenue of 10 billion yuan [28]. - The integration with Huaren is expected to enhance operational efficiency and market competitiveness [28].

鉴于昆药集团股份有限公司（以下简称"公司"）《2021 年限制性股票激励计划》 （以下简称"激励计划"）第三个解锁期解除限售条件未成就，公司拟对上述合计 138,240 股限制性股票予以回购注销。回购价格为授予价格加上银行同期存款利息之 和，公司就本次限制性股票回购事项应支付回购价款预计为 518,373.06 元（银行同期 存款利息暂以 2024 年 6 月 7 日为支付日测算，具体金额根据实际支付日及 2023 年度 利润分配的实际情况等变化进行相应调整）。 以上事项已经 2024 年 6 月 7 日公司十届二十八次董事会、十届二十四次监事会 及 2024 年 6 月 27 日公司 2024 年第四次临时股东大会审议通过（详见公司 2024-036 号《昆药集团关于回购并注销 2021 年限制性股票激励计划已获授但尚未解除限售部 分限制性股票的公告》和 2024-041 号《昆药集团 2024 年第四次临时股东大会决议公 告》）。本次回购注销完成后，公司股份总数将由 757,113,997 股变更为 756,975,757 股，公司注册资本将减少为 756,975,757 元（公司注销部分限制性股票后的注 ...

关于昆药集团股份有限公司 北京德恒（昆明）律师事务所 2024 年第四次临时股东大会的 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 昆药集团股份有限公司： 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、杨敏律师出席贵公司 2024 年第四次临时股东大会（以下简称 "本次股东大会"），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大会有关的文件资料进行了审查，现根据《公司 法》《证券法》《上市公司股东大会规则》及贵公司《章程》的规定，就贵公司 本次股东大会的相关事项出具如下法律意见： 一、关于本次股东大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 2024 年 6 月 7 日召开了会议，作出了关于召开本次股东大会的决议，并于 2024 年 6 月 8 日在上海证券交易所网站（http//www.sse. ...

证券代码：600422 证券简称：昆药集团 公告编号：2024-041 昆药集团股份有限公司 2024 年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 6 月 27 日 (二)股东大会召开的地点：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 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 316 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 459,098,071 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 60.6379 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议的召集、召开程序符合《中华人民共和国公司法》《上市公司股东 大会规则》（下称"《股东大会规则》" ...