Market Overview - The Chinese traditional medicine sector experienced a decline of 0.31% on October 27, with Zhenbaodao leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the traditional medicine sector included: - Weikang Pharmaceutical (300878) with a closing price of 23.90, up 3.46% [1] - ST Xiangxue (300147) at 10.25, up 2.60% [1] - Jiuzi Tang (000989) at 10.02, up 2.14% [1] - Conversely, Zhenbaodao (603567) saw a significant decline of 6.23%, closing at 11.13 [2] - Other notable decliners included: - Taiji Group (600129) down 3.21% [2] - Kunming Pharmaceutical Group (600422) down 2.21% [2] Capital Flow - The traditional medicine sector experienced a net outflow of 344 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [2] - The sector's overall capital flow indicated a mixed sentiment, with speculative funds showing a net inflow of 163 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Jilin Aodong (000623) with a net inflow of 81.97 million yuan from institutional investors [3] - Yunnan Baiyao (000538) with a net inflow of 62.26 million yuan [3] - Jiuzi Tang (000989) with a net inflow of 26.22 million yuan [3] - Notable outflows were observed in: - Jilin Aodong with a retail net outflow of 72.25 million yuan [3] - Yunnan Baiyao with a retail net outflow of 67.54 million yuan [3]

Core Viewpoint - Kunming Pharmaceutical Group reported a significant decline in both revenue and net profit for the first three quarters of 2025, indicating challenges in its business transformation and market conditions [1] Financial Performance - The company's revenue for the first three quarters reached 4.751 billion yuan, a year-on-year decrease of 18.08% [1] - The net profit attributable to shareholders was 269 million yuan, down 39.42% compared to the previous year [1] Reasons for Performance Decline - The decline in net profit is attributed to the company's ongoing transformation and channel reform, which has led to temporary pressure on sales [1] - Additional factors impacting performance include delays in the nationwide collection and expansion of traditional Chinese medicine, as well as the integration of retail pharmacy terminals [1]

Core Insights - Kunming Pharmaceutical Group Co., Ltd. reported a decline in performance due to industry cyclical fluctuations, but remains committed to its strategic positioning as a leader in the silver-haired health industry, focusing on reform, innovation, and deep transformation to prepare for long-term high-quality development [1][2] Business Focus - The company is emphasizing two core business areas: chronic disease management and premium traditional Chinese medicine, as part of its strategic transformation and integration efforts following its merger with China Resources Sanjiu [2][3] - In chronic disease management, Kunming Pharmaceutical is adjusting its channel strategies to enhance product coverage in medical institutions and improve sales through grassroots medical institutions to counteract pressures from centralized procurement [2][3] Product Development - The flagship product, Xuesaitong soft capsules, has expanded its sales channels both domestically and internationally, with a successful entry into the Indonesian market, aiming for deeper clinical research and academic exchanges in Southeast Asia [3][4] - The company is launching a new product series under its premium traditional Chinese medicine platform "Kun Traditional Medicine 1381," targeting various health needs of the elderly population [4] R&D Initiatives - Kunming Pharmaceutical is focusing on the elderly health and chronic disease management sectors, with ongoing clinical trials for new drugs targeting ischemic stroke and non-alcoholic fatty liver disease [4] - The company has also invested in a tumor immunotherapy antibody drug development firm, which recently went public, enhancing its resource synergy in R&D innovation [4]

Core Points - The company reported a revenue of 1.4 billion yuan for Q3 2025, representing a year-on-year decline of 30.19% [1] - The net profit attributable to shareholders was 71.01 million yuan, down 59.03% year-on-year [1] - Basic earnings per share stood at 0.09 yuan for Q3 2025 [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.751 billion yuan, reflecting an 18.08% year-on-year decrease [1] - The net profit attributable to shareholders for the first three quarters was 269 million yuan, a decline of 39.42% compared to the previous year [1] - Basic earnings per share for the first three quarters were reported at 0.36 yuan [1]

Core Insights - The Chinese traditional medicine industry is undergoing a critical transformation period influenced by policy guidance and market competition restructuring, with significant pressure on both retail and medical sectors [1] - Kunming Pharmaceutical Group reported a revenue of 4.751 billion yuan and a net profit of 269 million yuan for the first three quarters of 2025, reflecting the impact of industry cyclical fluctuations [1] - The company aims to maintain strategic focus on becoming a leader in the "silver-haired health industry" while gradually recovering its business through various operational initiatives [1] Group 1 - The company is focusing on the integration of its blood stasis soft capsule product through enhanced multi-channel coverage and overseas expansion, successfully entering the Indonesian market [2] - The company is accelerating the construction of an intensive business model in the premium traditional medicine sector, promoting brand upgrades and preparing for new product series [2] - The company’s investment in the tumor immunotherapy antibody drug development firm, Vili Zhibo, which has been listed on the Hong Kong Stock Exchange, has strengthened its resource synergy in research and innovation [2] Group 2 - The company’s subsidiary, China Resources Sanjiu (Youyang), has received WHO-PQ pre-certification for its dihydroartemisinin raw material, indicating its international leading position in production processes and quality control [3] - This certification allows the company to participate in UN bulk public procurement, enhancing its international influence and competitiveness in the artemisinin sector [3]

Core Viewpoint - China Resources Pharmaceutical (03320) reported a decline in revenue and net profit for Kunming Pharmaceutical Group for the nine months ending September 30, 2025, indicating challenges in the company's financial performance [1] Financial Performance - Total revenue for the period was 4.751 billion RMB, representing a year-on-year decrease of 18.08% [1] - Net profit for the same period was 323 million RMB, reflecting a year-on-year decline of 35.76% [1]

证券代码：600422 证券简称：昆药集团 公告编号：2025-053 号 昆药集团股份有限公司关于对外担保的进展公告 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。 | 担保对象一 | 被担保人名称 | | 云南省丽江医药有限公司（以下简称"丽江医药"） | | --- | --- | --- | --- | | | 本次担保金额 | 720 万元 | | | | 实际为其提供的担保余额 | 万元 720 | | | | 是否在前期预计额度内 | □否 是 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | 不适用：_________ | | 担保对象二 | 被担保人名称 | | 红河州佳宇药业有限公司（以下简称"红河佳宇"） | | | 本次担保金额 | 万元 900 | | | | 实际为其提供的担保余额 | 900 万元 | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：____ ...

1、 关于公司 2025 年第三季度报告的议案（公司 2025 年第三季度报告刊登于上海证 券交易所网站 www.sse.com.cn） 同意：5 票 反对：0 票 弃权：0 票 监事会书面审核意见： 证券代码：600422 证券简称：昆药集团 公告编号：2025-052号 昆药集团股份有限公司十一届七次监事会决议公告 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 10 月 24 日 以通讯表决方式召开公司十一届七次监事会会议。会议通知以书面方式于 2025 年 10 月 17 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： 同意：5 票 反对：0 票 弃权：0 票 特此公告。 昆药集团股份有限公司监事会 2025 年 10 月 25 日 1 公司第三季度报告的编制和审议程序符合法律、法规、公司章程和公司内部管理 制度的各项规定；公司 ...

昆药集团股份有限公司十一届九次董事会决议公告 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 10 月 24 日以通讯表决方式召开公司十一届九次董事会会议。会议通知以书面方式于 2025 年 10 月 17 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、 关于公司 2025 年第三季度报告的议案（公司 2025 年第三季度报告刊登于上海证 券交易所网站 www.sse.com.cn） 证券代码：600422 证券简称：昆药集团 公告编号：2025-051号 同意：9 票 反对：0 票 弃权：0 票 3、 关于制订公司《市值管理制度》的议案 为进一步加强与规范公司的市值管理活动，维护公司、投资者及其他利益相关者 的合法权益，根据有关法律、法规和规定，结合公司实际，制订公司《市值管理制度》。 1 同意：9 票 反对：0 ...

昆药集团股份有限公司 2025 年第三季度报告 证券代码：600422 证券简称：昆药集团 昆药集团股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人颜炜、主管会计工作负责人孙志强及会计机构负责人（会计主管人员）杨学炳保证季 度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | | 本报告期 比上年同 | | | | 年初至报 告期末比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 期增减变 | 年初至报告期末 | 上年同期 | | 上年同期 | | | | | | 动幅度(%) | | | ...