Summary of Key Points Core Viewpoint - The announcement details the progress of external guarantees provided by Kunming Pharmaceutical Group Co., Ltd. to its subsidiaries, emphasizing the financial support for their operational needs in 2025 and the associated risks due to high debt levels of the guaranteed companies [1][6]. Group 1: Guarantee Details - The total guarantee amount provided to the subsidiaries is RMB 12.5 million, with a cumulative guarantee balance of RMB 33.7 million [1]. - The guaranteed companies, Qujing Kangqiao Pharmaceutical Co., Ltd. and Kunming Commercial (Zhaotong) Pharmaceutical Co., Ltd., are both subsidiaries of Kunming Pharmaceutical Group [1][2]. - There are no collateral guarantees associated with this external guarantee [1]. Group 2: Financial Status of Guaranteed Companies - Qujing Kangqiao has an asset-liability ratio of 73.60% as of March 31, 2025, indicating a high level of debt [2]. - Kunming Commercial (Zhaotong) has an asset-liability ratio of 86.07% as of March 31, 2025, also reflecting significant financial leverage [2]. - Both companies are not classified as dishonest executors, and their credit status is reported as good [2]. Group 3: Board of Directors' Opinion - The board believes that the guarantees are necessary to support the subsidiaries' operational needs, enhance financing efficiency, and lower financing costs [6]. - The board has assessed the financial stability and operational conditions of the guaranteed companies, concluding that the overall risk is manageable [6]. Group 4: Cumulative Guarantee Information - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is RMB 113.85 million, which is 2.17% of the latest audited net assets [7]. - The total guarantee amount provided to subsidiaries is RMB 456.15 million, representing 8.68% of the latest audited net assets [7].

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、 担保情况概述 （1）担保事项履行的相关程序 证券代码：600422 证券简称：昆药集团 公告编号：2025-036号 昆药集团股份有限公司关于对外担保的进展公告 为支持昆药集团股份有限公司（以下简称"公司"）旗下全资及控股子公司 2025 年 生产经营及业务发展需要，满足相关下属公司融资担保需求，经公司十一届三次董事 会及 2025 年第三次临时股东大会审议通过，2025 年度由公司及下属子公司为旗下公 司合计不超过人民币 4.5615 亿元的银行融资授信业务提供连带责任担保，详见《昆药 集团股份有限公司关于 2025 年度担保计划的公告》（2025-020 号）和《昆药集团股 份有限公司 2025 年第三次临时股东大会决议公告》（2025-026 号）。 （2）担保概况 为支持旗下全资及控股子公司生产经营及业务发展，2025 年 6 月 23 日，在上述 批准范围内公司发生如下担保（单位：万元）： | 本次 | | | | | | | | --- | -- ...

贺明先生未受过中国证监会及其他有关部门的处罚和证券交易所惩戒；其任职资 格及推荐程序符合《公司法》《公司章程》的相关规定。 特此公告。 昆药集团股份有限公司董事会 2025 年 6 月 24 日 1 高级管理人员简历： 证券代码：600422 证券简称：昆药集团 公告编号：2025-035号 昆药集团股份有限公司关于聘任高级管理人员的公告 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。 根据公司发展及生产经营管理的需要，昆药集团股份有限公司（以下简称"昆药 集团"或"公司"）于 2025 年 6 月 23 日召开十一届六次董事会，审议通过了《关于 聘任公司副总裁的议案》，经董事会提名委员会审核通过，公司董事会同意聘任贺明 先生为公司副总裁(简历附后)，任期自本次董事会审议通过之日起至十一届董事会任 期届满之日止。 贺明先生未持有公司股票，与公司其他董事、监事、高级管理人员不存在关联关系，未受过 中国证监会及其他有关部门的处罚和证券交易所纪律处分，不存在《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》第 3.2.2 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-034号 昆药集团股份有限公司十一届六次董事会决议公告 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 6 月 23 日以通讯表决方式召开公司十一届六次董事会会议。会议通知以书面方式于 2025 年 6 月 18 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、 关于聘任公司副总裁的议案（详见《昆药集团关于聘任高级管理人员的公告》） 本议案已经公司十一届董事会提名委员会 2025 年第二次会议审议通过，并同意 提交公司董事会审议。 根据《上市公司投资者关系管理工作指引》及其他有关法律、法规和规定，结合 公司实际情况，公司对《投资者关系管理制度》相关条款进行修订。 同意：9 票 反对：0 票 弃权：0 票 3、 关于修订公司《对外部单位报送信息管理制度》的议 ...

Group 1 - The core opinion of the article is that the legal opinion provided by Beijing DeHeng Law Offices confirms the legality and validity of the 2024 annual shareholders' meeting of Kunming Pharmaceutical Group Co., Ltd. [1][3] Group 2 - The shareholders' meeting was held on June 20, 2025, at the company's management center in Kunming, with a notice period of over 20 days, consistent with the announcement details [2] - A total of 514 shareholders and their proxies attended the meeting, representing 387,491,022 shares, which accounts for 51.1893% of the total voting shares [2] - The meeting was presided over by the company's chairman, Mr. Wu Wendo, in compliance with legal and regulatory requirements [2] Group 3 - The voting process combined on-site and online voting, with six proposals reviewed and approved, including the 2024 annual reports and profit distribution plan [3] - The legal opinion concludes that all aspects of the shareholders' meeting, including convening, attendance qualifications, and voting procedures, complied with legal and regulatory standards [3]

Meeting Details - The shareholders' meeting was held on June 20, 2025, at the company's management center in Kunming, Yunnan Province [1] - The meeting was presided over by Chairman Wu Wendo, and the attendance included company directors, supervisors, and legal representatives [2] Voting Results - All proposed resolutions were approved with significant majority votes, including: - 99.7732% approval for the first resolution with 386,612,422 votes in favor [2] - 99.7855% approval for the second resolution with 386,660,122 votes in favor [2] - 99.7724% approval for the third resolution with 386,609,122 votes in favor [3] - 99.7941% approval for the fourth resolution with 386,693,222 votes in favor [3] - 98.6687% approval for the profit distribution plan for 2024 with 382,332,429 votes in favor [3] Legal Compliance - The meeting's convening, attendance, and voting procedures complied with the relevant laws, regulations, and the company's articles of association, as confirmed by the attending lawyers [3]

北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2024 年年度股东会的 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 2024 年年度股东会的法律意见 北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2024 年年度股东会的 法 律 意 见 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， 本次指派杨敏律师、李妍律师出席贵公司 2024 年年度股东会（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 ...

重要内容提示： 本次会议是否有否决议案：无 证券代码：600422 证券简称：昆药集团 公告编号：2025-033 昆药集团股份有限公司 2024年年度股东大会决议公告 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。 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 20 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 | 514 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 387,491,022 | | 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 | 51.1893 | | 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 会规则》（下称"《股东会规则》"）及《昆药集 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][8]. Core Insights - The company, Kunming Pharmaceutical Group, is positioned as a leader in the silver-haired health sector, leveraging its long history and expertise in traditional Chinese medicine [7][15]. - Following the acquisition by China Resources Sanjiu, the company has strengthened its competitive edge in the Sanqi industry chain and aims to become a leader in the elderly health and chronic disease management sectors [7][22]. - The company has set ambitious growth targets, aiming to double its revenue by 2028, focusing on high-quality products and services for elderly health management [16][29]. Financial Data and Profit Forecast - Total revenue is projected to reach 84.01 billion yuan in 2024, with a slight decline of 0.34% year-on-year, followed by a recovery to 91.76 billion yuan in 2025, representing a growth of 9.2% [2][30]. - Net profit attributable to shareholders is expected to be 648 million yuan in 2024, with a significant increase to 714 million yuan in 2025, reflecting a year-on-year growth of 10.1% [2][30]. - The earnings per share (EPS) is forecasted to be 0.86 yuan in 2024, increasing to 0.94 yuan in 2025 [2]. Strategic Development - The company is focusing on two main business areas: elderly health and premium traditional Chinese medicine, with a strategic plan from 2024 to 2028 [7][16]. - The company aims to enhance its product offerings in the Sanqi industry chain and develop a comprehensive service model for chronic disease management [57][58]. - The strategic plan includes short-term, mid-term, and long-term actions to establish a strong market presence and brand recognition in the elderly health sector [57][58]. Market Position and Competitive Advantage - Kunming Pharmaceutical Group is recognized as one of the five major traditional Chinese medicine brands in China, with a rich history and a strong product portfolio [7][15]. - The company has a robust marketing strategy that includes a full-channel approach, targeting hospitals, retail pharmacies, and e-commerce platforms [38]. - The company is leveraging its research and development capabilities to innovate and expand its product line, particularly in the field of plant-based medicines [39][41].

Core Viewpoint - The company is preparing for its 2024 Annual Shareholders' Meeting, focusing on governance, strategic development, and financial performance, while ensuring shareholder rights and compliance with regulations [1][2][3]. Meeting Agenda - The meeting is scheduled for June 20, 2025, at 10:00 AM, in Kunming, Yunnan Province, with the chairman Wu Wendo presiding [3][4]. - Key agenda items include the 2024 Annual Board Work Report, Annual Supervisory Board Work Report, Annual Financial Settlement Report, and Profit Distribution Proposal [3][4][5]. Governance and Compliance - The company emphasizes the importance of maintaining order and efficiency during the meeting, with strict adherence to legal and procedural requirements [1][2]. - The board is committed to protecting shareholder rights and ensuring compliance with the Company Law and Securities Law [1][2]. Strategic Development - The board has developed a five-year strategic plan (2024-2028) focusing on becoming a leader in the silver-haired health industry and premium traditional Chinese medicine [11][12]. - The company aims to enhance its core business areas, particularly in chronic disease management and the traditional Chinese medicine sector [11][12]. Financial Performance - The company reported a net profit of 648.08 million yuan for the year, a year-on-year increase of 19.86%, and a net profit excluding non-recurring items of 419.21 million yuan, up 25.09% [17]. - A cash dividend of 0.20 yuan per share (including tax) is proposed, totaling approximately 151.42 million yuan [12][31]. Risk Management - The board is focused on enhancing risk management frameworks and internal controls to identify and mitigate potential risks [15][16]. - Regular audits and compliance checks are conducted to ensure adherence to legal and regulatory standards [15][16]. Investor Relations - The company is committed to improving information disclosure quality and maintaining effective communication with investors [18][19]. - It has received recognition for its investor relations efforts, including an A-level rating for information disclosure from the Shanghai Stock Exchange [19].