山东省药用玻璃股份有限公司 详式权益变动报告书 上市公司名称：山东省药用玻璃股份有限公司 股票简称：山东药玻 股票代码：600529 股票上市地点：上海证券交易所 信息披露义务人一：中国国际医药卫生有限公司 住所及通讯地址：北京市朝阳区惠新东街 4 号 信息披露义务人二：山东耀新健康产业有限公司 住所及通讯地址：山东省淄博市沂源县历山街道办事处兴源路 66 号沂源经济开 发区创业大厦 2 号楼 303 室 股份变动性质： 权益变动（增加） 签署日期：二〇二六年一月 四、本次权益变动尚需山东药玻股东会批准、淄博市国有资产监督管理机 构和国务院国资委批准、本次权益变动涉及的经营者集中事项通过国家市场监 督管理总局国家反垄断局审查（如需）、本次权益变动涉及的山东药玻股份发 行事项获得上交所审核通过及证监会同意注册的批复等。 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务 人和所聘请的专业机构外，没有委托或者授权任何其他人提供未在本报告书中 列载的信息和对本报告书做出任何解释或者说明。 六、根据《上市公司收购管理办法》的规定，本次权益变动未触发要约收 购义务。 1 山东省药用玻璃股份有限公司 详式权 ...

中信证券股份有限公司 关于 山东省药用玻璃股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收 购管理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益 变动报告书》《公开发行证券的公司信息披露内容与格式准则第16号——上市 公司收购报告书》及相关法律、法规的规定，中信证券股份有限公司按照证券 行业公认的业务标准、道德规范和勤勉尽责精神，就本次信息披露义务人披露 的《山东省药用玻璃股份有限公司详式权益变动报告书》进行核查，并出具核 查意见。 为使相关各方恰当地理解和使用本核查意见，本财务顾问特别声明如下： （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 二〇二六年一月 | क्रिया | | --- | | 财务顾问意见 43 | | --- | 中信证券股份有限公司关于山东省药用玻璃股份有限公司详式权益变动报告书之财务顾问核查意见 声明 1、本财务顾问已按照规定履行了尽职调查义务，对信息披露义务人披露的 《山东省药用玻璃股份有限公司详式权益变动报告书》进行了核查，确信内容 与格式符合规定，并保证所发表的 ...

山东省药用玻璃股份有限公司 未来三年（2026-2028 年）股东回报规划 为完善和健全山东省药用玻璃股份有限公司科学、持续、稳定的分红决策和 监督机制，积极回报投资者，引导投资者树立长期投资的理性投资理念，根据中 国证监会《关于进一步落实上市公司现金分红有关事项的通知》（证监发[2012]37 号）、《上市公司监管指引第 3 号—上市公司现金分红》（证监会公告[2013]43 号） 等法律法规的相关要求和《山东省药用玻璃股份有限公司章程》（以下简称"《公 司章程》"）的规定，公司董事会结合公司实际情况经过专项研究论证，制订了未 来三年（2026 年-2028 年）股东回报规划（以下简称"本规划"），具体内容如下： 一、制定股东回报规划考虑因素 公司着眼于长远和可持续发展，综合考虑经营发展规划、股东意愿与要求、 现金流量状况、外部融资环境及资本成本，建立对投资者持续、稳定、科学的回 报规划与机制，从而对利润分配做出制度性安排，以保证利润分配政策的连续性 和稳定性。 二、本规划的制定原则 股东回报规划的制定应符合相关法律法规、规范性文件的规定，应重视对投 资者的合理投资回报并兼顾公司当年的实际经营情况和可持续发 ...

Core Viewpoint - China National Pharmaceutical Group (国药集团) is steadily advancing its acquisition of Shandong Pharmaceutical Glass (山东药玻), a leading company in the domestic pharmaceutical glass industry, through a private placement plan to raise up to 3.235 billion yuan [1][2]. Group 1: Acquisition Details - Shandong Pharmaceutical Glass plans to issue up to 1.99 million shares at a price of 16.25 yuan per share, raising no more than 3.235 billion yuan, with China International Pharmaceutical Co. and its subsidiary subscribing to the shares [3][6]. - Following the completion of this issuance, China International will become the controlling shareholder of Shandong Pharmaceutical Glass, with the actual controller changing to China National Pharmaceutical Group [3][6]. - The previous plan for indirect restructuring through Shandong Luzhong Investment was abandoned due to various factors, leading to a direct capital injection approach [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, Shandong Pharmaceutical Glass reported revenue of 3.401 billion yuan, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 542 million yuan, down 24.7% [5][6]. - Despite the decline in performance, the company's gross profit margin improved to 33.08%, an increase of 0.98 percentage points year-on-year [5][6]. Group 3: Strategic Implications - The acquisition aims to enhance the research and innovation capabilities of Shandong Pharmaceutical Glass, allowing for increased investment in new technologies and products, thereby strengthening its market position [1][6]. - The partnership with China National Pharmaceutical Group will facilitate better resource accumulation in pharmaceutical research, industrial manufacturing, and global network layout, contributing to the development of China's biopharmaceutical and innovative drug sectors [4][6]. - Shandong Pharmaceutical Glass is recognized as a national manufacturing champion, actively engaging in key research and development projects, and has accumulated a total of 291 authorized patents, including 40 invention patents [6][7].

Core Viewpoint - Shandong Pharmaceutical Glass Co., Ltd. plans to issue up to 199,084,233 A-shares at a price of 16.25 yuan per share, aiming to raise no more than 3.235 billion yuan to supplement working capital, with a change in control to China National Pharmaceutical Group Corporation [2][4][6] Trading Information Summary - As of January 14, 2026, Shandong Pharmaceutical Glass closed at 21.0 yuan, up 2.24%, with a turnover rate of 4.63%, trading volume of 307,500 shares, and a transaction amount of 645 million yuan [1] - On the same day, the net inflow of main funds was 9.6426 million yuan, accounting for 1.5% of the total transaction amount, while retail investors had a net outflow of 1.5527 million yuan, accounting for 0.24% [2] Company Announcement Summary - The company’s board approved a proposal to issue shares to specific entities, which requires further approval from the shareholders' meeting, state-owned asset regulatory authorities, the Shanghai Stock Exchange, and the China Securities Regulatory Commission [2][4] - The issuance will result in a change of control, with China National Pharmaceutical Group becoming the actual controller, and the original controlling shareholder, Luzhong Investment, terminating its cooperation with China National Pharmaceutical International on January 11, 2026 [3][6] - The company has committed not to provide financial assistance or guarantees to the issuing entities and has acknowledged the potential dilution of immediate returns from this issuance [4][5] Financial and Operational Insights - The company’s previous fundraising net amount was approximately 1.842 billion yuan, with 1.141 billion yuan invested by September 30, 2025, and the investment progress is reported as normal [4][5] - The company expects to have daily related transactions with China National Pharmaceutical Group totaling 46.7 million yuan in 2026, primarily for the sale of pharmaceutical glass packaging materials [5] - The feasibility analysis report indicates that the raised funds will be used entirely to supplement working capital, enhancing capital strength, research innovation capabilities, and risk resistance [5][6]

山东药玻筹划超一年的控股股东重组，最终宣告终止。不过，国药集团对山东药玻的青睐并未改变，转 为直接向上市公司定增以实现入主。 1月14日，山东药玻发布公告称，拟定增募资不超32.35亿元，扣除发行费用后的募集资金净额将全部用 于补充流动资金。 本次向特定对象发行股票的发行对象，为中国国际医药卫生有限公司（以下简称"国药国际"）、山东耀 新健康产业有限公司（以下简称"山东耀新"），其中山东耀新为国药国际全资子公司国药国际香港有限 公司，在境内注册的全资子公司。 本次发行后，国药国际、山东耀新将合计持有山东药玻1.99亿股股票，占本次发行后公司总股本的 23.08%，国药国际成为山东药玻的控股股东，实际控制人为国药集团，最终控制人为国务院国资委。 值得一提的是，本次与此前推进的通过山东药玻控股股东山东鲁中投资有限责任公司（以下简称"鲁中 投资"）的重组方式不同。2025年1月，山东药玻公告称，沂源县人民政府与国药国际筹划公司控股股东 鲁中投资的重组事宜，可能涉及鲁中投资的控股股东变更，从而导致山东药玻间接控股股东的变更。 山东药玻方面表示，1月13日，公司收到鲁中投资的《通知函》显示，本次合作自启动以来，鲁中投 ...

山东药玻（600529）筹划超一年的控股股东重组事宜，最终宣告终止。不过，国药集团对山东药玻的青睐没有改变，转为直接向上市公司定增来实现入主。 1月14日，山东药玻发布公告称，公司拟定增募资不超32.35亿元，扣除发行费用后的募集资金净额将全部用于补充流动资金。 资料显示，山东药玻是我国药用玻璃行业的龙头企业，掌握中硼硅模制瓶、中硼硅拉管等核心工艺。药用玻璃是最重要的药用包装材料之一，相对于其他医 药包装材料，药用玻璃具有透明性、光洁性、阻隔性、化学稳定性、耐温性、相容性、再生性等诸多优良特征，是生物制剂、高端注射剂等领域不可替代的 包装容器。 山东药玻表示，对比国际领先药包材企业，公司产品体系仍有进一步丰富空间，在高端覆膜胶塞、预灌封高端市场份额、全球生产网络布局等方面仍有差 距，研发超前性程度与打造科技型国际化公司目标尚不匹配。本次向特定对象发行股票，募集资金可持续提升科研创新能力和新技术新产品投入力度，在更 本次向特定对象发行股票的发行对象为中国国际医药卫生有限公司（以下简称"国药国际"）、山东耀新健康产业有限公司（以下简称"山东耀新"），其中山 东耀新是国药国际全资子公司国药国际香港在境内注册的全资子 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company has introduced a private placement involving Guoyao International and Shandong Yaoxin, with Guoyao International becoming the controlling shareholder. The placement involves the issuance of up to 199 million shares at a price of 16.25 yuan per share, raising a maximum of 3.235 billion yuan [5]. - The collaboration with Guoyao Group is expected to enhance the company's long-term development, leveraging Guoyao's comprehensive medical industry chain from research and development to manufacturing and distribution [5]. - The report highlights a long-term trend of upgrading from low borosilicate and soda-lime glass to medium borosilicate glass in the pharmaceutical packaging industry, driven by increasing safety and stability requirements for pharmaceuticals [5]. Financial Data and Earnings Forecast - Total revenue is projected to reach 5,125 million yuan in 2024, with a growth rate of 2.9%. By 2027, revenue is expected to grow to 6,119 million yuan, reflecting a compound annual growth rate of approximately 7.2% [4]. - The net profit attributable to the parent company is forecasted to be 943 million yuan in 2024, with a decline of 24.7% in 2025, followed by a recovery to 1,010 million yuan by 2027 [4]. - The earnings per share (EPS) is expected to be 1.42 yuan in 2024, decreasing to 1.20 yuan in 2025, and then recovering to 1.52 yuan by 2027 [4].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company has introduced a private placement involving Guoyao International and Shandong Yaoxin, with Guoyao International becoming the controlling shareholder. The placement involves the issuance of up to 199 million shares at a price of 16.25 yuan per share, raising up to 3.235 billion yuan [5][7] - The collaboration with Guoyao Group is expected to enhance the company's long-term development, leveraging Guoyao's comprehensive supply chain in the pharmaceutical industry [7] - The trend towards upgrading to borosilicate glass in pharmaceutical packaging is anticipated to continue, driven by increasing safety and stability requirements for drugs [7] Financial Data and Earnings Forecast - Total revenue is projected to reach 5,125 million yuan in 2024, with a growth rate of 2.9%. By 2026, revenue is expected to increase to 5,711 million yuan, reflecting a growth rate of 9.9% [6] - Net profit attributable to shareholders is forecasted to be 943 million yuan in 2024, with a projected increase to 1,010 million yuan by 2027 [6] - The company's earnings per share (EPS) is expected to be 1.42 yuan in 2024, increasing to 1.52 yuan in 2027 [6]

Group 1 - The company Shandong Pharmaceutical Glass (600529) plans to issue shares at a price of 16.25 yuan per share to raise a total of 3.235 billion yuan, which will be used to supplement working capital after deducting issuance costs [1] - After the issuance, China National Pharmaceutical Group Corporation will become the controlling shareholder of Shandong Pharmaceutical Glass, changing the actual controller to the State-owned Assets Supervision and Administration Commission of the State Council [1] - The company aims to leverage the resources of China National Pharmaceutical Group in areas such as pharmaceutical research and development, industrial manufacturing, and global network layout to support its transformation into a technology-driven international enterprise [1] Group 2 - The raised funds will enhance the company's research and innovation capabilities and increase investment in new technologies and products, aiming to create core competitive products in various pharmaceutical packaging material segments [2] - Shandong Pharmaceutical Glass, established in 1970 and listed in June 2002, is a leading enterprise in the pharmaceutical glass industry, mastering core technologies for borosilicate molded bottle manufacturing [2] - The company produces over 200 types of products across six major series, including molded pharmaceutical glass bottles and infusion bottles, with a domestic market share exceeding 85% for its molded bottle products [2]