中信证券股份有限公司 （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） 二〇二五年六月 财务顾问 山东省药用玻璃股份有限公司 详式权益变动报告书 关于 之 财务顾问核查意见 | क्रिया | | --- | | 财务顾问意见 41 | | --- | 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 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： 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 ...

Core Viewpoint - The report outlines the equity changes of Shandong Pharmaceutical Glass Co., Ltd. (stock code: 600529) and the involvement of China International Medical and Health Co., Ltd. and Sinopharm International Hong Kong Co., Ltd. in the investment and control of the company [1][2]. Group 1: Equity Changes - The equity change has been approved by the decision-making bodies of Luzhong Investment, Sinopharm International, and Sinopharm Group's board of directors [2]. - The equity change requires further approval from the relevant state-owned asset supervision authorities and the State Council's State-owned Assets Supervision and Administration Commission [2]. - The transaction will result in Sinopharm International controlling Luzhong Investment, thereby indirectly holding a 15% stake in Shandong Pharmaceutical Glass, changing the actual controller from Yiyuan County Finance Bureau to Sinopharm Group [4]. Group 2: Information Disclosure Obligations - The report confirms that the information disclosure obligations have been fully met according to the relevant laws and regulations, ensuring no false records or misleading statements exist [2][4]. - The report specifies that no other parties have been authorized to provide information or explanations not included in the report [2]. Group 3: Company Overview - Shandong Pharmaceutical Glass Co., Ltd. is listed on the Shanghai Stock Exchange and specializes in pharmaceutical glass products [1]. - The report includes detailed information about the controlling shareholders and the corporate structure of the involved parties, including their registered capital and business scope [5][6]. Group 4: Financial Overview - Sinopharm International's recent financial data shows total assets of approximately 2,211.70 million and total liabilities of about 970.79 million as of December 31, 2024 [9]. - The revenue for Sinopharm International was approximately 2,048.48 million, with a net profit of around 34.55 million for the same period [9].

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：国药国际香港有限公司 住所及通讯地址：香港湾仔轩尼诗道 288 号英皇集团中心 1601 室 签署日期：二〇二五年六月 山东省药用玻璃股份有限公司详式权益变动报告书 信息披露义务人声明 一、本报告书系根据《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》及其他相关法律、法规及部门规章的有关规定 编写。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露了信息披露义务人（及其一致行动人）在山东省药用玻璃 股份有限公司拥有权益的股份变动情况。截至本报告书签署日，除本报告书披 露的信息外，信息披露义务人没有通过任何其他方式在山东省药用玻璃股份有 ...

Group 1 - China National Pharmaceutical Group Corporation (Sinopharm Group) is set to become the controlling shareholder of Shandong Pharmaceutical Glass (Shandong Yaobo) through a capital increase of 2.449 billion yuan, acquiring 51% of the shares in Luzhong Investment [1][2] - Following the completion of this transaction, Sinopharm Group will indirectly control 19.5% of Shandong Yaobo's total shares, changing the actual controller from the Yiyuan County Finance Bureau to Sinopharm Group [2][6] - Shandong Yaobo has shown consistent growth, with revenue and net profit increasing for 12 consecutive years since 2013, with overall growth rates of 249% and 686% respectively [1][5] Group 2 - The partnership aims to enhance the industrial chain and modernize the manufacturing system, aligning with national strategies for technological innovation and industry control [4] - Sinopharm Group, as the largest state-owned pharmaceutical enterprise in China, will leverage its resources to empower Shandong Yaobo in technology, funding, and distribution channels [6] - Shandong Yaobo has established a comprehensive product line and maintains long-term collaborations with major pharmaceutical companies, indicating its strong market position [5][6] Group 3 - In 2024, Shandong Yaobo reported a revenue of 5.125 billion yuan, a year-on-year increase of 2.87%, and a net profit of 943 million yuan, up 21.55% [5] - The company has been actively expanding its international market presence, with foreign revenue accounting for 28.72% of total revenue in 2024, reflecting an 8.29% increase [5][6] - The restructuring is part of a broader trend of Sinopharm Group's recent activities in the A-share market, indicating a strategic focus on consolidating its position in the pharmaceutical industry [3]

Core Viewpoint - The recent investment cooperation agreement between China National Pharmaceutical Group (国药集团) and Shandong Pharmaceutical Glass Co., Ltd. (山东药玻) marks a significant shift in the company's ownership structure, potentially enhancing its operational capabilities and market position in the pharmaceutical packaging industry [1][3]. Company Overview - Shandong Pharmaceutical Glass, established in 1970 and listed in June 2002, has developed a comprehensive range of pharmaceutical packaging products, including bottles, stoppers, and caps, becoming a leading manufacturer in the industry [5]. - In Q1 2025, the company reported revenues of 1.242 billion yuan and a net profit attributable to shareholders of 224 million yuan [5]. Investment Details - On June 20, 2023, an investment cooperation agreement was signed, where China National Pharmaceutical Group and its subsidiaries will inject 2.449 billion yuan into Shandong Pharmaceutical Glass's indirect controlling shareholder, Shandong Luzhong Investment Co., Ltd. (鲁中投资), acquiring a 51% stake [1]. - This transaction will change the indirect controlling shareholder from Luzhong Holdings to China National Pharmaceutical Group, with the actual controller shifting from the Yiyuan County Finance Bureau to China National Pharmaceutical Group [1]. Strategic Implications - The partnership aims to enhance the modernization of the industrial system and improve the competitiveness of the pharmaceutical and health industry in Yiyuan County and Zibo City [3]. - The acquisition is seen as a strategic move for China National Pharmaceutical Group to expand its presence in the upstream pharmaceutical supply chain, particularly in the pharmaceutical packaging materials sector [3][5]. Challenges and Opportunities - Despite steady growth, Shandong Pharmaceutical Glass faces challenges such as the need for capital, technology, and management upgrades to further its development [4]. - The collaboration with China National Pharmaceutical Group is expected to provide substantial financial support, access to global marketing networks, and technological advancements, which could significantly enhance the company's competitive edge and contribute to the growth of the local pharmaceutical industry [5].

Core Viewpoint - Shandong Pharmaceutical Glass Co., Ltd. is experiencing a decline in stock price and has a lower PE ratio compared to the industry average, indicating potential undervaluation in the medical device sector [1][2]. Company Summary - Shandong Pharmaceutical Glass closed at 22.17 yuan, down 1.55%, with a rolling PE ratio of 15.55 times and a total market capitalization of 14.712 billion yuan [1]. - The company operates in the pharmaceutical glass packaging sector, focusing on the research, production, and sales of glass bottles, rubber stoppers, and bottle caps [1]. - The company has been recognized with a new provincial engineering research center and has received the title of "National Manufacturing Single Champion Enterprise," highlighting its leading position in the field [1]. - The "Key Technology and Industrialization of Pharmaceutical Glass Bottle Manufacturing" project won two prestigious industry awards, showcasing its technological innovation and industrial value [1]. Financial Performance - In the first quarter of 2025, the company reported revenue of 1.242 billion yuan, a year-on-year decrease of 1.97%, while net profit was 224 million yuan, a year-on-year increase of 1.29%, with a sales gross margin of 30.21% [1]. Industry Summary - The average PE ratio for the medical device industry is 48.89 times, with a median of 35.79 times, positioning Shandong Pharmaceutical Glass at the 37th rank within the industry [1][2]. - The company has 70,488 shareholders as of March 31, 2025, an increase of 6,223 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1].

Group 1 - The core point of the news is the significant restructuring of Shandong Pharmaceutical Glass Co., Ltd., with China International Medical Health Co., Ltd. becoming the new controlling shareholder, and the actual controller changing to China National Pharmaceutical Group Corporation (Sinopharm Group) [1][2] - Shandong Pharmaceutical Glass is a leading company in the domestic pharmaceutical packaging materials industry, with a market share exceeding 85% in molded bottles, and has shown a cumulative revenue growth of 197% from 2015 to 2024, reaching a revenue of 5.125 billion yuan and a profit of 1.111 billion yuan in 2024, with a year-on-year growth of 21.95% [2][3] - The demand for borosilicate pharmaceutical glass is experiencing rapid growth due to national policies, and the entry of a central enterprise into the leading industry player is seen as a key signal for industry consolidation [2][4] Group 2 - Sinopharm Group, as a global pharmaceutical giant, covers the entire industry chain from R&D to manufacturing and distribution, and the restructuring is expected to create significant synergies, including accelerated international expansion and technological upgrades [3][4] - The restructuring will enhance the regional economic development by injecting central enterprise resources into the local pharmaceutical health industry, thereby strengthening the competitive edge of Shandong Province's pharmaceutical industry [4] - This move aligns with the national strategy for emerging industries and provides an innovative model for industry consolidation, which will continue to attract industry attention in terms of technological collaboration and market expansion [4]

Core Viewpoint - The announcement details the progress of a restructuring involving Shandong Pharmaceutical Glass Co., Ltd., where the controlling shareholder will change from Luzhong Investment to China National Pharmaceutical Group Corporation (Sinopharm Group) through an investment agreement [1][2][7]. Group 1: Restructuring Details - The investment cooperation agreement was signed between Sinopharm International, Sinopharm International Hong Kong, and Luzhong Investment, allowing Sinopharm to acquire a 51% stake in Luzhong Investment [1][2]. - Following the completion of this investment, Sinopharm will indirectly control 129,380,980 shares of Shandong Pharmaceutical Glass, representing approximately 19.5% of the total share capital [3][7]. - The restructuring aims to enhance the biopharmaceutical and health industry in Zibo City and Yiyuan County, aligning with national strategies for industrial modernization [2][3]. Group 2: Governance and Management - Post-investment, Luzhong Investment will remain the controlling shareholder of Shandong Pharmaceutical Glass, with Sinopharm as the indirect controlling entity [3][7]. - The current management team of Shandong Pharmaceutical Glass is expected to remain stable, with appointments made by the board in compliance with relevant laws [3][7]. - The agreement stipulates that all recommended board members and senior management must meet legal qualifications [3][4]. Group 3: Financial Implications - The investment will increase Luzhong Investment's registered capital from 300 million RMB to approximately 612.24 million RMB, with Sinopharm and its Hong Kong subsidiary contributing a total of approximately 2.45 billion RMB [6][7]. - The restructuring is not expected to adversely affect the company's ongoing operations or financial status, maintaining its independence [2][7].

证券代码：600529 证券简称：山东药玻 编号：2025-039 山东省药用玻璃股份有限公司 关于控股股东重组事宜的进展公告 本公司董事会及全体董事保证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个别及连带责任。 特别提示： 1、2025 年 6 月 20 日，中国国际医药卫生有限公司（以下简称 "国药国际"）、国药国际香港有限公司（以下简称"国药国际香港"） 与山东鲁中控股集团有限公司（以下简称"鲁中控股"）、沂源国有投 资集团有限公司、山东鲁中投资有限责任公司（以下简称"鲁中投资"） 签订了《关于山东鲁中投资有限责任公司之投资合作协议》（以下简 称"《投资合作协议》"），协议约定由国药国际和国药国际香港向鲁中 投资增资并取得鲁中投资 51%股权（以下简称"本次增资"），国药国 际将通过鲁中投资间接控股山东省药用玻璃股份有限公司（以下简称 "公司"或"山东药玻"）129,380,980 股股份（以下简称"本次权 益变动"）。 2、若本次权益变动顺利推进并实施完成，公司间接控股股东将 由鲁中控股变更为国药国际，实际控制人将由沂源县财政局变更为中 国医药集团有限 ...

证券代码：600529 证券简称：山东药玻 公告编号：2025-038 山东省药用玻璃股份有限公司 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 A 股每股现金红利0.32元 ? 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 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | | ? 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2025 年 5 月 16 日的2024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。 四、 分配实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在 ...