Core Insights - Nanjing Pharmaceutical (600713) reported a slight increase in revenue but a decline in net profit for Q3 2025, indicating challenges in profitability despite stable sales growth [1] Financial Performance - Total revenue for Q3 2025 reached 41.135 billion yuan, a year-on-year increase of 0.48% [1] - Net profit attributable to shareholders was 402 million yuan, down 9.03% year-on-year [1] - In Q3 2025, total revenue was 13.168 billion yuan, reflecting a decrease of 3.93% compared to the same quarter last year [1] - Q3 net profit attributable to shareholders was 111 million yuan, a decline of 15.22% year-on-year [1] Profitability Metrics - Gross margin stood at 5.95%, a decrease of 3.5% year-on-year [1] - Net margin was 1.29%, down 6.49% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 1.546 billion yuan, accounting for 3.76% of revenue, a decrease of 3.4% year-on-year [1] Cash Flow and Assets - Cash flow per share was -3.8 yuan, a significant decrease of 72.03% year-on-year [1] - Cash and cash equivalents increased by 45.98% to 1.692 billion yuan [1] - Accounts receivable decreased by 2.66% to 16.503 billion yuan [1] Debt and Financial Ratios - Interest-bearing debt decreased by 15.69% to 8.404 billion yuan [1] - The company's return on invested capital (ROIC) was 7.08%, indicating average capital returns [4] - The company's debt ratio for interest-bearing liabilities reached 24.69% [4] Business Model and Operational Insights - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying drivers [4] - Historical financial performance has been generally average, with a median ROIC of 8.11% over the past decade [4] - The company has experienced one loss year since its IPO, warranting further investigation into potential causes [4]

Core Points - The company has announced its third-quarter financial report for 2025, which has been approved by the board of directors [29][30]. - The company plans to change its name to "Nanjing Pharmaceutical Group Co., Ltd." and will cancel its supervisory board, transferring its responsibilities to the audit and risk control committee of the board [57][59]. - The company has issued convertible bonds and has begun the conversion process, resulting in an increase in registered capital to 1,308,929,289 shares [60][61]. Financial Data - The company reported a net profit of 0 yuan from merged entities in the current period, consistent with the previous period [26]. - As of the end of the reporting period, the company had a balance of 61.32 billion yuan in accounts receivable factoring without recourse [14]. - The company has issued a total of 15 billion yuan in short-term financing bonds to supplement working capital and repay bank loans [11][12]. Shareholder Information - The company has completed a share buyback program, repurchasing approximately 17.99 million shares, which is 1.38% of the total share capital [9][10]. - The second-largest shareholder, Alliance Healthcare, has transferred its entire stake of 144,557,431 shares, representing 11.04% of the total share capital, to Guangzhou Pharmaceutical Group [18][19]. Corporate Governance - The company has appointed new senior management, including four vice presidents, to align with its strategic goals [24]. - The company will hold its second extraordinary general meeting of 2025 on November 19, 2025, to discuss the proposed changes to the articles of association and other governance matters [41][42]. Investment and Projects - The company has initiated construction on several key projects, including the Fujian Tongchun Biopharmaceutical Industrial Park and the Nanjing Pharmaceutical Central Logistics Center [20][21]. - The company has also engaged in asset disposal, leasing a property for 711.55 million yuan per year for 156 months [22].

Core Viewpoint - Nanjing Pharmaceutical is a well-known enterprise in the domestic pharmaceutical distribution sector, with a comprehensive business model that includes wholesale, retail, and third-party logistics services [1] Group 1: Business Performance - In Q3 2025, Nanjing Pharmaceutical achieved a revenue of 41.135 billion, ranking 5th among 24 companies in the industry, with the industry leader, Shanghai Pharmaceutical, at 215.072 billion [2] - The main business composition includes wholesale at 26.506 billion, accounting for 94.87%, and retail at 1.245 billion, accounting for 4.46% [2] - The net profit for Q3 2025 was 530 million, ranking 9th in the industry, with the top performer, Shanghai Pharmaceutical, at 5.986 billion [2] Group 2: Financial Ratios - As of Q3 2025, Nanjing Pharmaceutical's debt-to-asset ratio was 76.62%, slightly down from 76.75% year-on-year, which is higher than the industry average of 59.74% [3] - The gross profit margin for Q3 2025 was 5.95%, down from 6.16% year-on-year, and below the industry average of 13.11% [3] Group 3: Executive Compensation - The chairman, Zhou Jianjun, received a salary of 1.8182 million in 2024, a decrease of 367,700 from 2023 [4] - The president, Zhang Liang, had a salary of 2.2384 million in 2024, an increase of 134,900 from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.73% to 51,600 [5] - The average number of circulating A-shares held per shareholder increased by 1.77% to 24,900 [5]

Core Viewpoint - Nanjing Pharmaceutical (600713.SH) reported its Q3 2025 results, showing a slight revenue increase but a decline in net profit and non-recurring profit [1] Financial Performance - The company achieved a revenue of 41.135 billion yuan in the first three quarters, representing a year-on-year growth of 0.48% [1] - The net profit attributable to shareholders was 402 million yuan, reflecting a year-on-year decrease of 9.03% [1] - The non-recurring net profit stood at 371 million yuan, down 14.78% year-on-year [1] - Basic earnings per share were reported at 0.31 yuan [1]

每经AI快讯，南京医药（SH 600713，收盘价：5.05元）10月30日晚间发布公告称，公司第十届第四次 董事会会议于2025年10月29日在公司14楼1403会议室召开。会议审议了《关于增补第十届董事会非独立 董事的议案》等文件。 每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ 2024年1至12月份，南京医药的营业收入构成为：批发占比94.72%，零售占比4.53%，电商占比0.48%， 其他业务占比0.24%，第三方物流占比0.03%。 （记者 贾运可） 截至发稿，南京医药市值为66亿元。 ...

| 证券简称：南京医药 | 编号：ls2025-135 | | --- | --- | | 证券代码：600713 | | 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 关于修订公司章程相关条款并取消监事会、变更公司全称及 注册资本的公告 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。 重要内容提示： 拟变更后的公司全称：南京医药股份有限公司（以下简称"公司"）拟 更名为"南京医药集团股份有限公司"（暂定名，最终以在市场监督管理部门备 案后的名称为准），英文名称拟变更为"Nanjing Pharmaceutical Group Company Limited"。证券简称、证券代码均保持不变。 公司拟取消监事会，由董事会审计与风险控制委员会行使《公司法》规 定的监事会职权，《南京医药股份有限公司监事会议事规则》相应废止。 公司拟修订注册资本为 1,308,929,289 股。 公司拟根据新《公司法》、《上市公司章程指引》等法律法规的规定， 对《公司章程》及其附件《南京医药股份有限公司股东大会议事规则》《南京医 ...

南京医药股份有限公司章程修正案 | 序号 | 修订前 | 修订后 | | --- | --- | --- | | | 原第一条 为维护公司、股东和债权人的合法 | 现第一条 为维护公司、股东、职工和债 | | | | 权人的合法权益，规范公司的组织和行 | | | 权益,规范公司的组织和行为,根据《中华人民 | 为，根据《中华人民共和国公司法》（以 | | 1 | 共和国公司法》（以下简称《公司法》）、 | 下简称《公司法》）、《中华人民共和国 | | | 《中华人民共和国证券法》（以下简称《证 | 证券法》（以下简称《证券法》）和其他 | | | 券法》）和其他有关规定，制订本章程。 | 有关规定，制定本章程。 | | | | 现第四条 公司注册名称: 南京医药集团 | | | 原第四条 公司注册名称:南京医药股份有限 | 股份有限公司 | | 2 | 公司 | 公司简称：南京医药 | | | 公司英文名称:Nanjing Pharmaceutical Co., Ltd. | | | | | 公 司英 文 名称 : Nanjing Pharmaceutical | | | | Group Company L ...

| 公告编号：ls2025-136 | | --- | | 证券代码：600713 | | 证券简称：南京医药 | 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、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第二次临时股东大会 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 关于召开2025年第二次临时股东大会的通知 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 19 日 14 点 00 分 召开地点：南京市雨花台区安德门大街 55 号 2 幢 8 层会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 19 日 至2025 年 11 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易 ...

| | | 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 第十届董事会第四次会议决议公告 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。 本议案在提交董事会审议前，已提交公司第十届董事会审计与风险控制委员 会 2025 年第三次会议审议通过（同意 4 票，反对、弃权均为 0 票），委员一致 同意将本议案提交董事会审议。 2、审议通过关于修订《南京医药股份有限公司章程》相关条款并取消监事 会、变更公司全称及注册资本的议案； 同意公司根据新《公司法》、《关于新<公司法>配套制度规则实施相关过 渡期安排》等相关制度规定及监管要求，结合公司实际情况，取消监事会，由董 事会审计与风险控制委员会行使《公司法》规定的监事会职权，《南京医药股份 有限公司监事会议事规则》相应废止，同时对《南京医药股份有限公司章程》及 其附件《南京医药股份有限公司股东大会议事规则》《南京医药股份有限公司董 事会议事规则》进行修订。 重要内容提示： 一、董事会会议召开情况 南京医药股份有限公司（以下简称"公司"）第十届董事会第四次会议于 202 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 13,167,730,186.85, a decrease of 3.93% compared to the same period last year[5] - The total profit for the quarter was CNY 181,692,169.91, down 18.04% year-on-year[5] - The net profit attributable to shareholders was CNY 110,694,512.43, reflecting a decline of 15.22% compared to the previous year[5] - The basic earnings per share decreased by 10.00% to CNY 0.09, while diluted earnings per share fell by 20.00% to CNY 0.08[5] - Total operating revenue for the first three quarters of 2025 reached ¥41.14 billion, a slight increase of 0.48% compared to ¥40.94 billion in the same period of 2024[38] - Net profit for the first three quarters of 2025 was ¥529.76 million, down 6.04% from ¥563.81 million in the previous year[39] - The total comprehensive income for the first three quarters of 2025 was ¥527.35 million, down from ¥591.96 million in 2024, reflecting a decline of 10.87%[39] - The net profit for the first three quarters of 2025 was CNY 336,047,245.31, down 8.0% from CNY 365,157,231.84 in the first three quarters of 2024[45] Assets and Liabilities - Total assets increased by 10.99% to CNY 34,045,054,183.45 compared to the end of the previous year[5] - As of September 30, 2025, the company's total assets amounted to RMB 34,045,054,183.45, an increase from RMB 30,673,626,932.52 as of December 31, 2024[34] - Current assets totaled RMB 31,003,426,359.15, compared to RMB 27,807,861,740.60 at the end of 2024, reflecting a growth of approximately 11.5%[35] - The total liabilities and shareholders' equity reached ¥34.05 billion, an increase of 10.00% from ¥30.67 billion in the previous year[38] - The total liabilities increased to CNY 13,892,435,691.26 as of September 30, 2025, compared to CNY 12,444,743,701.74 at the end of 2024[43] Cash Flow - Cash flow from operating activities showed a significant decline, primarily due to reduced sales collections[8] - The net cash flow from operating activities for the first three quarters of 2025 was -¥4.98 billion, worsening from -¥2.89 billion in the same period of 2024[41] - The company's cash flow from operating activities showed a net outflow of CNY 1,705,552,524.18 for the first three quarters of 2025, compared to a net outflow of CNY 1,101,127,686.26 in the same period of 2024[46] - The net cash flow from investing activities was -$2.08 billion, compared to -$1.53 billion in the previous period[47] - The net cash flow from financing activities was $2.45 billion, up from $1.62 billion in the prior period[47] - The company experienced a net decrease in cash and cash equivalents of -$1.34 billion, compared to -$1.01 billion in the previous period[47] Shareholder Information - The company reported a total of 51,638 common shareholders at the end of the reporting period[10] - The largest shareholder, Nanjing New Industry Investment Group Co., Ltd., holds 44.17% of the shares[10] - The company repurchased 17,999,852 shares, accounting for 1.38% of the total share capital, with a total expenditure of RMB 88,922,100[17] Investments and Financing - The company issued 10,814,910 convertible bonds with a total fundraising amount of RMB 1,081,491,000, net amount after expenses being RMB 1,069,040,922.31[13] - The company issued short-term financing bonds totaling RMB 15 billion to supplement working capital and repay bank loans[19] - The company approved a borrowing limit of up to RMB 4 billion from its controlling shareholder for daily operational funding[24] - The company signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group, where Baiyunshan's subsidiary plans to acquire 144,557,431 shares from Alliance Healthcare, representing 11.04% of the company's total shares[27] Research and Development - Research and development expenses decreased to ¥25.90 million in 2025 from ¥30.54 million in 2024, indicating a reduction of 15.36%[38] - The company reported a decrease in research and development expenses to CNY 7,576,143.84 in the first three quarters of 2025, down from CNY 8,818,792.19 in the same period of 2024[44] Other Information - The company completed the purchase of its headquarters building for a total price of RMB 326,736,120.00[29] - The company held a half-year performance briefing on September 18, 2025, to address investor concerns and provide updates on its financial performance[32] - The company appointed several new vice presidents, aligning their terms with the current board's tenure[33] - The company will not apply new accounting standards starting from 2025[48]