证券代码：600713 证券简称：南京医药 公告编号：ls2025-124 | 回购方案首次披露日 | 2025/3/15 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 3 3 | 14 | 日~2026 | 年 | 月 | 日 14 | | 预计回购金额 | 7,000万元~13,158万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,629.9951万股 | | | | | | | 累计已回购股数占总股本比例 | 1.25% | | | | | | | 累计已回购金额 | 8,025.76万元 | | | | | | | 实际回购价格区间 | 4.69元/股~5.22元/股 | | | | | | 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 关于以集中竞价交易方式回购公 ...

证券代码：600713 证券简称：南京医药 编号：ls2025-125 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 关于可转债转股结果暨股份变动的公告 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： 累计转股情况：南药转债自2025年7月1日起开始转股，截至2025年9月30 日，累计转股金额为66,000元（人民币，下同），累计因转股形成的股份数量为 12,875股，占南药转债转股前公司已发行股份总额的0.00098%。 未转股可转债情况：截至2025年9月30日，尚未转股的南药转债金额为 1,081,425,000元，占南药转债发行总量的99.9939%。 本季度转股情况：2025年7月1日至2025年9月30日，南药转债转股金额为 66,000元，因转股形成的股份数量为12,875股。 单位：股 经《上海证券交易所自律监管决定书》（〔2025〕11 号）同意，公司本次 发行的可转债于 2025 年 1 月 20 日起在上海证券交易所挂牌交易，债券简称为"南 药转债"，债券代码为"11 ...

2025年3月15日，南京医药首次披露回购方案，实施期限为2025年3月14日至2026年3月14日，预计回购 金额7000万元至13158万元，用于员工持股计划或股权激励。截至2025年9月30日，公司已累计回购股份 1629.9951万股，占总股本1.25%，累计已回购金额8025.76万元，实际回购价格区间为4.69元/股至5.22 元/股。因"南药转债"转股，公司9月末总股本有所增加。本次回购符合规定，公司将按规实施并及时披 露信息。 ...

Core Viewpoint - Nanjing Pharmaceutical announced that its convertible bonds will start converting into shares from July 1, 2025, with a total conversion amount of 66,000 yuan and 12,875 shares formed by conversion as of September 30, 2025, representing 0.00098% of the company's total issued shares before conversion [1] Summary by Sections - Convertible Bonds Conversion Schedule - The conversion of Nanjing Pharmaceutical's convertible bonds will commence on July 1, 2025, and end on September 30, 2025 [1] - Conversion Amount and Shares - As of September 30, 2025, the cumulative conversion amount is 66,000 yuan, resulting in 12,875 shares, which is 0.00098% of the total shares issued before the conversion [1] - Remaining Convertible Bonds - As of September 30, 2025, the unconverted amount of Nanjing Pharmaceutical's convertible bonds is 1.081 billion yuan, accounting for 99.9939% of the total issuance [1]

白云山为何要入股南京医药？除了通过受让股权成为南京医药第二大股东外，白云山还与南京医药签署 了战略投资协议，双方积极制定市场拓展与渠道共享方案，整合优化供应链资源和物流配送网络，建立 稳定、高效的供应链体系等，实现协同发展。 入股地处江苏的南京医药，白云山将加码布局华东市场。 受近年来政策及市场变化等多种因素影响，白云山的经营业绩也出现了小幅调整。入股南京医药，白云 山谋求突围。 战投南京医药（600713.SH），广药集团旗下的白云山（600332.SH）将间接成为南京医药的第二大股 东。 近期，白云山及南京医药均公告，2025年9月26日，白云山附属企业广州广药二期基金股权投资合伙企 业（有限合伙）（简称"广药二期基金"）与相关方签署协议，拟受让南京医药11.04%的股权，交易价款 约7.49亿元。 长江商报消息 ●长江商报记者 沈右荣 分析人士认为，无论是医药制造还是医药流通环节，市场竞争加剧，"野蛮生长"时代已经过去，通过股 权纽带，寻求协同发展或将是突围之道。 携7.49亿入股南京医药 通过受让股权，白云山成了南京医药间接第二大股东。 2025年9月28日，白云山发布公告，公司附属企业广药二期基金与 ...

Core Viewpoint - Baiyunshan's acquisition of a 11.04% stake in Nanjing Pharmaceutical for 749 million yuan occurs amidst its own financial struggles, raising questions about the strategic wisdom of this investment given its declining core business and cash flow issues [1][2][6]. Financial Performance - Baiyunshan's net profit for 2024 is projected to drop by 30%, reaching a seven-year low, while its core product, Jin Ge, experiences a significant revenue decline [1][8]. - In the first half of 2025, Baiyunshan's revenue is reported at 418.35 billion yuan, a 1.93% increase year-on-year, but net profit decreases by 1.31% [10]. - The company's operating cash flow is negative 33.97 billion yuan in the first half of 2025, worsening from negative 20.37 billion yuan in the previous year [11]. Acquisition Details - The acquisition involves Baiyunshan's subsidiary purchasing 145 million non-restricted shares of Nanjing Pharmaceutical at 5.18 yuan per share, totaling approximately 749 million yuan [2][5]. - Post-acquisition, Baiyunshan becomes the second-largest shareholder of Nanjing Pharmaceutical, holding 11.04% of the shares, which allows it to gain significant influence without triggering mandatory takeover regulations [5][6]. Strategic Intent - The acquisition aims to leverage Nanjing Pharmaceutical's distribution network in East China to enhance market access for Baiyunshan's products, particularly as its core products face sales challenges [6][12]. - Baiyunshan plans to explore joint ventures and strategic investments with Nanjing Pharmaceutical, indicating a broader ambition to integrate supply chain resources and modernize traditional Chinese medicine [6][12]. Challenges and Risks - Baiyunshan's decision to finance the acquisition through borrowed funds raises concerns about the sustainability of its financial strategy, especially during a period of industry downturn [7][11]. - The company's significant reduction in R&D spending, which is only one-tenth of its sales expenses, poses long-term risks to its innovation capabilities and market competitiveness [11].

Core Viewpoint - Baiyunshan and Nanjing Pharmaceutical have entered into a strategic investment agreement, with Baiyunshan's subsidiary acquiring an 11.04% stake in Nanjing Pharmaceutical for 749 million yuan, marking Baiyunshan as the second-largest shareholder in Nanjing Pharmaceutical [1][2]. Group 1: Investment Details - Baiyunshan's subsidiary, Guangzhou Guangyao Phase II Fund, will acquire approximately 145 million non-restricted shares from Alliance Healthcare Asia Pacific Limited, representing 11.04% of Nanjing Pharmaceutical's total shares, for a total price of 749 million yuan [2]. - The acquisition is part of a broader strategy to enhance business cooperation between Baiyunshan and Nanjing Pharmaceutical, focusing on capital, distribution channels, and traditional Chinese medicine [2]. Group 2: Strategic Importance - This acquisition is the first major external investment project by the new leadership team of Guangzhou Pharmaceutical Group, led by Chairman Li Xiaojun, since their appointment in November 2024 [2]. - The collaboration aims to strengthen Baiyunshan's competitive advantage in the pharmaceutical distribution business and optimize its industrial layout in the East China region [2][3]. Group 3: Market Context - The pharmaceutical distribution business is a significant segment of Guangzhou Pharmaceutical Group's operations, with its subsidiary, Guangzhou Pharmaceutical Co., being a leading player in South China's pharmaceutical distribution market [3]. - Nanjing Pharmaceutical is a leading enterprise in Jiangsu's pharmaceutical distribution industry, with strong advantages in wholesale and retail across several provinces [3]. - The trend of increasing concentration in the pharmaceutical distribution industry is evident, with the top ten companies projected to hold an 82% market share by 2025 [3].

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. (referred to as "Baiyunshan") announced a strategic investment by its subsidiary, Guangzhou Guangyao Phase II Fund, to acquire 11.04% of Nanjing Pharmaceutical Co., Ltd. for approximately 748.81 million RMB, positioning the fund as the second-largest shareholder of Nanjing Pharmaceutical [1][3][6]. Group 1: Acquisition Details - The acquisition involves the purchase of 144,557,431 non-restricted shares from Alliance Healthcare Asia Pacific Limited (AHAPL) at a price of 5.18 RMB per share, based on the average closing price over the previous 60 trading days [6][7]. - The total transaction value for the shares is 748,807,492.58 RMB [3][6]. Group 2: Strategic Cooperation - Alongside the acquisition, Baiyunshan, Guangyao Phase II Fund, and Nanjing Pharmaceutical signed a strategic investment agreement focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine (TCM) sector cooperation [6][7]. - The capital cooperation will explore joint ventures, strategic investments, and equity investment funds based on business needs [6][7]. - In distribution channel collaboration, both companies aim to optimize supply chain resources and logistics networks to establish an efficient supply chain system [7][8]. Group 3: Industry Context and Implications - This acquisition marks the first major strategic investment project under the new leadership of Baiyunshan, signaling a strong commitment to capital operations and innovation in collaboration with leading regional enterprises [8]. - The pharmaceutical distribution industry is experiencing significant consolidation, with Baiyunshan and Nanjing Pharmaceutical ranked sixth and seventh, respectively, in the 2024 pharmaceutical distribution industry rankings [8].

资本合作层面，协议各方将根据业务合作和资本运作需求，在合适时机通过包括但不限于成立合资公 司、战略投资、股权投资基金等开展合作。 产业协同层面，分销渠道合作上，白云山与南京医药将积极制定市场拓展与渠道共享方案，整合优化供 应链资源和物流配送网络，建立稳定、高效的供应链体系；针对自有工业品种，通过有效机制开展市场 准入和渠道销售，提升产业链合作等级。 根据公告，9月26日，广药二期基金与AHAPL签署了《关于南京医药股份有限公司11.04%股份的股份转 让合同》（"《股份转让合同》"），AHAPL拟将所持南京医药144,557,431股非限售股份转让给广药二 期基金。买卖双方同意，以该合同签署日前60个交易日目标公司的每日收盘价的算术平均值为基础，目 标股份的价格为5.18元/股，目标股份转让价款总计为748,807,492.58元。 同日，白云山、广药二期基金与南京医药签署了《广州白云山医药集团股份有限公司、南京医药股份有 限公司、广州广药二期基金股权投资合伙企业（有限合伙）战略投资协议》，合作主要包括资本合作、 自有工业品种分销渠道合作、中医药领域合作等三个方面。 南方财经记者伍素文 广州报道 9月28日， ...

Core Viewpoint - The acquisition of 145 million non-restricted shares of Nanjing Pharmaceutical by Baiyunshan for 749 million yuan at 5.18 yuan per share marks a strategic investment aimed at enhancing its presence in the East China market, with a focus on improving its pharmaceutical distribution business [2][5][16] Summary by Sections Acquisition Details - Baiyunshan's subsidiary, Guangyao Phase II Fund, signed a share transfer contract to acquire 11.04% of Nanjing Pharmaceutical, becoming its second-largest shareholder [2] - The acquisition price is based on the average closing price over the 60 trading days prior to the contract signing [2] Strategic Intent - This transaction is seen as a "short-board" operation to strengthen Baiyunshan's market position in East China by investing in a regional leader [2][7] - The deal is expected to optimize Baiyunshan's industrial layout in the region and enhance its competitive advantage in pharmaceutical distribution [7][16] Financial Metrics - The static P/E ratio for Nanjing Pharmaceutical based on the 2024 net profit is approximately 11.88 times, while the dynamic P/E ratio as of September 29 is 11.77 times, indicating a valuation lower than industry averages [5] - Baiyunshan's revenue for the first half of 2025 was 41.835 billion yuan, a slight increase of 1.93% year-on-year, but net profit showed a decline [7][9] Comparison with Industry Peers - Nanjing Pharmaceutical's financial data closely mirrors that of Baiyunshan's pharmaceutical distribution segment, reflecting the common challenges of low margins and high turnover in the industry [9][13] - The acquisition is positioned as a strategic move to avoid the pitfalls experienced by Yaozong, which faced significant losses due to aggressive expansion [12][13] Market Context - The pharmaceutical distribution sector is characterized by price pressures and long receivable cycles, leading to narrow profit margins [15] - The acquisition is funded by Guangyao Phase II Fund's own capital, which helps mitigate the impact of performance fluctuations on Baiyunshan's consolidated financial statements [13][16]