Core Viewpoint - The pharmaceutical distribution industry is characterized by three main business models: wholesale, retail, and various new distribution models, each with distinct operational dynamics and market implications [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [4]. - The third terminal in the wholesale model is increasingly favored by internet hospitals, indicating a shift towards digital integration in pharmaceutical distribution [4]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distributors and selling them to individual consumers, generating profit from the price difference [7]. - Although the retail model operates on a smaller scale compared to wholesale, it boasts higher profit margins, making it an attractive segment within the pharmaceutical distribution landscape [7]. Group 3: Internet Retail Model - The internet retail model encompasses various online platforms, including internet hospitals and pharmaceutical e-commerce, facilitating diagnosis and drug sales through digital channels [9]. - This model includes B2B, B2C, and O2O formats, reflecting the growing trend of digital transformation in the pharmaceutical sector [9]. Group 4: Third-Party Cold Chain Logistics - The "14th Five-Year Plan" emphasizes the need for a modern, intelligent pharmaceutical supply chain, focusing on enhancing networked, scaled, and specialized logistics services [12]. - Third-party cold chain logistics offer significant advantages, such as reducing initial investment costs for pharmaceutical companies and ensuring temperature-controlled transport, which is crucial for maintaining drug quality [12]. - These logistics providers can effectively manage reverse logistics and product recalls through advanced tracking and data exchange systems, thereby minimizing losses and ensuring compliance with quality standards [12].

Core Viewpoint - The pharmaceutical distribution industry is categorized into three main business models: wholesale, retail, and various new distribution models, each with distinct characteristics and profit margins [1]. Group 1: Wholesale Model - The wholesale model, also known as the distribution model, involves selling pharmaceuticals and medical devices in bulk to entities that directly interact with consumers, such as medical institutions and retail pharmacies [3]. - The wholesale model can be further divided into categories such as hospital direct sales, commercial allocation, and third terminal distribution, with the third terminal being a key focus for internet healthcare companies [3]. Group 2: Retail Model - The retail model involves retail pharmacies purchasing pharmaceutical products from manufacturers or other distribution companies and selling them to individual consumers for profit [4]. - Although the retail model is smaller in scale compared to wholesale, it offers higher profit margins, and can be subdivided into single-store and chain models, with chain models further categorized into direct-operated and franchise operations [4]. Group 3: Internet Retail Model - The internet pharmaceutical new retail model encompasses various internet hospitals and pharmaceutical e-commerce platforms that conduct diagnosis and drug sales through online channels, including B2B, B2C, and O2O models [6]. Group 4: Third-Party Cold Chain Logistics - The pharmaceutical distribution industry is expected to build a modern smart pharmaceutical supply chain service system during the 14th Five-Year Plan period, focusing on enhancing networked, scaled, and specialized levels for safer and more efficient logistics [10]. - Third-party cold chain logistics provide significant advantages, such as reducing upfront investment for pharmaceutical companies, ensuring temperature control during transport, and optimizing the pharmaceutical supply chain through integrated information management [11].

Market Overview - The pharmaceutical commercial sector increased by 0.05% on August 20, with Yifeng Pharmacy leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Yifeng Pharmacy (603939) closed at 24.27, up 0.87% with a trading volume of 58,700 shares and a turnover of 141 million yuan [1] - Other notable performers include: - Liuyuan Group (603368) at 18.64, up 0.76% [1] - China National Pharmaceutical Group (600511) at 30.01, up 0.60% [1] - Shanghai Pharmaceuticals (601607) at 19.02, up 0.58% [1] - Nanjing Pharmaceutical (600713) at 5.30, up 0.57% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 367 million yuan [2] - Notable capital flows include: - Yifeng Pharmacy had a net outflow of 9.79 million yuan from institutional investors [3] - Heavy Drug Holdings (000950) saw a net inflow of 7.45 million yuan from institutional investors [3] - Drug Easy Purchase (300937) had a net inflow of 3.82 million yuan from institutional investors [3]

证券代码：600713 证券简称：南京医药 编号：ls2025-108 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 2025 年度第二期超短期融资券兑付公告 为保证南京医药股份有限公司 2025 年度第二期超短期融资券（债券简称：25 南京医药 SCP002，债券代码：012580666）兑付工作的顺利进行，现将有关事宜 公告如下： （一）发行人：南京医药股份有限公司 联系人：周昊鹏 联系方式：025-84552638 （二）存续期管理机构：杭州银行股份有限公司 联系人：王心悦 联系方式：0571-86475508 （三）登记托管机构：银行间市场清算所股份有限公司 联系部门：运营部 联系人：谢晨燕、陈龚荣 联系方式：021-23198708、021-23198682 | 发行人名称 | 南京医药股份有限公司 | | | --- | --- | --- | | 债项名称 | 南京医药股份有限公司 2025 | 年度第二期 | | | 超短期融资券 | | | 债项简称 | 南京医药 25 | SCP002 | | 债项代码 | 012580666 | | | 发行金额（万元） | 50,0 ...

证券代码：600713 证券简称：南京医药 编号：ls2025-107 债券代码：110098 债券简称：南药转债 2024 年度第三期超短期融资券兑付公告 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。 为保证南京医药股份有限公司 2024 年度第三期超短期融资券（债券简称：24 南京医药 SCP003，债券代码：012483960）兑付工作的顺利进行，现将有关事宜 公告如下： | 发行人名称 | 南京医药股份有限公司 | | --- | --- | | 债项名称 | 南京医药股份有限公司 2024 年度第三期超 | | | 短期融资券 | | 债项简称 | 24 南京医药 SCP003 | | 债项代码 | 012483960 | | 发行金额（万元） | 50,000 | | 起息日 | 2024-12-17 | | 发行期限 | 269 天 | | 债项余额（万元） | 50,000 | | 最新评级情况 | / | | 偿还类别 | 本息兑付 | | 本计息期债项利率 | 1.8% | | 本息兑付日 | 2025- ...

| | | 债券代码：110098 债券简称：南药转债 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： 现金管理产品名称：南京医药股份有限公司（以下简称"公司"）本次 使用部分暂时闲置募集资金 1.7 亿元购买民生银行单位大额存单。 南京医药股份有限公司关于公司及子公司 使用部分暂时闲置募集资金进行现金管理到期赎回并继续 进行现金管理的公告 履行的审议程序：公司于2025年1月20-22日召开了第九届董事会临时会 议及第九届监事会临时会议，审议通过了《关于公司及子公司使用部分暂时闲置 募集资金进行现金管理的议案》，同意公司及子公司使用不超过7亿元（含本数） 暂时闲置募集资金进行现金管理，投资的产品品种为安全性较高、流动性较好、 风险较低的保本型理财产品。使用期限自公司董事会审议通过之日起12个月内有 效，上述额度在使用期限内可以滚动使用，到期后归还至募集资金专户。 特别风险提示：尽管公司购买的单位大额存单安全性较高、流动性较好、 风险较低，但金融市场受宏观经济的影响较大，公司将根据经济形势以及金融市 场的变化合 ...

Core Points - Nanjing Pharmaceutical Co., Ltd. announced the payment of its third short-term financing bond for 2024, referred to as "24 Nanjing Pharmaceutical SCP003" [1] - The bond has an issuance amount of 500 million yuan, with an interest rate of 1.8% for a term of 269 days [1] - The total amount to be repaid, including principal and interest, is approximately 506.63 million yuan, with the payment date set for September 12, 2025 [1] Summary by Category - **Bond Details** - The bond code is 012483960, and the interest start date is December 17, 2024 [1] - The main underwriter and ongoing management institution is Hangzhou Bank [1] - The registration and custody institution is the National Interbank Funding Center [1]

南京医药股份有限公司发布2025年度第二期超短期融资券（"25南京医药SCP002"，代码012580666）兑 付公告。该债券发行金额50000万元，起息日2025年3月17日，期限179天，本计息期债项利率1.94%， 本息兑付日为2025年9月12日，本期应偿付本息金额50475.70万元（以最终兑付为准）。主承销商和存 续期管理机构为杭州银行，登记托管机构是银行间市场清算所股份有限公司。 ...

公司于近日收到交易商协会《接受注册通知书》（中市协注【2025】MTN770号），交易商协会决定接 受公司中期票据注册，注册金额为50亿元，注册额度自通知书落款之日（2025年8月15日）起2年内有 效，由南京银行股份有限公司、交通银行股份有限公司、兴业银行股份有限公司、招商银行股份有限公 司、华夏银行股份有限公司、中国民生银行股份有限公司、上海浦东发展银行股份有限公司、江苏银行 股份有限公司、杭州银行股份有限公司、宁波银行股份有限公司和平安银行股份有限公司联席主承销。 公司在注册有效期内可分期发行中期票据。 公司将根据相关规定，在交易商协会规定的注册有效期内择机发行并及时履行信息披露义务。 证券代码：600713 证券简称：南京医药 编号：ls2025-105 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 关于发行中期票据获准注册的公告 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。 南京医药股份有限公司（以下简称"公司"）于2025年6月5日召开公司2024年年度股东大会，会议审议通 过《关于公司发行中 ...

证券日报网讯 8月18日晚间，南京医药发布公告称，公司于2025年6月5日召开公司2024年年度股东大 会，会议审议通过《关于公司发行中期票据的议案》，同意公司向中国银行间市场交易商协会（简 称"交易商协会"）申请注册发行不超过50亿元（含50亿元，人民币）的中期票据。公司于近日收到交易 商协会《接受注册通知书》（中市协注【2025】MTN770号），交易商协会决定接受公司中期票据注 册，注册金额为50亿元，注册额度自通知书落款之日（2025年8月15日）起2年内有效，由南京银行股份 有限公司、交通银行股份有限公司、兴业银行股份有限公司、招商银行股份有限公司、华夏银行股份有 限公司、中国民生银行股份有限公司、上海浦东发展银行股份有限公司、江苏银行股份有限公司、杭州 银行股份有限公司、宁波银行股份有限公司和平安银行股份有限公司联席主承销。公司在注册有效期内 可分期发行中期票据。 （文章来源：证券日报） ...