南京医药公告，公司与广州白云山医药集团股份有限公司及广州广药二期基金股权投资合伙企业（有限 合伙）签署《战略投资协议》。根据协议，白云山下属广药二期基金拟通过协议方式投资受让公司现第 二大股东Alliance Healthcare Asia Pacific Limited所全部持有的公司1.45亿股股票，占协议签署之日公司 总股本的11.04%。此次合作旨在构建长期稳定战略合作关系，并在资本层面、自有工业品种分销渠 道、中医药领域展开深度合作。该协议不涉及具体交易金额，不会对公司本年度经营业绩产生重大影 响。 ...

Summary of Key Points Core Viewpoint - The company held its 2025 semi-annual performance briefing on September 18, 2025, to discuss its business strategies and performance metrics, focusing on digital transformation and new business models in the pharmaceutical industry [1]. Group 1: Company Performance and Strategy - The company aims for a minimum of 28% revenue growth in its emerging business for 2025 compared to 2024, with new business revenue reaching 851 million yuan in the first half of 2025 [2]. - The company reported that its SPD and "Internet+" businesses contributed approximately 3.3 billion yuan in revenue, accounting for about 12% of total revenue in the first half of 2025 [3]. - The company is actively managing its market value through share buybacks and strategic planning to enhance shareholder value and operational efficiency [3]. Group 2: Financial Metrics and Challenges - The company noted a significant divergence between net profit and operating cash flow, primarily due to an increase in accounts receivable, which the company plans to address through improved management [2]. - The company issued 4 billion yuan in short-term financing bonds to repay high-interest bank loans, indicating no immediate debt repayment pressure [3]. - The company’s gross margin for wholesale business is approximately 5.5%, while the gross margin for its emerging e-commerce business is around 15%, indicating higher profitability in new business models [5]. Group 3: Industry Outlook - The pharmaceutical distribution industry is expected to grow due to factors such as rising disposable income, increased health awareness, and an aging population, which will drive demand for healthcare and pharmaceutical products [4]. - The company is focusing on optimizing its economic structure and enhancing its supply chain capabilities to improve overall efficiency and profitability [4].

Core Insights - The company held a performance briefing for the first half of 2025, highlighting a wholesale business gross margin of approximately 5.5% and a higher gross margin of around 15% for its e-commerce business [1] - The strategic focus includes SPD business and "Internet+" initiatives in pharmaceuticals, covering B2B, B2C, O2O, special medical foods, and radioactive drugs [1] - Revenue from emerging businesses reached approximately 3.3 billion yuan, accounting for about 12% of total revenue in the first half of 2025 [1] Business Performance - The company has been actively cultivating its "Internet+" business alongside traditional pharmaceutical wholesale and retail operations [1] - New service models such as "Internet+ Pharmaceutical Services" and "Internet+ Traditional Chinese Medicine Services" have been launched, along with innovations in O2O and B2C e-commerce retail formats [1] - For the first half of 2025, emerging business revenue was 851 million yuan, achieving progress towards the target of at least 28% growth compared to 2024 [1]

| 证券代码：600713 | 证券简称：南京医药 | 编号：ls2025-120 | | --- | --- | --- | | 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 2025 年半年度业绩说明会召开情况的公告 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9月18日（星期四）通 过上海证券交易所上证路演中心线上召开了公司2025年半年度业绩说明会，现将 具体情况公告如下： 一、本次业绩说明会召开情况简介 2025年9月10日，公司对外披露《南京医药股份有限公司关于召开2025年半 年度业绩说明会的公告》（公告编号：ls2025-116）。公司于2025年9月18日（星 期 四 ） 上 午 9:30-11:30 ， 通 过 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）以网络视频、图文展示及文字互动的方式召开了公 司2025年半年度业绩说明会，公司 ...

南京医药股份有限公司（以下简称"公司"）于近日收到控股股东南京新工投 资集团有限责任公司（以下简称"新工投资集团"）的通知，新工投资集团已于 2025 年 9 月 1 日至 2025 年 9 月 15 日期间通过上海证券交易所（以下简称"上交 所"）系统减持其持有的公司可转换公司债券（以下简称"可转债"）。现将具体情 况公告如下： 一、控股股东配售可转债情况 经中国证券监督管理委员会《关于同意南京医药股份有限公司向不特定对象发 行可转换公司债券注册的批复》（证监许可〔2024〕1736 号）核准，公司向不特 定对象发行可转债 10,814,910 张，每张面值为人民币 100 元（人民币，下同），发 行总额 108,149.10 万元。本次发行的可转债存续期限为自发行之日起六年（2024 年 12 月 25 日至 2030 年 12 月 24 日）。 证券代码：600713 证券简称：南京医药 编号：ls2025-119 债券代码：110098 债券简称：南药转债 南京医药股份有限公司 关于控股股东减持公司可转换公司债券的公告 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， ...

| | | 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公司及子公司 使用部分暂时闲置募集资金进行现金管理提前赎回的公告 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 1 月 20-22 日召开 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。详情请见公司于2025年1月23日对外披露的编号为ls2025-007 之《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 金管理的公告》。 1 公司于 2025 年 6 月 24 日赎回部分上述理财产品，收回本金 200 万元，并获 得理财收益 0.00 ...

Group 1 - The company Nanjing Pharmaceutical (600713.SH) has received a notification from New Investment Group regarding a reduction in holdings of "Nanjing Pharmaceutical Convertible Bonds" [1] - The reduction occurred between September 1, 2025, and September 15, 2025, totaling 1,081,500 bonds [1] - This reduction represents 10.00% of the total issuance of the convertible bonds [1]

Industry Overview - The pharmaceutical distribution industry serves as a critical link between pharmaceutical manufacturers and end consumers, characterized by a specialized division of labor [2][5] - The industry consists of upstream manufacturers producing various types of pharmaceutical products, including Western medicine, traditional Chinese medicine, medical devices, and chemical reagents [1] Cost Structure Analysis - The primary cost in the pharmaceutical distribution industry is sales cost, which includes product and raw material costs, accounting for approximately 95% of total sales costs, while other costs make up about 5% [5] Profitability Factors - Key drivers of profitability in the pharmaceutical distribution sector include sales scale and growth, gross margin levels, expense ratios, and inventory turnover [7] - Companies maintain stable gross margins through scale advantages and product structure adjustments, while controlling costs through refined management practices [7] Internet Integration - The integration of "Internet+" in the pharmaceutical distribution industry helps reduce costs and improve efficiency, allowing pharmaceutical companies to analyze order demands and pharmacies to manage inventory effectively [9] - Patients benefit from the ability to compare prices and brands online, facilitating informed purchasing decisions [9]

Market Overview - On September 12, the pharmaceutical commercial sector declined by 0.51%, with Baiyang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) leading with a 10.01% increase, closing at 31.31 [1] - Other notable performers included Haiwang Biological (000078) with a 2.69% increase and Runda Medical (603108) with a 1.30% increase [1] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 295 million yuan from institutional investors, while retail investors experienced a net outflow of 113 million yuan [2] - Major stocks like Seer Medical had a significant net inflow of 5.15 billion yuan from institutional investors, while retail investors showed a net outflow of 2.61 billion yuan [2]

Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]