董事 28 日 29 日 工作调整 （二）离任对公司影响 公司于 2025 年 8 月 28 日召开职工代表大会，经全体与会职工代表认真审议 并表决，一致同意选举唐春雪女士（简历详见附件）为公司第五届董事会职工代 表董事，与经公司股东会选举产生的现任非职工代表董事共同组成公司第五届董 事会，任期自本次职工代表大会选举通过之日起至第五届董事会届满之日止。 | | 证券代码：603368 证券简称：柳药集团 公告编号：2025-063 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 转债代码：113563 转债简称：柳药转债 | | | | | | | | 广西柳药集团股份有限公司 | | | | | | | | 关于非独立董事辞职暨选举职工代表董事的公告 | | | | | | | | 本公司监事会及全体监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个别及连带责任。 | | | | | | | | 一、关于非独立董事辞职的情况 | | | | | | | ...

Core Viewpoint - The document outlines the internal reporting system for significant information at Guangxi Liuyuan Group Co., Ltd, ensuring timely, accurate, and fair disclosure of information that may impact the company's brand, operations, or stock prices [1][2]. Group 1: General Provisions - The internal reporting system is established to enhance the management and disclosure of significant information within the company [1]. - The system applies to the company, its departments, subsidiaries, and any associated companies that may significantly impact the company [2]. Group 2: Scope of Significant Information - Significant information includes various matters such as meeting matters, major transactions, related party transactions, major litigation and arbitration, major risks, and other significant events [6][7]. - Specific thresholds for reporting major transactions include asset totals exceeding 10% of total audited assets or transaction amounts exceeding 1 million [4][5]. Group 3: Reporting Obligations - Information report obligors must report significant information to the board chairman and the board secretary, including relevant documentation [2][3]. - The board secretary is responsible for managing significant information and disclosure matters [2]. Group 4: Reporting Procedures - Obligors must report significant information immediately upon awareness, with written documentation submitted within 24 hours [11]. - The board secretary must analyze reported information and organize necessary disclosures [12]. Group 5: Responsibilities and Management - Information report obligors are responsible for the truthfulness and completeness of the reported information [17]. - The board secretary is tasked with training obligors on governance and disclosure to ensure timely and accurate reporting [13][14].

Core Points - The document outlines the management system for the shares held by the board members and senior management of Guangxi Liuyuan Group Co., Ltd, ensuring compliance with relevant laws and regulations [1][2][3] Section Summaries General Principles - The system is established to regulate the management of shares held by the company's directors and senior management, based on various laws and the company's articles of association [1] - It applies to all shares held by directors and senior management, including those held in others' accounts and through margin trading [1][2] Information Declaration - The company secretary is responsible for managing the data of directors and senior management regarding their shareholdings and must ensure timely online declarations [2][3] - Directors and senior management must report changes in their shareholdings within specified timeframes, including new appointments and changes in personal information [2][3] Shareholding Management and Disclosure - Any changes in shareholdings must be reported to the company secretary on the same day and disclosed on the stock exchange within two trading days [3][4] - Directors and senior management must be aware of and comply with laws regarding insider trading and market manipulation before trading shares [4][5] Trading Restrictions - Specific periods are defined during which directors and senior management are prohibited from trading shares, such as before the announcement of financial reports [5][6] - There are restrictions on transferring shares under certain conditions, including resignation and ongoing investigations [5][6] Transfer Limits - Directors and senior management can only transfer a maximum of 25% of their shares annually, with exceptions for certain circumstances [6][7] - Shares held by directors and senior management that do not exceed 1,000 shares can be transferred in full without restriction [6] Compliance and Accountability - Violations of trading regulations will result in the company recovering any profits made from illegal trades, and the board must disclose relevant information regarding such violations [7][8] - Directors and senior management are responsible for managing their stock accounts and ensuring that insider information is not misused [8][9] Final Provisions - The document will be interpreted and revised by the board of directors and will take effect upon approval [9]

广西柳药集团股份有限公司 独立董事专门会议工作细则 第一章 总则 第一条 为进一步完善广西柳药集团股份有限公司（以下简称"公司"）的法 人治理结构，促进公司规范运作，充分发挥独立董事的作用，保护全体股东特别 是中小股东及利益相关者的合法权益，根据《中华人民共和国公司法》《上市公 司治理准则》《上市公司独立董事管理办法》等法律、法规及规范性文件及《广 西柳药集团股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，结合公 司实际情况，特制定本细则。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独立 客观判断关系的董事。 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、行政法规、 中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证券交易所业 务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与决策、监督 制衡、专业咨询作用，维护上市公司整体利益，保护中小股东合法权益。 第三条 独立董事专门会议是指全部由独立董事参加的专门会议。独立董事 专门会议对所议事项进行独立研讨，从公司和中小股东利益角度 ...

广西柳药集团股份有限公司 信息披露暂缓与豁免业务管理制度 （2025 年 8 月修订） 第一章 总 则 第一条 为规范广西柳药集团股份有限公司（以下简称"公司"）信息披露暂 缓与豁免行为，确保公司依法合规履行信息披露义务，保护投资者的合法权益， 根据《中华人民共和国证券法》 《上市公司信息披露暂缓与豁免管理规定》 《上海 证券交易所股票上市规则》（以下简称"《股票上市规则》"）《上海证券交易所上 市公司自律监管指引第 2 号——信息披露事务管理》等法律、法规、规范性文件 和《广西柳药集团股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 结合公司实际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会和上海证券交易所（以下简称"证 券交易所"）规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司应当披露的信息存在《股票上市规则》及证券交易所其他相关 业务规 ...

Core Viewpoint - The document outlines the management system for the resignation of directors and senior management at Guangxi Liuyao Group Co., Ltd, aiming to ensure stable corporate governance and protect the rights of the company and its shareholders [1]. Summary by Sections General Principles - The system applies to all directors and senior management who resign voluntarily, upon term expiration, or due to dismissal [1]. - The regulations are based on relevant laws, regulations, and the company's articles of association [1]. Resignation Circumstances and Effectiveness - Directors and senior management can resign before their term ends by submitting a written resignation report, which becomes effective upon receipt by the company [3]. - If a director resigns, they must continue to fulfill their duties until a new director is elected if the board's composition falls below the legal minimum [4]. Disclosure and Replacement - The company must disclose the resignation details within two trading days, including the resignation time, reasons, and any ongoing commitments [2]. - A replacement for a resigning director must be completed within 60 days to ensure compliance with legal requirements [2]. Responsibilities and Obligations - Directors and senior management must complete a handover of responsibilities within 30 days after resignation, ensuring business continuity [12]. - They are required to cooperate with any exit audits related to significant decisions made during their tenure [13]. Shareholding Management - Resigning directors and senior management cannot transfer their shares for six months post-resignation [20]. - Any share reduction during their term or within six months post-resignation is limited to 25% of their total shareholding [20]. Final Provisions - The system will be executed in accordance with national laws and regulations, and the board of directors is responsible for its interpretation and revision [22].

第二条 本制度所称信息披露，是指当公司在经营运作中发生或即将发生可能对 公司股票及其衍生品种的交易价格产生较大影响的信息以及证券监管部门要求或公 司主动披露的信息时，根据相关法律、法规及规范性文件等规定，在规定时间内通 过规定的媒体，以规定的方式向社会公众进行公布，并及时报送证券监管部门备案。 第三条 本制度适用于如下人员、机构等信息披露义务人： 第一条 为规范广西柳药集团股份有限公司（以下简称"公司"）的信息披露行 为，加强信息披露事务管理，提高公司信息披露质量，保护投资者合法权益，根据 《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司信息披露管理办法》《上海证券交易所股票上市规则》（以下简称"《股 票上市规则》"）《上海证券交易所上市公司自律监管指引第2号——信息披露事务 管理》等法律、法规、规范性文件和《广西柳药集团股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 广西柳药集团股份有限公司 信息披露管理制度 (2025年8月修订) 第一章 总 则 （一）公司董事、董事会； （二）公司董事会秘书、证券投资部； （三）公司其他高 ...

广西柳药集团股份有限公司 第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当具备以下条件： （一）具备国家行业主管部门和中国证券监督管理委员会规定的开展证券期 货相关业务所需的执业资格； （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； 选聘会计师事务所管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范广西柳药集团股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所的相关行为，提高审计工作和财务信息质量， 切实维护股东利益，根据《中华人民共和国公司法》《国有企业、上市公司选聘 会计师事务所管理办法》《广西柳药集团股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，结合公司实际情况，制订本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任执行年度报告审计业务的会计师事务所对公司财务会计报告、内部控制及相 关信息进行审计，发表审计意见、出具审计报告的行为。 公司选聘会计师事务所开展其他审计业务，视重要性程度可比照本制度执行。 第三条 公司选聘会计师事务所，应当经董事会审计委员会（以下简称"审 计委员会 ...

Core Viewpoint - The pharmaceutical distribution industry in China is experiencing a significant divergence in performance between regional and national companies, influenced by ongoing healthcare reforms and market dynamics. Group 1: Performance of Regional Companies - Liuyao Group, a leading regional pharmaceutical distributor, reported a decline in both revenue and net profit for the first half of 2025, with revenue at 10.30 billion yuan, down 3.21% year-on-year, and net profit at 429 million yuan, down 7.52% [3] - The decline in Liuyao Group's performance is attributed to stricter control over drug expenditures by medical institutions and the impact of centralized procurement policies, leading to reduced sales and profit margins [3][4] - Other regional companies, such as Renmin Tongtai, also faced challenges, with total revenue of 5.15 billion yuan and a significant drop in wholesale business revenue due to intensified competition and procurement reforms [3] Group 2: Performance of National Companies - National distributor Jiuzhoutong reported a revenue increase of 5.10% year-on-year, reaching 67.63 billion yuan, and a net profit increase of 19.70% [2] - Jiuzhoutong's growth is driven by robust performance in its digital pharmaceutical distribution and supply chain business, which generated 67.63 billion yuan, up 6.04% [2] - The company also benefited from the issuance of public REITs, which added 438 million yuan to its net profit, showcasing a successful strategy to enhance cash flow and reduce reliance on traditional debt financing [8] Group 3: Strategic Shifts and Future Outlook - Liuyao Group is transitioning from a traditional distributor to a health service solution provider, aiming to create a comprehensive health ecosystem that includes production, distribution, sales, and health management [7] - North University Medicine, heavily reliant on its partnership with Peking University International Hospital, faces significant revenue and profit declines due to the expiration of its service contract, projecting a revenue drop of approximately 600 million yuan in the second half of 2025 [4] - The industry is witnessing a trend towards diversification and digital transformation, with companies exploring new marketing and service models to adapt to the competitive landscape [6][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.61 [7][8]. Core Views - The company reported a revenue of RMB 103.01 billion and a net profit attributable to shareholders of RMB 4.29 billion for 1H25, showing a year-on-year decline of 3.2% and 7.5% respectively. However, the revenue growth in 2Q25 improved compared to 1Q25, indicating a positive trend [1][2]. - The company has introduced a stock incentive and employee shareholding plan for 2025, reflecting confidence in future performance and aiming to enhance employee motivation and team stability [3]. - The overall expense ratio remained stable in 1H25, while the gross profit margin decreased by 0.74 percentage points year-on-year, primarily due to the impact of centralized procurement [4]. Summary by Sections Financial Performance - In 1H25, the industrial revenue was RMB 5.63 billion, with a net profit of RMB 0.90 billion, showing a slight increase in revenue but a decline in net profit. The wholesale revenue was RMB 80.51 billion, down 4.7% year-on-year, while retail revenue grew by 3.62% to RMB 16.43 billion [2][4]. - The company expects a gradual recovery in performance due to improved cash collection and the digestion of policy impacts [1][5]. Incentive Plans - The stock incentive plan aims for a growth rate of 6% to 12% in net profit and 20% to 30% in industrial revenue over the next two years compared to the average of 2022-2024 [3]. Valuation and Forecast - The forecast for net profit attributable to shareholders is adjusted to RMB 8.5 billion, RMB 8.9 billion, and RMB 9.2 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 2.14, RMB 2.24, and RMB 2.32 [5][10]. - The company is valued at a PE ratio of 13x for industrial business, 10x for wholesale, and 11x for retail, reflecting the expected performance and market conditions [5][11].