第二条 薪酬与考核委员会是董事会下设的专门委员会，主要负责制定公司 董事、高级管理人员的考核标准并进行考核；制定、审查公司董事、高级管理人 员的薪酬决定机制、决策流程、支付与止付追索安排等薪酬政策与方案，并提出 建议。 第一章 总则 第一条 为进一步建立健全广西柳药集团股份有限公司（以下简称"公司"） 董事、高级管理人员的薪酬与考核管理制度，完善公司治理结构，有效实施公司 人才发展战略，根据《中华人民共和国公司法》《上市公司治理准则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》等法律、法规和规范性文件 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， 公司设立董事会薪酬与考核委员会（以下简称"薪酬与考核委员会"），并结合公 司实际情况，制订本细则。 第三条 本细则所称董事是指在公司领取薪酬的非独立董事；高级管理人员 是指董事会聘任的总裁、副总裁、董事会秘书、财务总监及由总裁提请董事会认 定的其他高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会由三名董事组成，其中独立董事应当过半数。 第五条 薪酬与考核委员会委员由董事长、1/2 以上独立董事或者全体董事的 ...

第一章 总则 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进行思考判断， 并且形成讨论意见。 广西柳药集团股份有限公司 独立董事专门会议工作细则 第二章 职责权限 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 ...

[Definitions](index=4&type=section&id=Item%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for key terms, company names, regulatory bodies, and industry-specific terminology to ensure clarity Definitions of Common Terms | Common Term | Meaning | | :--- | :--- | | The Company, Company, Liuyao Group | Guangxi Liuyao Group Co., Ltd | | CSRC | China Securities Regulatory Commission | | SSE | Shanghai Stock Exchange | | Guangxi Guizhong Pharmacy | Guangxi Guizhong Pharmacy Chain Co., Ltd | | Guangxi XianZhu TCM Technology | Guangxi XianZhu Traditional Chinese Medicine Technology Co., Ltd | | DTP Drugs | Direct-to-Patient (DTP) drugs, high-value self-paid drugs for major illnesses with multi-point distribution | | SPD Project | Supply, Processing, and Distribution (SPD) project, a medical supply chain management platform for full traceability of pharmaceuticals and consumables | | Two-Invoice System | Drugs are invoiced once from manufacturer to distributor, and once from distributor to hospital | | Dual Medical Insurance Channels | Allows purchase of national medical insurance negotiation drugs through both designated medical institutions and retail pharmacies | | Reporting Period | January 1, 2025 - June 30, 2025 | [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=Company%20Information) This chapter provides fundamental company identification details, including its official names and legal representative Basic Company Information | Item | Content | | :--- | :--- | | Chinese Name | 广西柳药集团股份有限公司 | | Chinese Abbreviation | 柳药集团 | | English Name | Guangxi Liuyao Group Co., Ltd | | Legal Representative | Zhu Chaoyang | [Contact Persons and Information](index=5&type=section&id=Contact%20Persons%20and%20Information) This chapter lists contact details for the Board Secretary and Securities Affairs Representative, enabling investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xu Yang | No. 68 Guantang Avenue, Liuzhou City | 0772-2566078 | 0772-2566078 | lygf@lzyy.cn | | Securities Affairs Representative | Wei Panyu | No. 68 Guantang Avenue, Liuzhou City | 0772-2566078 | 0772-2566078 | lygf@lzyy.cn | [Overview of Changes in Basic Information](index=5&type=section&id=Overview%20of%20Changes%20in%20Basic%20Information) This chapter outlines historical changes to the company's registered address, confirming stability during the reporting period Company Address Information | Item | Content | | :--- | :--- | | Company Registered Address | No. 68 Guantang Avenue, Liuzhou City | | Historical Changes in Company Registered Address | On December 31, 2014, changed from "Building 1, R&D Center, Guantang Entrepreneurship Park, Liudong New District, Liuzhou City, No. 8-2" to "No. 68 Guantang Avenue, Liuzhou City" | | Company Office Address | No. 68 Guantang Avenue, Liuzhou City | | Postal Code of Company Office Address | 545000 | | Company Website | www.lzyy.cn | | Email | lygf@lzyy.cn | | Index for Changes during the Reporting Period | No changes occurred during the reporting period | [Overview of Changes in Information Disclosure and Document Availability Locations](index=5&type=section&id=Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Availability%20Locations) This chapter specifies the company's official information disclosure channels and document availability locations, confirming no changes during the reporting period Information Disclosure and Document Availability Locations | Item | Content | | :--- | :--- | | Names of Newspapers Selected for Information Disclosure | China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily | | Website Address for Semi-Annual Report Publication | www.sse.com.cn | | Location for Company Semi-Annual Report Availability | Company Securities Investment Department | | Index for Changes during the Reporting Period | No changes occurred during the reporting period | [Brief Introduction to Company Shares](index=5&type=section&id=Brief%20Introduction%20to%20Company%20Shares) This chapter provides A-share listing details, including exchange, stock abbreviation, and code, for investor convenience Brief Introduction to Company Shares | Share Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | Shanghai Stock Exchange | Liuyao Group | 603368 | Liuyao Shares | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter presents key accounting data and financial indicators for H1 2025, showing decreased revenue and profit but significantly improved operating cash flow Key Accounting Data (Unit: RMB) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,300,787,773.83 | 10,641,992,346.59 | -3.21 | | Total Profit | 499,039,943.11 | 565,054,514.71 | -11.68 | | Net Profit Attributable to Shareholders of Listed Company | 429,281,796.54 | 464,193,662.02 | -7.52 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 421,955,479.09 | 456,431,115.54 | -7.55 | | Net Cash Flow from Operating Activities | 88,433,415.37 | 49,662,478.02 | 78.07 | | **End of Current Reporting Period** | **End of Previous Year** | **Change from End of Previous Year (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 7,756,951,998.17 | 7,624,408,552.37 | 1.74 | | Total Assets | 21,163,425,613.13 | 21,268,946,240.75 | -0.50 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.08 | 1.24 | -12.90 | | Diluted Earnings Per Share (RMB/share) | 1.08 | 1.24 | -12.90 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 1.06 | 1.22 | -13.11 | | Weighted Average Return on Net Assets (%) | 5.48 | 6.57 | Decrease of 1.09 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.38 | 6.46 | Decrease of 1.08 percentage points | [Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This chapter itemizes non-recurring gains and losses for H1 2025, totaling RMB 7.33 million, including asset disposals and government subsidies Non-Recurring Gains and Losses and Amounts (Unit: RMB) | Non-Recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the write-back of asset impairment provisions | 234,834.50 | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 11,401,597.82 | | Other non-operating income and expenses apart from the above items | -5,558,198.12 | | Less: Income tax impact | 256,354.40 | | Impact on minority interests (after tax) | -1,504,437.65 | | **Total** | **7,326,317.45** | [Management Discussion and Analysis](index=8&type=section&id=Item%203%20Management%20Discussion%20and%20Analysis) [Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) This chapter analyzes the pharmaceutical distribution and manufacturing industries, detailing the company's wholesale, retail, and manufacturing business model, emphasizing digital empowerment and synergistic development - The pharmaceutical distribution industry is transforming towards specialization, digitalization, extreme efficiency, and diversification, influenced by an aging population, healthcare reform policies (centralized procurement, medical insurance payment reform), and new technologies (AI, internet)[27](index=27&type=chunk) - The pharmaceutical wholesale industry is seeing increased concentration, with leading enterprises gaining prominence, digital empowerment transforming supply chain services, and extended industrial chains and optimized structures ensuring sustained profitability[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The pharmaceutical retail industry is driven by "Internet+Pharmacy" and electronic prescription policies, accelerating prescription outflow, developing new retail formats, and transforming pharmacies into professional health management providers[42](index=42&type=chunk)[46](index=46&type=chunk) - The pharmaceutical manufacturing industry (TCM industry) benefits from policy dividends, with centralized procurement driving the industry towards standardized, scaled, and high-quality development[49](index=49&type=chunk)[51](index=51&type=chunk) [Analysis of the Industry in which the Company's Main Business Operates](index=8&type=section&id=Analysis%20of%20the%20Industry%20in%20which%20the%20Company%27s%20Main%20Business%20Operates) This chapter analyzes the pharmaceutical distribution, wholesale, retail, and manufacturing sectors, highlighting policy, digital transformation, and market concentration impacts - The pharmaceutical distribution industry is driven by rigid market demand for continuous growth, with policy and digital integration propelling its transformation from a "drug transporter" to a "health service solution provider"[27](index=27&type=chunk) - The pharmaceutical wholesale segment is impacted by the "Two-Invoice System" and volume-based procurement, accelerating industry consolidation, increasing market concentration, and highlighting the advantages of leading enterprises[34](index=34&type=chunk) - The pharmaceutical retail segment is driven by "Internet+Pharmacy" and electronic medical insurance prescription policies, fostering integrated online-offline development, and expanding pharmacy functions to include health promotion and nutritional care[42](index=42&type=chunk)[46](index=46&type=chunk) - The pharmaceutical manufacturing segment (TCM industry) benefits from national support policies, with centralized procurement of Traditional Chinese Medicine (TCM) decoction pieces and formula granules driving standardized and scaled development[49](index=49&type=chunk)[51](index=51&type=chunk) [Main Business Operating Model](index=14&type=section&id=Main%20Business%20Operating%20Model) This chapter details the company's core business model in wholesale, retail, and manufacturing, highlighting digital transformation and synergistic development of value-added services - The company's main businesses include pharmaceutical wholesale, retail, and manufacturing, serving customers through procurement, warehousing, logistics, distribution, and retail channels[52](index=52&type=chunk) Operating Performance of Each Business Segment in H1 2025 (Unit: RMB 10,000) | Business Segment | Main Business Revenue | Proportion (%) | YoY Change (%) | Net Profit Attributable to Shareholders of Listed Company | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pharmaceutical Wholesale | 805,082.28 | 78.49 | -4.70 | 27,038.93 | 62.99 | -9.11 | | Pharmaceutical Retail | 164,317.76 | 16.02 | 3.62 | 6,896.49 | 16.07 | 0.20 | | Pharmaceutical Manufacturing | 56,329.99 | 5.49 | 0.31 | 8,992.76 | 20.95 | -8.12 | | **Total** | **1,025,730.04** | **100.00** | **-3.19** | **42,921.10** | **100.00** | **-7.54** | [Discussion and Analysis of Operations](index=16&type=section&id=Discussion%20and%20Analysis%20of%20Operations) This chapter analyzes the company's operational strategies and performance during the reporting period, detailing responses to industry challenges and reasons for revenue decline, emphasizing optimization and digital empowerment - The company adheres to a "seeking progress while maintaining stability, collaborative innovation" development strategy, strengthening risk prevention and control, expanding new businesses, and leveraging the advantages of "pharmaceutical-device synergy, wholesale-retail synergy, and industry-commerce synergy"[60](index=60&type=chunk) - In H1 2025, operating revenue decreased by **3.21%** year-on-year, and net profit attributable to the parent company decreased by **7.52%** year-on-year, primarily due to the decline in pharmaceutical wholesale business[61](index=61&type=chunk) - The pharmaceutical wholesale business experienced sales decline and reduced gross profit due to medical insurance cost control and expanded centralized procurement, with the company responding by optimizing product structure, digitally empowering supply chain services, and strengthening risk management[61](index=61&type=chunk)[63](index=63&type=chunk) - The pharmaceutical retail business achieved a revenue growth of **3.62%** through franchise expansion, DTP business development, upgraded chronic disease health services, and new retail operations[67](index=67&type=chunk) - The pharmaceutical manufacturing segment's revenue grew by **0.31%**, while net profit decreased by **8.12%**, with the company responding through product R&D innovation, quality control upgrades, and market expansion[72](index=72&type=chunk) [Pharmaceutical Wholesale Segment](index=17&type=section&id=Pharmaceutical%20Wholesale%20Segment) Wholesale business revenue decreased by **4.70%** and net profit by **9.11%** in H1 2025 due to procurement policies, with the company responding through optimization and AI integration Pharmaceutical Wholesale Business Performance | Item | H1 2025 (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 805,082.28 | -4.70 | | Net Profit Attributable to Shareholders of Listed Company | 27,038.93 | -9.11 | - The company added **347** new upstream suppliers, over **1,200** new product specifications, and more than **380** exclusive agency products, optimizing its product structure[64](index=64&type=chunk) - The company launched an "AI+Medical" full-process service solution, added **5** new medical device and consumable SPD project hospitals, and accumulated partnerships with over **40** core medical institutions[65](index=65&type=chunk) - Medical device operating revenue reached **RMB 1,249.16 million**, a year-on-year increase of **1.44%**[65](index=65&type=chunk) [Pharmaceutical Retail Segment](index=18&type=section&id=Pharmaceutical%20Retail%20Segment) Retail business revenue grew by **3.62%** to **RMB 1,643.18 million** in H1 2025, with net profit up **0.20%**, driven by franchise expansion and new retail strategies Pharmaceutical Retail Business Performance | Item | H1 2025 (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 164,317.76 | 3.62 | | Net Profit Attributable to Shareholders of Listed Company | 6,896.49 | 0.20 | - As of the end of the reporting period, the company had a total of **931** pharmacies, with **35** new stores opened (including **30** franchise stores), and **845** medical insurance-designated pharmacies[68](index=68&type=chunk) - DTP business sales reached **RMB 1.127 billion**, a year-on-year increase of **11.73%**[70](index=70&type=chunk) - The "Guizhong Kuaiyao" online platform achieved sales of **RMB 132 million**, a year-on-year increase of **11.30%**[71](index=71&type=chunk) [Pharmaceutical Manufacturing Segment](index=19&type=section&id=Pharmaceutical%20Manufacturing%20Segment) Manufacturing segment revenue grew by **0.31%** to **RMB 563.30 million** in H1 2025, but net profit declined by **8.12%**, with focus on R&D and market expansion Pharmaceutical Manufacturing Business Performance | Item | H1 2025 (RMB 10,000) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 56,329.99 | 0.31 | | Net Profit Attributable to Shareholders of Listed Company | 8,992.76 | -8.12 | - XianZhu Traditional Chinese Medicine Technology's revenue reached **RMB 366.77 million**, a year-on-year increase of **20.59%**, strengthening R&D and quality control for medicine-food homologous products[73](index=73&type=chunk) - XianZhu Pharmaceutical has completed the filing for **621** formula granule varieties, developed over **1,400** hospital clients, and expanded to over **1,000** clients outside the province[75](index=75&type=chunk) - In the proprietary Chinese medicine sector, research on improved new drugs like Fufang Jinqiancao Granules is progressing, and the second phase of the Yulin TCM Industrial Park's proprietary Chinese medicine production project has entered trial production and debugging[76](index=76&type=chunk) [Company's Main Business by Industry and Product](index=20&type=section&id=Company%27s%20Main%20Business%20by%20Industry%20and%20Product) This chapter presents main business revenue by industry and product, indicating pharmaceutical wholesale as the primary source, with drug sales dominating and other segments growing Main Business by Industry (Unit: RMB 10,000) | Industry | H1 2025 Revenue | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Pharmaceutical Wholesale | 805,082.28 | 78.49 | -4.70 | | Pharmaceutical Retail | 164,317.76 | 16.02 | 3.62 | | Pharmaceutical Manufacturing | 56,329.99 | 5.49 | 0.31 | | **Total** | **1,025,730.04** | **100.00** | **-3.19** | Main Business by Product (Unit: RMB 10,000) | Product | H1 2025 Revenue | Proportion (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Pharmaceuticals | 889,076.85 | 86.68 | -3.88 | | Medical Devices | 124,915.99 | 12.18 | 1.44 | | Other | 11,737.19 | 1.14 | 2.59 | [Analysis of Core Competencies during the Reporting Period](index=21&type=section&id=Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) This chapter analyzes the company's core competitive advantages in channels, customer reach, supplier relations, TCM industry chain, and logistics, reinforcing its leading market position - Possesses outstanding channel resources and wholesale-retail integration advantages, covering **100%** of secondary and above hospitals in the entire region[81](index=81&type=chunk) - Achieves full coverage of high-quality hospital end-customers, which are the main venues for pharmaceutical and medical device consumption[82](index=82&type=chunk) - Guizhong Pharmacy, a top 100 national pharmaceutical retail enterprise, has strong service capabilities and brand influence in Guangxi, leading in DTP pharmacies and online pharmacy businesses[84](index=84&type=chunk) - Possesses abundant upstream supplier resources and strong cooperative relationships, having essentially secured distribution rights for all volume-based procurement varieties within Guangxi[85](index=85&type=chunk) - Established a high-quality full Traditional Chinese Medicine (TCM) industry chain business system, covering TCM decoction pieces, proprietary Chinese medicines, and TCM formula granules[86](index=86&type=chunk) - Digitally empowered efficient logistics distribution network and professional supply chain service system, forming a distribution network centered around three major logistics bases in Nanning, Liuzhou, and Yulin[88](index=88&type=chunk) [Key Operating Performance during the Reporting Period](index=23&type=section&id=Key%20Operating%20Performance%20during%20the%20Reporting%20Period) This chapter summarizes changes in financial statement items, analyzes asset/liability/investment status, and identifies key market, policy, and operational risks Analysis of Changes in Financial Statement Items | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Operating Revenue | -3.21 | Due to increased volume of centralized procurement varieties and hospital cost control policies | | Operating Cost | -2.39 | Due to increased volume of centralized procurement varieties, leading to a corresponding decrease in operating costs | | Selling Expenses | -1.91 | Due to the company implementing budget management mechanisms to control relevant expense expenditures in the current period | | Administrative Expenses | -2.81 | Due to the company implementing budget management mechanisms to control relevant expense expenditures in the current period | | Financial Expenses | -10.39 | Due to a decrease in bank loan and discount rates in the current period | | R&D Expenses | 26.16 | Due to increased investment in R&D projects by industrial subsidiaries in the current period | | Net Cash Flow from Operating Activities | 78.07 | Due to an increase in cash receipts from goods settled in cash in the current period | | Net Cash Flow from Investing Activities | -1,121.93 | Due to increased cash payments for the acquisition of Wantong in the current period | | Net Cash Flow from Financing Activities | N/A | Due to the company completing private placement fundraising in the previous period with no such activity in the current period, and an increase in financing margin payments in the current period | Changes in Assets and Liabilities | Item Name | Change from End of Previous Year (%) | Explanation | | :--- | :--- | :--- | | Non-current assets due within one year | -100.00 | Primarily due to the redemption of large-denomination time deposits upon maturity | | Construction in progress | 43.81 | Primarily due to increased investment in the Yulin TCM Industrial Park Phase II project and Liuzhou Logistics Operations Center project | | Contract liabilities | -56.04 | Primarily due to a decrease in advance receipts for goods in the current period | | Employee benefits payable | -91.28 | Primarily due to the accrual of year-end bonuses at the end of the previous year | | Other payables | -35.57 | Primarily due to the payment for the acquisition of minority interests in Wantong Pharmaceutical in the current period | | Non-current liabilities due within one year | 69.33 | Primarily due to the reclassification of long-term borrowings due within one year | | Other current liabilities | -100.00 | Primarily due to the reclassification of accounts receivable financing | | Long-term borrowings | 117.82 | Primarily due to an increase in pledged borrowings | | Long-term payables | 332.98 | Primarily due to an increase in research project funds | - The company faces risks such as intensified market competition, changes in industry policies (centralized procurement, DRGs), accounts receivable management, human resources, and new business investment profitability not meeting expectations[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[100](index=100&type=chunk) [Analysis Table of Changes in Financial Statement Items](index=23&type=section&id=Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) This chapter details year-on-year changes in key financial statement items, attributing revenue and profit declines to policy, while noting improved operating cash flow Financial Statement Related Item Changes (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,300,787,773.83 | 10,641,992,346.59 | -3.21 | | Operating Cost | 9,160,530,355.09 | 9,385,063,709.77 | -2.39 | | Selling Expenses | 279,862,090.26 | 285,325,562.89 | -1.91 | | Administrative Expenses | 189,665,875.88 | 195,156,038.88 | -2.81 | | Financial Expenses | 109,619,683.06 | 122,334,967.10 | -10.39 | | R&D Expenses | 17,672,726.43 | 14,008,342.08 | 26.16 | | Net Cash Flow from Operating Activities | 88,433,415.37 | 49,662,478.02 | 78.07 | | Net Cash Flow from Investing Activities | -315,572,789.25 | 30,880,070.22 | -1,121.93 | | Net Cash Flow from Financing Activities | -1,025,218,533.00 | -433,577,907.56 | N/A | - Reason for change in operating revenue: Due to increased volume of centralized procurement varieties and hospital cost control policies[90](index=90&type=chunk) - Reason for change in net cash flow from operating activities: Due to an increase in cash receipts from goods settled in cash in the current period[90](index=90&type=chunk) [Analysis of Assets and Liabilities](index=24&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) This chapter analyzes key changes in assets and liabilities at period-end, detailing variations in non-current assets, construction, and various payables/borrowings Changes in Assets and Liabilities (Unit: RMB) | Item Name | Amount at End of Current Period | Proportion of Total Assets at End of Current Period (%) | Amount at End of Previous Year | Proportion of Total Assets at End of Previous Year (%) | Change from End of Previous Year (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Non-current assets due within one year | - | - | 493,594,416.66 | 2.32 | -100.00 | Primarily due to the redemption of large-denomination time deposits upon maturity | | Construction in progress | 119,464,343.50 | 0.56 | 83,069,624.28 | 0.39 | 43.81 | Primarily due to increased investment in the Yulin TCM Industrial Park Phase II project and Liuzhou Logistics Operations Center project | | Contract liabilities | 31,282,957.55 | 0.15 | 71,156,827.03 | 0.33 | -56.04 | Primarily due to a decrease in advance receipts for goods in the current period | | Employee benefits payable | 2,632,634.60 | 0.01 | 30,176,682.60 | 0.14 | -91.28 | Primarily due to the accrual of year-end bonuses at the end of the previous year | | Other payables | 875,754,078.59 | 4.14 | 1,359,301,870.08 | 6.39 | -35.57 | Primarily due to the payment for the acquisition of minority interests in Wantong Pharmaceutical in the current period | | Non-current liabilities due within one year | 217,794,655.90 | 1.03 | 128,620,742.15 | 0.60 | 69.33 | Primarily due to the reclassification of long-term borrowings due within one year | | Other current liabilities | - | - | 340,000,000.00 | 1.60 | -100.00 | Primarily due to the reclassification of accounts receivable financing | | Long-term borrowings | 467,000,000.00 | 2.21 | 214,400,000.00 | 1.01 | 117.82 | Primarily due to an increase in pledged borrowings | | Long-term payables | 3,886,000.00 | 0.02 | 897,500.00 | 0.00 | 332.98 | Primarily due to an increase in research project funds | [Analysis of Major Holding and Associate Companies](index=26&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This chapter presents key financial data for major subsidiaries and associates, reflecting their operating performance and impact on the company's net profit Financial Data of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Guizhong Pharmacy Chain Co., Ltd. | 15,130.00 | 199,484.79 | 93,485.59 | 166,256.73 | 7,891.05 | 6,772.53 | | Guangxi Nanning Liuyao Pharmaceutical Co., Ltd. | 1,980.00 | 313,736.60 | 38,386.02 | 240,850.69 | 2,145.27 | 1,299.62 | | Guangxi XianZhu Traditional Chinese Medicine Technology Co., Ltd. | 12,677.90 | 100,696.97 | 52,835.58 | 36,677.05 | 6,553.48 | 6,594.21 | | Guangxi XianZhu Pharmaceutical Co., Ltd. | 10,000.00 | 48,784.35 | 10,957.35 | 5,477.40 | -1,301.39 | -1,051.37 | | Guangxi Liurun Medical Technology Co., Ltd. | 10,000.00 | 18,818.69 | 14,942.80 | 4,099.54 | 286.77 | 213.00 | | Guangxi Wantong Pharmaceutical Co., Ltd. | 1,898.50 | 51,234.26 | 45,249.68 | 9,940.78 | 3,332.48 | 2,865.24 | [Potential Risks](index=27&type=section&id=Potential%20Risks) This chapter details five key risks: market competition, policy changes, accounts receivable, human resources, and new business profitability, highlighting potential operational challenges - Market competition is intensifying, with competition from large pharmaceutical distribution enterprises, national chain pharmacies entering Guangxi, and internet businesses increasing market complexity[95](index=95&type=chunk) - Industry policy risks, with deepening healthcare reform policies (centralized procurement, DRGs, medical insurance catalog adjustments) leading to price reductions and cost controls, affecting profitability[96](index=96&type=chunk) - Accounts receivable management risk, primarily concentrated in hospital sales, where expanding sales scale may lead to increased accounts receivable, and long collection cycles put pressure on cash flow[97](index=97&type=chunk) - Human resource risk, as business expansion creates an urgent demand for high-level talent, potentially leading to a situation where talent development and recruitment cannot keep pace with the speed of development[98](index=98&type=chunk) - Risk of new businesses or investment projects not meeting profitability expectations, as new businesses such as internet healthcare, extended prescriptions, pharmaceutical e-commerce, AI applications, and TCM industry projects face challenges like lack of experience and core competitiveness[100](index=100&type=chunk) [Corporate Governance, Environment, and Society](index=29&type=section&id=Item%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This chapter confirms no changes in the company's directors, supervisors, or senior management during the reporting period, ensuring management stability - Changes in the company's directors, supervisors, and senior management during the reporting period are not applicable[103](index=103&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This chapter confirms no profit distribution or capital reserve conversion plans were applicable during the reporting period - The profit distribution plan or capital reserve to share capital conversion plan for the current reporting period is not applicable[103](index=103&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=29&type=section&id=Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This chapter details the repurchase and cancellation of restricted shares under the 2023 incentive plan due to eligibility and performance issues, and the plan's termination - On October 18, 2024, the company repurchased and cancelled **167,250** restricted shares, due to **6** incentive recipients being ineligible and individual performance targets for 2023 not being met[104](index=104&type=chunk) - On April 28, 2025, the company decided to terminate the 2023 restricted stock incentive plan and repurchased and cancelled **1,695,050** restricted shares, including those of **1** resigned incentive recipient and **181** other incentive recipients[105](index=105&type=chunk) [Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=30&type=section&id=Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) This chapter details the company's active participation in poverty alleviation and rural revitalization through TCM cultivation, educational support, and charitable drug donations - The company established **58** standardized Traditional Chinese Medicine (TCM) cultivation base projects, covering hundreds of varieties, driving increased village income, farmer income, and industrial development progress[106](index=106&type=chunk) - The company continues to collaborate with local medical universities and research institutions, supporting education through scholarships and educational development funds, and strengthening industry-academia-research cooperation and talent cultivation[107](index=107&type=chunk) - In H1 2025, the company carried out **32** charitable drug donation projects, benefiting **RMB 4.5721 million**, alleviating the medical and medication burden for patients with special diseases[108](index=108&type=chunk) [Significant Events](index=32&type=section&id=Item%205%20Significant%20Events) [Fulfillment of Commitments](index=32&type=section&id=Fulfillment%20of%20Commitments) This chapter details the strict fulfillment of IPO and refinancing commitments by the actual controller and controlling shareholder, covering related-party transactions, share lock-up, and prospectus accuracy - Controlling shareholder Zhu Chaoyang committed to strictly abide by the company's articles of association and other regulations, exercise shareholder rights in accordance with the law, minimize related-party transactions, and consciously safeguard the interests of the company and all shareholders during the period of direct or indirect shareholding[110](index=110&type=chunk) - Controlling shareholder Zhu Chaoyang committed not to transfer or entrust others to manage his directly or indirectly held shares issued before the company's public offering for **36** months from the listing date, and to transfer no more than **25%** of his total shares annually during his tenure[110](index=110&type=chunk) - Controlling shareholder Zhu Chaoyang committed that if tax authorities require make-up payments for individual income tax, he will timely and fully pay the relevant individual income tax and all resulting late payment fees or fines according to his shareholding ratio[112](index=112&type=chunk) - Controlling shareholder Zhu Chaoyang committed that if the leased property becomes unusable due to restrictions on the lessor's rights, he will bear the corresponding losses incurred by the company due to relocation[112](index=112&type=chunk) - Controlling shareholder Zhu Chaoyang committed that if the prospectus contains false records, misleading statements, or major omissions, he will repurchase shares and compensate investors for losses in accordance with the law[114](index=114&type=chunk) - Controlling shareholder Zhu Chaoyang committed that his businesses and other enterprises he controls do not have actual or potential horizontal competition with the issuer's businesses[114](index=114&type=chunk) - The company and its related parties have not directly or indirectly provided any form of financial assistance or compensation to asset management products and their clients, or partnerships and their partners participating in this private placement[114](index=114&type=chunk)[116](index=116&type=chunk) [Semi-Annual Report Audit Status](index=36&type=section&id=Semi-Annual%20Report%20Audit%20Status) This chapter confirms the re-appointment of Zhongqin Wanxin CPA for 2025 audits and states that this semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk)[118](index=118&type=chunk) - Approved by the 25th meeting of the Fifth Board of Directors and the 2024 Annual General Meeting of Shareholders, the company re-appointed Zhongqin Wanxin Certified Public Accountants (Special General Partnership) as its financial audit and internal control audit firm for 2025[118](index=118&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=36&type=section&id=Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) This chapter confirms the good integrity of the company, its controlling shareholder, and actual controller, with no unfulfilled judgments or overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or large overdue debts[118](index=118&type=chunk) [Significant Contracts and Their Fulfillment](index=38&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) This chapter details company guarantees to subsidiaries, totaling **RMB 2.499 billion** (32.23% of net assets), including guarantees for highly leveraged entities Company Total Guarantee Amount (Unit: RMB) | Item | Amount | Proportion of Company Net Assets (%) | | :--- | :--- | :--- | | Total guarantee amount to subsidiaries incurred during the reporting period | 1,633,694,181.14 | | | Total guarantee balance to subsidiaries at the end of the reporting period (B) | 2,499,898,358.14 | | | Total Guarantee Amount (A+B) | 2,499,898,358.14 | 32.23 | | Of which: Debt guarantee amount provided directly or indirectly to guaranteed entities with an asset-liability ratio exceeding 70% (D) | 1,919,998,358.14 | | [Explanation of Progress in Use of Raised Funds](index=39&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This chapter details the utilization of raised funds from convertible bonds and private placement, including project specifics, temporary working capital use, and permanent replenishment from completed projects Overall Use of Raised Funds (Unit: RMB) | Source of Raised Funds | Net Amount of Raised Funds (1) | Total Raised Funds Cumulatively Invested as of End of Reporting Period (4) | Cumulative Investment Progress of Raised Funds as of End of Reporting Period (%) (6)＝(4)/(1) | Amount Invested in Current Year (8) | | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 78,221.96 | 60,184.02 | 76.94 | 3,496.78 | | Private Placement of Shares | 68,863.74 | 28,280.97 | 41.07 | 1,545.50 | | **Total** | **147,085.70** | **88,464.99** | **60.15** | **5,042.28** | - The company used no more than **RMB 310 million** of idle raised funds from the private placement of shares to temporarily supplement working capital, with a usage period not exceeding **12** months from the date of board approval[132](index=132&type=chunk) - The "Nanning TCM Decoction Pieces Capacity Expansion Project," "Chain Pharmacy Expansion Project," and "Supplementing Working Capital" have been completed and closed, with remaining raised funds totaling **RMB 57.336 million** permanently supplementing working capital[133](index=133&type=chunk) [Explanation of Other Significant Events](index=44&type=section&id=Explanation%20of%20Other%20Significant%20Events) This chapter details the company's investment in Suninflam Ltd. via a subsidiary to enter overseas innovative drug markets, aiming for product diversification and profit growth, while noting associated R&D and market risks - The company's wholly-owned subsidiary, Hainan Liuyao Investment Co., Ltd., subscribed for **USD 10.4752 million** in newly issued shares of Suninflam Ltd., holding a **10.56%** stake[134](index=134&type=chunk) - This overseas investment aims to enable the company to enter high-tech barrier innovative drug and biopharmaceutical fields, leveraging overseas innovative drug R&D advantages to enrich the company's product categories and enhance overall gross profit margins[135](index=135&type=chunk) - The drug development process, from research and clinical trial approval to production, is long and involves many stages, posing various uncertainties and risks related to technology, approval, policies, and market competition, leading to uncertainty in the company's future investment returns[136](index=136&type=chunk) [Share Changes and Shareholder Information](index=45&type=section&id=Item%206%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=45&type=section&id=Changes%20in%20Share%20Capital) This chapter details a **167,113** share capital reduction due to restricted stock repurchases and convertible bond conversions, with minimal impact on per-share financial metrics Changes in Share Capital (Unit: Shares) | Item | Number Before This Change | Subtotal of Increase/Decrease in This Change (+, -) | Number After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,862,300.00 | -167,250.00 | 1,695,050.00 | | II. Unrestricted Tradable Shares | 397,168,721.00 | 137.00 | 397,168,858.00 | | **III. Total Shares** | **399,031,021.00** | **-167,113.00** | **398,863,908.00** | - On January 9, 2025, the company completed the repurchase and cancellation of **167,250** restricted shares, including **135,000** shares granted but not yet unrestricted to **6** initial incentive recipients who were no longer eligible, and **32,250** shares that could not be unrestricted due to not fully meeting individual performance targets for 2023[140](index=140&type=chunk) - On July 18, 2025, the company completed the termination of the 2023 restricted stock incentive plan and repurchased and cancelled **1,695,050** restricted shares[141](index=141&type=chunk) - The "Liuyao Convertible Bond" accumulated a total of **137** shares converted during the period from January 1, 2025, to June 30, 2025[142](index=142&type=chunk) [Shareholder Information](index=47&type=section&id=Shareholder%20Information) This chapter outlines the company's equity structure by detailing the total common shareholders, top ten shareholders, and restricted shareholdings at period-end Total Number of Common Shareholders as of the End of the Reporting Period | Item | Number (Households) | | :--- | :--- | | Total number of common shareholders as of the end of the reporting period | 32,943 | Shareholding Status of Top Ten Shareholders as of the End of the Reporting Period (Partial) | Shareholder Name | Increase/Decrease During Reporting Period | Shares Held at Period-End | Proportion (%) | Number of Restricted Shares Held | Number of Shares Pledged, Marked, or Frozen | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Chaoyang | 0 | 101,032,795 | 25.33 | 0 | 32,720,000 | | Guangdong Hengjian International Investment Co., Ltd. | 0 | 10,526,315 | 2.64 | 0 | 0 | - The restricted shares held by the top ten restricted shareholders were all granted but not yet unrestricted restricted shares; following the resolution passed at the company's First Interim Shareholders' Meeting in 2025, the repurchase and cancellation procedures for these restricted shares were completed on July 18, 2025[151](index=151&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=49&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This chapter details shareholding changes for certain directors and senior management due to equity incentive cancellations, reflecting the plan's impact Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: Shares) | Name | Position | Shares Held at Beginning of Period | Shares Held at End of Period | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Xianhua | Director, Vice President | 235,989 | 232,389 | -3,600 | Equity incentive cancellation | | Chen Hong | Director | 2,778,190 | 2,767,690 | -10,500 | Equity incentive cancellation | | Tang Xianrong | Vice President | 946,272 | 944,697 | -1,575 | Equity incentive cancellation | [Bond-Related Information](index=50&type=section&id=Item%207%20Bond-Related%20Information) [Convertible Corporate Bonds](index=50&type=section&id=Convertible%20Corporate%20Bonds) This chapter details the company's convertible bond issuance, holder information, changes, cumulative conversions, price adjustments, and credit status, confirming good credit - Approved by the China Securities Regulatory Commission (CSRC), the company publicly issued **RMB 802.2 million** in convertible corporate bonds on January 16, 2020, abbreviated as "Liuyao Convertible Bond," with bond code "113563"[156](index=156&type=chunk) Convertible Bond Holder Information for the Reporting Period (Partial Top Ten) | Name of Convertible Corporate Bond Holder | Amount of Bonds Held at Period-End (RMB) | Holding Proportion (%) | | :--- | :--- | :--- | | China Pacific Life Insurance Co., Ltd. - Dividend - Individual Dividend | 52,563,000 | 6.55 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 34,989,000 | 4.36 | Changes in Convertible Bonds During the Reporting Period (Unit: RMB) | Name of Convertible Corporate Bond | Before This Change | Increase/Decrease in Conversion in This Change | After This Change | | :--- | :--- | :--- | :--- | | Liuyao Convertible Bond | 801,882,000 | 3,000 | 801,879,000 | Cumulative Convertible Bond Conversion Status for the Reporting Period | Item | Liuyao Convertible Bond | | :--- | :--- | | Amount Converted During Reporting Period (RMB) | 3,000 | | Number of Shares Converted During Reporting Period (Shares) | 137 | | Cumulative Number of Shares Converted (Shares) | 13,180 | | Cumulative Number of Shares Converted as a Percentage of Total Shares Issued Before Conversion (%) | 0.0036 | | Amount Not Yet Converted (RMB) | 801,879,000 | | Proportion of Unconverted Convertible Bonds to Total Convertible Bonds Issued (%) | 99.9600 | - As of the end of the reporting period, the company's asset-liability ratio was **61.83%**, with a relatively stable asset-liability structure. Shanghai New Century Credit Rating Investment Services Co., Ltd. maintained the company's corporate credit rating at "AA" with a "stable" outlook[165](index=165&type=chunk) [Financial Report](index=53&type=section&id=Item%208%20Financial%20Report) [Audit Report](index=53&type=section&id=Audit%20Report) This chapter clarifies that the semi-annual report is unaudited, informing investors of its nature - This semi-annual report is unaudited[5](index=5&type=chunk)[168](index=168&type=chunk) [Financial Statements](index=53&type=section&id=Financial%20Statements) This chapter presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow, and equity changes Key Consolidated Balance Sheet Data (Period-End) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 21,163,425,613.13 | | Total Liabilities | 13,084,853,857.42 | | Total Equity Attributable to Parent Company Owners | 7,756,951,998.17 | Key Consolidated Income Statement Data (Current Period) | Item | H1 2025 (RMB) | | :--- | :--- | | Operating Revenue | 10,300,787,773.83 | | Total Profit | 499,039,943.11 | | Net Profit Attributable to Parent Company Shareholders | 429,281,796.54 | | Basic Earnings Per Share (RMB/share) | 1.08 | Key Consolidated Cash Flow Statement Data (Current Period) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 88,433,415.37 | | Net Cash Flow from Investing Activities | -315,572,789.25 | | Net Cash Flow from Financing Activities | -1,025,218,533.00 | [Consolidated Balance Sheet](index=53&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **RMB 21.16 billion**, liabilities **RMB 13.08 billion**, and parent equity **RMB 7.76 billion**, indicating a stable structure Consolidated Balance Sheet Major Data (Period-End) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 21,163,425,613.13 | | Total Liabilities | 13,084,853,857.42 | | Total Equity Attributable to Parent Company Owners | 7,756,951,998.17 | [Parent Company Balance Sheet](index=56&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company reported **RMB 16.35 billion** in total assets, **RMB 10.17 billion** in liabilities, and **RMB 6.19 billion** in equity Key Parent Company Balance Sheet Data (Period-End) | Item | Amount (RMB) | | :--- | :--- | | Total Assets | 16,349,131,631.25 | | Total Liabilities | 10,164,626,326.21 | | Total Owners' Equity | 6,184,505,305.04 | [Consolidated Income Statement](index=59&type=section&id=Consolidated%20Income%20Statement) In H1 2025, total operating revenue was **RMB 10.30 billion**, total profit **RMB 499 million**, and net profit attributable to parent shareholders **RMB 429 million**, with EPS of **RMB 1.08** Key Consolidated Income Statement Data (Current Period) | Item | H1 2025 (RMB) | | :--- | :--- | | Total Operating Revenue | 10,300,787,773.83 | | Total Profit | 499,039,943.11 | | Net Profit Attributable to Parent Company Shareholders | 429,281,796.54 | | Basic Earnings Per Share (RMB/share) | 1.08 | [Parent Company Income Statement](index=61&type=section&id=Parent%20Company%20Income%20Statement) In H1 2025, the parent company reported **RMB 8.75 billion** in operating revenue, **RMB 285 million** in total profit, and **RMB 243 million** in net profit Key Parent Company Income Statement Data (Current Period) | Item | H1 2025 (RMB) | | :--- | :--- | | Operating Revenue | 8,746,798,057.29 | | Total Profit | 285,449,733.89 | | Net Profit | 242,511,813.64 | [Consolidated Cash Flow Statement](index=63&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2025, operating cash flow was **RMB 88 million**, investing cash flow **-RMB 316 million**, and financing cash flow **-RMB 1.025 billion**, showing improved operations but large outflows Key Consolidated Cash Flow Statement Data (Current Period) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 88,433,415.37 | | Net Cash Flow from Investing Activities | -315,572,789.25 | | Net Cash Flow from Financing Activities | -1,025,218,533.00 | [Parent Company Cash Flow Statement](index=65&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, the parent company reported negative cash flows from operating (**-RMB 413 million**), investing (**-RMB 472 million**), and financing (**-RMB 22 million**) activities Key Parent Company Cash Flow Statement Data (Current Period) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -413,107,759.00 | | Net Cash Flow from Investing Activities | -471,629,208.58 | | Net Cash Flow from Financing Activities | -22,069,507.25 | [Consolidated Statement of Changes in Owners' Equity](index=67&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, consolidated owners' equity increased by **RMB 142 million**, driven by net profit attributable to parent owners and share changes Key Consolidated Statement of Changes in Owners' Equity Data (Current Period) | Item | Balance at Beginning of Period (RMB) | Amount of Increase/Decrease in Current Period (RMB) | Balance at End of Period (RMB) | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 7,624,408,552.37 | 132,543,445.80 | 7,756,951,998.17 | | Minority Interests | 312,514,022.04 | 9,105,735.50 | 321,619,757.54 | | Total Owners' Equity | 7,936,922,574.41 | 141,649,181.30 | 8,078,571,755.71 | [Parent Company Statement of Changes in Owners' Equity](index=71&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) In H1 2025, parent company owners' equity decreased by **RMB 54 million**, mainly due to profit distribution, share-based payments, and convertible bond conversions Key Parent Company Statement of Changes in Owners' Equity Data (Current Period) | Item | Balance at Beginning of Period (RMB) | Amount of Increase/Decrease in Current Period (RMB) | Balance at End of Period (RMB) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 6,238,731,842.14 | -54,226,537.10 | 6,184,505,305.04 | [Basic Company Information](index=76&type=section&id=Basic%20Company%20Information) This chapter provides comprehensive background information on the company, including its establishment, share capital history, registration details, and business scope - Guangxi Liuyao Group Co., Ltd. was established on February 28, 2011, through the overall conversion of Guangxi Liuzhou Pharmaceutical Co., Ltd[219](index=219&type=chunk) - As of January-June 2025, the company's total share capital changed to **398,863,908** shares[228](index=228&type=chunk) - The company primarily operates in pharmaceutical wholesale, retail, manufacturing, and related pharmaceutical health industries[229](index=229&type=chunk) [Basis of Financial Statement Preparation](index=80&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) This chapter confirms financial statements are prepared under Enterprise Accounting Standards and CSRC regulations, based on a going concern assumption for compliance and reliability - The company's financial statements are prepared based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports" by the China Securities Regulatory Commission[231](index=231&type=chunk) - The company assessed its ability to continue as a going concern for **12** months from the end of the reporting period, found no matters affecting its going concern ability, and thus, preparing financial statements on a going concern basis is reasonable[232](index=232&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=80&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This chapter details the company's significant accounting policies and estimates, covering a wide range of financial reporting aspects, including asset recognition, revenue, and changes in policies - The financial statements prepared by the company comply with the requirements of Enterprise Accounting Standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[233](index=233&type=chunk) - The company implemented "Interpretation No. 17 of Enterprise Accounting Standards," "Interim Provisions on Accounting Treatment of Enterprise Data Resources," and "Interpretation No. 18 of Enterprise Accounting Standards," but these had no significant impact on the company's financial statements during the reporting period[402](index=402&type=chunk)[403](index=403&type=chunk)[404](index=404&type=chunk) [Taxation](index=114&type=section&id=Taxation) This chapter details the company's main tax types, rates, and corporate income tax preferential policies, including Western Development and small/micro-enterprise benefits Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Output tax calculated based on sales of goods and taxable services as stipulated by tax law, with the difference after deducting input tax for the current period being the VAT payable | 13%, 9%, 6%, 3%, 0% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT paid | 7%, 5% | | Corporate Income Tax | Calculated based on taxable income | 25%, 20%, 15%, 0% | | Education Surcharge | Calculated based on actual VAT paid | 3% | | Local Education Surcharge | Calculated based on actual VAT paid | 2% | - The company and its subsidiaries, including Guangxi Guizhong Pharmacy Chain Co., Ltd., Guangxi XianZhu Pharmaceutical Co., Ltd., and Guangxi Wantong Pharmaceutical Co., Ltd., qualify for the Western Development corporate income tax policy, enjoying a reduced corporate income tax rate of **15%**[407](index=407&type=chunk)[408](index=408&type=chunk) - Some subsidiaries qualify for tax preferential policies related to the development of small and micro-enterprises and individual businesses, calculating taxable income at **25%** and paying corporate income tax at a rate of **20%**[409](index=409&type=chunk) - Guangxi XianZhu Traditional Chinese Medicine Technology Co., Ltd. is exempt from corporate income tax on income derived from the initial processing of medicinal plants[410](index=410&type=chunk) [Changes in Consolidation Scope](index=183&type=section&id=Changes%20in%20Consolidation%20Scope) This chapter reports the establishment and consolidation of Guangxi XianZhu Pharmacy Chain Co., Ltd. by a subsidiary, expanding the company's retail footprint - On April 17, 2025, Guangxi XianZhu Traditional Chinese Medicine Co., Ltd., a subsidiary of the company, established a wholly-owned subsidiary, Guangxi XianZhu Pharmacy Chain Co., Ltd., with a registered capital of **RMB 500,000**, and was included in the consolidation scope for the current period[650](index=650&type=chunk) [Interests in Other Entities](index=185&type=section&id=Interests%20in%20Other%20Entities) This chapter details the company's interests in subsidiaries and sub-subsidiaries, including their financial data and organizational structure, reflecting each entity's contribution Subsidiary Information (Partial) | Subsidiary Name | Registered Capital (RMB 10,000) | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | | Guangxi Guizhong Pharmacy Chain Co., Ltd. | 15,130.00 | Retail | 100 | | Guangxi Nanning Liuyao Pharmaceutical Co., Ltd. | 1,980.00 | Wholesale | 53 | | Guangxi XianZhu Traditional Chinese Medicine Technology Co., Ltd. | 12,677.90 | Manufacturing | 100 | Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Partial) | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders in Current Period (RMB) | Minority Interests Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Guangxi Nanning Liuyao Pharmaceutical Co., Ltd. | 47 | 6,108,197.19 | 180,414,308.80 | | Guangxi Yida Xiansheng Biopharmaceutical Co., Ltd. | 30 | 2,505,769.21 | 34,918,908.43 | [Government Grants](index=191&type=section&id=Government%20Grants) This chapter details government grants received, totaling **RMB 11.40 million**, including deferred income and amounts recognized in current profit or loss Government Grant-Related Liability Items (Unit: RMB) | Financial Statement Item | Balance at Beginning of Period | New Grants Added in Current Period | Amount Recognized in Non-Operating Income in Current Period | Transferred to Other Income in Current Period | Other Changes | Balance at End of Period | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 68,254,662.79 | | | 1,427,864.46 | | 66,826,798.33 | Related to Assets | Government Grants Recognized in Current Profit or Loss (Unit: RMB) | Type | Amount Incurred in Current Period | | :--- | :--- | | Related to Assets | 1,427,864.46 | | Related to Income | 9,973,733.36 | | **Total** | **11,401,597.82** | [Risks Related to Financial Instruments](index=192&type=section&id=Risks%20Related%20to%20Financial%20Instruments) This chapter outlines the company's credit, liquidity, and market risks (exchange rate, interest rate) and its strategies for managing them to ensure financial stability - The company's main financial instruments include accounts receivable, accounts payable, etc., leading to primary risks of credit risk, liquidity risk, and market risk[666](index=666&type=chunk) - The company manages credit risk through credit risk assessment for new customers, quarterly monitoring of existing customer credit ratings, and monthly review of accounts receivable aging analysis[667](index=667&type=chunk) - Liquidity risk is centrally controlled by the company's finance department, ensuring sufficient funds by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next **12** months[668](index=668&type=chunk) - The company has no exchange rate risk, and since borrowings are at fixed interest rates, there is no RMB benchmark interest rate fluctuation risk[671](index=671&type=chunk)[672](index=672&type=chunk) [R&D Expenses](index=183&type=section&id=R%26D%20Expenses) This chapter details **RMB 17.67 million** in R&D expenses for the period, including salaries, depreciation, and materials, all expensed, reflecting R&D investment R&D Expenses by Nature of Expense (Unit: RMB) | Item | Amount Incurred in Current Period | | :--- | :--- | | Salaries | 11,334,949.66 | | Depreciation | 1,046,767.49 | | Experimental and Testing Fees | 524,671.03 | | Material Costs | 721,455.75 | | Service Fees | 1,784,142.09 | | Amortization of Intangible Assets | 749,799.99 | | **Total** | **17,672,726.43** | | Of which: Expensed R&D Expenditures | 17,672,726.43 | [Other Significant Matters](index=202&type=section&id=Other%20Significant%20Matters) This chapter reports that as of June 30, 2025, the actual controller, Mr. Zhu Chaoyang, held **25.33%** of shares, with **32.39%** of his holdings (or **8.20%** of total shares) pledged - As of June 30, 2025, Mr. Zhu Chaoyang held **101,032,795** shares of the company, accounting for **25.33%** of the company's total share capital[697](index=697&type=chunk) - Mr. Zhu Chaoyang cumulatively pledged **32,720,000** shares of the company, representing **32.39%** of his total holdings and **8.20%** of the company's total share capital[697](index=697&type=chunk)

| 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-069 | | --- | --- | --- | | 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 关于购买董事、高级管理人员责任险的公告 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个别及连带责任。 广西柳药集团股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第五届董事会第二十八次会议，审议通过了《关于购买董事、高级管理人员责任 险的议案》，公司全体董事回避表决，该议案直接提交公司股东会审议。 为进一步完善公司风险管理体系，降低公司治理和运营风险，促进董事、高 级管理人员及其他责任人员在其职责范围内充分地行使职权、履行职责，保障公 司和广大投资者的权益，根据《公司法》《上市公司治理准则》等相关规定，公 司拟购买董事、高级管理人员责任保险（以下简称"责任险"）。现将相关事项公 告如下： 4、保费限额：不超过人民币 20 万元/年（具体以保险合同为准） 5、保险期限：12 个月（具体以保险合同为准，后 ...

证券代码：603368 证券简称：柳药集团 公告编号：2025-067 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 2025 年度"提质增效重回报"行动方案的 半年度报告 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个别及连带责任。 广西柳药集团股份有限公司（以下简称"公司"）为积极践行"以投资者为 本"的上市公司发展理念，推动公司经营质量和投资价值提升，维护公司全体股 东利益，助力信心提振、资本市场稳定和经济高质量发展的精神要求，于 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）披露《2025 年度"提质 增效重回报"行动方案》。 2025 年上半年，公司紧紧围绕行动方案内容制定的目标与举措，积极开展 和落实有关工作，并取得阶段性的成效和进展。现将行动方案的进展情况及成效 评估报告如下： 二、协同创新驱动发展，培育新业务增量 公司持续推动产品研发创新、产能升级，持续提升产品竞争力的同时落实降 本增效，并通过发挥工商协同优势和品牌营销战略稳步拓展全国市场，培育新的 业 ...

| 证券代码：603368 | 证券简称：柳药集团 公告编号：2025-068 | | --- | --- | | 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 关于变更注册资本、取消监事会及修订《公司章程》 并修订、制定公司部分治理制度的公告 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个别及连带责任。 2025 年 8 月 28 日，广西柳药集团股份有限公司（以下简称"公司"）召开 第五届董事会第二十八次会议，审议通过了《关于变更注册资本、取消监事会及 修订<公司章程>的议案》和《关于修订、制定公司部分治理制度的议案》。同 日，公司召开第五届监事会第二十二次会议，审议通过了《关于取消监事会及修 订<公司章程>的议案》。前述议案尚需提交公司股东会审议通过。现将相关情 况公告如下： 一、注册资本变更情况 （一）可转换公司债券转股 经中国证券监督管理委员会证监许可[2019]2303 号文核准，公司于 2020 年 1 月 16 日公开发行 80,220 万元可转换公司债券，每张面值 100 元，共计 8 ...

广西柳药集团股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在公 司会议室采用现场表决的方式召开职工代表大会。本次会议的召集、召开及表决 程序符合公司职工代表大会制度的有关规定，会议合法、有效。 二、职工代表大会审议情况 经全体与会职工代表民主讨论，审议并通过了如下议案： （一）审议通过《关于<广西柳药集团股份有限公司 2025 年员工持股计划 （草案）>及其摘要的议案》 | 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-062 | | --- | --- | --- | | 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 关于职工代表大会决议公告 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个别及连带责任。 一、职工代表大会召开情况 为进一步完善公司治理结构，保证公司董事会的正常运作，根据《中华人民 共和国公司法》《上市公司章程指引》等相关规定，结合公司实际情况，公司将 不再设置监事会和监事，并在董事会中设置 1 名职工代表董事。 经与会职工代表认真审议并 ...

证券简称：柳药集团 证券代码：603368 广西柳药集团股份有限公司 2025 年员工持股计划（草案） 二〇二五年八月 2025 年员工持股计划（草案） 声明 本公司及全体董事保证本员工持股计划及其摘要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。 2 2025 年员工持股计划（草案） 风险提示 一、广西柳药集团股份有限公司（以下简称"柳药集团""公司"或"本公 司"）2025 年员工持股计划（草案）（以下简称"本员工持股计划草案"）须 经公司股东会批准后方可实施，本员工持股计划草案能否获得公司股东会批准， 存在不确定性。 二、有关公司 2025 年员工持股计划（以下简称"本员工持股计划"）的 具体的资金来源、出资金额、预计规模和具体实施方案等属初步结果，能否 完成实施，存在不确定性。 三、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员 工认购份额不足，本员工持股计划存在低于预计规模的风险。 四、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及 投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投 资者对此应有充分准备 ...

证券简称：柳药集团 证券代码：603368 广西柳药集团股份有限公司 2025 年员工持股计划（草案）摘要 二〇二五年八月 2025 年员工持股计划（草案）摘要 声明 本公司及全体董事保证本员工持股计划及其摘要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。 2 2025 年员工持股计划（草案）摘要 风险提示 一、广西柳药集团股份有限公司（以下简称"柳药集团""公司"或"本公 司"）2025 年员工持股计划（草案）（以下简称"本员工持股计划草案"）须 经公司股东会批准后方可实施，本员工持股计划草案能否获得公司股东会批准， 存在不确定性。 二、有关公司 2025 年员工持股计划（以下简称"本员工持股计划"）的 具体的资金来源、出资金额、预计规模和具体实施方案等属初步结果，能否 完成实施，存在不确定性。 三、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员 工认购份额不足，本员工持股计划存在低于预计规模的风险。 四、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及 投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投 资者对此 ...

| 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 | | 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 广西柳药集团股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 28 日收到公司非独立董事、副总裁唐春雪女士提交的书面辞职报告。唐春雪女士因 公司内部工作调整原因，申请辞去公司第五届董事会非独立董事职务，辞职后仍 在公司担任副总裁。具体情况如下： （二）离任对公司影响 根据《公司法》《公司章程》等有关规定，唐春雪女士的辞职报告自送达公 司董事会之日起生效。唐春雪女士的辞职不会导致公司董事会成员人数低于法定 人数，不会影响公司董事会的正常运行，亦不会对公司的规范运作和日常生产经 营产生不利影响。 二、关于职工代表董事选举的情况 为进一步完善公司治理结构，根据《公司法》《上市公司章程指引》等法律、 法规及规范性文件和《公司章程》的相关规定，公司董事会中 ...