广发证券股份有限公司 关于广西柳药集团股份有限公司 2025 年度持续督导工作现场检查报告 上海证券交易所： 根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等有关法律、法规的规定，广发证券股份有限公司 （以下简称"保荐人""广发证券"）作为正在履行广西柳药集团股份有限公司 （以下简称"柳药集团""公司"）持续督导工作的保荐人，对公司 2025 年 1 月 1 日至本次现场检查期间（以下简称"本持续督导期间"）的规范运作情况进 行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 广发证券股份有限公司 （二）保荐代表人 赵英阳、李武 （三）现场检查时间 赵英阳 （五）现场检查内容 1、公司治理和内部控制情况； 2、信息披露情况； 3、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况； 4、募集资金使用情况； 5、关联交易、对外担保情况； 2025 年 12 月 26 日 （四）现场检查人员 6、经营状况； 7、保荐人认为应当予以现场检查的其他事项。 （六）现场检查手段 1、查看公司主要生产经营场所； 2、与公司 ...

格隆汇1月5日丨柳药集团(603368.SH)公布，截至2025年12月31日，公司通过集中竞价交易方式回购股 份数量为1,080.30万股，已回购股份占公司目前总股本的比例为2.72%，较上次回购进展公告披露数相 比增加0.26%，回购成交的最高价为19.07元/股、最低价为17.83元/股，已支付的总金额为19,863.82万元 （不含交易费用）。 ...

| 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-102 | | --- | --- | --- | | 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 关于不向下修正"柳药转债"转股价格的公告 "柳药转债"本次触发转股价格修正条件的期间从 2025 年 11 月 21 日起算，截 至 2025 年 12 月 31 日，公司股票已出现连续三十个交易日中至少有十五个交易日的 收盘价格低于当期转股价格的 85%（即 18.00 元/股）的情形，已触发"柳药转债" 转股价格向下修正条款。 ● 经公司第五届董事会第三十一次会议审议通过，公司董事会决定本次不向下 修正"柳药转债"转股价格，同时在"柳药转债"到期日前（即 2026 年 1 月 1 日至 2026 年 1 月 15 日），如再次触发"柳药转债"转股价格向下修正条款，亦不提出向 下修正方案。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准广西柳州医药股份有限公司公开发行可 转换公司债券的批复》（证监许可[2019]2303 号）核准，公司于 2020 年 1 月 16 日公 开发行 80 ...

Market Overview - The pharmaceutical commercial sector experienced a slight decline of 0.0% on December 30, with Saily Medical leading the drop [1] - The Shanghai Composite Index closed at 3965.12, also down by 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] Stock Performance - Notable gainers in the pharmaceutical sector included: - Yingte Group (000411) with a closing price of 13.23, up by 9.98% and a trading volume of 419,800 shares [1] - Yao Yigou (300937) at 35.65, up by 7.64% with 125,700 shares traded [1] - HeFu China (603122) at 26.00, up by 6.17% with a trading volume of 985,200 shares [1] - Conversely, Saily Medical (603716) saw a decline of 3.19% to a closing price of 20.95, with a trading volume of 123,200 shares [2] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 258 million yuan from institutional investors, while retail investors contributed a net inflow of 54.61 million yuan [2] - Notable capital flows included: - HeFu China (603122) with a net inflow of 286 million yuan from institutional investors [3] - Yingte Group (000411) with a net inflow of 134 million yuan from institutional investors [3] - Yao Yigou (300937) with a net inflow of 16.36 million yuan from institutional investors [3]

Group 1: Global Economic Impact - The ongoing geopolitical influences and misalignment of monetary policies are expected to fundamentally reshape purchasing power across both private and public sectors in the medium to long term [1] - Japan's prolonged ultra-loose monetary policy is reportedly helping the country emerge from a "deflation trap," with the yen's depreciation significantly boosting overall demand [1] - Despite a 40% increase in the average price of second-hand homes in Tokyo over five years and a nearly 20% rise in major stock indices, the actual purchasing power of residents has declined due to high input inflation [1] Group 2: Domestic Market Overview - The domestic equity market has shown continued volatility, with a notable focus on the fourth quarter as a critical period for industry information and monetary policy direction [2][34] - The uncertainty in policy is expected to decrease marginally, while the sustainability of the computing power sector will face ongoing scrutiny from the market [34] - Smaller stocks are anticipated to benefit more from the market's expansion trends compared to larger stocks [34] Group 3: Convertible Bond Market - The convertible bond market has seen an overall increase of 0.48% during the week, with 20 out of 29 sectors experiencing gains [47] - The average daily trading volume in the convertible bond market reached 636.11 billion yuan, reflecting a significant increase of 29.75 billion yuan from the previous week [47][48] - Approximately 63.48% of convertible bonds recorded an increase in value, with 15.37% of bonds rising more than 2% [48] Group 4: Sector Performance - Among the 31 sectors, 19 experienced gains, with retail, non-bank financials, and beauty care leading the way with increases of 6.66%, 2.90%, and 2.87% respectively [45] - Conversely, sectors such as electronics and power equipment faced declines, with drops of -3.28% and -3.12% respectively [45]

Core Insights - The article discusses the transformation of supply chain management in the pharmaceutical industry, particularly through the collaboration between Liuyao Group and Huawei Cloud, leveraging AI to optimize complex supply chain operations [4][11][25]. Group 1: Industry Challenges - Liuyao Group faces a complex supply chain with over 10,000 SKUs, multiple warehouses, and stringent compliance and time constraints, which creates a systemic challenge in operations [4][6]. - The pharmaceutical industry is experiencing increased pressure due to the normalization of centralized procurement, stricter cold chain traceability, and comprehensive compliance regulations [6][10]. - The inefficiencies in China's logistics, where logistics costs account for approximately 18% of GDP compared to 8% in the U.S., highlight the need for significant improvements in supply chain efficiency [9][10]. Group 2: AI Integration and Transformation - Liuyao Group has partnered with Huawei Cloud to reconstruct its supply chain decision-making system using AI, focusing on data governance, demand forecasting, and intelligent scheduling [4][11][12]. - The integration of AI technologies, such as data lakes and predictive models, allows for real-time visibility and intelligent decision-making within the supply chain [14][19]. - The AI-driven supply chain system enables Liuyao to optimize complex operations, reducing decision-making time and costs while improving efficiency by 15% to 18% [18][19]. Group 3: Future Trends - By 2027, over 50% of large multinational companies are expected to adopt AI and advanced analytics for supply chain management, indicating a global trend towards intelligent supply chains [8][10]. - In China, over 60% of large enterprises are projected to implement AI and intelligent scheduling systems in key supply chain areas within the next three years, reflecting a structural shift in the industry [10][22]. - The shift from experience-driven to intelligent-driven supply chains is becoming a critical variable in determining operational quality, marking a significant turning point for the pharmaceutical distribution industry [25][26].

Core Viewpoint - The article highlights the transformation of the pharmaceutical supply chain through AI integration, emphasizing the shift from traditional experience-based methods to data-driven, intelligent decision-making systems [2][11][36]. Group 1: Company Overview - Liuyao Group, established in the 1950s, has evolved from a traditional pharmaceutical distributor to a comprehensive health service group, covering hospitals, retail pharmacies, and B2B clients [2]. - The complexity of Liuyao's supply chain is amplified by the need to manage over ten thousand SKUs, multiple warehouses, and stringent compliance and time constraints [2][4]. Group 2: Supply Chain Challenges - Liuyao faces a "triple constraint" in its supply chain, balancing time, compliance, and cost, where improving one aspect can exacerbate the others [4][5]. - The pharmaceutical industry is under pressure to enhance efficiency and reduce costs due to increasing regulatory demands and market competition [7][10]. Group 3: AI Integration and Transformation - Liuyao has partnered with Huawei Cloud to leverage AI for restructuring its supply chain decision-making processes, focusing on data governance, demand forecasting, and intelligent scheduling [2][11]. - The implementation of a data lake has unified fragmented data, enabling real-time visibility and optimization of supply chain operations [15][21]. Group 4: AI Tools and Their Impact - The Pangu predictive model has improved demand forecasting accuracy to over 89%, directly impacting inventory management and reducing stockout risks [16][21]. - The Tianchou AI solver optimizes complex decision-making scenarios, significantly reducing decision-making time and lowering costs by approximately 20% [21][20]. Group 5: Industry Trends and Future Directions - The article notes a global trend where over 50% of large multinational companies are expected to adopt AI and advanced analytics for supply chain management by 2027 [8]. - In China, over 60% of large enterprises are projected to implement AI and intelligent scheduling systems in their supply chains within the next three years, driven by national policies promoting digital transformation [10][11]. Group 6: Conclusion on Supply Chain Evolution - The shift from experience-based systems to computational systems in supply chains is seen as a critical evolution, enabling companies to predict demand, optimize resources, and enhance operational efficiency [26][36]. - Liuyao's experience serves as a model for the industry, demonstrating that intelligent supply chains can become a new growth engine rather than merely a cost center [36].

| 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-101 | | --- | --- | --- | | 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"柳药转债"预计触发转股价格修正条件的 提示性公告 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。 重要内容提示： ● 转股价格：21.18 元/股 ● 转股期限：2020 年 7 月 22 日至 2026 年 1 月 15 日 ● "柳药转债"本次触发转股价格修正条件的期间从 2025 年 11 月 21 日起 算，截至 2025 年 12 月 16 日收盘，广西柳药集团股份有限公司（以下简称"公 司"）股票已有十个交易日的收盘价低于当期转股价格的 85%（18.00 元/股），预 计将触发"柳药转债"转股价格向下修正条款。 （一）转股价格修正条款 根据《募集说明书》的约定，"柳药转债"转股价格向下修正条款为： 1、修正权限与修正幅度 在本次发行的可转换公司债券存续期间，当公司股票在任意连续三十个交易 日 ...

| 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-100 | | --- | --- | --- | | 转债代码：113563 | 转债简称：柳药转债 | | 关于"柳药转债"到期兑付暨摘牌的第三次提示性公告 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。 重要内容提示： 广西柳药集团股份有限公司 自 2026 年 1 月 13 日至 2026 年 1 月 15 日，"柳药转债"持有人仍可依据约 定的条件将"柳药转债"转化为公司股票。 经中国证券监督管理委员会证监许可[2019]2303 号文核准，广西柳药集团股份 有限公司（以下简称"公司"）于 2020 年 1 月 16 日公开发行 802.20 万张可转换公 司债券，每张面值 100 元，发行总额 80,220.00 万元，期限为 6 年（即 2020 年 1 月 16 日至 2026 年 1 月 15 日）。经上海证券交易所自律监管决定书[2020]53 号文同 意，公司 80,220.00 万元可转换公司债券于 2020 年 2 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company's wholesale business is gradually recovering in Q3, with a projected stable growth outlook for the coming year. The total revenue for the first three quarters of 2025 was 15.758 billion yuan, a decrease of 1.47% year-on-year, while the net profit attributable to shareholders was 646 million yuan, down 9.81% [3][4]. - The decline in revenue and profit is primarily attributed to the impact of centralized procurement policies and hospital drug sales control, which have led to a temporary decrease in sales volume and profit margins in the wholesale segment. However, improvements in product structure and cost reduction efforts are expected to support a gradual recovery in performance [4][5]. - The retail and industrial segments showed steady growth, with retail revenue increasing by 8.17% to 2.591 billion yuan and industrial revenue rising by 6.44% to 860 million yuan in the first three quarters of 2025 [5]. Financial Performance Summary - For Q1-Q3 2025, the gross margin was 10.88%, a decrease of 0.88 percentage points, while the net profit margin was 4.10%, down 0.38 percentage points. The company’s operating cash flow net amount was 135 million yuan, an increase of 10.09% [4]. - The company’s revenue projections for 2025-2027 are 21.133 billion yuan, 22.221 billion yuan, and 23.383 billion yuan, respectively, with net profits expected to be 828 million yuan, 873 million yuan, and 922 million yuan [9][11]. Strategic Initiatives - The company has implemented an employee stock ownership plan and stock option incentive plan to enhance talent retention and core team cohesion. The first transfer of shares under the employee stock ownership plan has been completed, involving 52 employees [6]. - To diversify its product offerings and enhance competitiveness, the company has established a wholly-owned subsidiary and signed an investment agreement with Suninflam Ltd. for the development of an innovative monoclonal antibody drug targeting inflammation-related factors in epilepsy [8].