| | | 广西柳药集团股份有限公司 关于召开 2022 年度业绩说明会的公告 重要内容提示： 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： ● 问题征集方式：投资者可于2023年4月4日(星期二)至4月11日(星期 二)16:00前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 lygf@lzyy.cn进行提问。公司将在2022年度业绩说明会（以下简称"本次业绩说 明会"）上对投资者普遍关注的问题进行回答。 广西柳药集团股份有限公司（以下简称"公司"）于2023年3月28日在上海证 券交易所网站（http://www.sse.com.cn）披露公司《2022年年度报告》,为便于 广大投资者更全面深入地了解公司2022年度经营成果、财务状况，公司决定于 2023年4月12日（星期三）上午10:00-11:00召开本次业绩说明会，就投资者关心 的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动方式召开，公司将针对2022年度经营成果及财务 指标的具体情况与投资者进行互动交流和沟通，在 ...

Financial Performance - The company's net profit attributable to shareholders for 2022 was CNY 701,518,265.38, an increase of 24.42% compared to 2021[7]. - The total operating revenue for 2022 reached CNY 19,052,830,880.56, representing a growth of 11.19% year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 695,246,083.12, which is a 25.65% increase from 2021[22]. - The basic earnings per share for 2022 was 1.94 RMB, up 24.36% from 1.56 RMB in 2021[23]. - The weighted average return on equity increased to 12.26%, up 1.57 percentage points from 10.69% in 2021[23]. - The company reported a net profit margin of 42.31% for the year 2022, indicating strong profitability[159]. Cash Flow and Dividends - The net cash flow from operating activities was CNY 506,430,637.81, up by 52.14% from the previous year[22]. - The proposed cash dividend for 2022 is CNY 5.08 per 10 shares, including tax[7]. - The total cash dividend for the reporting period was 183,268,366.00 RMB, representing 26.12% of the net profit attributable to ordinary shareholders[194]. - The cash dividend policy ensures that at least 20% of the distributable profit is distributed in cash annually, with a cumulative distribution of at least 30% over the last three years[188]. Revenue Breakdown - The wholesale business generated revenue of 1,531,626.33 million RMB, reflecting a year-on-year increase of 10.98%[33]. - The retail business generated revenue of CNY 2,873.34 million, making up 15.12% of total revenue, with a year-on-year increase of 5.39%[71]. - Hospital sales, a core part of the wholesale business, achieved revenue of CNY 14,074.42 million, representing 74.05% of the company's total revenue[70]. - Revenue from medical devices reached CNY 2,012.20 million, a year-on-year increase of 71.45%, while revenue from testing reagents was CNY 209.09 million, growing by 100.38% year-on-year[37]. Operational Efficiency and Strategy - The company is focusing on digital transformation by integrating internet technology into traditional business models, enhancing supply chain services, and developing new retail formats[66]. - The company aims to build a comprehensive service network that enhances channel value and professional service capabilities, driven by data sharing and standardized information[62]. - The company is committed to enhancing its core business stability while exploring new growth opportunities in the pharmaceutical industry[67]. - The company is actively pursuing the development of new retail services, leveraging online platforms and physical stores to meet diverse consumer health needs[71]. Research and Development - In 2022, the company invested a total of CNY 25.79 million in R&D, launching several high-quality pharmaceutical products[49]. - Research and development expenses surged by 38.62% to ¥25,794,514.61, up from ¥18,607,627.03, driven by increased investment in new product development by subsidiaries[85]. - The company has filed for 7 patents related to processing and quality testing technologies[49]. - The company plans to continue investing in research and development, particularly in the production of traditional Chinese medicine and related products, to enhance its product offerings and production capacity[130]. Market Expansion and Risks - The company is positioned to benefit from the ongoing trend of industry consolidation and increased market concentration[59]. - The pharmaceutical distribution industry is expected to achieve a market concentration rate where the top 100 wholesale companies account for over 98% of the total market by the end of the 14th Five-Year Plan[113]. - The company faces significant risks from national healthcare reform policies, including centralized procurement and price control measures, which may impact profitability[139]. - Accounts receivable management poses a risk due to the concentration in hospital sales, with potential growth in receivables affecting cash flow and increasing bad debt risk[140][141]. Governance and Compliance - The company has conducted one shareholders' meeting and ten board meetings during the reporting period, ensuring compliance with governance regulations[147][148]. - The company completed four periodic reports and 62 temporary announcements, achieving an A-level rating for information disclosure from the Shanghai Stock Exchange[151]. - The company’s financial decisions and shareholder meeting procedures complied with relevant laws and regulations[155]. - The company has not faced any penalties from securities regulatory authorities in the past three years[165]. Employee and Talent Management - The company reported a total of 5,162 employees, with 944 in the parent company and 4,218 in major subsidiaries[182]. - The company has established a multi-level talent pool and customized training programs to enhance employee development[184]. - The company’s workforce includes 2,787 sales personnel and 527 production personnel, indicating a strong focus on sales and production capabilities[182]. - The company will implement a talent incentive strategy to attract and retain skilled personnel, ensuring the successful execution of its strategic goals[137].

Financial Performance - The company's operating revenue for Q3 2022 reached ¥5,020,747,654.50, representing a year-on-year increase of 10.20%[4] - The net profit attributable to shareholders for Q3 2022 was ¥206,196,794.01, reflecting a year-on-year growth of 22.02%[4] - For the first nine months of 2022, the company achieved a total operating revenue of ¥14,222,353,645.12, up 10.43% compared to the same period last year[9] - The net profit attributable to shareholders for the first nine months was ¥575,282,231.96, an increase of 15.42% year-on-year[9] - Total operating revenue for the first three quarters of 2022 reached ¥14,222,353,645.12, an increase of 10.4% compared to ¥12,879,074,190.59 in the same period of 2021[31] - Operating profit for the first three quarters of 2022 was ¥703,874,388.02, up from ¥641,552,229.61 in 2021, reflecting a growth of 9.7%[33] - Net profit attributable to shareholders of the parent company for the first three quarters of 2022 was ¥575,282,231.96, compared to ¥498,405,259.79 in 2021, marking a 15.4% increase[36] - The company reported a total profit of ¥705,254,116.41 for the first three quarters of 2022, compared to ¥643,565,280.58 in 2021, which is an increase of 9.6%[33] Revenue Breakdown - The wholesale segment contributed ¥1,158,579.01 million in revenue, with a year-on-year growth of 10.89%, accounting for 81.65% of total revenue[12] - The retail segment generated ¥208,140.79 million in revenue, growing by 4.04% year-on-year, and contributed 14.67% to total revenue[12] - The industrial segment saw a significant increase of 34.26% in revenue, totaling ¥50,712.10 million, and accounted for 3.57% of total revenue[12] Earnings and Shareholder Information - The company reported a basic earnings per share of ¥0.57 for Q3 2022, up 21.28% from the previous year[7] - Basic earnings per share for the first three quarters of 2022 were ¥1.59, up from ¥1.38 in the same period of 2021[36] - The total number of common shareholders at the end of the reporting period is 33,563[19] - The largest shareholder, Zhu Chaoyang, holds 101,032,795 shares, representing 27.89% of total shares[19] Assets and Liabilities - Total assets as of the end of Q3 2022 were ¥19,244,313,979.40, a 21.23% increase from the end of the previous year[7] - The company's total current assets as of September 30, 2022, amount to ¥16,804,534,755.31, an increase from ¥13,387,644,715.92 in the previous year[24] - The total assets of the company reached ¥19,244,313,979.40, up from ¥15,874,750,518.75 year-over-year[26] - The total liabilities of the company as of September 30, 2022, are ¥11,519,785,932.90, compared to ¥8,628,845,690.78 in the previous year[26] - Total liabilities increased to ¥13,004,695,634.15 in Q3 2022 from ¥10,068,480,649.28 in Q3 2021, representing a growth of 29.3%[30] - Total equity rose to ¥6,239,618,345.25 in Q3 2022, compared to ¥5,806,269,869.47 in Q3 2021, an increase of 7.4%[30] Cash Flow and Expenses - Cash flow from operating activities for the first three quarters of 2022 was ¥13,825,860,388.27, compared to ¥11,939,194,061.36 in 2021, indicating a growth of 15.8%[37] - The net cash flow from operating activities was 10,340,035.79, a significant improvement from -1,028,540,254.79 in the previous period[40] - Total cash inflow from financing activities reached 4,632,274,456.75, compared to 2,994,800,891.37 in the prior year, indicating a 54.7% increase[43] - Cash outflow for financing activities was 4,052,445,244.81, up from 3,085,200,019.64, reflecting a 31.4% increase[43] - The net cash flow from financing activities was 579,829,211.94, a turnaround from -90,399,128.27 in the previous year[43] - The total cash and cash equivalents at the end of the period stood at 3,039,360,326.43, down from 2,026,637,390.46, showing a decrease of 49.8%[43] - Cash paid for purchasing goods and services was 12,768,321,413.75, compared to 12,054,545,914.70, marking an increase of 5.9%[40] - Cash paid to employees was 332,300,863.07, slightly up from 315,620,332.86, indicating a 5.3% increase[40] - Cash paid for taxes was 372,193,322.31, which is a 26.7% increase from 293,649,053.12 in the previous period[40] - Cash inflow from investment activities was 110,455,135.55, down from 261,364,678.90, reflecting a decrease of 57.7%[40] - The net cash flow from investment activities was -812,569,194.70, worsening from -321,214,160.00 in the previous year[40] Research and Development - The company has completed the filing of approximately 230 varieties for its traditional Chinese medicine granule production project, accelerating the registration process[9] - Research and development expenses increased to ¥13,938,268.89 in 2022 from ¥7,475,147.19 in 2021, reflecting an increase of 86.5%[31]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 9,201,605,990.62, representing a 10.56% increase compared to CNY 8,322,953,073.78 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 369,085,437.95, up 12.04% from CNY 329,417,392.59 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was CNY 364,391,506.59, reflecting a 15.64% increase from CNY 315,105,415.44 in the same period last year[21]. - Basic earnings per share for the first half of 2022 were CNY 1.02, up 12.09% from CNY 0.91 in the same period last year[21]. - The weighted average return on net assets increased by 0.28 percentage points to 6.54% compared to 6.26% in the previous year[21]. - The company reported a net cash flow from operating activities of -CNY 293,464,833.61, an improvement from -CNY 1,115,887,131.35 in the previous year[21]. Assets and Liabilities - The company's total assets reached CNY 18,074,344,247.03, a 13.86% increase from CNY 15,874,750,518.75 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were CNY 5,655,325,632.34, which is a 3.58% increase compared to CNY 5,460,085,144.85 at the end of the previous year[21]. - The company's short-term borrowings increased by 44.99% to CNY 3,930,939,390.44, reflecting a rise in bank loans[80]. - Total liabilities reached CNY 12,057,296,678.23, up from CNY 10,068,480,649.28, indicating a growth of around 19.8%[153]. Revenue Breakdown - In the first half of 2022, the company's wholesale business generated revenue of 7,457.22 million CNY, accounting for 81.22% of total revenue, with a year-on-year growth of 10.47%[39]. - Hospital sales, a core part of the wholesale business, achieved revenue of 6,848.29 million CNY, representing 74.60% of total revenue[39]. - The retail business reported revenue of 1,408.59 million CNY, making up 15.34% of total revenue, with an increase of 8.51% compared to the previous year[40]. - The pharmaceutical industrial segment generated revenue of 303.76 million CNY, which is 3.31% of total revenue, showing a growth of 26.78% year-on-year[41]. Market Trends and Strategies - The pharmaceutical circulation market in China has grown from CNY 150.5 billion in 2000 to CNY 2,606.4 billion in 2021, representing a growth of 16.32 times over 22 years[27]. - The industry is experiencing a trend towards increased concentration, with the top 100 wholesale companies expected to account for over 98% of the market by 2025[28]. - The company is focusing on digital transformation in the pharmaceutical circulation sector, leveraging technologies such as 5G and big data to enhance operational efficiency and service models[31]. - Guangxi Liuyou Group is expanding its business model to include upstream pharmaceutical manufacturing and research, aiming to create new profit growth points[32]. Research and Development - The R&D expenses increased by 54.83% to CNY 9,035,840.69, driven by investments in new product development by Xianju Pharmaceutical and Wantong Pharmaceutical[76]. - The company has launched over 200 varieties of traditional Chinese medicine formula granules, with approximately 130 varieties registered and listed[73]. - The company is focusing on the production and research of modern traditional Chinese medicine products, including traditional Chinese medicine formula granules[41]. Environmental and Social Responsibility - The company has implemented various energy-saving and emission-reduction measures, including the use of clean energy boilers and dust collection systems[103]. - The company actively promotes green office practices, including the use of energy-saving lighting and electronic procurement platforms[103]. - The company is actively involved in poverty alleviation and rural revitalization efforts, focusing on standardized planting projects and customized medicine gardens to increase farmers' income and promote industry development[104]. Corporate Governance and Compliance - The company maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts[116]. - There were no significant lawsuits or arbitration matters during the reporting period[116]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[100]. Future Outlook - The overall industry is expected to maintain a long-term positive trend despite pressures from price reductions and cost control measures[27]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[164].

Financial Performance - The company achieved operating revenue of CNY 4.81 billion in Q1 2022, representing a year-on-year increase of 15.67%[9] - Net profit attributable to shareholders was CNY 220.95 million, up 6.35% compared to the same period last year[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 218.80 million, reflecting an 11.31% increase year-on-year[9] - Total operating revenue for Q1 2022 reached CNY 4,813,503,290.88, an increase of 15.7% compared to CNY 4,161,500,720.11 in Q1 2021[27] - Net profit for Q1 2022 was CNY 230,942,512.59, representing a 2.3% increase from CNY 224,682,858.38 in Q1 2021[29] - The company reported a total profit of CNY 270,918,902.01 for Q1 2022, slightly higher than CNY 265,535,283.21 in Q1 2021[29] - Basic and diluted earnings per share for Q1 2022 were both CNY 0.61, up from CNY 0.57 in Q1 2021[31] Revenue Breakdown - The wholesale segment generated revenue of CNY 397.20 million, a 17.12% increase year-on-year, driven by product structure optimization[9] - The retail segment reported revenue of CNY 68.68 million, up 5.87% year-on-year, supported by the integration of wholesale and retail operations[7] - The industrial segment's revenue increased by 21.10% year-on-year to CNY 13.55 million, benefiting from enhanced production capacity and market expansion[7] - Other business segments saw a substantial increase, primarily due to the growth in supply chain value-added services and third-party logistics[9] Assets and Liabilities - The total assets at the end of the reporting period reached CNY 16.96 billion, a 6.83% increase from the end of the previous year[7] - As of March 31, 2022, the total assets of Guangxi Liuzhou Pharmaceutical Co., Ltd. amounted to CNY 16,959,060,423.52, an increase from CNY 15,874,750,518.75 at the end of 2021, representing a growth of approximately 6.8%[21][23] - The company's current assets totaled CNY 14,475,465,841.86, up from CNY 13,387,644,715.92, indicating an increase of about 8.1% year-over-year[21][23] - The total liabilities increased to CNY 10,921,800,187.99 from CNY 10,068,480,649.28, which is an increase of approximately 8.5%[26] - The company's equity attributable to shareholders reached CNY 5,681,078,908.60, up from CNY 5,460,085,144.85, indicating a growth of about 4.0%[26] Cash Flow - The company reported a net cash flow from operating activities of -CNY 717.60 million, indicating a significant cash outflow during the quarter[5] - Cash flow from operating activities was CNY 3,780,131,795.51, an increase from CNY 2,798,460,579.48 in the same quarter of the previous year[32] - The net cash flow from operating activities was -717,602,736.95 CNY, an improvement from -870,629,976.99 CNY in the previous year[34] - Total cash inflow from financing activities was 1,942,151,899.92 CNY, compared to 520,908,576.10 CNY in the same period last year[36] - The net cash flow from financing activities was 225,245,769.95 CNY, a significant recovery from -838,322,732.95 CNY in the previous year[36] Expenses - Total operating costs increased to CNY 4,505,775,121.08, up 15.9% from CNY 3,883,532,851.85 in the same period last year[27] - R&D expenses rose significantly to CNY 4,107,655.99, compared to CNY 1,173,285.96 in the previous year, indicating a focus on innovation[27] - The increase in sales expenses to CNY 111,884,844.04 from CNY 107,873,839.18 reflects the company's efforts to boost market presence[27] Cash and Investments - Cash and cash equivalents decreased to CNY 3,136,317,837.42 from CNY 3,415,544,094.04, reflecting a decline of approximately 8.2%[21][23] - Cash and cash equivalents at the end of the period amounted to 2,619,072,714.35 CNY, down from 3,466,790,933.52 CNY at the beginning of the period[36] - Cash inflow from investment activities was 52,036,921.36 CNY, down from 76,074,917.46 CNY in the previous year[34] - Cash outflow for investment activities totaled 202,368,513.41 CNY, compared to 187,577,829.93 CNY in the same period last year[34] Borrowings - Short-term borrowings surged to CNY 3,500,996,717.77, compared to CNY 2,711,206,717.77, reflecting an increase of approximately 29.0%[26] - The company received 1,924,790,000.00 CNY in loans, a significant increase from 514,000,000.00 CNY in the previous year[36] - The company paid 1,352,587,034.24 CNY in debt repayments, slightly up from 1,291,000,000.00 CNY in the previous year[36] Future Outlook - The company aims to enhance its market expansion strategies and product development in the upcoming quarters[27]

Financial Performance - The net profit attributable to shareholders for 2021 was CNY 563,817,377.16, with a distributable profit of CNY 2,708,079,033.31[2] - The proposed cash dividend for 2021 is CNY 4.80 per 10 shares (including tax)[2] - The company achieved operating revenue of CNY 17,134,823,191.04 in 2021, representing a year-on-year increase of 9.36%[16] - The net profit attributable to shareholders of the listed company was CNY 563,817,377.76, a decrease of 20.78% compared to the previous year[16] - The total revenue for 2021 was CNY 17,134.82 million, representing a year-on-year increase of 9.36%[75] - The net profit attributable to shareholders in 2021 was CNY 563.82 million, a decrease of 20.78% compared to the previous year[75] Audit and Compliance - The company has ensured the accuracy and completeness of the financial report, with no significant omissions or misleading statements[2] - The audit report issued by Zhongqin Wanxin Certified Public Accountants is a standard unqualified opinion[2] - The company has not engaged in non-operating fund occupation by controlling shareholders or related parties[2] - There are no violations of decision-making procedures for external guarantees[2] - The company reported that its financial statements for 2021 were prepared in accordance with relevant regulations, ensuring accuracy and completeness[174] - The internal control audit report confirmed the effectiveness of the company's internal controls, receiving a standard unqualified opinion[195] Risk Management - The company has detailed potential risks in the annual report, particularly in the section discussing future development[2] - The company has a comprehensive risk disclosure in the management discussion and analysis section of the report[2] - The company is adapting its strategies in response to the evolving healthcare landscape and consumer demands, aiming for structural optimization and service upgrades[26] - The ongoing national medical reform policies, including centralized procurement and DRGs, are expected to impact the growth rate of the pharmaceutical distribution market[137] - The company is at risk of increasing accounts receivable due to its focus on hospital sales, which may pressure cash flow and lead to potential bad debts[138] Business Strategy and Development - The company is focusing on service model innovation in the pharmaceutical wholesale and retail sectors to enhance market share and promote high-quality development[26] - The company plans to accelerate the implementation of industrial production projects and enhance research and development capabilities to drive growth in the industrial sector[26] - The company is focusing on transforming traditional distribution services into internet-based smart medical supply chain services, enhancing customer engagement and operational efficiency[36] - The company aims to transform from a traditional distributor to a comprehensive pharmaceutical product and smart medical service provider, focusing on the health industry[117] - The company plans to enhance its product strategy and supply chain services, aiming for a rapid increase in market share in medical devices and testing reagents[118] Revenue Breakdown - The company's total revenue from wholesale business reached 13.8 billion CNY, reflecting a year-on-year growth of 8.97% despite the challenges posed by price reductions[32] - Retail business revenue increased to 272.64 million CNY, marking a growth of 9.59% compared to the previous year, driven by the development of specialized pharmacies and health services[37] - In 2021, the company's wholesale business achieved revenue of CNY 1,380,151.47 million, accounting for 80.77% of total revenue, with a year-on-year growth of 8.97%[62] - The hospital sales segment generated revenue of CNY 1,258,940.72 million, representing 73.68% of the company's main business income[62] - The retail business recorded revenue of CNY 272,641.52 million, making up 15.96% of total revenue, with a year-on-year increase of 9.59%[63] Research and Development - The company increased R&D investment, producing 930 varieties of traditional Chinese medicine pieces and over 7,000 specifications, with 19 invention patents held by the pharmaceutical industrial sector[45] - The company's R&D expenses increased by 112.85% to CNY 18.61 million in 2021, reflecting a strong focus on innovation[76] - Research and development expenses increased due to higher investments in new product development by subsidiaries[82] - There was a notable increase in R&D investment, aimed at developing new therapeutic products and improving existing ones[161] Governance and Shareholder Relations - The company held three shareholder meetings during the reporting period, ensuring transparency and fairness in decision-making[144] - The board of directors convened 11 times, with independent directors providing valuable insights to safeguard shareholder interests[145] - The company emphasizes investor relations management, utilizing various communication methods to protect investor interests and maintain a positive market image[150] - The company has not reported any insider trading incidents related to sensitive information disclosures[151] - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 4.9013 million yuan (including tax) [165] Environmental Responsibility - The company adhered to environmental regulations, with no administrative penalties for environmental violations during the reporting period[199] - The company achieved ISO 14001 certification for its environmental management system, emphasizing sustainable development and green practices[199] - The company invested in energy-saving measures and enhanced pollution control capabilities across its industrial enterprises[200] - The wastewater treatment capacity of the company's facilities reached 300 tons per day, demonstrating commitment to environmental responsibility[200]

Financial Performance - The company achieved operating revenue of RMB 4.56 billion in Q3 2021, an increase of 8.96% compared to the same period last year[5]. - Net profit attributable to shareholders decreased by 20.89% year-on-year to RMB 168.99 million in Q3 2021[5]. - The retail segment saw a revenue increase of 15.03% year-on-year, contributing positively to overall performance[10]. - The company reported a net profit of RMB 498.41 million for the first nine months of 2021, a decrease of 18.09% year-on-year[10]. - Total operating revenue for the first three quarters of 2021 reached CNY 12,879,074,190.59, an increase of 9.57% compared to CNY 11,754,356,956.09 in the same period of 2020[32]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2021 was CNY 498,405,259.79, down 18.14% from CNY 608,479,200.09 in the previous year[36]. - The company reported a decrease in net profit for the third quarter of 2021, with a net profit of CNY 547,594,712.71 compared to CNY 650,077,152.84 in the same quarter of 2020, a decline of 15.73%[34]. Assets and Liabilities - The company reported a total asset value of RMB 16.65 billion at the end of the reporting period, reflecting a 12.45% increase year-on-year[7]. - Total current assets as of September 30, 2021, amounted to CNY 14.23 billion, an increase from CNY 12.79 billion at the end of 2020[24]. - The total liabilities increased to CNY 10,895,704,237.51, compared to CNY 9,363,159,853.20 in the same period last year, reflecting a growth of 16.38%[30]. - The total non-current liabilities amounted to CNY 1,519,918,911.78, an increase from CNY 1,151,520,744.88 in the previous year, indicating a growth of 31.94%[30]. - The company's total equity reached CNY 5,756,158,588.39, up from CNY 5,444,573,658.73 in the same period last year, reflecting an increase of 5.70%[30]. Cash Flow - Cash flow from operating activities was significantly affected by increased payments for goods and reduced cash receipts[15]. - The company's cash flow from operating activities for the first three quarters of 2021 was CNY 12,247,639,747.12, slightly down from CNY 12,320,957,842.31 in the same period of 2020[37]. - The net cash flow from operating activities was -1,028,540,254.79 CNY, compared to -536,566,671.10 CNY in the previous year, indicating a decline in operational performance[39]. - Cash outflow from operating activities totaled 13,276,180,001.91 CNY, an increase from 12,857,524,513.41 CNY year-over-year[39]. - Cash inflow from investment activities was 261,364,678.90 CNY, down from 468,121,107.84 CNY in the same period last year[39]. - The net cash flow from investment activities was -321,214,160.00 CNY, worsening from -163,067,833.38 CNY year-over-year[39]. - Cash inflow from financing activities was 2,994,800,891.37 CNY, a decrease from 3,320,489,884.05 CNY in the previous year[41]. - The net cash flow from financing activities was -90,399,128.27 CNY, compared to a positive 1,226,270,068.17 CNY in the same quarter last year[41]. - The total cash and cash equivalents at the end of the period were 2,026,637,390.46 CNY, down from 2,406,087,152.89 CNY year-over-year[41]. - The company paid 2,655,100,000.00 CNY in debt repayments, significantly higher than 1,777,020,000.00 CNY in the previous year[41]. Operational Developments - The company has successfully obtained the qualifications for "Internet Hospital" and will provide online diagnosis and chronic disease management services[21]. - The newly established intelligent decoction center has been completed and is operational, offering standardized and efficient decoction services[22]. - The company has completed pilot testing for nearly 200 traditional Chinese medicine formula granules, with plans for certification and production in early 2022[22]. - The company is actively building a digital modern Chinese medicine industry and has launched the "Xianzhulian" platform to support high-quality development[22]. Shareholder Information - The top shareholder, Zhu Chaoyang, holds 27.88% of the company's shares, with a portion pledged as collateral[16]. Strategic Outlook - The company expects gradual recovery and stable growth in performance as policy impacts are digested and strategic adjustments are implemented[10]. - The company warns that the ongoing business activities will not have a significant impact on its 2021 performance, advising investors to be cautious of investment risks[23]. Research and Development - Research and development expenses for the first three quarters of 2021 were CNY 7,475,147.19, significantly higher than CNY 3,114,381.00 in the same period of 2020, marking an increase of 140.06%[32].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥8,322,953,073.78, representing a 9.90% increase compared to ¥7,572,866,004.02 in the same period last year[23]. - The net profit attributable to shareholders of the listed company decreased by 16.58% to ¥329,417,392.59 from ¥394,874,113.71 in the previous year[23]. - Basic earnings per share decreased by 16.51% to ¥0.91 from ¥1.09 in the same period last year[24]. - The weighted average return on net assets decreased by 2.38 percentage points to 6.26% from 8.64% in the previous year[24]. - The company reported a decrease of 18.33% in net profit after deducting non-recurring gains and losses, amounting to ¥315,105,415.44 compared to ¥385,815,300.74 in the previous year[23]. - The company achieved an industrial revenue of 239.59 million RMB in the pharmaceutical industrial sector, reflecting a 14.94% growth compared to the previous year[65]. - The company reported a total profit of CNY 184,350,493.86 for the first half of 2021, down 27.5% from CNY 254,566,436.87 in the first half of 2020[185]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at -¥1,115,887,131.35, compared to -¥583,072,228.66 in the same period last year, indicating a worsening cash flow situation[23]. - The company's cash flow from operating activities was impacted by increased cash outflows, leading to a negative net cash flow[191]. - The company's cash and cash equivalents decreased to CNY 1.41 billion from CNY 2.32 billion, a decline of approximately 39.2%[171]. - The total accounts receivable increased to CNY 8,325,497,006.98 from CNY 6,364,288,291.13, representing a growth of approximately 30.8%[161]. - The company's current liabilities amounted to CNY 3,414,396,717.77, up from CNY 2,771,590,000.00, indicating an increase of about 23.2%[163]. - The company's asset-liability ratio stood at 65.86%, indicating a stable and reasonable debt structure[160]. Revenue Breakdown - In the first half of 2021, the company's wholesale business generated revenue of CNY 675,046.73 million, accounting for 81.32% of total operating income, with a year-on-year growth of 10.08%[32]. - Hospital sales, a core part of the wholesale business, achieved revenue of CNY 616,718.73 million, representing 74.30% of the company's main operating income[32]. - The retail business recorded revenue of CNY 129,813.97 million, making up 15.64% of total operating income, with a year-on-year increase of 7.18%[34]. - The pharmaceutical industrial segment generated revenue of CNY 23,959.33 million, accounting for 2.89% of total operating income, reflecting a growth of 14.94% compared to the previous year[35]. Market and Industry Trends - The pharmaceutical distribution industry is experiencing a slowdown in growth, with the total sales of pharmaceutical products in China increasing by only 2.4% in 2020 compared to 2019[36]. - The industry concentration is increasing, with the top 10 pharmaceutical wholesale companies accounting for 55.2% of the market share in 2020, up 3.2 percentage points year-on-year[37]. - The company is facing intensified market competition due to the entry of national chain pharmacies and the rapid development of e-commerce platforms in the pharmaceutical sector[85]. - The company anticipates challenges from ongoing healthcare reforms and policy changes that may impact profitability and market dynamics[86]. Strategic Initiatives - The company has been actively expanding its retail network, including specialized pharmacies and online services, to enhance its "new retail" model[34]. - The company is focusing on integrating traditional business with internet technology to enhance service capabilities and channel value[31]. - The company is actively exploring new business models, including e-commerce and investments in traditional Chinese medicine processing, high-end medical device production, and pharmacy acquisitions[90]. - The company is adapting to changes in the industry landscape by investing in upstream pharmaceutical manufacturing and research and development[41]. Risks and Challenges - The company faces risks related to accounts receivable management, particularly as sales expand, potentially leading to increased accounts receivable and cash flow pressure due to longer collection cycles from hospital clients[87]. - There is a human resources risk as the company requires senior talent in various fields, and any lag in talent acquisition or training could adversely affect operational planning and profitability[88]. - The company has acknowledged the risk of new business or investment projects not meeting profitability expectations, particularly in the pharmaceutical production sector[89]. Environmental and Social Responsibility - The company is actively involved in poverty alleviation efforts, linking its business development with regional poverty alleviation initiatives through consumption, industry, and employment support[108]. - The company collaborates with local medical colleges to provide scholarships for impoverished students and enhance talent development[108]. - The company adheres to ISO 14001 environmental management standards and has increased its investment in environmental protection measures[105]. Shareholder and Capital Management - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period, indicating a focus on reinvestment[97]. - The company has completed the buyback and cancellation of 222,320 restricted stocks due to non-qualifying incentive recipients, reflecting ongoing adjustments in its employee incentive program[99]. - The total number of ordinary shareholders at the end of the reporting period is 32,364[137].

| --- | --- | --- | |-------|-------|------------| | | | | | | | 转债代码： | | | | 转股代码： | 公司简称：柳药股份 转债简称：柳药转债 转股简称：柳药转股 广西柳州医药股份有限公司 2021 年第一季度报告 二〇二一年四月二十七日 广西柳州医药股份有限公司 2021 年第一季度报告 重要提示 一、 11 公司基本情况. 三、 重要事项 附录 四、 柳药股份 目录 2 / 21 广西柳州医药股份有限公司 2021 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人朱朝阳、主管会计工作负责人苏春燕及会计机构负责人（会计主管人员）苏春燕 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | | ...

Financial Performance - The net profit attributable to shareholders for 2020 was CNY 711,713,755.11, with a distributable profit of CNY 2,361,722,008.75[4] - The company's operating revenue for 2020 was approximately CNY 15.67 billion, representing a year-over-year increase of 5.46% compared to CNY 14.86 billion in 2019[17] - The net profit attributable to shareholders for 2020 was approximately CNY 711.71 million, a 3.84% increase from CNY 685.43 million in 2019[17] - The net cash flow from operating activities increased significantly by 60.97% to approximately CNY 664.69 million in 2020, compared to CNY 412.91 million in 2019[17] - The total assets of the company at the end of 2020 were approximately CNY 14.81 billion, reflecting a 23.83% increase from CNY 11.96 billion at the end of 2019[17] - The basic earnings per share for 2020 was CNY 1.96, up 3.70% from CNY 1.89 in 2019[18] - The weighted average return on equity for 2020 was 15.34%, a decrease of 1.51 percentage points from 16.85% in 2019[18] - The company achieved a total revenue of CNY 1,566,866.30 million, representing a year-on-year growth of 5.46%[56] - The net profit attributable to shareholders was CNY 71,171.38 million, with a year-on-year increase of 3.84%[56] Dividend Policy - The company proposed a cash dividend of CNY 6.00 per 10 shares (including tax) for the 2020 fiscal year[4] - The company has established a cash dividend policy, committing to distribute at least 20% of its distributable profits annually in cash dividends[135] - In 2020, the company distributed a cash dividend of 6.00 RMB per 10 shares, totaling 217,461,361.20 RMB, which represents 30.55% of the net profit attributable to ordinary shareholders[139] - The cash dividend payout ratio for 2019 was 30.24%, slightly lower than the 30.55% in 2020[139] Audit and Compliance - The audit report for the fiscal year 2020 was issued by Zhongqin Wanxin Accounting Firm with a standard unqualified opinion[4] - The company has confirmed that all board members attended the board meeting for the annual report[4] - The company has committed to avoiding and minimizing related party transactions to protect the interests of all shareholders[144] - The controlling shareholder has pledged to comply with legal procedures for related party transactions and ensure fair market conditions[144] - The company appointed Zhongqin Wanxin Accounting Firm as the financial audit and internal control audit institution for the year 2020, with an audit fee of 600,000 RMB[151] Business Operations and Strategy - The company is focusing on expanding its core pharmaceutical wholesale and retail business while enhancing its supply chain services and developing e-commerce capabilities[28] - The company operates under the "Two Invoice System" for drug distribution, which aims to enhance transparency in the pharmaceutical supply chain[11] - The company is actively expanding its store layout and developing specialized pharmacies, including DTP pharmacies and chronic disease pharmacies, to enhance retail service capabilities[32] - The company is leveraging its channel resources to provide diversified value-added services, enhancing its market share and customer relationships[44] - The company is focusing on integrating online and offline services to create a "new retail" model, aiming for sustained growth in its retail business[32] Market and Industry Trends - The pharmaceutical circulation market in China has grown from CNY 150.5 billion in 2000 to CNY 2,366.7 billion in 2019, a growth of 14.73 times over 20 years[37] - The concentration of the pharmaceutical circulation industry is increasing, with the top 20 wholesale companies accounting for 61.5% of the national market in 2019, up 2.5 percentage points year-on-year[38] - The overall industry remains strong, with a trend towards consolidation and increased demand driven by population growth and aging demographics, despite short-term impacts from the pandemic[105] Risk Management - The report includes a detailed description of potential risks that the company may face in the future[4] - The company is exposed to risks from ongoing healthcare policy changes, including the normalization of "two-invoice system" and "4+7 volume-based procurement" policies[128] - The company's accounts receivable management is under pressure due to the expansion of sales scale and longer collection cycles from hospital clients[130] Corporate Social Responsibility - The company has invested over RMB 8 million in poverty alleviation projects over the past three years, helping 12 impoverished villages and implementing 15 assistance projects[165] - The company has actively participated in poverty alleviation through consumption, employment, and industrial support, aligning its business development with regional poverty alleviation efforts[165] - The company received recognition as an advanced private enterprise in the national "Ten Thousand Enterprises Helping Ten Thousand Villages" poverty alleviation initiative[165] Research and Development - R&D expenses surged by 214.53% to CNY 8.74 million, reflecting the company's commitment to innovation[77] - The company has filed for 7 utility model patents, with 2 already granted, enhancing its R&D capabilities[70] - The company plans to increase R&D investment to advance the construction of traditional Chinese medicine (TCM) formula granules, aiming for completion within the year[120] Logistics and Distribution - The company has established a comprehensive logistics distribution network covering 14 prefecture-level cities in Guangxi, enhancing its delivery capabilities[52] - The company completed the construction of the Yulin Logistics Operation Center project, enhancing its logistics capabilities[60] Financial Position - The company's debt-to-asset ratio stood at 63.23%, indicating a stable and reasonable debt structure[186] - The company maintained an "AA" credit rating with a stable outlook, reflecting strong debt repayment capability and low default risk[186] - Cash and cash equivalents at the end of the period rose by 82.53% to ¥3,495,890,508.14, up from ¥1,915,191,245.33, attributed to increased cash receipts from sales and funds from convertible bonds[99] Convertible Bonds - The company issued 802.20 million yuan in convertible bonds, with a conversion price adjusted from 34.94 yuan to 24.47 yuan per share[178] - The convertible bonds, named "Liuyao Convertible Bonds," were listed for trading on February 24, 2020, with a maturity date of January 16, 2026[200]