格隆汇10月9日丨柳药集团(603368.SH)公布，截至2025年9月30日，公司通过集中竞价交易方式回购股 份数量为810.79万股，已回购股份占公司目前总股本的比例为2.04%，较上次回购进展公告披露数无变 化，回购成交的最高价为18.60元/股、最低价为17.83元/股，已支付的总金额为14,846.49万元（不含交 易费用）。 ...

重要内容提示： | 回购方案首次披露日 | 2025/7/26 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 7 月 7 | 25 | 日~2026 | 年 | 月 | 24 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 810.79万股 | | | | | | | 累计已回购股数占总股本比例 | 2.04% | | | | | | | 累计已回购金额 | 14,846.49万元 | | | | | | | 实际回购价格区间 | 17.83元/股~18.60元/股 | | | | | | 一、回购股份的基本情况 广西柳药集团股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第 五届董事会第二十七次会议，审议通过了《关于以 ...

证券代码：603368 证券简称：柳药集团 公告编号：2025-084 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 可转债转股结果暨股份变动公告 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： ● 累计转股情况：截至 2025 年 9 月 30 日，累计人民币 322,000 元"柳药 转债"已转换成公司股份，占可转债发行总量的0.0401%；累计转股数量为 13,227 股，占可转债转股前公司发行股份总额的 0.0036%。 ● 未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的"柳药转债" 金额为人民币 801,878,000 元，占可转债发行总量的 99.9599%。 一、可转债发行上市概况 截至 2025 年 9 月 30 日，累计人民币 322,000 元"柳药转债"已转换成公司 股份，占可转债发行总量的 0.0401%；累计转股数量为 13,227 股，占可转债转股 前公司发行股份总额的 0.0036%。截至 2025 年 9 月 30 日，尚未转股的 ...

Investment Rating - The report gives 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 [8][12]. Core Insights - The company is experiencing a phase of performance pressure, with a reported revenue of 10.301 billion yuan for H1 2025, down 3.21% year-on-year, and a net profit of 429 million yuan, down 7.52% [3][4]. - The decline in revenue is attributed to stricter control of drug expenditure in medical institutions and the impact of expanded centralized procurement, leading to reduced sales and profit margins in the wholesale business [3][4]. - The company is implementing employee incentive plans to enhance talent retention and core competitiveness, while also investing in overseas innovative drug companies to diversify its product line [5][7]. Financial Performance - For H1 2025, the gross margin was 11.07%, a decrease of 0.74 percentage points, and the net profit margin was 4.17%, down 0.19 percentage points [4]. - The wholesale segment generated revenue of 805 million yuan, down 4.7%, while the retail segment saw a revenue increase of 3.62% to 1.643 billion yuan [4]. - The company forecasts revenues of 21.133 billion yuan, 22.221 billion yuan, and 23.383 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 828 million yuan, 873 million yuan, and 922 million yuan [8][10]. Strategic Initiatives - The establishment of a wholly-owned subsidiary to invest in Suninflam Ltd. aims to enhance the company's capabilities in high-tech innovative drugs and biopharmaceuticals [5][7]. - The company is focusing on optimizing its product structure and improving cost efficiency to mitigate the impact of industry policies and achieve stable growth [4][5].

Market Overview - The pharmaceutical commercial sector experienced a slight decline of 0.11% on September 30, with C Jianfa leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the pharmaceutical sector included: - Baiyang Pharmaceutical (301015) with a closing price of 28.00, up 1.93% [1] - Saily Medical (603716) at 24.87, up 1.84% [1] - Guofa Co., Ltd. (600538) at 5.63, up 1.26% [1] - C Jianfa (301584) was the biggest loser, closing at 28.99, down 15.04% with a trading volume of 264,700 shares and a turnover of 817 million [2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 239 million in main funds, while retail investors contributed a net inflow of 219 million [2][3] - The main funds showed varying net inflows and outflows across different stocks, with Saily Medical experiencing a net inflow of approximately 889,790 and Baiyang Pharmaceutical seeing a net inflow of 738,150 [3]

Core Viewpoint - On September 25, a total of four listed companies had their restricted shares unlocked, with a total market value of approximately 40.98 million yuan [1] Summary by Category Company Specifics - Xinjin Power (Stock Code: 300157) had 6.7375 million shares released from equity incentive restrictions [1] - Liuyuan Group (Stock Code: 603368) had 784,200 shares released from equity incentive restrictions [1] - Huatong Cable (Stock Code: 605196) had 30,000 shares released from equity incentive restrictions [1] - Lidasin (Stock Code: 605365) had 247,100 shares released from equity incentive restrictions [1]

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000705 | 浙江震元 | 2656.08万 | 6.54% | 159.14万 | 0.39% | -2815.22万 | -6.93% | | 600998 | 九州通 | 2237.84万 | 11.76% | -1366.44万 | -7.18% | -871.40万 | -4.58% | | 603122 | 合富中国 | 1886.01万 | 14.83% | -491.15万 | -3.86% | -1394.86万 | -10.97% | | 002462 | 嘉事堂 | 694.46万 | 20.81% | -318.01万 | -9.53% | -376.45万 | -11.28% | | 600511 | 国药股份 | 587.19万 | 6.04% | -313.19万 | -3.22% | -274.00万 | -2.82% | | 60 ...

Group 1 - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) of Guangxi Liuyuan Group Co., Ltd. was held on September 19, 2025, with 52 attendees representing 14,405,400 shares, accounting for 100% of the total shares granted in the plan [2][6] - The meeting approved the establishment of the ESOP Management Committee to ensure efficient daily management and protect the rights of shareholders, consisting of three members [3][4] - The meeting also elected Xu Yang, Li Yusheng, and Yang Xiaojing as committee members, with their terms aligned with the duration of the ESOP [4] Group 2 - The management committee was authorized to handle various matters related to the ESOP, including convening meetings, managing daily operations, and representing shareholders in exercising rights [5][6] - The committee is responsible for decisions regarding hiring professional institutions for management services, managing the distribution of benefits, and handling share disposals at the end of the lock-up period [5]

广西柳药集团股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 | 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-083 | | --- | --- | --- | | 转债代码：113563 | 转债简称：柳药转债 | | （一）审议通过《关于设立广西柳药集团股份有限公司 2025 年员工持股计 划管理委员会的议案》 为保证本员工持股计划的顺利实施，提高本员工持股计划的日常管理效率， 保障持有人的合法权益，根据《广西柳药集团股份有限公司 2025 年员工持股计 划》《广西柳药集团股份有限公司 2025 年员工持股计划管理办法》等相关规定， 同意设立本员工持股计划管理委员会，作为本员工持股计划的日常管理和监督机 构，代表持有人行使股东权利，对本员工持股计划负责。本员工持股计划管理委 员会由 3 名委员组成，设管理委员会主任 1 人。 表决结果：同意 14,405,400 份，占出席持有人会议的持有人所持份额总数的 100.00%；反对 0 份，占出席持有人会议的持有人所持份额总数的 0.00%；弃权 0 份，占出席持有人会议的持有人所持份额总数的 0.00%。 （二）审议 ...