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

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

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

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

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

格隆汇8月28日丨柳药集团(603368.SH)公布2025年股票期权激励计划，本激励计划拟授予激励对象的股 票期权数量为287.20万份，约占2025年8月28日公司股本总额的0.72%。本次授予为一次性授予，无预留 权益。 ...

| 证券代码：603368 | 证券简称：柳药集团 | 公告编号：2025-070 | | --- | --- | --- | | 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 2025 年股票期权激励计划（草案）摘要公告 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： ● 股权激励方式：股票期权 ● 股份来源：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"）从二级市场回购的本公司人民币 A 股普通股股票。 ● 股权激励的权益总数及涉及的标的股票总数：广西柳药集团股份有限公 司 2025 年股票期权激励计划（以下简称"本激励计划"）拟授予激励对象的股 票期权数量为 287.20 万份，约占 2025 年 8 月 28 日公司股本总额 39,716.8905 万 股的 0.72%。本次授予为一次性授予，无预留权益。 一、公司基本情况 （一）公司简介 | 公司名称 | 广西柳药集团股份有限公司 | | --- | --- | | 注册地址 | 柳州市官 ...

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 年股票期权激励计划（草案） 二〇二五年八月 2025 年股票期权激励计划（草案） 声明 本公司及全体董事保证本激励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。 1 2025 年股票期权激励计划（草案） 特别提示 一、《广西柳药集团股份有限公司 2025 年股票期权激励计划（草案）》由广 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"）依据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》 和其他有关法律、行政法规、规范性文件，以及《公司章程》等有关规定制订。 二、柳药集团 2025 年股票期权激励计划（以下简称"本激励计划"）采取的 激励形式为股票期权。股票来源为公司从二级市场回购的本公司人民币 A 股普 通股股票。 三、本激励计划拟授予激励对象的股票期权数量为 287.20 万份，约占 2025 年 8 月 28 日公司股本总额 39,716.8905 万股的 0.72%。本次授予为一次性授予， 无预留权益。本激励计划下授 ...

关于 广西柳药集团股份有限公司 2025 年股票期权激励计划（草案）的 法律意见书 深圳市福田区深南大道 4011 号香港中旅大厦 21-26 层 邮政编码（Postcode）：518048 21-26/F, HKCTS Tower, 4011 Shennan Road, Futian District, Shenzhen, P. R. China 电话（Tel.）：0086-755-83025555 传真（Fax.）：0086-755-83025068 网址（Website）：www.huashanglawyer.com | 释 义 iii | | --- | | 八、结论性意见 14 | 法律意见书 广东华商律师事务所 关于广西柳药集团股份有限公司 2025 年股票期权激励计划（草案）的 法律意见书 致：广西柳药集团股份有限公司 广东华商律师事务所（以下简称"本所"）接受贵公司的委托，担任贵公司 实施 2025 年股票期权激励计划的专项法律顾问。根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法规及 规范性文件和《广西柳药集团股份有限公司章程》的规定，就贵公司 ...

格隆汇8月28日丨柳药集团(603368.SH)公布2025年半年度报告，报告期实现营业收入103.01亿元，同比 下降3.21%；归属于上市公司股东的净利润4.29亿元，同比下降7.52%；归属于上市公司股东的扣除非经 常性损益的净利润4.22亿元，同比下降7.55%；基本每股收益1.08元。 ...