（一）担保的基本情况 证券代码：603883 证券简称：老百姓 公告编号：2025-071 关于为全资子公司提供担保的进展公告 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法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | | | | 担保余额（不含本 次担保金额） | 额度内 | 反担保 | | 丰沃达医药物流 （湖南）有限公司 | 18,000 万元 | 18,000 万元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） - | | | --- | --- | | 截至本公告日上市公司及其控股 | 98,000 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 13.69% | | 特别风险提示（如有请勾选） | □担保金额（含本次）超过上市公司最近一 期经审计净资产 50% □对外担保总额（ ...

Group 1 - The core event of the news is the completion of the "Old People's Traceability - Yunnan Baiyao" initiative, which aims to enhance public trust in the quality of traditional Chinese medicine through a transparent supply chain [1] - A strategic cooperation signing ceremony was held between Yunnan Baiyao and Lao Baixing Pharmacy in Kunming, focusing on creating a new blueprint for the pharmaceutical health industry [1] - The traceability initiative involved a thorough verification of the ecological planting environment and standardized management processes in the core production area of Sanqi in Wenshan [1] Group 2 - The traceability event utilized a Douyin micro-variety live broadcast format, attracting over 100,000 viewers and effectively communicating the value of traceability [1] - Yunnan Baiyao employs a proprietary seed bank to cultivate high-activity seedlings, ensuring the quality of traditional medicine from the source [2] - The partnership aims to expand from Sanqi to other traditional Chinese medicine categories, focusing on high-quality development and innovative pharmaceutical services [2]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) is seen as beneficial for domestic consumption and reducing import costs, but there are concerns about calls for a significant appreciation that could harm the economy [1][3][21] Group 1: Economic Impact of RMB Appreciation - The moderate appreciation of the RMB aligns well with the domestic strategy to expand internal demand, leading to lower import costs and increased disposable income for consumers [3][21] - China, as the world's largest crude oil importer, has seen a 3.2% year-on-year increase in crude oil imports, totaling 521.87 million tons in the first eleven months [3] - The reduction in import costs for crude oil and other commodities, such as synthetic fiber and soybeans, alleviates financial pressure on households, allowing for increased spending in sectors like tourism, education, and health [3][4] Group 2: Risks of Significant RMB Appreciation - Experts advocating for a drastic appreciation of the RMB by 50% may overlook the potential negative consequences, such as the risk of economic instability similar to Japan's experience post-Plaza Accord [4][20] - A rapid appreciation could severely impact export-oriented businesses, which typically operate on thin profit margins of 3% to 5%, potentially leading to cash flow issues and the elimination of many small and medium enterprises [17][21] - The argument for significant appreciation based on purchasing power parity is criticized for ignoring the differences in economic structures and cost compositions between countries [12][14][16]

专题：财经年会2026：预测与战略暨2025全球财富管理论坛 12月18日， 阳光保险集团首席经济学家、国家统计局原局长邱晓华在发言中表示，居民财富因房产减值而缩水，影响消费能力，"去年9月份之后，中国资 本市场出现好转，从去年9月份到现在，居民的金融资产大概增值10万亿。所以我们还是要继续把房地产的问题尽快解决好，把资本市场继续维护好，让老 百姓能够在财产性收入方面有一个更好的心理预期"他说。 阳光保险集团首席经济学家、国家统计局原局长邱晓华 以下为部分发言实录： 邱晓华：谢谢主持人，也谢谢大家在这么宝贵的时间听我汇报一下我对当下经济和未来五年经济的初步展望。 2025年即将过去，回顾这一年，中国经济逆风而行，外有美国关税战的冲击，世界变乱交织，内有经济转型之阵痛，内需增长偏弱，双重挑战无疑增添了我 们发展的难度，当然也说明了稳中有进的不易，全年经济按照目前的态势，比上年增长5%左右，能够实现年初的预期目标，为"十四五"的收官画上了圆满 的句号。 2026年是"十五五"的开局之年，展望新的一年，改革开放、地缘政治、科技革命和宏观政策将继续主导整个经济和市场的发展格局。预计国家明年经济增长 目标可能为5%左右 ...

转自：北京日报客户端 空气质量标准(征求意 见稿）》及其配套技术 规范等3项国家生态环 境标准公开征求意见, 要给空气质量标准"升 级" -- 把PM2.5年均浓 度限值从35微克/立方 米调到25微克/立方 米,为什么要调,对我 们老百姓来说"标准收 严"意味着什么? 很高兴您关心环境空 气质量标准问题! 经过多年的蓝天保卫战,大家明显感受 4 中大八九日 "十六十" コノスティア 至于为啥要加严标准?主要基于以 下原因- 首先,国内外科学研究充分证明了, 需要有更严的环境空气质量标准来保 护人们的健康。其次,国家有了更高 的"美丽"目标需要追赶。最后,国 际上的标准都挺严,咱们也要跟上步 伐与国际接轨。 圳,市芯化町 天工监 □红队八台人 城市的闪亮名片。数据显示:2024年, 全国地级及以上城市PM2.5浓度已下降至 29.3微克/立方米。这是了不起的成就! 现在,将PM2.5年均浓度限值调 到25微克/立方米,就像把守护 蓝天的门槛要求再次调高,有 些以前达标的城市距离新标准 就要再加一把劲儿,进一步改 善空气质量。我们抬高这个门 槛,就是为了努力让老百姓拥 有更加美丽的蓝天! 态环境部 来源：生 不 ...

Core Viewpoint - The global economy has shown unexpected resilience in 2025, with trade volumes increasing despite initial pessimistic forecasts due to trade tensions and inflation concerns [2][4][6]. Group 1: Economic Performance - By the end of 2025, China's total import and export volume reached 37.31 trillion yuan, reflecting a 3.6% increase compared to the previous year [6]. - China's share in global trade rose to approximately 15%, indicating a strengthening position in the international market [11]. Group 2: Trade Dynamics - China has shifted its trade focus towards emerging markets such as ASEAN, Africa, and Latin America, which have shown greater demand elasticity, thus supporting trade growth [8][11]. - The adjustment in trade strategy is not merely a replacement but has resulted in new growth increments [11]. Group 3: Technological Advancements - The release of the R1 model by DeepSeek signifies China's capability to advance in technology, challenging the dominance of a few countries in the field of large models [13]. - International investment institutions, including Goldman Sachs, are reassessing Chinese assets based on technological progress, influenced by the contrasting economic conditions between the U.S. and China [13][15]. Group 4: Consumer Behavior - Domestic consumption accounts for less than 40% of GDP, significantly lower than the global average of 55%, indicating weak internal demand [17]. - The income distribution structure in China is imbalanced, with households receiving only 60.6% of national income, which is below the global average, affecting consumer spending [19][21]. Group 5: Policy Recommendations - Short-term measures like trade-in programs have temporarily boosted sales but are not sustainable for long-term structural change [23]. - A focus on improving income distribution mechanisms is essential, particularly for workers in small and medium enterprises, to enhance consumer spending capacity [23][25].

Group 1 - The core initiative of Hainan's customs closure is to enhance international openness, following the principle of "open at the first line, manage at the second line, and free within the island" [2][5] - The number of zero-tariff items has expanded significantly from over 1,900 to 6,637, covering 74% of product categories, providing substantial savings for residents and tourists [2] - The introduction of a 15% corporate income tax incentive is attracting high-end industries such as biomedicine, digital economy, and cross-border e-commerce to establish operations in Hainan [3] Group 2 - The educational landscape is improving with the establishment of international schools offering IB and A-Level programs, allowing local students to access international education without studying abroad [4] - The healthcare sector is advancing with the Boao Lecheng International Medical Tourism Pilot Zone, enabling rapid access to cutting-edge medical treatments and medications [4] - The overall cost of living is expected to remain stable due to improved supply chains and logistics efficiency, with zero tariffs leading to lower prices for imported goods [4]

Core Viewpoint - The company emphasizes its commitment to addressing the diverse health needs of the elderly by creating community-based health living stations for home care [1] Group 1: Health Services for the Elderly - The company's product range covers all aspects of elderly health, including pharmaceuticals, medical devices, and health maintenance, aiming to provide comprehensive health management services throughout the customer lifecycle [1] - The company is advancing "age-friendly" initiatives, such as installing barrier-free access in some stores, providing magnifying glasses, setting up dedicated pharmaceutical consultation service desks for seniors, and offering free home delivery for customers with mobility issues [1] - The company offers convenience services for the elderly, assisting them with smartphone usage for taxi booking, bill payments, and appointment scheduling, thereby providing thoughtful care [1] Group 2: Non-Pharmaceutical Health Products - The company is focusing on the non-pharmaceutical health sector, continuously introducing products in the maternal and child health field, including children's calcium and zinc oral solutions, probiotics, lutein, iron gummies, and multivitamins for pregnant women [1] Group 3: Financial Performance - For the period from January to September 2025, the company achieved revenue of 16.07 billion yuan, a year-on-year decrease of 1.00% [1] - The company reported a net profit attributable to shareholders of 529 million yuan, reflecting a year-on-year decline of 16.11% [1]

Group 1 - The 2025 Hunan Top 100 Private Enterprises list was officially released, featuring companies such as SANY Group, BYD Auto, and Lens Technology [1] - The list was compiled based on a survey conducted by the Hunan Federation of Industry and Commerce, focusing on private enterprises with annual revenues exceeding 500 million yuan [1] Group 2 - The list includes a diverse range of industries, such as manufacturing, retail, and technology, highlighting the economic strength of Hunan's private sector [3][4][5] - Notable companies in the list include Hunan Five Rivers Holdings in the metal products industry and Hunan Yufeng New Energy Battery Materials in the electronics sector [3][4]

Core Viewpoint - The domestic economy is currently in a deflationary cycle, despite expectations of rising prices due to excessive money supply. [1][3] Group 1: Economic Indicators - As of November 2025, the broad money supply (M2) reached 336.99 trillion yuan, with a year-on-year growth of 8.0%, which is twice the GDP size. [1] - In the first three quarters of 2025, the national consumer price index (CPI) experienced a year-on-year decrease of 0.1%. [1] Group 2: Causes of Deflation - The deflationary cycle is attributed to two main factors: insufficient confidence in future investments and consumption, leading to excessive money supply circulating within the financial system without reaching the goods and asset markets, resulting in price declines. [3] - Additionally, the slowdown or decline in income growth for most residents has led to reduced consumer demand, causing businesses to lower prices to stimulate sales. [3] Group 3: Recommendations for Individuals - Individuals are advised against making hasty investments due to the unfavorable investment environment, which increases the likelihood of losses, especially for those lacking investment knowledge and experience. [5][7] - It is recommended not to resign from stable jobs, as the current economic conditions and rising unemployment make it difficult to find satisfactory employment afterward. [8][10] - Caution is advised for those considering entrepreneurship, as the probability of success is low due to factors such as declining consumer demand, lack of experience, rising operational costs, and competition from e-commerce. [12]