股票代码：000999 股票简称：华润三九 编号：2025—056 华润三九医药股份有限公司 关于控股子公司昆药集团担保事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 一、 担保情况概述 1. 担保事项履行的相关程序 为适应昆药集团及其相关下属公司业务发展需要，满足相关公司融资担保需求，经华润 三九董事会 2025 年第五次会议及 2024 年年度股东会审议通过，2025 年度昆药集团及其下 属子公司预计为昆药集团下属子公司不超过人民币 4.5615 亿元的银行融资授信业务提供连 被担保人：曲靖市康桥医药有限责任公司（以下简称"曲靖康桥"）、大理辉睿药业有 限公司（以下简称"大理辉睿"）。上述被担保人均为华润三九医药股份有限公司（以 下简称"华润三九"）控股子公司昆药集团股份有限公司（以下简称"昆药集团"）下 属全资子公司昆药集团医药商业有限公司（以下简称"昆药商业"）的控股子公司，不 存在关联担保。 本次担保金额及已实际为其提供的担保余额：本次为上述被担保人提供的担保金额为 1,920 万元，累计已实际为其提供的担保余额为 7 ...

Core Viewpoint - The establishment of a 1 billion yuan investment fund by companies under China Resources, in collaboration with Shanghai Fosun Pharmaceutical and Chengdu state-owned enterprises, aims to focus on the pharmaceutical and health sectors, particularly in innovative drug development and strategic emerging industries [2][4]. Group 1: Fund Structure and Partners - The fund, named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund, has a total capital of 100 million yuan, with various partners contributing different amounts [3]. - The general partner (GP) is China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership (Limited Partnership), while limited partners (LPs) include several pharmaceutical companies and investment funds [2][3]. - The fund's lifespan is set for 7 years, with a 3-year investment period and a 4-year exit period, extendable by 1 year upon partner approval [3]. Group 2: Investment Focus - The fund will concentrate on the pharmaceutical health sector and strategic emerging industries, targeting areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices, and traditional Chinese medicine [4]. - The involvement of the Chengdu Bio-City Jingchuang Equity Investment Fund indicates a strong potential for project implementation within the Chengdu Tianfu International Bio-City [4]. Group 3: Historical Context - An earlier fund, the China Resources Pharmaceutical (Shantou) Industry Investment Fund, was established 8 years ago but did not perform as expected, failing to reach its initial target of 2.5 billion yuan [4][6]. - The Shantou fund entered a liquidation phase in December 2024, having not achieved the anticipated scale, which affected the contributions of its partners [5][6].

Core Viewpoint - The opening of the Guangzhou Guangjiao Health Industry Park marks a significant step in enhancing the pharmaceutical supply chain and promoting high-quality development in the health industry in Guangzhou and Guangdong Province [1][2]. Group 1: Project Overview - The Guangzhou Guangjiao Health Industry Park, located in Baiyun District, Guangzhou, officially commenced trial operations on July 17, 2025, as a key project for the city [1]. - The park is the first suburban large warehouse base for pharmaceutical supply in Guangzhou and is part of the city's modern commercial circulation system [1][2]. - The total investment in the modern industrial park exceeds 483 million yuan, with construction completed in just 12 months [2]. Group 2: Logistics and Infrastructure - The park features a "three-warehouse" logistics network designed to enhance efficient and safe distribution across urban and rural areas [3]. - It is strategically located near major transport routes, including the North Second Ring Expressway, and is only 20 minutes from Baiyun Airport and the city center [3]. - The logistics center is GSP certified and aims to improve cross-regional and tiered relay delivery services [3]. Group 3: Digital Transformation - The park integrates a digital platform known as "Guangjiao Cloud," which connects various systems for comprehensive visibility and traceability in the pharmaceutical supply chain [4]. - The facility includes a central pharmacy of 80,210 square meters and a cold chain center of 300 square meters [4]. Group 4: Industry Collaboration - On the opening day, ten pharmaceutical companies, including Wanglaoji Pharmaceutical and SF Pharmaceutical, signed cooperation agreements with Guangjiao Logistics [5]. - Wanglaoji Pharmaceutical, a leading company in the health industry, was one of the first to establish operations in the park, indicating strong industry recognition [5]. - The park is actively seeking more pharmaceutical supply chain enterprises to join, aiming to create a distinctive internet-based pharmaceutical circulation cluster in northern Guangzhou [5].

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed Fund C, which has shown positive growth in recent months and has a significant allocation in leading healthcare companies [1][3]. - As of July 15, 2025, the latest net value of the fund is 1.7462 yuan, reflecting a growth of 1.28%. The fund's one-month return is 2.18%, six-month return is 18.43%, and year-to-date return is 14.30% [1]. - The fund's top ten stock holdings account for a total of 55.30%, with significant investments in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Mindray Medical (5.21%) [1]. Group 2 - The China Europe Medical Health Mixed Fund C was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.566 billion yuan. The fund is managed by Guo Lan and Zhao Lei [1]. - Guo Lan, the fund manager, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]. - Zhao Lei, also a fund manager, has experience in the pharmaceutical and biotechnology sectors, having worked as a researcher and analyst before joining China Europe Fund Management in 2021 [2].

内容概要：随着人们对安全意识的提高和对突发状况的预防意识加强，急救箱已成为生活中不可或缺的 物品之一。其广泛应用于各种场景中，如学校、企业、家庭等，行业需求不断增加。特别是在都市化进 程加快和生活节奏变快的背景下，人们对小型伤害或健康问题的应急处理需求增加，进一步推动了急救 箱市场的增长。近年来，我国政府出台了一系列安全、卫生、救护等政策，为急救箱行业提供了良好的 政策环境。这些政策的推出，使得急救箱行业成为了城乡建设发展中不可或缺的重要产业，为其持续扩 大和稳定发展提供了有力的支持。数据显示，2024年中国急救箱行业市场规模达到7.08亿元，同比上涨 4.94%。未来，随着社会发展和消费者需求的不断变化，急救包的市场潜力仍然巨大，未来可能会出现 更多针对不同需求的定制化急救包，以满足各类用户的紧急需求。 相关上市企业：蓝帆医疗（002382）、南卫股份（603880）、云南白药（000538）、可孚医疗 （301087）、华润三九（000999）、同仁堂（600085）、千金药业（600479）、济川药业（600566）、 京东集团-SW（09618）、阿里巴巴-W（09988）等。 相关企业：杭州科洛医疗 ...

金融界7月14日消息，A股三大指数收盘涨跌不一，沪深300制药指数(300制药，L11640)报11931.35点。 数据统计显示，沪深300制药指数近一个月下跌1.18%，近三个月上涨7.25%，年至今上涨9.53%。 从沪深300制药指数持仓的市场板块来看，上海证券交易所占比69.99%、深圳证券交易所占比30.01%。 从沪深300制药指数持仓样本的行业来看，药品制剂占比64.78%、中成药占比29.52%、原料药占比 5.69%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，沪深300制药指数从沪深300指数中选取与制药主题相对应的行业内上市公司证券作为指数样 本，以反映该主题上市公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，沪深30 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Group 1 - China Resources Sanjiu (华润三九) acquired 28% stake in Tianshili (天士力) to strengthen its full industry chain layout in traditional Chinese medicine [1] - Luxshare Precision (立讯精密) acquired part of the subsidiary equity of Wentai Technology (闻泰科技) to enhance its ODM resources in the Android ecosystem [1] - Zhizheng Co., Ltd. (至正股份) plans to acquire 99.97% of Advanced Packaging Materials International Ltd. to transition from rubber and plastic manufacturing to semiconductor packaging materials and specialized equipment [1] Group 2 - Since the release of the "Six Merger Rules" by the China Securities Regulatory Commission (证监会), Shenzhen's merger and acquisition market has seen a surge, with 263 new disclosed M&A transactions and a total transaction amount exceeding 57 billion yuan [1][4] - The "Six Merger Rules" aim to enhance the role of the capital market in M&A, support the injection of quality assets into listed companies, and improve investment value [2][3] - The Shenzhen Municipal Financial Office has proposed an action plan to promote high-quality development of M&A, introducing 14 innovative measures [2] Group 3 - The M&A market in Shenzhen is characterized by strong chain reinforcement, accelerated business integration among state-owned enterprises, and cross-industry mergers aiding transformation and upgrading [4] - Notable cases include China General Nuclear Power (中国广核) acquiring 100% of the subsidiary Taishan Nuclear Power, enhancing its nuclear energy project reserves and market share [4] Group 4 - Shenzhen is recognized for its unique ecological conditions supporting M&A, with over 20,000 national high-tech enterprises and more than 1,020 national specialized and innovative "little giant" companies [6] - The city has a robust private equity and venture capital fund management scale exceeding 1.5 trillion yuan, fostering a fertile environment for M&A activities [6] Group 5 - The Shenzhen Securities Regulatory Bureau has established a merger and acquisition project resource library, collecting over 500 potential M&A targets, including more than 460 specialized and innovative enterprises [7] - Future plans include enhancing the resource library and facilitating project matching and roadshows to better serve various M&A needs [7]

Group 1 - The core viewpoint of the articles highlights the surge in mergers and acquisitions (M&A) activity in Shenzhen following the release of the "Six M&A Guidelines" by the China Securities Regulatory Commission (CSRC), which aims to enhance the role of capital markets in corporate restructuring and support the integration of quality assets [1][2][3] - Since the introduction of the "Six M&A Guidelines," Shenzhen listed companies have disclosed 263 new M&A transactions, with 196 transactions revealing a total deal value exceeding 57 billion yuan [1][3] - The policies encourage companies to pursue strategic mergers and acquisitions, particularly in emerging industries, to enhance their business layouts and drive high-quality development [2][3] Group 2 - Specific examples of recent M&A activities include China Resources Sanjiu acquiring 28% of Tianshili's shares to strengthen its position in the traditional Chinese medicine sector, and Luxshare Precision acquiring part of Wentai Technology to enhance its resources in the Android ecosystem [1][3] - The articles emphasize the role of state-owned enterprises in accelerating business integration, with China General Nuclear Power Corporation acquiring 100% of the shares of Taishan Nuclear Power, which will help increase its nuclear power generation capacity and market share [3] - Shenzhen's unique ecosystem, characterized by a high concentration of high-tech enterprises and a robust private equity market, provides fertile ground for M&A activities, with over 20,000 national high-tech enterprises and more than 1.5 trillion yuan in private equity fund management [4][5] Group 3 - The establishment of the Shenzhen M&A Fund Alliance, which includes 240 participating institutions, aims to enhance collaboration among various financial entities to support M&A activities [5] - The Shenzhen Securities Regulatory Bureau is actively building a resource database for M&A projects, which currently includes over 500 potential acquisition targets, primarily focusing on specialized and innovative technology companies [5][6] - Future initiatives will include ongoing policy promotion, resource database enhancement, and targeted matchmaking events to facilitate M&A transactions [6]