股票代码：000999 股票简称：华润三九 编号：2025—076 1、华润三九医药股份有限公司 2025 年第六次临时股东会采用现场投票和网络投票相结 合的方式召开。现场会议于 2025 年 10 月 9 日下午 14:30 在华润三九医药工业园综合办公中 心 105 会议室召开。同时，本次股东会通过深圳证券交易所交易系统投票的时间为 2025 年 10 月 9 日上午 9:15—9:25、9:30—11:30，下午 13:00-15:00；通过深圳证券交易所互联网 投票系统投票的时间为 2025 年 10 月 9 日 9：15 至 15:00 期间的任意时间。 2、出席本次股东会的股东情况如下： | 出席会议的股东及股东授权委托代表人数 | 1,456 | | --- | --- | | 代表股份数（股） | 1,100,962,338 | | 占公司有表决权股份总数的比例（%） | 66.1535 | | 其中 | | | 2.1、出席现场会议的股东及股东授权委托代表人数 | 7 | | 代表股份数（股） | 1,065,260,322 | | 占公司有表决权股份总数的比例（%） | 64.0083 | ...

上海市锦天城（深圳）律师事务所 关于 华润三九医药股份有限公司 2025 年第六次临时股东会 之 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：0755-82816698 传真：0755-82816898 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于华润三九医药股份有限公司 2025 年第六次临时股东会的 法律意见书 致：华润三九医药股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受华润三九医药 股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第六次临时股东 会的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》等有关法律、法规、规章和其他规范性文件以及《华润三九 医药股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律 意见书。 邮编：518000 本法律意见书仅供见证公司本次会议相关事项的合法性之目的使用，不得用 上海市锦天城（深圳）律师事务所 法律意见书 为出具本法律意见书，本所律师对本次股东会所涉及的 ...

2. 自分派方案披露至实施期间，公司完成 533.3927 万股限制性股票回购注销，股本总 额由 1,669,588,290 股减少至 1,664,254,363 股。公司 2025 年半年度权益分派合计分配比 例为每 10 股派 4.5 元人民币现金（含税），公司本次实际现金分红的总金额=实际参与分配 的总股本×分配比例，即 748,914,463.35 元。 3. 根据《公司法》的规定，公司回购账户中持有的股份不享有参与利润分配的权利。 截至本公告披露当日收市，公司股票回购专用账户中剩余回购股份 0 股。 股票代码：000999 股票简称：华润三九 编号：2025—077 华润三九医药股份有限公司 2025 年半年度权益分派实施公告 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。 一、股东会审议通过权益分派方案的情况 1. 华润三九医药股份有限公司（以下简称"本公司"或"公司"）2025 年半年度权益 分派方案已获 2025 年 9 月 1 日召开的公司 2025 年第五次临时股东会审议通过，分派方案的 具体内容为：以未来实施分配方案时股权登记日的总股本为 ...

Core Insights - The phenomenon of "deposit migration" among residents and enterprises is gaining attention due to the continuous decline in deposit interest rates and the advantages of wealth management products [1][8] - There is a noticeable trend of decreasing investment in wealth management products by listed companies, with a significant drop in cash deposits [1][4] Group 1: Deposit Migration - In August, new resident deposits decreased by 600 billion yuan year-on-year, marking a continuous negative growth for two months, while non-bank deposits increased by 5.5 billion yuan [1] - The "seesaw effect" between resident and non-bank deposits highlights the ongoing discussions around the "deposit migration" phenomenon [1] Group 2: Decline in Wealth Management Scale - As of September 26, 2023, 1,095 listed companies held a total of 12,395 wealth management products, with a subscription amount of 779 billion yuan, a year-on-year decrease of 13.04% [2] - The subscription amounts for wealth management products in 2023 and 2024 are projected to be 1,295.49 billion yuan and 1,216.66 billion yuan, respectively, indicating a downward trend [2] Group 3: Changes in Wealth Management Structure - Despite the overall decline in wealth management scale, the structure is becoming more diversified, with a growing preference for products linked to bonds, equities, and mixed assets [4][8] - The subscription amount for securities company wealth management products has reached 52.02 billion yuan, a year-on-year increase of 7.74% [4] Group 4: Factors Influencing the Shift - The decline in wealth management scale is attributed to strict controls on fund turnover and the limitations on bank structured deposits [3] - The low efficiency of traditional deposit models, influenced by declining interest rates, has led companies to seek more effective asset allocation strategies [7][8] Group 5: Increased Interest in Direct Securities Investment - Over 70 listed companies have announced plans to use idle funds for securities investment, indicating a shift towards direct investment as a means to enhance fund utilization and profitability [9] - The trend towards professionalization and diversification in the wealth management market is expected to continue, with companies dynamically adjusting their fund allocations [9]

Group 1 - 2025 marks a significant year for the development of innovative drugs in China, with 43 innovative drugs approved in the first half, 40 of which are developed by domestic companies [1] - The National Medical Products Administration (NMPA) has approved a total of 210 innovative drugs and 269 innovative medical devices during the 14th Five-Year Plan period, indicating a trend of accelerated growth [1] - Continuous policy support from the government has provided a strong impetus for the development of innovative drugs, creating a transparent and stable policy environment [2][3] Group 2 - Companies like China Resources Sanjiu have adopted a "brand + innovation" dual-drive strategy, significantly increasing their focus on innovation in response to national policies and market demands [3] - China Resources Sanjiu reported obtaining 8 drug registration certificates and has 205 ongoing research projects, covering various fields including cardiovascular and oncology [3] - Other notable companies in the innovative drug sector include Teva Pharmaceutical, Tai Chi Group, and Yiling Pharmaceutical, all of which are enhancing their competitiveness through increased R&D investment and talent acquisition [4][5] Group 3 - The number of innovative traditional Chinese medicine (TCM) drugs is on the rise, with 5 TCM innovative drugs approved in the first half of 2025, reflecting a growing trend in this sector [5] - As of July 31, 2025, there are 147 TCM innovative drugs in clinical stages or above, a threefold increase compared to 2020, indicating a significant expansion in TCM innovation [5] - The Chinese innovative drug industry has made remarkable breakthroughs in quantity, quality, and technology over the past decade, entering a new development phase with promising future prospects [5]

Core Insights - The consumption health industry is currently experiencing a short-term adjustment due to a complex economic environment and ongoing reforms in procurement and medical insurance payment methods, but the long-term growth logic remains solid [1][2] - The Chinese consumption health market is expected to continue expanding, with significant policy support and increasing consumer demand for OTC drugs and personal care products [1][3] Industry Overview - The Chinese life and health industry grew from 68.3 trillion yuan to 100.3 trillion yuan from 2018 to 2023, with projections to reach 160 trillion yuan by 2030, while the consumption health industry increased from approximately 660.3 billion yuan to about 931.4 billion yuan, with an average annual growth rate of 7% [2] - The adjustment in the Chinese medicine sector has led to increased performance disparities among companies, with leading firms benefiting from brand and channel advantages while smaller firms face profit declines [2][5] Policy and Demand Drivers - The government's emphasis on building a hierarchical medical system and promoting self-care is expected to stimulate market demand for OTC products [1][3] - Consumer health awareness is rising, driven by an aging population and the emergence of younger consumers, leading to increased spending on healthcare [3] Company Performance and Strategies - Leading companies like China Resources Sanjiu are demonstrating resilience during the industry adjustment, with reported revenue growth despite challenges [5][6] - China Resources Sanjiu's CHC (Consumer Health Care) business is a core strength that helps it navigate industry fluctuations, supported by a strong brand portfolio [6][8] Market Trends and Innovations - The integration of "Internet + healthcare" is driving digital sales channel upgrades, with online pharmacy sales reaching 66.3 billion yuan in 2023, reflecting a compound annual growth rate of 45.5% from 2018 to 2023 [3][7] - The industry is shifting towards a competitive landscape that emphasizes a combination of products and services, moving beyond simple product competition [5][8] Future Outlook - The industry is entering a deep reshuffling phase, with leading firms expected to maintain steady growth through brand barriers, channel advantages, and innovation [2][8] - China Resources Sanjiu is increasing its R&D investment, with a reported 68.99% year-on-year increase, and has numerous projects in the pipeline to support future growth [8][9]

Core Points - The 2025 Hong Kong International Traditional Chinese Medicine Conference opened on September 25, focusing on the theme "Revitalizing Traditional Medicine for the Benefit of Human Health" [1] - The conference attracted over 130 well-known enterprises and institutions from countries involved in the Belt and Road Initiative, showcasing the global interest in traditional Chinese medicine [1] Company Highlights - Five listed Chinese medicine companies, including China Resources Sanjiu, Tianshi, and Kunming Pharmaceutical Group, collaborated with Zijing Culture to launch the "Traditional Chinese Medicine Culture Co-Link Initiative" [1] - The companies presented the "Traditional Chinese Medicine Culture" blue book and shared achievements in industry chain construction, highlighting their commitment to the development of traditional Chinese medicine [1] Industry Insights - The conference provided a platform for the Chinese medicine industry to gain domestic and international recognition for its achievements in industry chain construction [1] - The initiative aims to promote traditional Chinese medicine from being a "Chinese treasure" to a "global shared resource," contributing Chinese wisdom and solutions to global health [1]

Market Overview - On September 26, the Traditional Chinese Medicine (TCM) sector declined by 0.38%, with Weikang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the TCM sector included: - *ST Changyao: Closed at 3.88, up 3.47% with a trading volume of 134,100 shares [1] - Fangsheng Pharmaceutical: Closed at 12.08, up 2.11% with a trading volume of 274,600 shares [1] - Huaren Sanjiu: Closed at 28.39, up 1.50% with a trading volume of 133,600 shares [1] - Major decliners included: - Weikang Pharmaceutical: Closed at 23.66, down 6.30% with a trading volume of 81,000 shares [2] - Zhendong Pharmaceutical: Closed at 6.57, down 4.09% with a trading volume of 518,000 shares [2] - Zhongsheng Pharmaceutical: Closed at 17.00, down 2.41% with a trading volume of 295,000 shares [2] Capital Flow - The TCM sector experienced a net outflow of 298 million yuan from institutional investors, while retail investors saw a net inflow of 396 million yuan [2] - Key stocks with significant capital flow included: - Huaren Sanjiu: Net inflow of 44.98 million yuan from institutional investors [3] - Fangsheng Pharmaceutical: Net inflow of 33.39 million yuan from institutional investors [3] - Dong'e Ejiao: Net inflow of 32.19 million yuan from institutional investors [3]

Core Viewpoint - The announcement details the progress of guarantees provided by China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. for its subsidiary Kunming Pharmaceutical Group, specifically for its wholly-owned subsidiaries [1][3][7] Summary by Sections Guarantee Overview - The total guarantee amount for the subsidiaries is set at 14 million RMB, with a cumulative guarantee balance of 39.8 million RMB already provided [1][2] - The guarantee is within the previously estimated limits and does not involve any counter-guarantees [2] Guarantee Progress - The guarantees are aimed at supporting the operational and business development needs of Kunming Pharmaceutical Group's subsidiaries [4] - The guarantee plan was approved during the board meeting and the annual shareholders' meeting [3] Company Information - The guaranteed companies, Xishuangbanna Dai Medicine and Dali Huirui Pharmaceutical, have a good credit status and are not listed as dishonest executors [5] Guarantee Agreement Details - The guarantee period lasts for three years from the date of the agreement [6] - Other shareholders of Dali Huirui have signed a maximum guarantee contract, with individual shareholders assuming joint guarantee responsibilities [6] Necessity and Reasonableness of Guarantee - The guarantees are deemed necessary to meet the production and operational needs of Kunming Pharmaceutical Group for 2025, enhancing financing efficiency and reducing costs [6] - The company maintains oversight of the financial status and cash flow of the guaranteed subsidiaries, ensuring manageable risk [6] Cumulative Guarantee Amounts - As of the announcement date, the total external guarantee balance for Kunming Pharmaceutical Group and its subsidiaries is 122.2 million RMB, representing 2.33% of the latest audited net assets [6] - The total guarantee limit for 2025 for Kunming Pharmaceutical Group and Tian Shi Li Pharmaceutical Group is 1.35615 billion RMB, accounting for 6.81% of the latest audited net assets [7]

股票代码：000999 股票简称：华润三九 编号：2025—075 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：昆药商业西双版纳傣医药经营有限公司（以下简称"版纳傣医药"）、大理 辉睿药业有限公司（以下简称"大理辉睿"）。上述被担保人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"）的全资及控 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 1,400 万元，累计已实际为其提供的担 ...