证券日报网讯桂林三金（002275）9月11日在互动平台回答投资者提问时表示，截至2025年9月10日股东 总户数为21813户。 ...

Core Viewpoint - Guilin Sanjin is actively pursuing the development of its biopharmaceutical business despite facing short-term challenges, while maintaining a stable dividend policy to ensure returns for investors [2][4]. Biopharmaceutical Business - The biopharmaceutical sector is a crucial part of Guilin Sanjin's "one body, two wings" strategy, but it is currently experiencing a downturn due to long R&D cycles, high investment costs, and significant risks [2]. - Bai Fan Bio is affected by the investment environment and intense competition, leading to idle capacity in the CDMO supply side [2]. - Despite a substantial increase in business development and customer resource accumulation compared to 2023, the company is still far from achieving large-scale production, which impacts profitability [2]. - Baochuan Bio has several projects in the new drug development stage with no products on the market, resulting in small revenue and underutilized capacity [2]. - To control costs, Guilin Sanjin is optimizing personnel structures and hiring professional consulting firms to reduce losses, while also focusing on promising projects like the BC006 monoclonal antibody injection, which is nearing completion of Phase I clinical trials [2]. Development of Second and Third-Line Products - The development trend for second and third-line products is positive, with the company maintaining its support for these products [3]. - The sales of the Gecko Cough Capsule showed ideal growth last year and are expected to continue this year, although growth may slow as the scale increases [3]. - The sales of the Dizziness Ning series surpassed 100 million yuan in 2021, with future growth prospects better than first-line products [3]. Dividend Policy - Guilin Sanjin is committed to providing stable returns to investors and has consistently implemented a cash dividend policy since its listing [4]. - The company considers its operational and sustainable development capabilities to maintain stable operating cash flow, ensuring daily operations and growth [4]. - Generally, the dividend policy remains unchanged unless there are special funding needs [4].

| | 粒等继续突破，并力争保持较高增速。二、三线品种虽然 | | --- | --- | | | 在绝对量上和一线品种还有较大差距，但是总体的增长态 | | | 势好于一线品种。 | | | 3、公司分红能否延续？ | | | 公司一直以来致力于为广大投资者创造良好、稳定的投 | | | 资回报，上市以来持续实施现金分红政策。同时，公司充 | | | 分考虑实际经营情况和可持续发展能力，一直保持稳定的 | | | 经营性现金流，确保有充足的现金支撑企业的日常运营及 | | | 发展。一般情况下，除非有特殊的资金需求，公司的分红 | | | 政策不变。 | | 关于本次活动是否涉 | 无 | | 及应披露重大信息的 | | | 说明 | | | 活动过程中所使用的 | 无 | | 演示文稿、提供的文 | | | 档等附件（如有，可 | | | 作为附件） | | 编号：2025024 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 路演活动 ☑ | | | □现场参观 | | | □其他(线上业绩交流会) | ...

证券日报网讯 9月4日晚间，桂林三金发布公告称，公司及控股子公司、控股孙公司未对合并报表外单 位提供担保，也无逾期债务对应的担保余额、涉及诉讼的担保金额及因被判决败诉而应承担的担保金 额。 （编辑 楚丽君） ...

Summary of Key Points Core Viewpoint - Guilin Sanjin Pharmaceutical Co., Ltd. has provided a guarantee for its wholly-owned subsidiary, Baoshan Biological Pharmaceutical Technology (Shanghai) Co., Ltd., amounting to RMB 20 million, which is part of a total guarantee limit of up to RMB 270 million approved by the board and shareholders [1][2][3]. Group 1: Guarantee Overview - The actual guarantee balance for the company and its subsidiaries is RMB 300.6 million, accounting for 9.99% of the latest audited net assets [1][3]. - Baoshan Biological has an asset-liability ratio exceeding 70% [1][2]. - The guarantee is structured as a joint liability guarantee for a credit limit application to Xiamen International Bank Shanghai Branch [1][3]. Group 2: Approval Process - The guarantee limit was approved during the 13th meeting of the 8th Board of Directors on April 24, 2025, and at the 2024 Annual General Meeting on May 16, 2025 [2]. - The total guarantee amount for Baoshan Biological and another subsidiary, Baifan Biological, is capped at RMB 270 million, with the guarantee methods including joint liability and collateral [2]. Group 3: Guarantee Agreement Details - The guarantor is Guilin Sanjin Pharmaceutical Co., Ltd., the creditor is Xiamen International Bank Shanghai Branch, and the debtor is Baoshan Biological [3]. - The guarantee covers all principal debts, interest, penalties, and related costs, with a guarantee period extending three years from the debt fulfillment deadline [3].

证券代码：002275 证券简称：桂林三金 公告编号：2025-024 桂林三金药业股份有限公司 关于为孙公司提供担保的进展公告 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。 （一）本次担保进展情况 近日，宝船生物向厦门国际银行股份有限公司上海分行（以下简称"厦门国 际银行上海分行"）申请了人民币 2,000 万元的授信额度，公司与厦门国际银行 上海分行签订了合同编号为"0905202508125224BZ-1"的《保证合同》，公司同 意为宝船生物在 2025 年 8 月 12 日到 2028 年 8 月 12 日期间内向厦门国际银行上 海分行在授信额度内申请提供的一系列债权提供连带责任保证担保。 （二）担保额度的审议情况 公司于 2025 年 4 月 24 日召开第八届董事会第十三次会议及 2025 年 5 月 16 日召开 2024 年度股东大会审议通过了《关于 2025 年度为孙公司提供担保额度预 计的议案》，同意公司及控股子公司为全资孙公司宝船生物和白帆生物（资产负 债率均超过 70%）新增提供总金额不超过人民币 2.7 亿元的担保（其中宝船生物 0 ...

桂林三金药业股份有限公司公告称，近日为全资孙公司宝船生物医药科技（上海）有限公司向厦门国际 银行上海分行2000万元授信额度提供连带责任保证，担保期限为2025年8月12日到2028年8月12日。公司 于2025年4月、5月已审议通过为宝船生物等新增不超2.7亿元担保额度的议案，本次担保在预计额度 内。担保前对宝船生物担保余额7570万元，担保后增至9570万元，剩余可用额度2000万元。截至公告 日，公司及控股子公司实际担保余额30,060万元，占最近一期经审计净资产的9.99%。 ...

Investment Rating - The report maintains 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 [9][15]. Core Views - The company has shown steady improvement in operational quality despite facing revenue and profit pressures due to factors such as medical insurance cost control and reduced foot traffic in pharmacies. The company reported a 6.56% decline in revenue to 998 million yuan and a 4.70% decrease in net profit to 287 million yuan for the first half of 2025, while operating cash flow increased by 55.75% to 317 million yuan [3][4]. - The company is expected to benefit from the growth of its second and third-tier traditional Chinese medicine products and the ongoing optimization of its biopharmaceutical management, which could lead to significant revenue contributions [5][6]. Summary by Sections Company Overview - Latest closing price: 15.06 yuan - Total shares: 588 million, circulating shares: 559 million - Total market value: 8.8 billion yuan, circulating market value: 8.4 billion yuan - 52-week high/low: 17.38/13.10 yuan - Debt-to-asset ratio: 28.9% - Price-to-earnings ratio: 16.92 [2]. Financial Performance - For H1 2025, the company reported: - Revenue: 998 million yuan (-6.56%) - Net profit: 287 million yuan (-4.70%) - Non-recurring net profit: 266 million yuan (-3.07%) - Operating cash flow: 317 million yuan (+55.75%) [3][4]. - Quarterly breakdown for 2025: - Q1 revenue: 467 million yuan (-3.32%), net profit: 105 million yuan (+4.80%) - Q2 revenue: 532 million yuan (-9.23%), net profit: 182 million yuan (-9.43%) [3]. Segment Analysis - Industrial revenue for H1 2025: 971 million yuan (-6.44%), gross margin: 77.25% (+0.88 percentage points) - Merchandise circulation revenue: 24 million yuan (+9.44%), gross margin: 22.15% (-6.49 percentage points) - Overall gross margin for H1 2025: 75.74% (+1.01 percentage points), net profit margin: 28.73% (+0.56 percentage points) [4]. Future Outlook - The company is projected to achieve revenues of 2.307 billion yuan, 2.428 billion yuan, and 2.557 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 471 million yuan, 518 million yuan, and 571 million yuan for the same years. The current stock price corresponds to price-to-earnings ratios of 19, 17, and 15 for the respective years [9][11].

Core Viewpoint - Guilin Sanjin held an online performance exchange meeting, attracting participation from 20 institutions including Cinda Securities and Ping An Securities, discussing the company's performance and business development [1] Group 1: Financial Performance - In the first half of 2025, Guilin Sanjin achieved total operating revenue of 998.34 million yuan, a decrease of 6.56% compared to the same period last year [1] - The total profit for the same period was 341.85 million yuan, down 3.74% year-on-year [1] - The net profit attributable to shareholders of the listed company was 286.83 million yuan, a decline of 4.70% compared to the previous year [1] Group 2: Business Development - The biopharmaceutical business is a crucial part of the company's "one body, two wings" strategy, facing challenges such as long R&D cycles, high investment, and significant risks due to a cooling industry [2] - The company is controlling costs and optimizing personnel structure while actively seeking partners to enhance its biopharmaceutical segment [2] - The second and third-tier products are expected to develop positively, with continued support from the company [2] Group 3: Sales and Marketing Strategy - The company has implemented strict controls on sales expenses, focusing on second and third-tier products while maintaining a relatively low sales expense ratio for first-tier products [2] - The overall sales expense ratio is expected to remain stable throughout the year, with adjustments based on product sales progress and market changes [2] - The company is enhancing its inventory management system and utilizing BI intelligent analysis to improve inventory turnover efficiency [2]

Financial Performance - In the first half of 2025, the company achieved total revenue of 998.34 million yuan, a decrease of 6.56% compared to the same period last year [2] - The total profit amounted to 341.85 million yuan, down 3.74% year-on-year [2] - The net profit attributable to shareholders was 286.83 million yuan, reflecting a decline of 4.70% compared to the previous year [2] Biopharmaceutical Sector - The biopharmaceutical segment is a key part of the company's dual-wing strategy, facing a challenging environment with high investment and long R&D cycles [2] - The company is experiencing increased competition and a more diverse customer base, leading to idle capacity in the short term [2] - Despite significant growth in business development and customer resources in 2023, the company has not yet met the scale production requirements, impacting overall profitability [2] Product Development and Market Strategy - The company is focusing on cost control and optimizing personnel structure to minimize losses in its biopharmaceutical projects [2] - The BC006 monoclonal antibody injection project is nearing completion of Phase I clinical trials [3] - The company is actively seeking partners for its biopharmaceutical segment while maintaining stable operations in traditional Chinese medicine [3] Secondary Product Lines - The development trend for second and third-line products is positive, with continued support from the company [3] - The Gaqi Dingtuan capsule showed ideal growth last year and is expected to maintain this momentum [3] - The Xuanyun Ning series surpassed 100 million yuan in sales last year, aiming for double-digit growth this year [3] Dividend Policy - The company is committed to providing stable returns to investors and has consistently implemented a cash dividend policy [3] - The dividend policy is expected to remain unchanged unless there are special funding needs [3] Sales Strategy and Inventory Management - The company has been strict in controlling sales expenses, focusing on precision in expenditure [3] - Sales expenses are expected to be aligned with sales revenue, with no significant changes anticipated for the overall sales expense ratio [3] - The company has upgraded its inventory management system, achieving a healthy inventory cycle of 1.5 to 2 months, which has improved operational quality and cost optimization [4]