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]

Financial Performance - The company reported a total revenue of 998 million yuan for the first half of 2025, a decrease of 6.56% year-on-year [1] - The net profit attributable to shareholders was 287 million yuan, down 4.7% compared to the previous year [1] - In Q2 2025, the revenue was 532 million yuan, reflecting a decline of 9.23% year-on-year, while the net profit for the same period was 182 million yuan, down 9.43% [1] - The gross margin increased by 1.35% to 75.74%, and the net margin rose by 1.99% to 28.73% [1] - Total operating expenses amounted to 347 million yuan, accounting for 34.73% of revenue, an increase of 1.19% year-on-year [1] - Earnings per share decreased by 3.92% to 0.49 yuan, while operating cash flow per share increased by 55.75% to 0.54 yuan [1] Business Model and Market Position - The company's return on invested capital (ROIC) was 14.55%, indicating strong capital returns, with a historical median ROIC of 13.25% over the past decade [3] - The net profit margin was reported at 23.77%, suggesting high added value in products or services [3] - The company relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying drivers [3] Biopharmaceutical Sector - The biopharmaceutical segment is a crucial part of the company's dual strategy, facing challenges due to long R&D cycles, high investment, and industry risks [4] - The company has seen significant growth in business development and customer resource accumulation, although it still falls short of scale production requirements [4] - The company is optimizing costs and expenses in its biopharmaceutical divisions, focusing on projects with promising clinical data, such as the BC006 monoclonal antibody injection, which is nearing completion of Phase I clinical trials [5]

Core Viewpoint - The increasing prevalence of throat diseases due to environmental pollution, lifestyle changes, and an aging population is driving the demand for throat traditional Chinese medicine (TCM), with the market expected to reach 7.4 billion yuan in 2024, reflecting a year-on-year growth of 7.49% [1][9]. Overview - Throat diseases are primarily caused by various factors such as wind-heat invasion and internal heat, leading to symptoms like sore throat and hoarseness. Throat TCM is made from traditional Chinese medicinal ingredients and is used to treat throat-related ailments, characterized by stable efficacy and minimal side effects [1][3]. Development History - The throat medicine industry in China began relatively late, with significant advancements in chronic pharyngitis research in the 1980s leading to the development of throat medications. The market was initially fragmented, but the introduction of products like Guangxi Jinsongzi's throat lozenges in 1995 marked a turning point, establishing a competitive landscape [4][5]. Market Policy - The Chinese government has implemented various policies to support the development of the TCM industry, creating a favorable environment for throat TCM growth. These include measures to enhance TCM regulation and promote innovation [5][6]. Industry Chain - The throat TCM industry consists of an upstream segment focused on medicinal herb cultivation, a midstream segment for manufacturing, and a downstream segment involving sales through medical institutions, pharmacies, and e-commerce platforms. The primary consumer groups include individuals who use their voices frequently and patients with chronic throat conditions [6][7][8]. Current Market Situation - The throat TCM market is experiencing rapid growth, with a projected sales figure of 7.4 billion yuan in 2024. Tablets represent the largest segment at 41.65%, followed by granules and pills [1][9]. Competitive Landscape - The throat TCM market is characterized by high concentration, with the top five companies holding over 50% market share in retail pharmacies. Guangxi Jinsongzi leads with a market share of 16.95% [10][11]. Key Companies - Guangxi Jinsongzi Group is a major player in the throat TCM market, with a projected revenue of 1.185 billion yuan in 2024 and a gross profit margin of 75.46% [12]. - Guilin Sanjin Pharmaceutical Co., Ltd. is another key player, with a projected revenue of 2.194 billion yuan in 2024 and a gross profit margin of 73.41% [12]. Future Trends - The throat TCM industry is expected to focus on improving the quality of raw materials and production processes to meet rising consumer demands for high-quality products. Additionally, there is potential for international market expansion, particularly in Southeast Asia, as awareness and acceptance of TCM grow [13].

证券日报网讯 8月28日晚间，桂林三金发布公告称，2025年半年度公司实现营业收入998，339，378.22 元，同比下降6.56%；归属于上市公司股东的净利润为286，825，464.20元，同比下降4.70%。 （编辑 何成浩） ...

格隆汇8月28日丨桂林三金(002275.SZ)公布2025年半年度报告，上半年公司实现营业收入9.98亿元，同 比下降6.56%；归属于上市公司股东的净利润2.87亿元，同比下降4.70%；归属于上市公司股东的扣除非 经常性损益的净利润2.66亿元，同比下降3.07%；基本每股收益0.49元。 ...

桂林三金药业股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来 情况汇总表 注：①表中非经营性占用部分，关联方范围依照《股票上市规则》确定。 ②无控股股东、实际控制人的公司，存在第一大股东或第一大股东关联人非经营性占用资金的，也应填写本表非经营性占用部分。 | 其他关联方及其附 属企业 | | | | | | | | | 非经营性占用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 小计 | - | - | - | | | | | | - | | 总计 | - | - | - | | | | | | - | | 其他关联资金往来 | 资金往来方 | 往来方与上 市公司的关 | 上市公司 核算的会 | 2025 年半年 度期初往来 | 2025 年半年 度往来累计 | 2025 年半年 度往来资金 | 2025 年半年 度偿还累计 | 2025 年半年 往来形 度末往来资 | 往来性质 （经营性往 | | | 名称 | 联关系 | 计科目 | 资金余额 | 发生金额（不 含利息） | 的利息（如 有） | 发生金 ...