Group 1 - Guizhou Province's Qiandongnan Prefecture has been severely affected by a major flood disaster, prompting immediate action from the Guizhou Securities Industry Association and its member units to provide aid and support [1] - As of July 4, 13 member units have participated in the relief efforts, donating a total of 943,700 yuan, which includes 231,500 yuan for emergency funding and 712,200 yuan worth of supplies to meet the urgent needs of affected residents [1] - Guizhou Southern Dairy Co., Ltd. mobilized aid supplies, sending four vehicles loaded with 14,100 cartons of milk to the disaster area to provide essential nutrition to the affected population [1] Group 2 - Guiyang Bank established a special task force and a "Youth Volunteer Service Team" to conduct post-disaster recovery efforts, ensuring the restoration of damaged facilities and providing basic living packages to affected employees [2] - Guizhou Langma Information Technology Co., Ltd. organized a team to deliver essential supplies to the disaster area, while Shanghai Zhonglian (Guiyang) Law Firm initiated a donation campaign to support the affected communities [3] - The Guizhou Provincial Transportation Planning and Surveying Design Institute formed an emergency response leadership group, with over 20 party members actively participating in on-site disaster relief efforts [3]

Group 1: Report General Information - The research object is Guizhou Bailing, belonging to the traditional Chinese medicine industry. The reception time was July 4, 2025, and the company's reception staff included the chairman, general manager, deputy general manager, financial director, and securities affairs representative [16] - The institutions participating in the research included Wang Lingyi, Pan Potao, Song Shijie, etc [2] Group 2: Company Business Analysis Marketing Reform - Since 2022, the company has launched a direct - sales system reform pilot in 9 provinces, and the reform has achieved remarkable results with steady growth in sales profits in reform areas. Currently, the direct - sales system reform has been completed in 15 provinces, which will positively impact the company's future sales efficiency and profitability [24] - The marketing model reform has changed the previous way of simply assessing growth rate, introducing assessment items such as per - capita efficiency and per - store efficiency, and reasonably formulating assessment indicators to mobilize the enthusiasm of sales staff. The company also plans to promote equity incentive plans in due course [24] - The company adheres to the profit - first orientation, optimizes the variety structure and price system, promotes the cultivation of large - scale varieties, and focuses on key national customers (NKA), regional large - scale chains (LKA), and the medical treatment sector to drive sales and profit growth [24] Sales Expense Optimization - The company's optimization of the sales expense ratio is a long - term task. It will continue to deepen the marketing system reform, gradually expand the coverage from the large - package model to the direct - sales model, and use the sales expense ratio in each region as a performance assessment indicator [24] - The company has established a market supervision department to vertically supervise the business activities and finances of branches and offices, and deeply participate in cost control and business negotiations [25] - Through optimizing and improving management, sales, and reward mechanisms, the company sets new assessment requirements for sales staff, strengthens budget assessment for direct - sales branches, and implements channel optimization policies for some varieties to reduce sales expenses. It also plans to promote equity incentive plans [25] Product R & D Progress - The Phase III clinical research of Tangning Tongluo is progressing normally according to the clinical protocol, and patients are being enrolled successively. The company will disclose information in a timely manner after achieving phased progress in R & D projects [26] Solvency - The company maintains long - term and stable cooperative relationships with multiple banks. After being removed from the risk warning list, the credit rating of the company by financial institutions will be upgraded. Considering factors such as the company's operating conditions, asset - liability structure, and asset utilization efficiency, the company does not have a solvency problem and will continue to optimize its asset - liability structure [26] Share Pledge - As of now, Chairman Jiang Wei holds 245,346,284 shares, accounting for 17.55% of the company's total shares, and 100% of his shares are pledged. The purpose of the share - pledged financing is for the investment and operation of non - listed company industries and the repayment of his stock - pledged repurchase transaction liabilities. The pledged shares do not bear performance compensation obligations [27] - Jiang Wei's total liabilities have been significantly reduced, and his credit status is good. The pledge risk is controllable, and there is currently no risk of forced liquidation. If such a risk occurs in the future, he will take measures such as early repurchase and additional pledges [27][28] R & D Expense Capitalization - The company manages R & D expenses in strict accordance with relevant accounting standards, and the annual report data has been audited by an accounting firm [29]

关于 2025 年第二次临时股东会决议的公告 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：002424 证券简称：贵州百灵 公告编号：2025-034 贵州百灵企业集团制药股份有限公司 1、召开时间： 现场会议召开时间：2025年7月4日（星期五）上午十时 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为 2025 年 7 月 4 日（现场股东会召开当日）的交易时间，即 9:15—9:25,9:30—11:30 和 13:00—15:00。通过深圳证券交易所互 联网投票系统进行网络投票的开始时间为 2025 年 7 月 4 日（现场股 东会召开当日）9:15，结束时间为 2025 年 7 月 4 日（现场股东会结 束当日）15:00。 2、召开地点：贵州省安顺市经济技术开发区西航路 212 号贵州 百灵企业集团制药股份有限公司会议室 3、召开方式：现场投票和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事长姜伟先生 6、本次股东会的召集和召开符合《公司法》《上市 ...

BEIDOUXING LAW OFFICE 贵州省贵阳市观山湖区金朱东路 399 号贵阳恒大中心 B 座 24 楼 邮编：550001 电话：86901517 传真：86901634 电子邮箱：1026333654@qq.com 关于贵州百灵企业集团制药股份有限公司 2025 年第二次临时股东会的 法 律 意 见 书 [2025] 黔北律法意见字第 234 号 致：贵州百灵企业集团制药股份有限公司 贵州北斗星律师事务所(以下简称"本所")接受贵州百灵企业集 团制药股份有限公司（以下简称"公司"）委托，指派本所律师郑锡 国、张妮出席了公司于 2025 年 7 月 4 日上午 10：00 在贵州省安顺市 经济技术开发区西航路 212 号贵州百灵企业集团制药股份有限公司 会议室召开的公司 2025 年第二次临时股东会（以下简称"本次股东 会"）。现根据《中华人民共和国公司法》、《中华人民共和国证券 法》等有关法律、法规及规章和《贵州百灵企业集团制药股份有限公 司章程》（以下简称（"公司章程"）、《贵州百灵企业集团制药股 份有限公司股东大会议事规则》（以下简称"议事规则"）的规定， 出具本法律意见书。 本所律师仅就本 ...

Core Viewpoint - Guizhou BaiLing is undergoing significant marketing reforms to enhance sales efficiency and profitability, with a focus on transitioning to a direct sales model across multiple provinces [2][3]. Group 1: Marketing Reform - The company initiated a direct sales reform pilot in nine provinces starting in 2022, which has led to steady profit growth in those regions [2]. - The reform has been implemented in a total of 15 provinces, aiming to improve sales efficiency and profitability [2]. - New performance metrics have been introduced, shifting from solely growth rate assessments to include per capita and per store efficiency, which motivates sales personnel [2]. Group 2: Sales Expense Management - The company is committed to optimizing its sales expense ratio through ongoing marketing system reforms and expanding coverage [2][3]. - A market supervision department has been established to oversee business activities and financial management across subsidiaries, enhancing cost control [3]. - The company is implementing new performance requirements for sales personnel and optimizing management and reward mechanisms to reduce sales expenses [3]. Group 3: Clinical Research Progress - The clinical research for Tangning Tongluo is progressing as planned, with patient enrollment ongoing [4]. Group 4: Financial Stability - The company maintains stable relationships with multiple banks, and its credit rating is expected to improve post-de-listing [5]. - The company does not face short-term solvency issues and is focused on optimizing its asset-liability structure [5]. Group 5: Shareholder Pledge - The chairman holds 17.55% of the company's shares, all of which are pledged for financing purposes unrelated to the company's operations [6]. - The chairman's debt has significantly decreased, and he has the capacity to repay, with no current risk of forced liquidation [6]. Group 6: R&D Expense Management - The company manages R&D expenses in accordance with accounting standards, with financial data audited by external firms [8]. - The company reported a significant decline in revenue and net profit in its Q1 2025 report, with total revenue of 761 million yuan, a 42.93% year-on-year decrease [8].

Group 1: Marketing Reform and Sales Efficiency - The company initiated a direct sales reform pilot in 9 provinces starting in 2022, achieving significant results with steady profit growth in these areas. The reform has now been completed in 15 provinces, positively impacting sales efficiency and profitability [1] - The marketing reform introduced new performance metrics such as per capita efficiency and store efficiency, moving away from solely focusing on growth rates. This aims to motivate sales personnel and align their income with company performance through potential stock incentive plans [1] - The company is focusing on optimizing product structure and pricing systems while nurturing major product lines and deepening relationships with key national customers [2] Group 2: Sales Expense Management - The company is continuously working on optimizing sales expense ratios through various strategies, including deepening marketing system reforms and transitioning from a large package model to a direct sales model [2] - A market supervision department has been established to oversee business activities and financial management across subsidiaries, enhancing expense control and commercial negotiations [2] - New performance requirements for sales personnel have been introduced, and budget assessments for direct subsidiaries are being strengthened to reduce sales expenses [2] Group 3: Clinical Research and Financial Stability - The clinical research for the product "Tangning Tongluo" is progressing as planned, with patient enrollment ongoing. The company will fulfill its information disclosure obligations upon achieving significant progress [2] - The company maintains stable long-term relationships with multiple banks, and its credit rating is expected to improve post-listing. There are no short-term solvency issues, and the company plans to continue optimizing its asset-liability structure [2] - The chairman holds 245,346,284 shares, representing 17.55% of the total share capital, all of which are pledged. The purpose of the pledge is for investment in non-listed companies and debt repayment, not for operational needs [3]

Group 1: Marketing Reform and Sales Strategy - The company is implementing a marketing model reform aimed at optimizing sales models, increasing profit contribution rates, and reducing sales expense ratios. Since 2022, the reform has been piloted in 9 provinces, resulting in steady sales profit growth in these regions. The reform has now been completed in 15 provinces, positively impacting future sales efficiency and profitability [1]. - The new marketing model shifts from solely assessing growth rates to incorporating metrics like per capita efficiency and store efficiency, motivating sales personnel. Future plans include introducing equity incentive programs to align employee benefits with company growth, transitioning personal income from property-based to asset-based income [1]. Group 2: Product Development and Clinical Trials - The Huanglian Jiedu Wan project, China's first "general" syndrome-type traditional Chinese medicine new drug, has completed Phase II and III clinical trials involving 840 cases. The trials focus on validating the drug's effectiveness and safety for treating specific Western medical diseases, providing a basis for future market approval [2]. - The company is progressing with the clinical research of Tang Ning Tong Luo, with patient enrollment ongoing. Updates will be disclosed as the project achieves milestones [2]. Group 3: Competitive Strategy and Market Positioning - The company has defined its new strategic positioning around four platforms: a large-scale manufacturing platform, an industry chain integration platform, an all-channel sales platform, and a large product R&D platform. The manufacturing capacity is expected to increase from 25,000 tons to 60,000 tons annually, enhancing future sales capabilities [3]. - The integration platform aims to strengthen product lines through licensing and branding strategies, while the all-channel sales platform focuses on comprehensive market coverage, including online and offline channels [3]. - The company aims to become a leader in the traditional Chinese medicine sector by leveraging its advantages in production capacity, sales, and R&D to effectively compete in the market [3]. Group 4: Financial Performance and Future Outlook - In Q1 2025, the company experienced a decline in performance due to last year's rapid growth and insufficient market demand. The company plans to focus on its core business and seek new growth points while enhancing its core capabilities and adapting to market changes [4]. - The company emphasizes improving operational quality, cash flow, profitability, and asset return rates through optimized management, sales models, and incentive mechanisms to achieve its annual business goals [4].

Market Overview - A-shares experienced a strong opening on July 1, with the Shanghai Composite Index rising significantly, driven by the banking and power sectors, and total market turnover around 1.5 trillion yuan [1] - The banking sector showed a robust rebound, with all stocks in the sector rising, and Shanghai Pudong Development Bank reaching a historical high with a market capitalization of 432.18 billion yuan [2] Banking Sector Performance - The banking sector index increased by approximately 20% year-to-date, with a cumulative rise of nearly 70% since the end of 2023 [2] - Notable individual stock performances included Suzhou Bank rising over 5%, Xiamen Bank nearly 4%, and Hangzhou Bank over 3% [2] - The overall banking sector closed up 1.84% on July 1, ranking fifth among industry sectors for the day [2] Innovative Drug Sector - The innovative drug sector saw significant gains, with a total increase of 3.01% by the end of the trading day, ranking third among industry sectors [4] - Key stocks in this sector included Frontline Bio, which hit the daily limit, and several others like Guizhou Bailing and Seer Medical also reaching their daily limits [4] - The sector has been active since mid-May, with a notable surge in trading volume and stock prices [4] Policy Support for Innovative Drugs - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on R&D, market access, and payment systems [5] - These measures aim to address key issues in the innovative drug sector and promote genuine innovation [5] International Transactions in Innovative Drugs - There has been a surge in international transactions for innovative drugs, with a total of $45.5 billion in authorized transactions by Chinese companies from January to May 2025, surpassing the total for the first half of 2024 [6] - The year 2025 is expected to be significant for domestic innovative drug companies as they transition from generic to innovative drugs, with some companies reaching breakeven and profitability [6]

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 industries experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [1] - The pharmaceutical industry ranked second in terms of daily gains [1] - A total of 23 industries saw a decline, with the computer and retail sectors falling by 1.18% and 0.79% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 27.907 billion yuan, with 8 industries experiencing net inflows [1] - The pharmaceutical sector had the highest net inflow of capital, amounting to 2.422 billion yuan, while the banking sector followed with a net inflow of 886 million yuan and a daily increase of 1.53% [1] - The computer industry led the net outflow, with a total of 8.395 billion yuan, followed by the power equipment sector with a net outflow of 5.163 billion yuan [1] Pharmaceutical Industry Performance - The pharmaceutical industry saw a daily increase of 1.80%, with 396 out of 474 stocks rising, including 11 stocks hitting the daily limit [2] - The top three stocks with the highest net inflow in the pharmaceutical sector were: - Sali Medical: 177 million yuan - Yipin Pharmaceutical: 168 million yuan - Guizhou Bailing: 158 million yuan [2] - The stocks with the highest net outflow included: - Hanyu Pharmaceutical: 251 million yuan - Aier Eye Hospital: 180 million yuan - Dong'e Ejiao: 79.6934 million yuan [2] Capital Inflow and Outflow Rankings - The top stocks in terms of capital inflow in the pharmaceutical sector included: - Sali Medical: +10.00%, turnover rate 29.87%, capital flow 176.9023 million yuan - Yipin Pharmaceutical: +14.72%, turnover rate 5.65%, capital flow 168.3973 million yuan - Guizhou Bailing: +10.04%, turnover rate 13.11%, capital flow 158.2571 million yuan [2] - The stocks with the highest capital outflow included: - Hanyu Pharmaceutical: +4.23%, turnover rate 18.26%, capital flow -250.5158 million yuan - Aier Eye Hospital: -1.20%, turnover rate 0.67%, capital flow -180.0828 million yuan - Dong'e Ejiao: -1.11%, turnover rate 0.94%, capital flow -79.6934 million yuan [4]

Group 1 - The innovative drug concept index rose by 3.01%, ranking third among concept sectors, with 187 stocks increasing in value [1][2] - Leading stocks included Qianyan Bio with a 20% limit up, Guizhou Bailing, Saily Medical, and Anglikang also hitting the limit up, while Kexing Pharmaceutical, Yuekang Pharmaceutical, and Shutaishen showed significant gains of 15.62%, 15.55%, and 15.34% respectively [1][2] - The stocks with the largest declines were Wantai Bio, Yaoshi Technology, and Ruilian New Materials, which fell by 1.31%, 1.27%, and 1.00% respectively [1] Group 2 - The innovative drug sector saw a net inflow of 2.374 billion yuan, with 125 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflows [2][3] - Saily Medical led the net inflow with 177 million yuan, followed by Yipin Hong with 168 million yuan, Guizhou Bailing with 158 million yuan, and Huahai Pharmaceutical with 135 million yuan [2][3] - The top three stocks by net inflow ratio were Taiankang, Saily Medical, and Guizhou Bailing, with ratios of 20.64%, 19.83%, and 17.80% respectively [3] Group 3 - The innovative drug concept's top performers included Qianyan Bio, which rose by 20.02%, and other notable gainers such as Shutaishen and Yuekang Pharmaceutical with increases of 15.34% and 15.55% respectively [4] - The trading volume and turnover rates for leading stocks were significant, with Saily Medical showing a turnover rate of 29.87% and a price increase of 10.00% [3][4] - The overall market sentiment in the innovative drug sector appears positive, with substantial capital inflows and strong performance from key players [2][3]