Core Viewpoint - Luyuan Pharmaceutical (002788.SZ) announced the signing of two hotel management agreements with Hilton Enterprises Management (Shanghai) Co., Ltd, allowing the use of "Hilton" and "TempobyHilton" brands for its wholly-owned subsidiary Luyuan Jiawen [1] Group 1 - The agreements will be effective until the 31st of December of the 20th full calendar year after the opening date [1] - The company stated that this collaboration will not have a significant adverse impact on its current financial and operational status [1] - There are potential risks associated with the long duration of the agreement and unforeseen circumstances [1]

Core Insights - The company Luyan Pharmaceutical announced that its wholly-owned subsidiary, Luyan Jiawen, plans to establish two wholly-owned hotel management companies with registered capital of 10 million and 20 million yuan respectively, with Luyan Jiawen holding a 100% stake in both [1] Group 1 - The initiative aims to create an ecosystem in the medical rehabilitation and health management sectors, extending the value chain of health services [1]

证券代码：002788 证券简称：鹭燕医药 公告编号：2025-023 鹭燕医药股份有限公司 关于设立全资子公司的公告 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、对外投资概述 1、鹭燕医药股份有限公司（以下简称"公司"）全资子公司鹭燕嘉文（厦门）投资发展 有限公司（以下简称"鹭燕嘉文"）于 2023 年 8 月成功竞得福建省厦门市翔安区编号 2023XG01 地块的国有建设用地使用权，以鹭燕嘉文作为主体建设"鹭燕嘉文总部项目"（以下简称"项 目"），并对项目进行开发、建设、运营及管理。具体内容详见公司披露的《关于投资设立子 公司的公告》（公告编号：2023-002）、《关于子公司参与竞拍土地使用权的进展公告》（公告 编号：2023-029）。 为便于酒店项目后续的开发建设及管理，鹭燕嘉文拟以自有资金出资设立 2 家负责酒店 运营管理的全资子公司酒店管理公司，同时引进国际知名酒店品牌（希尔顿）和经营团队， 负责酒店的日常经营管理。2 家酒店管理公司注册资本分别为人民币 1,000 万元和 2,000 万 元，鹭燕嘉文持股比例均为 100%。 2、202 ...

证券代码：002788 证券简称：鹭燕医药 公告编号：2025-024 鹭燕医药股份有限公司 关于全资子公司签订《冠名和管理协议》的公告 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、概况 鹭燕医药股份有限公司（以下简称"公司"）全资子公司鹭燕嘉文（厦门）投资发展有 限公司（以下简称"鹭燕嘉文"、"业主"）拟投资建设具有差异化竞争优势的 2 家酒店，并 以该酒店为枢纽，延伸健康服务价值链。 为此，鹭燕嘉文与希尔顿企业管理（上海）有限公司（以下简称"经营方"）经协商， 约定由经营方授权鹭燕嘉文在拟建酒店中使用"Hilton（希尔顿）"、"Tempo by Hilton"品 牌，并由经营方负责酒店的具体经营。双方据此签订了《厦门滨海希尔顿酒店冠名和管理协 议》（以下简称"酒店 1"）和《Tempo by Hilton Xiamen Binhai 冠名和管理协议》（中文名 称待定，以下简称"酒店 2"）。 2、2025 年 9 月 22 日，公司召开第六届董事会第七次会议，审议通过了《关于全资子 公司签订<冠名和管理协议>的议案》，同意公司本次事项。 3、本次 ...

证券代码：002788 证券简称：鹭燕医药 公告编号：2025-022 鹭燕医药股份有限公司 第六届董事会第七次会议决议公告 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、董事会会议召开情况 鹭燕医药股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日以邮件形式发出第六 届董事会第七次会议（以下简称"董事会"）通知，会议于 2025 年 9 月 22 日以现场方式举 行；本次会议由董事长吴金祥先生召集和主持；出席本次会议的董事共 7 人，占公司董事总 数的 100%。本次会议的召集和召开程序符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于设立全资子公司的议案》； 表决结果：以同意 7 票、反对 0 票、弃权 0 票、回避 0 票通过议案，同意票数占全体有 表决权票数比例 100%。 《鹭燕医药股份有限公司关于设立全资子公司的公告》与本决议同日于《证券日报》《证 券时报》及巨潮资讯网（www.cninfo.com.cn）上公告。 （二）审议通过《关于全资子公司签订<冠名和管理协议>的议案》； 表决结果：以 ...

Core Viewpoint - Luyuan Pharmaceutical (002788) reported a slight increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite stable sales growth [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 10.4 billion yuan, a year-on-year increase of 0.91% [1]. - Net profit attributable to shareholders was 155 million yuan, down 18.83% year-on-year [1]. - In Q2 2025, total revenue was 5.226 billion yuan, up 1.08% year-on-year, while net profit was 83.206 million yuan, down 21.94% year-on-year [1]. - Gross margin decreased to 7.1%, down 5.08% year-on-year, and net margin fell to 1.48%, down 20.29% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 491 million yuan, accounting for 4.72% of revenue, an increase of 0.9% year-on-year [1]. Cash Flow and Debt - The net cash flow from investing activities changed by 41.96%, attributed to reduced capital expenditures [2]. - The net cash flow from financing activities increased by 36.07%, due to decreased loan repayments and interest expenses [2]. - The net increase in cash and cash equivalents rose by 86.4%, as net outflows from investing and financing activities decreased compared to the previous year [2]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 6.9% last year, indicating generally low capital returns [2]. - The historical median ROIC since the company’s listing is 7.61%, suggesting average investment returns [2]. - The business model relies heavily on marketing-driven performance, necessitating further analysis of the underlying drivers [2]. Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents covering only 8% of current liabilities, and the average operating cash flow over the past three years covering only 11% of current liabilities [3]. - The debt situation is also a concern, with interest-bearing debt-to-asset ratio reaching 38.53% [4]. - Accounts receivable have reached 1802.11% of profit, indicating potential liquidity issues [4].

Core Viewpoint - Luyuan Pharmaceutical (002788.SZ) reported its semi-annual results for 2025, highlighting the current institutional ownership and changes in shareholding among various investor categories [1] Institutional Ownership - As of August 25, 2025, three institutional investors disclosed holdings in Luyuan Pharmaceutical A-shares, totaling 144 million shares, which represents 37.02% of the company's total share capital [1] - The institutional ownership decreased by 0.46 percentage points compared to the previous quarter [1] Public Fund and Social Security Fund - Two public funds were disclosed this period, including Guojin 300 Index Enhanced A and Minsheng Jiayin Guozheng 2000 Index Enhanced A, which were not reported in the previous quarter [1] - One social security fund was disclosed, namely the招商基金管理有限公司-社保基金1903组合, which was also not reported in the previous quarter [1] Foreign Investment - One new foreign institutional investor was disclosed this period, BARCLAYS BANK PLC, which was not present in the previous quarter [1]

Core Viewpoint - Luyuan Pharmaceutical (002788.SZ) reported a decline in net profit for the first half of 2025, indicating potential challenges in maintaining profitability despite a slight increase in revenue [1] Financial Performance - The company's operating revenue reached 10.4 billion yuan, reflecting a year-on-year growth of 0.91% [1] - The net profit attributable to shareholders was 155 million yuan, representing a year-on-year decrease of 18.83% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 153 million yuan, down 17.93% year-on-year [1] - Basic earnings per share stood at 0.4 yuan [1]

Group 1 - Lu Yan Pharmaceutical (SZ 002788) announced on August 25 that its sixth board meeting was held on August 22, 2025, to discuss the adjustment of the audit committee members [1] - For the year 2024, the revenue composition of Lu Yan Pharmaceutical is as follows: 90.8% from pharmaceutical wholesale, 5.83% from pharmaceutical retail, 3.02% from industrial, and 0.36% from other businesses [1] - As of the report date, Lu Yan Pharmaceutical has a market capitalization of 3.4 billion yuan [1]

鹭燕医药股份有限公司 董事会审计委员会工作细则 （2025年8月22日经公司第六届董事会第六次会议审议修订） 第一章 总 则 第一条 为强化鹭燕医药股份有限公司（以下简称"公司"）董事会决策功 能，做到事前审计、专业审计，确保董事会对经理层的有效监督，完善公司治理 结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司治理 准则》《公司章程》及其他有关规定，公司董事会特设立审计委员会，并制定本 工作细则。 第二条 董事会审计委员会是董事会按照《公司章程》规定设立的专门工作 机构，主要负责审核公司财务信息及其披露、监督及评估公司内外部审计工作和 内部控制。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，其中独立董事二名，至少有一名 独立董事为会计专业人士。审计委员会成员应当为不在公司担任高级管理人员的 董事。公司职工代表担任的董事可任审计委员会成员。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一以上提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独立董事委员中的会计 专业人士担任，负责主持委员会工作；主任委员在委员内选举，并报 ...