Group 1 - Lu Yan Pharmaceutical announced the convening of its sixth board meeting on September 22, 2025, to discuss the proposal for establishing a wholly-owned subsidiary [1] - The meeting included the review of various documents related to the company's strategic decisions [1] Group 2 - The total market capitalization of A-shares surpassed 116 trillion yuan on the anniversary of the "9.24" event, indicating significant growth in the Chinese capital market [1] - Four major reforms are reshaping the new ecosystem of the Chinese capital market, reflecting a transformative period for the industry [1]

Core Viewpoint - Luyuan Pharmaceutical's subsidiary plans to invest in two hotels to enhance its health service value chain through differentiated competitive advantages [1] Group 1: Investment Plans - Luyuan Pharmaceutical's subsidiary, Luyuan Jiawen (Xiamen) Investment Development Co., Ltd., intends to construct two hotels [1] - The hotels will serve as a hub to extend the health service value chain [1] Group 2: Partnership and Management - Luyuan Jiawen has reached an agreement with Hilton Enterprises Management (Shanghai) Co., Ltd. for hotel management [1] - The agreement allows Luyuan Jiawen to use the "Hilton" and "TempobyHilton" brands in the proposed hotels [1] - Specific management responsibilities for the hotels will be handled by Hilton Enterprises [1]

Core Viewpoint - Luyuan Pharmaceutical (002788.SZ) aims to enhance its healthcare ecosystem by investing approximately 600 million RMB in the construction of two hotels, which will serve as a foundation for various health-related businesses [1] Investment and Development - The investment of about 600 million RMB will be used to build two hotels that will have differentiated competitive advantages [1] - The hotels will support the incubation of businesses in medical rehabilitation, health maintenance, elderly care, sports, and cultural tourism, thereby extending the value chain of health services [1] Company Structure and Management - Luyuan Jiawen, a subsidiary of Luyuan Pharmaceutical, plans to establish two wholly-owned subsidiaries for hotel management, funded by its own capital [1] - The registered capital for the two hotel management companies will be 10 million RMB and 20 million RMB respectively, with Luyuan Jiawen holding a 100% ownership stake in both [1] - The company intends to introduce a well-known international hotel brand (Hilton) and management team to oversee daily operations of the hotels [1]

Core Viewpoint - Luyuan Pharmaceutical (002788.SZ) announced plans to invest approximately 600 million RMB to develop two hotels, aiming to create a healthcare ecosystem focused on medical rehabilitation and wellness services [1] Investment and Development - The investment will be utilized to build two hotels that will serve as a foundation for expanding into healthcare-related businesses such as rehabilitation, wellness, elderly care, sports, and cultural tourism [1] - Luyuan Jiawen, a subsidiary, will establish two wholly-owned hotel management companies to oversee the operations of the hotels, with registered capital of 10 million RMB and 20 million RMB respectively [1] Strategic Partnerships - The company plans to collaborate with an internationally recognized hotel brand, Hilton, to manage the daily operations of the hotels, enhancing the competitive advantage of the project [1]

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].