Core Viewpoint - Baiyang Pharmaceutical (301015.SZ) has signed a distribution agreement with Guangzhou Junxin Pharmaceutical Co., Ltd. to exclusively promote, sell, and distribute the product Anbomei in specific markets within the agreed period [1] Group 1 - The agreement was signed on November 4, 2025, and outlines the rights and obligations of both parties [1] - Junxin is a subsidiary of Jetabellin (Asia Pacific) Limited, which operates sales in China through Junxin [1] - Baiyang Pharmaceutical has been collaborating with Jetabellin on the retail market for Anbomei since March 2021, and this new agreement expands their cooperation into broader retail and hospital markets, excluding specific lists provided by Junxin [1]

Core Viewpoint - The company has signed a distribution agreement with Guangzhou Junxin Pharmaceutical Co., Ltd. for the exclusive promotion, sale, and distribution of the product Anbomei® in a specific market during the agreement period [1] Summary by Relevant Sections - **Agreement Details** - The agreement grants the company exclusive rights to promote, sell, and distribute Anbomei® in the designated market [1] - The agreement is effective from November 4, 2025, to June 30, 2035 [1] - **Minimum Purchase Requirements** - For the period from 2025 to 2026, the minimum annual purchase volume is set at 4.5 million bottles [1] - For the period from 2026 to 2027, the minimum annual purchase volume increases to 5 million bottles [1] - For the period from 2027 to 2028, the minimum annual purchase volume further increases to 5.5 million bottles [1]

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-094 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 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、本次协议签署概况 为加深双方在人血白蛋白领域的合作，青岛百洋医药股份有限公司（以下简 称"公司"或"百洋医药"）与广州市君信药业有限公司（以下简称"君信"）于 2025 年 11 月 4 日签署了《经销协议》，约定君信授予百洋医药在协议期限内在 区域内特定市场独家推广、销售和经销产品安博美®的权利，并对双方权利义务 等作出明确约定。 本次签署协议审批权限在总经理权限范围内，公司已履行了签署本协议的内 部审批程序，无需公司董事会及股东会审议批准。 二、交易合作方介绍 （一）基本情况 青岛百洋医药股份有限公司 企业名称：广州市君信药业有限公司 关于签署经销协议的自愿性信息披露公告 法定代表人：Jean-Marc Jules Morange 注册资本：8,185 万人民币 三、《经销协议》的主要内容 君信：广州市君信药业有限公司 ...

Market Overview - The pharmaceutical commercial sector declined by 0.5% on November 4, with Baiyang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers included: - HeFu China (603122) with a closing price of 11.85, up 10.03% [1] - Renmin Tongtai (600829) at 9.71, up 8.01% [1] - Jianfa Zhixin (301584) at 35.42, up 5.20% [1] - Baiyang Pharmaceutical (301015) saw a significant decline, closing at 25.62, down 6.09% [2] - Other notable decliners included: - Yifeng Pharmacy (603939) at 23.76, down 3.22% [2] - Saili Medical (603716) at 24.78, down 3.17% [2] Capital Flow - The pharmaceutical commercial sector experienced a net inflow of 32.34 million yuan from institutional investors, while retail investors saw a net outflow of 41.10 million yuan [2] - The capital flow for key stocks showed: - Renmin Tongtai had a net inflow of 63.04 million yuan from institutional investors [3] - Yifeng Pharmacy experienced a net outflow of 32.44 million yuan from retail investors [3]

Core Viewpoint - Baiyang Pharmaceutical (301015.SZ) disclosed a report regarding the reduction of shares by its controlling shareholder, Baiyang Group, which has triggered a change in shareholding that touches a 5% integer multiple threshold [1][2]. Summary by Sections Share Reduction Plan - Baiyang Group plans to reduce its shareholding by up to 15,768,585 shares, accounting for 3.00% of the total share capital, through centralized bidding and/or block trading from August 12, 2025, to November 11, 2025 [1]. - As of the report date, the reduction plan has not been fully executed [1]. Execution of Share Reduction - From August 12 to August 13, 2025, Baiyang Group reduced its shares by 10,512,390 shares, representing 2.00% of the total share capital through block trading [1]. - From September 11 to November 3, 2025, an additional 1,994,500 shares were reduced through centralized bidding, accounting for 0.38% of the total share capital, leading to a total reduction of 12,506,890 shares [1]. Financial Impact - The average share prices during the reduction period were 26.43 yuan and 28.05 yuan, resulting in a total cash-out amount of approximately 333,788,192.7 yuan [2]. Shareholding Structure - As of the report date, the combined shareholding of the information disclosure obligors decreased to 394,218,110 shares, representing 75.00% of the total share capital, down from 406,725,000 shares, which was 77.46% prior to the reduction [2][3]. - The reduction does not lead to a change in the controlling shareholder or actual controller of the company, nor does it significantly impact the governance structure or future operations of the company [3].

Core Viewpoint - The A-share market saw a collective decline in innovative drug concept stocks, with significant drops in several companies' stock prices, indicating a negative trend in this sector [1]. Group 1: Stock Performance - Changshan Pharmaceutical (300255) experienced a decline of over 19%, with a total market capitalization of 51.7 billion and a year-to-date increase of 181.54% [2]. - Baicheng Pharmaceutical (301096) fell by 7.32%, with a market cap of 6.984 billion and a year-to-date increase of 68.53% [2]. - Baiyang Pharmaceutical (301015) decreased by 7.22%, with a market cap of 13.3 billion and a year-to-date increase of 9.05% [2]. - Other notable declines include: - Bibet-U (688759) down 5.82% with a market cap of 14.3 billion and a year-to-date increase of 79.30% [2]. - Kangchen Pharmaceutical (603590) down 5.81% with a market cap of 7.359 billion and a year-to-date increase of 100.18% [2]. - Kanghong Pharmaceutical (002773) down 5.71% with a market cap of 28.8 billion and a year-to-date increase of 62.53% [2]. - Shanghai Yizhong down 5.48% with a market cap of 11.4 billion and a year-to-date increase of 37.78% [2]. - Guosheng Pharmaceutical (300436) down 5.46% with a market cap of 17.9 billion and a year-to-date increase of 244.35% [2]. - Shenzhou Cell down 5.14% with a market cap of 22.9 billion and a year-to-date increase of 42.06% [2]. - Wanbangde (002082) down 5.07% with a market cap of 8.71 billion and a year-to-date increase of 121.46% [2].

Group 1 - The core viewpoint of the article highlights a collective decline in the A-share market for innovative drug concept stocks, with significant drops in several companies [1] Group 2 - Changshan Pharmaceutical experienced a decline of over 19%, with a total market capitalization of 51.7 billion and a year-to-date increase of 181.54% [2] - Zicheng Pharmaceutical and Baiyang Pharmaceutical both fell by over 7%, with market capitalizations of 6.984 billion and 13.3 billion respectively, and year-to-date increases of 68.53% and 9.05% [2] - Other companies such as Bibete-U, Kangchen Pharmaceutical, and Kanghong Pharmaceutical saw declines exceeding 5%, with market capitalizations of 14.3 billion, 28.8 billion, and respective year-to-date increases of 79.30% and 62.53% [2] - The article also notes that MACD golden cross signals have formed, indicating potential upward momentum for some stocks [1]

青岛百洋医药股份有限公司 简式权益变动报告书 上市公司名称：青岛百洋医药股份有限公司 股票上市地点：深圳证券交易所 股票简称：百洋医药 股票代码：301015 信息披露义务人一：百洋医药集团有限公司 住所/通讯地址：青岛市市北区开封路 88 号 信息披露义务人二：北京百洋诚创医药研发有限公司 住所/通讯地址：北京市门头沟区平安路 20 号院 5 号楼 12 层 1206 室 信息披露义务人三：天津晖桐资产管理合伙企业（有限合伙） 住所/通讯地址：天津市滨海新区中新生态城中成大道以西、中滨大道以南生态 建设公寓 9 号楼 3 层 301 房间-54 信息披露义务人四：天津皓晖资产管理合伙企业（有限合伙） 住所/通讯地址：天津市滨海新区中新生态城中成大道以西、中滨大道以南生态 建设公寓 9 号楼 3 层 301 房间-56 信息披露义务人五：天津晖众资产管理合伙企业（有限合伙） 住所/通讯地址：天津市滨海新区中新生态城中成大道以西、中滨大道以南生态 建设公寓 9 号楼 3 层 301 房间-53 信息披露义务人六：天津慧桐资产管理合伙企业（有限合伙） 住所/通讯地址：天津滨海新区中新生态城中成大道以西、中滨大道以 ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 青岛百洋医药股份有限公司 关于控股股东减持股份触及 5%整数倍 暨披露简式权益变动报告书的提示性公告 控股股东百洋医药集团有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动系青岛百洋医药股份有限公司（以下简称"公司"）控股股 东百洋医药集团有限公司（以下简称"百洋集团"）减持公司股份及被动稀释导 致，不触及要约收购； 2、本次权益变动后，百洋集团及其一致行动人合计持有公司的股份减少至 394,218,110股，占公司总股本的比例减少至75.00%，权益变动比例触及5%的整 数倍； 3、本次权益变动不会导致公司控股股东、实际控制人发生变更，不会对公 司的治理结构及未来持续经营产生重大影响。 近日，公司收到百洋集团出具的《关于减持股份触及 5%整数倍的告知函》 和《简式权益变动报告书》，获悉百 ...

Core Insights - The company reported a revenue of 5.63 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.4%, and a net profit attributable to shareholders of 480 million yuan, down 25.7% year-on-year. In Q3 2025, revenue was 1.88 billion yuan, a quarter-on-quarter decrease of 1.8%, while net profit was 310 million yuan, a quarter-on-quarter increase of 301.0%, indicating significant improvement in Q3 performance [1] Business Performance - The core business of brand operation achieved a revenue of 4.10 billion yuan in the first three quarters of 2025, a slight year-on-year decrease of 0.8%, while wholesale and distribution revenue was 1.21 billion yuan, down 28.9% year-on-year, as the company continues to actively reduce low-margin business scale. Retail business revenue was stable at 300 million yuan, up 2.8% year-on-year [1] - The company is focusing further on brand operation business, with the launch of the new product "Dijiao Sujie" liquid glucosamine calcium in September 2025. This product utilizes a unique formulation technology that combines glucosamine, calcium, and vitamin D3, achieving a biological availability three times that of traditional glucosamine while minimizing gastrointestinal discomfort, making it suitable for long-term use [1] - The new product addresses the needs of middle-aged and elderly populations and those sensitive to swallowing, solving issues related to traditional glucosamine products, and leveraging the brand's advantage as the top domestic imported calcium supplement for nine consecutive years, which is expected to bring new growth momentum [1] Commercialization and Industry Development - The company has successfully signed a contract to introduce ZAP-X into the first precision radiotherapy center at Peking University International Hospital, marking smooth progress in the commercialization of radiotherapy. Additionally, the high-end manufacturing industrialization base in Beijing's airport economic zone is set to be operational by the end of 2025, which will become the global production supply center for ZAP-X, accelerating the domestic production process [2] - The company has established a complete industrial chain layout in the field of tumor precision radiotherapy equipment, covering brain, body, and cardiac radiotherapy scenarios. The self-developed first 4Π intelligent robotic radiotherapy system has entered clinical trials, and the application of stereotactic radiotherapy technology in arrhythmia treatment is expected to create a new model for non-invasive treatment of arrhythmias [2] Profit Forecast and Investment Recommendation - Based on the company's Q3 2025 report, the earnings per share for 2025-2027 are maintained at 0.91, 1.53, and 1.96 yuan respectively. The target price is set at 30.60 yuan based on a 20x PE ratio for 2026, maintaining a "buy" rating [3]