Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail pharmacy sector has passed its low point and is gradually entering an industry consolidation phase, with performance recovery underway. The pressure on small and medium-sized pharmacies is increasing, leading to a rise in concentration among leading enterprises, supported by potential growth from policy recovery [4][10] - The pharmaceutical distribution market is expanding, and industry concentration is expected to increase, with a focus on improving the operational quality of leading companies. The implementation of the two-invoice system is shortening the drug distribution chain, benefiting leading enterprises with upstream and downstream resource advantages [4][10] Summary by Sections Retail Pharmacies - The number of retail pharmacies in China showed negative growth in Q4 2024, marking a turning point as the industry enters a "market consolidation phase." The number of closed pharmacies in 2024 was 6,778 in Q1, 8,791 in Q2, 9,545 in Q3, and 14,114 in Q4, with net additions of 9,257, 6,322, 2,847, and -3,395 respectively [10][11] - The performance of retail pharmacies is expected to stabilize and recover due to improved compliance operations and refined management practices, alongside seasonal disease outbreaks and new pricing policies [4][11] - Policies supporting the inclusion of retail pharmacies in outpatient management are expected to enhance their role in the healthcare system, facilitating prescription flow and increasing foot traffic to physical pharmacies [4][10][11] Pharmaceutical Distribution - The pharmaceutical distribution market is expected to grow, with leading companies benefiting from scale and operational quality improvements. The "4+N" competitive landscape is deepening, and the market size is expanding due to increased shares of retail pharmacies and grassroots medical terminals [4][10] - The use of AI technology and CSO services is expected to enhance the competitive edge of leading companies, reinforcing the trend of "the strong getting stronger" [4][10] Recommended and Beneficiary Stocks - Recommended stocks include Yifeng Pharmacy, Lao Bai Xing, and Jian Zhi Jia, while beneficiary stocks include Da Shen Lin, Yi Xin Tang, and Shu Yu Ping Min [4][15]

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2025-042 | | --- | --- | | 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 关于实施 2024 年度权益分派期间百洋转债暂停转股的公告 青岛百洋医药股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过了《关于 2024 年度利润分配预案的议案》。近 日，公司将根据相关决议实施 2024 年度权益分派。 根据《青岛百洋医药股份有限公司创业板向不特定对象发行可转换公司债券 募集说明书》中"转股价格的调整方式及计算方式"条款（详见附件）等相关规 定，自 2025 年 5 月 16 日至 2024 年度权益分派股权登记日期间"百洋转债"暂 停转股，自 2024 年度权益分派股权登记日后的第一个交易日起"百洋转债"恢 复转股。 在上述暂停转股期间，"百洋转债"正常交易，敬请各位债券持有人留意。 特此公告。 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。 特别提示： 1、债券代码：123194 债券简称 ...

证券代码：301015 证券简称：百洋医药 公告编号：2025-043 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、股东股份质押的基本情况 青岛百洋医药股份有限公司（以下简称"公司"）近日接到公司控股股东百洋 医药集团有限公司函告，获悉其所持有本公司的部分股份办理了质押，具体事项 如下： | 股东 | | 是否为控 股股东或 第一大股 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否为 | 是否 为补 | 质押 | | 质押 | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 数量（股） | | | 限售股 | 充质 | 起始日 | | 到期日 | | 质权人 | 用途 | | | | 东及其一 致行动人 | | 比例 | 比例 | | 押 | | | | | | | | 百洋医药 集团有限 | | 是 | 11,810,000 | ...

北京市天元律师事务所 关于青岛百洋医药股份有限公司 2024 年年度股东大会的 法律意见 京天股字（2025）第 184 号 致：青岛百洋医药股份有限公司 青岛百洋医药股份有限公司（以下简称"公司"）2024 年年度股东大会（以下 简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其中现场会 议于 2025 年 5 月 14 日 14：00 在山东省青岛市市北区桐柏路 88 号 1 号楼青岛百 洋医药股份有限公司会议室召开。北京市天元律师事务所（以下简称"本所"）接 受公司聘任，指派本所律师出席本次股东大会并进行见证，并根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上市公司股东会规则（2025 修订）》（以下简称"《股东会规则》"）以及 《青岛百洋医药股份有限公司章程》（以下简称"《公司章程》"）等有关规定，就 本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议 表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《青岛百洋医药股份有限公司第三届董 事会第三十一次会议决议公告》《青岛百洋医 ...

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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 | 证券代码：301015 | 证券简称：百洋医药 公告编号：2025-041 | | --- | --- | | 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 2024 年年度股东大会决议公告 本次会议的各项程序符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 （二）会议出席情况 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： （1）现场会议召开时间：2025年5月14日（星期三）14:00 （2）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时间为： 2025年5月14日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交易所互 联网投票系统投票的时间为：2025年5月14日9:15—15:00。 2.召开地点：山东省青岛市市北区桐柏路88号1号楼青岛百洋医药股份有限公 司会议室 3.召开方式：本次股东大会采用 ...

Group 1: Financial Performance - The company's net profit decreased by 54.36% in Q1 due to inventory write-downs related to the brand Paclitaxel polymer micelles [13] - The company aims to stabilize and grow profits in Q2 through maintaining the growth of core brands and increasing online channel contributions [3][11] - The company's sales expenses are expected to rise due to enhanced market promotion and the introduction of innovative medical devices [3][4] Group 2: Stock Performance and Investor Confidence - The company's stock has dropped nearly 40% over the past year, raising concerns among investors about its stability [3] - The controlling shareholder has ceased any plans for stock reduction, aiming to restore investor confidence [15][32] - The company is implementing a market value management system to address long-term low stock prices [7] Group 3: Product Development and Market Strategy - The company is currently commercializing the Zap-X Mars surgical robot and has plans for further product introductions in the medical device sector [6][12] - The company has a diverse product portfolio, including artificial hearts and advanced imaging devices, which are expected to contribute to revenue growth [29][31] - The company will not adjust the conversion price of its convertible bonds, maintaining its current strategy [8] Group 4: Debt and Financial Structure - The company's debt ratio stands at 63.38%, an increase of 11.99% from the previous year, prompting discussions on debt reduction strategies [8] - The company has a pledge ratio of 35.98%, which is considered manageable and primarily linked to the major shareholder's operational arrangements [16]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that the pharmaceutical distribution sector is under pressure but is expected to see a recovery in profitability [3][6] - The report emphasizes the importance of new business models such as CSO and health device distribution, which are anticipated to support revenue growth [7] Summary by Sections Market Review - From January 1, 2025, to May 8, 2025, the pharmaceutical distribution index declined by 2.44%, underperforming the pharmaceutical and biotechnology index by 3.73 percentage points [4] - The market capitalization of pharmaceutical distribution in Q1 2025 was 1.5 billion, accounting for 0.05% of the total A-share fund holdings, showing a decrease from the previous quarter [4][20] Financial Analysis - Revenue growth for 2024 is projected at an average of 0.52%, a significant decline of 9.04 percentage points year-on-year. Major companies like China National Pharmaceutical and China Medicine are expected to experience negative growth [5][24] - In Q1 2025, the average revenue growth rate for key companies in pharmaceutical distribution was -0.11%, but this represents an improvement of 1.31 percentage points year-on-year [5][24] - The average net profit growth rate for key companies in Q1 2025 was 4.83%, an increase of 13.95 percentage points compared to the previous year [29][40] - The average gross profit margin for Q1 2025 was 8.33%, down 0.32 percentage points year-on-year, continuing a downward trend influenced by centralized procurement and drug pricing policies [32][40] Investment Recommendations - The report recommends focusing on leading companies in the pharmaceutical distribution sector, particularly those with strong capabilities in hospital payment recovery and innovative distribution channels. Key recommendations include Shanghai Pharmaceuticals, Jiuzhoutong, Baiyang Pharmaceuticals, and Zhongyao Holdings, with a watch on China National Pharmaceutical, Guoyao Holdings, and Liuyao Group [7][55]

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2025-040 | | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | 2025 年 5 月 7 日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP， 参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。届时公 司董事长兼总经理付钢先生、财务总监兼董事会秘书李震先生、独立董事郝先经 先生将以在线交流形式就公司治理、发展战略、经营状况、融资计划、股权激励 和可持续发展等投资者关注的问题与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！特此公告！ 青岛百洋医药股份有限公司 董事会 青岛百洋医药股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日暨 2024 年度业绩说明会活动的公告 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。 为进一步加强与投资者的互动交流，青岛百洋医药股份有限公司（以下简称 ...

Core Viewpoint - The impact of the U.S. "reciprocal tariffs" on Chinese pharmaceutical companies is limited, with many companies reporting normal operations and minimal effects on their business [1][2][4][7][12]. Group 1: Company Responses - Heng Rui Pharmaceutical reported that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs have a minimal impact on its business [1]. - Han Yu Pharmaceutical stated that it has a diversified market presence across North America, Asia, Europe, and South America, which mitigates risks from single market policy changes [2]. - Bai Yang Pharmaceutical noted that its supply chain is globally diversified, and the impact of tariffs is minimal [3]. - WuXi AppTec acknowledged that tariffs will have some impact but emphasized their optimized supply chain and management practices to minimize effects [4]. - Kangtai Biological confirmed that it has no products exported to the U.S. and is focusing on markets along the Belt and Road [5]. Group 2: Industry Trends - The medical device industry in China is rapidly developing, with companies like Mindray Medical actively seeking alternatives for U.S. imported raw materials [5]. - Companies are increasingly focusing on domestic production and local supply chains to counteract potential tariff impacts [6][8]. - The vaccine industry in China is evolving, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology [8][9]. - The overall sentiment among Chinese pharmaceutical companies is that the current tariff situation presents an opportunity for domestic substitution and innovation [10][12].

Core Viewpoint - The impact of the U.S. tariff policy on Chinese pharmaceutical companies is relatively limited, with many companies reporting normal operations and minimal effects from the tariffs [1][2][3][4][5]. Company Responses - Heng Rui Pharmaceutical stated that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs will have a minimal impact on its business [1]. - Han Yu Pharmaceutical emphasized its diversified market layout, which mitigates risks from single market policy changes, and reported no significant impact from the tariffs [2]. - WuXi AppTec acknowledged that tariffs would have some effect but deemed it manageable, highlighting their optimized supply chain and global presence [3]. - Kang Tai Biological reported no exports to the U.S. and is focusing on markets along the Belt and Road, indicating a strategic shift to other regions [4]. - Mindray Medical confirmed that while some raw materials are imported from the U.S., they are taking measures to ensure supply safety and view the tariff impact as a one-time issue [4]. Industry Trends - The Chinese vaccine industry is rapidly developing, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology, focusing on domestic innovation [6][7]. - The overall sentiment among companies is that the tariff policy presents an opportunity for domestic product substitution, with many firms prepared to adapt to changing market conditions [5][8]. - Companies are increasingly focusing on technological innovation and expanding into emerging markets to counteract potential supply chain disruptions caused by tariffs [5][6][7].