股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 國藥控股股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01099 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,341,810,740 | RMB | | 1 | RMB | | 1,341,810,740 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,341,810,740 | RMB | | 1 | RMB | | 1,341,810,740 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Group 1 - Pacific Securities (601099) experienced a significant surge, hitting the daily limit up, with other securities firms like Huayin Securities (002945), Guosheng Jinkong (002670), and Xinda Securities (601059) also rising [1] - Huatai Securities' research report indicated that since the beginning of the year, the equity market has been on an upward trend, but the brokerage index has not recovered as much as the broader market, with large brokerages still valued at historically low levels [3] - The report highlighted that the current yield on equity assets is steadily increasing, with stock trading volumes and margin financing continuing to break through, indicating a strong recovery phase for brokerage operations [3] Group 2 - In addition to the securities sector, bank stocks also showed strength, with Agricultural Bank rising over 2% and Postal Savings Bank (601658) increasing by over 1% [4] - The pet economy concept stocks surged in the afternoon, with Yiyi Co. (001206) hitting the daily limit up, and other companies like Jieya Co. (301108) and Tianyuan Pet (301335) rising over 10% [4] - Renewable energy sectors such as photovoltaic and energy storage continued to perform well, with Shangneng Electric (300827) reaching a 20% limit up, and companies like JinkoSolar (002459) also hitting the daily limit [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 公告 國藥一致截至 2025 年 6 月 30 日止六個月之 主要未經審核會計數據和財務指標 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.09 條及證券及期貨條例（香港法例第 571 章）第 XIVA 部刊發。 茲提述國藥控股股份有限公司（「本公司」）於 2025 年 8 月 29 日刊發之海外監管公告（「該公 告」），內容有關本公司附屬公司國藥集團一致藥業股份有限公司（「國藥一致」，其 A 股及 B 股在深圳證券交易所上市（A 股股票代碼：000028 及 B 股股票代碼：200028））之 2025 年半年度 報告。 本公司董事會謹此提醒股東及公眾投資者注意以下於該公告內載列之國藥一致截至 2025 年 6 月 30 日止六個月之主要未經審核會計數據和財務指標。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 茲載列國藥控股股份有限公司旗下一間 A 股及 B 股於深圳證券交易所上市的附屬公司，國藥集 團一致藥業股份有限公司，在深圳證券交易所網站刊登的《國藥集團一致藥業股份有限公司 2025 年半年度報告》，僅供參閱。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 2025 年 8 月 29 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 海外監管公告 國藥集團一致藥業股份有限公司 2025 年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 ...

Core Viewpoint - The company reported its 1H25 performance, which met expectations, with a slight decline in revenue and net profit compared to the previous year [1][2]. Group 1: Financial Performance - The company's total revenue for 1H25 was 286.04 billion RMB, a year-on-year decrease of 2.95% [1]. - The net profit attributable to shareholders was 3.47 billion RMB, down 6.43% year-on-year, resulting in an earnings per share of 1.11 RMB [1]. - The pharmaceutical distribution revenue was 218.53 billion RMB, a decline of 3.52% year-on-year, primarily due to the ongoing expansion of centralized procurement policies [1]. - The medical device distribution revenue was 57.05 billion RMB, down 2.46% year-on-year, influenced by price reductions from centralized procurement [1]. Group 2: Business Segments - The pharmaceutical retail revenue increased to 17.16 billion RMB, reflecting a year-on-year growth of 3.65%, with an improved operating profit margin of 2.68% [2]. - The number of Guoda Pharmacy stores decreased to 8,591, with a net reduction of 978 stores compared to the end of 2024, but the number of loss-making stores significantly declined [2]. - The company aims to enhance growth through a dual-brand strategy focusing on professional pharmacies and Guoda pharmacies [2]. Group 3: Profitability and Cost Structure - The overall gross margin for 1H25 was 7.11%, down 0.33 percentage points year-on-year, attributed to a slight decrease in the proportion of high-margin businesses [2]. - The sales expense ratio was 2.74%, a decrease of 0.13 percentage points year-on-year, while the management expense ratio was 1.28%, down 0.05 percentage points [2]. Group 4: Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 7.48 billion RMB and 7.93 billion RMB, respectively, both reflecting a 6.0% year-on-year growth [3]. - The current stock price corresponds to a price-to-earnings ratio of 7.4 times for 2025 and 6.9 times for 2026, with a target price of 24.7 HKD, indicating a potential upside of 27.2% [3].

Core Viewpoint - CICC maintains an "outperform" rating for China National Pharmaceutical Group (01099) with a target price of HKD 24.7, indicating a potential upside of 27.2% based on projected earnings multiples for 2025 and 2026 [2] Financial Performance - For the first half of 2025, the company reported revenue of RMB 286.04 billion, a decrease of 2.95% year-on-year, and a net profit of RMB 3.466 billion, down 6.43% year-on-year, with earnings per share of RMB 1.11, aligning with CICC's expectations [2] - The net profit forecasts for 2025 and 2026 are RMB 7.475 billion and RMB 7.926 billion, respectively, both reflecting a year-on-year growth of 6.0% [2] Business Segments - **Pharmaceutical Distribution**: Revenue for pharmaceutical distribution in 1H25 was RMB 218.53 billion, down 3.52% year-on-year, with an operating profit margin of 2.58%, a decrease of 0.17 percentage points due to ongoing industry challenges [3] - **Medical Device Distribution**: Revenue for medical device distribution was RMB 57.05 billion, down 2.46% year-on-year, with an operating profit margin of 1.92%, a decline of 0.33 percentage points, impacted by price reductions from centralized procurement [3] - **Retail Pharmacy**: Retail revenue increased by 3.65% year-on-year to RMB 17.16 billion, with an operating profit margin of 2.68%, up 1.13 percentage points, benefiting from revenue growth and cost reduction strategies [4] Operational Metrics - The overall gross margin for 1H25 was 7.11%, down 0.33 percentage points, primarily due to a slight decrease in the proportion of high-margin businesses [5] - The sales expense ratio was 2.74%, down 0.13 percentage points, while the management expense ratio was 1.28%, down 0.05 percentage points, and the financial expense ratio was 0.35%, down 0.02 percentage points [5] Strategic Outlook - The company aims to strengthen its market leadership through differentiated regional business strategies and optimization of its business structure [3] - The dual-brand strategy focusing on professional pharmacies and Guoda pharmacies is expected to drive high-quality growth [4]

Core Viewpoint - The report from CICC maintains the net profit forecast for China National Pharmaceutical Group (01099) at RMB 7.475 billion and RMB 7.926 billion for 2025 and 2026 respectively, reflecting a year-on-year growth of 6.0% for both years [1] Group 1: Financial Performance - For the first half of 2025, the company reported operating revenue of RMB 286.043 billion, a decrease of 2.95% year-on-year, and a net profit attributable to shareholders of RMB 3.466 billion, down 6.43% year-on-year, resulting in earnings per share of RMB 1.11, which aligns with CICC's expectations [1] - The company's pharmaceutical distribution revenue for 1H25 was RMB 218.527 billion, a decline of 3.52% year-on-year, primarily due to the ongoing expansion of centralized procurement and national negotiations [2] - The medical device distribution revenue for 1H25 was RMB 57.053 billion, down 2.46% year-on-year, influenced by proactive business governance strategies and price reductions in centralized procurement products [2] Group 2: Profitability and Margins - The overall gross margin for the first half of 2025 was 7.11%, a decrease of 0.33 percentage points year-on-year, mainly due to a slight decline in the proportion of high-margin businesses [4] - The operating profit margin for the pharmaceutical retail business increased by 1.13 percentage points to 2.68% in 1H25, benefiting from revenue growth, network optimization strategies, and significant cost reductions [3] Group 3: Business Strategy and Outlook - The company aims to consolidate its leading position in the industry by advancing a differentiated regional business development strategy and accelerating business structure optimization [2] - The company is expected to achieve high-quality growth through the continuous deepening of its "dual-brand" strategy involving professional pharmacies and Guoda pharmacies [3]

为反映带量采购扩张对药品及医疗器械业务的影响，该行将2025至27年收入预测下调1.6%至1.7%，盈 利预测下调3.1%、2.9%及2.8%；目标价由22.2港元微升至23港元，重申"买入"评级。 美银证券发表研报指，国药控股上半年总收入按年跌2.9%至2860亿元，毛利率由去年同期的7.4%降至 7.1%，归属股东净利润按年下降6.4%至35亿元。至于次季，总收入按年跌2.1%、按季升1.9%至1444亿 元，归属股东净利润按年跌12%至20亿元。 ...

Core Viewpoint - Despite facing short-term pressures from regional healthcare fund challenges and the expansion of volume-based procurement, the management of China National Pharmaceutical Group (Sinopharm) remains optimistic about the long-term development of the industry [1] Group 1: Management Outlook - Management anticipates a potential turning point starting in the second half of this year due to rapid growth in sales of innovative drugs and medical devices, increased market share driven by professional services, and a relatively low base from the second half of last year [1] Group 2: Financial Forecast Adjustments - The revenue forecasts for 2025, 2026, and 2027 have been reduced by 8%, 9%, and 11% respectively [1] - The net profit forecasts for the same years have been adjusted downwards by 12%, 11%, and 11% respectively [1] - The target price has been slightly decreased from HKD 23.8 to HKD 22.7, while maintaining a "Buy" rating [1]

美银证券发布研报称，国药控股(01099)上半年总收入同比跌2.9%至2,860亿元人民币(下同)，毛利率由 去年同期的7.4%降至7.1%，归属股东净利润同比下降6.4%至35亿元。至于次季，总收入同比跌2.1%、 按季升1.9%至1,444亿元，归属股东净利润同比跌12%至20亿元。为反映带量采购扩张对药品及医疗器 械业务的影响，该行将2025至27年收入预测下调1.6%至1.7%，盈利预测下调3.1%、2.9%及2.8%。目标 价由22.2港元升至23元，重申"买入"评级。 ...