白云山产品接续采购拟中选，子公司获生产许可变更

Company Developments - Baiyunshan announced that its subsidiary Tianxin Pharmaceutical and Baiyunshan Pharmaceutical Factory plan to participate in the national drug procurement for 24 products, with projected sales revenue of 798 million yuan in 2024, accounting for 1.06% of the company's revenue, and 550 million yuan in the first three quarters of 2025, accounting for 0.89% [2] - Baiyunshan's subsidiaries, Guangzhou Baiyunshan Qixing Pharmaceutical Co., Ltd. and Guangzhou Baiyunshan Mingxing Pharmaceutical Co., Ltd., received production license changes from the Guangdong Provincial Drug Administration to enhance production capacity and efficiency, although no significant financial impact is expected in the current period [3] Product Development - Baiyunshan's subsidiary Guangzhou Baiyunshan Xingqun Pharmaceutical Co., Ltd. has successfully passed the consistency evaluation of quality and efficacy for its Alfacalcidol soft capsules, which are used to treat calcium metabolism disorders [4] Financial Movements - Morgan Stanley increased its stake in Baiyunshan H-shares by 360,600 shares at approximately 18.85 HKD per share on January 30, raising its ownership to 9.12% [5] - The company reported a year-on-year increase in revenue and net profit in its Q3 2025 report, emphasizing its ongoing dividend policy and capital operations [5]