第一财经·2025-09-28 11:55Core Viewpoint - After the leadership change, Baiyunshan has initiated its first major strategic investment project by acquiring a significant stake in Nanjing Pharmaceutical, aiming to enhance its position in the pharmaceutical distribution sector [3][5]. Group 1: Investment Details - Baiyunshan's subsidiary, Guangzhou Traditional Chinese Medicine Phase II Fund, plans to invest 749 million yuan to acquire 145 million shares of Nanjing Pharmaceutical, representing 11.04% of its total shares [3][4]. - The acquisition price is set at 5.18 yuan per share, which is approximately 6.15% higher than Nanjing Pharmaceutical's closing price of 4.88 yuan on September 26 [4]. Group 2: Strategic Cooperation - A strategic investment agreement was signed between Baiyunshan, the Phase II Fund, and Nanjing Pharmaceutical, focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine cooperation [6]. - Baiyunshan and Nanjing Pharmaceutical will work together to develop market expansion and channel sharing plans, optimizing supply chain resources and logistics networks [6]. Group 3: Market Position and Trends - Baiyunshan and Nanjing Pharmaceutical rank sixth and seventh, respectively, in the 2024 top 100 pharmaceutical distribution companies in China [7]. - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies holding an 82% market share by 2025 [7]. - This transaction is expected to strengthen Baiyunshan's business collaboration with Nanjing Pharmaceutical, optimize regional industrial layout, and enhance competitive advantages in the pharmaceutical distribution business [7].