Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - This week, the equity and convertible bond markets remained in a volatile trend. Micro - cap stocks in major stock indices declined significantly, but the convertible bond market showed relative insensitivity. The negative impact of micro - cap stock declines on convertible bonds was less than that in late August and late November. The valuation of convertible bonds fluctuated in tandem with the market. The 100 - yuan premium rate fluctuated around 30%. Structurally, the valuation of the equity - biased area was better than that of the debt - biased area. Despite multiple negative factors, the convertible bond market showed unexpected resilience, likely due to the under - allocation pressure of institutional investors and the consistent expectation of the "Spring Rally" next year. The convertible bond market is expected to have upside potential [4][5]. Summary by Relevant Catalogs 1. Weekly Outlook - The equity and convertible bond markets continued to fluctuate. Micro - cap stocks fell sharply, but convertible bonds were less affected. The convertible bond valuation oscillated, with the 100 - yuan premium rate around 30%. The equity - biased area's valuation was better, and the convertible bond market showed resilience, with potential upside due to institutional under - allocation and "Spring Rally" expectations [4][5]. 2. Convertible Bond Valuation - This week, the underlying stocks declined slightly, and the convertible bond market was roughly flat with volatile valuations. After excluding outliers, the market - wide convertible bond 100 - yuan premium rate was 29.8%, down 0.1% week - on - week, and at the 99.1% percentile since 2017. The equity - biased area's valuation was better than the debt - biased area. The high - parity area's valuation showed resilience. The debt - biased area's valuation was weak but showed structural differentiation. The median convertible bond price was 130.90 yuan, down 0.71 yuan, and the yield to maturity was - 6.56%, unchanged, at the 97.30% and 1.40% percentiles since 2017 respectively [4][6][13]. 3. Clause Tracking 3.1 Redemption - This week, Hugong and Yingbo Convertible Bonds announced redemptions, while Bojun Convertible Bond announced no redemption, with a forced - redemption rate of 67%. There are currently 20 convertible bonds that have issued forced - redemption or maturity - redemption announcements but have not delisted, with a potential conversion or maturity balance of 4.9 billion yuan. There are 22 convertible bonds in the redemption process, 6 are expected to meet redemption conditions next week, 10 are expected to issue potential redemption announcements, and 9 are expected to enter the forced - redemption counting period within the next month [4][18][20]. 3.2 Downward Revision - This week, Bengang, Jinlangzhuan 02, and Hongchuan Convertible Bonds proposed downward revisions. As of now, 107 convertible bonds are in the non - downward - revision period, 20 cannot be revised due to net - asset constraints, 1 has triggered the condition but has not announced, 29 are accumulating downward - revision days, and 5 have issued board proposals for downward revision but have not gone to the shareholders' meeting [4][23]. 3.3 Put Option - This week, Wanqing Convertible Bond issued a conditional put - option announcement, and Huahai Convertible Bond has triggered the put - option clause but has not announced. As of now, 4 convertible bonds are accumulating put - option trigger days, 1 of which proposed a downward revision, and 3 are in the non - downward - revision period [4][25]. 4. Primary Issuance - This week, Aohong, Shenyu, and Tianzhun Convertible Bonds were issued, and Dingjie Convertible Bond will be issued next week. As of now, Puxian, Aohong, Shenyu, and Tianzhun Convertible Bonds have been issued but not listed. There are 5 convertible bonds at the registration - approved stage, with a to - be - issued scale of 5.1 billion yuan, and 9 at the listing - committee - approved stage, with a to - be - issued scale of 10 billion yuan [4][27].

www.hczq.com 证券研究报告 | 医药生物 | 2025年12月13日 华创医药投资观点&研究专题周周谈 · 第154期 2025Q3实体药店市场分析 本周专题联系人：高初蕾 华创医药团队： | 首席分析师 | 郑辰 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 | 朱珂琛 | | 执业编号：S0360524070007 | 邮箱：zhukechen@h ...

Core Viewpoint - The report indicates that Kunming Pharmaceutical Group is experiencing temporary performance pressure due to delayed implementation of centralized procurement and internal channel restructuring, but related businesses are expected to gradually recover with steady progress as the procurement of Xuesaitong series advances and new products are prepared for launch [1] Group 1: Business Performance - Kunming Pharmaceutical Group's performance is under pressure due to factors such as the delayed execution of centralized procurement and internal channel restructuring [1] - The Xuesaitong series procurement is gradually progressing, and the company is deepening its channel restructuring, which is expected to lead to a steady recovery in related businesses [1] Group 2: Strategic Initiatives - The integration of the 777 division with China Resources Shenghuo is accelerating, focusing on deep restructuring based on strategic consensus [1] - The company is enhancing the synergy between its two products, Xuesaitong soft capsules and Luotai Xuesaitong soft capsules, through value chain design and strengthening all-channel coverage [1] Group 3: Market Expansion - The company is accelerating its overseas expansion of Xuesaitong soft capsules, leveraging the opportunity presented by the 16th ASEAN Neurology Biennial Conference to enter the Indonesian market [1] - The company's Sanqi preparations have made a significant step in the ASEAN market [1] Group 4: R&D Progress - Ongoing projects are progressing steadily, including the Class 1 new drug KYAZ01-2011-020 for treating ischemic stroke, which is advancing to Phase II clinical trials [1] - Class 1 new drugs KYAH01-2018-111 for treating non-alcoholic fatty liver and KYAH01-2016-079 for treating solid tumors are currently in Phase I clinical trials [1] - A Class 2 modified new drug, 232, is in the preparatory stage for clinical research [1] - Other generic drug projects and product enhancement initiatives are actively progressing, with some at different stages such as supplementary research and submission of additional materials to the CDE [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][9]. Core Insights - The company is experiencing temporary performance pressure due to delayed implementation of centralized procurement and internal channel restructuring. For the first three quarters of 2025, the company reported revenue of 4.751 billion yuan, a decrease of 18.08%, and a net profit attributable to shareholders of 269 million yuan, down 39.42% [3][4]. - The company is undergoing significant internal reforms, including channel restructuring and model transformation, which are expected to gradually improve business performance as new products are launched and centralized procurement progresses [3][5]. Financial Performance - For the first three quarters of 2025, the gross margin was 39.42%, down 4.40 percentage points, and the net profit margin was 5.67%, down 2.00 percentage points. The company’s operating cash flow net amount was 176 million yuan, a decrease of 52.43% [4]. - The company’s revenue projections for 2025-2027 are 8.247 billion yuan, 9.007 billion yuan, and 9.839 billion yuan, respectively, with net profits of 599 million yuan, 709 million yuan, and 851 million yuan, corresponding to price-to-earnings ratios of 16, 14, and 12 times [9][11]. Business Development - The company is enhancing its channel coverage through the integration of its 777 division with Huaren Shenghuo, focusing on the dual promotion of its blood circulation products. It is also expanding its overseas market presence, particularly in Indonesia, to leverage local clinical research and academic exchanges [5][6]. - Ongoing research projects include a new drug for treating ischemic stroke and several other drugs in various stages of clinical trials, indicating a robust pipeline for future growth [6].

Core Viewpoint - The report highlights the growth of industrial enterprises in Yunnan Province, indicating a positive trend in the industrial sector with a year-on-year increase in the number of enterprises [1]. Group 1: Industrial Enterprises in Yunnan - As of January to October 2025, the number of industrial enterprises in Yunnan Province reached 5,670, an increase of 211 compared to the same period last year, representing a year-on-year growth of 3.87% [1]. - The industrial enterprises in Yunnan account for 1.08% of the total number of industrial enterprises in the country [1]. Group 2: Related Companies - The report mentions several listed companies in Yunnan, including Yun Aluminum Co., Yunnan Copper Co., and others, indicating a diverse industrial landscape [1]. - The companies listed span various sectors, including mining, pharmaceuticals, and energy, reflecting the broad industrial base in Yunnan [1]. Group 3: Research and Consulting - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, known for its in-depth industry research and comprehensive consulting services [1]. - Zhiyan Consulting has been active in the industry research field for over a decade, providing valuable insights and solutions for investment decisions [1].

南方财经12月10日电，昆药集团（600422.SH）公告，公司预计2026年度与关联方发生日常关联交易总 额为7.8亿元，其中向关联方采购商品及接受劳务预计1.8亿元，向关联方销售商品及提供劳务预计6亿 元。交易对方均为受中国华润控制的企业。 ...

Group 1 - The core point of the article is that Kunming Pharmaceutical Group announced a board meeting to discuss the addition of non-independent directors and provided a breakdown of its revenue composition for 2024 [1] - The company's revenue composition for 2024 is as follows: oral formulations account for 43.95%, pharmaceutical wholesale and retail account for 43.51%, injections account for 6.42%, other businesses account for 5.26%, and other categories account for 0.87% [1] - As of the report, Kunming Pharmaceutical Group has a market capitalization of 9.8 billion yuan [1] Group 2 - The article also highlights a significant issue in the pharmaceutical industry regarding the abuse of pregabalin, marking the first reported case of addiction in China, which raises concerns about prescription drug misuse [1] - There are vulnerabilities in online platforms that allow the purchase of medications without proper medical records, indicating a need for regulatory scrutiny [1] - The classification of pregabalin and its potential regulation is still under scientific consideration, reflecting ongoing debates in the industry [1]

昆药集团股份有限公司 独立董事工作制度 （尚需提交公司股东大会审议） 第一章 总 则 第一条 为进一步完善公司法人治理结构，改善董事会成员结构，强化对内部董事及经 理层的约束和监督机制，有效保障全体股东、特别是中小股东合法权益不受损害，促进公 司的规范运作，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立 董事管理办法》《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第 1 号—规范运作》等有关法律、法规、规范性文件和《昆药集团股 份有限公司章程》的要求，公司建立独立董事制度，并制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、实 际控制人不存在直接或间接利害关系，或者其他可能影响其进行独立客观判断的关系的董 事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人的 影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉的义务。独立董事应当按照相关法 律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交易所业 务规则和公司章程的规定，认真履行职责，在董事会中发挥参与决策 ...

昆药集团股份有限公司 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之一提 名，并由董事会选举产生。 第五条 提名委员会设立主任委员（召集人）一名，由独立董事委员担任，负责主持委 员会工作；主任委员在委员内选举，并报请董事会批准产生。当主任委员不能履行职责时， 由其指定一名其他独立董事委员代行职责；当主任委员不履行或者拒绝履行职责，也不指 定其他独立董事委员代行职责时，由董事会指定一名独立董事委员履行主任委员职责。 董事会提名委员会实施细则 （2025 年 12 月修订） 第一章 总 则 第一条 为优化董事会组成，规范昆药集团股份有限公司（以下简称"公司"）董事、 高级管理人员的遴选，完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理 准则》《上市公司独立董事管理办法》《公司章程》及其他有关规定，公司设立董事会提名 委员会，并制定本实施细则。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要负责研究公司董事和高 级管理人员的选择标准和程序，并对拟任公司董事和高级管理人员的人选、选择标准和程 序提出建议。 第二章 人员组成 第三条 提名委员会由董事长等三至五名董事组成， ...

昆药集团股份有限公司 （五）职工工资分配管理权，包括制定工资总额管理办法、明确工资总额决 定机制、动态监测职工工资有关指标执行情况以及统筹推进公司内部收入分配制 度改革； 董事会议事规则 （尚需提交公司股东大会审议） 第一章 总则 第一条 为规范董事会的决策行为，确保董事会高效运作和科学决策，根据 《中华人民共和国公司法》（以下简称"《公司法》"）和《公司章程》，结合公司 实际情况制定本规则。 第二条 公司董事会对股东会负责，在《公司法》《公司章程》和股东会赋予 的职权范围内行使决策权。 公司董事会有中长期发展决策权、经理层成员选聘权、经理层成员业绩考核 权、经理层成员薪酬管理权、职工工资分配管理权、重大财务事项管理权等职权。 （一）中长期发展决策权，包括制定中长期发展规划、制定年度投资计划； （二）经理层成员选聘权，包括制定经理层选聘工作方案、稳妥开展经理层 选聘工作以及推行任期制和契约化管理，坚持科学确定契约目标、规范任期管理、 严格考核退出等基本原则； （三）经理层成员业绩考核权，包括制定经营业绩考核办法、签订年度和任 期经营业绩责任书以及科学合理确定经理层成员业绩考核结果； （四）经理层成员薪酬管理权 ...