华润三九医药股份有限公司 独立董事工作制度 （2025 年 12 月修订） 1 第一章 总则 第一条 为进一步完善公司法人治理结构，充分发挥独立董事在公 司治理中的作用，促进公司规范运作，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司治理准则》《上市公司独立董事管 理办法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》和《华润三九医药股份 有限公司章程》（以下简称《公司章程》）等有关规定，特制定本制度。 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者间接利害关系，或者其他 可能影响其进行独立客观判断关系的董事。 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义务，应当按 照法律、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、深圳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、监督制衡、专业咨询作用，维护公司整体利 益，保护中小股东合法权益。 第四条 ...

华润三九医药股份有限公司 现金理财管理制度 （2025 年 12 月修订） 第一章 总则 第一条 目的 为规范华润三九医药股份有限公司（下称"华润三九" 或"公司"）的现金理财管理，提高资金运作效率，防范现 金理财决策和执行过程中的相关风险，提升公司经济效益， 根据《中华人民共和国公司法》《中华人民共和国证券法》 《企业内部控制基本规范》《华润三九医药股份有限公司章 程》（下称《公司章程》）等相关规定，结合公司实际情况， 特制定本制度。 第二条 定义 现金理财管理是指华润三九以提高资金使用效率和收 益水平为目标，对自有闲置资金通过投资短期银行理财（含 银行非保本浮动收益型理财产品）、银行结构性存款及其他 短期投资和理财工具进行运作和管理，在确保安全性、流动 性的基础上实现现金资产保值增值的过程。 第三条 原则 本制度适用于华润三九及其合并范围内的控股子公司。 第二章 现金理财基本要素 第五条 现金理财的主体 华润三九的现金理财主体为华润三九总部，原则上所有 下属企业不得擅自进行现金理财业务。如下属企业确有现金 理财业务需求，则需履行相应审批流程后方可进行现金理财 业务。 （一）现金理财管理应遵循安全性、流动性 ...

股票代码：000999 股票简称：华润三九 编号：2025—091 华润三九医药股份有限公司 2025 年第七次临时股东会决议公告 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。 重要提示： 1、本次股东会无否决议案。 3、本次股东会由公司董事会召集，董事长邱华伟先生主持。公司董事、监事、部分高 级管理人员及见证律师出席了本次会议。 4、本次股东会的召开符合《公司法》《上市公司股东会规则》《深圳证券交易所股票 上市规则》及《公司章程》等法律、法规及规范性文件的规定。 二、提案审议和表决情况 （一） 表决方式：现场书面表决及网络投票 （二） 表决结果 1、关于 2026 年度日常关联交易预计金额的议案 2、本次股东会不涉及变更前次股东会已通过的决议。 一、会议召开和出席情况 1、华润三九医药股份有限公司 2025 年第七次临时股东会采用现场投票和网络投票相结 合的方式召开。现场会议于 2025 年 12 月 26 日下午 14:30 在华润三九医药工业园综合办公 中心 107 会议室召开。同时，本次股东会通过深圳证券交易所交易系统投票的时间为 2025 年 12 ...

上海市锦天城（深圳）律师事务所 关于 华润三九医药股份有限公司 2025 年第七次临时股东会 之 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 2025 年第七次临时股东会的 法律意见书 致：华润三九医药股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受华润三九医药 股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第七次临时股东 会的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》等有关法律、法规、规章和其他规范性文件以及《华润 三九医药股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具 本法律意见书。 电话：0755-82816698 传真：0755-82816898 邮编：518000 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于华润三九医药股份有限公司 为出具本法律意见书，本所律师对本次股东会所涉及的相关事项进行了必要 的核查和验证，审查了本所律师认为出具本法律意见书所需审查的相关文件、资 料，并现场参加了公司 ...

Investment Rating - The report suggests a positive outlook for the pharmacy and traditional Chinese medicine sectors, anticipating a recovery in 2026 after a weak performance in 2025 [2][5]. Core Insights - The pharmacy sector is expected to benefit from market consolidation, with leading companies likely to increase their market share through mergers and acquisitions during the industry clearing phase [3][11]. - The traditional Chinese medicine sector is projected to stabilize and potentially recover, driven by an increase in flu incidence and the upcoming update of the essential drug list [57][60]. Summary by Sections Pharmacy Sector - **Market Review**: The pharmacy sector faced significant challenges in 2025, with a decline in same-store sales and an overall reduction in the number of operating stores since Q4 2024 [5][20]. - **Policy Environment**: Regulatory measures are promoting a more compliant and healthier industry ecosystem, which is expected to benefit leading companies [14][15]. - **Market Size**: In the first ten months of 2025, the sales scale of physical pharmacies was 501.3 billion yuan, a year-on-year decrease of 1.6%, primarily due to a decline in non-pharmaceutical sales [16][21]. - **Competitive Landscape**: The number of pharmacies in China reached approximately 684,000 by the end of 2024, with a notable increase in store closures, particularly among smaller chains [20][24]. - **Marginal Performance**: There has been a slight recovery in retail sales data, with leading companies showing improved performance through cost reduction and efficiency measures [32][34]. - **Outlook for 2026**: Focus on market consolidation and the development of non-pharmaceutical products is recommended, as leading companies are expected to enhance their market share [44][52]. Traditional Chinese Medicine Sector - **Market Review**: The traditional Chinese medicine sector experienced overall weak performance in 2025, with some companies seeing temporary valuation increases due to innovative pipelines [57][58]. - **In-Hospital Opportunities**: The upcoming update of the essential drug list is expected to benefit companies with products that have the potential to be included [60]. - **Out-of-Hospital Opportunities**: An increase in flu incidence in Q4 2025 is anticipated to aid in inventory digestion, with some companies expected to see improved performance [60]. - **High Dividend Stocks**: Companies such as Lingrui Pharmaceutical, Jichuan Pharmaceutical, and Dong'e Ejiao are highlighted as stable high-dividend investment opportunities [60].

Core Viewpoint - Jiangxi Guangchang County is transforming its ecological resources into economic benefits by implementing sustainable practices and innovative ecological projects, exemplifying the principle of "lucid waters and lush mountains are invaluable assets" [1][4]. Group 1: Ecological Initiatives - Guangchang has established the Jiangxi Fuhe Source Provincial Nature Reserve, covering over 1,075 square kilometers, to protect its ecological environment [1]. - The county has achieved a forest coverage rate of 71.83%, with the nature reserve reaching 85%, and maintains water quality at Class II or above [4][5]. - The implementation of four major ecological projects, including afforestation and pollution control, has significantly improved the local environment [2][4]. Group 2: Economic Development - Guangchang is leveraging its ecological advantages to create economic opportunities, such as producing edible mushrooms using agricultural waste, generating an annual output value exceeding 10 million yuan [5][6]. - The county has developed a diversified "1+N" economic model, integrating various industries, including traditional Chinese medicine and eco-tourism [6][7]. - An ecological asset trading center has been established, facilitating 110 transactions worth 415 million yuan, enhancing the market for ecological products [6][7]. Group 3: Future Plans - Guangchang aims to build a 500,000-acre under-forest economic industrial park, focusing on 100,000 acres of medicinal herb cultivation, targeting a comprehensive output value of 5 billion yuan [8]. - The county is exploring innovative financing methods, such as pledging riverbed sand rights for loans to fund urban restoration projects [7].

Core Insights - The report from Zhongkang Digital Technology Co., Ltd. indicates a significant shift in the pharmaceutical industry from "conceptual trials" to "practical implementation" of AI technologies [1] - Zhongkang Technology has established a comprehensive AI service ecosystem covering the entire industry chain, serving 1,685 clients, including 182 pharmaceutical companies and over 51 hospitals [1] Group 1: AI Implementation in Various Sectors - In marketing, Zhongkang Technology has launched the AI For Marketing Lab, marking a transition to a "trust-driven" marketing era, enhancing ROI visualization and maximization [2] - In the medical sector, the company supports over 510 hospitals with its self-developed "Zhuo Mu Niao Medical Model," which provides evidence-based decision-making tools for complex medical diagnoses [2] - The retail pharmacy sector has seen the deployment of AI systems in over 10,993 pharmacies, transforming operational logic and enhancing professional service capabilities [2] Group 2: Consumer Health Management - Zhongkang Technology has developed an AI system for comprehensive health management, utilizing a user base of over 3 million to provide personalized health interventions and risk warnings [3] - The company focuses on chronic disease and critical illness management, offering medication management and rehabilitation guidance while integrating humanistic care and policy interpretation [3][4] Group 3: Unique Data and Model Capabilities - Zhongkang Technology has transitioned from "data services" to "AI decision-making and intelligent services," creating a unique capability that combines data, models, scenarios, and ecosystems [5] - The company has developed specialized AI models, such as the Zhuo Mu Niao Medical Model, trained on extensive medical literature and knowledge graphs, ensuring high accuracy and relevance [5] - Zhongkang Technology possesses a high-quality data system that spans the entire industry chain, providing deep insights into market trends and patient behaviors [6] Group 4: Industry Challenges and Future Outlook - The pharmaceutical industry is entering a phase of "refined operations," where AI is becoming a fundamental capability rather than a mere vision, addressing challenges like normalized procurement and compliance pressures [7] - Zhongkang Technology aims to establish a "central operating system" for the health industry, integrating the entire value chain and covering all lifecycle application scenarios from prevention to management [7]

Group 1 - The core viewpoint of the article highlights the impressive financial performance of Dong'e Ejiao in the third quarter, with both revenue and profit showing significant growth [1] - In the first three quarters of this year, Dong'e Ejiao achieved a revenue of 4.766 billion yuan, representing a year-on-year increase of 4.41%, and a net profit attributable to shareholders of 1.274 billion yuan, up 10.53% year-on-year [4] - The company has shown a consistent upward trend in revenue and net profit during the tenure of Chairman Cheng Jie, with revenues increasing from 4.042 billion yuan in 2022 to 5.921 billion yuan in 2024 [4] Group 2 - Cheng Jie, who became the chairman of Dong'e Ejiao in 2024, has a strong background in the pharmaceutical industry, having held various positions at China Resources Sanjiu Pharmaceutical and serving as the general manager of Sanofi (Shenzhen) Health Industry [3][4] - Under Cheng Jie's leadership, Dong'e Ejiao's profitability has improved, with the company recording a net profit of 1.557 billion yuan in 2024, reflecting his effective management capabilities [4] - Cheng Jie's compensation increased from 2.804 million yuan in 2022 to 2.661 million yuan in 2023, indicating recognition of his contributions to the company [4]

Market Performance - The Chinese medicine sector rose by 0.35% on December 25, with Wanbangde leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Chinese Medicine Sector - Wanbangde (002082) closed at 13.42, up 10.00% with a trading volume of 221,500 shares and a transaction value of 286 million yuan [1] - ST Changyao (300391) closed at 1.53, up 5.52% with a trading volume of 469,000 shares and a transaction value of 71.61 million yuan [1] - Huasen Pharmaceutical (002907) closed at 15.57, up 4.01% with a trading volume of 62,100 shares and a transaction value of 96.15 million yuan [1] Market Trends and Capital Flow - The Chinese medicine sector experienced a net outflow of 130 million yuan from institutional investors, while retail investors saw a net inflow of 163 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Wanbangde had a net inflow of 30.98 million yuan from institutional investors, but a net outflow of 30.35 million yuan from retail investors [3] - Jiaying Pharmaceutical (002198) saw a net inflow of 16.25 million yuan from institutional investors, while retail investors had a net outflow of 9.67 million yuan [3] - Kangmei Pharmaceutical (600518) experienced a net inflow of 15.73 million yuan from institutional investors, with retail investors withdrawing 4.15 million yuan [3]

Core Viewpoint - The collaboration between Guangxi Shuangyi Pharmaceutical Co., Ltd. and Hubei Jinying Agricultural Development Co., Ltd. aims to enhance the quality and stability of the core raw material, wild chrysanthemum, for Shuangyi's flagship product, Shuangyi Compound Cold Medicine Granules, through standardized planting techniques and a comprehensive supply chain [1][9]. Group 1: Company Collaboration - The visit by Shuangyi's chairman and vice president to Hubei Jinying was focused on exploring the entire supply chain of wild chrysanthemum, including breeding, large-scale cultivation, and processing [1][3]. - Hubei Jinying has established a complete industrial chain for traditional Chinese medicine, with 2,580 acres of medicinal herb cultivation, including 1,030 acres dedicated to wild chrysanthemum [6]. - Shuangyi Pharmaceutical recognizes the advantages of Hubei Jinying's breeding and cultivation techniques, expressing a strong intention to introduce these methods to enhance its own herbal medicine cultivation base [9][11]. Group 2: Product Quality and Market Demand - Wild chrysanthemum is a key ingredient for Shuangyi's products, which include various cold and cough remedies, indicating a significant market demand for this raw material [8]. - The use of Hubei's wild chrysanthemum not only improves the efficacy of Shuangyi's products but also strengthens its competitive edge in the market [9]. - Shuangyi emphasizes its commitment to using authentic medicinal materials, which is crucial for maintaining product quality, especially in light of the recent increase in influenza cases [13]. Group 3: Future Cooperation and Development - The visit established a communication bridge for future collaboration, with both companies aiming to explore new cooperation models that promote resource sharing and complementary advantages [15]. - The partnership is expected to contribute to the high-quality development of the traditional Chinese medicine industry and support rural revitalization efforts [15].