关于召开 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 昆药集团股份有限公司（以下简称"公司"）已于2025年4月29日发布公司2025年第一季度 报告，为便于广大投资者更全面深入地了解公司2025年第一季度经营成果、财务状况，公司 计划于2025年5月30日下午14:00-15:00举行2025年第一季度网上业绩说明会，就投资者关心的 问题进行交流。 本次业绩说明会以网络互动方式召开，公司将针对2025年第一季度的经营成果及财务指 标等具体情况与投资者进行交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题 进行回答。 一、 说明会类型 证券代码：600422 证券简称：昆药集团 公告编号：2025-030 号 昆药集团股份有限公司 二、 说明会召开的时间、方式 召开时间：2025年5月30日（星期五）下午14:00-15:00。 召开地点：上证路演中心 召开方式：上证路演中心网络互动 三、 参加人员 公司副董事长兼总裁颜炜先生、财务总监孙志强先生、副总裁兼董事会秘 ...

Group 1 - The core viewpoint of the articles highlights the rising popularity and market performance of traditional Chinese medicine (TCM) and related ETFs, driven by increasing health awareness among consumers and supportive government policies [1][2]. - The 中证中药指数 (CSI TCM Index) has shown a positive trend, with a 0.77% increase as of May 21, 2025, and significant growth in its constituent stocks, such as 红日药业 (Hongri Pharmaceutical) up by 6.41% [1]. - The 中药ETF (TCM ETF) has also performed well, with a 0.92% increase and a cumulative rise of 4.44% since May, indicating strong investor interest and market engagement [1]. Group 2 - The report from 国泰君安 (Guotai Junan) emphasizes that strong policy support is expected to drive high-quality development in the TCM sector, benefiting leading companies with resources, technology, and brand advantages [2]. - The CSI TCM Index includes major TCM companies, with the top ten stocks accounting for 55.71% of the index, indicating a concentrated market structure [2].

Core Viewpoint - On May 19, 39 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kun Pharmaceutical Group, Yongxi Electronics, and Taotao Vehicle, reflecting significant growth potential in the traditional Chinese medicine, semiconductor, and motorcycle industries respectively [1][2]. Group 1: Target Price Increases - Kun Pharmaceutical Group saw a target price increase of 55.14%, with a latest rating of "Buy" from Huatai Financial Holdings (Hong Kong) [2]. - Yongxi Electronics experienced a target price increase of 47.45%, rated "Buy" by CITIC Securities [2]. - Taotao Vehicle's target price rose by 46.25%, also rated "Buy" by Huatai Financial Holdings (Hong Kong) [2]. Group 2: Brokerage Recommendations - A total of 86 listed companies received brokerage recommendations on May 19, with Tongwei Co. receiving recommendations from 4 brokerages, and Huasheng Group and Kunlun Wanwei each receiving 2 recommendations [2]. - The highest number of recommendations indicates strong interest and confidence in these companies within their respective sectors [2]. Group 3: Rating Adjustments - On May 19, there was one upgrade in ratings, with Huachuang Securities raising the rating for Tianwei Food from "Recommended" to "Strongly Recommended" [3]. - There were two downgrades, including Huachuang Securities lowering the rating for BioShares from "Strongly Recommended" to "Recommended," and Huatai Securities downgrading Tongwei Co. from "Buy" to "Increase" [3]. Group 4: First-Time Coverage - On May 19, 12 companies received first-time coverage, including Semir Apparel and Bright Dairy, which were rated "Increase" by Industrial Securities [4]. - Other companies like Wens Foodstuffs received a "Buy" rating, indicating a positive outlook for these newly covered firms [4].

Group 1 - The core viewpoint of the article highlights the decline of the artemisinin concept sector, which fell by 0.82%, ranking among the top declines in the concept sector [1][2] - Within the artemisinin concept sector, major companies such as Rundu Co., Zhejiang Medicine, and Kunming Pharmaceutical experienced significant declines, while only two stocks, Delong Huineng and Baiyunshan, saw increases of 1.06% and 0.37% respectively [1][2] - The article provides a detailed overview of the capital flow, indicating a net outflow of 58 million yuan from the artemisinin concept sector, with Rundu Co. leading the outflow at 43.43 million yuan [2] Group 2 - The article lists the top-performing concept sectors, with the military equipment restructuring concept leading with a gain of 3.92%, while the artemisinin concept was among the worst performers [2] - A table is provided showing the capital flow for various companies within the artemisinin concept, detailing their respective price changes and turnover rates, with Rundu Co. showing a significant outflow [2]

Core Viewpoint - The "2024 Annual Online Collective Reception Day for Investors of Yunnan Listed Companies" successfully concluded, serving as a significant platform for communication between listed companies and investors [1][3]. Group 1: Event Overview - The event was guided by the Yunnan Securities Regulatory Bureau and hosted by the Yunnan Listed Companies Association, with participation from 38 A-share listed companies [1][3]. - Key executives, including chairpersons, general managers, and financial directors, attended to engage with investors [3]. - The event is part of a broader initiative to enhance investor education and protection in the Yunnan region [4]. Group 2: Company Performance - In 2024, Yunnan's A-share listed companies achieved total revenue exceeding 600 billion yuan and a net profit of approximately 30.3 billion yuan, both showing positive year-on-year growth [5]. - The information disclosure standards of Yunnan listed companies have improved, with six companies receiving the "New Fortune Gold Medal Secretary" award, marking the best performance in the region's history [5]. - Companies in Yunnan are increasingly focusing on market capitalization management, demonstrating confidence in their own development and the stability of the capital market [5].

Group 1 - The company is undergoing a critical transformation period in Q1 2025, facing sales pressure due to multiple factors including the nationwide expansion of traditional Chinese medicine procurement and retail pharmacy integration [1] - In Q2, the company plans to leverage the execution of new procurement standards to enhance terminal development coverage and manage market uncertainties effectively [1] - The company is integrating its existing channels with Sanjiu's resources to expand product coverage and optimize cooperation with distributors, aiming to build an efficient product distribution network [1] Group 2 - The company focuses on the full industry chain of Sanqi, building brand recognition around "Sanqi is 777" and enhancing its core value through a consumer service system [2] - The brand employs a dual-driven model of "medical + retail," actively promoting its products in medical institutions and enhancing academic construction based on RCT clinical research [2] - The company is open to various new product development models, including independent research, product introduction, and potential acquisitions, while also advancing international certification and market expansion for its Artemisinin series [2]

Core Viewpoint - The company, Tibet Lizhongyuan Biotechnology Co., Ltd., is modernizing traditional Tibetan medicine through advanced technology and global perspectives, as part of Kunming Pharmaceutical Group's strategic layout [1] Group 1: Technological Empowerment - The company has established a leading Tibetan medicine research and development center in Lhasa Economic and Technological Development Zone, utilizing cutting-edge technologies such as supercritical extraction and nano-formulations to uncover the active ingredients of high-altitude medicinal materials like Rhodiola and Cordyceps [2] - The traditional Tibetan medicine preparation process "Zuo Tai" has been standardized, leading to the development of products targeting bone and joint diseases and immune regulation, revitalizing ancient Tibetan medicine [2] - The proprietary "Tibetan Medicine Compound Intelligent Matching System" has been patented, integrating the wisdom of the "Four Medical Classics" with digital technology [2] Group 2: Quality Assurance and Market Expansion - The company emphasizes quality as its lifeline, adhering to the principle of "origin is the way," establishing GAP-certified planting bases at altitudes above 4,000 meters to control the quality of medicinal materials from the source [3] - Through the "Tibetan Medicine + Health" strategy, the company has launched lightweight products such as health teas and medicinal skincare products, successfully entering the young consumer market [3] - As of 2024, the core product "Snow Domain Bone Treasure" series has achieved a market share of 12% in the national orthopedic medication market, becoming one of the top three recommended products by doctors, showcasing the company's strong market influence and consumer trust [3]

Core Viewpoint - The Gates Foundation aims to be a stable support force amid global challenges, particularly as many governments, including the U.S. and Europe, are cutting international aid, which threatens the health and lives of children in the least developed countries [1][3]. Group 1: Criticism of Government Aid Cuts - Bill Gates criticized Elon Musk for significantly reducing U.S. foreign aid while leading the "Government Efficiency Office," which he claims endangers the lives of millions of children [1][3]. - The U.S. has historically been the largest donor to global health initiatives, but under Trump's administration, many aid programs, including global health, were cut, exacerbating funding shortages in the sector [1][4]. Group 2: Gates Foundation's Commitment - Gates announced plans to donate 99% of his wealth, approximately $1.08 billion, to the Gates Foundation over the next 20 years, with a focus on global health [3][5]. - The foundation's budget for this year reached a record $8.74 billion, with expectations to grow to $9 billion next year, aiming to fill the gap left by reduced government funding [3][4]. Group 3: Historical Context and Impact - The Gates Foundation was established in 2000, initially focusing on global health after Gates was inspired by an article highlighting the dangers of contaminated water in developing countries [5][6]. - The foundation has played a crucial role in global health governance, notably through initiatives like the Global Vaccine Alliance (Gavi), which has vaccinated over 1 billion children and prevented more than 18 million deaths [5][6]. Group 4: Future Goals and Collaborations - The foundation's strategy remains focused on three core goals, including ending preventable maternal and child deaths, with significant contributions from Chinese partners in malaria treatment innovations [6]. - Recent developments include the pre-certification of malaria rapid diagnostic tests and artemisinin-based drugs, which will enhance global public health supply stability [6].

届时公司财务总监孙志强先生，副总裁、董事会秘书张梦珣女士和证券事务代表 董雨女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和可持续发 展等投资者关心的问题，与投资者进行沟通和交流，欢迎广大投资者踊跃参与! 特此公告。 证券代码：600422 证券简称：昆药集团 公告编号：2025-029号 昆药集团股份有限公司董事会 昆药集团股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流工作，昆药集团股份有限公司（以下简称"公 司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有限公司联 合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"主题活动，现将有关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与公 司本次投资者集体接待日活动，活动时间为 20 ...

Investment Rating - The report maintains a rating of "Buy" for the industry, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][50]. Core Viewpoints - The report emphasizes that the industry is expected to see a bottoming out and gradual improvement, with a continued focus on innovation and AI as key growth drivers. The performance of the pharmaceutical sector has shown resilience, with a year-to-date return of 1.2%, outperforming the Shanghai Composite Index by 3.4% [7][12]. - The report suggests that the innovation trend in pharmaceuticals is likely to persist, with specific recommendations for companies such as Changchun High-tech, Sanofi, and Betta Pharmaceuticals, among others [7][12]. - The report highlights the potential of AI in pharmaceuticals and healthcare, indicating that this sector is just beginning to unfold, with opportunities in drug development, diagnostic assistance, and chronic disease management [8][13]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 498 listed companies with a total market capitalization of 62,240.01 billion yuan and a circulating market value of 55,873.42 billion yuan [2][5]. Market Performance - The report notes that the Shanghai Composite Index rose by 2.00% while the pharmaceutical sector increased by 1.01%, ranking 26th among 31 sub-industries. Various sub-sectors, including medical devices and traditional Chinese medicine, also experienced gains [7][12]. Investment Opportunities - The report identifies several key areas for investment: 1. **Innovation Growth**: Focus on innovative drugs with strong technological attributes and ongoing policy support [7][12]. 2. **AI in Healthcare**: Emphasizing the emerging opportunities driven by AI in diagnostics and drug research [8][13]. 3. **Recovery in Distressed Sectors**: Highlighting potential recovery in CRO&CDMO and specialty raw materials due to improved industry policies and global order recovery [8][13]. Key Company Recommendations - The report recommends a focus on companies such as: - Changchun High-tech - Sanofi - Betta Pharmaceuticals - WuXi AppTec - Daan Diagnostics - Others in the AI and healthcare sectors [7][8][12][13].