证券代码：600216 证券简称：浙江医药 公告编号：2026-003 浙江医药股份有限公司与私募基金合作投资公告 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： ● 投资标的名称：廊坊信慧银发经济股权投资基金合伙企业（有限合伙）（以下简称"合伙企业"、"标 的基金"）。 ● 出资金额：合伙企业的全部认缴出资额为8亿元，浙江医药股份有限公司（以下简称"公司"）作为有 限合伙人以自有资金认缴出资2.5亿元，占合伙企业认缴出资总额的31.25%。 根据公司《章程》等有关规定，本次交易未达到公司董事会及股东会审议标准，无需提交董事会或股东 会审议，后续合伙企业尚需履行工商变更登记、基金备案等程序。 ● 相关风险提示 合伙企业在后期运营过程中，所投资项目可能受到宏观经济、行业周期、投资标的运营管理等多种因素 影响，投资进展及项目完成情况存在一定的不确定性，存在无法实现预期收益乃至投资本金受损的风 险。 一、合作情况概述 （一）合作的基本概况 2026年2月24日，公司与普通合伙人中信医疗健康股权投资私募基金管理（北京） ...

Core Insights - Welltower Inc. reported strong financial results for Q4 2025, with significant growth in revenue and investments, reflecting a robust operational performance in the seniors housing sector [1][2][3] Financial Performance - Reported normalized funds from operations (FFO) attributable to common stockholders of $1.45 per diluted share, an increase of 28.3% year-over-year [1] - Total portfolio year-over-year same store net operating income (SSNOI) growth of 15.0%, driven by a 20.4% increase in the Seniors Housing Operating (SHO) portfolio [1] - Quarterly net income attributable to common stockholders was $0.14 per diluted share [1] Investment Activity - Completed $13.9 billion of pro rata gross investments in Q4 2025, including $1.2 billion in loan funding and $112 million in development funding [2] - Closed the inaugural private fund vehicle, Seniors Housing Fund I, securing approximately $2.5 billion in total equity commitments [1][2] - Acquired a real estate portfolio in the U.K. for approximately £5.2 billion, enhancing growth potential with a blended portfolio occupancy in the high 70%s [2] Disposition Activity - Completed $7.5 billion of pro rata dispositions and loan payoffs in Q4 2025, exceeding prior expectations [1][2] - Total disposition activity for 2025 is expected to reach $11.8 billion, compared to $9.8 billion as of September 30, 2025 [2] Liquidity and Capital Structure - As of December 31, 2025, reported net debt to adjusted EBITDA of 3.03x and approximately $10.2 billion of available liquidity [1] - S&P and Moody's upgraded Welltower's credit ratings to "A-" and "A3" respectively, reflecting improved financial metrics and strong operating performance [1][2] Dividend and Shareholder Returns - The Board of Directors approved a 10.4% increase in the quarterly dividend per share, supported by solid financial performance and a low payout ratio [1] - Declared a cash dividend of $0.74 per share for the quarter ended December 31, 2025, marking the 219th consecutive quarterly cash dividend [2] Outlook for 2026 - Introduced earnings guidance for 2026, expecting net income attributable to common stockholders in the range of $3.11 to $3.27 per diluted share and normalized FFO in the range of $6.09 to $6.25 per diluted share [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's Travel and Tourism - **Focus**: The call discusses the growth potential of the travel and tourism sector in China, emphasizing the recovery and expansion of domestic and inbound tourism as key drivers of economic growth. Core Insights and Arguments 1. **Tourism Revenue Growth**: - China's tourism revenue is projected to reach Rmb12 trillion by 2030, growing at a CAGR of 11% from Rmb7.2 trillion in 2025, with cumulative revenue expected to hit Rmb50 trillion over the next five years [2][15][49]. - Domestic tourism spending is anticipated to account for 18% of per capita consumption by 2030, up from 13% in 2023 [2][16]. 2. **Economic Contribution**: - The tourism sector's contribution to GDP is expected to increase to 6.7% by 2030, compared to 4.8% in 2024, indicating a significant recovery to pre-COVID levels [12][49]. 3. **Demand Drivers**: - Five key growth tailwinds are identified: macroeconomic rebalancing towards service consumption, sustained efforts to attract global tourists, Rmb appreciation supporting outbound travel, policy initiatives targeting youth and elderly demographics, and technological innovations enhancing travel experiences [3][25]. 4. **Tourist Mix Improvement**: - There is an expected improvement in the mix of tourists, with a higher percentage of non-domestic and business travelers, which is likely to enhance monetization for airlines and hotels [4]. 5. **Airlines and Hotels Outlook**: - Airlines are expected to experience stronger pricing power, with load factors at all-time highs, while hotel RevPAR has turned positive after a two-year decline, with earnings projected to rise by 10-25% YoY [11][44][46]. 6. **Inbound and Outbound Travel**: - Inbound tourism is projected to contribute 16% of China's tourism revenue by 2030, up from 12% in 2025, with robust growth in inbound visitation observed [17][99]. - Outbound travel is also crucial, contributing 25-30% of total passenger revenue for airlines, with a significant portion being Chinese outbound travelers [105]. Additional Important Insights 1. **Policy Support**: - The Chinese government has introduced various policies to stimulate travel, including extending public holidays and promoting cultural events, which have led to a surge in travel activity [90][96]. 2. **Demographic Trends**: - The aging population and youth demographics are seen as potential growth drivers for travel demand, with targeted products and services designed to cater to these groups [53][66]. 3. **Technological Innovations**: - The application of digital technologies in tourism is expected to enhance customer experiences and increase spending, with innovations such as AR/VR and IoT-enabled services [40][41]. 4. **Event-Driven Travel**: - The rise of large-scale entertainment events, such as concerts and festivals, has significantly boosted travel demand, with a notable increase in audience participation [22][97]. 5. **Visa Policies**: - New visa-free policies have been introduced to facilitate inbound tourism, contributing to the growth of international visitors [20][21]. 6. **Market Dynamics**: - The supply side for airlines and hotels is tightening, with capacity growth expected to remain low, which could lead to better pricing and profitability in the sector [4][44]. This summary encapsulates the key points discussed in the conference call, highlighting the optimistic outlook for China's travel and tourism industry, driven by various economic, demographic, and policy factors.

Group 1 - The company reported a significant decline in revenue and net profit for the year 2025, with expected operating income of 6.577 billion yuan, a decrease of 21.72% year-on-year, and a projected net profit attributable to shareholders of 350 million yuan, down 46% year-on-year [5] - The decline in performance is attributed to multiple factors, including slower-than-expected execution of traditional Chinese medicine procurement, ongoing healthcare cost control policies, and pressure on existing business operations [4] - The company anticipates that the adjustment trend in the pharmaceutical industry will continue into 2026, with internal transformation entering a critical phase [6] Group 2 - The company plans to leverage its strategic partnership with China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. to enhance its market position in the aging health sector, focusing on channel refinement and brand upgrades [6] - The company aims to improve operational efficiency and cost reduction through various measures, while also enhancing collaboration with its strategic partner to enrich its product matrix and strengthen category linkage [6] - The company expects to gradually return to a healthy and sustainable growth trajectory by enhancing its retail business outside hospitals [6]

Core Insights - The long-term care insurance (LTCI) system, referred to as the "sixth insurance" in social security, has been implemented for nearly a decade, covering approximately 300 million people and benefiting over 3.3 million disabled individuals, with an average annual reduction in financial burden of 12,000 yuan per person [1][2] - The LTCI aims to address the societal issue of "one person disabled, the whole family unbalanced" by expanding family care responsibilities into a socialized mutual assistance framework, thus providing a safety net for disabled families [2][4] - The program has seen significant growth, with the number of designated service institutions increasing to 12,000, ten times that of the initial phase, and a focus on integrating care services across various settings [5][4] Group 1: Service Implementation and Demand - The LTCI has introduced services such as "home bathing," which has become a highly anticipated monthly event for families, exemplified by the case of a disabled elderly man in Ningbo [1] - Data from the National Health Commission indicates that over 45 million elderly individuals in China require long-term care, highlighting the increasing demand for such services as the population ages [2] - The most pressing needs identified among the disabled population include basic life care services, particularly bathing, facial cleaning, and oral hygiene [2][3] Group 2: Policy Development and Future Directions - The LTCI system has been progressively expanded since its pilot launch in 2016, with ongoing efforts to enhance service quality and coverage, as reflected in government work reports from 2021 to 2025 [4][5] - The initiative is seen as a strategic measure to address population aging, with plans to transition from pilot programs to a fully established system that ensures universal coverage [5][6] - The integration of technology in care services is being emphasized, with developments such as real-time monitoring devices for disabled individuals being implemented in various institutions [7][8] Group 3: Professionalization and Market Impact - The LTCI has led to the professionalization of caregiving roles, with long-term care workers now recognized as a distinct profession, enhancing their job satisfaction and societal value [6][7] - The introduction of community-based care models has gained popularity, allowing elderly individuals to receive care close to home, thereby improving their quality of life [7] - The LTCI has stimulated significant market demand for caregiving services, with institutions reporting increased occupancy rates and a growing need for care facilities [7][8]

Core Viewpoint - The Union Cabinet's decision to raise the foreign direct investment (FDI) limit in the insurance sector to 100% is not expected to significantly enhance foreign investment due to the critical role of distribution networks, necessitating partnerships with Indian businesses [1]. Group 1: FDI Limit and Market Dynamics - Interest is anticipated to be higher in general and health insurance compared to life insurance, which relies heavily on distribution networks [2]. - The increase in Net Owned Funds (NOF) for foreign reinsurers from Rs 5,000 crore to Rs 1,000 crore may attract foreign reinsurers to enter through the mainland route, aligning them with the IFSC Insurance Office in GIFT City [2]. - The previous increase of the FDI limit from 49% to 74% in 2021 did not lead to a significant rise in foreign insurers' interest [5]. Group 2: Distribution Challenges - The business model in the insurance sector is deeply rooted in established distribution systems, such as agency networks and bancassurance partnerships, which are not easily replicated [3][4]. - New entrants will need to effectively navigate the distribution landscape to translate interest into meaningful scale [5]. Group 3: Potential for New Entrants - The 100% FDI norm may incentivize foreign players by providing them with authority and management control, particularly in the non-life insurance sector where dependence on agency-driven distribution is lower [8]. - The move is seen as a catalyst for attracting inbound capital and encouraging new market entries, especially in general and health insurance segments [9]. - Foreign entrants in life insurance are likely to prioritize partnerships with Indian players that have established distribution networks [10]. Group 4: Industry Reforms and Future Outlook - The increase in FDI is viewed as a watershed moment for the industry, likely leading to more meaningful foreign players entering the market [11]. - There is an expectation of gradual evolution in distribution methods and further reforms in the insurance sector [12]. - Interest among foreign reinsurers to enter through GIFT City is growing, with several companies already in advanced stages of obtaining licenses [14][15].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Sector - **Event**: Citi's 2025 China Conference - **Participants**: 44 China consumer companies were hosted, leading to the identification of five investment themes in the consumer sector [1][9] Investment Themes 1. **Shift Towards Experience Consumption**: - Consumers are increasingly valuing emotional experiences over physical goods, seeking happiness and self-expression through services [2] - Companies like Pop Mart provide affordable entertainment options that resonate with young consumers [2] 2. **Focus on Well-being**: - Younger generations are prioritizing spending on wellness, including health, fitness, and mindfulness [3] - Growth opportunities are seen in sectors like sportswear (Anta), health supplements (H&H), and beauty care (Giant Bio) [3] 3. **Rising Silver Economy**: - The aging population is driving demand for leisure and cultural experiences, benefiting industries like tourism (H World, Atour) and health supplements [4] 4. **Emerging New Channels**: - New offline channels such as membership stores and snack specialty chains are gaining traction, helping to offset declines in traditional distribution [5] 5. **Multi-brand Strategy**: - Companies are expanding their brand portfolios to meet diverse consumer demands, with a focus on easing channel inventory pressure [6] Company-Specific Insights Pop Mart (9992.HK) - **Sustainability of IP Operation**: Pop Mart is seen as a growth play due to its strong IP incubation capabilities. Concerns about growth sustainability are being addressed through new product launches [10] - **LABUBU Durability**: The company plans to enhance its LABUBU IP with new products and has postponed the launch of LABUBU 4.0 to 2026 [11] - **Overseas Expansion**: Plans to operate over 60 stores in the US by the end of 2025, with expansions into Canada and Mexico [13] Laopu Gold (6181.HK) - **Sales Growth Expectations**: Management expects high revenue growth in 2H25E driven by price adjustments and new store sales [16] - **Price Adjustment Strategy**: A recent price increase of over 25% aims to maintain a gross profit margin (GPM) of at least 40% [17] - **Store Expansion Plans**: Focus on expanding floor areas in existing malls rather than entering new ones [22] Haidilao International Holding Ltd (6862.HK) - **Recovery in Table-Turn**: Management anticipates positive momentum in table-turn rates due to seasonal factors and a low comp base [30] - **Operational Improvements**: Plans to terminate loss-making pilot programs to save on operational expenses [32] China Resources Beer (0291.HK) - **Sales Performance**: The company reported low single-digit year-over-year sales growth, outperforming peers [34] - **Margin Outlook**: Expected GPM improvement in 2H25E, with a target dividend payout ratio increase to ~60% in 2025E [36] Midea Group (0300.HK) - **Sales Growth Target**: Management maintains a target of ~10% sales growth for 2025, with a focus on air-conditioning sales recovery [40] - **Overseas Business Expansion**: Plans to increase overseas production to ~30% and grow sales in developed markets through M&A [41] Li Ning (2331.HK) - **Sales Guidance**: Maintained guidance for 2025 with expectations of flat sales and high single-digit net profit margin growth [48] Nongfu Spring (9633.HK) - **Sales Guidance**: Management reiterated a mid-teen percentage growth target for 2025, with limited impact from price wars in the beverage sector [51] Cosmetics Sector - **Mixed Performance**: Domestic brands like Mao Geping and Chicmax showed strong growth, while others lagged behind [56] - **Growth Strategies**: Companies are focusing on online sales growth and improving operational efficiency to enhance margins [57][59] Additional Insights - **Consumer Trends**: There is a notable shift towards experiential consumption and wellness, indicating a changing landscape in consumer preferences [2][3] - **Operational Strategies**: Companies are adopting multi-brand strategies and optimizing supply chains to enhance profitability and meet diverse consumer demands [6][14] This summary encapsulates the key insights and trends discussed during the conference, highlighting the evolving dynamics within the China consumer sector and specific company strategies.

Group 1 - The core viewpoint emphasizes that optimizing supply and enriching experiences are crucial for expanding domestic demand and boosting consumption in Sichuan, particularly through services for key demographics like the elderly [1] Group 2 - In Chengdu's Anjing Station, the "Anyi" panda-themed train has operated 57 trips this year, serving over 17,000 passengers, with 75% being seniors aged 60 and above, highlighting a new growth point in consumption [3] - The city of Panzhihua is a popular winter wellness destination for seniors, attracting a significant number of elderly visitors seeking to escape the cold [3] Group 3 - Xianjia Village is one of the first rural areas in Panzhihua to develop a comprehensive wellness tourism industry, with projected revenue of 135 million yuan in 2024 [5] - Annually, over 500,000 people visit Panzhihua for wellness purposes, with the wellness industry's added value exceeding 10 billion yuan for five consecutive years, reaching 17.7 billion yuan in 2024, accounting for 12.7% of the city's GDP [5]

Core Insights - Click Holdings Limited announced the acquisition of 100% equity interest in Bowser Human Resources Limited and Top Team Consultants Limited, enhancing its market position in human resources solutions [1][2] - The acquisitions are expected to create immediate synergies, driving operational efficiency and cost reduction across business segments [2] Company Overview - Click Holdings Limited is a leader in AI-powered human resources and senior care solutions, connecting clients with a talent pool of over 23,200 professionals [3] - The company operates in various sectors, including nursing, logistics, and professional services [3] Strategic Growth - The acquisitions are projected to drive approximately 200% growth in sales of the professional services sector and 15% growth in the logistics sector [2] - By leveraging Bowser and Top Team's industry expertise alongside its proprietary AI-powered platform, the company aims to deliver enhanced value to clients in Hong Kong's labor market and Silver Economy [2]

Core Insights - The aging population born in the 1960s is shifting the elderly consumption market from a "survival" model to a "development" model, indicating a growing vitality in the silver economy [1] - The "China Urban Silver Economy Development Index" was launched to provide a standardized measure for the development of the silver economy across China [1][7] Evaluation System - The index is based on a comprehensive evaluation system that includes both supply and demand, focusing on the "R&D—Production—Consumption—Supporting" ecosystem of the silver industry [2] - It consists of four layers: foundation, industry, environment, and radiation, and evaluates five dimensions: demand potential, supply level, industrial synergy, environmental support, and value creation [2] Indicator Weight Design - Industrial synergy holds the highest weight at 28%, followed by supply level at 26%, demand potential at 17%, value creation at 15%, and environmental support at 14% [3] - The index covers 10 representative cities across four major economic regions, categorized into "Balanced Development," "Regional Center," and "Specialized Practice" to ensure comprehensive evaluation [3] Policy Support - The General Office of the State Council issued guidelines in January 2024 to promote the development of the silver economy, marking a significant policy-driven acceleration [4] Market Growth - In Beijing, the number of newly established elderly care institutions reached 138,600 in the first three quarters of 2025, a year-on-year increase of 30.54%, with smart elderly care services growing by 70.87% [5] - Cities like Shanghai and Chengdu are implementing strategic plans to enhance their silver economy sectors, focusing on high-quality development and technological innovation [5] Industry Dynamics - The index serves as a "barometer" for industry dynamics and provides guidance for local governments to optimize resource allocation and align decisions with industry needs [7] - It aims to promote differentiated development paths for cities, attracting investment and consumption in the silver economy, and driving the clustering of related industries [7]