Core Viewpoint - On September 28, Baiyunshan announced that its subsidiary, Guangzhou Pharmaceutical Second Phase Fund, signed a share transfer agreement with Alliance Healthcare Asia Pacific Limited (AHAPL) to acquire 145 million non-restricted shares of Nanjing Pharmaceutical, representing 11.04% of the total shares, for a total price of 749 million yuan at 5.18 yuan per share. This transaction aims to strengthen business cooperation with Nanjing Pharmaceutical and optimize Baiyunshan's industrial layout in the East China region, promoting business development [1][2]. Group 1: Transaction Details - Baiyunshan will replace AHAPL as the second-largest shareholder of Nanjing Pharmaceutical after the transaction, which is significant as Nanjing Pharmaceutical is a well-known regional pharmaceutical distribution company in China with a market network covering several provinces [1]. - Prior to the transaction, Nanjing Pharmaceutical's major shareholder was Nanjing New Industry Investment Group, holding approximately 578 million shares (44.17%) [1]. Group 2: Financial Performance - As of June 30, 2025, Nanjing Pharmaceutical reported total assets of 33.206 billion yuan and net assets of 6.86 billion yuan, with revenues of 53.696 billion yuan and net profits of 571 million yuan for the first half of 2024-2025 [2]. - Baiyunshan's performance in 2024 was disappointing, with revenues of 74.993 billion yuan, a year-on-year decline of 0.69%, and a net profit of 2.835 billion yuan, down 30.09%, marking the lowest level in seven years [2]. - Baiyunshan's revenue in South China for 2024 was 55.585 billion yuan, slightly down by 0.5%, with a decrease in gross margin by 1.42 percentage points to 14.08% [3]. Group 3: Recent Performance Trends - In the first half of 2025, Baiyunshan achieved revenues of 41.835 billion yuan, a year-on-year increase of 1.93%, but net profit decreased by 1.31% to 2.516 billion yuan [3].