新京报讯（记者张秀兰）9月29日，两家上市公司白云山（600332）（广药集团旗下上市公司广州白云 山医药集团股份有限公司）与南京医药（600713）同时发布公告，白云山附属企业广州广药二期基金股 权投资合伙企业（有限合伙）（以下简称广药二期基金）拟以7.49亿元的价格，受让南京医药11.04%的 股份；白云山、广药二期基金还与南京医药签署战略投资协议。白云山将凭借此举成为南京医药第二大 股东。这也是广药集团新领导班子自2024年11月上任以来的首个大型对外投资项目。 医药流通业务为广药集团业务版图中的重要一块，即大商业板块，包括医药产品、医疗器械、保健品的 批发、零售与进出口业务，旗下广州医药股份有限公司作为广药集团医药商业板块核心企业，为华南地 区医药流通领军企业，主要从事医药流通批发及零售业务。据白云山财报，截至2024年底，集团旗下医 药零售网点共有157家，主要分布在广东、海南等省份。 根据广药二期基金与南京医药股东Alliance Healthcare Asia Pacific Limited（以下简称AHAPL）签署的股 份转让合同，AHAPL拟将所持南京医药约1.45亿股非限售股份转让给广药二 ...

医药流通领域的市场集中度正在快速提升。 9月28日，南京医药（600713.SH）与白云山（600332.SH）双双发布公告，白云山旗下广州广药二期基 金股权投资合伙企业拟出资约7.49亿元人民币，收购南京医药二股东Alliance Healthcare Asia Pacific Limited（下称"AHAPL"）持有的南京医药144557431股非限售股份，占总股本的11.04%。交易完成后， 广药二期基金将成为南京医药第二大股东。 同时，白云山、广药二期基金与南京医药签署《战略投资协议》。根据协议，三方将在资本合作、自有 工业品种分销渠道合作以及中医药领域合作等方面展开战略协作。 登录新浪财经APP 搜索【信披】查看更多考评等级 本报（chinatimes.net.cn）记者陶炜 南京报道 南京医药方面告诉本报记者，白云山入股南京医药一事是基于此前广州医药集团有限公司与南京新工投 资集团有限责任公司（南京医药大股东）签署的《战略合作协议》精神而推进的。南京医药与广药白云 山、广州广药二期基金共同签署的《战略投资协议》，以广州广药二期基金拟持有南京医药11.04%股 权为契机，构建"耐心资本"长期稳定战略 ...

Industry Overview - Pharmaceutical distribution connects upstream manufacturers with downstream distributors and end customers, involving procurement from manufacturers and wholesale to distributors or direct sales to retail outlets like hospitals and pharmacies [1][3] - The distribution process is divided into two main segments: wholesale, characterized by large volumes and low margins, and retail, which has higher margins and sales costs [1] Industry Chain Analysis - The pharmaceutical distribution chain includes three segments: drug wholesale, retail enterprises, and hospital outpatient pharmacies, with hospital pharmacies holding a monopolistic position in the market [3] Industry Development History - The pharmaceutical distribution industry in China has undergone several transformations, from a planned economy system to a competitive regional structure, and now to a more concentrated market post "Two Invoice System" reform [6][7] Current Industry Status - The pharmaceutical circulation market has exceeded 3 trillion yuan, with a projected growth of 4.4% in 2024 [15] - State-owned enterprises dominate the pharmaceutical distribution sector, accounting for 61.8% of total revenue among reporting enterprises [20] - The B2B segment constitutes 50% of the pharmaceutical e-commerce market, indicating a significant focus on wholesale transactions [25] Competitive Landscape - The market is segmented into three tiers based on sales scale, with major national wholesalers like China National Pharmaceutical Group and Shanghai Pharmaceuticals leading the first tier [28] Future Development Trends - The pharmaceutical distribution market is expected to surpass 4 trillion yuan by 2030, driven by increased concentration, reduced distribution costs, and improved drug quality and safety [30] - The industry is moving towards greater integration and information technology adoption, enhancing service capabilities and efficiency [33]

Core Viewpoint - The frequent personnel changes at Ruikang Pharmaceutical are indicative of the company's declining performance, with significant revenue drops and market share losses over recent years [2][5]. Group 1: Company Performance - Ruikang Pharmaceutical's revenue has plummeted from a peak of 35.3 billion yuan in 2019 to 7.966 billion yuan in 2024, representing a decrease of approximately 77% [5]. - The company has fallen from being among the top 10 in the industry to outside the top 20, highlighting a significant decline in its market position [2]. - In 2023, Ruikang ranked 26th among pharmaceutical distribution companies, with major competitors like China National Pharmaceutical, Shanghai Pharmaceutical, and others significantly outperforming it [5]. Group 2: Business Strategy - Following a period of nationwide expansion, Ruikang has initiated a strategy of business contraction, focusing on core markets such as Shandong and Beijing [4]. - The company has been closing and transferring numerous subsidiaries, with 53 and 29 subsidiaries being closed or transferred in 2023 and 2024, respectively [4]. Group 3: Personnel Changes - The resignation of Vice President Han Chunlin and the detention of Secretary Li Zhe by local authorities have raised concerns about the company's governance and operational stability [2][5]. - The company claims that Han's departure was due to personal reasons and will not impact its operational development [2]. Group 4: Related Transactions - Ruikang's planned acquisition of a 76.01% stake in Zhejiang Hengjiu Medical Equipment for 151 million yuan has drawn scrutiny due to the target company's poor financial performance, with no revenue reported for three consecutive years [6][8]. - The acquisition is part of Ruikang's strategy to expand into the medical device sector, despite Zhejiang Hengjiu's ongoing losses and lack of revenue [9].