香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 中國，上海 2025 年 8 月 25 日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先生、祖敬先 生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李培育先生、吳德龍先生、 俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 海外監管公告 国药控股股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 公司债券中期报告 以下公告的中文原稿將由國藥控股股份有限公司於 2025 年 8 月 25 日於上海證券交易所網站 (http://www.sse.com.cn)發佈，僅供參閲。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 （2025 年） 二〇二五年八月 0 国药控股股份有限公司公司债券中期报告（202 ...

Core Viewpoint - The article discusses the complexities and challenges of drug pricing in the United States, highlighting the significant price disparities compared to Europe and the underlying factors contributing to these differences. Group 1: Trump's Executive Order and Its Implications - Trump's executive order aimed to reduce drug prices by 30%-80%, but lacked a clear implementation plan, leading to confusion and a rise in pharmaceutical stock prices instead of a decline [2][4][5]. - The historical context reveals that U.S. law prohibits the government from negotiating drug prices directly with pharmaceutical companies, rooted in the philosophy of maintaining a separation between government and business [6][10][13]. Group 2: Drug Pricing Mechanisms - Drug prices in the U.S. are significantly higher than in other developed countries, with some medications costing 5-10 times more [15][52]. - The pricing mechanism involves multiple channels, including government insurance and commercial insurance, each with different pricing strategies and negotiation dynamics [29][30]. Group 3: Global Drug Price Comparisons - In Europe, drug prices are generally lower, with examples showing that the same medication can cost around $500 in Europe compared to $1000 in the U.S. [52][53]. - The article notes that while some rare disease medications are still expensive, the overall trend shows that U.S. drug prices are often higher due to various market dynamics and negotiation practices [56][58]. Group 4: Industry Dynamics and Future Considerations - The pharmaceutical industry is characterized by a complex interplay of innovation, pricing strategies, and regulatory frameworks, which influence the development and pricing of new drugs [47][68]. - The introduction of negotiation mechanisms in the U.S. under the IRA Act reflects a shift towards more competitive pricing, similar to practices seen in other countries [67][68].

Core Insights - The Sanming model serves as a successful example of healthcare reform in China, emphasizing transparency, restructuring the drug supply chain, and reforming the health insurance distribution mechanism, thus providing a "Chinese solution" for global healthcare reform [1][3][24] Healthcare System Background - China's healthcare system has evolved significantly since 1976, transitioning from rudimentary services to advanced healthcare, but rapid changes have led to increased costs and accessibility issues for ordinary citizens [4][6] - In 2011, Sanming faced a healthcare crisis with a local health fund deficit of $31.5 million, equivalent to 14.4% of the municipal government's revenue, prompting urgent reforms [10][21] Sanming Model Reforms - The Sanming reforms, initiated in 2012, aimed to address the healthcare fund deficit and underlying issues such as high medical costs and drug price inflation, leading to a systemic approach to healthcare delivery [10][11][22] - Key reforms included increasing doctors' salaries, implementing a new bonus system based on treated illnesses, and enhancing transparency through the "Healthy Sanming" website, which disclosed fund usage [11][24] Financial Outcomes - By 2015, the Sanming healthcare fund had turned from a deficit into a surplus of $19.5 million, demonstrating the effectiveness of the reforms [13][24] - The Chinese government has since recognized the Sanming model, encouraging other regions to adopt similar policies, particularly in health insurance innovation [13][24] Drug Supply Chain Transformation - The Sanming model introduced a two-invoice system for drug procurement, significantly reducing drug costs and eliminating excessive mark-ups in the supply chain, which has been replicated nationwide [15][25] - Between 2018 and 2022, the prices of 294 key drugs in China decreased by an average of 53% due to these reforms, while their quality improved [16][25] Broader Implications and Challenges - While the Sanming model has shown success in controlling costs and improving healthcare access, its applicability in larger cities like Shanghai and Beijing remains limited due to different healthcare dynamics [18][26] - Experts suggest that while some elements of the Sanming model can be adapted for densely populated areas, the overall model may not be easily transferable to all regions of China [19][20][26]

Group 1 - The company plans to issue A-shares to specific investors, pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission (CSRC) [2][3][4] - The final issuance price will be no less than 85% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [3][4][5] - The total number of shares to be issued will not exceed 25% of the company's total share capital, amounting to a maximum of 83,530,821 shares [5][6] Group 2 - The funds raised will be allocated to specific projects, including the construction of a production base for amino acids and an enhancement project for raw materials [6][7] - The company may adjust the investment priorities and amounts based on the actual net amount raised and project urgency if the net proceeds are less than planned [6][7] - The company has committed to using the raised funds in compliance with relevant regulations and will replace any pre-invested funds once the raised funds are available [6][7] Group 3 - The company operates in the pharmaceutical industry, which is subject to strict regulatory oversight from various government bodies, including the National Medical Products Administration and the National Healthcare Security Administration [19][20] - The pharmaceutical industry is characterized by significant competition and regulatory challenges, including drug approval processes and pricing regulations [19][20][21] - The company’s business encompasses pharmaceutical distribution, manufacturing, and health services, with a focus on both commercial and industrial sectors [19][20]

Core Viewpoint - The company, Harbin Pharmaceutical Group People's Tongtai Pharmaceutical Co., Ltd., has provided detailed responses to inquiries regarding its financial disclosures, particularly focusing on customer and supplier relationships, accounts receivable, and cash flow management [1][3][6]. Financial Performance - The company's top five customers generated sales of 1.754 billion yuan, accounting for 17.46% of total annual sales, while the top five suppliers had procurement amounts of 1.742 billion yuan, representing 14.85% of total annual purchases [1]. - The end-of-period accounts receivable from the top five debtors amounted to 1.060 billion yuan, making up 24.92% of total accounts receivable [1]. Customer and Supplier Relationships - Major customers in the medical distribution business include public hospitals, private hospitals, community health service centers, and clinics, while suppliers consist of joint ventures and domestic pharmaceutical companies [1]. - The company has identified 47 overlapping customers and suppliers, primarily in the pharmaceutical commercial sector, indicating a need for mutual procurement to meet market demands [2][3]. Accounts Receivable Management - The company has established a dual management standard for credit limits and terms for all credit sales customers, with varying credit periods based on customer type [3]. - The total accounts receivable as of 2024 was 4.256 billion yuan, with a bad debt provision of 202.1 million yuan [3]. Cash Flow and Financial Health - The ratio of cash received from sales to operating income has remained consistent over the past five years, indicating stable cash flow management [4][6]. - The company has implemented measures to control credit risk and improve accounts receivable collection, including a comprehensive management system and regular customer evaluations [3][4]. Other Payables - As of the end of the reporting period, the company reported other payables of 365 million yuan, with significant amounts related to logistics projects and employee settlement fees [8][9]. - The company has clarified that the majority of its other payables are not related to transactions with related parties, ensuring compliance with disclosure requirements [9].

Core Viewpoint - Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, reflecting its strong market position in heparin production and sales, despite facing challenges in raw material pricing and market fluctuations [1][3][4]. Company Overview - The company specializes in the research, production, and sales of a full range of heparin products, including heparin sodium raw materials and low molecular weight heparin preparations, along with anti-tumor preparations and other sterile injectables [7][12]. - As of the end of 2024, the company reported total assets of 95.10 billion yuan and total equity of 64.88 billion yuan, with an operating income of 39.24 billion yuan and a profit of 9.92 billion yuan [7][12]. Financial Performance - In 2024, the company achieved a total profit of 9.92 billion yuan, recovering from a loss in the previous year, with a gross profit margin of 43.28%, although this was a decline from 48.45% in 2023 [5][14]. - The company’s total debt decreased by 20.68% to 20.79 billion yuan by the end of 2024, with a cash-to-short-term debt ratio of 1.67, indicating strong liquidity [5][14]. Market Position and Industry Analysis - The global heparin market is projected to grow at a compound annual growth rate (CAGR) of 5% to 7%, driven by an aging population and increasing prevalence of cardiovascular diseases [11][12]. - The company holds a competitive advantage in research and development, with 49 ongoing projects and a research investment of 532 million yuan, accounting for 13.57% of total revenue in 2024 [4][5]. Risks and Challenges - The company faces risks related to raw material supply, currency fluctuations, and trade tensions, particularly with a significant portion of its revenue (76.75% in 2024) coming from overseas sales [4][6]. - The price of standard heparin raw materials has been on a downward trend, impacting the company's revenue from this segment, which decreased by 21.05% to 7.87 billion yuan in 2024 [14][19]. Future Outlook - The company is expected to enhance its competitive edge as it expands its formulation business and continues to launch new pharmaceutical products [3][11]. - The stable cash reserves and reduced debt burden suggest that the company’s ability to service its convertible bonds will remain strong, with potential for credit rating upgrades if overseas market expansion and capital strength improve significantly [3][4].

Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. has received a debt waiver from nine bondholders, which significantly impacts its financial structure and ongoing restructuring efforts [1][2][3] Debt Waiver Details - The company has entered into a debt waiver agreement with nine bondholders, which includes a total waiver of 1.1 billion yuan in principal and all accrued interest and penalties, amounting to a total of 2.66 billion yuan [20][21] - The debt waiver is unconditional, irrevocable, and does not require any further internal approval processes [6][13][21] Financial Position - As of the waiver date, the company had outstanding debts of 294.64 million yuan in principal, 93.64 million yuan in interest, and 62.62 million yuan in penalties [6][7] - Following the debt waiver, the remaining debts will be 184.64 million yuan in principal, with no remaining interest or penalties [6][7] Fund Management and Relationships - The nine bondholders are managed by five fund management companies, which have confirmed that they have no relationships with the company, its controlling shareholders, or its executives [4][5][12] - The fund management companies have followed proper internal decision-making procedures regarding the debt waiver [5][12] Restructuring Process - The company is currently in a pre-restructuring phase, with the debt waiver not being a prerequisite for the restructuring process [13][20] - The restructuring efforts have led to a positive shift in the company's net assets, moving from negative to positive [20][22] Asset Management - The company has sold a low-efficiency asset, "Taihu Star," for 64.69 million yuan, which has improved its cash flow and reduced operational pressure [20][21] - The asset sale and debt waiver are part of a broader strategy to optimize the company's financial structure and improve operational capabilities [20][22]

Core Viewpoint - Goldman Sachs provided key insights on AstraZeneca at its 46th Global Healthcare Conference, highlighting the company's management's reaffirmation of limited impact from potential drug tariffs and a clearer path to achieving $80 billion in revenue by 2030, alongside a target operating profit margin of around 35% [1] Group 1: Financial Outlook - AstraZeneca aims for an operating profit margin of approximately 35% while acknowledging uncertainties such as the inclusion of Farxiga in China's volume-based procurement in late 2025 and potential price reductions in the U.S. due to the Inflation Reduction Act (IRA) [2] - The company expects revenue growth and cost control to jointly drive profit margin improvements, with a projected impact of a few percentage points on total revenue from the redesign of the Medicare Part D program in 2025 [2] - Goldman Sachs maintains a "Buy" rating on AstraZeneca with a 12-month price target of $97, indicating nearly a 33% upside from the stock's closing price on June 9 [1] Group 2: Drug Development and Pipeline - AstraZeneca is optimistic about the Phase 3 trial of baxdrostat, learning from previous Phase 2 trials, and expects peak sales of $5 billion, with half from monotherapy and half from combination therapy with dapagliflozin [3] - The company emphasizes the importance of initiating cardiovascular, renal, and metabolic disease (CVRM) drug trials early to gather sufficient data for reimbursement purposes, despite these trials not being required for regulatory approval [3] - AstraZeneca is confident in the prospects of Enhertu for first-line treatment in HER2-positive breast cancer, reporting about a 50% complete response rate in metastatic patients [4] Group 3: Regulatory and Market Considerations - AstraZeneca's management noted uncertainties regarding the implementation of Most Favored Nation clauses and the IRA's role in lowering drug prices, while supporting increased healthcare budgets in European countries to foster innovation [2] - The company is increasing its investment in biologics while continuing to invest in small molecule drugs, such as oral GLP-1 and PCSK9 inhibitors [2] - AstraZeneca does not foresee ESR1 mutation testing as a barrier to the promotion of camizestrant, citing several operational advantages and prior experience with BRCA testing [3]

Group 1 - Guangdong Province has initiated a centralized procurement program involving 170 drug varieties and 248 specifications, which may lead to lower drug prices and industry consolidation [1] - The procurement process eliminates A/B procurement orders and adopts group bidding [1] Group 2 - Shandong Heda's subsidiary has been preliminarily assessed with an anti-dumping tax rate of 172.24% by the U.S. Department of Commerce, affecting its exports to the U.S. market [2] - Other Chinese manufacturers/exporters face anti-dumping tax rates ranging from 5.4% to 88.82% [2] - The final ruling on the anti-dumping and countervailing investigation is expected to be released in October 2025, which may impact the company's market strategy [2] Group 3 - The Xinjiang Market Supervision Administration has published five typical cases of violations in the medical field, highlighting issues such as illegal charging and unlicensed drug sales [3] - The penalties imposed include fines for hospitals and pharmaceutical companies, indicating a strict regulatory environment aimed at ensuring compliance and protecting public interests [3]

Core Viewpoint - The global antibiotic drug market is projected to reach a size of $65.84 billion by 2031, with a compound annual growth rate (CAGR) of 3.2% in the coming years [1]. Market Overview - The major manufacturers in the global antibiotic drug market include Pfizer, Bausch Health, Merck & Co, Sandoz, and GSK, with the top five companies holding approximately 19.0% of the market share in 2024 [5][17]. - Injectable antibiotics dominate the market, accounting for about 49.8% of the total market share [7]. - Hospitals represent the largest downstream market for antibiotics, capturing around 54.6% of the demand [9]. Market Drivers - The high incidence of infectious diseases globally, particularly in developing countries and densely populated areas, continues to drive the rigid demand for antibiotics [14]. - The aging population is increasing reliance on antibiotics due to a higher susceptibility to infections [14]. - Improved healthcare systems, especially in China, enhance patient access to medications, further boosting demand for antibiotic formulations [14]. - The "volume-based procurement" policy, while lowering prices, encourages industry consolidation and scale, benefiting leading companies [14]. - The Belt and Road Initiative is providing new growth opportunities for Chinese antibiotic manufacturers in emerging markets such as Southeast Asia, Africa, and the Middle East [14]. Market Challenges - There is heightened global scrutiny and regulatory pressure regarding antibiotic misuse, leading to restrictions that compress market space [15]. - The low barriers to entry for antibiotic generics result in severe product homogeneity, intensifying competition and price wars, which compress profit margins [15]. - Stricter environmental regulations increase the costs for manufacturers, particularly in the production of raw materials [15]. - Rising trade barriers and registration requirements in international markets, especially in Europe and the U.S., hinder the export expansion of Chinese companies [15]. Future Trends - The antibiotic market is expected to evolve towards high-end and differentiated products, with increasing demand for effective, safe, and targeted new antibiotic formulations [16]. - The shift from broad-spectrum antibiotics to more specific narrow-spectrum and combination formulations is becoming a clinical preference [16]. - There is a stable demand for intravenous formulations, particularly in hospital settings, where injectables remain the first choice for severe infections [16].