白云山近年来不断完善可持续的股东回报机制，数据显示，公司将实施2025年中期利润分配方案，拟每股派发现金红利人 民币0.40元，合计派发现金红利约6.5亿元。 值得关注的是，白云山已建立"年度+中期"双轨并行的稳定分红体系。公司近五年平均分红比例始终保持在30%以上，持 续稳定的分红政策不仅向市场传递出积极信号，也进一步提升股东回报的可预期性与及时性，增强了投资者对公司长期价值的 信心。 今年4月份，白云山母公司广州医药集团有限公（以下简称"广药集团"）启动"全国高校区域技术转移转化中心（粤港澳大 湾区）"区域中心生物医药中心公共转化平台建设工作，围绕"细胞基因治疗""AI+制药"等领域，推动科研成果转化落地。 本报讯 （记者王镜茹）8月15日，广州白云山医药集团股份有限公司（以下简称"白云山"）发布2025年中期业绩报告。作 为中国医药行业的龙头企业，白云山再度以稳健的财务表现，展现出良好的经营韧性和战略调整的成效。 报告期内，公司营业收入418.35亿元，同比增长1.93%，归母净利润25.16亿元；其中第二季度，营业收入193.61亿元，同 比增长6.99%，归母净利润6.95亿元，同比增长17.48% ...

Core Viewpoint - Guangzhou Pharmaceutical Holdings Limited (广药白云山) demonstrates strong profitability and effective strategic transformation amidst a challenging market environment, achieving a steady performance in its mid-year results for 2025 [1][2]. Financial Performance - The company reported a revenue of 41.835 billion RMB for the first half of 2025, representing a year-on-year increase of 1.93% [1]. - The net profit attributable to shareholders reached 2.516 billion RMB, with the second quarter showing a revenue of 19.361 billion RMB, up 6.99% year-on-year, and a net profit of 695 million RMB, a significant increase of 17.48% [1]. - The health business segment performed notably well, with a revenue growth of 7.42% to 7.023 billion RMB, contributing significantly to overall performance [1]. Dividend Policy - The company announced a mid-year profit distribution plan, declaring a cash dividend of 0.40 RMB per share, totaling approximately 650 million RMB [1]. - Over the past five years, the average dividend payout ratio has remained above 30%, with a high of 45.87% for the 2024 fiscal year, enhancing market confidence in the company's long-term value [1]. Strategic Upgrades - The company accelerated its strategic upgrades in response to a new wave of technological revolution and industrial transformation, obtaining 15 drug registration approvals in the first half of the year and receiving multiple provincial and national awards [2]. - It is constructing a Guangdong Innovation Traditional Chinese Medicine Preparation Transformation Pilot Platform, which has been recognized by the Ministry of Industry and Information Technology [2]. Collaboration and Innovation - The parent company, Guangzhou Pharmaceutical Group, initiated the construction of a biomedicine achievement transformation platform in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on cell gene therapy and AI in pharmaceuticals [4]. - Collaborations with institutions like Dongjiang Laboratory and Xiamen Rare Earth Research Institute have led to entry into the nuclear medicine industry [4]. Digital Transformation - The company is partnering with Huawei to advance smart manufacturing and supply chain upgrades, establishing a smart traceability system for traditional Chinese medicine, smart pharmacies, and logistics centers [4]. Capital Operations - The company is enhancing its market value management by investing in cutting-edge fields such as vaccines and synthetic biology, successfully acquiring Caishantang, increasing its number of "China Time-honored Brands" to 13 [6]. International Expansion - The company is actively promoting the internationalization of traditional Chinese medicine, with products entering markets in the US, Australia, Southeast Asia, and the Middle East [8]. - The Wanglaoji brand has notably expanded internationally, establishing a presence in over 100 countries and regions since opening an overseas brand pavilion in New York in 2018 [11]. Industry Position - Analysts believe that the company's performance and strategic adjustments reflect the rising status of the Chinese pharmaceutical industry in the global competitive landscape, bolstered by technological innovation, digital upgrades, and international expansion [11].

不过，从技术演进维度审视，当前AI在医疗领域的应用仍处于"工具赋能"的初级阶段，即提升工作效 率、辅助诊断等。笔者认为，进一步推动"AI+医疗"有序发展，还需迈过三道关，在数据获取、临床有 效性、商业化三方面持续突围。 以制药环节为例，AI能够对海量化合物分子进行筛选，对药物机制进行模拟，辅助设计临床试验，在 一定程度上缩短药物开发周期。但一款药物的成功上市需要经历一期、二期、三期临床试验，而目前全 球尚无一款AI主导设计的药物成功通过临床二期试验。这也意味着，"AI+制药"未来仍面临层层考验。 ■张敏 在诊疗环节，部分AI产生的逻辑不严谨、与临床实际不符，削弱了医生、患者对其信任度。未来，提 升算法的可解释性、严谨性，并通过严格的临床研究证实其真实获益，是AI医疗产品获得认可、走向 成熟的必经之路。 在政策红利与技术进步的双重推动下，AI(人工智能)正加速融入医疗健康领域。从疾病预防、健康管 理，到辅助诊断、药物研发，AI的身影随处可见，"AI+医疗"展现出巨大潜力。 其三，可持续的商业化路径。成熟的"AI+医疗"产品，除需证明临床价值外，还必须打通可持续的商业 模式，企业要回答好"谁来为'AI+医疗'买单 ...

Investment Rating - The industry investment rating is "Positive" with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [15]. Core Insights - The leading CRO company, WuXi AppTec, has shown continuous improvement in performance, with a revenue of 39.241 billion RMB in 2024, reflecting a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects [3]. - The adjusted non-IFRS net profit for WuXi AppTec reached 10.583 billion RMB, with a net profit margin of 27.0%, marking a historical high [3]. - The company anticipates a revenue growth of 10%-15% in 2025, projecting total revenue to reach between 41.5 billion and 43 billion RMB [5]. - The global medical investment market is showing signs of recovery after two years of decline, with 2,291 investment deals completed in 2024, totaling 58.2 billion USD, a slight increase of 1% compared to 2023 [7]. - Despite the positive outlook for global investment, domestic medical health financing in China decreased by 33% in 2024 compared to 2023, with only 7.3 billion USD raised [8]. Summary by Sections Company Performance - WuXi AppTec's revenue and profit have been steadily increasing, with Q4 2024 revenue reaching 11.54 billion RMB, a 45% increase from Q1 [3]. - The company has maintained a strong performance despite challenges, indicating robust strength and trust from overseas clients in Chinese CROs [5]. Market Trends - The biopharmaceutical sector remains the largest category for investment, with oncology drugs being a hot topic in domestic investments [13]. - The global biopharmaceutical financing landscape is dominated by projects related to AI in pharmaceuticals, weight-loss drugs, and immunotherapy, reflecting significant investor interest [13].