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。 海外監管公告 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。 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 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。 2025年6月30 (除特别注明外,金额单位 | | 2025年6月30日 | 2024年12月31日 | | --- | ...

Core Viewpoint - The company, Yaoshi Bang, is leveraging digital transformation to enhance its position in the pharmaceutical industry, achieving significant growth in revenue and profit in the first half of 2025, indicating a successful adaptation to market changes and a strong strategic direction [2][6]. Group 1: Financial Performance - In the first half of 2025, Yaoshi Bang reported a revenue of 9.843 billion yuan, a year-on-year increase of 11.7%, and a net profit of 78 million yuan, which represents a more than threefold increase compared to the previous year [2][6]. - The gross profit margin improved from 10% to 11.2%, and the net profit increased by 258% year-on-year, with operating cash flow reaching 257 million yuan [6]. Group 2: Market Position and Strategy - Yaoshi Bang has transformed from a startup addressing the "difficulties in finding medicine" for grassroots pharmacies to a comprehensive digital service platform covering 98.9% of counties and 91.2% of townships in China [2][3]. - The company focuses on empowering grassroots markets by connecting over 3,000 pharmaceutical wholesalers and aggregating demands from more than 400,000 grassroots pharmacies and clinics [3][4]. Group 3: Product and Service Innovation - In 2024, Yaoshi Bang launched its own brand products, such as Huo Xiang Zheng Qi Oral Liquid, achieving significant sales growth, with the proprietary brand business revenue reaching 1.08 billion yuan in the first half of 2025, a year-on-year increase of 115.6% [5]. - The company has established over 20 digital strategic centers across the country, enhancing its supply chain efficiency and achieving a same-city delivery rate of 70% for orders [5][6]. Group 4: Industry Impact and Future Outlook - Yaoshi Bang is positioned as a "value creator" in the pharmaceutical industry, leading the transformation from a focus on scale to profitability, and expanding its coverage of grassroots medical institutions by 133.7% over three years [6][8]. - The company is actively adapting to regulatory changes and has implemented a drug traceability system to help reduce compliance costs for grassroots terminals [7][9].

Market Overview - The pharmaceutical commercial sector increased by 0.76% on August 25, with Saily Medical leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Saily Medical (603716) closed at 34.67, up 9.99% with a trading volume of 451,800 shares and a transaction value of 1.537 billion [1] - Run Da Medical (603108) closed at 18.90, up 3.00% with a trading volume of 482,200 shares [1] - First Medical (600833) closed at 13.51, up 2.82% with a trading volume of 125,700 shares [1] - Other notable performers include Haiwang Biological (000078) up 2.60% and Shanghai Pharmaceutical (601607) up 1.94% [1] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 136 million from institutional investors, while retail investors experienced a net inflow of 12.65 million [2] - The sector had a net outflow of 148 million from speculative funds [2] Individual Stock Capital Flow - Saily Medical had a net inflow of 1.87 billion from institutional investors, but a net outflow of 1.18 billion from speculative funds [3] - Shanghai Pharmaceutical saw a net inflow of 27.34 million from institutional investors, with a net outflow of 30.82 million from speculative funds [3] - First Medical had a net inflow of 24.77 million from institutional investors, while experiencing a net outflow of 7.56 million from speculative funds [3]

Core Insights - The company reported a revenue of 286.04 billion RMB for the first half of 2025, representing a year-on-year decline of 2.95% [1] - Net profit attributable to shareholders was 3.47 billion RMB, down 6.43% year-on-year, with earnings per share at 1.11 RMB [1] Business Segments - The pharmaceutical distribution segment remained stable, accounting for 73.62% of total revenue [1] - The medical device distribution revenue decreased, making up 19.22% of total revenue [1] - The pharmaceutical retail segment achieved growth against the trend, contributing 5.78% to total revenue [1] Cost Management - The company demonstrated effective cost control, with sales, management, and financial expense ratios all declining, optimizing by a total of 0.2 percentage points, which supported profit stability [1]

Core Viewpoint - The company reported a decline in revenue and profit for the first half of 2025, indicating challenges in the current market environment while focusing on sustainable business development and compliance management [1] Group 1: Financial Performance - The company achieved revenue of RMB 286.04 billion, a year-on-year decrease of 2.95% [1] - Profit attributable to shareholders was RMB 3.466 billion, down 6.43% year-on-year [1] - Earnings per share stood at RMB 1.11 [1] Group 2: Business Segments - The pharmaceutical distribution segment maintained stable development, with a revenue share decrease of 0.48 percentage points to 73.62% [1] - The medical device distribution segment saw a slight increase in revenue share by 0.08 percentage points to 19.22% despite a decline in revenue scale [1] - The pharmaceutical retail segment experienced growth, with a revenue share increase of 0.36 percentage points to 5.78% [1] Group 3: Cost Management - The company demonstrated effective cost control, benefiting from reduced financing costs and integrated management measures [2] - The sales expense ratio, management expense ratio, and financial expense ratio decreased to 2.74%, 1.28%, and 0.35% respectively, collectively optimizing by 0.2 percentage points [2]

Core Insights - The company reported a revenue of RMB 286.04 billion for the first half of 2025, a decrease of 2.95% compared to the same period last year [1] - Net profit and attributable net profit were RMB 5.34 billion and RMB 3.47 billion, reflecting year-on-year declines of 9.53% and 6.43% respectively [1] Revenue Breakdown - The pharmaceutical distribution segment maintained stable development, with its revenue share decreasing by 0.48 percentage points to 73.62% [1] - The medical device distribution revenue saw a slight decline, with its revenue share increasing by 0.08 percentage points to 19.22% [1] - The pharmaceutical retail segment experienced growth, with its revenue share increasing by 0.36 percentage points to 5.78% [1] Cost Management - The company demonstrated effective cost control, benefiting from reduced financing costs, integrated management measures, and lower business costs [1] - The sales expense ratio, management expense ratio, and financial expense ratio decreased to 2.74%, 1.28%, and 0.35% respectively, with a total optimization of 0.2 percentage points [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [12]. Core Views - The company's performance shows a marginal acceleration trend, significantly driven by the overseas market. In H1 2025, the company achieved revenue of 628 million yuan, a year-on-year increase of 17.91%, and a net profit attributable to shareholders of 73 million yuan, up 41.60% year-on-year [1][2]. - The company focuses on high-margin products and has significantly improved operational efficiency through a dual strategy of "high-margin products + high-viscosity products," optimizing product structure and utilizing big data for customer demand forecasting [3]. - The company has established a vast product library with nearly one million products, and the performance indicators have shown a marginal acceleration trend since Q2 2025, with notable growth in both overseas and domestic markets [2]. Financial Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of 1.324 billion yuan, 1.577 billion yuan, and 1.867 billion yuan, respectively. The net profit attributable to shareholders is expected to be 149 million yuan, 192 million yuan, and 244 million yuan for the same period [4][6]. - The gross profit margin for H1 2025 was 44.25%, an increase of 4.74 percentage points year-on-year, with overseas market gross margins at 52.66% and domestic market gross margins at 32.70% [3][6].

Group 1 - The core point of the news is that Sely Medical (603716) experienced a significant price increase, closing at 31.52 yuan, which is a 10.95% rise from the previous week's closing price of 28.41 yuan [1] - On August 19, Sely Medical reached an intraday high of 32.86 yuan and an intraday low of 27.69 yuan on August 22 [1] - The total market capitalization of Sely Medical is currently 6.021 billion yuan, ranking 16th out of 31 in the pharmaceutical commercial sector and 2871st out of 5152 in the A-share market [1] Group 2 - Sely Medical was listed among the top five securities on the Dragon and Tiger List due to its daily turnover rate reaching 20%, marking the first time it has appeared on the list in the past five trading days [2]

Financial Performance - The company reported a total revenue of 1.283 billion yuan for the first half of 2025 [1] - The net profit attributable to shareholders was 56.26 million yuan, an increase of 12.74 million yuan compared to the same period last year, representing a year-on-year growth of 29.27% [1] - The net cash inflow from operating activities was 6.33 million yuan [1] Profitability Metrics - The latest gross profit margin was 25.42%, an increase of 2.65 percentage points from the previous quarter, marking two consecutive quarters of growth, and a rise of 6.18 percentage points compared to the same period last year, achieving three consecutive years of growth [3] - The diluted earnings per share were 0.17 yuan, an increase of 0.04 yuan compared to the same period last year, reflecting a year-on-year increase of 30.77% [3] - The latest return on equity (ROE) was 2.80%, up by 0.59 percentage points from the same period last year [3] Balance Sheet and Efficiency - The company's latest debt-to-asset ratio was 31.92%, a decrease of 4.12 percentage points compared to the same period last year [3] - The total asset turnover ratio was 0.40 times, and the inventory turnover ratio was 1.54 times [3] Shareholder Information - The number of shareholders was 30,500, with the top ten shareholders holding a total of 98.68 million shares, accounting for 29.53% of the total share capital [3] - The largest shareholder is Shaoxing Zhenyuan Health Industry Group Co., Ltd., holding 24.9% of the shares [3]

Core Viewpoint - Zhejiang Zhenyuan's 2025 mid-year report indicates a significant decline in main revenue while showing an increase in net profit attributable to shareholders, highlighting mixed financial performance amid challenging market conditions [1]. Financial Performance Summary - Main revenue for the first half of 2025 reached 1.283 billion yuan, a year-on-year decrease of 34.49% [1]. - Net profit attributable to shareholders was 56.2637 million yuan, reflecting a year-on-year increase of 29.27% [1]. - Non-recurring net profit stood at 30.1173 million yuan, down 20.32% year-on-year [1]. - In Q2 2025, the company reported a single-quarter main revenue of 532 million yuan, a decline of 41.85% year-on-year [1]. - Single-quarter net profit attributable to shareholders was 20.3811 million yuan, a decrease of 16.05% year-on-year [1]. - Single-quarter non-recurring net profit was 17.7461 million yuan, down 7.88% year-on-year [1]. Financial Ratios and Metrics - The company's debt ratio was reported at 31.92% [1]. - Investment income amounted to 30.9642 million yuan, with financial expenses recorded at -1.8204 million yuan [1]. - Gross profit margin was 25.42%, showing an increase of 32.10% year-on-year [7]. - Return on assets was 2.82%, up 28.18% year-on-year [7]. - Earnings per share were 0.17 yuan, reflecting a year-on-year increase of 30.76% [7]. - Operating cash flow per share was 0.02 yuan, down 95.35% year-on-year [7]. Shareholder Information - The largest shareholder is Shaoxing Zhenyuan Health Industry Group Co., Ltd., holding 31.23 million shares, which is 11.07% of total shares [11]. - Other notable shareholders include individuals and institutions with varying percentages, indicating a diverse shareholder base [11][12].