9月28日，白云山（600332.SH）、南京医药（600713.SH）同时公告，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"）与Alliance Healthcare Asia Pacific Limited（以下简称"AHAPL"）签署股份转让合同，AHAPL拟将所持南京医药约1.45亿股股份转让给广 药二期基金，占南京医药股份总数的11.04%，转让价款约为7.5亿元。交易完成后，广药二期基金将成 为南京医药第二大股东。 中经记者 陈婷 赵毅 深圳报道 与此同时，为加强与南京医药的战略合作，白云山、广药二期基金与南京医药签署了战略投资协议，内 容主要包括资本合作、自有工业品种分销渠道合作、中医药领域合作等，具体合作事项及实施进展存在 不确定性。 根据公告，广药二期基金此次收购南京医药的交易价格定为5.18元/股，较股份转让合同签署日（9月26 日）收盘价溢价6.15%。 值得注意的是，此次交易是白云山新领导班子上任以来开展的首个大型战略投资项目，也是白云山产投 结合新布局的重要落子，同时是广药集团与区域产业头部企业加强合作的模式创新，向外界释放出广药 集团加强资 ...

Group 1 - The core point of the article is that Baiyunshan has initiated a significant strategic investment project following a leadership change, involving the acquisition of a stake in Nanjing Pharmaceutical [2][3] - Baiyunshan's subsidiary, Guangzhou Guangyao Phase II Fund, plans to invest 749 million yuan to acquire 145 million non-restricted shares of Nanjing Pharmaceutical, representing 11.04% of its total shares [2] - The acquisition price of 5.18 yuan per share reflects a premium of approximately 6.15% over Nanjing Pharmaceutical's closing price of 4.88 yuan on September 26 [2] Group 2 - A strategic investment agreement was signed on September 28, focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine cooperation [3] - Baiyunshan and Nanjing Pharmaceutical will work together to develop market expansion and channel sharing plans, optimizing supply chain resources and logistics networks [3] - Both companies have similar business layouts, with Baiyunshan's Guangzhou Pharmaceutical being a leading player in South China's pharmaceutical distribution, while Nanjing Pharmaceutical is a leader in Jiangsu's pharmaceutical distribution [3] Group 3 - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies projected to hold an 82% market share by 2025 [4] - Baiyunshan believes this transaction will enhance its business cooperation with Nanjing Pharmaceutical, optimize regional industrial layout, and strengthen its competitive advantage in pharmaceutical distribution [4]

Core Viewpoint - After the leadership change, Baiyunshan has initiated its first major strategic investment project by acquiring a significant stake in Nanjing Pharmaceutical, aiming to enhance its position in the pharmaceutical distribution sector [3][5]. Group 1: Investment Details - Baiyunshan's subsidiary, Guangzhou Traditional Chinese Medicine Phase II Fund, plans to invest 749 million yuan to acquire 145 million shares of Nanjing Pharmaceutical, representing 11.04% of its total shares [3][4]. - The acquisition price is set at 5.18 yuan per share, which is approximately 6.15% higher than Nanjing Pharmaceutical's closing price of 4.88 yuan on September 26 [4]. Group 2: Strategic Cooperation - A strategic investment agreement was signed between Baiyunshan, the Phase II Fund, and Nanjing Pharmaceutical, focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine cooperation [6]. - Baiyunshan and Nanjing Pharmaceutical will work together to develop market expansion and channel sharing plans, optimizing supply chain resources and logistics networks [6]. Group 3: Market Position and Trends - Baiyunshan and Nanjing Pharmaceutical rank sixth and seventh, respectively, in the 2024 top 100 pharmaceutical distribution companies in China [7]. - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies holding an 82% market share by 2025 [7]. - This transaction is expected to strengthen Baiyunshan's business collaboration with Nanjing Pharmaceutical, optimize regional industrial layout, and enhance competitive advantages in the pharmaceutical distribution business [7].

白云山(00874)发布公告，于2025年9月26日，买方(广药二期基金，公司控制的合伙企业)与卖方 (AHAPL)订立了股份转让合同。根据股份转让合同，买方同意收购，卖方同意出售目标公司(南京医药 （600713）股份有限公司)11.04%股权，收购对价为人民币7.488亿元。于收购事项完成后，买方将持有 目标公司11.04%股权。 同时，为加强公司与目标公司的战略合作，公司、买方及目标公司同步订立了战略投资协议。合作内 容： (i)资本层面合作 公司支持广药二期基金拟通过协议方式受让AHAPL所持目标公司股票方式战略投资目标公司，并持有 目标公司1.45亿股股票，即目标公司11.04%股权。 战略投资协议订约方将根据业务合作和资本运作需求，在遵守相关法律法规的前提下，在合适时机通过 包括但不限于成立合资公司、战略投资、股权投资基金等开展合作。 (ii)自有工业品种分销管道合作 公司和目标公司积极制定市场拓展与管道共用方案，整合优化供应链资源和物流配送网路，建立稳定、 高效的供应链体系;针对自有工业品种，通过有效机制开展市场准入和管道销售，相互提升产业链合作 等级，聚焦主营业务效益，增强公司和目标公司双方上 ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. announced the acquisition of 11.04% shares of Nanjing Pharmaceutical Co., Ltd. from Alliance Healthcare Asia Pacific Limited for 749 million RMB, making Baiyunshan the second-largest shareholder of Nanjing Pharmaceutical [1][2] Group 1 - The acquisition price is based on the average closing price of Nanjing Pharmaceutical's shares over the previous 60 trading days, set at 5.18 RMB per share [1] - The strategic investment agreement signed includes collaboration in capital cooperation, distribution channels for proprietary industrial products, and cooperation in traditional Chinese medicine [1][2] Group 2 - This transaction is expected to enhance Baiyunshan's business cooperation with Nanjing Pharmaceutical, optimize regional industrial layout, and strengthen competitive advantages in the pharmaceutical distribution business [2] - The Baiyunshan-funded Guangzhou Traditional Chinese Medicine Phase II Fund was established with a total investment of 1.499 billion RMB, focusing on investments in the biopharmaceutical and health sectors [2]

Core Viewpoint - The acquisition of 11.04% equity in Nanjing Pharmaceutical Co., Ltd. by the buyer (Guangyao Phase II Fund) from the seller (AHAPL) for RMB 748.8 million is expected to enhance strategic cooperation and optimize the company's business operations in the pharmaceutical distribution sector [1][3]. Group 1: Acquisition Details - The buyer will acquire 11.04% equity in the target company for a consideration of RMB 748.8 million, which will be completed by September 26, 2025 [1]. - Following the acquisition, the buyer will hold 11.04% equity in the target company, which amounts to 145 million shares [1]. Group 2: Strategic Cooperation - A strategic investment agreement has been established to enhance collaboration between the company, the buyer, and the target company, focusing on capital cooperation and business operations [1][3]. - The cooperation will include the establishment of joint ventures, strategic investments, and equity investment funds, subject to legal compliance [1]. Group 3: Distribution and Supply Chain - The company and the target company will work together to optimize supply chain resources and logistics networks, aiming to create a stable and efficient supply chain system [2][3]. - There will be a focus on market access and distribution for proprietary industrial products, enhancing the competitiveness of both companies' products and services [1][2]. Group 4: Traditional Chinese Medicine Collaboration - Both companies will support their respective subsidiaries in the traditional Chinese medicine sector to promote industrial transformation and modernization of production processes [2]. - The collaboration aims to establish a comprehensive traceability system for traditional Chinese medicinal materials, enhancing the cultural and industrial strength of traditional Chinese medicine [2]. Group 5: Company Background - Nanjing Pharmaceutical Co., Ltd. is a well-known regional enterprise in the pharmaceutical distribution industry, with a market presence in Jiangsu, Anhui, Hubei, Fujian, and Kunming [2]. - The controlling shareholder, Nanjing New Industry Group, holds 44.17% of Nanjing Pharmaceutical, with the Nanjing State-owned Assets Supervision and Administration Commission owning 90.90% of the group [2].

9月28日晚间，南京医药（600713）披露关于签订《战略投资协议》的公告。 公司与广州白云山医药集团股份有限公司（以下简称"白云山"）及广州广药股权投资合伙企业（有限合 伙）（以下简称"广药二期基金"）签署《战略投资协议》。 目前，南京医药股票价格为4.88元/股，与现价相比，转让价格略有溢价。 白云山位于广州，公司是A+H上市公司，目前市值约413亿元。 公司主要从事：（1）中西成药、化学原料药、天然药物、生物医药、化学原料药中 间体的研究开发、 制造与销售；（2）西药、中药和医疗器械的批发、零售和进出口业务；（3） 大健康产品的研发、生 产与销售；及（4）医疗服务、健康管理、养生养老等健康产业投资等。 白云山是南派中药的集大成者，大南药板块主要为医药制造业务，下属共有 27 家医药制造企业与机 构，从事中西成药、化学原料药、化学原料 药中间体、生物医药和天然药物等的研发、制造与销售。 大健康板块主要为饮料、食品、保健品等产品的生产、研发与销售，主要从事的企业包括本公司下属子 公司王老吉大健康公司及王老吉药业等。 大商业板块主要为医药流通业务，包括医药产品、医疗器械、保健品等的批发、零售与进出口业务，主 ...

Core Viewpoint - Baiyunshan and Nanjing Pharmaceutical are leading regional pharmaceutical distribution enterprises, with Baiyunshan initiating a significant strategic investment project following a leadership change [1]. Group 1: Investment Details - Baiyunshan's Guangzhou Traditional Chinese Medicine Phase II Fund plans to invest 749 million yuan to acquire 145 million non-restricted shares of Nanjing Pharmaceutical, representing 11.04% of its total shares [1][2]. - The acquisition price is set at 5.18 yuan per share, reflecting a premium of approximately 6.15% over Nanjing Pharmaceutical's closing price of 4.88 yuan on September 26 [2]. Group 2: Strategic Cooperation - A strategic investment agreement was signed on September 28, focusing on capital cooperation, distribution channel collaboration, and traditional Chinese medicine cooperation [4]. - Baiyunshan and Nanjing Pharmaceutical will work on market expansion and channel sharing, optimizing supply chain resources and logistics networks to establish a stable and efficient supply chain system [4]. Group 3: Market Position and Trends - Baiyunshan's Guangzhou Pharmaceutical Co., Ltd. and Nanjing Pharmaceutical rank sixth and seventh respectively in the 2024 top 100 pharmaceutical distribution companies in China [4]. - The pharmaceutical distribution industry is experiencing significant consolidation, with the top ten companies projected to hold an 82% market share by 2025 [4]. Group 4: Business Synergy - This transaction is expected to enhance business cooperation between Baiyunshan and Nanjing Pharmaceutical, optimizing regional industrial layout and strengthening competitive advantages in pharmaceutical distribution [5].

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].

截至发稿，片仔癀市值为1190亿元。 每经头条（nbdtoutiao）——去美国的"打工人"天塌了！特朗普10万美元签证费击碎"美国梦"，美企加 速外包，加拿大趁机"抢人" （记者 王晓波） 每经AI快讯，片仔癀（SH 600436，收盘价：197.26元）9月28日晚间发布公告称，杨海鹏先生因工作调 整原因，辞去公司董事及总会计师等职务。辞职后，杨海鹏先生仍担任顾问职务。 2025年1至6月份，片仔癀的营业收入构成为：医药制造业占比55.5%，医药流通业占比36.76%，化妆品 和护肤品占比5.95%，其他占比1.53%，其他业务占比0.25%。 ...