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 ...

上半年，顺应新的行业环境和政策监管要求，本集团积极挖掘渠道协同和衍生服务的业务增长动能，进 一步树立价值驱动理念，加强盈利能力和现金回款等核心业务指标考核，各主要板块业务收入的同比增 速呈现差异化表现。其中，医药分销板块基本维持稳定发展，板块收入占比同比下降0.48个百分点，达 到73.62%;器械分销收入规模有所下降，板块收入占比同比略升0.08个百分点，达到19.22%;医药零售板 块呈现逆势增长态势，板块收入占比同比增长0.36个百分点，为5.78%。 2025年上半年，面对快速变化的政策和市场环境，本集团在董事会和管理层坚实领导下，在加强合规管 理及合理管控风险的同时，聚焦业务的稳定复苏，持续改善各项经营指标，着力打造新环境下业务可持 续发展的能力。 报告期内，本集团费用管控成效凸显，受益于融资成本降低、一体化管控举措和业务成本的下降，销售 费用率、管理费用率及财务费用率持续下降，分别为2.74%、1.28%和0.35%，三项费用率合计优化0.2个 百分点，为收窄利润下降提供有力支撑。 国药控股(01099)发布2025年中期业绩，该集团取得收入人民币2860.43亿元(单位下同)，同比减少2.95% ...

Core Viewpoint - Kingworld Medicines Group expects a significant decline in profit for the first half of 2025, projecting a year-on-year decrease of approximately 70% to 75%, resulting in a loss of around RMB 4.5 million attributable to shareholders [1] Summary by Category Financial Performance - The company anticipates a profit drop of about 70% to 75% for the first half of 2025, translating to a loss of approximately RMB 4.5 million [1] Business Operations - The decline in performance is primarily attributed to a decrease in gross profit margins of 50% to 55% in the distribution of imported pharmaceutical and health products in China, driven by a slowdown in market demand [1]

Core Viewpoint - Kingworld Medicines Group (01110) expects a significant decline in profit for the first half of 2025, projecting a year-on-year decrease of approximately 70% to 75% compared to a profit of 45.6 million yuan in the first half of 2024 [1] Financial Performance - The company anticipates a loss attributable to shareholders of approximately 4.5 million yuan for the first half of 2025, while projecting a profit attributable to shareholders of about 30.7 million yuan for the first half of 2024 [1] Business Operations - The board attributes the decrease in profit primarily to a reduction in gross profit of approximately 50% to 55% from its Chinese distribution business for imported pharmaceutical and health products, which is due to a slowdown in market demand for these products [1] - This decline in gross profit is partially offset by an increase in gross profit of about 10% to 15% from Shenzhen Dongdixin Technology Co., Ltd [1]

Core Viewpoint - The company, JinHuo Pharmaceutical Group, anticipates a significant decline in profits for the first half of 2025, projecting a decrease of approximately 70% to 75% compared to the same period in 2024, where profits were reported at 45.6 million yuan [1] Financial Performance - For the first half of 2024, the company reported a profit attributable to owners of approximately 30.7 million yuan [1] - The company expects a loss attributable to owners of about 4.5 million yuan for the first half of 2025 [1] Business Operations - The board attributes the profit decline primarily to a reduction in gross margins of about 50% to 55% in the Chinese distribution business for imported pharmaceutical and health products, driven by a slowdown in market demand [1] - This decline in gross margin is partially offset by an increase in gross margin of approximately 10% to 15% from Shenzhen Dongdixin Technology Co., Ltd [1]

Core Insights - The private economy in Wuhan has surpassed 1 trillion yuan, reaching 1.02 trillion yuan in 2024, marking a significant milestone for the region [1] - The top three private enterprises in Hubei, including Jiuzhoutong Pharmaceutical Group and Hengxin Automobile Group, are located near Longyang Lake, contributing to a high concentration of private enterprises in the area [1][2] - Over the past five years, the Longyang Lake area has developed into a 100 billion yuan private economic belt, with Jiuzhoutong's revenue exceeding 150 billion yuan and Hengxin's surpassing 80 billion yuan in 2024 [1][5] Company and Industry Summaries - Jiuzhoutong has grown from 41.1 billion yuan in revenue in 2014 to 151.81 billion yuan in 2024, demonstrating significant growth as a "chain leader" in the health sector [4][11] - The Jiuzhoutong Health City has achieved over 95% occupancy within two years, housing 148 enterprises across various sectors, including health, finance, and software development [4] - Hengxin Automobile Group has established itself as a leading player in the automotive sector, contributing to a nearly 100 billion yuan automotive sales cluster in the region [5][11] - The Longyang Lake area has attracted 1.1 million enterprises, with over 99% being private, reflecting an 88% increase since 2020 [2] - The innovation ecosystem in the Longyang Lake area has fostered the growth of various industries, including health, automotive, technology, and cultural tourism, creating a closed-loop economy [10][12] - Jiuzhoutong's digital transformation has led to 1.25159 billion yuan in revenue from digital pharmaceutical distribution and supply chain services, highlighting the importance of innovation in driving growth [11] - The establishment of the AI Medical Innovation Unit in collaboration with Han Yang Technology Innovation Research Institute has resulted in a 90% increase in revenue for companies like Xingxue Data [10][11]

Group 1 - The core idea of strategy is to "occupy a place," emphasizing the importance of making choices about what to pursue and what to forgo [2][3][4] - Companies should focus on large markets or sectors, as larger markets provide more growth opportunities and can accommodate multiple large enterprises [2][3] - Not all companies need to target large markets; specialized small and medium enterprises can thrive in niche industries [3] Group 2 - Effective management hinges on understanding and motivating employees, which is fundamental to successful leadership [4][5] - Key responsibilities of a chairman include strategic decision-making, selecting the right people for execution, and communicating the company's culture and strategy [5][6][7] - The concept of "bureaucratic disease" can affect both large and small companies, leading to inefficiencies and low morale [10][11] Group 3 - Leadership qualities essential for effective management include direction, affinity, responsibility, and decisiveness, with cultural differences influencing these traits [12][13] - Companies should foster collaboration across departments to avoid the "silo effect," which can hinder efficiency and communication [15][16][17] Group 4 - The phenomenon of "involution" in various industries, characterized by excessive competition and price wars, can be addressed through consolidation, industry self-regulation, and innovation [26][27][28] - Companies should focus on differentiation and high-end product offerings to escape the cycle of price competition and enhance profitability [29][30] Group 5 - Understanding pricing strategies is crucial for business success, as effective pricing can significantly impact profitability [31][32][33] - Companies should not solely pursue low prices, as this can lead to unsustainable business practices and hinder innovation [34][35][36] Group 6 - The balance between continuous and disruptive innovation is vital for companies to remain competitive, requiring distinct teams for each type of innovation [39][40][41] - Emphasizing the process of work and contribution over mere results can lead to a more fulfilling and productive corporate culture [44][45][46]

Core Viewpoint - The article discusses the significant change in control of Qidi Pharmaceutical due to a judicial auction, where Hunan Sailuxian successfully acquired a 24.47% stake in the company for 1.007 billion yuan, potentially leading to a change in the company's controlling shareholder [2][9][18]. Summary by Sections Auction Details - The auction for Qidi Pharmaceutical's shares took place from July 14 to July 15, 2025, after a delay due to objections from interested parties [7]. - Hunan Sailuxian won the auction with a bid of 1.007 billion yuan, translating to an average price of 17.19 yuan per share, which is approximately 24% higher than the closing price on the auction day [9][18]. Company Background - Qidi Pharmaceutical, listed under the stock code 000590, has been facing financial difficulties, with a reported revenue of 343 million yuan in 2024, down 15.18% year-on-year, and a net loss of 125 million yuan, a staggering decline of 596.98% [18]. - Hunan Sailuxian was established on June 19, 2025, with a registered capital of 400 million yuan, primarily controlled by Jiang Xin, who is also the founder and chairman of Hunan Hengchang Pharmaceutical Group [12][15]. Strategic Implications - The acquisition is seen as a strategic move to enhance the supply chain and profitability, as Hunan Hengchang's distribution network complements Qidi Pharmaceutical's product offerings [16]. - If the share transfer is completed, Qidi Pharmaceutical's current controlling shareholder, Qidi Technology Service Co., will lose its controlling status, reducing its voting rights from 26.37% to 1.90% [18]. Market Reaction - Following the auction news, Qidi Pharmaceutical's stock experienced significant volatility, with a nearly 50% increase in price over the month leading up to the auction [19].

Core Viewpoint - The company, Jiuzhoutong, reported a revenue of 151.81 billion yuan for 2024, with a net profit of 2.51 billion yuan, indicating a strategic transformation focusing on high-quality development through the "Three New and Two Transformations" strategy [2][5]. Financial Performance - In 2024, Jiuzhoutong achieved a revenue of 1518.10 billion yuan, with a year-on-year growth of 2.58% after adjusting for seasonal factors. The net profit attributable to shareholders increased by 39.88% to 2.51 billion yuan, while the net profit excluding non-recurring items rose by 14.89% to 1.81 billion yuan [2][3]. - For Q1 2025, the company reported a revenue of 420.16 billion yuan, a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, reflecting an 80.38% growth compared to the same period last year [2]. Strategic Transformation - Jiuzhoutong is focusing on a strategic transformation that includes new products, new retail, new medical services, digitalization, and real estate securitization, collectively referred to as "Three New and Two Transformations" [2][5]. - The company is enhancing its core competitiveness in product introduction, C-end channel construction, digital technology development, and asset operation models [5][6]. Core Business Development - The core pharmaceutical distribution business is experiencing stable growth, with emerging sectors such as industrial self-production, OEM, traditional Chinese medicine, and digital logistics showing growth rates around 20% [3][4]. - The industrial self-production and OEM segment achieved sales of 5.92 billion yuan, a 26.92% increase, while the traditional Chinese medicine segment reported sales of 22.86 billion yuan, up 21.45% [3]. Digital and Logistics Innovations - Jiuzhoutong has established a complete industry chain for traditional Chinese medicine, achieving sales of 4.96 billion yuan, an 18.14% increase, and has developed digital systems for quality tracking and smart manufacturing [4]. - The digital logistics and supply chain solutions segment generated revenue of 1.06 billion yuan, a 25.32% increase, with a gross profit of 236 million yuan, up 17.08% [4]. Future Outlook - The company views 2025 as a critical year for the implementation of its three-year strategic plan and aims to continue advancing the "Three New and Two Transformations" strategy while focusing on talent acquisition [7].

Core Viewpoint - The company reported its Q1 2025 performance, showing stable revenue growth but a slight decline in net profit, indicating a mixed financial outlook for the period [1]. Financial Performance - In Q1 2025, the company achieved revenue of 12.713 billion yuan, a year-on-year increase of 4.87%, while the net profit attributable to shareholders was 459 million yuan, a slight decline of 0.10% [1]. - The company's net profit excluding non-recurring items was 446 million yuan, down 2.57% year-on-year, aligning with expectations [1]. - The parent company reported a revenue of 5.94 billion yuan in Q1 2025, representing a year-on-year growth of 16.3%, and a net profit of 340 million yuan, up 6.8% year-on-year [2]. Cost Management - The sales expense ratio decreased to 1.2%, down 0.5 percentage points year-on-year, attributed to cost optimization, while the management expense ratio remained stable at 0.8% [2]. - Industrial investment income for Q1 2025 was 103 million yuan, reflecting a year-on-year increase of 0.9% [2]. Research and Development - The company is accelerating its R&D efforts, particularly in the field of narcotic drugs, and has optimized its product structure for 2024 [2]. - The company has received registration approvals for several new products, including a first-class psychotropic raw material, and is collaborating with research institutions to enhance its research capabilities [2]. Marketing Strategy - The company is transforming its marketing approach to empower its national pharmaceutical distribution business, focusing on enhancing bidding, channel development, and data services [3]. - A diverse marketing model has been established, covering various fields such as oral products, blood products, and second-class psychotropic drugs [3]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 2.131 billion yuan and 2.270 billion yuan, respectively, both reflecting a year-on-year growth of 6.5% [4]. - The current stock price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.8 times for 2026, with a target price of 38.0 yuan, indicating a potential upside of 29.3% [4].