Core Viewpoint - The legal opinion letter from Heilongjiang Huaqian Law Firm confirms the legality of the 2024 annual shareholders' meeting of Harbin Pharmaceutical Group People's Tongtai Pharmaceutical Co., Ltd, including the meeting's convening, attendance, voting procedures, and results [2][3][9]. Group 1: Meeting Procedures - The shareholders' meeting is scheduled for June 26, 2025, at 14:00, held at the company's conference room in Harbin, presided over by Chairman Zhu Weidong [4]. - The meeting will allow for both on-site and online voting, with specific time slots for each voting method [4][6]. Group 2: Attendance and Voting Rights - A total of 434,229,754 shares, representing 74.8816% of the company's total share capital, are eligible for voting [6]. - 186 shareholders and their proxies participated in the online voting, representing 2,859,032 shares, or 0.4930% of the total shares [6]. Group 3: Voting Results - The meeting passed several resolutions with overwhelming support, including: - 436,671,086 shares voted in favor, accounting for 99.9044% of valid votes [7]. - Other resolutions also received similar high approval rates, with votes in favor ranging from 99.7590% to 99.9142% [8][9]. - Special resolutions required a two-thirds majority, while ordinary resolutions needed a simple majority, all of which were met [9].

Investment Rating - The report initiates coverage with a "Buy" rating for Shanghai Pharmaceuticals [2][5]. Core Views - Shanghai Pharmaceuticals is positioned to leverage both distribution and industrial segments, enhancing its innovative value across the entire industry chain [4]. - The company is actively embracing new business models to address the overall profit compression in the pharmaceutical distribution industry and increasing competition [5]. - The report forecasts significant revenue and profit growth for the company from 2025 to 2027, with expected revenues of RMB 302.3 billion, RMB 333.3 billion, and RMB 366.3 billion, respectively, and corresponding net profits of RMB 5.3 billion, RMB 6.2 billion, and RMB 7.1 billion [4][5]. Company Overview - Shanghai Pharmaceuticals, established in 1952, has evolved into a comprehensive pharmaceutical enterprise covering manufacturing, distribution, and traditional Chinese medicine [4][14]. - The company became the first A+H listed pharmaceutical company in China and has undergone significant transformations, including the introduction of Yunnan Baiyao as a major shareholder [4][15]. Financial Data and Profit Forecast - The company is projected to achieve revenues of RMB 260.3 billion in 2023, with a year-on-year growth rate of 12.21%, and a net profit of RMB 3.8 billion, reflecting a decline of 32.92% [3][25]. - For 2024, revenues are expected to reach RMB 275.3 billion, with a net profit of RMB 4.6 billion, indicating a growth of 20.82% [3][25]. - The report anticipates a steady increase in revenue and profit margins, with a focus on innovative drug development and operational efficiency [4][5]. Distribution Business - The pharmaceutical distribution market in China is approximately RMB 3 trillion, with a significant portion attributed to wholesale [38]. - Shanghai Pharmaceuticals ranks second among national pharmaceutical wholesalers, benefiting from the industry's increasing concentration and digital transformation [47]. - The company is enhancing its distribution network and operational efficiency through strategic integration and innovative business models [49][60]. Pharmaceutical Manufacturing - The industrial segment of Shanghai Pharmaceuticals includes a diverse range of products, such as generic drugs, innovative drugs, and traditional Chinese medicine [67]. - The company has established production bases across 12 provinces and cities in China and overseas, producing around 800 varieties of drugs [67]. - The report highlights the company's commitment to increasing research and development investments, particularly in innovative drug pipelines [4][5]. Growth Highlights - The company is focusing on building a comprehensive lifecycle service platform for innovative drugs, which has shown significant sales growth [54]. - Shanghai Pharmaceuticals is implementing the SPD model to enhance supply chain management for medical institutions, which has led to increased sales in medical devices [56]. - The "1+1+1" model in Shanghai is being leveraged to improve grassroots medical efficiency, providing significant growth opportunities for the company's distribution business [61][66].

Meeting Details - The shareholders' meeting was held on June 25, 2025, at the company's headquarters in Guangzhou [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 76.7419% [1] - The meeting was convened by the board of directors and presided over by director Ke Guoqiang, following legal and procedural requirements [1] Voting Results - All non-cumulative voting proposals were approved, with 99.2431% of A-shareholders voting in favor [1] - The voting breakdown showed 862,239,871 votes in favor, 6,475,995 against, and 99,424 abstentions [1] Legal Compliance - The lawyers confirmed that the meeting's procedures complied with relevant laws and regulations, ensuring the legality of the attendees and the voting process [2]

| | | A股董秘学历分布及对比 | | | | --- | --- | --- | --- | --- | | | 杰出董秘 | | 全部A股 | | | 学历 | 人数(人) | 足比 | 人数(人) | 早比 | | 高中及以下 | 1 | 0.40% | 21 | 0.39% | | 大专及本科 | 90 | 36.00% | 2638 | 48.60% | | 硕士及以上 | 156 | 62.40% | 2694 | 49.63% | 在资本市场的舞台上，董秘扮演着至关重要的角色。他们不仅是上市公司与投资者之间的桥梁，更是公 司价值传播、投资者沟通与公司治理的关键角色。 高水准传播公司价值 合规、透明的信息披露是上市公司董秘的重要工作之一，是向投资者传递公司价值的重要途径。杰出董 秘在信息披露合规性方面表现出色，250位董秘的信披评级均为"A"或"B"，其中112位董秘获得了最高 的"A级"评级，占比接近一半。这一比例充分体现了获奖董秘在信息披露工作中的卓越表现和专业能 力。 证券时报社主办的"中国上市公司投资者关系管理天马奖"活动迄今已举办16届，持续关注董秘这一职业 群体的发展现状及特点。近 ...

Core Viewpoint - Nanjing Pharmaceutical (600713) plans to lease a property located at 27 Yanling Lane, Qinhuai District, Nanjing through a public listing, with an estimated first-year rental value of 7.1155 million yuan based on the assessment date [1] Summary by Relevant Sections - **Property Details** - The total area of the property is 13,325.11 square meters [1] - The lease term is set for 13 years (156 months), with a 6-month rent-free period [1] - **Financial Projections** - Rent will be paid quarterly, with the rental price remaining unchanged for the first three years [1] - Starting from the fourth year, the rent will increase by 5% every three years based on the previous year's rent [1] - The total expected rental income over the 13-year lease period is approximately 97.0973 million yuan [1] - **Transaction Process** - The final transaction price and the lessee will be determined based on the results of the public listing [1]

Summary of Key Points Core Viewpoint - The announcement details the progress of external guarantees provided by Kunming Pharmaceutical Group Co., Ltd. to its subsidiaries, emphasizing the financial support for their operational needs in 2025 and the associated risks due to high debt levels of the guaranteed companies [1][6]. Group 1: Guarantee Details - The total guarantee amount provided to the subsidiaries is RMB 12.5 million, with a cumulative guarantee balance of RMB 33.7 million [1]. - The guaranteed companies, Qujing Kangqiao Pharmaceutical Co., Ltd. and Kunming Commercial (Zhaotong) Pharmaceutical Co., Ltd., are both subsidiaries of Kunming Pharmaceutical Group [1][2]. - There are no collateral guarantees associated with this external guarantee [1]. Group 2: Financial Status of Guaranteed Companies - Qujing Kangqiao has an asset-liability ratio of 73.60% as of March 31, 2025, indicating a high level of debt [2]. - Kunming Commercial (Zhaotong) has an asset-liability ratio of 86.07% as of March 31, 2025, also reflecting significant financial leverage [2]. - Both companies are not classified as dishonest executors, and their credit status is reported as good [2]. Group 3: Board of Directors' Opinion - The board believes that the guarantees are necessary to support the subsidiaries' operational needs, enhance financing efficiency, and lower financing costs [6]. - The board has assessed the financial stability and operational conditions of the guaranteed companies, concluding that the overall risk is manageable [6]. Group 4: Cumulative Guarantee Information - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is RMB 113.85 million, which is 2.17% of the latest audited net assets [7]. - The total guarantee amount provided to subsidiaries is RMB 456.15 million, representing 8.68% of the latest audited net assets [7].

证券代码：600713.SH 证券简称：南京医药 债券代码：110098.SH 债券简称：南药转债 中信建投证券股份有限公司 关于 南京医药股份有限公司向不特定对象发行可转 换公司债券 2025 年度第三次临时受托管理事务 报告 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《公司债券受托管理人执业行为准则》《南京医药股份有限公司 2024 年向不特 定对象发行可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"） 《南京医药股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下 简称"《募集说明书》"）及其它相关信息披露文件以及南京医药股份有限公司（以 下简称"南京医药"、"发行人"、"上市公司"、"公司"）出具的相关说明文件和提 供的相关资料等，由受托管理人中信建投证券股份有限公司（以下简称"中信建 投证券"或"受托管理人"）编制。中信建投证券编制本报告的内容及信息均来源 南京医药提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信建投 ...

债券代码：110098 债券简称：南药转债 证券代码：600713 证券简称：南京医药 编号：ls2025-091 南京医药股份有限公司 关于因实施权益分派调整可转债转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 调整前转股价格：5.29 元/股 ? 调整后转股价格：5.12 元/股 ? "南药转债"本次转股价格调整实施日期：2025 年 6 月 30 日 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可【2024】1736 号）， 核准南京医药股份有限公司（以下简称"公司"）本次可转换公司债券（以下简称"可 转债"）发行。公司向不特定对象发行可转债 10,814,910 张，每张面值为人民币 100 元，并于 2025 年 1 月 20 日在上海证券交易所上市交易（债券简称：南药转债，债券 代码：110098），初始转股价格为 5.29 元/股。 一、转股价格调整依据 公司股份回购专用证券账户持有股数）为基数分配利润，向全体股东每 10 股派发现金 红利 1.70 元（含税）。在 ...

中国医药（600056）公告，公司收到参股公司重庆医健股东重庆渝富拟公开挂牌转让重庆医健24%股权 的通知，股权转让底价为22.06亿元。公司决定放弃该股权的优先购买权。本次放弃优先购买权事项尚 无法确定是否构成关联交易，不构成重大资产重组情形。公司第九届董事会第28次会议审议通过该议 案，尚需提交股东大会审议。本次放弃优先购买权不会导致公司合并报表范围发生变化，亦不会导致公 司对重庆医健的持股比例下降，不存在损害公司及股东利益的情形，不会对公司财务及经营状况产生重 大影响。 ...

北京市竞天公诚律师事务所上海分所 关于 南京医药股份有限公司 差异化分红 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 二〇二五年六月 北京市竞天公诚律师事务所上海分所 法律意见书 北京市竞天公诚律师事务所上海分所 关于南京医药股份有限公司 差异化分红之法律意见书 致：南京医药股份有限公司 根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国 证券法》 （以下简称"《证券法》"）、 《上市公司股份回购规则》 （以下简称"《回购 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等规定以及在本法律意见书出具日之前已经发生或存在的事实出具法律意 见。本所已经严格履行了法定职责，遵 ...