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 ...

Economic Overview - Liaoning Province's economy showed overall stability from January to July, with a year-on-year industrial added value growth of 3.9% [1] - High-tech manufacturing sector experienced a significant growth of 7.8% [1] Industrial Performance - Mining industry added value increased by 10.9%, while manufacturing and electricity, heat, gas, and water production and supply sectors grew by 3.0% and 1.1% respectively [1] - Among 40 major industrial categories, 23 reported year-on-year growth, resulting in a growth coverage of 57.5% [1] - Notable growth sectors included chemical fiber manufacturing (up 9.3 times), and various manufacturing sectors such as railway, shipbuilding, aerospace, and non-ferrous metal mining [1] Investment Trends - Fixed asset investment in manufacturing increased by 22.8%, with high-tech manufacturing investment rising by 37.0% [2] - First industry investment decreased by 7.1%, while second industry investment grew by 7.9% [2] - Construction project investment saw a 1.8% increase, with projects over 100 million yuan growing by 6.0% [2] Consumer Market - Retail sales of consumer goods reached 597.72 billion yuan, marking a 5.5% year-on-year increase [2] - Basic living goods sales remained stable, with significant growth in food (17.0%), daily necessities (12.9%), and tobacco and alcohol (6.6%) [2] - Upgraded consumer goods showed rapid growth, including smartphones (up 130%), wearable devices (up 98.2%), and energy-efficient home appliances (up 46.6%) [2] Trade Performance - Total import and export value reached 437.61 billion yuan, with a slight year-on-year increase of 0.4% [3] - Exports totaled 234.78 billion yuan, reflecting a growth of 13.6% [3] - Key export categories included agricultural products (18.85 billion yuan, up 9.1%), steel (22.73 billion yuan, up 11.1%), and machinery and electrical products (118.51 billion yuan, up 8.9%) [3]

Economic Overview - The overall economic operation of the province is stable from January to July, with a year-on-year industrial added value growth of 3.9% [1] - High-tech manufacturing industry shows a significant growth of 7.8% [1] Industrial Performance - Mining industry increased by 10.9%, while manufacturing and electricity, heat, gas, and water production and supply industries grew by 3.0% and 1.1% respectively [1] - Among 40 major industrial categories, 23 experienced year-on-year growth, representing a growth rate of 57.5% [1] - Notable growth in chemical fiber manufacturing (9.3 times), and double-digit growth in several sectors including pharmaceutical manufacturing and electrical machinery [1] Investment Trends - Manufacturing investment increased by 22.8%, with high-tech manufacturing investment rising by 37.0% [2] - First industry investment decreased by 7.1%, while second industry investment grew by 7.9% [2] - Construction project investment increased by 1.8%, with projects over 100 million yuan growing by 6.0% [2] Consumer Market - Retail sales of consumer goods reached 597.72 billion yuan, with a year-on-year growth of 5.5% [2] - Significant growth in essential goods, with food retail sales increasing by 17.0% and daily necessities by 12.9% [2] - Upgraded products like smartphones and wearable devices saw substantial sales growth, with smartphones increasing by 130% [2] Trade Performance - Total import and export value reached 437.61 billion yuan, with exports growing by 13.6% [3] - Agricultural product exports increased by 9.1%, while steel and electromechanical products also saw growth [3] Price Trends - A slight decline in consumer prices and a decrease in industrial producer prices were noted [4]

Core Insights - The industrial added value in Liaoning province increased by 3.9% year-on-year from January to July [1] - The high-tech manufacturing sector saw a significant growth of 7.8% in added value during the same period [1] Product Performance - Transformer production surged by 68.2% year-on-year [1] - Chemical reagents increased by 37.4% [1] - Pump production rose by 26.4% [1] - Civil steel ship production grew by 18.5% [1] - Anhydrous ammonia production increased by 15.1% [1] - Paper products saw a growth of 15.0% [1] - Industrial robots experienced a growth of 6.5% [1] - Automotive production declined by 13.4%, while new energy vehicles grew by 16.3% [1]

Core Viewpoint - The development of China's chemical reagent industry has evolved from reliance on imports to gradual self-sufficiency, transitioning from low-end general reagents to high-end specialized reagents, with significant growth projected in market size [1][8]. Group 1: Industry Definition and Classification - Chemical reagents are refined fine chemical products derived from industrial-grade chemicals, classified by usage into general chemical reagents, PCB chemical reagents, and ultra-pure reagents, and by purity levels ranging from experimental pure (≥90%) to high purity (≥99.99%) [2][10]. Group 2: Current Development Status - The chemical reagent industry in China has undergone five stages: initial stage, developmental stage, reform and opening-up stage, rapid development stage, and mature development stage, with the current market becoming increasingly competitive [5][7]. Group 3: Market Size and Growth - The market size of China's chemical reagent industry is expected to grow to 240 billion yuan in 2024, an increase of 18.6 billion yuan from 2023, and is projected to reach 260 billion yuan by 2025 [1][8]. Group 4: Industry Chain - The chemical reagent industry is a crucial branch of laboratory supplies and fine chemicals, with the upstream including chemical raw materials, packaging materials, and equipment; the midstream focusing on research and production; and the downstream applications spanning various fields such as pharmaceuticals, new materials, and environmental protection [10][12]. Group 5: Competitive Landscape - The global chemical reagent market is dominated by foreign companies, with major players including Sigma-Aldrich, Thermo Fisher Scientific, and Cayman Chemical, which collectively hold over 80% of the market share in China's research reagent market [14][15]. Group 6: Development Trends - The industry is experiencing transformation driven by technological advancements, with increasing demand for high-performance chemical reagents, particularly in the fields of biotechnology, pharmaceuticals, electronics, and new energy [18][19][20]. - Environmental sustainability is becoming a key trend, prompting the development of green chemical reagents that meet environmental standards [18].

Core Viewpoint - West Long Science Co., Ltd. announced the release and new pledge of shares by its actual controller, Huang Shaoqun, indicating personal funding needs while emphasizing that this will not adversely affect the company's operations or governance [3][4]. Group 1: Share Pledge Details - Huang Shaoqun released 10,250,000 shares, accounting for 18.14% of his holdings and 1.75% of the company's total share capital, with the release date set for August 6, 2025 [3]. - He also pledged 10,860,000 shares, representing 19.22% of his holdings and 1.86% of the company's total share capital, starting from August 6, 2025 [3]. - As of the announcement date, Huang Shaoqun had a total of 33,390,000 shares pledged, with the cumulative pledge by him and his concerted actors accounting for 34.50% of his holdings and 8.83% of the company's total share capital [3]. Group 2: Regulatory Issues - On July 7, 2023, West Long Science received an administrative penalty from the Guangdong Securities Regulatory Bureau for information disclosure violations, resulting in a fine of 1.2 million yuan [4]. - The company was found to have inflated revenue and profits through fictitious trading activities involving ethylene glycol and methanol [4]. - Huang Shaoqun and other executives received individual fines ranging from 50,000 to 800,000 yuan for their roles in the violations [4]. Group 3: Company Overview and Financial Performance - West Long Science was established on July 19, 1994, with a registered capital of 5.852 billion yuan, focusing on the R&D, production, and sales of chemical reagents and raw materials [5][6]. - The company reported revenues of 6.183 billion yuan, 7.092 billion yuan, and 7.816 billion yuan for 2022 to 2024, reflecting year-on-year growth rates of 14.93%, 24.42%, and 10.22% respectively [6]. - The net profit attributable to shareholders for the same period was 88.05 million yuan, 33.35 million yuan, and 61.77 million yuan, with year-on-year changes of -52.93%, -62.56%, and 85.24% respectively [6]. - The company's asset-liability ratios were 53.46%, 50.64%, and 51.10% for the years 2022 to 2024 [6].

Core Viewpoint - Nanjing Pharmaceutical Co., Ltd. maintains a stable credit rating of AA+ with a stable outlook, supported by its strong market position, revenue growth, and shareholder backing [2][4][12]. Company Overview - Nanjing Pharmaceutical is a leading player in the pharmaceutical distribution sector in the Jiangsu, Anhui, Fujian, and Hubei regions, with a significant market share and a robust logistics network [14][17]. - The company has a total asset value of 306.74 billion yuan as of 2024, with total liabilities of 228.86 billion yuan and total debt of 125.35 billion yuan [7][10]. Financial Performance - The company reported total revenue of 536.96 billion yuan in 2025, with a net profit of 7.43 billion yuan [7][29]. - The operating margin has shown slight fluctuations, with a gross profit margin of 6.28% in 2025 [29]. - The company’s EBITDA interest coverage ratio is 4.57, indicating a reasonable ability to cover interest expenses [9]. Market Position - Nanjing Pharmaceutical ranks sixth among the top ten pharmaceutical wholesale companies in terms of revenue, indicating a strong competitive position [16]. - The company has a diverse customer base, with 3.44 million total customers, including hospitals and retail pharmacies [21]. Growth Strategy - The company is focusing on expanding its retail pharmacy network, with plans to open new stores and enhance its online presence through e-commerce initiatives [25][28]. - Nanjing Pharmaceutical is also investing in logistics and supply chain improvements, with 56 logistics centers and a fleet of 400 vehicles to enhance distribution efficiency [24][30]. Industry Context - The pharmaceutical distribution market is experiencing a growth rate of 5.58%, driven by increasing health awareness and an aging population [13]. - However, the industry faces challenges such as increasing competition and pressure on profit margins due to policy changes and market dynamics [14][22]. Risk Factors - The company is facing certain risks related to its internal management and the competitive landscape of the pharmaceutical distribution industry [6][8]. - High levels of accounts receivable and inventory are putting pressure on working capital, necessitating careful management [8][30]. Future Outlook - The credit rating agency expects Nanjing Pharmaceutical's credit quality to remain stable in the near term, supported by its market position and operational capabilities [4][5]. - The company is well-positioned to leverage its strengths in a growing market, although it must navigate the challenges posed by industry competition and regulatory changes [14][22].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the turning point has been reached, and there is optimism regarding the elasticity of the scientific services sector [3][6] - The sector has experienced significant adjustments in funding, and with the combination of fundamental turning points and policy support, a valuation reversal is expected [4] Summary by Sections 1. Funding Situation - As of Q1 2025, the total market value of institutional holdings in the scientific services sector is 3.286 billion, accounting for 0.11% of total fund holdings, indicating a low allocation by institutions [4][12] - From January 1, 2025, to May 7, 2025, the average increase in the scientific services sector was 9%, outperforming the pharmaceutical index by 7.7 percentage points [4][13] 2. Fundamentals - **Revenue**: The average year-on-year revenue growth for core scientific service targets in 2024 is 7.17%, with significant recovery in low-consumption categories [5][23] - **Gross Margin**: The average gross margin for core targets in 2024 is 47.99%, with a gradual recovery expected as cost control and capacity utilization improve [5][25] - **Capital Expenditure**: The total capital expenditure for the sector in 2024 is 4.643 billion, a decrease of 35% year-on-year, indicating a shift towards an investment harvest period [5][29] - **Inventory**: The average inventory turnover rate for core targets in 2024 is 3.7 times, showing an optimization trend [5][39] - **Net Profit Margin**: The average net profit margin for core targets in 2024 is 5.22%, with a slight increase to 5.47% in Q1 2025, indicating a recovery in profitability [5][50] 3. Investment Recommendations - The report recommends focusing on companies with strong growth certainty and clear trends in profitability improvement, highlighting Titan Technology, Haoyuan Pharmaceutical, Bid Medical, and Nanwei Technology as key recommendations [7][53]

关于上海开开实业股份有限公司 向特定对象发行股票申请文件的审核问询函 之回复专项核查意见 上会业函字(2025)第 190 号 上海证券交易所： 上会会计师事务所(特殊普通合伙)（以下简称"我们"、"申报会计师"）通过 上海开开实业股份有限公司（以下简称"公司"、"发行人"）收悉贵所于 2024 年 10 月 24 日下发的《关于上海开开实业股份有限公司向特定对象发行股票申请文 件的审核问询函》（上证上审（再融资）〔2024〕241 号）（以下简称"问询函"）。 根据问询函要求，我们就问询函中要求申报会计师核查和发表意见的事项进行了 核查，现将核查情况予以说明。 本回复中涉及货币金额的单位，如无特别指明，均为人民币元。若出现总数 与分项数值之和尾数不符的情况，均为四舍五入原因造成。 7-2-1 问题 1.关于经营情况 根据申报材料，1）报告期内，发行人的营业收入分别 66,983.04 万元、 89,417.19 万元、92,507.04 万元和 48,952.05 万元，扣非归母净利润分别为 444.62 万元、1,414.20 万元、944.56 万元和 329.38 万元；2）报告期各期，公 司经营活动 ...