编号：2025-011 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 参与单位： 东吴证券、易方达 | | 活动参与人员 | 上市公司接待人员： | | | 董事会秘书 邱天 | | | 公司 团队工作人员 IR | | 时间 | 年 月 日下午 2025 12 4 | | 地点 | 公司会议室 | | 形式 | 线上会议 | | | 1.公司 2025 年三季度经营情况如何？ | | | 答：2025 年三季度公司经营稳步向上，营业收入 亿 622.11 | | | 元，同比增长 4.22%；归母净利润 3.84 亿元，同比增长 31.41%； | | | 扣非归母净利润 亿元，同比增长 36.83%。实现营收、利润 3.79 | | | 双增长，公司管理层对公司长期发展充满信心，将聚焦于公司经 | | 交流内容及具体问 | 营与战略落地。 | | 答记录 | 2.公司进入通用技术集团后有哪些变化？ | | | ...

Core Viewpoint - The Ordos Market Supervision Administration is implementing multiple measures to strengthen the supervision and management of narcotic and psychotropic drugs, ensuring public safety and health [1][2] Group 1: Regulatory Actions - The "Qingyuan 2025" special action plan has been developed to clarify the focus and division of tasks for the supervision of narcotic and psychotropic drugs [1] - There is an emphasis on enhancing supervision of special drug raw materials and outpatient treatment for drug addiction, preventing illegal circulation of these drugs [1] - Comprehensive inspections of drug operating and using units are being conducted, focusing on the qualifications, sales channels, storage conditions, and usage records of narcotic drugs [1] Group 2: Risk Management - A risk consultation meeting has been organized to identify risk points in the circulation and use of narcotic drugs, leading to the formulation of targeted control measures [1] - Ongoing monitoring and special rectification efforts are being strengthened, particularly in medical institutions regarding the management of narcotic drugs and monitoring of drug abuse [1] - As of now, 327 medical institutions have been inspected, with 825 law enforcement personnel deployed to address issues related to expired narcotic drugs [1] Group 3: Online and Offline Monitoring - There is a continuous effort to monitor and combat the illegal online sale of narcotic drugs, with both online inspections and third-party monitoring being conducted [2] - No illegal sales of narcotic drugs through the internet have been found in the Ordos area to date [2] - Future actions will include enhancing follow-up inspections of medical institutions, improving risk prevention mechanisms, and strengthening online regulatory measures [2]

Summary of Key Points from the Conference Call Industry Overview - The healthcare sector in China is experiencing increased government support, with national fiscal health expenditure reaching 1.2 trillion yuan in the first seven months of 2025, a year-on-year increase of 5.3% [1][3][4] - The pharmaceutical industry is showing signs of recovery, with the added value of the pharmaceutical manufacturing industry growing by 2.4% in July 2025, although this is below the national industrial average growth of 5.7% [1][5] Key Insights and Arguments - **Healthcare Expenditure**: The growth in healthcare expenditure indicates a strong government commitment to the sector, with a 13.9% increase compared to the same period in 2019 [1][4] - **Retail Market Pressure**: The retail market for Chinese and Western medicines is under pressure, with a growth rate of only 1.2%, significantly lower than the overall retail growth of 4.8% [1][6] - **Inpatient Treatment Decline**: There is a noticeable decline in inpatient treatment volumes, with various cities reporting decreases in hospitalization rates [1][7] - **Medical Device Exports**: Medical device exports have performed well, particularly for endoscopes and MRI equipment, with growth rates of 31.8% and 8.7% respectively [1][8] Additional Important Content - **Insurance Fund Trends**: The insurance fund's income has shown steady growth at 6.9% year-on-year, but expenditures have decreased by 1% in the same period, marking the first negative growth this year [2] - **CRO and BioTech Performance**: The BioTech and CRO sectors are performing relatively well, with some companies achieving over 40% growth due to domestic commercialization [11][12] - **Impact of Tariffs**: Tariffs imposed on medical devices have significantly affected exports, particularly for gloves, which saw an 18% decline [10] - **Capital Expenditure Trends**: The overall capital expenditure (CAPEX) of listed companies has been declining for three consecutive years, with the retail pharmacy sector experiencing the most significant drop [18] - **Risks in Innovation**: The innovative pharmaceutical sector faces risks from domestic procurement policies and geopolitical factors, which could impact industry dynamics [22] This summary encapsulates the critical insights and trends discussed in the conference call, highlighting the current state and future outlook of the healthcare and pharmaceutical industries in China.

Group 1: Financial Performance - The company's operating revenue for the first half of 2025 reached 41.188 billion yuan, representing a year-on-year growth of 3.54% [2] - The net profit attributable to shareholders was 2.82 billion yuan, with a year-on-year increase of 18.56% [2] - The net profit excluding non-recurring items was 2.77 billion yuan, showing a year-on-year growth of 26.68% [2] Group 2: Third-party Storage and Distribution Business - The revenue from the third-party storage and distribution business exceeded 15 million yuan during the reporting period, expanding into various fields including traditional Chinese medicine, e-commerce, medical devices, and radiopharmaceuticals [2] Group 3: Narcotic and Psychotropic Drugs - The sales of narcotic and psychotropic drugs amounted to 1.736 billion yuan, reflecting a year-on-year increase of 19.07% [3] - The company is one of three national wholesale enterprises for narcotic drugs, with a sales network covering all 31 provinces and regions [3] Group 4: Financial Cost Management - Financial costs decreased significantly, with a reduction of 165 million yuan, marking a year-on-year decline of 30.35% [3] - The financial cost rate reached a five-year low, with expectations for further reductions in the future [3] Group 5: Collaboration with General Technology Group - The company accelerated collaboration with medical institutions under the General Technology Group, opening 104 accounts in 22 provinces, including 89 grade hospitals [3] - A strategic cooperation agreement was signed with General Health and China Pharmaceutical to enhance resource integration and optimize supply chain management [3]

Group 1: Market Value Management - The company considers market value management a key task for the year, focusing on improving operational management and utilizing various methods such as information disclosure, cash dividends, and share buybacks to enhance market value [2][3] - A market value management system was established in June 2025, with a share buyback plan approved by the shareholders in July, allowing for a buyback of between 80 million to 100 million yuan [3] - On August 14, 2025, the company executed its first share buyback, acquiring 3,762,300 shares for a total payment of 19,999,259.00 yuan (excluding transaction fees) [3] Group 2: Business Expansion and Projects - As of mid-2025, the company has launched 199 SPD projects across 23 provinces in China, with plans to initiate new projects as needed [3] - The company currently operates 205 DTP pharmacies, including 192 direct-operated and 13 franchised, with plans to further develop this business segment [4] Group 3: Competitive Strategy - The company aims to build a differentiated competitive system focusing on "strengthening barriers, enhancing value, and exploring growth," leveraging its state-owned enterprise background for synergy in the pharmaceutical commercial sector [4] - Strategies include enhancing logistics through smart delivery methods and expanding into high-growth niche markets such as medical devices and DTP pharmacies [4] Group 4: Research and Development - The company's R&D primarily focuses on generic drugs, adhering to international standards, with four products already approved and three in commercial production [4]

Core Viewpoint - The stock price of China National Pharmaceutical Group Corporation (国药股份) has shown a slight increase, while the company faces challenges in profitability despite a modest revenue growth in the first half of the year [1] Financial Performance - The company reported a revenue of 25.634 billion yuan in the first half of the year, representing a year-on-year growth of 3.54% [1] - The net profit attributable to shareholders was 949 million yuan, reflecting a year-on-year decline of 5.19% [1] Stock Performance - The latest stock price is 30.15 yuan, with an intraday high of 30.27 yuan and a low of 29.93 yuan [1] - The trading volume was 83,459 hands, with a total transaction amount of 251 million yuan [1] Management Changes - The company's vice president, Ye Tong, has retired and left the position [1] Operational Developments - The company has optimized its delivery process in the Beijing area for medical direct sales [1] - Training activities covering 6,000 medical institutions have been conducted in the area of narcotic drugs [1] - The industrial segment, particularly the subsidiary Guorui Pharmaceutical, has seen a decline in both revenue and profit due to centralized procurement impacts [1] Capital Flow - On the day of reporting, the net outflow of main funds was 17.1197 million yuan, accounting for 0.1% of the circulating market value [1] - Over the past five days, the cumulative net inflow of main funds was 29.0182 million yuan, representing 0.17% of the circulating market value [1]

Group 1 - The core viewpoint of the articles emphasizes the ongoing efforts of law enforcement agencies in China to combat drug-related crimes and enhance drug prevention education, particularly focusing on new psychoactive substances and the abuse of drugs among youth [1][2][3] Group 2 - In 2024, law enforcement agencies have intensified their crackdown on drug-related crimes, resulting in the resolution of 38,000 drug cases and the seizure of 28.1 tons of various drugs from January 2024 to January 2025 [1] - The authorities have implemented a comprehensive approach to control the spread of new psychoactive substances, with 46 new substances and 4 narcotic drugs added to the regulatory list in 2024, alongside 11,000 cases related to narcotic drugs being resolved [1] - A special operation targeting the abuse of "e-cigarettes" containing the drug etonitazene has been launched, leading to the dismantling of several manufacturing sites [1] Group 3 - The police have focused on controlling the source of drug production by enhancing the regulation of precursor chemicals, with 151 cases of drug production materials being resolved and 1,427.4 tons of such materials seized in 2024 [2] - New regulations have been introduced to monitor and manage precursor chemicals, including the addition of 7 new regulated chemicals and 24 chemicals subject to export controls [2] - International cooperation in drug control has been strengthened through various platforms, leading to significant achievements in combating drug trafficking and capturing major drug-related fugitives [2] Group 4 - Innovative drug prevention education initiatives have been launched, particularly targeting youth, with over 91.22 million students participating in a national drug knowledge competition [3] - The authorities are enhancing the management of drug users through various support measures, including psychological counseling, family support, and vocational training, to aid in their rehabilitation and reintegration into society [3]