2025年三季度，白云山营业收入达616.06亿元，位居行业1/69，远超行业平均数37.55亿元和中位数14.62亿 元，行业第二名云南白药为306.54亿元。同期净利润为33.98亿元，排名行业2/69，行业第一名云南白药为 47.89亿元，其远超行业平均数4.47亿元和中位数8367.73万元。 资产负债率高于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度白云山资产负债率为51.92%，去年同期为51.99%，高于行业平均32.81%。从 盈利能力看，2025年三季度毛利率为17.60%，去年同期为17.70%，低于行业平均52.44%。 总经理黎洪薪酬133.72万元，同比减少20.18万元 白云山成立于1997年9月1日，2001年2月6日在上海证券交易所上市，注册及办公地址位于广东省广州市。 它是国内知名的医药企业，核心业务涵盖中西成药、大健康产品等，拥有全产业链优势。 公司主营业务包括中西成药、化学原料药等的研发、制造与销售，西药、中药和医疗器械的批发零售及进 出口业务，大健康产品的研发生产销售，以及健康产业投资等。所属申万行业为医药生物 - 中药Ⅱ - 中药 Ⅲ，涉及参股基金、证 ...

Investment Rating - The investment rating for Baiyunshan (600332) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth expectations [1]. Core Insights - The company reported a revenue of 616.06 billion yuan for the first half of 2025, reflecting a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 33.1 billion yuan, up 4.78% year-on-year [2][3]. - In Q3 2025, the company achieved a revenue of 197.71 billion yuan, representing a year-on-year growth of 9.74%, and a net profit of 7.94 billion yuan, which is a significant increase of 30.28% year-on-year [2][3]. - The report highlights that the increase in profit is primarily attributed to an improvement in gross margin, which rose by 2.34 percentage points to 16.09% in Q3 2025 [3]. - The company is focusing on "R&D innovation, internationalization, and digital transformation," with significant advancements in R&D and a strategic partnership with Huawei for digital upgrades [3]. Summary by Sections Financial Performance - For 2025, the company expects revenues of 790.01 billion yuan, 840.61 billion yuan, and 894.5 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of approximately 5.3%, 6.4%, and 6.4% [3][5]. - The projected net profit for 2025 is 35.38 billion yuan, with expected growth rates of 24.8%, 11.8%, and 11.1% for the subsequent years [3][5]. R&D and Market Strategy - The company has established new national and provincial platforms for R&D and is focusing on cutting-edge fields such as cell gene therapy and AI in pharmaceuticals [3]. - Baiyunshan's core products are expanding in Southeast Asia, South Asia, and Europe and the US, marking a transition from merely exporting products to exporting entire industrial chains [3]. Operational Efficiency - The report indicates that internal reforms and strategic adjustments under new leadership are expected to enhance overall operational efficiency, potentially leading to a performance inflection point in Q4 2025 [3].

10月28日晚，广药白云山公布了2025年三季报。 财报显示，今年第三季度，白云山实现营收197.71亿元，同比增长9.74%；单季利润总额10.94亿元，同 比大幅增长40.82%；归属于上市公司股东的净利润为7.94亿元，同比增长30.28%。白云山在第三季度单 季利润增长的强劲表现，扭转了年初以来的疲软态势。同时，经营活动现金流大幅净流出是其面临的当 前挑战。 | 00 | | --- | | 代 .. | | H. | | 种 1 | | 11 | | F | | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | (未经审计) | 减变动幅度 | (未经审计) | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 19.771,447,682 | 9.74 | 61.605.993.796 | 4.31 | | 利润总额 | 1,093,686,290 | 40.82 | 4,184,102,619 | 4.44 | | 归属于 ...

Group 1 - China Shenhua reported coal sales of 37.5 million tons in August, a year-on-year decrease of 3.1%, with total sales for the first eight months at 280 million tons, down 9.2% year-on-year [1] - China Shenhua, established in November 2004, focuses on coal and electricity production and sales, as well as transportation and coal-to-olefins [1] - Huaren Shuanghe's subsidiary received a drug registration certificate for a new injection used in treating non-ST elevation acute coronary syndrome [1] - Huaren Shuanghe, founded in May 1997, operates in chronic disease management, specialty business, and infusion business [1] Group 2 - New Wufeng's subsidiary signed a property transaction contract for a 60% equity transfer at a price of 9.7 million yuan [1] - New Wufeng, established in June 2001, specializes in pig farming, meat sales, and feed processing [2] - Yaoshi Technology announced that its convertible bonds will stop conversion after September 17, with remaining bonds to be redeemed at 100.62 yuan per bond [3] - Yaoshi Technology, founded in December 2006, focuses on drug molecular building blocks and related services [3] Group 3 - Newhua Co. announced a board member's plan to reduce holdings by up to 75,200 shares, representing 0.039% of total shares [4] - Newhua Co., established in September 1997, specializes in fine chemical products [4] - Hefei Construction's subsidiary signed a land use rights transfer contract for residential land with a total price of 12.24 billion yuan [6] - Hefei Construction, founded in September 1999, is involved in real estate development and property management [6] Group 4 - Guoyao Modern's subsidiary received a drug registration certificate for an injection used in anesthesia and emergency treatment [7] - Guoyao Modern, established in November 1996, focuses on pharmaceutical product development and sales [7] - Maohua Shihua announced the resignation of its deputy general manager [8] - Maohua Shihua, founded in October 1988, specializes in petrochemical products [9] Group 5 - Zhejiang Xineng applied for enforcement of a civil mediation agreement, seeking 170 million yuan from a group for breach of contract [10] - Zhejiang Xineng, established in December 1991, focuses on renewable energy projects [10] - Zejing Pharmaceutical announced the initiation of key clinical trials for a new drug targeting DLL3 [11] - Zejing Pharmaceutical, founded in March 2009, specializes in the development and production of new chemical and biological drugs [12] Group 6 - Huayi Technology's deputy general manager resigned due to personal work arrangements [13] - Huayi Technology, established in December 1998, focuses on high polymer materials and equipment manufacturing [13] - Luxiao Technology's subsidiary signed a strategic cooperation agreement with a leading cross-border e-commerce company [14] - Luxiao Technology, founded in May 1989, operates in various sectors including photovoltaic power generation [14] Group 7 - Aoxiang Pharmaceutical's subsidiary received a drug registration certificate for a new cancer treatment [15] - Aoxiang Pharmaceutical, established in April 2010, focuses on the development and production of pharmaceutical products [15] - Baiyunshan's pharmaceutical factory received approval for five drug supplement applications [16] - Baiyunshan, founded in September 1997, specializes in the research and production of various pharmaceutical products [16] Group 8 - Renfu Pharmaceutical's subsidiaries received drug registration certificates for two new products [17] - Renfu Pharmaceutical, established in March 1993, focuses on drug research and production [18] - China Shipbuilding Technology signed a significant contract for green methanol sales, potentially worth up to 1.2 billion dollars [19] - China Shipbuilding Technology, founded in May 1997, specializes in wind and solar resource development [19] Group 9 - Haohua Technology received a project designation from a global automotive brand for its ADAS system [20] - Haohua Technology, established in January 2010, focuses on intelligent driving perception systems [20] - Hendi Pharmaceutical received approval for a new raw material drug [21] - Hendi Pharmaceutical, founded in December 1995, specializes in chemical raw materials and formulations [22] Group 10 - JX Communication's subsidiary received a temporary use permit for an air traffic communication system [23] - JX Communication, established in January 1995, focuses on communication technology applications [23] - Longyuan Technology's deputy general manager resigned due to work reasons [24] - Longyuan Technology, founded in December 1998, specializes in energy-saving and environmental protection [25] Group 11 - Jiuqiang Bio received a medical device registration for a gastrin-17 assay kit [26] - Jiuqiang Bio, established in January 2001, focuses on in vitro diagnostic testing platforms [26] - Rifei Co. received approval for a stock issuance to specific investors [27] - Rifei Co., founded in December 2009, specializes in special equipment cables and other electrical devices [27] Group 12 - Huayi Media received a subsidy for a micro-short drama project [28] - Huayi Media, established in August 1998, focuses on film and game content investment [28] - Huilong Pharmaceutical's subsidiary received overseas marketing approvals for multiple products [29] - Huilong Pharmaceutical, founded in October 2010, specializes in innovative and high-quality generic drugs [29] Group 13 - Junsheng Electronics' subsidiary received project designations from two major automotive brands [30] - Junsheng Electronics, established in August 1992, focuses on automotive parts [30] - Silek signed an investment cooperation agreement for a new energy project [31] - Silek, founded in January 2004, specializes in metal packaging equipment [31] Group 14 - ST Huhuwa received drug registration certificates for two new products [32] - ST Huhuwa, established in June 2005, focuses on drug research and production [32] - Canray Technology announced a share buyback plan of 20 to 40 million yuan [33] - Canray Technology, founded in September 2005, specializes in integrated circuits [33] Group 15 - Qilu Bank's directors plan to collectively increase their holdings by at least 3.5 million yuan [34] - Qilu Bank, established in June 1996, focuses on corporate and personal banking services [34] - China Overseas Land reported a significant decrease in contract sales in August [35] - China Overseas Land, founded in September 1997, specializes in tourism and real estate [35] Group 16 - Longjian Co. plans to acquire 100% of Guangdong Zhimao's equity for 40,000 yuan [36] - Longjian Co., established in January 1993, focuses on infrastructure construction [36] - Lichong Group's subsidiary received project designations from a luxury car brand [37] - Lichong Group, founded in July 1998, specializes in aluminum alloy products [37] Group 17 - Kanglong Huacheng's subsidiary passed an FDA inspection [38] - Kanglong Huacheng, established in July 2004, focuses on integrated drug research and development services [38] - Kangtai Bio received a drug registration certificate for a new polio vaccine [39] - Kangtai Bio, founded in September 1992, specializes in vaccine development and production [39] Group 18 - Baiyunshan's pharmaceutical factory's drug entered a key clinical trial phase [40] - Baiyunshan, established in September 1997, focuses on various pharmaceutical products [40] - Zhongyuan Home's chairman plans to reduce holdings by up to 3% [41] - Zhongyuan Home, founded in November 2001, specializes in furniture production [41] Group 19 - Shangluo Electronics plans to acquire 88.79% of Ligon Technology's equity for 709 million yuan [42] - Shangluo Electronics, established in August 1999, focuses on electronic components [42] - Shangluo Electronics also plans to issue convertible bonds to raise 1 billion yuan [43] - Shangluo Electronics, founded in August 1999, specializes in electronic products for various applications [43] Group 20 - HNA Holdings reported a 3.38% increase in passenger capacity in August [44] - HNA Holdings, established in December 1995, focuses on air transportation services [44] - Yipin Hong's subsidiary received a drug registration certificate for a new product [45] - Yipin Hong, founded in February 2002, specializes in pharmaceutical production [45] Group 21 - Haishi Ke's innovative drug received approval for a new indication [46] - Haishi Ke, established in August 2005, focuses on new drug development [46] - Huaxia Airlines plans to repurchase shares worth 80 to 160 million yuan [47] - Huaxia Airlines, founded in April 2006, specializes in air transportation services [47] Group 22 - Jingchen Co. plans to acquire 100% of Xinchip Microelectronics for 316 million yuan [48] - Jingchen Co., established in July 2003, focuses on semiconductor design [48] - Zhongxin Heavy Industry was recognized as an excellent smart factory by the Ministry of Industry and Information Technology [49] - Zhongxin Heavy Industry, founded in January 2008, specializes in large equipment and technology solutions [49]

南方财经记者伍素文广州报道 9月15日，广州白云山医药集团股份有限公司发布关于分公司药物进入关键性临床试验的公告，白云山制药总厂研发的选择性RET小分子抑制剂 BYS10片收到国家药品监督管理局药品审评中心的反馈意见，同意BYS10片未来采用Ⅱ期单臂临床试验申请上市。 这预示着BYS10片进入关键注册临床试验，有望成为国产创新抗肿瘤药物的代表性产品，RET突变实体瘤将迎来治疗领域新突破。 据了解，中国每年新发RET突变肿瘤患者约7万人，包括8000–16000例RET融合肺癌，以及大量RET突变甲状腺癌，长期以来是临床治疗的难点。传 统化疗和免疫治疗方案有效率不足20%，且常伴随高血压、蛋白尿等明显副作用，耐药性与脑转移问题更是显著拉低患者的生存预期。 上述公告显示，BYS10片是白云山制药总厂研发的选择性RET小分子抑制剂，制剂规格25mg、100mg，适应症为非小细胞肺癌、甲状腺髓样癌等晚 期实体瘤。白云山制药总厂于2022年1月获得国家药品监督管理局签发的《药物临床试验批准通知书》。2022年4月，BYS10片临床试验首次在CDE 公示，2023年1月，第一例受试者签署知情同意书。BYS10片I期临床试 ...

9月15日晚间，白云山（600332）发布公告，公司旗下分公司白云山制药总厂研发的选择性RET小分子 抑制剂BYS10片收到国家药品监督管理局药品审评中心(CDE)的反馈意见，同意BYS10片未来采用Ⅱ期 单臂临床试验申请上市。这也意味着BYS10片进入关键注册临床试验阶段。 公告显示，BYS10片是白云山制药总厂自主研发的高选择性RET抑制剂，制剂规格为25mg、100mg，其 适应症为非小细胞肺癌、甲状腺髓样癌等晚期实体瘤。白云山制药总厂于2022年1月获得国家药品监督 管理局签发的《药物临床试验批准通知书》，2022年4月，BYS10片临床试验首次在CDE公示，2023年1 月，第一例受试者签署知情同意书。截至2025年8月，该项目已投入研发费用近1.5亿元。 BYS10片I期临床试验数据显示，BYS10片具有强效、持久的抗肿瘤活性，在RET基因突变的多种实体 瘤如晚期非小细胞肺癌（NSCLC）、甲状腺癌（TC）、甲状腺髓样癌（MTC）等患者中表现出良好的 临床活性和耐受性。基于阶段Ⅰ期的安全性和有效性数据，近日CDE同意BYS10片未来采用Ⅱ期单臂临 床试验申请上市。 当前，中国每年新发RET突变肿瘤 ...

Core Viewpoint - Baiyunshan Pharmaceutical Group's BYS10 tablets, a selective RET small molecule inhibitor, have received feedback from the National Medical Products Administration (NMPA) for future clinical trials and potential market application [1] Group 1: Product Development - BYS10 tablets are developed for treating advanced solid tumors, including non-small cell lung cancer (NSCLC) and medullary thyroid carcinoma (MTC) [1] - The formulation specifications for BYS10 tablets are 25mg and 100mg [1] - The clinical trial approval for BYS10 was granted in January 2022, with the first patient signing the informed consent in January 2023 [1] Group 2: Clinical Trial Results - Phase I clinical trial data indicate that BYS10 tablets exhibit strong and durable anti-tumor activity in patients with RET gene mutations across various solid tumors [1] - The drug has shown good clinical activity and tolerability in patients with advanced NSCLC, thyroid cancer, and MTC [1] - Based on the safety and efficacy data from Phase I trials, the NMPA has agreed to the application for a Phase II single-arm clinical trial for BYS10 tablets [1]

试验专业题目：评价BYS10片治疗RET基因融合或突变的晚期实体瘤的安全性、耐受性、药代动力学特 征及有效性的开放、多中心Ⅰ/Ⅱ期临床研究。试验通俗题目：BYS10片治疗RET基因融合或突变的晚 期实体瘤的Ⅰ/Ⅱ期临床研究。 白云山(600332.SH)发布公告，公司分公司广州白云山医药集团股份有限公司白云山制药总厂(以下简 称"白云山制药总厂")研发的选择性RET小分子抑制剂BYS10片于近日收到国家药品监督管理局药品审 评中心(以下简称"CDE")的反馈意见。 ...

试验专业题目：评价BYS10片治疗RET基因融合或突变的晚期实体瘤的安全性、耐受性、药代动力学特 征及有效性的开放、多中心Ⅰ/Ⅱ期临床研究。试验通俗题目：BYS10片治疗RET基因融合或突变的晚 期实体瘤的Ⅰ/Ⅱ期临床研究。 智通财经APP讯，白云山(600332.SH)发布公告，公司分公司广州白云山医药集团股份有限公司白云山 制药总厂(以下简称"白云山制药总厂")研发的选择性RET小分子抑制剂BYS10片于近日收到国家药品监 督管理局药品审评中心(以下简称"CDE")的反馈意见。 ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited has received feedback from the National Medical Products Administration (NMPA) regarding its selective RET small molecule inhibitor BYS10 tablets, which are currently undergoing clinical trials for treating advanced solid tumors with RET gene fusions or mutations [1] Clinical Trial Information - The clinical trial registration number is CTR20220752, and the trial protocol number is BYS10-001 [1] - The trial aims to evaluate the safety, tolerability, pharmacokinetic characteristics, and efficacy of BYS10 tablets in treating advanced solid tumors with RET gene fusions or mutations [1] - This is an open-label, multi-center Phase I/II clinical study [1] Product Overview - BYS10 tablets are developed by Baiyunshan Pharmaceutical's manufacturing plant and are selective RET small molecule inhibitors [1] - The formulation specifications are 25mg and 100mg, with indications for non-small cell lung cancer and medullary thyroid carcinoma among other advanced solid tumors [1] - As of August 2025, the project has incurred research and development expenses amounting to RMB 146 million [1]