证券代码：600056 证券简称：中国医药 公告编号：临 2025-086 号 三、本次诉讼案件对公司的影响 中国医药健康产业股份有限公司 关于公司涉及诉讼事项的进展公告 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: 是否会对上市公司损益产生负面影响：截至本公告披露日，本次诉讼二 审尚未开庭审理，最终结果存在不确定性。 一、本次诉讼案件的基本情况 2024 年 10 月，因业绩补偿引起的合同纠纷，公司作为原告向北京市第二中 级人民法院提交《民事起诉状》，对西藏天晟泰丰药业股份有限公司（以下简称 "西藏天晟"）及徐攀峰提起诉讼，北京市第二中级人民法院已做出一审判决。 其他相关内容详见公司分别于 2024 年 10 月 12 日、2025 年 10 月 11 日在上海证 券交易所网站(www.sse.com.cn)披露的临 2024-055 号《关于公司涉及诉讼事项 的公告》、临 2025-078 号《关于公司涉及诉讼事项的进展公告》、2024 年年度 报告及 2025 年半年度报告。 二、本次诉讼案件进展情况 ...

Core Viewpoint - The company has initiated a lawsuit against Tibet Tiansheng Taifeng Pharmaceutical Co., Ltd. and Xu Panfeng due to a contract dispute arising from performance compensation, with the case now in the second instance stage [1] Group 1: Legal Proceedings - The lawsuit was filed in October 2024, and both the company and Tibet Tiansheng have appealed within the legal timeframe after the first-instance judgment [1] - The amount involved in the case is 139.4041 million yuan [1] - As of the announcement date, the second-instance hearing has not yet commenced, leading to uncertainty regarding the final outcome [1]

Core Viewpoint - The investigation of Li Xin, former assistant general manager of China National Pharmaceutical Group, highlights ongoing anti-corruption efforts within the pharmaceutical industry in China [1][4]. Group 1: Investigation Details - Li Xin is under investigation for serious violations of discipline and law, currently being reviewed by the Central Commission for Discipline Inspection and the Shandong Provincial Supervisory Committee [1]. - Li Xin has a long career in the pharmaceutical industry, having held various managerial positions since 1997, including roles at Beijing Yongzheng Pharmaceutical and China National Pharmaceutical [4]. Group 2: Company Background - China National Pharmaceutical Group, a publicly listed company, is controlled by the General Technology Group and serves as its sole platform for pharmaceutical and medical device production and operation [4]. - As of November 21, the stock price of China National Pharmaceutical was 10.87 yuan per share, with a total market capitalization of 16.3 billion yuan [4]. Group 3: Industry Context - The anti-corruption campaign in the pharmaceutical sector has intensified, with multiple individuals from China National Pharmaceutical facing investigations this year, including Wang Zhiguang, a deputy general manager [4]. - The Ministry of Health and 14 other ministries issued a notice in June to address corruption and misconduct in the pharmaceutical sales and medical services sectors, aiming for ongoing governance of unethical practices [5].

Group 1 - The core point of the article is the investigation of Li Xin, former assistant general manager of China National Pharmaceutical Group, for serious violations of discipline and law [1][8]. - Li Xin was born in 1962, is a member of the Communist Party, holds a master's degree, and is a pharmacist [3]. - Li Xin has a long history in the pharmaceutical industry, having held various managerial positions in companies such as Beijing Yongzheng Pharmaceutical and Meikang Yongzheng before becoming assistant general manager at China National Pharmaceutical in December 2016 [5]. Group 2 - As of November 21, the stock price of China National Pharmaceutical was 10.87 yuan per share, with a total market capitalization of 16.3 billion yuan [6]. - There have been multiple reports of investigations involving individuals from China National Pharmaceutical, including Wang Zhiguang, a deputy general manager, who was also investigated earlier this year [8]. - The ongoing anti-corruption campaign in the pharmaceutical sector has intensified, with a joint notice issued by 14 ministries to address misconduct in the medical sales and service areas [8].

据中央纪委国家监委驻通用技术集团纪检监察组、山东省纪委监委消息：中国医药健康产业股份有限公 司原党委委员、总经理助理李欣涉嫌严重违纪违法，目前正接受中央纪委国家监委驻通用技术集团纪检 监察组纪律审查和山东省德州市监察委员会监察调查。 ...

（文章来源：证券日报） 证券日报网讯中国医药11月20日在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东总 数为139，689户。 ...

Core Insights - The Chinese pharmaceutical industry is entering a critical phase characterized by "innovation realization + global layout," supported by population and domestic demand, as well as comprehensive manufacturing capabilities [1] - Companies are actively exploring diversified overseas paths while strengthening supply chain security and compliance domestically [1] Group 1: Global Perspective - The value of innovation is becoming prominent, with Chinese pharmaceutical assets demonstrating global cost-effectiveness and significant collaborative potential [1] - In the first three quarters of 2025, overseas licensing of innovative drugs from China surpassed the total for the previous year, indicating a strong trend towards internationalization [1] Group 2: Domestic Value Restructuring - Focus on high-quality development through policy optimization, including collection optimization and multi-payment systems [2] - The commercialization phase for innovative drugs is underway, emphasizing the importance of supply chain security [2] - Domestic medical devices are extending into mid-to-high-end markets, with optimism surrounding overseas expansion and the implementation of new technologies [2] Group 3: Overseas Value Restructuring - The industry is entering an internationalization 2.0 era, with business development (BD) becoming a norm for innovative drugs [3] - Both domestic and overseas demand are recovering, providing opportunities for growth [3] - The raw materials sector is transitioning towards specialty raw materials and Contract Development and Manufacturing Organizations (CDMO) [3] Group 4: Investment Outlook for 2026 - Key investment themes include innovative drugs (e.g., ADC, second-generation IO, small nucleic acids) and innovative medical devices (e.g., AI healthcare, brain-machine interfaces) [4] - Companies with global clinical data and international capabilities in innovative drugs, as well as those actively expanding overseas in the medical device sector, are expected to perform well [4] - Marginal changes are anticipated from policy benefits and improvements in supply-demand dynamics, particularly in the CXO sector [4] - Integration opportunities exist for leading companies in niche medical device segments, state-owned enterprises in traditional Chinese medicine reform, and pharmaceutical companies with strong integration capabilities [4]

Core Insights - The pharmaceutical sector reported a slight revenue growth of 0.20% year-on-year for Q3 2025, driven by innovative drugs and CXO benefiting from overseas orders and FDA approvals [1] - The medical device sector is experiencing slow recovery, with capital expenditures in hospitals remaining low, particularly in high-end imaging and IVD fields [1] - Traditional Chinese medicine saw a revenue increase of 1.60% year-on-year, but profits were pressured by adjustments in medical insurance catalogs and centralized procurement [1] - Pharmaceutical commercial revenue grew by 2.45%, although gross margins declined by 0.85 percentage points, indicating intensified price pressures in distribution channels [1] Short-term Outlook - The easing of centralized procurement policies for medical devices and steady progress in the innovative drug industry suggest stable operational performance in the pharmaceutical sector, with innovative drugs experiencing six consecutive quarters of high growth [1] - 2025 is anticipated to be a pivotal year for commercial insurance, benefiting innovative drugs and devices along with their supply chains [1] Long-term Outlook - The continuous upgrade of China's pharmaceutical industry is being realized, supported by a series of domestic policies favoring innovative drugs and the increasing clinical value of products [1] - Global pharmaceutical companies are accelerating their purchases of innovative drugs from China, surpassing the pace seen in the U.S. and other countries, indicating a collective globalization of China's innovative drug industry [1] Focus Areas - Future attention will be directed towards three main areas: 1. Innovative drugs with strong global competitiveness, benefiting from both domestic and Western markets [2] 2. The innovative drug supply chain, including CXO and life sciences services, expected to see a recovery in order growth as global investment and financing accelerate [2] 3. Medical devices and equipment, particularly companies focusing on self-sufficiency, domestic substitution, and high-end manufacturing for international markets, as procurement policies continue to improve [2]

Group 1 - The core viewpoint of the article is that China Medical has acquired Jinsui Technology and established a health and e-commerce division to enhance management integration and drive business growth [2] - The collaboration with major e-commerce platforms such as JD.com, Tmall, and Douyin has shown strong business synergy [2] - The company aims to leverage this synergy to achieve significant performance during the 2025 "Double 11" shopping festival [2]

Core Viewpoint - China National Pharmaceutical Group's stock has experienced a decline of 2.06% on November 17, with a current price of 11.41 CNY per share and a total market capitalization of 17.068 billion CNY [1] Financial Performance - For the period from January to September 2025, China National Pharmaceutical achieved a revenue of 25.894 billion CNY, a year-on-year decrease of 0.79%, while the net profit attributable to shareholders was 455 million CNY, reflecting a year-on-year increase of 1.70% [2] - The company has cumulatively distributed dividends of 3.795 billion CNY since its A-share listing, with 725 million CNY distributed over the past three years [3] Stock Market Activity - As of 09:54 on November 17, the trading volume was 137 million CNY, with a turnover rate of 0.80% [1] - The stock has seen a year-to-date increase of 3.77%, a decline of 0.78% over the last five trading days, a rise of 3.92% over the last 20 days, and an increase of 5.16% over the last 60 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders was 139,700, an increase of 0.69% from the previous period, with an average of 10,704 circulating shares per shareholder, a decrease of 0.69% [2] - The top ten circulating shareholders include Southern CSI 500 ETF, holding 10.9137 million shares, down by 170,800 shares from the previous period, and Hong Kong Central Clearing Limited, holding 8.3204 million shares, down by 3.7371 million shares [3] Business Overview - China National Pharmaceutical is primarily engaged in the production, processing, and trade of pharmaceuticals, with its main business revenue composition being 75.50% from pharmaceutical commerce, 13.26% from international trade, and 7.69% from pharmaceutical manufacturing [1]