Core Viewpoint - The recent resignation of the chairman and vice chairman of Kunming Pharmaceutical Group has raised market speculation regarding the connection to the company's poor performance in 2025, with significant declines in revenue and net profit reported [1][2]. Group 1: Management Changes - The chairman, Wu Wendo, resigned on January 6, 2026, and was succeeded by Yu Xiang, while the vice chairman, Li Hongshen, submitted his resignation on January 8, 2026, both citing work adjustments [1]. - Wu Wendo's tenure as chairman was less than a year, having been appointed on January 22, 2025, with his term originally set to end on January 22, 2028 [3]. - Li Hongshen also had a similar tenure, with his term ending on the same date as Wu Wendo's [3]. Group 2: Financial Performance - In the first three quarters of 2025, Kunming Pharmaceutical Group reported a revenue of 4.751 billion yuan, a year-on-year decrease of 18%, and a net profit attributable to shareholders of 269 million yuan, down nearly 40% [1]. - The third quarter of 2025 saw a significant drop in performance, with revenue of 1.4 billion yuan, a 30% decline year-on-year, and a net profit of 71 million yuan, down 59% [1]. - The decline in performance was attributed to changes in drug distribution channels and price reductions from centralized drug procurement [1]. Group 3: New Leadership - Yu Xiang, the new chairman, has a background in management with a master's degree in business administration and has held various positions within the China Resources pharmaceutical sector [3]. - His previous roles include vice president of China Resources Sanjiu and general manager of several subsidiaries, indicating a strong alignment with the company's strategic direction [3]. Group 4: Market Reaction - Following the announcement of the management changes, Kunming Pharmaceutical Group's stock price experienced a slight increase, closing at 12.92 yuan per share, with a total market capitalization of 9.8 billion yuan [5].

Core Viewpoint - On January 7, Kunming Pharmaceutical Group announced that Li Hongshen has resigned from multiple positions including Vice Chairman and Director due to work adjustments, and he will no longer hold any position within the company [1][5]. Group 1: Executive Changes - Li Hongshen's resignation includes his roles as Vice Chairman, Director, and member of the Strategic and ESG Committee, as well as the Audit and Risk Control Committee [1][4]. - Recent executive changes at Kunming Pharmaceutical Group also include the resignation of Wu Wendo as Chairman, Yan Wei as President, and Li Lichun as Vice President, all citing work adjustments as the reason for their early departures [4][10]. Group 2: Financial Performance - For the third quarter of 2025, Kunming Pharmaceutical Group reported revenue of approximately 1.4 billion yuan, a year-on-year decrease of 30.19% [4][10]. - The net profit attributable to shareholders was 71 million yuan, reflecting a year-on-year decline of 59.03% [4][10]. - The company attributed the significant decline in revenue and net profit to ongoing model reconstruction and channel transformation, which have led to temporary sales pressure, compounded by delays in the nationwide collection of traditional Chinese medicine and integration of retail pharmacy terminals [4][10][11]. Group 3: Background of Li Hongshen - Li Hongshen, born in August 1978, holds a PhD in Economics and has a background in banking and tobacco industries, having served in various leadership roles prior to his tenure at Kunming Pharmaceutical Group [9]. - He has been in the position of Vice Chairman at Kunming Pharmaceutical Group since March 2024, and during this period, he did not receive compensation from the company but from related parties instead [4][9].

近日，昆药集团（600422）发布公告称，董事会于近日收到副董事长李泓燊递交的书面辞职报告。因工 作调整原因，李泓燊申请辞去公司十一届董事会副董事长、董事、董事会战略与ESG委员会委员、审计 与风险控制委员会委员职务。辞任后，李泓燊不再担任公司任何职务。 ...

■ 二、离任对公司的影响 根据相关法律、法规和《公司章程》的规定，李泓燊先生的辞职报告自送达公司董事会时生效，其离任 不会导致公司董事会成员低于法定最低人数，不会影响公司董事会正常运作。公司董事会将按照法定程 序尽快完成董事的补选工作。截至本公告日，李泓燊先生未持有公司股票，不存在应当履行而未履行的 承诺事项，李泓燊先生将按照相关规定做好交接工作。 李泓燊先生在担任公司副董事长期间，恪尽职守、勤勉尽责，为公司的长期可持续发展作出了重要贡 献。公司董事会谨对李泓燊先生在任职期间对公司发展作出的重要贡献表示衷心感谢！ 证券代码：600422 证券简称：昆药集团 公告编号：2026-004号 昆药集团股份有限公司关于董事离任的公告 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： 昆药集团股份有限公司（以下简称"公司"）董事会于近日收到副董事长李泓燊先生递交的书面辞职报 告。因工作调整原因，李泓燊先生申请辞去公司十一届董事会副董事长、董事、董事会战略与ESG委员 会委员、审计与风险控制委员会委员职务。辞任后，李泓燊先生 ...

北京商报讯（记者 王寅浩 宋雨盈）1月7日，昆药集团发布公告称，因工作调整原因，公司副董事长李 泓燊申请辞去公司十一届董事会副董事长、董事、董事会战略与ESG委员会委员、审计与风险控制委员 会委员职务。辞任后，李泓燊不再担任公司任何职务。 ...

证券代码：600422 证券简称：昆药集团 公告编号：2026-004号 特此公告。 昆药集团股份有限公司董事会 一、董事离任情况 | | | | 离任时 | 原定任 | 离任 | 是否继续在 上市公司及 | 具体职 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | | | 期到期 | | | 务（如 | | | | | | 间 | 日 | 原因 | 其控股子公 | 适用） | 毕的公开 | | | | | | | | 司任职 | | 承诺 | | 李泓燊 | 副董事长、董事、董事会战 略与 ESG | 委员会委员、审计 | 2026.1.6 | 2028.1.22 | 工作 调整 | 否 | 无 | 否 | | | 与风险控制委员会委员 | | | | | | | | 二、离任对公司的影响 根据相关法律、法规和《公司章程》的规定，李泓燊先生的辞职报告自送达 公司董事会时生效，其离任不会导致公司董事会成员低于法定最低人数，不会影 响公司董事会正常运作。公司董事会将按照法定程序尽快完成董事的补选 ...

每经头条（nbdtoutiao）——十年首现，沪指连续站稳关键位置！高盛：建议高配中国股票！券商分析 师：人民币升值等因素加速跨境资本回流 每经AI快讯，昆药集团1月7日晚间发布公告称，因工作调整原因，李泓燊先生申请辞去公司十一届董 事会副董事长、董事、董事会战略与ESG委员会委员、审计与风险控制委员会委员职务。辞任后，李泓 燊先生不再担任公司任何职务。 （记者 曾健辉） ...

Group 1 - The core point of the article is the significant management shake-up at Kunming Pharmaceutical Group, with the resignation of key executives and the appointment of new leadership from China Resources Sanjiu, indicating a deeper integration and control by the parent company amid performance pressures [1][2][3] Group 2 - The resignations include Chairman Wu Wendo, President Yan Wei, and Vice President Li Lichun, with Yu Xiang and Zhong Jiang taking over as Chairman and President, respectively, marking a shift in management less than a year after the last major changes [2][3] - The new management team has strong ties to China Resources, with Yu Xiang having extensive experience in the OTC and health sectors, and Zhong Jiang having risen through the ranks within the company [2][3] Group 3 - Kunming Pharmaceutical's performance has deteriorated significantly, with revenue dropping by 18.08% to 4.751 billion yuan and net profit declining by 39.42% to 269 million yuan in the first three quarters of 2025, marking the lowest figures in six years [4][5] - The company attributes its struggles to transitional pains from channel reforms and external pressures, including delayed execution of national traditional Chinese medicine procurement [5] Group 4 - The management changes are part of a broader strategy by China Resources to shift focus from external acquisitions to internal integration and operational efficiency, as evidenced by the expansion of the board from 9 to 15 members, with new directors from core management [3][6] - Recent personnel changes across various subsidiaries of China Resources indicate a strategic pivot towards internal consolidation following years of aggressive expansion [6][7] Group 5 - The success of the new management will depend on their ability to leverage their experience in the OTC sector to reverse the current downward trend in performance and align Kunming Pharmaceutical with the broader strategic goals of China Resources [5][7]

Group 1 - The core point of the article highlights a significant leadership change at Kunming Pharmaceutical Group, with the resignation of Chairman Wu Wendo, President Yan Wei, and Vice President Li Lichun, and the appointment of Yu Xiang and Zhong Jiang from China Resources Sanjiu as new Chairman and President respectively, indicating an escalation of control by China Resources over Kunming Pharmaceutical amid ongoing performance pressures [1][3][4] - The leadership transition occurs less than a year after the last major executive changes, reflecting China Resources Sanjiu's intensified efforts to integrate and manage Kunming Pharmaceutical, which has been facing substantial operational challenges [3][4] - Kunming Pharmaceutical's performance has deteriorated significantly, with revenue and net profit both declining sharply in the first three quarters of 2025, down 18.08% and 39.42% year-on-year respectively, marking the lowest figures in nearly six years [5][6] Group 2 - The company attributes its performance issues to the pains of channel reform, as it shifts from traditional sales methods to a modernized channel system, which has temporarily affected sales efficiency [6] - The new management team, particularly Yu Xiang, is expected to leverage their experience in OTC and health business to reverse the current downward trend in performance and align with the strategic transformation of Kunming Pharmaceutical [6][9] - The broader context includes a trend within China Resources Pharmaceutical, where recent executive changes across various subsidiaries signal a shift from aggressive acquisition strategies to a focus on internal integration and operational efficiency [7][8]

Core Viewpoint - Yunnan Kun Pharmaceutical Group has undergone significant management changes, with a new chairman and president appointed as the company aims to deepen its integration with China Resources Sanjiu and focus on the "healthy aging" sector [1][2]. Management Changes - The company announced the resignation of Chairman Wu Wendo, President Yan Wei, and Vice President Li Lichun, with Yu Xiang appointed as the new chairman and Zhong Jiang as the new president [1][2]. - Yu Xiang, aged 45, has extensive experience in various leadership roles within China Resources Sanjiu, while Zhong Jiang, aged 50, has held significant positions in financial management within the company [2]. Business Performance - Kun Pharmaceutical Group's overall performance has shown a downward trend, with a revenue decline in 2024 and a net profit increase. In 2025, the first three quarters also saw revenue and net profit declines, with a significant loss in the third quarter [3]. - In 2024, the company reported a revenue of 8.4 billion yuan, a decrease of 0.34% year-on-year, while net profit reached 648 million yuan, an increase of 19.86% [3]. - For the first three quarters of 2025, revenue was 4.751 billion yuan, down 18.08%, and net profit was 269 million yuan, down 39.42% [3]. Strategic Focus - The company aims to leverage its 70 years of drug research tradition and global marketing network to become a leader in the "silver health industry" and chronic disease management [1][4]. - Future development will focus on three core areas: cardiovascular products centered around Xuesaitong, emotional health products based on Shugan Granules, and products for mental health and pain management [4].