华润医药2025年年报

CONTENTS 02Corporate Profile03Corporate Information06Definitions12Chairman’s Statement15Highlights of the Year and Awards22Financial Highlights23Management Discussion and Analysis54Corporate Governance Report83Biographies–Directors and Senior Management94Report of the Directors119Independent Auditor’s Report126Consolidated Statement of Profit or Loss127Consolidated Statement of Profit or Loss and OtherComprehensive Income128Consolidated Statement of Financial Position130Consolidated Statement of Changes in Equity132Consolidated Statement of Cash Flows135Notes to the Consolidated Financial Statements 公司簡介Corporate Profile 華潤醫藥集團有限公司（股份代號：3320）是中國領先的綜合醫藥公司，業務範疇覆蓋醫藥及保 健 產 品 的 生 產、分 銷 及 零 售。本 集 團 成 立 於二零零七年，現已發展成中國前兩大醫藥製造商兼中國前三大醫藥產品分銷商（按收益）。 China Resources Pharmaceutical Group Limited (stock code: 3320) is a leadingintegrated pharmaceutical company in China. Our business encompassesmanufacturing, distribution and retail of pharmaceutical and healthcareproducts. Since the establishment in 2007, the Group has developed intoone of the top 2 pharmaceutical manufacturers and one of the top 3pharmaceutical distributors (by revenue) in China. 本公司於二零一六年十月在香港成功完成全球發 售。我 們 的 製 造 業 務 涵 蓋 研 發、生 產 及 銷 售醫 藥 及 保 健 產 品。我 們 生 產928種 產 品，其 中489種產品進入了國家醫保目錄。產品組合包括化學藥品、中藥、生物藥以及營養保健品，覆蓋廣 泛 治 療 領 域，包 括 心 血 管、消 化 道 和 新 陳 代謝、大容量靜脈注射液、兒科、呼吸系統、皮膚等。此 外，我 們 擁 有「999」、「東 阿 阿 膠」、「雙鶴」、「紫竹」、「江中」、「博雅」、「昆中藥」、「天士力」等多個馳名品牌，業務覆蓋感冒、胃腸、皮膚、兒科、骨科、血製品等品類，未來將積極向 健 康 管 理、慢 病 管 理 產 品 延 伸，滿 足 中 國 家庭從預防、保健、治療、康復，全周期、多層次的健康需求。 In October 2016, the Company successfully completed its global offeringin Hong Kong. Our manufacturing business encompasses the research anddevelopment, manufacturing and sale of pharmaceutical and healthcareproducts. We manufacture 928 products, 489 of which were included in theChina’s national reimbursement drug list. The products comprise chemicaldrugs, Chinese medicines and biological drugs as well as nutritional andhealthcare products, covering a wide range of therapeutic areas includingcardiovascular, alimentary tract and metabolism, large-volume intravenousinfusion, pediatrics, respiratory system, dermatology, etc. Moreover, weown a range of famous brands, such as“999”,“Dong-E-E-Jiao”,“DoubleCrane”,“Zizhu”,“Jiangzhong”,“Boya”,“Kun Zhong Yao”and“Tasly”,covering therapeutic areas including cold, gastroenterology, dermatology,pediatrics, orthopedics, plasma products, among others. In future, we willactively expand into health management and products for chronic diseasemanagement to meet the full-cycle and multi-dimensional healthcare needs ofChinese households from prevention, healthcare, therapy to recovery. 我們視研發創新為長期發展的重要驅動力，持續 加 大 研 發 投 入，擁 有 兩 個 全 國 重 點 實 驗 室、四個國家工程技術研究中心、一個國家產業創新中心及一個國家科技部國際科技合作基地，並設有博士後科研工作站。 We regard R&D and product innovation as important drivers for our long-term growth and consistently increase the investment in R&D activities.We operate two state key laboratories, four national engineering researchcenters, one national industrial innovation center, as well as one national-levelInternational Science and Technology Cooperation Base of the Ministry ofScience and Technology, and a postdoctoral research workstation. 憑藉我們全面的產品供應及廣泛的分銷網絡，我們向中國的醫院及其他醫療機構直接分銷產品。我們經營著一個由約220個物流中心構成的全國性分銷網絡，戰略性覆蓋中國28個省、直轄市及自治區，客戶數量約26萬家，其中包括二、三級醫院1.1萬餘家，基層醫療機構客戶約11萬 家。另 外，我 們 經 營 中 國 最 大 零 售 藥 房 網絡之一，我們以「德信行」等全國或地區性的優質品牌來經營1,248家零售藥房，其中包括DTP專業藥房256家（含「雙通道」藥店192家）。 Leveraging our comprehensive product supply and wide distribution networks,we directly distribute products to hospitals and other medical institutionsacross the country. We operate a national distribution network comprisingaround 220 logistics centers strategically across 28 provinces, municipalitiesand autonomous regions in China, with around 260,000 clients, includingover 11,000 second- and third-class hospitals and approximately 110,000primary medical institution clients. In addition, we operate one of the largestretail pharmacy networks in China, comprising 1,248 retail pharmacies undernational or regional premium brands such as“Teck Soon Hong (德 信 行)”,including 256 DTP specialty pharmacies (which cover 192“dual channel (雙通道)”pharmacies). 白曉松先生 BOARD OF DIRECTORS Chairman and Executive DirectorMr. Bai Xiaosong 程杰先生 Executive Director and PresidentMr. Cheng Jie 劉長安先生（於二零二五年九月十八日獲委任） Executive DirectorMr. Liu Changan (appointed on 18 September 2025) 鄧蓉女士（原執行董事，於二零二五年九月十八日辭任） Chief Financial OfficerMdm. Deng Rong(resigned as an Executive Director on 18 September 2025) 郭巍女士孫永強先生王宇航先生郭川先生焦瑞芳女士 Non-executive DirectorsMdm. Guo WeiMr. Sun YongqiangMr. Wang YuhangMr. Guo ChuanMdm. Jiao Ruifang 招敏慧女士傅廷美先生張克堅先生史錄文先生 Independent non-executive DirectorsMdm. Chiu Mun WaiMr. Fu TingmeiMr. Zhang KejianMr. Shi Luwen AUDIT COMMITTEE 招敏慧女士（主席）郭巍女士焦瑞芳女士傅廷美先生張克堅先生史錄文先生 Mdm. Chiu Mun Wai(Chairlady)Mdm. Guo WeiMdm. Jiao RuifangMr. Fu TingmeiMr. Zhang KejianMr. Shi Luwen NOMINATION COMMITTEE 白曉松先生（主席）招敏慧女士傅廷美先生張克堅先生史錄文先生 Mr. Bai Xiaosong(Chairman)Mdm. Chiu Mun W