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China Resources Pharmaceutical Group Limited
(So‹kLoJeJ, Tt£:33*0)
lnterim Report
目錄 Contents
02 公司簡介 Corporate Profile
03 公司資料 Corporate Information
07 釋義 Definitions
12 管理層討論及分析 Management Discussion and Analysis
44 其他資料 Other Information
56 獨立審閱報告 Independent Review Report
58 簡明綜合損益表 Condensed Consolidated Statement of Profit
or Loss
59 簡明綜合全面收益表 Condensed Consolidated Statement of
Comprehensive Income
60 簡明綜合財務狀況表 Condensed Consolidated Statement of
Financial Position
62 簡明綜合權益變動表 Condensed Consolidated Statement of
Changes in Equity
64 簡明綜合現金流量表 Condensed Consolidated Statement
of Cash Flows
68 未經審核的中期財務資料
附註
Notes to the Unaudited Interim Financial
Information
此中期報告以環保紙張印製 This interim report is printed with eco-friendly paper
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，現已發展成中國第二大醫藥製造商兼中國
第三大醫藥產品分銷商（按收益）。
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944 種藥品，其中555 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。
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2 個全國重點實驗室、4 個國
家工程技術研究中心、5 個國家級企業技術中心
，以及110 餘個省市級研發平台，並設有博士後
科研工作站。
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。
我們經營著一個由超過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22 萬家，其中包括二、三
級醫院萬餘家，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 704 家零售藥房，其中包括DTP 專業藥房279
家（含「雙通道」藥店187 家）。
China Resources Pharmaceutical Group Limited (stock code: 3320) is a
leading integrated pharmaceutical company in China. Our business
encompasses manufacturing, distribution and retail of pharmaceutical and
healthcare products. Since the establishment in 2007, the Group has
developed into the second largest pharmaceutical manufacturer and the
third largest pharmaceutical distributor (by revenue) in China.
In October 2016, the Company successfully completed its global offering
in Hong Kong. Our manufacturing business encompasses the research and
development, manufacturing and sale of pharmaceutical and
healthcare products. We manufacture 944 products, 555 of which were
included in the China’s national reimbursement drug list. The products
comprise chemical drugs, Chinese medicines and biological drugs as well
as nutritional and healthcare products, covering a wide range of
therapeutic areas including cardiovascular, alimentary tract and
metabolism, large-volume intravenous infusion, pediatrics, respiratory
system, dermatology, etc. Moreover, we own a range of famous brands,
such as “999”, “Dong-E-E-Jiao”, “Double Crane”, “Zizhu”,
“Jiangzhong”, “Boya”, “Kun Zhong Yao” and “Tasly”, covering
therapeutic areas including cold, gastroenterology, dermatology,
pediatrics, orthopedics, plasma products, among others. In the future, we
will actively expand into health management and products for chronic
disease management to meet the full-cycle and multi-dimensional
healthcare needs of Chinese households from prevention, healthcare,
therapy to recovery.
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 2 state key laboratories, 4 national engineering research
centers, 5 national enterprise technology centers, as well as over 110
provincial municipal-level R&D platforms, and a postdoctoral research
workstation.
Leveraging our comprehensive product supply and wide distribution
networks, we directly distribute products to hospitals and other medical
institutions across the country. We operate a national distribution
network comprising over 220 logistics centers strategically across 28
provinces, municipalities and autonomous regions in China, with
approximately 220,000 clients, including over 12,000 second- and third-
class hospitals and approximately 110,000 primary medical institution
clients. In addition, we operate one of the largest retail pharmacy
networks in China, comprising 704 retail pharmacies under national or
regional premium brands such as “Teck Soon Hong ( 德 信 行 )”,
including 279 DTP specialty pharmacies (which cover 187 “dual channel
( 雙通道)” pharmacies).
公司資料
Corporate Information
董事會
主席及執行董事
白曉松先生
執行董事及總裁
程杰先生（於二零二五年八月二十六日獲委任）
執行董事及副總裁
陶然先生（於二零二五年八月二十六日辭任）
執行董事及首席財務官
鄧蓉女士
非執行董事
郭巍女士
孫永強先生
王宇航先生（於二零二五年六月十八日獲委任）
郭川先生
焦瑞芳女士
獨立非執行董事
招敏慧女士（於二零二五年五月二十三日獲委任）
傅廷美先生
張克堅先生
史錄文先生（於二零二五年五月二十三日獲委任）
盛慕嫻女士（於二零二五年五月二十三日退任）
郭鍵勳先生（於二零二五年五月二十三日退任）
審計委員會
招敏慧女士（主席）
（於二零二五年五月二十三日獲委任）
盛慕嫻女士（主席）
（於二零二五年五月二十三日退任）
郭巍女士
焦瑞芳女士
傅廷美先生
張克堅先生
史錄文先生（於二零二五年五月二十三日獲委任）
郭鍵勳先生（於二零二五年五月二十三日退任）
BOARD OF DIRECTORS
Chairman and Executive Director
Mr. Bai Xiaosong
Executive Director and President
Mr. Cheng Jie (appointed on 26 August 2025)
Executive Director and Vice President
Mr. Tao Ran (resigned on 26 August 2025)
Executive Director and Chief Financial Officer
Mdm. Deng Rong
Non-executive Directors
Mdm. Guo Wei
Mr. Sun
Yongqiang
Mr. Wang Yuhang (appointed on 18 June 2025)
Mr. Guo Chuan
Mdm. Jiao Ruifang
Independent Non-executive Directors
Mdm. Chiu Mun Wai (appointed on 23 May
2025) Mr. Fu Tingmei
Mr. Zhang Kejian
Mr. Shi Luwen (appointed on 23 May 2025)
Mdm. Shing Mo Han Yvonne (retired on 23 May 2025)
Mr. Kwok Kin Fun (retired on 23 May 2025)
AUDIT COMMITTEE
Mdm. Chiu Mun Wai
(Chairlady)
(appointed on 23 May 2025)
Mdm. Shing Mo Han Yvonne
(Chairlady)
(retired on 23 May 2025)
Mdm. Guo Wei
Mdm. Jiao
Ruifang Mr. Fu
Tingmei Mr.
Zhang Kejian
Mr. Shi Luwen (appointed on 23 May 2025)
Mr. Kwok Kin Fun (retired on 23 May 2025)
公司資料
Corporate Information
提名委員會
白曉松先生（主席）
招敏慧女士（於二零二五年五月二十三日獲委任）
傅廷美先生
張克堅先生
史錄文先生（於二零二五年五月二十三日獲委任）
盛慕嫻女士（於二零二五年五月二十三日退任）
郭鍵勳先生（於二零二五年五月二十三日退任）
薪酬與考核委員會
史錄文先生（主席）
（於二零二五年五月二十三日獲委任）
郭鍵勳先生（主席）
（於二零二五年五月二十三日退任）
孫永強先生
招敏慧女士（於二零二五年五月二十三日獲委任）
傅廷美先生
張克堅先生
盛慕嫻女士（於二零二五年五月二十三日退任）
企業管治委員會
傅廷美先生（主席）
程杰先生（於二零二五年八月二十六日獲委任）
招敏慧女士（於二零二五年五月二十三日獲委任）
張克堅先生
史錄文先生（於二零二五年五月二十三日獲委任）
鄧蓉女士（於二零二五年八月二十六日辭任）
盛慕嫻女士（於二零二五年五月二十三日退任）
郭鍵勳先生（於二零二五年五月二十三日退任）
執行委員會
白曉松先生（主席）
程杰先生（於二零二五年八月二十六日獲委任）
鄧蓉女士
陶然先生（於二零二五年八月二十六日辭任）
授權代表
白曉松先生
鄭桂鈺女士
NOMINATION COMMITTEE
Mr. Bai Xiaosong (Chairman)
Mdm. Chiu Mun Wai (appointed on 23 May 2025)
Mr. Fu Tingmei
Mr. Zhang Kejian
Mr. Shi Luwen (appointed on 23 May 2025)
Mdm. Shing Mo Han Yvonne (retired on 23 May 2025)
Mr. Kwok Kin Fun (retired on 23 May 2025)
REMUNERATION AND APPRAISAL
COMMITTEE
Mr. Shi Luwen (Chairman)
(appointed on 23 May 2025)
Mr. Kwok Kin Fun (Chairman)
(retired on 23 May 2025)
Mr. Sun Yongqiang
Mdm. Chiu Mun Wai (appointed on 23 May 2025)
Mr. Fu Tingmei
Mr. Zhang Kejian
Mdm. Shing Mo Han Yvonne (retired on 23 May 2025)
CORPORATE GOVERNANCE COMMITTEE
Mr. Fu Tingmei (Chairman)
Mr. Cheng Jie (appointed on 26 August 2025)
Mdm. Chiu Mun Wai (appointed on 23 May 2025)
Mr. Zhang Kejian
Mr. Shi Luwen (appointed on 23 May 2025)
Mdm. Deng Rong (resigned on 26 August 2025)
Mdm. Shing Mo Han Yvonne (retired on 23 May 2025)
Mr. Kwok Kin Fun (retired on 23 May 2025)
EXECUTIVE COMMITTEE
Mr. Bai Xiaosong (Chairman)
Mr. Cheng Jie (appointed on 26 August 2025)
Mdm. Deng Rong
Mr. Tao Ran (resigned on 26 August 2025)
AUTHORIZED REPRESENTATIVES
Mr. Bai Xiaosong
Ms. Cheng Kwai
Yuk
公司資料
Corporate Information
公司秘書
鄭桂鈺女士
法律顧問
年利達律師事務所
嘉源律師事務所
核數師
畢馬威會計師事務所
於《會計及財務匯報局條例》下的
註冊公眾利益實體核數師
香港中環遮打道10 號
太子大廈8 樓
註冊辦事處
香港
灣仔
港灣道26 號華
潤大廈41 樓
股份過戶登記處
卓佳證券登記有限公司
香港
夏慤道16 號
遠東金融中心17 樓
COMPANY SECRETARY
Ms. Cheng Kwai Yuk
LEGAL ADVISORS
Linklaters
Jia Yuan Law Offices
AUDITOR
KPMG
Public Interest Entity Auditor registered in accordance with
the Accounting and Financial Reporting Council
Ordinance
8th Floor, Prince’s Building
10 Chater Road, Central, Hong Kong
REGISTERED OFFICE
41/F, China Resources
Building 26 Harbour Road
Wanchai
Hong
Kong
SHARE REGISTRAR
Tricor Investor Services
Limited 17/F, Far East Finance
Centre 16 Harcourt Road
Hong Kong
公司資料
Corporate Information
主要往來銀行
中國農業銀行股份有限公司香港分行
中國農業銀行北京西城支行
中國銀行（香港）有限公司
中國銀行北京海淀支行
中國建設銀行（亞洲）股份有限公司
中國建設銀行北京鐵道支行
國家開發銀行北京分行
招商銀行北京分行
招商銀行深圳分行
中國光大銀行股份有限公司香港分行
中國光大銀行股份有限公司北京西直門分行
中國工商銀行王府井支行
中國工商銀行（亞洲）有限公司
瑞穗銀行香港分行
三菱UFJ銀行香港分行
華僑銀行
中國郵政儲蓄銀行北京海淀支行
三井住友銀行
中國進出口銀行
中國進出口銀行北京分行
交通銀行股份有限公司香港分行
公司網址
股份代號
3320
PRINCIPAL BANKERS
Agricultural Bank of China Ltd., Hong Kong Branch
Agricultural Bank of China Beijing Xicheng Sub-Branch
Bank of China (Hong Kong) Limited
Bank of China Beijing Haidian Sub-Branch
China Construction Bank (Asia) Corporation Limited
China Construction Bank Beijing Railway Sub-Branch
China Development Bank Beijing Branch
China Merchants Bank Beijing Branch
China Merchants Bank Shenzhen Branch
China Everbright Bank Co., Ltd., Hong Kong Branch
China Everbright Bank Co., Ltd., Beijing Xizhimen
Branch
Industrial and Commercial Bank of China Wangfujing Sub-Branch
Industrial and Commercial Bank of China (Asia) Limited
Mizuho Bank, Ltd., Hong Kong Branch
MUFG Bank, Ltd., Hong Kong Branch
Overseas-Chinese Banking Corporation Limited
Postal Savings Bank of China, Beijing Haidian Sub-
branch Sumitomo Mitsui Banking Corporation
The Export-Import Bank of China
The Export-Import Bank of China Beijing Branch
Bank of Communications Co., Ltd. Hong Kong Branch
COMPANY’S WEBSITE
STOCK CODE
3320
釋義
Definitions
於本中期報告內，除文義另有所指外，下列詞語
具有以下涵義：
In this interim report, the following expressions shall have the following meanings
unless the context indicates otherwise:
「股東週年大會」
“AGM”
本公司股東週年大會
annual general meeting of the Company
「組織章程細則」
“Articles of Association”
本公司於二零二二年五月二十七日經特別決議案採納的組織章程細則（經不
時修訂）
the articles of association of the Company (as amended from time to time),
adopted by a special resolution passed on 27 May 2022
「董事會」
“Board”
董事會
board of Directors
「北京國管」
“BSCOMC”
北京國有資本運營管理有限公司，前稱北京國有資本經營管理中心，是一家
於中國註冊成立的國有企業，為我們的主要股東
Beijing State-owned Capital Operation and Management Company Limited
( 北 京 國 有 資 本 運 營 管 理 有 限 公 司 ), formerly known as Beijing State-
Owned Capital Operation And Management Center ( 北京國有資本經營管理
中 心 ), a state-owned enterprise incorporated in the PRC and our
substantial Shareholder
「企業管治守則」
“CG Code”
上市規則附錄C1 所載的企業管治守則
Corporate Governance Code set out in Appendix C1 to the Listing Rules
「中國」
“China” or “PRC”
中華人民共和國，就本中期報告而言，不包括香港、澳門特別行政區及台灣
People’s Republic of China, excluding, for the purposes of this interim report
only, Hong Kong, Macau SAR and Taiwan
「公司條例」
“Companies Ordinance”
公司條例（香港法例第622 章）經不時修訂）
the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (as
amended from time to time)
「本公司」或「華潤醫藥」
“Company” or “CR Pharmaceutical”
華潤醫藥集團有限公司
China Resources Pharmaceutical Group Limited
釋義
Definitions
「華潤雙鶴」
“CR Double-Crane”
華潤雙鶴藥業股份有限公司，一家根據中國法律註冊成立的公司，其股份在上
海證券交易所上市（股份代號：600062），並為本公司之非全資附屬公司
China Resources Double-Crane Pharmaceutical Co., Ltd. ( 華潤雙鶴藥業股份
有限公司), a company incorporated under the laws of the PRC, the shares of
which are listed on the Shanghai Stock Exchange (stock code: 600062) and a
non-wholly-owned subsidiary of the Company
「華潤燃氣」
“CR Gas”
華潤燃氣控股有限公司，一家於百慕達成立的有限公司，其股份於聯交所上市
（股份代號：1193），並於本中報日期為華潤集團之附屬公司
China Resources Gas Group Limited ( 華潤燃氣控股有限公司), a company
incorporated in Bermuda with limited liability, the shares of which are listed
on the Stock Exchange (stock code: 1193) and a subsidiary of CR Holdings as
at the date of this interim report
「華潤集團」
“CR Holdings”
華潤（集團）有限公司，一家於香港註冊成立的有限公司，為華潤股份全資附屬
公司及我們的控股股東
China Resources (Holdings) Company Limited, a company incorporated in
Hong Kong with limited liability, which is a wholly-owned subsidiary of CRI
and our controlling Shareholder
「華潤股份」
“CRI”
華潤股份有限公司，一家於中國成立的股份有限公司，並為我們的控股股東
China Resources Inc., a joint stock limited liability company established in the
PRC and our controlling Shareholder
「華潤江中」
“CR Jiangzhong”
華潤江中製藥集團有限責任公司，一家於中國成立的公司，為江中藥業的控股股
東，並為本公司之非全資附屬公司
China Resources Jiangzhong Pharmaceutical Group Co., Ltd. ( 華潤江中製
藥集 團 有 限 責 任 公 司), a company established in the PRC, the controlling
shareholder of Jiangzhong Pharmaceutical and a non-wholly-owned subsidiary
of the Company
「華潤置地」
“CR Land”
華潤置地有限公司，一家於開曼群島註冊成立的有限公司，其股份於聯交所主
板上市及買賣（股份代號：1109）及於本中報日期為華潤集團的間接非全資附屬
公司
China Resources Land Limited, a company incorporated in the Cayman Islands
with limited liability, the shares of which are listed and traded on the Main
Board of the Stock Exchange (stock code: 1109) and an indirect non-wholly
owned subsidiary of CR Holdings as at the date of this interim report
釋義
Definitions
「華潤醫療」
“CR Medical”
華潤醫療控股有限公司，一家於開曼群島註冊成立的有限公司，其股份在聯交
所上市（股份代號：1515），其中華潤集團於本中報日期為其控股股東
China Resources Medical Holdings Company Limited, a company
incorporated in the Cayman Islands with limited liability, the share of which
are listed on the Main Board of the Stock Exchange (stock code: 1515), in
which CR Holdings is the controlling shareholder as at the date of this interim
report
「華潤三九」
“CR Sanjiu”
華潤三九醫藥股份有限公司，一家根據中國法律註冊成立的公司，其股份在深
圳證券交易所上市（股份代號：000999），並為本公司之非全資附屬公司
China Resources Sanjiu Medical & Pharmaceutical Company Limited
( 華潤三九醫藥股份有限公司), a company incorporated under the laws of the
PRC, the shares of which are listed on the Shenzhen Stock Exchange (stock
code: 000999) and a non-wholly-owned subsidiary of the Company
「華潤紫竹」
“CR Zizhu”
華潤紫竹藥業有限公司，一家於中國成立的公司，於本中報日期，華潤醫藥通過
華潤雙鶴間接持有% 權益
China Resources Zizhu Pharmaceutical Co., Ltd. ( 華潤紫竹藥業有限公司), a
company established in the PRC, in which CR Pharmaceutical indirectly holds
% interest through CR Double-Crane as at the date of this interim report
「董事」
“Director(s)”
本公司董事
director(s) of the Company
「東阿阿膠」
“Dong-E-E-Jiao”
東阿阿膠股份有限公司，一家根據中國法律註冊成立的公司，其股份在深圳證
券交易所上市（股份代號：000423），並為本公司之非全資附屬公司
Dong-E–E-Jiao Company Limited ( 東 阿 阿 膠 股 份 有 限 公 司), a company
incorporated under the laws of the PRC, the shares of which are listed on the
Shenzhen Stock Exchange (stock code: 000423) and a non-wholly-owned
subsidiary of the Company
「本集團」
“Group”
本公司及其附屬公司
the Company and its subsidiaries
「香港」
“Hong Kong”
中國香港特別行政區
the Hong Kong SAR of the PRC
釋義
Definitions
「江中藥業」
“Jiangzhong Pharmaceutical”
江中藥業股份有限公司，一家於中國成立的公司，其股份在上海證券交易所上市
（股份代號：600750），並為華潤江中之非全資附屬公司
Jiangzhong Pharmaceutical Co., Ltd. ( 江中藥業股份有限公司), a company
established in the PRC, the shares of which are listed on the Shanghai Stock
Exchange (stock code: 600750) and a non-wholly-owned subsidiary of CR
Jiangzhong
「昆藥集團」
“KPC”
昆藥集團股份有限公司，一家於中國成立的公司，其股份在上海證券交易所上市
（股份代號：600422），並為華潤三九之非全資附屬公司
KPC Pharmaceuticals, Inc. ( 昆藥集團股份有限公司), a company established
in the PRC, the shares of which are listed on the Shanghai Stock Exchange
stock code: 600422) and a non-wholly-owned subsidiary of CR Sanjiu
「上市規則」
“Listing Rules”
聯交所證券上市規則（經不時修訂）
the Rules Governing the Listing of Securities on the Stock Exchange (as
amended from time to time)
「標準守則」
“Model Code”
上市規則附錄C3 所載的上市發行人董事進行證券交易的標準守則
Model Code for Securities Transactions by Directors of Listed Issuers as set out
in Appendix C3 to the Listing Rules
「報告期間」
“Reporting Period”
截至二零二五年六月三十日止六個月
the six months ended 30 June 2025
「特別行政區」
“SAR”
中國的特別行政區
Special Administrative Region of the PRC
「證券及期貨條例」
“SFO”
香港法例第571 章證券及期貨條例（經不時修訂）
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)
(as amended from time to time)
「股份」
“Share(s)”
本公司股份
share(s) of the Company
「股東」
“Shareholder(s)“
本公司的股份持有人
holder(s) of Shares of the Company
「聯交所」
“Stock Exchange“
香港聯合交易所有限公司
The Stock Exchange of Hong Kong Limited
釋義
Definitions
「天士力醫藥」
“Tasly Pharmaceutical”
天士力醫藥集團股份有限公司，一家於中國成立的有限公司，其股份在上海證
券交易所上市（股份代號：600535），並為華潤三九之非全資附屬公司
Tasly Pharmaceutical Group Co., Ltd. ( 天士力醫藥集團股份有限公司), a
company established in the PRC with limited liability and the shares of which
are listed on the Shanghai Stock Exchange (stock code: 600535), and a non-
wholly-owned subsidiary of CR Sanjiu
「港元」或「港幣」
“HK$” or “HKD” or “HK dollars”
港元，香港法定貨幣
Hong Kong Dollars, the lawful currency of Hong Kong
「人民幣」
“RMB“
人民幣元，中國法定貨幣
Renminbi Yuan, the lawful currency of China
「美元」
“US$” or “USD”
美元，美國法定貨幣
United States Dollars, the lawful currency of the United States of America
「%」
“%“
百分比
per cent
在本中期報告內，於中國成立的公司或實體、法
律或法規的中文名稱與其英文譯名如有任何歧
義，概以中文名稱為準。
In the event of any inconsistency between the Chinese and English
versions of the names of the PRC established companies or entities, laws
or regulations in this interim report, the Chinese version shall prevail.
管理層討論及分析
Management Discussion and Analysis
行業概況
二零二五年以來，雖然國際環境複雜多變、不穩
定性、不確定性增加，但在積極有為的宏觀政策
作用下，中國經濟運行總體平穩、穩中有進，根
據國家統計局數據，二零二五年上半年我國GDP
同比增長%。國內需求穩步擴大，消費支撐作
用顯著，新質生產力培育壯大，經濟發展向新向
好。
中國醫藥產業仍處於存量優化與創新藥械增量擴
容的結構調整期，短期行業整體增速承壓。二零
二五年上半年，我國規模以上醫藥製造業營業收
入 人 民 幣 12, 億元， 同比下降%； 利潤
總額人民幣1, 億元，同比下降%。長期
看，在人口老齡化剛性需求增加、「健康中國」建
設全面推進以及創新能力持續提升等有利因素推
動下，我國醫藥產業發展韌性強、活力足、市場
空間廣闊。
從細分領域看，《「健康中國2030」規劃綱要》提
出「以人民健康為中心」，推動了預防、保健、治
療、康復等各領域在內的醫藥健康產業全方位發
展。中醫藥支持政策再加碼，2025 年 3 月，國務
院辦公廳發佈《關於提升中藥質量促進中醫藥產
業高質量發展的意見》，產業鏈優勢企業獲得更
大發展機會。創新藥產業迎來全鏈條支持政策，
市場發展空間將進一步打開。AI 技術爆發，將
逐
INDUSTRY OVERVIEW
Since 2025, despite the complex and volatile international environment
with increasing instability and uncertainty, under the effect of proactive
macro policies, China’s economy has maintained overall stability with
steady upward momentum. According to the National Bureau of Statistics,
China’s GDP grew by % year-on-year in the first half of 2025.
Domestic demand expanded steadily, and consumption played a
significant supporting role. New productive forces were cultivated and
expanded, while economic development moved in a new and improved
direction.
China’s pharmaceutical industry is still in a period of structural adjustment
featuring stock optimization and incremental expansion of innovative
pharmaceuticals and medical devices, with the overall growth rate of the
industry under short-term pressure. In the first half of 2025, the
operating revenue of China’s pharmaceutical manufacturing industry
above designated size reached RMB1, billion, representing a year-
on-year decrease of %; the total profit amounted to
billion, representing a year-on-year decrease of %. In the long run,
driven by favorable factors such as the increasing rigid demand brought by
population aging, the comprehensive advancement of the “Healthy China”
initiative, and the continuous improvement of innovation
capabilities, China’s pharmaceutical industry boasts strong resilience,
sufficient vitality and broad market space.
From the perspective of segmented fields, the “Healthy China 2030”
Planning Outline 《(「 健 康 中 國 2030」規劃綱要》) calls for “focusing on
people’s health” which has promoted the all-round development of the
pharmaceutical and health industry covering prevention, health care,
treatment, rehabilitation and other fields. Policies supporting traditional
Chinese medicine (TCM) have been further strengthened. In March 2025, the
General Office of the State Council issued the Opinions on Improving the
Quality of TCM and Promoting the High-Quality Development of
步賦能醫藥產業各環節，助力效率提升與商業模 the TCM Industry 《( 關於提升中藥質量促進中醫藥產業高質量發展的
式演變。 意見》), providing leading enterprises in the industrial chain with greater
development opportunities. The innovative pharmaceutical industry has
received full-chain supporting policies, and its market development space
will be further expanded. The booming AI technology will gradually
empower all links of the pharmaceutical industry, helping to improve
efficiency and drive the evolution of business models.
管理層討論及分析
Management Discussion and Analysis
行業概況（續）
國家進一步深化醫藥衛生體制改革，促進醫保、
醫療、醫藥協同發展和治理，合理平衡發展與安
全、創新與控費、支持與規範。創新藥商業健康
險目錄的推出，有利於促進創新藥的進一步發
展。同時集中採購提質擴面，價格治理範圍進一
步擴大，DRG/DIP（按疾病診斷相關分組付費╱按
病種分值付費）支付方式改革全面深化落地，進
一步規範處方行為，整體推動醫藥行業降本增效
與轉型升級。醫藥醫療領域反腐持續推進，將進
一步淨化行業生態，利好行業領先和經營規範企
業的發展。
集團業績及亮點
二零二五年是「十四五」收官之年，本集團主動
落實國家戰略，積極打造新質生產力，加強戰略
性新興產業佈局、著力投資整合、推動研發創新
、不斷提升數字化和綠色發展水平，實現收入穩
步增長，經營韌性不斷提升，高質量發展動力持
續增強。
本集團在中國醫藥行業綜合實力穩定，是領先的
綜合醫藥公司，整體規模位列行業第三位，醫藥
製造業務位列醫藥工業百強第二位，醫藥流通業
務規模位列行業第三位。
INDUSTRY OVERVIEW (Continued)
China has further deepened the reform of the medical and health system,
promoted the coordinated development and governance of medical
insurance, medical services, and pharmaceuticals, and reasonably balanced
development and safety, innovation and cost control, as well as support
and regulation. The launch of the commercial health insurance catalog for
innovative drugs will further promote their development. At the same
time, centralized procurement has improved quality and expanded
coverage, the scope of price governance has been further expanded, and
the reform of DRG/DIP (Diagnosis-Related Groups/Diagnosis-
Intervention Packet) payment methods has been fully deepened and
implemented, which has further standardized prescription behaviors and
promoted overall cost reduction, efficiency improvement, transformation
and upgrading of the pharmaceutical industry. The continuous
advancement of anti-corruption efforts in the medical and pharmaceutical
fields will further purify the industry ecology, which is beneficial to the
development of leading enterprises and those with standardized operations
in the industry.
GROUP RESULTS AND HIGHLIGHTS
The year 2025 marks a concluding year of the “14th Five-Year Plan”. The
Group proactively implemented national strategies, actively fostered new
quality productive forces, strengthened the layout of strategic emerging
industries, focused on investment and integration, promoted research and
development (R&D) innovation, and continuously improved the level of
digitalization and green development. The Group has achieved steady
growth in results, continuous improvement in operational resilience, and
sustained enhancement of the momentum for high-quality development.
The Group is a leading integrated pharmaceutical company with stable and
consolidated strength in China’s pharmaceutical industry. The Group
ranks third in the industry in terms of overall scale, second in the top 100
pharmaceutical industry for its pharmaceutical manufacturing business,
and third in the industry scale for its pharmaceutical distribution business.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
報告期內，華潤三九躍居益普索《2025 中國品牌
影響力指數(BII)》第29 位，「江中」、「東阿阿膠」
、
「毓婷」品牌入選世界品牌實驗室發佈的二零二五
年《中國500 最具價值品牌》榜單。「江中」及「東
阿阿膠」品牌入選中國工業和信息化部首批中國
消費名品名單。諸多榮譽彰顯了強勁的品牌實力
與影響力。
1. 財務表現
報告期內， 本集團錄得總收益達人民幣
131, 百萬元， 較上年同期總收益人民
幣128, 百萬元， 增長%。二零二五
年上半年製藥、醫藥分銷、藥品零售及其他
三個主要業務分部的收益佔比分別為%
、% 以及%。
報告期內本集團實現毛利人民幣21,
百 萬 元， 較 上 年 同 期 的 毛 利 人 民 幣20,
百萬元增長%。整體毛利率為
%，與二零二四年上半年的毛利率持平
。
GROUP RESULTS AND HIGHLIGHTS (Continued)
During the Reporting Period, CR Sanjiu rose to the 29th position in Ipsos’
2025 China Brand Influence Index (BII). The Group’s brands
“Jiangzhong”, “Dong-E-E-Jiao” and “Yuting” were listed in the 2025
China’s 500 Most Valuable Brands released by the World Brand Lab.
The “Jiangzhong” and “Dong-E-E-Jiao” brands were selected for the first
batch of China’s Premium Consumer Brands by Ministry of Industry
and Information Technology (MIIT) of China. These honors have
demonstrated the Group’s strong brand strength and influence.
1. Financial Performance
During the Reporting Period, the Group recorded total revenue of
RMB131, million, representing an increase of % compared
to RMB128, million in the same period last year. In the first
half of 2025, the revenue of the Group’s three major business
segments, namely pharmaceutical manufacturing, pharmaceutical
distribution, and pharmaceutical retail and others, accounted for
%, % and % of the Group’s total revenue, respectively.
During the Reporting Period, the Group recorded a gross profit of
RMB21, million, representing an increase of % from
RMB20, million for the same period last year. The overall
gross profit margin was %, remaining the same as that in the
first half of 2024.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
1. 財務表現（續）
報 告 期 內 ， 本 集 團 實 現 淨 利 潤 人 民 幣
5 ,053 .6 百萬元，較二零二四年上半年的
淨利 潤 人 民 幣 5, 百 萬 元 下 降 %；
實 現 本 公 司 擁 有 人 應 佔 溢 利 人 民 幣
2, 百萬元， 較二零二四年上半年的
本公司擁 有 人 應 佔 溢 利 人 民 幣 2, 百
萬元減少 %。剔除聯營公司減值等一
次性項目影響，報告期內本集團淨利潤同
比略降%， 本公司擁有人應佔溢利同
比略降
%。報告期內每股基本盈利為人民幣
元（ 二零二四年上半年為人民幣
元）。董事會宣派截至二零二五年六月三十
日六個月之中期股息每股人民幣元（二
零二四年中期股息為人民幣 元）。
GROUP RESULTS AND HIGHLIGHTS (Continued)
1. Financial Performance (Continued)
During the Reporting Period, the Group recorded a net profit of
RMB5, million, representing a decrease of % from
RMB5, million for the first half of 2024. The Group generated
a profit attributable to owners of the Company of RMB2,
million, representing a decrease of % compared with that of
RMB2, million for the first half of 2024. Excluding the effect
of one-off items such as the impairment of associates, the net
profit of the Group recorded a slight year-on-year decrease of %
during the Reporting Period, while the profit attributable to the
owners of the Company recorded a slight year-on-year decrease of
%. Basic earnings per share were during the Reporting
Period ( in the first half of 2024). The Board has declared
an interim dividend of per share for the six months
ended 30 June 2025 (2024 interim dividend was ).
總收益
REVEN
UE
期內溢利
PROFIT FOR THE
PERIOD
人民幣百萬
RMBmillio
n
150,000
%
人民幣百萬
RMBmillion
6,000
%
100,000
50,000
4,000
2,000
0
1H2024 1H2025
製藥 Manufacturing 分銷 Distribution
0
1H2024 1H2025
零售 Retail 其他 Others
59
4,949
128,598 131,867 70
5,515
104,454
102,419
21,171 21,828
5,541 5,054
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務
(1) 財務表現
報告期內，本集團製藥業務實現分部
收益人民幣24, 百萬元，同比增
長%，中藥、生物藥、營養保健品
及其他業務板塊收入均實現增長。製
藥業務毛利率為%，較上年同期
略下降 個百分點。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business
(1) Financial performance
During the Reporting Period, the Group’s pharmaceutical
manufacturing business generated segment revenue of
RMB24, million, representing a year-on-year increase of
%. All business segments, including TCM,
biopharmaceutical drugs, nutraceuticals and others, recorded
an increase in revenue. The gross profit margin of the
pharmaceutical business was %, representing a slight
decrease of percentage point compared with the same
period last year.
分部收益
SEGMENT
REVENUE
分部毛利
SEGMENT GROSS
PROFIT
人民幣百萬
RMBmillio
n
30,000
20,000
%
人民幣百萬
RMBmillio
n
20,000
%
90%
70%
10,000
10,000
50%
0
1H2024 1H2025
0
1H2024 1H2025
30%
毛利 Gross Profit 毛利率 Gross Profit Margin
24,808
23,793
%14,300 14,708
%
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(1) 財務表現（續）
報告期末本集團共有83 個生產基地
和 561 條產線，共生產944 種產品，
其 中 555 個產品進入了國家醫保目
錄，235 個產品在基藥目錄內。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(1) Financial performance (Continued)
As of the end of the Reporting Period, the Group had a total of
83 production bases and 561 production lines, manufacturing
944 types of products. Among these, 555 products were
included in the National Reimbursement Drug List, and 235
products were listed in the Essential Drug List.
二零二五年
上半年
二零二四年
上半年 同比增速
製藥業務按產品
類別劃分銷售收入
（人民幣百萬元）
Sales revenue from
Pharmaceutical manufacturing
business by product categories
(RMB’ million)
In
the first
half of
2025
In the
first half
of 2024
Period-
over-
period
growth
中藥 TCM 13, 11, %
其中： 非處方藥 including: Over-the-counter
(OTC)
drugs
8, 9, –%
處方藥 Prescription drugs 4, 2, %
化學藥 Chemical drugs 8, 9, –%
其中： 非處方藥 including: OTC drugs 2, 2, –%
處方藥 Prescription drugs 5, 6, –%
原料藥 API –%
生物藥 Biopharmaceutical drugs 1, 1, %
營養保健品及其他 Nutraceuticals and others 1, 1, %
合計 Total 24, 23, %
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(1) 財務表現（續）
按產品類別劃分，報告期內本集團製
藥業務板塊中藥業務錄得收益人民
幣 13, 百萬元， 較上年同期增
長 %，其中：中藥非處方藥業務
收 入 同 比 下 降 %，主要受感冒類
產品收入下降影響；中藥處方藥業務
收 入 同 比 增 長 %， 主要因受併
購天士力醫藥影響， 心腦血管領域
收入大幅增長。化藥業務錄得收益
人 民 幣 8, 百萬元，較上年同期
下 降 %，其中：化藥非處方藥業
務 收 入 同 比 下 降 %，主要因為兒
科領域收入下降導致； 化藥處方藥
業 務 收 入 同 比 下 降 %，主要受輸
液業務、抗感染領域收入下降影響；
原料藥業務收入同比略降%。報
告期內， 生物藥業務實現收益人民
幣 1, 百萬元，較上年同期增長
%，主要因受併購綠十字香港控
股有限公司（「綠十字香港」）、天士力
醫藥影響，血液製品及心腦血管領域
收入實現增長。營養保健品及其他業
務實現收益人民幣 1, 百萬元，
較上年同期顯著增長%，主要因
受併購四川南格爾生物科技有限公司
（「南格爾」）影響，醫療器械類產品收
入實現增長。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(1) Financial performance (Continued)
In terms of product categories, the Group’s revenue
from the TCM business of pharmaceutical manufacturing
segment was RMB13, million during the Reporting
Period, representing a year-on-year increase of %, of
which revenue from the TCM OTC drug business declined
by % year-on-year, mainly due to a decrease in revenue
from cold and flu-related products; while revenue from the
TCM prescription drug business increased by % year-
on-year, primarily driven by a significant increase in revenue
from cardiovascular and cerebrovascular products as a result
of the acquisition of Tasly Pharmaceutical. The chemical
drug business recorded revenue of RMB8, million,
representing a year-on-year decrease of %, of which
revenue from the chemical OTC drug business declined by
% year-on-year, mainly due to a drop in revenue from
pediatric products; revenue from the chemical prescription
drug business decreased by % year-on-year, primarily due
to reduced revenue from infusion and anti-infective products;
revenue from active pharmaceutical ingredients (API) business
slightly declined by % year-on-year. During the Reporting
Period, the biopharmaceutical business achieved revenue of
RMB1, million, representing a year-on-year increase
of %, mainly attributable to revenue growth in blood
products and cardiovascular and cerebrovascular products
following the acquisitions of Green Cross HK Holdings
Limited (“Green Cross HK”) and Tasly Pharmaceutical.
Revenue from nutraceuticals and other business amounted to
RMB1, million, representing a significant year-on-year
increase of %, primarily due to increased revenue from
medical device products following the acquisition of Sichuan
Nigale Biotechnology Co., Ltd. (“Nigale”).
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措
a. 推進產業整合，強化外延發展
推動投後融合。本集團已完成
收購南格爾， 通過組織文化融
入、風險防控、業務融合、管
理賦能等舉措，推動平穩過渡
。二零二五年三月本集團完成
收購天士力醫藥，未來將通過
加速業務整合，進一步鞏固在
中藥行業的領先地位，提升中
藥創新能力。本集團在二零二
四年四季度完成對綠十字香港
的併表後，報告期內實施業務
中心穿透管理模式，逐步推動
研發、採漿、生產、營銷一體
化管控，提升血液製品板塊整
體競爭力。本集團繼續深化昆
藥集團的投後融合，圍繞四個
重塑打造「777」和「昆中藥
1381」的品牌，落實昆藥集團
和昆明華潤聖火藥業有限公司
的全面融合，在研產銷環節發
揮協同效應。同時，聯合地方
政府著力打造三七產業鏈，在
科技創新、工藝升級、智能製
造等方面取得積極進展。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures
a. Advancing industrial integration and strengthening
external development
The Group promoted post-investment integration.
The Group completed the acquisition of Nigale and
facilitated a smooth transition through measures such as
organizational culture assimilation, risk prevention and
control, business integration, and management
empowerment. In March 2025, the Group finalized the
acquisition of Tasly Pharmaceutical, and plans to
accelerate business consolidation to further solidify its
leading position in the TCM industry and enhance TCM
innovation capabilities. Following the consolidation
of Green Cross HK in the fourth quarter of 2024, the
Group implemented a look-through management
model for business centers during the Reporting
Period, progressively advancing unified oversight in
R&D, plasma collection, production, and marketing to
strengthen the overall competitiveness of the blood
products segment. The Group continued deepening
post-investment integration with KPC, by building the
“777” and “Kun Zhong Yao 1381” brands around four
reshaping works and driving comprehensive integration
between KPC and Kunming China Resources Shenghuo
Pharmaceutical Co., Ltd. ( 昆明華潤聖火藥業有限公司
) to achieve synergies across R&D, production, and
sales. Concurrently, in collaboration with local
governments, the Group actively advanced the
development of the Sanqi industry chain and has made
significant progress in technological innovation, process
upgrades and smart manufacturing.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
a. 推進產業整合，強化外延發展
（續）
設立產業基金。本集團擬設立
華潤（ 成都）醫 藥 產 業 股 權 投
資基金合夥企業（有限合夥）。
基 金 規 模 為 人 民 幣 10 億元，
華潤醫藥及旗下企業擬共同出
資人民幣 億元。該基金是
本集團落實發展戰略，強化戰
略新興產業佈局，加強央地合
作，助力控股收購，開展創新
孵化的有力工具和手段之一，
將重點投資化學創新藥、生物
製品、高端醫療器械、中藥滋
補、合成生物學等細分領域。
此外，本集團擬投資設立華潤
雙鶴生物醫藥產業基金（呼和
浩 特 ）投資合夥企業（ 有限合
夥 ）， 基金目標募集規模為人
民幣5 億元。華潤醫藥及旗下
企業擬共同出資不超過人民幣
億元，設立該基金有助於
優化本集團在合成生物領域的
戰略佈局。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
a. Advancing industrial integration and strengthening
external development (Continued)
Establishing industrial funds. The Group plans to
establish CR (Chengdu) Pharmaceutical Industry Equity
Investment Fund Partnership (Limited Partnership) ( 華
潤 ( 成 都 ) 醫 藥 產 業 股 權 投 資 基 金 合 夥 企 業 ( 有限合
夥 ) with a proposed total scale of RMB1 billion. CR
Pharmaceutical and its subsidiaries intend to jointly
contribute RMB245 million in the fund. The fund serves
as a strategic tool to execute the Group’s development
strategy, strengthen its presence in strategic emerging
industries, enhance collaboration between central and local
governments, facilitate controlling acquisitions, and
foster innovation incubation. It will focus on key sectors
such as innovative chemical drugs, biologics, high-end
medical devices, TCM nourishment, and synthetic
biology. Besides, the Group intends to invest in the
establishment of China Resources Double- Crane
Biomedical Industry Fund (Hohhot) Investment
Partnership Enterprise (Limited Partnership) ( 華 潤 雙 鶴
生物醫藥產業基金( 呼和浩特) 投資合夥企業( 有限合
夥 )), with a target fundraising scale of RMB500 million.
China Resources Pharmaceutical and its subsidiaries
plan to jointly contribute no more than RMB123 million
in the fund. The establishment of this fund will help
optimize the Group’s strategic layout in synthetic
biology.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
a. 推進產業整合，強化外延發展
（續）
引進創新產品。報告期內，華
潤雙鶴與河南中帥醫藥有限公
司舉行戰略合作簽約儀式，雙
方就鹽酸右呱甲酯緩釋膠囊（貫
注）在中國大陸地區的市場推廣
達成獨家合作協議，將依託華
潤雙鶴多治療領域的產業化與
商業化協同優勢，充分利用強
大的營銷網絡，推動兒童注意
缺陷多動障礙 (ADHD) 診療水
平提升，惠及千萬患兒家庭。
華潤三九與南京艾爾普再生醫
學科 技 有 限 公 司 達 成 HiCM–
188
（ iPSC心 肌 細 胞 ）項目聯合開
發合作，HiCM–188 為 全 球 首
個 在中、美兩國同時獲批臨床
默示許可的基於誘導多能幹細
胞的心衰再生治療創新藥，力
求解決終末期心衰這一尚待滿
足的臨床需求，有助於本集團
進一步拓展細胞治療賽道，為
眾多心衰患者提供治療新選擇
。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
a. Advancing industrial integration and strengthening
external development (Continued)
Introducing innovative products. During the
Reporting Period, CR Double-Crane held a strategic
cooperation signing ceremony with Henan Zhongshuai
Pharmaceutical Co., Ltd. ( 河 南 中 帥 醫 藥 有 限 公 司)
where both parties reached an exclusive cooperation
agreement for the marketing of Dexmethylphenidate
Hydrochloride Extended-Release Capsules (“Guanzhu”)
in Mainland China. Leveraging CR Double-Crane’s
strengths in industrial and commercial synergies across
multiple therapeutic areas and its robust marketing
network, the cooperation aims to raise diagnosis and
treatment standards for children with Attention Deficit
Hyperactivity Disorder (ADHD), benefiting millions of
affected families. Additionally, CR Sanjiu partnered with
Nanjing Help Therapeutics Co., Ltd ( 南京艾爾普再生
醫 學 科 技 有 限 公 司 ) to co-develop the HiCM-188
(iPSC- derived cardiomyocytes) project. As the world’s
first heart failure regenerative therapy innovative drug
based on Induced Pluripotent Stem Cells (IPSCs) to
receive clinical implied approval in both China and the
., HiCM-188 strives to address the unmet clinical needs
of end-stage heart failure patients and help further expand
the Group’s presence in the cell therapy sector, so as to
offer new treatment options for heart failure patients.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
b. 打造新質生產力，提升創新動
能
本集團視研發創新為長期發展
的重要驅動力，持續加大研發
投入，報告期內研發總支出為
人民幣 億元。截至報告期
末， 本集團在研項目476 個，
其中新藥項目178 個。擁有2 個
全國重點實驗室、4 個國家工
程技術研究中心、1 個國家產
業創新中心、5 個國家級企業
技術中心，以及110 餘個省市
級研發平台，並設有博士後科
研工作站。本集團建立了完善
的人才引進與培養機制， 加強
各層次人才引育力度， 擁有一
支3,868 名、碩博佔比% 的
研發人才隊伍。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
b. Developing new quality productive forces and
enhancing innovation momentum
The Group considers R&D innovation a key driver of
long-term growth and consistently increases R&D
investment. During the Reporting Period, the total
R&D expenditure was billion. As at the end
of the Reporting Period, the Group had 476 ongoing
R&D projects, including 178 new drug projects.
The Group operates 2 national key laboratories, 4
national engineering technology research centers, 1
national industrial innovation center, 5 national
enterprise technology centers, over 110 provincial
and municipal R&D platforms, and a post-doctoral
research workstation. The Group has implemented a
comprehensive talent recruitment and development
system, strengthening efforts to nurture talent at all
levels. Our R&D team comprises 3,868 professionals,
with master’s and doctoral degree holders accounting for
% of our R&D team.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
b. 打造新質生產力，提升創新動
能（續）
打造高質量管線。本集團面向
國家所需、社會所需、人民所
需、市場所需，著力推進在中
藥、生物製品、化學藥等領域
的創新研發。報告期內在中藥
領域，在研經典名方共計50 餘
首，成功獲批1 首經典名方（益
氣清肺顆粒）。在生物製品領
域，10% 靜注人免疫球蛋白成
功獲批生產。在化學藥領域，
獲得左乙拉西坦口服溶液、美
索巴莫注射液、巰嘌呤片 (II)、
釓特酸葡胺注射液、注射用替
加環素、注射用頭孢唑肟鈉、
注射用頭孢比羅酯鈉、氟維司
群 注 射 液 、 注 射 用 厄 他 培 南
鈉 、 乳 果 糖 口 服 溶 液 等 19 個
化藥註冊批件；甘油果糖氯化
鈉注射液、氯化鉀注射液（ 安
瓿 ）（10ml:）、 維 生 素 B6
注射液等4 個產品通過仿製藥
質量和療效一致性評價。報告
期內，除獲批上市項目外，還
取得多項研究進展，8 個項目
獲批臨床試驗。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
b. Developing new quality productive forces and
enhancing innovation momentum (Continued)
Building high-quality pipelines. The Group made
significant strides in innovative R&D across TCM,
biologics and chemical drugs by aligning its innovation-
driven strategy with national priorities, societal needs,
public demand and market requirements. During the
Reporting Period, in terms of the TCM sector, the Group
advanced R&D on over 50 classic TCM prescriptions
while successfully obtaining approval for Yiqi Qingfei
Granules, a classical prescription. For the biologics
sector, key milestone was achieved with the production
approval of intravenous immunoglobulin (10%). In the
chemical drug business, the Group secured 19 new
drug registration approvals, including Levetiracetam Oral
Solution, Methocarbamol Injection, Mercaptopurine
Tablets (II), Gadopentetate Dimeglumine Injection,
Tigecycline for Injection, Ceftizoxime Sodium for
Injection, Ceftobiprole Sodium for Injection, Fulvestrant
Injection, Ertapenem Sodium for Injection, and Lactulose
Oral Solution, while 4 generic drugs, including Glycerol
Fructose and Sodium Chloride Injection, Potassium
Chloride Injection (Ampoule) (10ml:), and Vitamin
B6, passed the generic drugs quality and efficacy
consistency evaluation. During the Reporting Period,
except for aforesaid approvals, the Group also advanced
certain researches, with 8 products receiving clinical trial
approvals.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
b. 打造新質生產力，提升創新動
能（續）
榮 獲 或 承 擔 省 部 級 獎 勵 和 項
目 。 報告期內， 本集團榮獲1
項國家及省部級獎勵，東阿阿
膠參與的「動物類中藥質量控
制與標準創新關鍵技術體系構
建及應用」榮獲山東省科技進
步獎二等獎。本集團獲批國家
及省部級項目7 項，華潤江中
承接《經典名方創新中藥關鍵
技術專利分析研究》國家知識
產權局專利專項研究項目1項，
承接《基於「三趁三步三動」創
新體系的中藥材趁鮮切制技術
與質量影響示範研究及應用》、
《藥食同源物質特徵風味評價關
鍵技術研究》國家重點研發計
劃項目2 項等。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
b. Developing new quality productive forces and
enhancing innovation momentum (Continued)
The Group was honored with and undertook
ministerial and provincial-level awards and
projects. During the Reporting Period, the Group was
honored with one national and provincial-level award.
Notably, Dong-E-E-Jiao was awarded the Second Prize
of Shandong Provincial Science and Technology
Progress Award for its participation in the project
“Establishment and Application of Key Technological
System for Quality Control and Standard Innovation
of Animal-based TCM”. The Group secured approval
for 7 national and provincial-level projects. Among
these, CR Jiangzhong undertook 1 specialized patent
research project titled “Patent Analysis Research on
Key Technologies for Innovative TCM Derived from
Classical Prescriptions” under the National Intellectual
Property Administration (NIPA), and 2 national key
R&D programs, . the “Demonstration Study and
Application of Fresh-Cutting Technology for Chinese
Herbal Medicines and Its Impact on Quality Based on
the ‘Three-Timing, Three-Step, Three-Action’
Innovation System” and the “Research on Key
Technologies for Characteristic Flavor Evaluation of
Medicine-Food Homologous Substances”.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
b. 打造新質生產力，提升創新動
能（續）
打造創新生態圈。本集團積極
拓展外部創新與合作，報告期
內，與香港納米及先進材料研
發院積極探索生物醫藥、納米
材料領域的合作，圍繞用於阿
爾茨海默病治療的納米製劑項
目達成戰略共識，並簽署合作
框架協議；擬與香港科技大學
梁純教授團隊合作的首創高效
治療宮頸癌前病變及宮頸癌的
原 研 DRIPs 抑制劑項目， 獲得
香 港 特 區 政 府 5,400 萬港幣的
RAISe+ 資助。與四川大學開
展戰略合作，共同成立產業創
新研究中心；與石碧院士合作
共建山東省院士工作站，打造
驢產業創新發展「智慧引擎」；
與北京師範大學、山東第一醫
科大學共建「中醫傳承創新藥
物研究院」，圍繞滋補類藥物產
業發展的重點領域加強跨區域
、跨領域創新力量整合，與上
海中醫藥大學、江西中醫藥大
學聯合建設經典名方創新聯合體
。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
b. Developing new quality productive forces and
enhancing innovation momentum (Continued)
Building an innovation ecosystem. The Group
actively expanded external innovation and collaboration.
During the Reporting Period, it explored potential
cooperation with the Hong Kong Nano and Advanced
Materials Institute in the fields of bio-medicine and
nano-materials, and reached strategic consensus
and signed a framework agreement on a nano-
formulation project for Alzheimer’s disease treatment.
The pioneering DRIPs inhibitor project for cervical
precancerous lesions and cervical cancer treatment,
intended to be developed in collaboration with Professor
Chun LIANG’s team at the Hong Kong University of
Science and Technology, received HK$54 million of
funding support from the RAISe+ program of the Hong
Kong SAR Government. The Group established strategic
partnerships with Sichuan University to jointly create an
Industrial Innovation Research Center, co-established
the Shandong Provincial Academician Workstation to
develop an “intelligent engine” for donkey industry
innovation in collaboration with Academician Shi
Bi, co-founded the “TCM Heritage and Innovation
Drug Research Institute ( 中 醫 傳 承 創 新 藥 物 研 究 院
)” together with Beijing Normal University and
Shandong First Medical University to strengthen cross-
regional and interdisciplinary integration of innovation
capabilities in key areas of tonic medicine development,
and jointly built classical prescription innovation
consortiums with Shanghai University of TCM and
Jiangxi University of TCM.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
c. 強化全產業鏈建設，提升產業
競爭力
上游推動關鍵原料自主可控和
高質量發展。本集團利用在中
藥行業領先地位和優勢，圍繞
重點品種，積極佈局上游藥材
種植基地，持續開展新品種選
育、生態種植、產地加工等技
術研究，新增連錢草、野菊花
、車前子等基地超1,500 畝； 並
依託三七產業創新聯合體牽頭
單位身份，積極動員聯合體成
員單位推廣GAP 種植。本公司
附屬公司江西南昌濟生製藥有
限責任公司入選江西省「定製
藥園」項目建設單位，雲南省
三七研究院獲批雲南省新型研
發機構培育對象。在血液製品
領域，本集團圍繞存量漿站通
過組織重塑、數字賦能、屬地
名片打造及季度主題專項推進
等多重舉措，上半年累計採漿
量達320 噸，同比增長%，高
於行業平均增速。同時，本集
團積極落實化學原料製劑一體
化戰略，聚焦工藝革新推進原
料藥低成本核心競爭力打造，
通過提升原料研發與工藝優化
水平，構建原料藥市場競爭機
制下的低成本優勢。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
c. Strengthening the construction of industrial chain to
improve industrial competitiveness
Driving upstream innovation to achieve self-
sufficiency and high-quality development of
key raw materials. Leveraging its leading position
and competitive advantages in the TCM industry, the
Group strategically expanded upstream medicinal
herb cultivation bases for key product varieties by
sustaining research efforts in new cultivar breeding,
ecological cultivation, and post-harvest processing
technologies and adding over 1,500 mu (100 hectares) of
cultivation bases for herbs including Glechoma
longituba, Chrysanthemum indicum, and Plantago
asiatica seeds. Furthermore, as the lead organization of
the Sanqi industry innovation consortium, the Group
actively mobilized member institutions to promote GAP
cultivation. Jiangxi Nanchang Jisheng Pharmaceutical
Co., Ltd. ( 江 西 南 昌 濟 生 製 藥 有 限 責 任 公 司 ), a
subsidiary of the Company, was selected as a
participant in “Customized Pharmaceutical Park”
initiative of Jiangxi province, while the Yunnan Sanqi
Research Institute ( 雲南省三七研究院) was approved
as a cultivation target for Yunnan Province’s new-type
R&D institutions. In the field of blood products, the
Group implemented multiple initiatives across
existing plasma collection stations, including
organizational restructuring, digital transformation,
local branding campaigns, and quarterly thematic
programs, leading to a total plasma collection volume of
320 tons in the first half of the year, representing a %
year-on-year increase, which outperformed the industry
average. Besides, the Group proactively implemented
an integrated strategy for chemical raw material
formulations by focusing on process innovation to
build cost-competitive advantages in API, and
established a low-cost advantage under the competitive
mechanism of the API market by enhancing raw material
R&D capabilities and process optimization.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
c. 強化全產業鏈建設，提升產業
競爭力（續）
在中游持續推動降本增效提質
。本集團持續優化精益管理，
結合管理痛點難點，通過體系
化、全鏈條覆蓋、項目制等多
種方式推進管理改善，華潤江
中全面推進22 項精益項目，通
過生產工藝革新、生產組織優
化，有效保障了產品供應。本
集團在內部打造標桿企業，挖
掘經驗，推進落實成本節降目
標和行動舉措分解。本集團持
續強化採購統籌能力建設，推
動供應管理系統上線， 實現銷
售計劃、生產計劃、採購計劃
聯動，構建起完整的供應鏈閉
環數據鏈路。同時，本集團繼
續深化質量體系建設， 華潤三
九推動質量管理系統(QMS) 二
期試運營， 東阿阿膠實驗室信
息管理系統(LIMS) 投入使用，
並加速佈局檢驗過程自動化。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
c. Strengthening the construction of industrial chain to
improve industrial competitiveness (Continued)
Continuing to drive cost reduction, efficiency
improvement and quality enhancement in the
midstream. The Group consistently optimized lean
management, addressing pain points and challenges by
driving management improvements through systematic
approaches, end-to-end coverage, and project-based
initiatives. For instance, CR Jiangzhong
comprehensively advanced 22 lean projects, ensuring
effective product supply through innovations in
production processes and optimization of production
organization. The Group has established internal
benchmark enterprises to identify best practices and
drive the implementation of cost- saving targets and
action plans. The Group continuously strengthened its
centralized procurement capabilities by promoting the
launch of a supply management system that
synchronizes sales, production and procurement plans,
thereby establishing a complete closed-loop data
chain for supply chain management. At the same time,
the Group continued to deepen its quality system
development. CR Sanjiu advanced the trial operation of
the second phase of its Quality Management System
(QMS); Dong-E-E-Jiao put its Laboratory Information
Management System (LIMS) into use, and accelerated
the automation of inspection processes.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
c. 強化全產業鏈建設，提升產業
競爭力（續）
在下游大力推動營銷模式轉型
。本集團圍繞院內市場積極主
動參與集採， 本集團已有141
個產品中選國家組織的藥品集
採。通過參與國家集採， 快速
進入核心醫療市場。同時主動
進行營銷策略的調整，深耕慢
病用藥、基層用藥及專科治療
用藥，不斷提升專業化學術推
廣和服務。對未進入國家集採
的產品，積極參加省採、聯盟
採，並構建多模式營銷體系。
本集團圍繞處方藥院外市場提
升產品在零售市場的覆蓋，保
障處方藥院內院外多渠道可及
性，建立以消費者為導向的零
售模式。加強藥品線上渠道拓
展，與京東大藥房、阿里健康
大藥房、平安好醫生等行業巨
頭建立了緊密的戰略夥伴關係
，挖掘線上增長潛力， 拓展業
務邊界。並圍繞滋補健康客戶
運營場景，優化顧客、店員、
運營三端體驗，升級會員管理
平台、電商WMS/OMS 平台、
滋補生活新零售平台， 上線智
能客服， 提升顧客體驗，實現
顧客全生命周期服務鏈路100%
覆蓋。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
c. Strengthening the construction of industrial chain to
improve industrial competitiveness (Continued)
Vigorously driving the transformation of
marketing model in the downstream. The Group
proactively engaged in centralized procurement for the
hospital market, with a total of 141 products selected for
the state-organized centralized drug procurement. By
participating in national centralized procurement, the
Group rapidly gained access to core healthcare markets.
Meanwhile, the Group proactively adjusted its marketing
strategies by focusing on chronic disease medications,
primary care drugs, and specialty therapeutics, while
continuously enhancing its professional academic
promotion and services. For products not yet included in
the national centralized procurement program, the
Group actively participated in provincial-level and
alliance-based procurement initiatives, while
establishing a multi-channel marketing system. The
Group expanded the retail market coverage of its
prescription drugs by focusing on the out-of-hospital
market, ensured multi-channel accessibility across both
hospital and retail settings, and established a consumer-
centric retail model. The Group strengthened its online
pharmaceutical channel expansion by establishing
strategic partnerships with industry leaders such as
JD Pharmacy, AliHealth Pharmacy, and Ping An Good
Doctor, with an aim to tap into online growth potential
and extend business frontiers. Additionally, focusing on
the health supplement customer operation scenario, the
Group optimized the experience across the three
touchpoints of customers, store staff, and operations,
upgraded the membership management platform, e-
commerce WMS/OMS platforms, and the health
supplement new retail platform, as well as launched an
intelligent customer service system to elevate customer
experience, achieving 100% coverage across the entire
customer service lifecycle.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
d. 推動國際化發展，拓展發展新
空間
推進中醫藥國際化。本集團旗
下 血 塞 通 製 劑 已 獲 全 球 15 個
國家的准入資格，完成軟膠囊
劑型在美國、歐洲等法規市場
的上市準備。雙氫青蒿素呱喹
片（科泰複）首次獲得全球基金
(The Global Fund) 採 購 訂 單，
並在交期達成率考核中獲得滿
分。本集團在香港設立東阿阿
膠國際有限公司，著力打造集
貿易、零售、跨境電商、原料
採購等職能於一體的海外業務
樞紐。精耕香港本地渠道，對
接產品銷售及開發規劃事宜，
與香港滿貫建立戰略合作夥伴
關係，實現阿膠塊、阿膠速溶
粉進駐萬寧等香港銷售門店。
東 阿 阿 膠 與 韓 國 正 官 庄 簽 訂
戰略合作協議，雙方將整合產
品、渠道、品牌等領域的優質
資源，為消費者提供優質、便
捷的健康解決方案。持續推進
品牌出海，東阿阿膠及相關產
品亮相第137 屆廣交會和雅加
達國際博覽會。血塞通系列產
品相繼在美國、德國等國家舉
辦專場推廣會，持續提升中醫
藥的海外認可度。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
d. Promoting international development and expanding
new development space
Advancing the global expansion of TCM. The
Group’s Xuesaitong (Panax notoginseng saponins)
preparations have obtained market approval in 15
countries worldwide and completed preparations for
the soft capsule formulation to enter regulated markets
such as the United States and Europe. The
Dihydroartemisinin-Piperaquine Tablet (Cotefiz) has
secured its first procurement order from The Global Fund
and achieved a perfect score in on-time delivery
performance evaluation. The Group established Dong-E- E-
Jiao International Limited ( 東阿阿膠國際有限公司) in
Hong Kong, dedicated to building an overseas business hub
integrating trade, retail, cross-border e-commerce, and raw
material procurement functions. The Group deepened its
presence in local Hong Kong channels, coordinated
product sales and development planning, and has
established a strategic partnership with Maxim’s
Hong Kong ( 香港滿貫). This collaboration has enabled
Ejiao blocks and instant Ejiao powder to be sold in outlets
such as Mannings in Hong Kong. Dong-E-E- Jiao has
entered into a strategic cooperation agreement with
Korea’s CheongKwanJang, with both parties
committing to integrate premium resources across
products, channels, and brands. This collaboration aims to
deliver high-quality and convenient health solutions to
consumers. The Group continued to advance its brand
globalization strategy, with Ejiao and related products
making appearances at the 137th Canton Fair and the
Jakarta International Expo. The Xuesaitong series of
products has held dedicated promotional events in
countries such as the United States and Germany,
consistently enhancing the international recognition of
TCM.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
2. 製藥業務（續）
(2) 重點舉措（續）
d. 推動國際化發展，拓展發展新
空間（續）
擴大醫療器械海外市場。本集團
已推進醫療器械在50 餘個國家
的註冊申請，血漿採集系列產品
在歐洲市場市佔率超20%。報告
期內，取得血液成分分離系統（
血液成分分離機和一次性使用血
液成分分離器） 在厄瓜多爾的
註冊證，並啟動泰國、沙特阿拉
伯國的血液成分分離系統及配套
抗凝劑的經銷商註冊工作。
GROUP RESULTS AND HIGHLIGHTS (Continued)
2. Pharmaceutical Manufacturing Business (Continued)
(2) Key measures (Continued)
d. Promoting international development and expanding
new development space (Continued)
Expanding the overseas market for medical
devices. The Group has advanced the registration
applications for medical devices in over 50 countries,
with its plasma collection product series achieving
a market share of over 20% in Europe. During the
Reporting Period, the Group obtained the registration
certificate for its blood component separation
system (including the blood component separator
and disposable blood component separation kits) in
Ecuador, and initiated distributor registration for the
blood component separation system and its matching
anticoagulant in Thailand and Saudi Arabia.
%
%
6,280 6,416
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務
(1) 財務表現
報告期內，本集團醫藥分銷業務實現
分部收益人民幣108, 百萬元，
同比增 長 %。分銷業務毛利率為
%，較上年同期持平。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(1) Financial performance
During the Reporting Period, the Group’s pharmaceutical
distribution business recorded segment revenue of
RMB108, million, representing a year-on-year increase
of %. The gross profit margin of the distribution business
was %, remained stable compared with the same period of
last year.
分部收益
SEGMENT
REVENUE
分部毛利
SEGMENT GROSS
PROFIT
人民幣百萬
RMBmillio
n
120,000
60,000
%
人民幣百萬
RMBmillio
n
8,000
6,000
4,000
2,000
%
8%
6%
0
1H2024 1H2025
0 4%
1H2024 1H2025
毛利 Gross Profit 毛利率 Gross Profit Margin
105,882
108,330
% 338
324
%
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務（續）
(1) 財務表現（續）
報告期內，本集團醫藥零售業務錄得
收益人民幣5, 百萬元，同比增長
%，主要因高值藥品直送 (DTP)
業務收入增速較快。報告期內，本集
團的DTP 業務實現收益約人民幣
億元，同比增長約%。零售業務
毛利率為%，較上年同期下降
個百分點，主要因為毛利率水平較低
的DTP 業務收入比重增加。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(Continued)
(1) Financial performance (Continued)
During the Reporting Period, the Group’s pharmaceutical
retail business recorded revenue of RMB5, million,
representing a year-on-year increase of %, primarily due
to the rapid growth in revenue from the Direct To Patient
(DTP) business. During the Reporting Period, the DTP
business of the Group achieved revenue of approximately
billion, representing a year-on-year growth of
approximately %. The gross profit margin of the retail
business was %, representing a decrease of percentage
point as compared to the same period of last year, primarily
due to the increased proportion of revenue from the DTP
business with lower profit margin.
分部收益
SEGMENT
REVENUE
分部毛利
SEGMENT GROSS
PROFIT
人民幣百萬
RMBmillion
6,000
4,000
2,000
%
人民幣百萬
RMBmillio
n
400
200
%
12%
8%
4%
0
1H2024 1H2025
0 0%
1H2024 1H2025
毛利 Gross Profit 毛利率 Gross Profit Margin
5,515
4,949
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務（續）
(2) 重點舉措
截至報告期末，本集團醫藥分銷網絡
已覆蓋全國28 個省份，客戶數量約
22 萬家。共有704 家自營零售藥房，
其中DTP 藥店（直接面向病人的專業
藥房）總數已達279 家（其中「雙通道」
藥店187 家）。
a. 推動一體化業務統籌，提升獲
品能力
報告期內，本集團緊密圍繞「打
造產品獲取新質能力，樹立華
潤特色全球採購優質品牌」的
核心目標，持續加強一體化業
務統籌。深化戰略大客戶管理
體 系 建 設 ， 建 立 TOP 客 戶 分
級管理模型，構建高價值客戶
資源全流程管理機制，建立高
頻次、矩陣式的「朋友圈」，
為全球採購業務拓展提供堅實
支撐。報告期內，累計客戶觸
達800 餘次，簽約營銷類合作
項目9個。強化價值鏈協同效能
， 通過機制創新與資源共享
，提升供應鏈協同效率，連接
上下游企業、政府及三方機構
，構建高效「生態圈」， 實現
優勢互補。並優化產品資源獲
取機制，建立覆蓋產品引入全
生命周期流程體系，推行項目
管理責任制，為優質醫藥產品
的獲取提供有力保障。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(Continued)
(2) Key measures
As of the end of the Reporting Period, the Group’s
pharmaceutical distribution network has covered 28 provinces
across China, serving approximately 220,000 clients. The
Group operated a total of 704 self-owned retail pharmacies,
including 279 DTP pharmacies (professional direct-to-
patient pharmacies) in total (including 187 “dual-channel”
pharmacies).
a. Promoting integrated business co-ordination to enhance
product acquisition capability
During the Reporting Period, the Group continued to
strengthen its integrated business co-ordination, closely
focusing on the core objective of “building new quality
capabilities in product acquisition and establishing a
premium CR global sourcing brand.” The Group
deepened the development of its strategic key account
management system, established a TOP customer tiered
management model, built a full-process management
mechanism for high-value customer resources, and
created a high-frequency, matrix-style “circle of
friends” to provide solid support for the expansion of
its global sourcing business. During the Reporting
Period, we made over 800 customer contacts and
signed 9 marketing cooperation projects. The Group
strengthened the synergistic efficiency of the value
chain, enhanced supply chain collaboration efficiency
through mechanism innovation and resource sharing,
connected upstream and downstream enterprises,
governments, and third-party organizations to build an
efficient “ecosystem,” and achieved complementary
advantages. The Group also optimized the product
resource acquisition mechanism, established a
process system covering the entire lifecycle of product
introduction, implemented a project management
responsibility system, and provided a strong guarantee
for acquiring high-quality pharmaceutical products.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務（續）
(2) 重點舉措（續）
b. 完善深度營銷運行體系，增強
深度營銷能力
本集團加速推動從傳統的商業分
銷到分銷加深度營銷雙輪驅動，
並戰略性聚焦特藥、慢病及零售
三大營銷領域。本集團打造覆蓋
全國各層級醫療機構的學術信息
傳遞網絡，高頻次開展學術信息
傳遞活動，榮獲「中國抗癌協會
單位會員」稱號，強化深度營銷
品牌「潤曜」學術品牌影響力。
全面構築覆蓋業務全鏈條的合規
管理機制，在法律風險防控等關
鍵環節建立標準化管控模型。創
新銷售團隊精細化管理機制，
優化制度適配與流程效率。通過
渠道精準管控、人均效能動態優
化及客戶分級管理體系， 構建
精細化運營模式。報告期內，
深度營銷業務覆蓋31 個省、醫
療終端 萬家、零售門店 萬
家。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(Continued)
(2) Key measures (Continued)
b. Improving in-depth marketing operation system and
enhancing in-depth marketing capabilities
The Group accelerated its transformation from
traditional commercial distribution to a dual-wheel drive
of distribution and in-depth marketing, and strategically
focused on three major marketing areas: specialty
drugs, chronic diseases, and retail. The Group built an
academic information dissemination network covering
medical institutions at all levels nationwide, conducted
high-frequency academic information dissemination
activities, was awarded the title of “Unit Member of the
China Anti-Cancer Association”, and strengthened the
academic brand influence of its in-depth marketing
brand “Runyao”. The Group comprehensively
constructed a compliance management mechanism
covering the entire business chain and established
standardized control models for key areas such as legal
risk prevention and control. The Group innovated the
refined management mechanism for sales teams and
optimized system adaptation and process efficiency.
Through precise channel control, dynamic optimization
of per capita efficiency, and a customer tiered
management system, the Group established a refined
operation model. During the Reporting Period, the in-
depth marketing business covered 31 provinces, 18,000
medical terminals, and 68,000 retail stores.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務（續）
(2) 重點舉措（續）
c. 加快器械業務佈局，提升器械
業務專業化運營能力
報告期內， 器械分銷業務收
入 同 比 增 長 8%。本集團強化
產品引進，持續加強骨科、介
入、 IVD、 基 礎 耗 材 等 專 業
能 力打造，上半年統談引進7
個產品，新增11 個終端創新服
務項目，完成體外診斷、骨科
管理模塊開發，進一步提高了
服務效率和客戶體驗。華潤區
域檢驗中心正式投入運營，聚
焦居家檢測服務及第三方醫學
檢驗，致力於打造覆蓋「院內
— 院外 — 居家」全場景的檢測
服務體系。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(Continued)
(2) Key measures (Continued)
c. Accelerating the deployment of the device business and
enhancing the professional operation capability of the
device business
During the Reporting Period, revenue from the device
distribution business increased by 8% year-on-year. The
Group strengthened product introduction, continuously
enhanced the development of professional capabilities in
orthopaedics, interventional products, IVD, and basic
consumables, centrally negotiated the introduction of 7
products in the first half of the year, launched 11 new
terminal innovative service projects, completed the
development of in-vitro diagnostics and orthopaedic
management modules, and further improved service
efficiency and customer experience. The CR Regional
Laboratory Centre was officially put into operation,
focusing on home testing services and third-party
medical testing, and is committed to building a testing
service system covering the entire scenarios of “in-
hospital, out-of-hospital, and home”.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務（續）
(2) 重點舉措（續）
d. 推動業務模式創新，提升差異
化競爭能力
本集團在醫療客戶端全面推進
創新增值服務，以數字化手段
聚合產業鏈上下游，提供整體
醫療服務解決方案，重塑傳統
醫療渠道價值。報告期內，與
10 餘家重點核心醫院開展COE
（專病診療中心）合作，持續支
持專家腫瘤科研數據隊列和患
者管理；聯合COE合作醫院申
報《基於多模態AI 賦能主動健
康管理模型構建與應用研究》
國家重點課題，助力科室科研
項目建設。助推商業保險搭建
數字化平台，與北京人壽合作
推出涵蓋1,500 種常用藥和200
種進口原研藥 的「 首善藥診卡
」， 打造「醫+ 藥+ 險」三維聯
動新範式。穩步推進動物保健
領域業務，不斷擴展總代及經
銷品牌，簽約並落地與禮藍動
保合作的山東區域市場營銷試
點項目，動物保健整體業務量
保持穩步增長。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(Continued)
(2) Key measures (Continued)
d. Promoting business model innovation and enhancing
differentiated competitiveness
The Group has comprehensively advanced innovative
value-added services on the medical client side,
aggregated upstream and downstream of the industrial
chain through digital means, provided overall medical
service solutions, and reshaped the value of traditional
medical channels. During the Reporting Period, it
carried out COEs (Centers of Excellence) cooperation
with more than 10 key core hospitals, continuously
supporting expert oncology research data cohorts and
patient management. The Group also jointly applied for
the national key project “Research on the Construction
and Application of Active Health Management Model
Empowered by Multimodal AI 《( 基於多模態AI 賦能主
動 健 康 管 理 模 型 構 建 與 應 用 研 究 》 )” with COE
cooperative hospitals to assist in the construction of
departmental research projects. The Group has helped
commercial insurance build a digital platform, and
cooperated with Beijing Life Insurance to launch the
“Shoushan Medicine and Consultation Card” covering
1,500 commonly used drugs and 200 imported original
research drugs, creating a new “medical +
pharmaceutical + insurance” three-dimensional linkage
paradigm. It has steadily advanced its business in
the animal health field, continuously expanded
general agency and distribution brands, signed and
implemented the Shandong regional marketing pilot
project in cooperation with Elanco Animal Health,
and the overall business volume of animal health has
maintained steady growth.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
3. 醫藥分銷及零售業務（續）
(2) 重點舉措（續）
e. 打造規範化、專業化零售藥
房，提升患者服務能力
本集團持續加強專業藥房建設
，優化經營品類，提升運營質
量，持續優化專業服務能力和
藥品供應體系；加強藥店一體
化、標準化、規範化運營管理
， 自主編寫單病種知識手冊，
賦能一線藥師日常藥學服務。
推動院外渠道整合，打造院內
院外互相流動，全面上線
「潤關愛」醫患管理平台，服務
自營DTP 藥房。報告期末， 整
體管理患者數達到82 萬，已形
成了18 個專病管理服務種類及
標籤。
GROUP RESULTS AND HIGHLIGHTS (Continued)
3. Pharmaceutical Distribution and Retail Business
(Continued)
(2) Key measures (Continued)
e. Building standardized and professional retail
pharmacies to enhance patient service capabilities
The Group has continuously strengthened the
construction of professional pharmacies, optimized
operating categories, improved operational quality,
and continuously upgraded professional service
capabilities and drug supply systems. The Group
has strengthened the integrated, standardized, and
normalized operation and management of pharmacies,
independently compiled single-disease knowledge
manuals, and empowered front-line pharmacists in
daily pharmaceutical services. The Group has promoted
the integration of out-of-hospital channels, created the
flow between in-hospital and out-of-hospital services,
fully launched the “Run Care ( 潤關愛)” doctor-patient
management platform, and served self-operated DTP
pharmacies. As of the end of the Reporting Period, the
total number of managed patients reached 820,000, and
18 types of specialized disease management
services and labels have been formed.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
4. 加快數智化轉型和發展，賦能業務
提質增效
深耕智能製造。加速新技術在原料、生產、
運營等全產業鏈的創新應用。在原料管理方
面，完成驢產業智慧養殖平台、中藥材種植
及溯源管理、漿站SCRM等系統的開發與實
施，為毛驢養殖、中藥材種植、漿站運營提
供數字化管理工具。在生產製造方面，重點
推進智能工廠建設。報告期內， 本集團獲
得多個智能製造榮譽獎項：4 家中藥、3 家
化藥生產基地獲得「2025 年度省╱市級先
進智能工廠」；2 個中藥項目入選山東省工
信廳2025 年工業領域行業大模型「揭榜掛
帥」和「工賦百景」製造業數字化轉型項目
。
賦能醫藥分銷。本集團聚焦「數字醫商、站
B向C」數字化發展戰略，圍繞「潤藥商城」、
「潤曜通」、「潤關愛」、「潤曜優選」等分銷、
零售平台，全面推進數字化與業務深度融
合。在湖北、河南、湖南等區域落地使用
「潤曜通」數字化地推助手，為客戶提供更
有針對性的服務。在上海、北京、內蒙古等
區域上線藥品追溯碼平台，滿足藥監監管要
求，完成與國家醫保局對接。在中西區域試
點上線電子返單，上線後客戶回單效率提升
85%，進一步提升了物流效率。
GROUP RESULTS AND HIGHLIGHTS (Continued)
4. Accelerating Digital and Intelligent
Transformation and Development to Empower
Business Quality and Efficiency Improvement
Deepening intelligent manufacturing. The Group accelerated
the innovative application of new technologies in the entire
industrial chain including raw materials, production, and operations. In
terms of raw material management, the Group has completed the
development and implementation of systems such as the intelligent
breeding platform for the donkey industry, Chinese herbal medicine
planting and traceability management, and plasma station SCRM,
providing digital management tools for donkey breeding, Chinese
herbal medicine planting, and plasma station operations. In terms of
production and manufacturing, the Group has focused on promoting
the construction of smart factories. During the Reporting Period, the
Group won multiple intelligent manufacturing honors: 4 TCM and 3
chemical medicine production bases were awarded “2025
Provincial/Municipal Advanced Smart Factories”; 2 TCM projects
were selected into the 2025 “Open Bidding” and “Industrial
Empowerment 100 Scenes” manufacturing digital transformation
projects in the industrial field by Shandong Provincial Department
of Industry and Information Technology.
Empowering pharmaceutical distribution. With a focus on
the digital development strategy of “Digital Medical Commerce,
from B to C”, the Group comprehensively promotes the in-depth
integration of digitalization and business around distribution and retail
platforms such as “CR Pharma e-Store ( 潤 藥 商 城 )”, “Runyao
Available ( 潤 曜 通 )”, “Run Care ( 潤 關 愛 )”, and “Runyao
Youxuan ( 潤曜優選 )”. The “Runyao Tong” digital ground promotion
assistant has been implemented in regions such as Hubei, Henan,
and Hunan to provide more targeted services to customers. The drug
traceability code platform has been launched in regions such as
Shanghai, Beijing, and Inner Mongolia to meet the regulatory
requirements of drug administrations and complete the connection with
the National Healthcare Security Administration (NHSA). The
electronic return receipt was piloted in central and western regions, and
after the launch, the efficiency of customer receipt return increased
by 85%, further improving logistics efficiency.
管理層討論及分析
Management Discussion and Analysis
集團業績及亮點（續）
5. 堅持綠色發展，踐行社會責任
本集團始終堅持綠色低碳發展理念，積極開
展團體標準制定工作，助力行業綠色可持續
發展。報告期內，參與編製《醫藥行業低碳
物流園區建設標準》，牽頭起草《製藥企業
無廢工廠建設指南》《製藥企業零碳工
GROUP RESULTS AND HIGHLIGHTS (Continued)
5. Deepening Green Development to Fulfill Social
Responsibility
The Group remains committed to the concept of green and low-
carbon development and actively contributes to the formulation of
industry standards to support the sustainable development of the
sector. During the Reporting Period, the Group participated in the
drafting of the Low-Carbon Logistics Park Construction Standards
廠建設指南》《零碳工廠評價規範醫藥工業 for the Pharmaceutical Industry 《( 醫藥行業低碳物流園區建設標
企業》三項團體標準。本集團以節能降碳行
動踐行企業社會責任，加快節能環保項目建
設和新技術應用。在生產基地積極部署分散
式光伏發電項目，提升綠色低碳能源佔比。
2 個生產基地完成裝機容量為 兆瓦的屋
頂分佈式光伏發電項目實現併網發電項目，
每年可提供清潔電能超過434 萬千瓦時，減
少碳排放量約2,500 噸。本集團不斷加強具
有醫藥行業特點的ESG體系建設，MSCI-
ESG評級連續三年獲評為A級， 華潤三九由
BB級提升至A級，東阿阿膠由B級提升至
BB級，彰顯出本集團在環境、社會、公司
治理領域的管理成果，也彰顯了全球資本市
場對本集團ESG管理能力和長期投資價值的
肯定與認可。江中藥業《綠色標桿美麗工廠
》案例獲評中華環保聯合會美麗中國建設實
踐案例。在醫藥流通領域， 本集團升級運
輸車輛，逐步淘汰傳統燃油車輛、引入新
能源車輛。
準 》 ), and led the drafting of three group standards: the Guidelines for
the Construction of Zero-Waste Factories in Pharmaceutical
Enterprises 《( 製藥企業無廢工廠建設指南》), the Guidelines for the
Construction of Zero-Carbon Factories in Pharmaceutical Enterprises
《( 製藥企業零碳工廠建設指南》), and the Evaluation Standards for
Zero-Carbon Factories — Pharmaceutical Industrial Enterprises 《(
零 碳 工 廠 評 價 規 範 醫 藥 工 業 企 業 》 ). The Group fulfils its
corporate social responsibility through energy-saving and carbon-
reduction initiatives, accelerating the implementation of
environmental protection projects and the adoption of new
technologies. Distributed photovoltaic (PV) power generation
projects have been actively deployed at our manufacturing sites to
increase the proportion of green and low-carbon energy. Two
manufacturing sites have completed rooftop distributed PV
projects with an installed capacity of MW, which have been
connected to the grid and are now generating electricity. These
projects are expected to provide over million kWh of clean
energy annually and reduce carbon emissions by approximately
2,500 tons. The Group has continuously strengthened its ESG system
with characteristics tailored to the pharmaceutical industry. It has
received an MSCI- ESG rating of A for three consecutive years.
CR Sanjiu’s rating was upgraded from BB to A, while Dong-E-
E-Jiao’s rating improved from B to BB. These achievements
highlight the Group’s management performance in environmental,
social and corporate governance areas, as well as the recognition
and endorsement from the global capital markets of the Group’s
ESG management capabilities and long-term investment value. The
case study Green Benchmark, Beautiful Factory 《( 綠色標桿美麗工
廠》) by Jiangzhong Pharmaceutical was recognised as a Practical
Case of Beautiful China Construction by the All-China
Environment Federation. In the pharmaceutical distribution segment,
the Group has upgraded its transportation fleet by phasing out
traditional fuel-powered vehicles and introducing new energy
vehicles.
管理層討論及分析
Management Discussion and Analysis
前景與未來戰略
華潤醫藥集團始終以「守護人類健康，提升生命
質量」為使命，致力於成為大眾信賴、創新驅動
發展的醫藥健康產業引領者。「十四五」期間，積
極融入國家戰略，把握產業整合機遇，加快創新
轉型步伐，不斷推動改革創新，力爭高質量達成
「十四五」戰略目標。
面向「十五五」，本集團將緊扣國家戰略和大眾所需
，著力提升核心競爭力，打造新質生產力，穩固
行業領先地位，為大眾健康做出積極貢獻，發揮
在建設現代化醫藥產業體系、構建新發展格局中
的科技創新、產業控制、安全支撐三大作用。
一是堅持創新驅動。以患者為中心、以臨床價值
為導向，聚焦腫瘤、自免、心腦血管等重大疾病
領域，強化差異化創新研發平台建設，完善自主
研發+ 外部合作+ 產品引進等多元化創新策略。
二是堅持佈局優化。鞏固提升中藥、化藥等業務
優勢，大力發展生物製品、特色專科藥物、高端
醫療器械、合成生物學等領域，探索未來產業發
展模式。
三是堅持外延拓展。繼續加大投資併購力度，發
揮產業基金探路作用，充分利用產業整合優勢，
實現發展質量和效益雙提升。
OUTLOOK AND FUTURE STRATEGY
China Resources Pharmaceutical remains committed to its mission of
“Protecting Human Health and Improving Quality of Life,” with the vision
of becoming a trusted, innovation-driven leader in the pharmaceutical and
healthcare industry. During the “14th Five-Year Plan” period, the Group
actively aligned with national strategies, capitalised on opportunities
arising from industry consolidation, accelerated its innovation-driven
transformation, and continuously promoted reform and innovation,
striving to achieve the strategic goals of the “14th Five-Year Plan” with
high quality.
Looking ahead to the “15th Five-Year Plan”, the Group will align with
national strategies and public health needs, focusing on enhancing core
competitiveness and fostering new productive forces. The Group aims to
reinforce its leadership position in the industry and make greater
contributions to public health by playing a pivotal role in technological
innovation, industrial control and security support in the construction of a
modern pharmaceutical industry system and the establishment of a new
development paradigm.
1. Commitment to innovation-driven development. The Group
will focus on major diseases, including tumors, immune disorders,
and cardiovascular diseases adhering to patient-centered and clinical
value-oriented principles. It will strengthen the construction of a
differentiated, innovative R&D platform, improving its diverse range
of innovative strategies, including self-R&D, external cooperation
and product introduction.
2. Commitment to portfolio optimization. The Group will
consolidate and expand its competitive advantages in TCM
and chemical pharmaceuticals, while vigorously developing
biopharmaceuticals, featured specialized drugs, high-end medical
devices and synthetic biology, and exploring future-oriented
industry development models.
3. Commitment to external expansion. The Group will continue
to increase investment and mergers and acquisitions, leverage
industrial funds to explore opportunities, and make full use of its
integration capabilities to enhance both the quality and efficiency of
development.
管理層討論及分析
Management Discussion and Analysis
前景與未來戰略（續）
四是堅持卓越運營。深入開展差異化分類管控，
加強行業對標，發揮經營業績考核指揮棒的作用
，全力提升管理質量。
五是堅持數智化和AI賦能。利用先進科技重塑業
務流程、深耕智能製造，探索人工智能等新技術
在研、產、銷等方面的應用，助力提升企業經營
效率和質量。
流動資金及財務資源
本集團採取審慎庫務管理政策以維持健全財務狀
況。
本集團主要透過營運產生之資金、銀行貸款及其
他債務工具以及來自投資者之股本融資為營運提
供資金。本集團現金需求主要與生產及經營活動
、業務拓展、償還到期負債、資本支出、利息及
股息派付有關。
於二零二五年六月三十日，本集團之現金及現
金等值物為人民幣17, 百萬元（二零二四年
十二月三十一日：人民幣16, 百萬元），其
主要以人民幣及港幣計值。
於二零二五年六月三十日，以人民幣及港幣計值
的銀行借款分別佔本集團銀行借款總額約100%
（二零二四年十二月三十一日：100%）及無（二零
二四年十二月三十一日：無）。於二零二五年六
月三十日的銀行借款總額中，大部份約%（二
零二四年十二月三十一日：%）將於一年內
到期。
於二零二五年六月三十日，本集團流動比率（即
流動資產總值與流動負債總額的比率）為：1
（二零二四年十二月三十一日：：1）。
OUTLOOK AND FUTURE STRATEGY (Continued)
4. Commitment to operational excellence. The Group will deepen
differentiated and classified management, enhance benchmarking
with industry leaders, and fully leverage performance evaluation as a
management tool to continuously improve operational quality.
5. Commitment to the empowerment of digitalization and
AI. The Group will harness advanced technologies to reshape
business processes, deepen smart manufacturing, and explore the
application of AI in R&D, production and marketing to drive higher
operational efficiency and quality.
LIQUIDITY AND FINANCIAL RESOURCES
The Group adopts a prudent treasury management policy to maintain a
solid and healthy financial position.
The Group funds its operations principally from cash generated from its
operations, bank loans and other debt instruments and equity financing
from investors. Its cash requirements relate primarily to production and
operating activities, business expansion, repayment of liabilities as they
become due, capital expenditures, interest and dividend payments.
As at 30 June 2025, the Group had cash and cash equivalents of
RMB17, million (31 December 2024: RMB16, million), which
were denominated primarily in RMB and HK$.
As at 30 June 2025, the RMB-denominated and HK$-denominated bank
borrowings accounted for approximately 100% (31 December 2024:
100%) and nil (31 December 2024: nil), respectively of the Group’s total
bank borrowings. Among the total bank borrowings as at 30 June 2025, a
substantial portion of approximately % (31 December 2024: %)
would be due within one year.
As at 30 June 2025, the Group’s current ratio (being the ratio of total
current assets to total current liabilities) was :1 (31 December 2024:
:1).
管理層討論及分析
Management Discussion and Analysis
流動資金及財務資源（續）
於二零二五年六月三十日，本集團的淨負債權益
比率（淨負債除以總權益的比率）為%（二零
二四年十二月三十一日：%）。
於二零二五年上半年，本集團經營活動所得現金
淨 額 為 人 民 幣 1, 百萬元（ 二零二四年上半
年：來自經營活動所用現金淨額為人民幣1,
百萬元）。於二零二五年上半年，本集團投資活
動 所 用 現 金 淨 額 為 人民 幣 5, 百萬元（ 二零
二四年上半年：投資活動所用現金淨額為人民幣
3, 百萬元）。於二零二五年上半年，本集團
融資活動所得現金淨額為人民幣4, 百萬元
（二零二四年上半年：融資活動所得現金淨額為
人民幣2, 百萬元）。
於二零二五年六月三十日，本集團並無動用任何
金融工具作對沖用途（二零二四年十二月三十一
日：無）。
資產抵押
於二零二五年六月三十日，本集團借款總額為人
民幣71, 百萬元（二零二四年十二月三十一
日： 人 民 幣60, 百 萬 元 ）， 其 中 人 民 幣
2, 百萬元（二零二四年十二月三十一日：人
民幣1, 百萬元）已予以質押及佔銀行借款總
額之%（二零二四年十二月三十一日：%）
。
於二零二五年六月三十日，本集團賬面淨值總額
人民幣1, 百萬元（二零二四年十二月三十一
日：人民幣1, 百萬元）的若干貿易應收賬款
及應收票據已予抵押作為擔保。
LIQUIDITY AND FINANCIAL RESOURCES
(Continued)
As at 30 June 2025, the Group’s gearing ratio (being the ratio of net debt
divided by total equity) was % (31 December 2024: %).
In the first half of 2025, the Group’s net cash generated from operating
activities amounted to RMB1, million (in the first half of 2024: net
cash used in operating activities of RMB1, million). In the first half
of 2025, the Group’s net cash used in investing activities amounted to
RMB5, million (in the first half of 2024: net cash used in investing
activities of RMB3, million). In the first half of 2025, the Group’s
net cash generated from financing activities amounted to RMB4,
million (in the first half of 2024: net cash generated from financing
activities of RMB2, million).
As at 30 June 2025, the Group had not used any financial instruments for
hedging purposes (31 December 2024: nil).
PLEDGE OF ASSETS
As at 30 June 2025, the Group’s total borrowings amounted to
RMB71, million (31 December 2024: RMB60, million), of
which RMB2, million (31 December 2024: RMB1, million)
were secured and accounted for % (31 December 2024: %) of the
total bank borrowings.
As at 30 June 2025, certain of the Group’s trade and bills receivables with
an aggregate net book value of RMB1, million (31 December 2024:
RMB1, million) have been pledged as security.
管理層討論及分析
Management Discussion and Analysis
或然負債
於二零二五年六月三十日，本集團並無任何重大
或然負債（二零二四年十二月三十一日：無）。
持有重大投資、重大收購及出售
於報告期內，本集團並無任何重大投資及╱或於
附屬公司、聯營公司及合資企業的重大收購及出
售。
未來重大投資或資本資產計劃
於本報告日期，並無實際計劃收購任何重大投資
或資本資產，惟循本集團日常業務進行者除外。
人力資源
於二零二五年六月三十日，本集團於中國及香港
僱用約86,000 名員工。本集團根據彼等之表現、
經驗及現行市價釐定薪酬，而績效獎勵則按酌情
基準授出。其他僱員福利包括醫療保險及培訓等。
報告期後事項
本集團於報告期結束後及直至本報告日期並無重
大期後事項。
CONTINGENT LIABILITIES
As at 30 June 2025, the Group had no material contingent liabilities (31
December 2024: nil).
SIGNIFICANT INVESTMENTS HELD AND
MATERIAL ACQUISITIONS AND
DISPOSALS
During the Reporting Period, the Group did not have any significant
investments and/or material acquisition or disposal of subsidiaries,
associates and joint venture.
FUTURE PLANS FOR MATERIAL
INVESTMENT OR CAPITAL ASSETS
As at the date of this report, there are currently no concrete plans to
acquire any material investment or capital assets other than those conducted
in the Group’s ordinary course of business.
HUMAN RESOURCES
As at 30 June 2025, the Group employed around 86,000 staff in the PRC
and Hong Kong. The Group remunerates its employees based on their
performance, experience and prevailing market rate while performance
bonuses are granted on a discretionary basis. Other employee benefits
include, for example, medical insurance, training.
EVENTS AFTER THE REPORTING PERIOD
The Group had no significant subsequent events since the end of the
Reporting Period and up to the date of this report.
其他資料
Other Information
企業管治
本集團致力維持高標準的企業管治，以保障股東
權益並提升企業價值及問責性。本公司已採納企
業管治守則作為其本身之企業管治守則。於報告
期內，本公司一直遵守企業管治守則所載之所有
適用守則條文，除下述情況外：
根據企業管治守則的守則條文第 條，主席
與行政總裁的角色應有區分，並不應由一人同時
兼任。自白曉松先生由首席執行官調任為董事會
主席後，彼暫時承擔過渡期間首席執行官的工作
及責任。儘管於報告期間有偏離守則條文第
條的情況出現，董事會相信，在管理層的支持
下，由同一人士承擔董事會主席及首席執行官的
工作及責任有助於執行本集團業務策略及提高其
經營效率。此外，董事會於報告期間包括三名執
行董事、五名非執行董事及四名獨立非執行董
事，在董事會的監督下，得以充分及公平地代表
股東的利益。於二零二五年八月二十六日，程杰
先生（「程先生」）獲委任為本公司執行董事兼總裁
（「總裁」），其後由總裁履行行政總裁的職務。於
程先生獲委任為總裁後，本公司已遵守企業管治
守則的守則條文第 條。
就企業管治守則守則條文第 條而言，本公司
並無向董事發出正式委任書。由於根據組織章程
細則，全體董事須由股東於股東週年大會上重選
並至少每三年輪選一次，故有充足措施確保本公
司的企業管治符合企業管治守則所規定的同一水
平。
企業管治守則的守則條文第 條( 自二零二五
年七月一日起重新編號為守則條文第 條) 規
定董事會主席應出席股東週年大會。董事會主席
因其他工作安排未能出席於二零二五年五月二十
三日召開的股東週年大會。
本公司將繼續檢討及監察其企業管治常規，以確
保遵守企業管治守則。
CORPORATE GOVERNANCE
The Group is committed to maintaining high standards of corporate
governance to safeguard the interests of the Shareholders and to enhance
corporate value and accountability. The Company has adopted the CG
Code as its own code of corporate governance. The Company has
complied with all applicable code provisions of the CG Code during the
Reporting Period, save and except the following:
Pursuant to code provision of the CG Code, the roles of chairman
and chief executive officer should be separate and should not be
performed by the same individual. Since the redesignation from the
position of the Chief Executive Officer to the chairman of the Board, Mr.
Bai Xiaosong has assumed the interim duties and responsibilities of the
Chief Executive Officer. Notwithstanding the deviation from code
provision during the Reporting Period, the Board believes that with
the support of the management, vesting the duties and responsibilities of
both chairman of the Board and Chief Executive Officer by the same
person has facilitated execution of the Group’s business strategies and
boost effectiveness of its operation. In addition, under the supervision by
the Board which during the Reporting Period consisted of three executive
Directors, five non-executive Directors and four independent non-
executive Directors, the interest of the Shareholders have been adequately
and fairly represented. On 26 August 2025, Mr. Cheng Jie (“Mr. Cheng”)
has been appointed as an executive Director and the president of the
Company (the “President”), with the role of chief executive officer being
performed by the President going forward. Following the appointment of
Mr. Cheng as the President, the Company has complied with Code
Provision of the CG Code.
In respect of code provision of the CG Code, the Company did not
have formal letters of appointment for Directors. Since all Directors are
subject to re-election by the Shareholders at the AGM and at least once
every three years on a rotation basis in accordance with the Articles of
Association, there are sufficient measures to ensure the corporate
governance of the Company complies with the same level to that required
under the CG Code.
Code provision (re-numbered as code provision with effect
from 1 July 2025) of the CG Code stipulates that the chairman of the
Board should attend AGM. The chairman of the Board was unable to
attend the AGM held on 23 May 2025 due to other business commitments.
The Company will continue to review and monitor its corporate
governance practices to ensure compliance with the CG Code.
其他資料
Other Information
進行證券交易的標準守則
本公司已採納標準守則，作為其自身有關董事進
行證券交易的行為守則。經向全體董事作出具體
查詢後，各董事已確認，彼於報告期間一直遵守
標準守則所載的規定標準。
中期股息
董事會已議決以現金方式宣派截至二零二五年六
月三十日止六個月的中期股息每股人民幣
元（截至二零二四年六月三十日止六個月：人民
幣 元 ）。 中 期 股 息 將 於 二 零 二 五 年 十 月
三十一日（星期五）派付予於二零二五年九月十六
日（星期二）（即釐定股東獲得中期股息資格的記
錄日期）名列本公司股東名冊的股東。中期股息
將默認以港元現金派發，按照以人民幣 元兌
港元之匯 率（ 即 緊 接 二 零 二 五 年 八 月
二十六日（星期二）前五個營業日中國人民銀行公
佈的人民幣兌港元平均基準匯率）計算，將以每
股 港元派付予股東。股東亦有權選擇以人
民幣收取全部或部份中期股息。股東須填妥股息
貨幣選擇表格（ 該表格預計於二零二五年九月
二十四日（星期三）或前後寄發予股東），並不遲
於二零二五年十月十三日（星期一）下午四時三十
分送交本公司的股份過戶登記處卓佳證券登記有
限公司，地址為香港夏慤道16 號遠東金融中心
17 樓。
有意選擇以人民幣支票收取全部或部份股息的股
東應注意，(i) 彼等應確保彼等持有適當的銀行賬
戶，以收取股息的人民幣支票可兌現；及(ii) 概不
保證人民幣支票於香港結算並無重大手續費或不
會有所延誤或人民幣支票能夠於香港境外兌現時
過戶。支票預計於二零二五年十月三十一日（星
期五）以普通郵遞方式寄發予相關股東，郵誤風
險由股東自行承擔。倘於二零二五年十月十三日
（星期一）下午四時三十分前本公司的股份過戶登
記處並無收到有關股東填妥的股息貨幣選擇表
格，有關股東將自動以港元收取中期股息。所有
港元股息將於二零二五年十月三十一日（星期五）
以慣常方式派付。倘股東有意以慣常方式以港元
收取中期股息，則毋須作出額外行動。股東應就
派付股息可能產生的稅務影響諮詢其稅務顧問的
專業意見。
MODEL CODE FOR SECURITIES
TRANSACTIONS
The Company has adopted the Model Code as its own code of conduct
regarding Directors’ securities transactions. Having made specific enquiry
of all the Directors, each of the Directors has confirmed that he/she has
complied with the required standards as set out in the Model Code during
the Reporting Period.
INTERIM DIVIDEND
The Board has resolved to declare an interim dividend of per
share in cash for the six months ended 30 June 2025 (six months ended 30
June 2024: ). The interim dividend will be distributed on 31
October 2025 (Friday) to the Shareholders whose names appear on the
register of members of the Company on 16 September 2025 (Tuesday),
being the record date for determining Shareholders’ entitlement to the
interim dividend. The interim dividend will be payable in cash to each
Shareholder in HK$ by default, converted at the exchange rate of
: HK$, being the average benchmark exchange rate of
RMB to HK$ as published by the People’s Bank of China during the five
business days immediately before 26 August 2025 (Tuesday), such
dividend will be paid to Shareholders at HK$ per share.
Shareholders will also be given the option to elect to receive all or part of
the interim dividend in RMB. To make such election, Shareholders should
complete the dividend currency election form which is expected to be
despatched to Shareholders on or around 24 September 2025
(Wednesday), and lodge it with the Company’s share registrar, Tricor
Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt
Road, Hong Kong not later than 4:30 . on 13 October 2025
(Monday).
Shareholders who are minded to elect to receive all or part of their
dividends in RMB by cheques should note that (i) they should ensure that
they have an appropriate bank account to which the RMB cheques for
dividend can be presented for payment; and (ii) there is no assurance that
RMB cheques can be cleared without material handling charges or delay in
Hong Kong or that RMB cheques will be honoured for payment upon
presentation outside Hong Kong. The cheques are expected to be posted to
the relevant Shareholders by ordinary post on 31 October 2025 (Friday) at
the Shareholders’ own risk. If no duly completed dividend currency
election form in respect of the Shareholder is received by the Company’s
share registrar by 4:30 . on 13 October 2025 (Monday), such
Shareholder will automatically receive the interim dividend in HK$. All
dividend payments in HK$ will be made in the usual way on 31 October
2025 (Friday). If Shareholders wish to receive the interim dividend in HK$
in the usual way, no additional action is required. Shareholders should
seek professional advice with their own tax advisers regarding the
possible tax implications of the dividend payment.
其他資料
Other Information
暫停辦理股份過戶登記手續
為釐定有權收取中期股息的股東配額，本公司將
於二零二五年九月十五日（星期一）至二零二五年
九月十六日（星期二）期間暫停辦理股份過戶登記
手續，期間將不會辦理任何股份過戶登記。為符
合資格獲得中期股息，所有已填妥的股份過戶表
格件連同相關股票須不遲於二零二五年九月十二
日（星期五）下午四時三十分送交本公司之股份過
戶登記處卓佳證券登記有限公司，地址為香港夏
慤道16 號遠東金融中心17 樓，以作登記。
審計委員會
董事會已設立審計委員會（「審計委員會」），由六
名成員組成，包括四名獨立非執行董事，分別為
招敏慧女士（主席）、傅廷美先生、張克堅先生及
史錄文先生；及兩名非執行董事，分別為郭巍女
士及焦瑞芳女士。審計委員會的首要職責是審查
和監督本公司的財務報告程序及內部監控。
審計委員會已審閱本集團截至二零二五年六月
三十日止六個月的未經審核綜合中期業績。
董事資料之變動
根據上市規則第條，於本公司之二零二四
年年報日期後，董事資料的變動載列如下：
於二零二五年五月二十九日，招敏慧女士獲委任
為中國通信服務股份有限公司（其股份於聯交所
上市，股份代號：552）獨立非執行董事。
於二零二五年六月二十五日，王宇航先生獲委任
為華潤置地（其股份於聯交所上市，股份代號：
1109）非執行董事。
於二零二五年八月八日，孫永強先生辭任華潤飲
料（ 控股）（ 其股份於聯交所上市， 股份代號：
2460）非執行董事及薪酬與考核委員會成員。
於二零二五年八月二十六日，(i) 陶然先生辭任本
公司執行董事及本公司執行委員會（「執行委員
會」）成員；(ii) 程杰先生獲委任為執行董事、總
裁，以及執行委員會和本公司企業管治委員會
（「企業管治委員會」）成員；及(iii) 鄧蓉女士辭
任企業管治委員會成員。
CLOSURE OF THE REGISTER OF MEMBERS
The register of members of the Company will be closed from 15
September 2025 (Monday) to 16 September 2025 (Tuesday), in order to
determine the entitlement of the Shareholders to receive the interim
dividend, during which no share transfers will be registered. To qualify for
the interim dividend, all properly completed transfer forms accompanied
by the relevant share certificates must be lodged for registration with the
Company’s share registrar, Tricor Investor Services Limited, at 17/F, Far
East Finance Centre, 16 Harcourt Road, Hong Kong not later than 4:30
. on 12 September 2025 (Friday).
AUDIT COMMITTEE
The Board has established an audit committee (the “Audit Committee”),
which comprises of six members, including four independent non-
executive Directors, namely Mdm. Chiu Mun Wai (chairlady), Mr. Fu
Tingmei, Mr. Zhang Kejian and Mr. Shi Luwen; and two non-executive
Directors, namely Mdm. Guo Wei and Mdm. Jiao Ruifang. The primary
duties of the Audit Committee are to review and supervise the Company’s
financial reporting process and internal controls.
The Audit Committee has reviewed the unaudited consolidated interim
results of the Group for the six months ended 30 June 2025.
CHANGES TO DIRECTORS’ INFORMATION
Pursuant to Rule of the Listing Rules, the changes in information
of Directors subsequent to the date of the 2024 Annual Report of the
Company are set out below:
On 29 May 2025, Mdm. Chiu Mun Wai was appointed as an independent
non-executive Director of China Communications Services Corporation
Limited (listed on the Stock Exchange, stock code: 552).
On 25 June 2025, Mr. Wang Yuhang was appointed as a non-executive
Director of CR Land (listed on the Stock Exchange, stock code: 1109).
On 8 August 2025, Mr. Sun Yongqiang resigned as a non-executive
Director and a member of the remuneration and appraisal committee of
China Resources Beverage (Holdings) Company Limited (listed on the
Stock Exchange, stock code: 2460).
On 26 August 2025, (i) Mr. Tao Ran resigned as an executive Director and
a member of the executive committee of the Company (the “Executive
Committee”); (ii) Mr. Cheng Jie was appointed as an executive Director,
the President, and a member of the Executive Committee and the corporate
governance committee of the Company (the “Corporate Governance
Committee”); and (iii) Mdm. Deng Rong resigned as a member of the
Corporate Governance Committee.
其他資料
Other Information
購買、出售或贖回本公司之上市證
券
本公司及其任何附屬公司於報告期間內及截至本
報告日期並無購買、出售或贖回本公司任何上市
證券（包括出售庫存股份）。截至報告期末，本公
司並無持有庫存股份（定義見上市規則）。
董事及最高行政人員於股份、相關
股份及債權證中擁有的權益及淡倉
截至二零二五年六月三十日，董事及本公司最高
行政人員於本公司或其相聯法團（定義見證券及
期貨條例第XV部）之股份、相關股份及債權證中
擁有 (a) 根據證券及期貨條例第XV部第7 及第8
分部須知會本公司及聯交所（包括彼等根據證券
及期貨條例之該等條文被視為或被當作擁有的權
益或淡倉）；或(b) 須列入由本公司按證券及期貨
條例第352 條存置之登記冊內；或(c) 根據標準守
則須知會本公司及聯交所之權益╱淡倉如下：
（甲） 於本公司已發行普通股及相關股份中擁有
的權益：
PURCHASE, SALE OR REDEMPTION OF
LISTED SECURITIES OF THE COMPANY
Neither the Company nor any of its subsidiaries has purchased, sold or
redeemed any of the Company’s listed securities (including sale of
treasury shares) during the Reporting Period and up to the date of this
report. As at the end of the Reporting Period, the Company did not hold
treasury shares (as defined under the Listing Rules).
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND
DEBENTURES
As at 30 June 2025, the interests/short positions of the Directors and the
chief executives of the Company in the shares, underlying shares and
debentures of the Company or its associated corporations (within the
meaning of Part XV of the SFO which were required (a) to be notified to
the Company and the Stock Exchange pursuant to Divisions 7 and 8 of
Part XV of the SFO (including interests or short positions which they are
taken or deemed to have under such provisions of the SFO); or (b) to be
entered into the register required to be kept by the Company pursuant to
Section 352 of the SFO; or (c) as otherwise notified to the Company and
the Stock Exchange pursuant to the Model Code were as follows:
(a) Interests in issued ordinary shares and underlying shares of the
Company:
董事姓名
Name of Director
身份╱權益性質
Capacity/
Nature of interest
好倉╱淡倉
Long position/
Short position
普通股
股份數目
Number
of
ordinary shares
持股概約百分比
Approximate
percentage of
shareholding
%
白曉松 實益擁有人 好倉 200,000
Bai Xiaosong Beneficial Owner Long Position
其他資料
Other Information
（乙） 於本公司相聯法團 — 華潤建材科技控股有
限公司（前稱「華潤水泥控股有限公司」）已
發行普通股及相關股份中擁有的權益：
（丙） 於本公司相聯法團 — 華潤置地已發行普通
股及相關股份中擁有的權益：
（丁） 於本公司相聯法團 — 華潤電力控股有限公
司已發行普通股及相關股份中擁有的權益：
(b) Interests in issued ordinary shares and underlying shares of China
Resources Building Materials Technology Holdings Limited
(formerly known as “China Resources Cement Holdings
Limited”), an associated corporation of the Company:
(c) Interests in issued ordinary shares and underlying shares of CR
Land, an associated corporation of the Company:
(d) Interests in issued ordinary shares and underlying shares of China
Resources Power Holdings Company Limited, an associated
corporation of the Company:
董事姓名
Name of Director
身份╱權益性質
Capacity/
Nature of interest
好倉╱淡倉
Long position/
Short position
普通股
股份數目
Number of
ordinary shares
持股概約百分比
Approximate
percentage of
shareholding
%
陶然（於二零二五年
八月二十六日辭任）
實益擁有人 好倉 12,000
Tao Ran (Resigned on
26 August 2025)
Beneficial Owner Long Position
董事姓名
Name of Director
身份╱權益性質
Capacity/
Nature of interest
好倉╱淡倉
Long position/
Short position
普通股
股份數目
Number
of
ordinary shares
持股概約百分比
Approximate
percentage of
shareholding
%
陶然（於二零二五年
八月二十六日辭任）
實益擁有人 好倉 120,000
Tao Ran (Resigned
on 26 August
2025)
Beneficial Owner Long Position
董事姓名
Name of Director
身份╱權益性質
Capacity/
Nature of interest
好倉╱淡倉
Long position/
Short position
普通股
股份數目
Number of
ordinary shares
持股概約百分比
Approximate
percentage of
shareholding
%
陶然（於二零二五年
八月二十六日辭任）
實益擁有人 好倉 10,000
Tao Ran (Resigned
on 26 August
2025)
Beneficial Owner Long Position
孫永強 實益擁有人 好倉 30,000
Sun Yongqiang Beneficial Owner Long Position
其他資料
Other Information
（戊） 於本公司相聯法團 — 華潤啤酒（控股）有限
公司已發行普通股或相關股份中的權益：
（己） 於本公司相聯法團 — 華潤醫療已發行普通
股或相關股份中的權益：
除上述披露者外，於二零二五年六月三十日，據
董事或本公司最高行政人員所知，概無董事或本
公司最高行政人員於本公司或其任何相聯法團（定
義見證券及期貨條例第XV部）之股份、相關股份
及債權證中擁有 (a) 根據證券及期貨條例第XV
部第 7 及第8 分部須知會本公司及聯交所（包括彼
等根據證券及期貨條例之該等條文被視為或被當
作擁有的權益或淡倉）；或(b) 須列入由本公司按
證券及期貨條例第352 條存置之登記冊內；或(c)
根據 標 準 守 則 須 知 會 本 公 司 及 聯 交 所 之 任 何
權益╱淡倉。
(e) Interests in issued ordinary shares or underlying shares of China
Resources Beer (Holdings) Company Limited, an associated
corporation of the Company:
(f) Interests in issued ordinary shares or underlying shares of CR
Medical, an associated corporation of the Company:
Save as disclosed above, as at 30 June 2025, so far as it is known to the
Directors or chief executives of the Company, none of the Directors or
chief executives of the Company had any interests/short positions in the
shares, underlying shares and debentures of the Company or any of its
associated corporations (within the meaning of Part XV of the SFO) which
were required (a) to be notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or
short positions which they were taken or deemed to have under such
provisions of the SFO); or (b) to be entered into the register required to be
kept by the Company pursuant to section 352 of the SFO; or (c) as
otherwise to be notified to the Company and the Stock Exchange
pursuant to the Model Code.
董事姓名
Name of Director
身份╱權益性質
Capacity/
Nature of interest
好倉╱淡倉
Long position/
Short position
普通股
股份數目
Number of
ordinary shares
持股概約百分比
Approximate
percentage of
shareholding
%
孫永強 配偶權益
Interest of spouse
好倉 38,000
Sun Yongqiang Long Position
董事姓名
Name of Director
身份╱權益性質
Capacity/
Nature of interest
好倉╱淡倉
Long position/
Short position
普通股
股份數目
Number of
ordinary shares
持股概約百分比
Approximate
percentage of
shareholding
%
孫永強 實益擁有人 好倉 92,000
Sun Yongqiang Beneficial Owner Long Position
其他資料
Other Information
董事購買股份或債權證之權利
除於本中期報告所披露者外，本公司、其母公司
或其任何附屬公司或同系附屬公司於報告期內的
任何時間概無訂立作為訂約方的任何安排，致使
董事可藉購買本公司或任何其他法人團體股份或
債權證而獲益，且並無董事或彼等之配偶或18 歲
以下的子女獲授予任何權利以認購本公司或任何
其他法人團體的股本或債務證券，或已行使任何
該等權利。
主要股東於股份及相關股份中擁有
的權益及淡倉
於二零二五年六月三十日，就董事所知，下列人
士（並非董事或本公司最高行政人員）於本公司股
份 或 相 關 股 份 中 擁 有 根 據 證 券 及 期 貨 條 例 第
XV 部第2 及 3 分部條文須向本公司披露並已登
記於本公司根據證券及期貨條例第336 條須予備
存之登記冊內之權益或淡倉：
DIRECTORS’ RIGHTS TO ACQUIRE
SHARES OR DEBENTURES
Save as otherwise disclosed in this interim report, at no time during the
Reporting Period was the Company, its parent company or any of its
subsidiaries or fellow subsidiaries a party to any arrangement that would
enable the Directors to acquire benefits by means of acquisition of shares
in, or debentures of, the Company or any other body corporate, and none
of the Directors or any of their spouses or children under the age of 18
were granted any rights to subscribe for the equity or debt securities of the
Company or any other body corporate or had exercised any such rights.
SUBSTANTIAL SHAREHOLDERS’
INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES
As at 30 June 2025, to the best knowledge of the Directors, the following
persons (not being a Director or chief executive of the Company) had
interests or short positions in the Shares or underlying Shares which fall to
be disclosed to the Company under the provisions of Divisions 2 and 3 of
Part XV of the SFO as recorded in the register required to be kept by the
Company pursuant to section 336 of the SFO:
股東名稱
Name of Shareholders
身份╱股權性質
Capacity/
Nature of Interest
所持有之
股份數目
Number of
Shares held
好倉╱淡倉
Long/
Short position
佔本公司股權
之概約百分比
Approximat
e Percentage
of
Shareholdin
g
in the Company
(%)
中國華潤有限公司(1) 受控制法團權益 3,354,786,612 好倉
Ch
