🏢 公司Newsroom01099Doubao · 实盘不做把握 8/10不做原因:风险收益比不佳
北京时间·🕒 发布 07:56:02·⟳ 抓取 07:57:23回填·⚡ 决策 10-26 07:59:25·1.8 天前
国药控股按规披露2026年前三季度财务信息：营收同比微降0.9%，归母净利润仅增0.13%，无业绩惊喜
这是债券发行人按NAFMII/上交所规则提交的例行季度三表（董事会10月23日批准），不是选择性发布的业绩惊喜：营收-0.9%、归母净利润+0.13%、EPS持平，全部落在“基本无变化”量级，且无管理层评论、无指引、无分红/回购等增量动作。对一家低波动医药分销龙头，±0.3%的利润波动不构成可交易的预期差；应收账款增加与经营现金流为负属行业季节性常态且同比改善，亦不构成强空催化。
📄 原文01099↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 国药控股（01099.HK）
RISK_REWARD/消息量级不够：NAFMII与上交所规则下的例行季度三表披露，前三季营收同比-0.9%、归母净利润同比+0.13%、EPS持平1.70元，无指引、无预警、无资本动作，预期差近乎为零；现金流与减值同比改善亦排除强空逻辑，多空双向均无正期望
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
国药控股前三季营收4276亿元同比微降0.9%、归母净利53.1亿元仅增0.13%，系例行强制三表披露且无指引，同比近乎零变化、无预期差，消息量级不足以驱动股价，回避。
🔎 新鲜度:最早出现 2026-10-23 · 扩散 low · price-in 风险 medium ↗
关键理由
- 无正向交易逻辑：归母净利润同比+0.13%、EPS持平于1.70元，无超预期成分，且仅为法定三表无管理层叙事
主要风险
- 若市场将营收连续小幅下滑及应收账款升至2283亿元解读为分销景气走弱，可能出现温和负向反应，但-0.3%的利润降幅远达不到做空红线
反向证据
- 做多前查反向 · 来源 filing · 日期 2026-10-23 · 影响 none
反向核查：经营现金流净流出同比由-390.8亿元收窄至-239.3亿元、信用减值损失同比少提约3.18亿元、销售费用率下降，抵消了营收小幅下滑；无指引下调或商誉减值（商誉57.35亿元与年初持平），不构成强空或风险信号
检索:营收-0.9%、应收账款增加、经营现金流为负是否构成实质利空 原文 ↗
先例如何影响了这次决策
对本次决策的影响:不影响结论；消息量级判断已足以支持AVOID
方向:不适用：本次结论基于事件本身为零增量的例行法定披露，无需用先例校准方向或幅度
涨幅量级:无ENTER腿，不需要tp/sl校准
形态:未检索同类季度三表先例，因±0.3%的利润变化在任何价格反应分布中都不构成可交易edge
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{"result": "search_processed_events:agent query=`sinopharm group 01099 nine months ended 30 september 2026 quarterly results | 国药控股 2026年三季度 季度财务信息 前三季度 | 国药控股 营业收入 净利润 2026 前三季度 公告`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 63.7/72 小时、697 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判
原文全文
展开原文 · 36,176 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take
no responsibility for the contents of this announcement, make no representation as to its accuracy
or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this announcement.
(A joint stock limited company incorporated in the People’s Republic of China with limited
liability and carrying on business in Hong Kong as 國控股份有限公司 )
(Stock Code: 01099)
ANNOUNCEMENT
QUARTERLY FINANCIAL INFORMATION
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026
Pursuant to the rules of the National Association of Financial Market Institutional Investors and the
Shanghai Stock Exchange, Sinopharm Group Co. Ltd. (the “Company”) is required to publish the
quarterly financial information of the Company and its subsidiaries (the “Group”) which consists
of consolidated balance sheet, consolidated income statement and consolidated cash flow statement
of the Group, and to publish the quarterly financial information of the Company which consists of
balance sheet, income statement and cash flow statement of the Company.
This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited.
The board of directors of the Company is pleased to announce the unaudited financial information of
the Group and of the Company for the nine months ended 30 September 2026 prepared in accordance
with the PRC GAAP.
* The Company is registered as a non-Hong Kong company under the Hong Kong Companies
Ordinance under its Chinese name and the English name “Sinopharm Group Co. Ltd.”
-1-
CONSOLIDATED FINANCIAL INFORMATION OF THE GROUP FOR THE NINE MONTHS
ENDED 30 SEPTEMBER 2026
Consolidated Balance Sheet of the Group as at 30 September 2026
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Current assets:
Cash at bank and on hand 37,832,667,165.46 61,560,417,493.80
Financial assets held for trading 90,321.36 128,741.64
Notes receivables 2,137,540,971.80 3,557,846,566.60
Accounts receivables 228,283,524,732.62 188,911,479,535.59
Accounts receivable financing 11,891,689,948.74 13,152,983,443.63
Advances to suppliers 5,774,470,175.34 5,888,293,737.88
Other receivables 6,363,892,412.27 7,020,077,970.57
Inventories 67,834,742,314.22 62,149,964,583.67
Contract assets 1,044,470,177.16 1,015,176,005.27
Current portion of non-current assets 626,168,837.99 741,933,250.66
Other current assets 1,899,648,003.98 1,604,168,129.75
363,688,905,060.94 345,602,469,459.06
Total current assets
Non-current assets:
Long-term receivables 1,859,181,561.52 1,941,915,435.23
Long-term equity investments 11,150,643,937.78 10,612,308,428.93
Equity investments designated at fair value through
other comprehensive income 64,783,281.40 80,920,823.48
Other non-current financial assets 595,233,047.01 617,162,030.42
Investment properties 682,651,375.52 700,911,914.59
Fixed assets 10,245,029,890.27 10,358,791,629.43
Construction in progress 698,326,476.11 839,584,706.42
Right-of-use assets 3,667,470,046.97 4,171,629,632.16
Intangible assets 3,638,755,279.64 3,884,862,081.60
Development costs 88,317,389.59 142,291,864.25
Goodwill 5,735,190,586.02 5,735,190,586.02
Long-term prepaid expenses 858,952,056.75 999,562,484.62
Deferred tax assets 3,014,791,575.43 2,746,242,134.33
Other non-current assets 1,884,759,871.80 1,773,755,299.41
Total non-current assets 44,184,086,375.81 44,605,129,050.89
Total assets 407,872,991,436.75 390,207,598,509.95
-2-
Consolidated Balance Sheet of the Group as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at 30 As at
Items September 2026 31 December 2025
Current liabilities:
Short-term borrowings
66,824,540,659.41 59,177,495,038.43
Notes payables 33,678,389,927.08 37,620,519,606.80
Accounts payables 124,449,760,135.26 112,627,898,741.96
Advance from customers 19,216,143.49 26,774,510.12
Contract liabilities 6,577,196,788.05 5,984,158,007.29
Employee benefits payable 1,705,320,312.00 1,891,720,592.48
Taxes payable 2,131,800,472.31 2,712,717,602.55
Other payables 17,132,167,087.31 19,498,552,763.43
Current portion of non-current liabilities 1,563,219,018.89 5,827,294,469.62
Other current liabilities 4,601,834,285.84 1,291,709,910.95
Total current liabilities 258,683,444,829.64 246,658,841,243.63
Non-current liabilities:
Long-term borrowings 1,573,459,083.43 647,907,860.13
Bonds payables 2,997,756,986.95 2,997,576,599.23
Lease liabilities 2,317,562,461.00 2,495,091,771.75
Long-term payables 24,525,629.46 30,724,811.46
Long-term employee benefits payable 93,571,518.27 89,074,000.00
Provisions 53,183,582.67 62,665,087.03
Deferred income 364,214,411.68 341,240,286.76
Deferred tax liabilities 532,638,816.81 565,222,611.79
Other non-current liabilities 1,962,097,640.80 1,970,561,334.76
Total non-current liabilities 9,919,010,131.07 9,200,064,362.91
Total liabilities 268,602,454,960.71 255,858,905,606.54
-3-
Consolidated Balance Sheet of the Group as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share capital) 3,120,656,191.00 3,120,656,191.00
Capital surplus 20,478,949,244.29 20,464,117,853.73
Less: treasury shares held for share incentive scheme 3,838,296.96 3,838,296.96
Other comprehensive income 4,484,218.33 26,647,414.25
Specific reserve 3,834,518.12 2,576,912.13
Surplus reserve 1,787,153,157.33 1,787,153,157.33
Undistributed profits 61,848,169,155.24 58,685,647,420.90
Total owners’ equity (or shareholders’ equity)
attributable to equity holders of the parent 87,239,408,187.35 84,082,960,652.38
Minority interest 52,031,128,288.69 50,265,732,251.03
Total owners’ equity (or shareholders’ equity) 139,270,536,476.04 134,348,692,903.41
Total liabilities and owners’ equity
(or shareholders’ equity): 407,872,991,436.75 390,207,598,509.95
-4-
Consolidated Income Statement of the Group for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 30 September
2026 2025
1. Total operating revenue 427,613,390,622.63 431,478,679,461.46
Including: Operating revenue 427,613,390,622.63 431,478,679,461.46
2. Total operating cost 415,965,457,402.93 419,666,291,482.15
Including: Operating cost 397,733,828,524.02 400,212,858,756.46
Taxes and surcharges 1,026,317,551.93 1,034,400,291.99
Selling and distribution expenses 11,134,761,606.28 11,836,015,020.83
General and administrative expenses 4,689,041,968.61 4,854,513,658.43
Research and development expenses 151,546,456.93 172,611,662.91
Financial expenses 1,229,961,295.16 1,555,892,091.53
Add: Other gains (loss shall be stated as “( )”) 249,282,945.08 358,429,020.43
Investment income (loss shall be stated as “( )”) 536,279,461.42 619,486,272.51
Gains arising from changes in fair value (loss
shall be stated as “( )”) (4,794,725.28) (3,261,088.34)
Credit impairment losses (loss shall be stated
as “( )”) (1,582,936,230.37) (1,900,760,241.54)
Asset impairment losses (loss shall be stated as
“( )”) (81,604,470.87) (41,270,687.22)
Gain on disposal of assets (loss shall be stated
as “( )”） 16,710,259.17 24,387,837.51
3. Operating profit (loss shall be stated as “( )”) 10,780,870,458.85 10,869,399,092.66
Add: Non-operating income 170,445,209.38 141,763,153.52
Less: Non-operating expenses 155,671,317.62 129,326,462.03
4. Total profit (total loss shall be stated as “( )”) 10,795,644,350.61 10,881,835,784.15
Less: Income tax expenses 2,715,622,879.56 2,778,064,760.65
5. Net profit (net loss shall be stated as “( )”) 8,080,021,471.05 8,103,771,023.50
Classification according to the continuity of operation
Net profit from continuing operations 8,080,021,471.05 8,103,771,023.50
Attributable to:
Net profit attributable to equity holders of the parent 5,313,617,051.77 5,306,755,602.41
Net profit attributable to minority interest 2,766,404,419.28 2,797,015,421.09
6. Other comprehensive income after tax (30,029,635.47) 22,333,921.45
Net other comprehensive income attributable to equity
holders of the parent (22,163,195.92) 11,249,119.71
Not to be reclassified subsequently to profit or loss (6,905,612.36) 14,024,202.46
-5-
Consolidated Income Statement of the Group for the Nine Months Ended 30 September 2026
(continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
30 September 2026 30 September 2025
Items
Change in the remeasurements of post-employment
benefit obligations (1,947,292.91) (127,026.01)
Change in the fair value of other equity instrument
investments (4,958,319.45) 14,151,228.48
To be reclassified subsequently to profit or loss (15,257,583.56) (2,775,082.75)
Items under equity method that may be reclassified to
profit or loss (1,576,666.88) (131,066.55)
Exchange differences on translation of foreign
operations (13,680,916.68) (2,644,016.20)
Net profit/(loss) of other comprehensive income
attributable to minority interest (7,866,439.55) 11,084,801.74
T
7. Total comprehensive income 8,049,991,835.58 8,126,104,944.95
Total comprehensive income attributable to equity holders
of the parent 5,291,453,855.85 5,318,004,722.12
Total comprehensive income attributable to minority
interest 2,758,537,979.73 2,808,100,222.83
8. Earnings per share:
Basic earnings per share 1.70 1.70
Diluted earnings per share 1.70 1.70
-6-
Consolidated Cash Flow Statement of the Group for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 30 September
2026 2025
1. Cash flows from operating activities:
Cash received from sales of goods or rendering of services 443,306,574,542.20 432,372,267,338.70
Refund of taxes and surcharges 38,818,300.10 101,245,491.57
Cash received relating to other operating activities 1,874,905,362.19 1,889,008,154.44
Sub-total of cash inflows from operating activities 445,220,298,204.49 434,362,520,984.71
Cash paid for goods and services 441,923,199,633.46 444,903,649,694.59
Cash paid to and on behalf of employees 10,099,716,826.89 10,689,043,398.03
Payments of taxes and surcharges 9,960,667,121.65 10,271,441,014.61
Cash paid relating to other operating activities 7,171,549,684.56 7,575,870,074.86
Sub-total of cash outflows from operating activities 469,155,133,266.56 473,440,004,182.09
Net cash flows from operating activities (23,934,835,062.07) (39,077,483,197.38)
2. Cash flows from investing activities:
Cash received from disposal of investments 50,599,610.83 20,075,339.56
Cash received from returns on investments 111,471,934.36 149,122,267.78
Net cash received from disposals of fixed assets,
intangible assets and other long-term assets 15,170,488.96 16,428,649.71
Net cash received from disposal of subsidiaries
and other business units 178,043,182.92 -
Cash received relating to other investing activities - 1,216,840,430.82
Sub-total of cash inflows from investing activities 355,285,217.07 1,402,466,687.87
Cash paid to acquire fixed assets, intangible
assets and other long-term assets 1,003,310,153.81 1,135,322,429.16
Cash paid to acquire investments 45,376,248.13 9,255,000.00
Net cash paid to acquire subsidiaries
and other business units - 7,415,683.18
Cash paid relating to other investing activities 373,906,444.34 -
Sub-total of cash outflows from investing activities
1,422,592,846.28 1,151,993,112.34
Net cash flows from investing activities (1,067,307,629.21) 250,473,575.53
-7-
Consolidated Cash Flow Statement of the Group for the Nine Months Ended 30 September 2026
(continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
3. Cash flows from financing activities:
Cash received from capital contributions 8,760,000.00 46,734,000.00
Cash received from borrowings 79,799,565,168.70 89,232,566,302.09
Sub-total of cash inflows from financing activities 79,808,325,168.70 89,279,300,302.09
Cash repayments of borrowings 70,179,488,477.56 70,663,065,741.97
Cash payments for interest expenses and distribution of
dividends or profits 4,410,454,118.47 4,536,092,094.52
Cash payments relating to other financing activities 2,505,285,493.88 2,539,691,060.93
Sub-total of cash outflows from financing activities 77,095,228,089.91 77,738,848,897.42
Net cash flows from financing activities 2,713,097,078.79 11,540,451,404.67
4. Effect of foreign exchange rate changes on cash and cash
equivalents (17,744,582.53) (4,478,915.26)
5. Net increase in cash and cash equivalents (22,306,790,195.02) (27,291,037,132.44)
Add: Cash and cash equivalents at the beginning of the
reporting period 48,796,131,751.50 54,313,359,367.31
6. Cash and cash equivalents at the end of the reporting
period 26,489,341,556.48 27,022,322,234.87
-8-
FINANCIAL INFORMATION OF THE COMPANY FOR THE NINE MONTHS ENDED 30
SEPTEMBER 2026
Balance Sheet of the Company as at 30 September 2026
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Current assets:
Cash at bank and on hand 7,741,993,341.01 24,718,334,239.66
Accounts receivables 6,096,498,965.00 5,268,102,169.31
Accounts receivable financing 7,253,195.61 104,856,718.46
Advances to suppliers 14,529,861.81 14,903,634.49
Other receivables 21,286,212,515.86 22,209,292,518.98
Inventories 1,496,042,732.73 1,349,392,403.09
Contract assets - 108,250.00
Other current assets 5,697,742.03 -
Total current assets 36,648,228,354.05 53,664,989,933.99
Non-current assets:
Long-term equity investments
33,473,770,323.20 33,315,154,879.85
Other non-current financial assets 434,882,230.88 438,760,705.35
Investment properties 918,553,990.80 933,806,231.35
Fixed assets 755,764,489.63 778,619,429.00
Construction in progress 79,383,928.31 51,651,666.31
Intangible assets 24,017,597.04 32,560,776.08
Long-term prepaid expenses 33,993,918.81 41,468,882.65
Deferred tax assets 60,684,272.01 65,936,895.71
Other non-current assets 19,999,000.03 25,591,319.42
Total non-current assets 35,801,049,750.71 35,683,550,785.72
Total assets 72,449,278,104.76 89,348,540,719.71
-9-
Balance Sheet of the Company as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at As at
30 September 2026 31 December 2025
Items
Current liabilities:
Notes payables 1,105,067,612.76 1,928,015,501.23
Accounts payables 2,818,148,236.17 2,701,991,519.56
Contract liabilities 9,158,917.79 11,702,750.23
Employee benefits payable 57,956,251.17 72,347,633.74
Taxes payable 42,669,964.58 66,925,689.24
Other payables 28,610,392,686.69 43,010,406,195.48
Current portion of non-current liabilities - 3,810,556,917.65
Other current liabilities 3,007,324,348.17 -
Total current liabilities 35,650,718,017.33 51,601,946,207.13
Non-current liabilities:
Bonds payables 2,997,756,986.95 2,997,576,599.23
Other non-current liabilities 1,075,918,242.23 980,063,742.23
Total non-current liabilities 4,073,675,229.18 3,977,640,341.46
Total liabilities 39,724,393,246.51 55,579,586,548.59
- 10 -
Balance Sheet of the Company as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share capital) 3,120,656,191.00 3,120,656,191.00
Capital surplus 24,460,228,580.31 24,460,228,580.31
Less: treasury shares held for share incentive scheme 3,838,296.96 3,838,296.96
Other comprehensive income 5,972,707.81 6,162,697.46
Surplus reserve 1,786,969,617.66 1,786,969,617.66
Undistributed profits 3,354,896,058.43 4,398,775,381.65
Total owners’ equity (or shareholders’ equity) 32,724,884,858.25 33,768,954,171.12
Total liabilities and owners’ equity
(or shareholders’ equity) 72,449,278,104.76 89,348,540,719.71
- 11 -
Income Statement of the Company for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
1. Total operating revenue 14,769,073,950.43 15,540,608,254.37
Including: Operating revenue 14,769,073,950.43 15,540,608,254.37
2. Total operating cost 14,546,188,622.24 15,325,585,530.89
Including: Operating cost 14,153,674,781.52 14,887,271,386.20
Taxes and surcharges 32,726,167.14 28,660,815.39
Selling and distribution expenses 237,325,742.55 225,653,316.90
General and administrative expenses 247,034,914.88 246,660,203.38
Financial expenses (124,572,983.85) (62,660,190.98)
Add: Other gains (loss shall be stated as “( )”) 50,692,267.96 48,037,035.25
Investment income (loss shall be stated as
“( )”) 925,873,656.16 1,024,777,795.92
Credit impairment losses (loss shall be
stated as “( )”) (15,384,356.57) (11,938,785.85)
Asset impairment losses (loss shall be
stated as “( )”) (3,479,745.83) (1,003,740.04)
Gains on disposal of assets (loss shall be
stated as “( )”) (353,164.90) (138,003.76)
3. Operating profit (loss shall be stated as “( )”) 1,180,233,985.01 1,274,757,025.00
Add: Non-operating income 106,223.96 6,406,769.25
Less: Non-operating expenses 4,081,131.51 2,800,011.44
4. Total profit (total loss shall be stated as “( )”) 1,176,259,077.46 1,278,363,782.81
Less: Income tax expenses 66,885,628.89 68,822,332.34
5. Net profit (net loss shall be stated as “( )”) 1,109,373,448.57 1,209,541,450.47
Classification according to the continuity of operation
Net profit from continuing operations 1,109,373,448.57 1,209,541,450.47
- 12 -
Income Statement of the Company for the Nine Months Ended 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
30 September 2026 30 September 2025
Items
6. Other comprehensive income after tax (189,989.65) 281,807.87
To be reclassified subsequently to profit or loss (189,989.65) 281,807.87
Items under equity method that may be reclassified to
profit or loss (189,989.65) 281,807.87
7. Total comprehensive income 1,109,183,458.92 1,209,823,258.34
- 13 -
Cash Flow Statement of the Company for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
1. Cash flows from operating activities:
Cash received from sales of goods or rendering of services 15,685,372,255.59 16,063,294,357.09
Cash received relating to other operating activities 703,794,029.00 581,416,884.33
Sub-total of cash inflows from operating activities 16,389,166,284.59 16,644,711,241.42
Cash paid for goods and services 16,414,941,086.21 17,087,455,511.26
Cash paid to and on behalf of employees 210,534,336.10 207,933,040.24
Payments of taxes and surcharges 275,627,933.13 241,474,333.57
Cash paid relating to other operating activities 972,646,360.33 840,634,284.50
Sub-total of cash outflows from operating activities 17,873,749,715.77 18,377,497,169.57
Net cash flows from operating activities (1,484,583,431.18) (1,732,785,928.15)
2. Cash flows from investing activities:
Cash received from disposal of investments 16,360,698.12 7,429,172.32
Cash received from returns on investments 959,989,177.75 808,980,815.88
Net cash received from disposals of fixed assets,
intangible assets and other long-term assets 148,380.00 3,172.31
Net cash received from disposal of subsidiaries
and other business units 96,029,200.00 -
Cash received relating to other investing activities 1,487,473,578.75 2,295,869,896.24
Sub-total of cash inflows from investing activities
2,560,001,034.62 3,112,283,056.75
Cash paid to acquire fixed assets, intangible
assets and other long-term assets 43,032,973.11 35,198,441.40
Cash paid to acquire investments 30,891,415.00 -
Cash paid relating to other investing activities 433,850,000.00 133,915,447.87
Sub-total of cash outflows from investing activities 507,774,388.11 169,113,889.27
Net cash flows from investing activities 2,052,226,646.51 2,943,169,167.48
- 14 -
Cash Flow Statement of the Company for the Nine Months Ended 30 September 2026
(continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
3. Cash flows from financing activities:
Cash received from borrowings 2,998,757,100.00 2,998,892,100.00
Cash received relating to other financing activities 506,076,643,309.52 477,709,002,437.65
Sub-total of cash inflows from financing activities 509,075,400,409.52 480,707,894,537.65
Cash repayments of borrowings 3,761,000,000.00 4,128,000,000.00
Cash payments for interest expenses and distribution of
dividends or profits 2,275,811,410.95 2,373,269,785.19
Cash payments relating to other financing activities 520,579,499,802.25 495,684,828,782.98
Sub-total of cash outflows from financing activities 526,616,311,213.20 502,186,098,568.17
Net cash flows from financing activities (17,540,910,803.68) (21,478,204,030.52)
4. Effect of foreign exchange rate changes on cash and cash
equivalents (3,073,310.30) (893,091.72)
5. Net increase in cash and cash equivalents (16,976,340,898.65) (20,268,713,882.91)
Add: Cash and cash equivalents at the beginning of the
reporting period 24,718,334,239.66 30,200,544,699.72
6. Cash and cash equivalents at the end of the reporting
period 7,741,993,341.01 9,931,830,816.81
By order of the Board
Sinopharm Group Co. Ltd.
Jin Bin
Chairman
Shanghai, the PRC
23 October 2026
As at the date of this announcement, the executive Directors are Mr. Lian Wanyong and Mr. Yang
Binghua; the non-executive Directors are Mr. Jin Bin, Mr. Chen Qiyu, Mr. Zu Jing, Mr. Xing
Yonggang, Mr. Ma Yue, Mr. Chen Yuqing, Mr. Wen Deyong and Ms. Li Ying; and the independent
non-executive Directors are Mr. Li Peiyu, Mr. Wu Tak Lung, Mr. Yu Weifeng, Mr. Shi Shenghao
and Mr. Chen Weiru.
- 15 -
no responsibility for the contents of this announcement, make no representation as to its accuracy
or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this announcement.
(A joint stock limited company incorporated in the People’s Republic of China with limited
liability and carrying on business in Hong Kong as 國控股份有限公司 )
(Stock Code: 01099)
ANNOUNCEMENT
QUARTERLY FINANCIAL INFORMATION
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026
Pursuant to the rules of the National Association of Financial Market Institutional Investors and the
Shanghai Stock Exchange, Sinopharm Group Co. Ltd. (the “Company”) is required to publish the
quarterly financial information of the Company and its subsidiaries (the “Group”) which consists
of consolidated balance sheet, consolidated income statement and consolidated cash flow statement
of the Group, and to publish the quarterly financial information of the Company which consists of
balance sheet, income statement and cash flow statement of the Company.
This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited.
The board of directors of the Company is pleased to announce the unaudited financial information of
the Group and of the Company for the nine months ended 30 September 2026 prepared in accordance
with the PRC GAAP.
* The Company is registered as a non-Hong Kong company under the Hong Kong Companies
Ordinance under its Chinese name and the English name “Sinopharm Group Co. Ltd.”
-1-
CONSOLIDATED FINANCIAL INFORMATION OF THE GROUP FOR THE NINE MONTHS
ENDED 30 SEPTEMBER 2026
Consolidated Balance Sheet of the Group as at 30 September 2026
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Current assets:
Cash at bank and on hand 37,832,667,165.46 61,560,417,493.80
Financial assets held for trading 90,321.36 128,741.64
Notes receivables 2,137,540,971.80 3,557,846,566.60
Accounts receivables 228,283,524,732.62 188,911,479,535.59
Accounts receivable financing 11,891,689,948.74 13,152,983,443.63
Advances to suppliers 5,774,470,175.34 5,888,293,737.88
Other receivables 6,363,892,412.27 7,020,077,970.57
Inventories 67,834,742,314.22 62,149,964,583.67
Contract assets 1,044,470,177.16 1,015,176,005.27
Current portion of non-current assets 626,168,837.99 741,933,250.66
Other current assets 1,899,648,003.98 1,604,168,129.75
363,688,905,060.94 345,602,469,459.06
Total current assets
Non-current assets:
Long-term receivables 1,859,181,561.52 1,941,915,435.23
Long-term equity investments 11,150,643,937.78 10,612,308,428.93
Equity investments designated at fair value through
other comprehensive income 64,783,281.40 80,920,823.48
Other non-current financial assets 595,233,047.01 617,162,030.42
Investment properties 682,651,375.52 700,911,914.59
Fixed assets 10,245,029,890.27 10,358,791,629.43
Construction in progress 698,326,476.11 839,584,706.42
Right-of-use assets 3,667,470,046.97 4,171,629,632.16
Intangible assets 3,638,755,279.64 3,884,862,081.60
Development costs 88,317,389.59 142,291,864.25
Goodwill 5,735,190,586.02 5,735,190,586.02
Long-term prepaid expenses 858,952,056.75 999,562,484.62
Deferred tax assets 3,014,791,575.43 2,746,242,134.33
Other non-current assets 1,884,759,871.80 1,773,755,299.41
Total non-current assets 44,184,086,375.81 44,605,129,050.89
Total assets 407,872,991,436.75 390,207,598,509.95
-2-
Consolidated Balance Sheet of the Group as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at 30 As at
Items September 2026 31 December 2025
Current liabilities:
Short-term borrowings
66,824,540,659.41 59,177,495,038.43
Notes payables 33,678,389,927.08 37,620,519,606.80
Accounts payables 124,449,760,135.26 112,627,898,741.96
Advance from customers 19,216,143.49 26,774,510.12
Contract liabilities 6,577,196,788.05 5,984,158,007.29
Employee benefits payable 1,705,320,312.00 1,891,720,592.48
Taxes payable 2,131,800,472.31 2,712,717,602.55
Other payables 17,132,167,087.31 19,498,552,763.43
Current portion of non-current liabilities 1,563,219,018.89 5,827,294,469.62
Other current liabilities 4,601,834,285.84 1,291,709,910.95
Total current liabilities 258,683,444,829.64 246,658,841,243.63
Non-current liabilities:
Long-term borrowings 1,573,459,083.43 647,907,860.13
Bonds payables 2,997,756,986.95 2,997,576,599.23
Lease liabilities 2,317,562,461.00 2,495,091,771.75
Long-term payables 24,525,629.46 30,724,811.46
Long-term employee benefits payable 93,571,518.27 89,074,000.00
Provisions 53,183,582.67 62,665,087.03
Deferred income 364,214,411.68 341,240,286.76
Deferred tax liabilities 532,638,816.81 565,222,611.79
Other non-current liabilities 1,962,097,640.80 1,970,561,334.76
Total non-current liabilities 9,919,010,131.07 9,200,064,362.91
Total liabilities 268,602,454,960.71 255,858,905,606.54
-3-
Consolidated Balance Sheet of the Group as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share capital) 3,120,656,191.00 3,120,656,191.00
Capital surplus 20,478,949,244.29 20,464,117,853.73
Less: treasury shares held for share incentive scheme 3,838,296.96 3,838,296.96
Other comprehensive income 4,484,218.33 26,647,414.25
Specific reserve 3,834,518.12 2,576,912.13
Surplus reserve 1,787,153,157.33 1,787,153,157.33
Undistributed profits 61,848,169,155.24 58,685,647,420.90
Total owners’ equity (or shareholders’ equity)
attributable to equity holders of the parent 87,239,408,187.35 84,082,960,652.38
Minority interest 52,031,128,288.69 50,265,732,251.03
Total owners’ equity (or shareholders’ equity) 139,270,536,476.04 134,348,692,903.41
Total liabilities and owners’ equity
(or shareholders’ equity): 407,872,991,436.75 390,207,598,509.95
-4-
Consolidated Income Statement of the Group for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 30 September
2026 2025
1. Total operating revenue 427,613,390,622.63 431,478,679,461.46
Including: Operating revenue 427,613,390,622.63 431,478,679,461.46
2. Total operating cost 415,965,457,402.93 419,666,291,482.15
Including: Operating cost 397,733,828,524.02 400,212,858,756.46
Taxes and surcharges 1,026,317,551.93 1,034,400,291.99
Selling and distribution expenses 11,134,761,606.28 11,836,015,020.83
General and administrative expenses 4,689,041,968.61 4,854,513,658.43
Research and development expenses 151,546,456.93 172,611,662.91
Financial expenses 1,229,961,295.16 1,555,892,091.53
Add: Other gains (loss shall be stated as “( )”) 249,282,945.08 358,429,020.43
Investment income (loss shall be stated as “( )”) 536,279,461.42 619,486,272.51
Gains arising from changes in fair value (loss
shall be stated as “( )”) (4,794,725.28) (3,261,088.34)
Credit impairment losses (loss shall be stated
as “( )”) (1,582,936,230.37) (1,900,760,241.54)
Asset impairment losses (loss shall be stated as
“( )”) (81,604,470.87) (41,270,687.22)
Gain on disposal of assets (loss shall be stated
as “( )”） 16,710,259.17 24,387,837.51
3. Operating profit (loss shall be stated as “( )”) 10,780,870,458.85 10,869,399,092.66
Add: Non-operating income 170,445,209.38 141,763,153.52
Less: Non-operating expenses 155,671,317.62 129,326,462.03
4. Total profit (total loss shall be stated as “( )”) 10,795,644,350.61 10,881,835,784.15
Less: Income tax expenses 2,715,622,879.56 2,778,064,760.65
5. Net profit (net loss shall be stated as “( )”) 8,080,021,471.05 8,103,771,023.50
Classification according to the continuity of operation
Net profit from continuing operations 8,080,021,471.05 8,103,771,023.50
Attributable to:
Net profit attributable to equity holders of the parent 5,313,617,051.77 5,306,755,602.41
Net profit attributable to minority interest 2,766,404,419.28 2,797,015,421.09
6. Other comprehensive income after tax (30,029,635.47) 22,333,921.45
Net other comprehensive income attributable to equity
holders of the parent (22,163,195.92) 11,249,119.71
Not to be reclassified subsequently to profit or loss (6,905,612.36) 14,024,202.46
-5-
Consolidated Income Statement of the Group for the Nine Months Ended 30 September 2026
(continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
30 September 2026 30 September 2025
Items
Change in the remeasurements of post-employment
benefit obligations (1,947,292.91) (127,026.01)
Change in the fair value of other equity instrument
investments (4,958,319.45) 14,151,228.48
To be reclassified subsequently to profit or loss (15,257,583.56) (2,775,082.75)
Items under equity method that may be reclassified to
profit or loss (1,576,666.88) (131,066.55)
Exchange differences on translation of foreign
operations (13,680,916.68) (2,644,016.20)
Net profit/(loss) of other comprehensive income
attributable to minority interest (7,866,439.55) 11,084,801.74
T
7. Total comprehensive income 8,049,991,835.58 8,126,104,944.95
Total comprehensive income attributable to equity holders
of the parent 5,291,453,855.85 5,318,004,722.12
Total comprehensive income attributable to minority
interest 2,758,537,979.73 2,808,100,222.83
8. Earnings per share:
Basic earnings per share 1.70 1.70
Diluted earnings per share 1.70 1.70
-6-
Consolidated Cash Flow Statement of the Group for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 30 September
2026 2025
1. Cash flows from operating activities:
Cash received from sales of goods or rendering of services 443,306,574,542.20 432,372,267,338.70
Refund of taxes and surcharges 38,818,300.10 101,245,491.57
Cash received relating to other operating activities 1,874,905,362.19 1,889,008,154.44
Sub-total of cash inflows from operating activities 445,220,298,204.49 434,362,520,984.71
Cash paid for goods and services 441,923,199,633.46 444,903,649,694.59
Cash paid to and on behalf of employees 10,099,716,826.89 10,689,043,398.03
Payments of taxes and surcharges 9,960,667,121.65 10,271,441,014.61
Cash paid relating to other operating activities 7,171,549,684.56 7,575,870,074.86
Sub-total of cash outflows from operating activities 469,155,133,266.56 473,440,004,182.09
Net cash flows from operating activities (23,934,835,062.07) (39,077,483,197.38)
2. Cash flows from investing activities:
Cash received from disposal of investments 50,599,610.83 20,075,339.56
Cash received from returns on investments 111,471,934.36 149,122,267.78
Net cash received from disposals of fixed assets,
intangible assets and other long-term assets 15,170,488.96 16,428,649.71
Net cash received from disposal of subsidiaries
and other business units 178,043,182.92 -
Cash received relating to other investing activities - 1,216,840,430.82
Sub-total of cash inflows from investing activities 355,285,217.07 1,402,466,687.87
Cash paid to acquire fixed assets, intangible
assets and other long-term assets 1,003,310,153.81 1,135,322,429.16
Cash paid to acquire investments 45,376,248.13 9,255,000.00
Net cash paid to acquire subsidiaries
and other business units - 7,415,683.18
Cash paid relating to other investing activities 373,906,444.34 -
Sub-total of cash outflows from investing activities
1,422,592,846.28 1,151,993,112.34
Net cash flows from investing activities (1,067,307,629.21) 250,473,575.53
-7-
Consolidated Cash Flow Statement of the Group for the Nine Months Ended 30 September 2026
(continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
3. Cash flows from financing activities:
Cash received from capital contributions 8,760,000.00 46,734,000.00
Cash received from borrowings 79,799,565,168.70 89,232,566,302.09
Sub-total of cash inflows from financing activities 79,808,325,168.70 89,279,300,302.09
Cash repayments of borrowings 70,179,488,477.56 70,663,065,741.97
Cash payments for interest expenses and distribution of
dividends or profits 4,410,454,118.47 4,536,092,094.52
Cash payments relating to other financing activities 2,505,285,493.88 2,539,691,060.93
Sub-total of cash outflows from financing activities 77,095,228,089.91 77,738,848,897.42
Net cash flows from financing activities 2,713,097,078.79 11,540,451,404.67
4. Effect of foreign exchange rate changes on cash and cash
equivalents (17,744,582.53) (4,478,915.26)
5. Net increase in cash and cash equivalents (22,306,790,195.02) (27,291,037,132.44)
Add: Cash and cash equivalents at the beginning of the
reporting period 48,796,131,751.50 54,313,359,367.31
6. Cash and cash equivalents at the end of the reporting
period 26,489,341,556.48 27,022,322,234.87
-8-
FINANCIAL INFORMATION OF THE COMPANY FOR THE NINE MONTHS ENDED 30
SEPTEMBER 2026
Balance Sheet of the Company as at 30 September 2026
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Current assets:
Cash at bank and on hand 7,741,993,341.01 24,718,334,239.66
Accounts receivables 6,096,498,965.00 5,268,102,169.31
Accounts receivable financing 7,253,195.61 104,856,718.46
Advances to suppliers 14,529,861.81 14,903,634.49
Other receivables 21,286,212,515.86 22,209,292,518.98
Inventories 1,496,042,732.73 1,349,392,403.09
Contract assets - 108,250.00
Other current assets 5,697,742.03 -
Total current assets 36,648,228,354.05 53,664,989,933.99
Non-current assets:
Long-term equity investments
33,473,770,323.20 33,315,154,879.85
Other non-current financial assets 434,882,230.88 438,760,705.35
Investment properties 918,553,990.80 933,806,231.35
Fixed assets 755,764,489.63 778,619,429.00
Construction in progress 79,383,928.31 51,651,666.31
Intangible assets 24,017,597.04 32,560,776.08
Long-term prepaid expenses 33,993,918.81 41,468,882.65
Deferred tax assets 60,684,272.01 65,936,895.71
Other non-current assets 19,999,000.03 25,591,319.42
Total non-current assets 35,801,049,750.71 35,683,550,785.72
Total assets 72,449,278,104.76 89,348,540,719.71
-9-
Balance Sheet of the Company as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at As at
30 September 2026 31 December 2025
Items
Current liabilities:
Notes payables 1,105,067,612.76 1,928,015,501.23
Accounts payables 2,818,148,236.17 2,701,991,519.56
Contract liabilities 9,158,917.79 11,702,750.23
Employee benefits payable 57,956,251.17 72,347,633.74
Taxes payable 42,669,964.58 66,925,689.24
Other payables 28,610,392,686.69 43,010,406,195.48
Current portion of non-current liabilities - 3,810,556,917.65
Other current liabilities 3,007,324,348.17 -
Total current liabilities 35,650,718,017.33 51,601,946,207.13
Non-current liabilities:
Bonds payables 2,997,756,986.95 2,997,576,599.23
Other non-current liabilities 1,075,918,242.23 980,063,742.23
Total non-current liabilities 4,073,675,229.18 3,977,640,341.46
Total liabilities 39,724,393,246.51 55,579,586,548.59
- 10 -
Balance Sheet of the Company as at 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
As at As at
Items 30 September 2026 31 December 2025
Owners’ equity (or shareholders’ equity):
Paid-in capital (or share capital) 3,120,656,191.00 3,120,656,191.00
Capital surplus 24,460,228,580.31 24,460,228,580.31
Less: treasury shares held for share incentive scheme 3,838,296.96 3,838,296.96
Other comprehensive income 5,972,707.81 6,162,697.46
Surplus reserve 1,786,969,617.66 1,786,969,617.66
Undistributed profits 3,354,896,058.43 4,398,775,381.65
Total owners’ equity (or shareholders’ equity) 32,724,884,858.25 33,768,954,171.12
Total liabilities and owners’ equity
(or shareholders’ equity) 72,449,278,104.76 89,348,540,719.71
- 11 -
Income Statement of the Company for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
1. Total operating revenue 14,769,073,950.43 15,540,608,254.37
Including: Operating revenue 14,769,073,950.43 15,540,608,254.37
2. Total operating cost 14,546,188,622.24 15,325,585,530.89
Including: Operating cost 14,153,674,781.52 14,887,271,386.20
Taxes and surcharges 32,726,167.14 28,660,815.39
Selling and distribution expenses 237,325,742.55 225,653,316.90
General and administrative expenses 247,034,914.88 246,660,203.38
Financial expenses (124,572,983.85) (62,660,190.98)
Add: Other gains (loss shall be stated as “( )”) 50,692,267.96 48,037,035.25
Investment income (loss shall be stated as
“( )”) 925,873,656.16 1,024,777,795.92
Credit impairment losses (loss shall be
stated as “( )”) (15,384,356.57) (11,938,785.85)
Asset impairment losses (loss shall be
stated as “( )”) (3,479,745.83) (1,003,740.04)
Gains on disposal of assets (loss shall be
stated as “( )”) (353,164.90) (138,003.76)
3. Operating profit (loss shall be stated as “( )”) 1,180,233,985.01 1,274,757,025.00
Add: Non-operating income 106,223.96 6,406,769.25
Less: Non-operating expenses 4,081,131.51 2,800,011.44
4. Total profit (total loss shall be stated as “( )”) 1,176,259,077.46 1,278,363,782.81
Less: Income tax expenses 66,885,628.89 68,822,332.34
5. Net profit (net loss shall be stated as “( )”) 1,109,373,448.57 1,209,541,450.47
Classification according to the continuity of operation
Net profit from continuing operations 1,109,373,448.57 1,209,541,450.47
- 12 -
Income Statement of the Company for the Nine Months Ended 30 September 2026 (continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
30 September 2026 30 September 2025
Items
6. Other comprehensive income after tax (189,989.65) 281,807.87
To be reclassified subsequently to profit or loss (189,989.65) 281,807.87
Items under equity method that may be reclassified to
profit or loss (189,989.65) 281,807.87
7. Total comprehensive income 1,109,183,458.92 1,209,823,258.34
- 13 -
Cash Flow Statement of the Company for the Nine Months Ended 30 September 2026
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
1. Cash flows from operating activities:
Cash received from sales of goods or rendering of services 15,685,372,255.59 16,063,294,357.09
Cash received relating to other operating activities 703,794,029.00 581,416,884.33
Sub-total of cash inflows from operating activities 16,389,166,284.59 16,644,711,241.42
Cash paid for goods and services 16,414,941,086.21 17,087,455,511.26
Cash paid to and on behalf of employees 210,534,336.10 207,933,040.24
Payments of taxes and surcharges 275,627,933.13 241,474,333.57
Cash paid relating to other operating activities 972,646,360.33 840,634,284.50
Sub-total of cash outflows from operating activities 17,873,749,715.77 18,377,497,169.57
Net cash flows from operating activities (1,484,583,431.18) (1,732,785,928.15)
2. Cash flows from investing activities:
Cash received from disposal of investments 16,360,698.12 7,429,172.32
Cash received from returns on investments 959,989,177.75 808,980,815.88
Net cash received from disposals of fixed assets,
intangible assets and other long-term assets 148,380.00 3,172.31
Net cash received from disposal of subsidiaries
and other business units 96,029,200.00 -
Cash received relating to other investing activities 1,487,473,578.75 2,295,869,896.24
Sub-total of cash inflows from investing activities
2,560,001,034.62 3,112,283,056.75
Cash paid to acquire fixed assets, intangible
assets and other long-term assets 43,032,973.11 35,198,441.40
Cash paid to acquire investments 30,891,415.00 -
Cash paid relating to other investing activities 433,850,000.00 133,915,447.87
Sub-total of cash outflows from investing activities 507,774,388.11 169,113,889.27
Net cash flows from investing activities 2,052,226,646.51 2,943,169,167.48
- 14 -
Cash Flow Statement of the Company for the Nine Months Ended 30 September 2026
(continued)
(All amounts in RMB unless otherwise stated)
For the nine For the nine
months ended months ended
Items 30 September 2026 30 September 2025
3. Cash flows from financing activities:
Cash received from borrowings 2,998,757,100.00 2,998,892,100.00
Cash received relating to other financing activities 506,076,643,309.52 477,709,002,437.65
Sub-total of cash inflows from financing activities 509,075,400,409.52 480,707,894,537.65
Cash repayments of borrowings 3,761,000,000.00 4,128,000,000.00
Cash payments for interest expenses and distribution of
dividends or profits 2,275,811,410.95 2,373,269,785.19
Cash payments relating to other financing activities 520,579,499,802.25 495,684,828,782.98
Sub-total of cash outflows from financing activities 526,616,311,213.20 502,186,098,568.17
Net cash flows from financing activities (17,540,910,803.68) (21,478,204,030.52)
4. Effect of foreign exchange rate changes on cash and cash
equivalents (3,073,310.30) (893,091.72)
5. Net increase in cash and cash equivalents (16,976,340,898.65) (20,268,713,882.91)
Add: Cash and cash equivalents at the beginning of the
reporting period 24,718,334,239.66 30,200,544,699.72
6. Cash and cash equivalents at the end of the reporting
period 7,741,993,341.01 9,931,830,816.81
By order of the Board
Sinopharm Group Co. Ltd.
Jin Bin
Chairman
Shanghai, the PRC
23 October 2026
As at the date of this announcement, the executive Directors are Mr. Lian Wanyong and Mr. Yang
Binghua; the non-executive Directors are Mr. Jin Bin, Mr. Chen Qiyu, Mr. Zu Jing, Mr. Xing
Yonggang, Mr. Ma Yue, Mr. Chen Yuqing, Mr. Wen Deyong and Ms. Li Ying; and the independent
non-executive Directors are Mr. Li Peiyu, Mr. Wu Tak Lung, Mr. Yu Weifeng, Mr. Shi Shenghao
and Mr. Chen Weiru.
- 15 -
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