年報 2015 Annual Report 年 報 ANNUAL REPORT 2015 2015 Contents 1. DEFINITIONS ............................................................ 3 2. COMPANY PROFILE ....................................................... 8 3. FINANCIAL DATA AND FINANCIAL HIGHLIGHTS .................................. 10 4. COMPANY’S BUSINESS PROFILE . 15 5. REPORT OF THE BOARD OF DIRECTORS ........................................ 26 6. MAJOR EVENTS .......................................................... 128 7. CHANGES IN SHARE CAPITAL AND SHAREHOLDERS............................... 164 8. INFORMATION ON PREFERED SHARES ......................................... 171 9. DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT AND STAFF ...................... 172 10. CORPORATE GOVERNANCE ................................................. 185 11. RELEVANT INFORMATION OF COMPANY BONDS ................................. 204 12. FINANCIAL REPORTS ...................................................... 205 13. DOCUMENTS AVAILABLE FOR INSPECTION...................................... 420 IMPORTANT NOTICE I. The Board, the Supervisory Committee of the Company and the Directors, supervisors and senior management collectively and individually accept full responsibility for the truthfullness, accuracy and completeness of the information contained in this annual report and confirm that there are no false information, misleading statements or material omissions in this annual report. II. The Directors were present at the 21st meeting of the sixth session of the Board, among whom, Mr. Jiang Wenqi, an independent non-executive Director, was unable to attend the meeting due to business reason and had appointed Mr. Chu Xiaoping, an independent non-executive Director, to attend the meeting and vote on his behalf. III. The financial report of the Group and the Company for the year ended 31 December 2015 was prepared in accordance with the China Accounting Standards for Business Enterprises, which were audited by BDO China Shu Lun Pan Certified Public Accountants LLP which had issued unqualified auditors’ reports thereon. IV. Mr. Li Chuyuan (chairman of the Board), Mr. Wu Changhai (executive director) and Ms. Yao Zizhi (head of the finance department) declared that they warranted that the financial reports contained in this annual report were true and complete. V. Profit distribution plan or plan of carrying over reserved funds to equity shares during the Reporting Period as considered by the Board As audited and confirmed by BDO China Shu Lun Pan Certified Public Accountants LLP: the net profit attributable to the shareholders of the Group of 2015 amounted to RMB1,300,351,292.59. Based on the net profit of the Company of RMB1,150,350,559.84 in 2015, a 10% statutory surplus reserve in the amount of RMB115,035,055.98 is provided, with the addition of the undistributed profit carried over from last year in the amount of RMB2,275,474,523.03, and after reducing the cash dividends of 2014 by RMB361,575,382.00, the actual distributable profits amounted to RMB2,949,214,644.89. Annual Report 2015 1 Contents The Company’s application for non-public offering of A shares was approved by the Issuance Audit Committee of China Securities Regulatory Commission on 9 December 2015, but it has not yet obtained the offering approving document from CSRC. According to Article 18 of the Measures for Administration of Securities Issuance and Underwriting issued by CSRC (2015 Revision), listed companies shall not issue securities until implementation of profit distribution plan (if any) or plan (if any) of carrying over reserved funds to equity shares if such plan has not been submitted to general meeting of shareholders for a vote or has not been implemented after being voted by general meeting of shareholders. To avoid the impact of distribution of dividend on progress of the Company’s non-public offering of A shares, the Board of Directors of the Company proposed: (1) not to distribute dividend for year 2015, nor carrying over reserved funds to equity shares; and (2) after completion of the non-public offering of A shares, the Company will consider a special dividend. The profit distribution plan will be submitted to the 2015 Annual General Meeting of Shareholders for approval. Independent non-executive directors of the Company have expressed independent opinions on said matters. VI. Forward-looking statements such as plans for the future and development strategy described in this annual report do not constitute any actual commitment of the Company to investors. Investors are advised to pay attention to any investment risk. VII. There was no non-operational appropriation of the funds of the Company by its connected parties. VIII. The Company had not provided any external guarantee in violation of the decision-making procedures stipulated by the Company or relevant authorities. IX. This annual report is prepared in both English and Chinese. In the event of discrepancy in interpretation, the Chinese version shall prevail. 2 Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited Definitions In this annual report, unless the context otherwise requires, the following words have the meaning as follows: Company Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited PRC or China the People’s Republic of China Reporting Period/Year/the current year the 12 months ended 31 December 2015 Post Reporting Period the period after the end of the Reporting Period up to the date of this annual report, being 1 January 2016 to 18 March 2016 Group the Company and its subsidiaries Board the board of directors of the Company Supervisory Committee the supervisory committee of the Company CSRC China Securities Regulatory Commission SSE The Shanghai Stock Exchange HKEx The Stock Exchange of Hong Kong Limited CSRC Guangdong Bureau the Guangdong Bureau of CSRC Depository Corporation The Shanghai branch of China Securities Depository and Clearing Corporation Limited Articles of Association the articles of association of the Company Listing Rules of HKEx the Rules Governing the Listing of Securities on the HKEx Listing Rules of SSE the Listing Rules of the SSE SFO the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) Model Code the Model Code for Securities Transactions by Directors of Listed Issuers contained in the Listing Rules of HKEx GPHL Guangzhou Pharmeceutical Holdings Limited（廣州醫藥集團有限 公司） Annual Report 2015 3 Definitions Xing Qun Guangzhou Baiyunshan Xing Qun Pharmaceutical Co., Ltd.（廣州 白雲山星群（藥業）股份有限公司） Zhong Yi Guangzhou Baiyunshan Zhong Yi Pharmaceutical Company Limited（廣州白雲山中一藥業有限公司） Chen Li Ji Guangzhou Baiyunshan Chen Li Ji Pharmaceutical Factory Company Limited（廣州白雲山陳李濟藥廠有限公司） Qi Xing Guangzhou Baiyunshan Qi Xing Pharmaceutical Co., Ltd.（廣州白 雲山奇星藥業有限公司） Pan Gao Shou Guangzhou Baiyunshan Pan Gao Shou Pharmaceutical Co., Ltd. （廣州白雲山潘高壽藥業股份有限公司） Jing Xiu Tang Guangzhou Baiyunshan Jing Xiu Tang Pharmaceutical Co., Ltd. （廣州白雲山敬修堂藥業股份有限公司） Wang Lao Ji Guangzhou Wang Lao Ji Pharmaceutical Co., Ltd.（廣州王老吉藥 業股份有限公司） Guangzhou Han Fang Guangzhou Baiyunshan Han Fang Contemporary Pharmaceutical Co., Ltd.（廣州白雲山漢方現代藥業有限公司） Guangzhou Bai Di Guangzhou Baiyunshan Bai Di Bio-technology Co., Ltd.（廣州白雲 山拜迪生物醫藥有限公司） Guangxi Ying Kang Guangxi Yingkang Pharmaceutical Company Limited（廣西盈康藥 業有限責任公司） WLJ Great Health Guangzhou WLJ Great Health Industry Co., Ltd.（廣州王老吉大健 康產業有限公司） GP Corp. Guangzhou Pharmaceuticals Corporation （廣州醫藥有限公司） Cai Zhi Lin Guangzhou Cai Zhi Lin Pharmaceutical Co., Ltd.（廣州采芝林藥業 有限公司） Pharmaceutical Import & Export Guangzhou Pharmaceutical Import & Export Company Limited（廣 州醫藥進出口有限公司） Guangyao Baiyunshan Hong Kong Guangzhou Pharmaceutical Baiyunshan Hong Kong Company Company Limited 4 Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited Definitions Nuo Cheng Guangzhou Promise Biological Products Co., Ltd.（廣州諾誠生物 製品股份有限公司） Baiyunshan Guangzhou Baiyunshan Pharmaceutical Co., Ltd. （廣州白雲山製 藥股份有限公司） Baiyunshan General Factory Guangzhou Baiyunshan Pharmaceutical General Factory of Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited （廣州白雲山醫藥集團股份有限公司廣州白雲山製藥總廠） Chemical Pharmaceutical Factory Guangzhou Baiyunshan Chemical Pharmaceutical Factory of Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited （廣州白雲山醫藥集團股份有限公司廣州白雲山化學製藥廠） He Ji Gong Guangzhou Baiyunshan Pharmaceutical Co., Ltd. Baiyunshan He Ji Gong Pharmaceutical Factory of Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited（廣州白雲山醫藥集團 股份有限公司白雲山何濟公製藥廠） Tian Xin Guangzhou Baiyunshan Tian Xin Pharmaceutical Co., Ltd.（廣州白 雲山天心製藥股份有限公司） Guang Hua Guangzhou Baiyunshan Guang Hua Pharmacy Co., Ltd.,（廣州白 雲山光華製藥股份有限公司） Ming Xing Guangzhou Baiyunshan Ming Xing Pharmaceutical Co., Ltd.（廣州 白雲山明興製藥有限公司） HWBYS Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company Limited （廣州白雲山和記黃埔中藥有限公司） Baxter Qiao Guang Guangzhou Baxter Qiao Guang Pharmaceutical Co., Ltd. （廣州百 特僑光醫療用品有限公司） Pharmaceutical Technology Guang Guangzhou Baiyunshan Pharmaceutical Technology Development Co., Ltd.（廣州白雲山醫藥科技發展有限公司） Baiyunshan Great Health Hotel Guangzhou Guangyao Baiyunshan Great Health Hotel Co., Ltd. （廣州廣藥白雲山大健康酒店有限公司） CPIC Guangzhou Baiyunshan Chemical Pharmaceutical Innovation Center （廣州白雲山化學藥創新中心） Weiling Baiyuanshan Weiling Pharmaceutical Co., Ltd.（白雲山威靈藥業有 限公司） Annual Report 2015 5 Definitions Wei Yi Co.,Ltd. Guangzhou Baiyunshan Wei Yi Medical Investment Management Co.,Ltd. （廣州白雲山維醫醫療投資管理有限公司） Medical and Healthcare Industry Guangzhou Baiyunshan Medical and Healthcare Industry Company Investment Company Limited Baxter Healthcare