Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this report, 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 report. (a joint stock company with limited liability established in the People’s Republic of China) (H Share Stock Code: 00874) 2025 THIRD QUARTERLY REPORT IMPORTANT NOTICE The board of directors, the directors and senior management of Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited (the “ Company ”) jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this quarterly report and confirm that it contains no false statements, misleading representations or material omissions. Mr. Li Xiaojun, the person in charge of the Company, Ms. Liu Fei, the person in charge of accounting, and Ms. Wu Chuling, the head of the accounting department, hereby certify the truthfulness, accuracy and completeness of the financial information contained in this quarterly report. Whether the third quarterly financial statements have been audited ½ Yes ✔ No This quarterly report is prepared in both English and Chinese. In the event of discrepancy or ambiguity in interpretation between the two versions, the Chinese version shall prevail.
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2 1. PRINCIPAL FINANCIAL DATA 1.1 Principal accounting data and financial indicators Items The Reporting Period (Unaudited) Increase/(Decrease) during the Reporting Period as compared with the corresponding period of 2024 (%) From the beginning of 2025 to the end of the Reporting Period (Unaudited) Increase/(Decrease) from the beginning of 2025 to the end of the Reporting Period as compared with the corresponding period of 2024 (%) Income from operations (RMB) 19,771,447,682 9.74 61,605,993,796 4.31 Total Profit (RMB) 1,093,686,290 40.82 4,184,102,619 4.44 Net profit attributable to the shareholders of the Company (RMB) 793,911,091 30.28 3,310,052,078 4.78 Net profit attributable to the shareholders of the Company after deducting non-recurring items (RMB) 663,826,285 28.90 2,869,415,539 0.48 Net cash flow from operating activities (RMB) Not applicable Not applicable (1,971,973,586) (162.45) Basic earnings per share (RMB/Share) 0.488 30.28 2.036 4.78 Diluted earnings per share (RMB/Share) 0.488 30.28 2.036 4.78 Ratio of weighted average return on net assets (%) 2.09 An increase of 0.39 percentage point 8.88 An increase of 0.07 percentage point Items As at the end of the Reporting Period (Unaudited) As at 31 December 2024 (Audited) Increase/ (Decrease) as at the end of the Reporting Period compared with 31 December 2024 (%) Total assets (RMB) 83,169,260,288 81,683,611,521 1.82 Total equity attributable to the shareholders of the Company (RMB) 37,906,307,061 35,904,527,869 5.58 Notes: (1) The “Reporting Period” in this report refers to the three-month period from the start to the end of the quarter, unless otherwise specified. (2) The above financial data and indicators are calculated based on the figures in consolidated statements.
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3 1.2 Non-recurring items and amount ✔ Applicable ½ Not applicable Non-recurring items Amount for the Reporting Period (RMB) Amount from the beginning of 2025 to the end of the Reporting Period Notes Profit and loss from disposal of non-current assets, including write-offs of impairment provisions previously made 330,182 6,412,194 Government subsidies included in the profit or loss for the current period except for those that are closely related to enterprise’s normal business and are enjoyed by the Company based on the defined criteria in line with the national policies and that have a sustained impact on the Company’s profit or loss 45,644,282 176,098,846 This represents the amount of government grants received by the Company and its subsidiaries, which were transferred to non-operating income and other gains in the period. Gains/(loss) from changes in fair value of financial assets and liabilities held by non-financial corporations and gains/(loss) from the disposal of financial assets and liabilities, except for those related to the Company’s normal business operations and were held for effective hedging purposes 101,862,515 342,458,519 Fund possession costs included in the profit or loss for the current year and collected from non-financial enterprises – – Profit and loss from entrusted investments or management of assets – – Profit and Loss from externally commissioned loans – – Asset loss caused by force majeure factors, such as natural disasters – – Reverse of provision for impairment of receivables under individual impairment test 627,462 2,702,236 Gains generated from the amount of the enterprise’s investment costs for acquisition of subsidiaries, joint ventures and associates lower than the earnings from the fair value of the net identifiable assets of the invested entity that the enterprise should enjoy upon acquisition – – Net profit and loss of subsidiaries arising from mergers of enterprises under the same control from the beginning of the period to the merger date – – Profit and loss from non-monetary assets exchange – – Profit and loss from debt restructuring – –
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4 Non-recurring items Amount for the Reporting Period (RMB) Amount from the beginning of 2025 to the end of the Reporting Period Notes Non-recurring expenses incurred by enterprises due to the discontinuation of related business activities, such as expenses for employee resettlement, etc. – – Effects on the profit and loss by one-off adjustment to profit or loss according to the requirements of laws and regulations for tax, accounting, etc. – – Share based payment expenses recognized in one lump sum due to cancellation or modification of equity incentive plans – – For cash settled share-based payments, gains or losses arising from changes in fair value of employee compensation payable after the exercise date – – Profit and loss arising from changes in fair value of investment properties measured using the fair value model for subsequent measurement – – Revenue generated from transactions at significantly unfair prices – – Profit and loss arising from contingencies unrelated to the normal operation of company’s business – – Income from custody fee of entrusted operation – – Other non-operating income and expenses other than the above-mentioned items 5,381,420 7,593,635 Other profit and loss items that meet the definition of nonrecurring profit and loss – – Less: Income tax effect (22,310,193) (89,567,464) Amount of minority equity impact (after tax) (1,450,862) (5,061,427) Total 130,084,806 440,636,539 Explanations of the items not listed in Explanatory Notice on Information Disclosure of Publicly Issued Securities Company No. 1 – Non-Recurring Profit and Loss (ٙ ʮѓୋ1ฦू) confirmed as non-recurring profit and loss items with significant amount, and the non-recurring profit and loss items listed in Explanatory Notice on Information Disclosure of Publicly Issued Securities Company No. 1 – Non- Recurring Profit and Loss confirmed as recurring profit and loss items. ½ Applicable ✔ Not applicable
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5 1.3 Changes in major accounting data and financial indicators and the reasons for changes ✔ Applicable ½ Not applicable Items Fluctuation Reasons for fluctuation (%) Total Profit – the Reporting Period 40.82 During the Reporting Period, the Company and its subsidiaries responded to market demand by intensifying its expansion efforts, achieved a year-on-year increase in sales revenue, and effectively drove profit growth. Net profit attributable to the shareholders of the Company – the Reporting Period 30.28 Basic earnings per share – the Reporting Period 30.28 During the Reporting Period, the Company and its subsidiaries sales revenue increased year-on-year, which effectively drove profit growth, driving an increase in earnings per share. Diluted earnings per share – the Reporting Period 30.28 Net cash flow from operating activities – from the beginning of 2025 to the end of the Reporting Period (162.45) From the beginning of the year to the end of the Reporting Period, payment collection of the Company’s subsidiaries decreased, while the amount of procurement payments increased. 2. INFORMATION OF SHAREHOLDERS 2.1 The total number of shareholders holding ordinary shares, the number of shareholders holding preferred shares whose voting rights are restored and the shareholdings of the top ten shareholders of the Company The total number of shareholders holding ordinary shares as at the end of the Reporting Period 101,673 The number of shareholders holding preferred shares whose voting rights are restored as at the end of the Reporting Period (if any) Not applicable
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6 The top 10 shareholders of the Company (excluding shares lent through refinancing and securities lending business) Shareholders Nature of shareholders Number of shares held (Share) Approximate percentage of the total issued share capital (%) Number of shares subject to selling restrictions (Share) Number of shares pledged, marked or frozen Shares status Number of shares (Share) Guangzhou Pharmaceutical Holdings Limited State-owned legal person 732,305,103 45.04 0 Nil 0 HKSCC Nominees Limited Overseas legal person 219,785,142 13.52 0 Nil 0 Guangzhou China Life Urban Development Industry Investment Enterprise (Limited Partnership) Others 67,576,183 4.16 0 Nil 0 China Securities Finance Corporation Limited State-owned legal person 47,277,962 2.91 0 Nil 0 Hong Kong Securities Clearing Company Limited Overseas legal person 20,010,873 1.23 0 Nil 0 Guangzhou Industrial Investment and Capital Operating Holdings Group Ltd. State-owned legal person 16,831,252 1.04 0 Nil 0 Industrial and Commercial Bank of China Limited-Huatai PineBridge CSI 300 Exchange- Traded Open-End Index Securities Investment Fund Others 12,140,337 0.75 0 Nil 0 China Construction Bank Corporation-E Fund CSI 300 Medicine and Health Trading Open Index Securities Investment fund Others 8,810,108 0.54 0 Nil 0 China AMC – Agricultural Bank –Huaxia China Securities Financial Asset Management Plan Others 8,795,136 0.54 0 Nil 0 China Construction Bank Corporation – E Fund CSI 300 Exchange Trading Open Index Initiation Securities Investment fund Others 8,650,628 0.53 0 Nil 0
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7 The top 10 shareholders of the Company not subject to selling restrictions (excluding shares lent through refinancing and securities lending business) Shareholders Number of shares without selling restrictions (Share) Class and number of shares Class of shares Number of shares (Share) Guangzhou Pharmaceutical Holdings Limited 732,305,103 Ordinary shares denominated in RMB 732,305,103 HKSCC Nominees Limited 219,785,142 Overseas listed foreign shares 219,785,142 Guangzhou China Life Urban Development Industry Investment Enterprise (Limited Partnership) 67,576,183 Ordinary shares denominated in RMB 67,576,183 China Securities Finance Corporation Limited 47,277,962 Ordinary shares denominated in RMB 47,277,962 Hong Kong Securities Clearing Company Limited 20,010,873 Ordinary shares denominated in RMB 20,010,873 Guangzhou Industrial Investment and Capital Operating Holdings Group Ltd. 16,831,252 Ordinary shares denominated in RMB 16,831,252 Industrial and Commercial Bank of China Limited-Huatai PineBridge CSI 300 Exchange-Traded Open-End Index Securities Investment Fund 12,140,337 Ordinary shares denominated in RMB 12,140,337 China Construction Bank Corporation-E Fund CSI 300 Medicine and Health Trading Open Index Securities Investment fund 8,810,108 Ordinary shares denominated in RMB 8,810,108 China AMC – Agricultural Bank–Huaxia China Securities Financial Asset Management Plan 8,795,136 Ordinary shares denominated in RMB 8,795,136 China Construction Bank Corporation – E Fund CSI 300 Exchange Trading Open Index Initiation Securities Investment fund 8,650,628 Ordinary shares denominated in RMB 8,650,628 Explanation on the connections or concerted actions among the above shareholders (1) According to the information provided by HKSCC Nominees Limited, the H shares held by it were held on behalf of several clients. (2) The Company was not aware of any connection among the above top ten shareholders, or whether they were persons acting in concert as provided in the “Measures for the Management of Mergers and Acquisitions of Listed Companies”. Explanation of the participation of the top 10 shareholders and the top 10 shareholders without restricted shares in margin financing and securities lending and refinancing business (if any) Not applicable
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8 Information on the shareholders holding more than 5% of shares in issue, the top ten shareholders and the top ten shareholders not subject to selling restrictions participating in the refinancing and securities lending business ½Applicable ✔Not applicable Change of the top ten shareholders and the top ten shareholders not subject to selling restrictions compared with last period due to the refinancing lending / restitution ½Applicable ✔Not applicable 3. OTHER MATTERS Other important information about the operation of the Company during the Reporting Period that should be brought to the attention of the investors ½Applicable ✔Not applicable 4. THE QUARTERLY FINANCIAL REPORTS 4.1 Type of Audit Opinion ½Applicable ✔Not applicable
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9 4.2 Financial Report Consolidated Balance Sheet As at 30 September 2025 Prepared by: Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd Items 30 September 2025 31 December 2024 (RMB) (RMB) (Unaudited) (Audited) Current assets: Cash at bank and on hand 13,708,456,362.90 18,273,150,112.58 Settlement provisions – – Funds lent – – Financial assets held for trading – – Derivative financial assets – – Notes receivable 539,593,651.13 553,919,519.41 Accounts receivable 19,134,817,688.17 15,725,982,661.17 Accounts receivable financing 4,003,592,090.19 3,175,849,620.31 Advances to suppliers 635,951,872.85 577,942,385.96 Premiums receivable – – Cession insurance premiums receivable – – Provision for insurance contracts – – Other receivables 1,327,185,081.73 993,650,235.33 Including: Interest receivable – – Dividend receivable 1,500,000.00 1,500,000.00 Financial assets purchased under resale agreements – – Inventories 11,080,685,715.39 12,811,902,453.79 Including: Data resources – – Contract assets – – Classified as assets held for sale – – Current portion of non-current assets 4,624,029,523.03 3,783,355,648.62 Other current assets 5,381,781,380.42 1,866,475,672.20 Total current assets 60,436,093,365.81 57,762,228,309.37
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10 Items 30 September 2025 31 December 2024 (RMB) (RMB) (Unaudited) (Audited) Non-currents assets: Entrusted loans and advances – – Debt investment 6,618,379,057.21 8,053,925,346.18 Other debt investment – – Long-term receivables – – Long-term equity investment 1,563,961,366.76 1,507,259,073.94 Other equity instrument investment 95,715,657.62 104,180,509.45 Other non-current financial assets 519,446,767.23 531,000,228.05 Investments properties 141,892,285.58 145,071,577.99 Fixed assets 5,792,804,881.13 5,530,013,212.85 Construction in progress 1,878,964,881.88 1,846,192,932.95 Bearer biological assets 858,714.60 1,120,772.10 Oil and gas assets – – Right-of-use assets 508,338,783.93 561,406,325.03 Intangible assets 2,796,795,927.72 2,828,761,601.53 Including: Data resources – – Development expenditure 404,262,127.46 369,934,913.74 Including: Data resources – – Goodwill 834,090,912.89 830,854,604.98 Long-term prepaid expenses 161,733,920.67 188,559,343.16 Deferred tax assets 1,200,726,799.49 1,210,403,693.47 Other non-current assets 215,194,838.05 212,699,075.85 Total non-current assets 22,733,166,922.22 23,921,383,211.27 Total Assets 83,169,260,288.03 81,683,611,520.64
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11 Items 30 September 2025 31 December 2024 (RMB) (RMB) (Unaudited) (Audited) Current liabilities: Short-term borrowings 10,219,157,438.18 9,122,982,451.32 Borrowings from central banks – – Deposits funds – – Financial liabilities held for trading – – Derivative financial liabilities – – Notes payable 4,695,628,050.63 4,584,854,358.78 Accounts payable 12,891,287,336.22 11,734,666,536.69 Advances from customers 2,175,034.28 4,548,223.86 Contract liabilities 865,780,454.88 5,071,977,258.92 Financial assets sold under repurchase agreements – – Deposits from customers and interbank – – Funds received as agent of stock exchange – – Funds received as stock underwrite – – Employee benefits payable 931,279,647.10 899,113,818.50 Taxes payable 616,464,611.66 248,911,254.15 Other payables 4,946,109,017.22 5,074,298,832.26 Including: Interest payable – – Dividends payable 48,874,947.01 50,492,925.62 Handling charges and commissions payable – – Cession insurance premiums payable – – Liabilities held for sales – – Current portion of non-current liabilities 2,171,588,039.41 1,522,617,327.55 Other current liabilities 399,894,085.56 651,719,293.54 Total current liabilities 37,739,363,715.14 38,915,689,355.57
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12 Items 30 September 2025 31 December 2024 (RMB) (RMB) (Unaudited) (Audited) Non-current liabilities: Insurance contract reserve – – Long-term borrowings 2,710,486,805.82 2,805,538,605.44 Bonds payable 601,584,493.15 – Including: Preferred stock – – Perpetual bond – – Lease liabilities 395,975,223.52 445,715,206.87 Long-term payables 19,666,964.60 19,666,964.60 Long-term employee benefits payable 295,451.83 299,678.21 Provisions 42,366,223.41 44,144,600.58 Deferred income 1,001,679,501.79 1,001,862,397.10 Deferred tax liabilities 618,978,962.82 625,557,477.06 Other non-current liabilities 54,835,323.04 55,501,488.82 Total non-current liabilities 5,445,868,949.98 4,998,286,418.68 Total Liabilities 43,185,232,665.12 43,913,975,774.25 Shareholders’ equity: Share capital 1,625,790,949.00 1,625,790,949.00 Other equity instruments – – Including: Preferred stock – – Perpetual bond – – Capital surplus 10,112,849,927.85 10,113,721,707.21 Less: Treasury shares – – Other comprehensive income (20,608,011.17) (13,839,663.97) Special reserve – – Surplus reserve 2,363,518,341.03 2,363,518,341.03 General risk provision – – Undistributed profits 23,824,755,853.98 21,815,336,535.32 Total equity attributable to the Shareholders of the parent Company 37,906,307,060.69 35,904,527,868.59 Minority interest 2,077,720,562.22 1,865,107,877.80 Total Shareholders’ Equity 39,984,027,622.91 37,769,635,746.39 Total Liabilities and Shareholders’ Equity 83,169,260,288.03 81,683,611,520.64 Person in charge of the Company Principal in charge of accounting Head of accounting department Mr. Li Xiaojun Ms. Liu Fei Ms. Wu Chuling
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13 Consolidated Income Statement 1 January-30 September 2025 Prepared by: Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd Items 1 January- 30 September 2025 1 January- 30 September 2024 (RMB) (RMB) (Unaudited) (Unaudited) 1. Total operating income 61,605,993,795.54 59,060,000,304.02 Including: Operating income 61,605,993,795.54 59,060,000,304.02 Interest Income – – Premiums earned – – Fees and commissions income – – 2. Total operating costs 57,775,065,296.12 55,409,270,136.71 Including: Operating cost 50,760,767,476.32 48,603,741,326.07 Interest expense – – Fees and commissions expense – – Surrenders – – Net claims paid – – Net reserves for insurance contracts – – Policyholder dividends – – Reinsurance expenses – – Taxes and surcharges 261,305,650.32 235,356,075.29 Selling and distribution expenses 4,315,869,809.87 4,230,704,840.48 General and administrative expenses 1,791,464,326.30 1,758,912,109.37 R&D expenses 443,721,664.39 578,513,078.86 Financial expenses 201,936,368.92 2,042,706.64 Including: Interest expense 305,907,237.45 317,474,763.11 Interest income 114,209,871.67 323,773,472.37 Add: Other income 184,452,442.49 222,748,175.69 Investment income (“-” for loss) 309,242,649.96 191,398,771.12 Including: In come from investments in associates and joint ventures (10,860,499.98) (19,315,715.49) Gains on termination of financial assets measured at amortized cost (“-” for loss) (17,125,884.76) (10,017,100.58) Exchange gains and losses (“-” for loss) – – Gains on hedging of net exposure (“-” for loss) – – Gains from changes in fair value (“-” for loss) (9,903,460.82) 28,108,901.42 Impairment losses in respect of credit (“-” for loss) (194,666,892.70) (87,861,728.30) Impairment losses in respect of assets (“-” for loss) (9,154,190.61) (4,789,030.18) Gains from disposal of assets (“-” for loss) 4,253,706.42 733,098.93
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14 Items 1 January- 30 September 2025 1 January- 30 September 2024 (RMB) (RMB) (Unaudited) (Unaudited) 3. Operating profit (“-” for loss) 4,115,152,754.11 4,001,068,355.99 Add: Non-operating income 84,438,378.89 28,093,313.69 Less: Non-operating expenses 15,488,513.58 23,123,867.33 4. Total profit (“-” for loss) 4,184,102,619.42 4,006,037,802.35 Less: Income tax expenses 785,982,846.70 716,597,144.88 5. Net profit (“-” for loss) 3,398,119,722.72 3,289,440,657.47 (1) Classified by the continuity of operations A. Net profit from continuing operations (“-” for loss) 3,398,119,772.72 3,289,440,657.47 B. Net profit from discontinued operations (“-” for loss) – – (2) Classified by ownership of the equity A. Net profit attributable to the parent company’s shareholders (“-” for loss) 3,310,052,077.86 3,158,976,998.91 B. Minority interest (“-” for loss) 88,067,694.86 130,463,658.56 6. Other comprehensive income, net of tax (6,430,570.59) 5,451,038.55 Other comprehensive income, net of tax attributable to the parent company’s shareholders (6,768,347.20) 4,941,147.82 (1) Other comprehensive income that will not be reclassified to profit or loss (7,191,651.37) 81,295.97 A. Changes arising from the remeasurement of defined benefit obligation – – B. Other comprehensive income that will not be reclassified to profit or loss under equity method – – C. Changes in fair value of other equity instrument investments (7,191,651.37) 81,295.97 D. Change in fair value of the company’s own credit risk – – (2) Other comprehensive income that may be reclassified into profit or loss 423,304.17 4,859,851.85 A. Other comprehensive income that may be reclassified to profit or loss under equity method – – B. Change in fair value of other debt investments (3,953,402.01) (1,453,110.30)
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15 Items 1 January- 30 September 2025 1 January- 30 September 2024 (RMB) (RMB) (Unaudited) (Unaudited) C. The amount of financial assets reclassified into other comprehensive income – – D. Provision for credit loss of other debt investments 7,337,148.56 6,561,045.51 E. Cash flow hedge reserve – – F. Difference arising from the translation of foreign currency financial statements (2,960,442.38) (248,083.36) G. Others – – Other comprehensive income, net of tax attributable to minority shareholders 337,776.61 509,890.73 7. Total comprehensive income 3,391,689,202.13 3,294,891,696.02 Total comprehensive income attributable to shareholders of the parent company 3,303,283,730.66 3,163,918,146.73 Total comprehensive income attributable to minority shareholders 88,405,471.47 130,973,549.29 8. Earnings per share (1) Basic earnings per share (RMB/Share) 2.036 1.943 (2) Diluted earnings per share (RMB/Share) 2.036 1.943 If business combination under common control occurred during the Reporting Period, the net profit of the combined party realized before the combination was RMB0, and the net profit of the combined party realized in the prior period was RMB0. Person in charge of the Company Principal in charge of accounting Head of accounting department Mr. Li Xiaojun Ms. Liu Fei Ms. Wu Chuling
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16 Consolidated Cash Flow Statement 1 January-30 September 2025 Prepared by: Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd Items 1 January- 30 September 2025 1 January- 30 September 2024 (RMB) (RMB) (Unaudited) (Unaudited) 1. Cash flows from operating activities Cash received from sale of goods and rendering of services 53,756,805,560.12 53,853,420,268.89 Customer deposits and interbank net increase in deposits – – Net increase in borrowings from central banks – – Borrowing funds from other financial institutions net increase – – Receipt of the original insurance contract cash – – Net cash received from reinsurance business – – Net increase in policyholders’ deposits and investments – – Charge interest, fees and commissions – – Net increase in placements from banks and the financial institutions – – Net increase in repo operations funds – – Net cash received from customer brokerage deposits – – Refund of taxes and surcharges 15,946,103.70 6,716,950.05 Cash received relating to other operating activities 766,373,602.99 1,158,848,114.31 Sub-total of cash inflows 54,539,125,266.81 55,018,985,333.25
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17 Items 1 January- 30 September 2025 1 January- 30 September 2024 (RMB) (RMB) (Unaudited) (Unaudited) Cash paid for goods and services 47,898,939,419.74 47,109,935,884.03 Net increase in loans and advances to customers – – Net increase in central banks and interbank deposits cash – – Pay the original insurance contract paid in cash – – Net increase in loans to banks and other financial institutions – – Payment of interest, fees and commissions – – Commissions on insurance policies paid – – Cash paid to and on behalf of employees 4,341,749,998.71 4,435,644,301.85 Payments of taxes and surcharges 2,151,046,244.77 2,251,415,772.94 Cash paid relating to other operating activities 2,119,363,189.67 1,973,351,604.63 Sub-total of cash outflows 56,511,098,852.89 55,770,347,563.45 Net cash flows from operating activities (1,971,973,586.08) (751,362,230.20) 2. Cash flows from investing activities Cash received from disposal of investments 6,634,870,589.00 590,000,000.00 Cash received from returns on investments 387,652,734.87 107,275,170.80 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 6,398,382.49 1,064,294.37 Net cash received from sales of subsidiaries and other business units – – Cash received from other investing activities 2,263,621.07 1,039.65 Sub-total of cash inflows 7,031,185,327.43 698,340,504.82 Cash paid to acquire fixed assets, intangible assets and other long-term assets 909,278,827.21 811,976,357.03 Cash paid to acquire investments 9,542,043,110.34 4,124,604,278.65 Net increase in loans – – Net cash paid for acquire subsidiaries and other business units – 1,565,411.30 Cash paid relating to other investing activities 977,424.66 – Sub-total of cash outflows 10,452,299,362.21 4,938,146,046.98 Net cash flows from investing activities (3,421,114,034.78) (4,239,805,542.16)
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18 Items 1 January- 30 September 2025 1 January- 30 September 2024 (RMB) (RMB) (Unaudited) (Unaudited) 3. Cash flows from financing activities Cash received from capital contributions 150,210,100.00 31,160,000.00 Including: Cash received from capital contributions by minority shareholders to subsidiaries 150,210,100.00 31,160,000.00 Cash received from borrowings 9,733,200,061.15 8,502,620,927.35 Cash received relating to other financing activities 899,799,416.67 585,435.69 Sub-total of cash inflows 10,783,209,577.82 8,534,366,363.04 Cash repayments of borrowings 7,991,241,755.32 6,183,281,596.78 Cash payments for interest expenses and distribution of dividends or profits 1,590,615,697.51 1,548,810,792.49 Including: Cash payments for dividends or profit to minority shareholders of subsidiaries 34,835,881.09 67,230,700.96 Cash payments relating to other financing activities 194,988,116.22 214,964,641.28 Sub-total of cash outflows 9,776,845,569.05 7,947,057,030.55 Net cash flows from financing activities 1,006,364,008.77 587,309,332.49 4. Effects of foreign exchange rate changes on cash and cash equivalents 4,065,898.05 5,010,323.35 5. Net increase in cash and cash equivalents (4,382,657,714.04) (4,398,848,116.52) Add: Cash and cash equivalents at the beginning of the period 16,302,938,963.14 19,823,543,794.72 6. Cash and cash equivalents at the end of the period 11,920,281,249.10 15,424,695,678.20 Person in charge of the Company Principal in charge of accounting Head of accounting department Mr. Li Xiaojun Ms. Liu Fei Ms. Wu Chuling
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19 4.3 Adjustments to the financial statements at the beginning of the year resulting from the first-time adoption of new accounting standards or interpretations thereof starting from 2025 ½ Applicable ✔ Not applicable The Board of Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited Guangzhou, the PRC, 28 October 2025 As at the date of this report, the Board comprises Mr. Li Xiaojun, Mr. Chen Jiehui, Ms. Cheng Ning, Mr. Cheng Hongjin, Mr. Tang Heping and Mr. Li Hong as executive directors, and Mr. Chen Yajin, Mr. Huang Min, Mr. Wong Lung Tak Patrick and Ms. Sun Baoqing as independent non-executive directors.