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China Fund News reporter heard

On the evening of July 22, Baiyunshan announced that Li Chuyuan resigned from the positions of chairman of the company's ninth board of directors, executive director and director of the board's strategic development and investment committee for personal reasons.

At the helm for nearly 11 years

Sudden resignation

On July 22, the board of directors of Baiyunshan received a written resignation report from its chairman Li Chuyuan. After his resignation, Li Chuyuan no longer holds any position in Baiyunshan.

Public information shows that Li Chuyuan started working in July 1988. He has worked in Guangzhou Baiyunshan Pharmaceutical Factory, Guangzhou Baiyunshan Pharmaceutical Co., Ltd., director of Guangzhou Baiyunshan Traditional Chinese Medicine Factory, Guangzhou Baiyunshan Hutchison Whampoa Traditional Chinese Medicine Co., Ltd., Guangzhou Pharmaceutical Group Co., Ltd. (hereinafter referred to as Guangzhou Pharmaceutical Group) and many other companies.

Among them, Li Chuyuan has served as vice chairman of Baiyun Mountain since June 28, 2010, and as chairman of Baiyun Mountain since August 8, 2013. As of now, Li Chuyuan has been at the helm of Baiyun Mountain for nearly 11 years.

Li Chuyuan's sudden resignation did not cause the number of Baiyunshan board members to fall below the statutory minimum number, but someone still needs to take over the duties of chairman.

On July 22, the 12th meeting of the 9th Board of Directors of Baiyunshan reviewed and agreed that its Vice Chairman Yang Jun will perform the duties of Chairman on behalf of the Chairman, with the term starting from the date of approval by the Board of Directors until the date when the Board of Directors elects a new Chairman.

The industry is in a window period of transformation and upgrading

Baiyunshan, under the leadership of Li Chuyuan, focuses on the pharmaceutical and health industry. It is known as the leader of the pharmaceutical industry in South China with integrated industry and commerce. It is currently engaged in four major business segments.

Among them, the familiar herbal tea brand Wanglaoji is owned by Guangzhou Wanglaoji Pharmaceutical Co., Ltd., a subsidiary of Baiyun Mountain.

However, the pharmaceutical industry in which Baiyunshan is located is still in an important window period of transformation and upgrading.

On the one hand, the pharmaceutical industry faces challenges such as consistency evaluation, centralized bulk procurement of drugs, rising raw material prices, and medical insurance payments; on the other hand, the introduction of policies such as the revitalization and development of traditional Chinese medicine, the guidance of drug research and development and imitation, and medical services will effectively stimulate the innovation and creativity of pharmaceutical companies.

In 2023 and the first quarter of 2024, Baiyunshan achieved net profit attributable to shareholders of RMB 4.056 billion and RMB 1.958 billion, respectively, a year-on-year increase of 2.25% and 2.59%, respectively.

Baiyunshan introduced in its 2023 annual report that during the reporting period, affected by factors such as drug price cuts and rising raw material prices, the main economic indicators of the pharmaceutical industry were in a downward trend, and the operating trends of various sub-industries continued to diverge.

As of the close of July 22, Baiyunshan’s total market value was 50.37 billion yuan.

Editor: Joey

Reviewer: Chen Siyang

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