Jianfeng Group Lin2017 -003 Announcement on Foreign Investment of Subsidiates
Release time:
2020-08-05
证券代码:600668 证券简称:尖峰集团 公告编号:2017-003
债券简称:13尖峰01 债券代码:122227
债券简称:13尖峰02 债券代码:122344
浙江尖峰集团股份有限公司
关于子公司对外投资的公告
本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担个别及连带责任。
重要内容提示:
l 交易简要内容:本公司控股子公司浙江尖峰药业有限公司(以下简称:尖峰药业)拟分四期对北京慧宝源生物技术股份有限公司(以下简称:北慧生物、标的公司、公司)进行投资,其中:第一期出资8000万元,以每股4元的价格增资2000万股;第二期出资8600万元,以每股4.3元的价格增资2000万股,另出资3010万元以每股4.3元的价格受让桂林商源植物制品有限公司(以下简称:桂林商源)出让的北慧生物700万股;第三、第四期各增资1400万股,增资价格以届时的北慧生物的评估值为基础协商确定。若增资和股权转让全部完成,尖峰药业将持有北慧生物7500万股(占50.68%的股权,股权比例的计算未考虑引入其他投资者的情况)。
l 本次交易不构成关联交易
l 本次交易不构成重大资产重组
l 本次股权收购和增资事项经公司董事会审议后无需提交股东大会审议批准。
一、对外投资概述
(一)2017年02月28日,本公司控股子公司浙江尖峰药业有限公司与桂林商源植物制品有限公司、北京慧宝源企业管理有限公司(以下简称:北慧企管)、北京慧宝源生物技术股份有限公司签订了《关于北京慧宝源生物技术股份有限公司之增资和股权转让协议》(以下简称:《主协议》)、《业绩承诺补偿协议》,拟以北京慧宝源生物技术股份有限公司及其控股子公司广西慧宝源医药科技有限公司(以下简称:广慧科技)为平台共同合作开展新药研发、药品生产经营业务的合作。
尖峰药业拟以增资和股权转让的方式,分四期对北慧生物进行投资,其中:第一期出资8000万元,以每股4元的价格对北慧生物增资2000万股;第二期出资8600万元,以每股4.3元的价格对北慧生物增资2000万股,另出资3010万元以每股4.3元的价格受让桂林商源出让的北慧生物股权700万股;第三、第四期各对北慧生物增资1400万股,增资价格以届时各方共同认可并聘请的具有证券从业资格的资产评估机构进行评估,以评估结果为基础协商确定。若增资和股权转让全部完成,尖峰药业将持有北慧生物7500万股(占50.68%的股权,股权比例的计算未考虑引入其他投资者的情况)。
第一、二期的增资和股权转让价格以北京北方亚事资产评估事务所出具的《浙江尖峰药业有限公司拟投资而涉及的北京慧宝源生物技术有限公司股东全部权益价值评估报告》(北方亚事评报字【2016】第01-610号)为基础,以及考虑新药研发进程和《业绩承诺补偿协议》等因素,经交易各方充分沟通,谈判确定。
(二)董事会审议情况
2017 年2月28日,公司以通信方式召开了第九届董事会第十次会议,公司现有八名董事全部参加了会议,经审议与表决,董事会以8票同意、0票反对、0票弃权审议并通过了该事项。独立董事发表了独立意见。
(三)根据上海证券交易所《股票上市规则》和公司《章程》等有关规定,公司本次对外投资属董事会权限范围,无需提交股东大会审议。该合作事项不属于关联交易,也不构成《上市公司重大资产重组管理办法》规定的重大资产重组情况。
二、合作各方的基本情况
(一)桂林商源植物制品有限公司
1、企业名称:桂林商源植物制品有限公司
2、企业性质:有限责任公司(外商合资)
3、注册地:桂林灵川八里街开发区
4、注册日期:2003年10月23日
5、主要办公地点:广西省桂林市八里街开发区灵川大道33号
6、法定代表人:詹姆斯 周
7、注册资本:捌万美元整
8、经营范围:生产、销售植物脱水制品(涉及前置许可的项目除外)。(依法须经批准的项目,经相关部门批准后方可开展经营活动。)
9、主要股东:
|
序号 |
股东名称或姓名 |
出资额(万美元) |
出资比例 |
|
1 |
詹姆斯 周 |
4.4 |
55% |
|
2 |
周文迪 |
3.6 |
45% |
注:詹姆斯 周和周文迪是夫妻关系。
10、截至2016年底,桂林商源的资产总额10270.36万元、资产净额4527.59万元,2016年度的营业收入0万元、净利润-13.08万元,该财务数据未经审计。
(二)北京慧宝源企业管理有限公司
1、企业名称:北京慧宝源企业管理有限公司
2、企业性质:其他有限责任公司
3、注册地:北京市海淀区上地信息路2号(北京实创高科技发展总公司2-2号D栋)810
4、注册日期:2010年11月18日
5、主要办公地点:北京市海淀区上地信息路2号(北京实创高科技发展总公司2-2号D栋)810
6、法定代表人:周詹姆斯(与桂林商源的法定代表人詹姆斯 周为同一人)
7、注册资本:5000万元
8、经营范围:企业管理(企业依法自主选择经营项目,开展经营活动;)。(依法须经批准的项目,经相关部门批准后依批准的内容开展经营活动;不得从事本市产业政策禁止和限制类项目的经营活动。)
9、主要股东:
|
序号 |
股东名称或姓名 |
出资额(万元) |
出资比例 |
|
1 |
桂林商源植物制品有限公司 |
2550 |
51% |
|
2 |
王志强 |
1450 |
29% |
|
3 |
王绍峥 |
1000 |
20% |
10、截至2016年底,北慧企管的资产总额7653.85万元、资产净额3750.17万元,2016年度的营业收入0万元、净利润-614.36万元,该财务数据未经审计。
三、合作标的基本情况
(一)标的公司的基本情况
1、企业名称:北京慧宝源生物技术股份有限公司
2、企业性质:其他股份有限公司(非上市)
3、注册地:北京市海淀区开拓路5号A区四层A407、A408室
4、注册日期:2011年07月15日
5、主要办公地点:北京市昌平区生命园路20号院7号楼402室
6、法定代表人:周詹姆斯(与桂林商源的法定代表人詹姆斯 周为同一人)
7、注册资本:8000万元
8、经营范围:技术推广、技术转让、技术咨询、技术服务;医学研究与试验发展;技术进出口。
主要通过其子公司广慧科技开展医药产品的生产和销售业务,广慧科技成立于2013年3月,注册资本20000万元(其中北慧生物占75%、广西中马园区产业平台投资有限公司占25%),住所:中马钦州产业园区中马大街1号,其新建的生产基地设在中国-马来西亚钦州产业园,占地214.46亩,拥有渗漉车间、酊剂车间、固体制剂车间、液体制剂车间等多个剂型的生产车间已基本建成(总建筑面积65378.44 ㎡),目前已经进入GMP认证阶段,待通过GMP认证后可投入生产。广慧科技主要从事医药技术开发研究;医药建设项目投资、咨询;颗粒剂、中药前处理和提取、合剂(口服液)、糖浆剂、酊剂(内服、外用)、搽剂、酒剂、片剂生产、销售;新药技术的引进等。2016年广慧科技通过受让药品相关技术的方式,目前已经拥有以中成药制剂为主的77个药品批文,主要产品有:藿香正气水、十滴水、陈香露白露片、复方珍珠解毒口服液、益肝明目口服液等。公司拥有较强的对外合作及新药研发能力,获得了美国耶鲁大学和佐治亚大学研究基金会股份有限公司的“曲沙他滨”抗癌结构专利、治疗方法和全球商业化开发授权;“克来夫定”抗乙肝病毒的中国商业化开发授权;“克来夫定”抗癌结构专利、治疗方法及抗癌全球商业开发优先权。2016年8月,注射用“曲沙他滨”抗肝癌获得了国家食品药品监督管理局颁发的《药物临床试验批件》(批件号:2016L07060),目前正在进行一期临床前的准备工作。
(1)曲沙他滨
曲沙他滨是由美国耶鲁大学研发的抗肿瘤胞苷类似物,国内外都未有上市,美国SHIRE公司曾进行过适应症为多种实体肿瘤和血液恶性肿瘤的I期/II期临床研究,采用各种剂量方案,进行了曲沙他滨单独给药或与其它化疗药物联合给药,获得了充分的人体暴露量和安全性数据,后由于在血液恶性肿瘤的三期临床试验中与现有类似的产品疗效相似及SHIRE公司产品战略的从新定位,停止了该药品的临床研究。后续研究发现曲沙他滨对肝癌和乙肝病毒具有双重抑制作用,对缺氧环境下的实体瘤更有效。
(2)克来夫定
克来夫定是耶鲁大学郑永齐教授实验室发明的一种具有抗乙肝病毒活性的新型嘧核苷类似物,是继拉米夫定后的第III代抗乙肝药。已在韩国、泰国、菲律宾获得批准上市。克来夫定具有显著的病毒抑制效应及肝脏生化改善作用,在治疗后6个月时仍出现显著持久效应(持久效应是至关重要的优点,因大多数乙肝病人需要长期治疗),具有明显的控制病毒效果。
9、主要股东:
|
序号 |
股东名称 |
出资额(万元) |
出资比例(%) |
|
1 |
桂林商源 |
57,437,300 |
71.80 |
|
2 |
何龙飞 |
10,160,000 |
12.70 |
|
3 |
北慧企管 |
10,000,000 |
12.50 |
|
4 |
其他14名自然人股东 |
2,402,700 |
3.00 |
(二)截至2015年年底,经具有证券、期货从业资格的中审华寅五洲会计师事务所审计,北慧生物的资产总额28501.85万元、负债总额24467.12万元、归属于母公司股东权益4034.73万元,2015年度的营业收入80万元、归属于母公司所有者净利润-537.39万元。
截至2016年末,北慧生物的资产总额33679.56万元、负债总额20563.34万元、归属于母公司股东权益9923.20万元。2016年度的营业收入2609万元、归属于母公司所有者净利润-1314.63万元。2016年的财务数据未经审计。
(三)交易标的评估情况
本次交易委托具有证券从业资格的北京北方亚事资产评估事务所对北慧生物进行评估。北京北方亚事资产评估事务所出具了《浙江尖峰药业有限公司拟投资而涉及的北京慧宝源生物技术股份有限公司股东全部权益价值评估报告》(北方亚事评报字【2016】第01-610号),评估价值为50,545万元,评估基准日为2016年6月30日。
本次评估主要采用收益法对标的公司进行评估,收益法是通过估算被评估企业经济寿命期内预期收益并以适当的折现率折算成现值,以此确定评估对象价值的一种评估方法。即以企业未来年度内产生的自由现金流量作为依据,以适当折现率折现后加总计算得出企业经营性资产价值,然后再加上溢余资产价值、非经营性资产价值,减去有息债务得出股东全部权益价值。
本次评估的结论:列入本次评估范围的北慧生物的账面价值为:资产总额 33,991.57万元,负债总额 19,233.16万元,净资产额10,250.11万元。收益法评估结果为基于被评估单位的盈利预测,股东全部权益的评估值为人民币伍亿零伍佰肆拾伍万元整(RMB50545万元),评估增值 40294.89万元,增值率393.12%。
本次收益发评估的主要假设包括:
<一>假设北慧生物的管理层是负责的,其经营完全遵守现行所有相关的法律和法规;
<二>假设北慧生物之资产在2016年6月30日后继续以目前的经营范围、方式在合理投入的基础上持续经营,企业能够保留并吸引有能力的管理人员、关键人才、技术人员以支持企业向前发展;
<三>北慧生物所在的地区及中国的社会经济环境不产生大的变更,除已出台的政策之外,在可以预见的将来,中国的宏观经济政策趋向平稳,税收、利率、物价水平等基本稳定,相关产业按照发展规划顺利实施,整个国民经济持续稳定,健康发展的态势保持不变;
<四>未来收益预测是在对企业以前年度的经营和管理能力分析基础上产生的,本次评估以企业能够维持或提高现有管理水平和经营水平为假设前提。对企业未来因重大决策或管理原因导致企业效益出现大幅波动或超出预测范围的情况,不在本次评估影响范围内;
<五>假设公司当前投入资产都能够按照规划时间顺利完工并投入运营,企业未来经营发展按照企业的整体发展规划顺利实施并基本实现预期目标;
<六>假设企业会计政策与核算方法无重大变化;
<七>本次预测以北慧生物评估基准日的现有股权结构为框架,不考虑基准日后可能发生的股权变化对其经营状况与盈利能力产生的影响;也不考虑未来可能由于管理层、经营策略和进行扩大性的追加投资等情况;
<八>假设在未来年度北慧生物将不会出现因不可抗力等原因导致公司及其业务发生重大损失的内容,也不考虑付息债务之外的其它不确定性损益;
<九>未来5年期以上的贷款年利率维持在评估基准日时的利率水平;
<十>企业研制的药品能顺利通过临床试验,进行新药注册申请并取得《新药证书》和《药品批准文号》。
对本次评估,公司董事会在进行尽职调查的基础上认为:本次交易标的预期未来各年度收益等重要评估依据、计算模型所采用的折现率等重要评估参数及评估结论具有合理性。
(四)北慧生物最近12个月内的增资情况。
最近12个月内,北慧生物进行了3次增资,分别为:
1、2016年3月,北慧生物的注册资本由1000.00万元增至2016.00万元,由何龙飞以人民币增资5,000.00万元,其中1,016.00万元计入实收资本,3,984.00万元计入资本公积。
2、2016年6月,北慧生物的注册资本由2,016.00万元增至7,759.73万元,由桂林商源植物制品有限公司以货币增资5,743.73万元。
3、2016年6月,北慧生物的注册资本变更为8,000.00万元,由14名自然人股东出资人民币600.675万元。其中240.27万元计入实收资本,360.405万元计入资本公积。
(五)2016年12月9日,北慧生物召开创立大会暨第一次股东大会,审议通过《设立北京慧宝源生物技术股份有限公司的议案》,北慧生物整体变更成为股份公司,改制后北慧生物注册资本仍为8,000.00万元。
四、合作协议的主要内容
2017年2月28日,尖峰药业(甲方或“投资方”)和北慧企管(乙方)、桂林商源(丙方)(乙方和丙方统称“控股股东”)、北慧生物(丁方、标的公司或公司)签订了《关于北京慧宝源生物技术股份有限公司之增资和股份转让协议》、。
(一)《关于北京慧宝源生物技术股份有限公司之增资和股份转让协议》的主要条款有:
<1>投资的前提条件
1.1各方确认,投资方在本协议项下的投资义务(包括持续增加出资和受让股份)以下列全部条件的满足为前提:
1.1.1各方同意并正式签署本协议并生效,包括所有附件内容。
1.1.2标的公司就每一期投资已按照《公司法》、本协议的相关条款完成章程修改。
1.1.3本次交易取得标的公司董事会、股东大会决议通过本协议项下的增资和股份转让事宜,及前述修改后的章程或章程修正案;并且原股东在作出股东大会决议时一并放弃对于本次交易的优先购买权和优先认购权。
1.1.4标的公司及控股股东于本协议附件五中所作出的陈述、保证与承诺在所有重大方面依然真实、准确、完整。
1.1.5开发期内,标的公司的经营或财务状况等方面没有发生重大不利变化(重大不利变化包括曲沙他滨、克拉夫定或中药019/018等新药的开发无法持续或超出附件三新药开发进度计划确定的时间一年,或各期投资上一年度的实际经营业绩未达到控股股东作出的当期业绩承诺50%以上),如果出现上述
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Create a safe environment to meet the G20
The G20 summit will be held in Hangzhou from September 4 to 5. On August 8, the safety committee of the group company will hold a meeting to make arrangements and put forward requirements for the key work of safety and environmental protection from now to the summit. At the meeting, Chen Tianci, director of the safety management office of the group company, conveyed the requirements of the provincial, municipal and district governments during the G20 summit. Combined with the specific situation and work characteristics of each enterprise, he put forward requirements for environmental protection, safety, public security and other work. In terms of environmental protection management, we must strictly implement the company's environmental protection system, focusing on the management and disposal of solid waste, and the emission control of sewage and dust; at present, in the high temperature season, we must focus on strengthening fire safety management, especially warehousing and hazardous chemical business units., We must strictly do a good job in daily safety inspections; all enterprises must promptly convey the relevant spirit of their superiors to each employee, strengthen ideological and political work, and create a good and harmonious corporate atmosphere. Xiang Chongping, deputy general manager of the group company, supplemented the territorial management of related matters of various enterprises, properly handling internal contradictions, and strengthening network security management. Yu Jianhong, general manager of the group company, stressed at the meeting that safety and environmental protection work should be talked about and grasped every day, and should not be relaxed at any time. Safety accidents seem to be accidental, but in fact they are inevitable, and their roots lie in the usual violations and carelessness. Therefore, all enterprises should seriously organize their employees to carry out self-examination and self-correction, effectively improve their safety awareness, and find out and rectify the small problems and hidden dangers that have been ignored in their work in the past. At the same time, it is necessary to do a good job in the safety zone of operation and the protection of related facilities, through advanced control systems, safe facilities and equipment, standardized
2020
07-31
Create a safe environment to meet the G20
The G20 summit will be held in Hangzhou from September 4 to 5. On August 8, the safety committee of the group company will hold a meeting to make arrangements and put forward requirements for the key work of safety and environmental protection from now to the summit. At the meeting, Chen Tianci, director of the safety management office of the group company, conveyed the requirements of the provincial, municipal and district governments during the G20 summit. Combined with the specific situation and work characteristics of each enterprise, he put forward requirements for environmental protection, safety, public security and other work. In terms of environmental protection management, we must strictly implement the company's environmental protection system, focusing on the management and disposal of solid waste, and the emission control of sewage and dust; at present, in the high temperature season, we must focus on strengthening fire safety management, especially warehousing and hazardous chemical business units., We must strictly do a good job in daily safety inspections; all enterprises must promptly convey the relevant spirit of their superiors to each employee, strengthen ideological and political work, and create a good and harmonious corporate atmosphere. Xiang Chongping, deputy general manager of the group company, supplemented the territorial management of related matters of various enterprises, properly handling internal contradictions, and strengthening network security management. Yu Jianhong, general manager of the group company, stressed at the meeting that safety and environmental protection work should be talked about and grasped every day, and should not be relaxed at any time. Safety accidents seem to be accidental, but in fact they are inevitable, and their roots lie in the usual violations and carelessness. Therefore, all enterprises should seriously organize their employees to carry out self-examination and self-correction, effectively improve their safety awareness, and find out and rectify the small problems and hidden dangers that have been ignored in their work in the past. At the same time, it is necessary to do a good job in the safety zone of operation and the protection of related facilities, through advanced control systems, safe facilities and equipment, standardized
2020
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Technological Innovation Brings Enterprises to the International Stage
Editor's note: As a 17-year-old senior enterprise in the extract industry, Tianjin Jianfeng Natural Products Research and Development Company has devoted more time, energy and funds to R & D and innovation while doing a good job in business operations. It has always been an important direction for them to achieve self breakthrough by turning waste into treasure and technological innovation. Therefore, it has achieved the improvement of market popularity at home and abroad and the rapid growth of sales volume, and has become a key science and technology enterprise in Tianjin Binhai New Area. On July 9, the "Bohai Morning Post" "TEDA Technology Little Giant Tour" column published an exclusive interview, describing the growth experience and a series of achievements of Tianjin Jianfeng Natural Products Company. This article will be reproduced in this newspaper for readers. "Little grape seed" grows into a little giant of science and technology to solve the problem of pesticide residues in plant extracts. Technological innovation has enabled the enterprise to step onto the international stage based on independent innovation and development. Starting from the initial grape seed extraction process, it has gradually grown into the largest professional fruit extract manufacturer in China with dozens of plant extract products conforming to international strict standards and an annual productivity of 2000 tons, tianjin Jianfeng Natural Products Research and Development Co., Ltd. (hereinafter referred to as "Tianjin Jianfeng") has gone through a decade of rapid development. As a supplier of raw materials in health food, beverages, cosmetics, baked goods and many other fields, the concept of "truth and safety" advocated by Tianjin Jianfeng has run through all aspects of R & D and production. Its products are not only well-known in China, but also exported to Europe and the United States. Become a new business card of TEDA. Technological innovation is in line with international standards. "In people's lives, the beverages they drink, the health foods they eat, and the cosmetics they use will contain plant extracts.
2020
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Create a safe environment to meet the G20
The G20 summit will be held in Hangzhou from September 4 to 5. On August 8, the safety committee of the group company will hold a meeting to make arrangements and put forward requirements for the key work of safety and environmental protection from now to the summit. At the meeting, Chen Tianci, director of the safety management office of the group company, conveyed the requirements of the provincial, municipal and district governments during the G20 summit. Combined with the specific situation and work characteristics of each enterprise, he put forward requirements for environmental protection, safety, public security and other work. In terms of environmental protection management, we must strictly implement the company's environmental protection system, focusing on the management and disposal of solid waste, and the emission control of sewage and dust; at present, in the high temperature season, we must focus on strengthening fire safety management, especially warehousing and hazardous chemical business units., We must strictly do a good job in daily safety inspections; all enterprises must promptly convey the relevant spirit of their superiors to each employee, strengthen ideological and political work, and create a good and harmonious corporate atmosphere. Xiang Chongping, deputy general manager of the group company, supplemented the territorial management of related matters of various enterprises, properly handling internal contradictions, and strengthening network security management. Yu Jianhong, general manager of the group company, stressed at the meeting that safety and environmental protection work should be talked about and grasped every day, and should not be relaxed at any time. Safety accidents seem to be accidental, but in fact they are inevitable, and their roots lie in the usual violations and carelessness. Therefore, all enterprises should seriously organize their employees to carry out self-examination and self-correction, effectively improve their safety awareness, and find out and rectify the small problems and hidden dangers that have been ignored in their work in the past. At the same time, it is necessary to do a good job in the safety zone of operation and the protection of related facilities, through advanced control systems, safe facilities and equipment, standardized
2020
07-31
The company requires each business segment to formulate medium-and long-term business plans.
According to our newspaper, "if an enterprise wants to develop in the long run, first of all, managers should have a long-term vision." On July 24, when general manager Yu Jianhong deployed the work for the second half of the year at the semi-annual meeting of the group company, he specifically asked all enterprises to formulate specific medium-and long-term business development plans for the next three to five years according to the industrial development trend and the group development strategy. Before making arrangements for the specific key work in the second half of the year, Yu Jianhong emphatically put forward the requirements for each business sector to formulate a business strategy plan for 2016-2018 according to the industry development trend and the group's development strategy. Yu Jianhong pointed out that the current group company's strategic decision-making and strategic development capabilities and efficiency still need to be improved. The publicity, understanding and implementation of the group's development strategy by various companies are not in place. The lack of medium and long-term business planning in each business sector restricts the business of the company. Development, cultivation of core products and profitability, construction of product brands, improvement of business scale and comprehensive strength. Last year, the group company asked the international trading company to formulate three-year work objectives and sign a three-year economic responsibility system with the company's management team. The actual effect shows that this has made the management team's management ideas clearer and more scientific and rational in terms of target setting, work arrangement and business development. For this reason, the group company put forward the requirements for the formulation of medium and long-term development plans for each business sector at this meeting. According to the industry characteristics of each business segment, market environment and other specific circumstances, the company makes requirements for the key content of the development plan of each business segment. For example, the pharmaceutical sector focuses on sales growth targets for key profitable products, product development and
2020
07-31
The company requires each business segment to formulate medium-and long-term business plans.
According to our newspaper, "if an enterprise wants to develop in the long run, first of all, managers should have a long-term vision." On July 24, when general manager Yu Jianhong deployed the work for the second half of the year at the semi-annual meeting of the group company, he specifically asked all enterprises to formulate specific medium-and long-term business development plans for the next three to five years according to the industrial development trend and the group development strategy. Before making arrangements for the specific key work in the second half of the year, Yu Jianhong emphatically put forward the requirements for each business sector to formulate a business strategy plan for 2016-2018 according to the industry development trend and the group's development strategy. Yu Jianhong pointed out that the current group company's strategic decision-making and strategic development capabilities and efficiency still need to be improved. The publicity, understanding and implementation of the group's development strategy by various companies are not in place. The lack of medium and long-term business planning in each business sector restricts the business of the company. Development, cultivation of core products and profitability, construction of product brands, improvement of business scale and comprehensive strength. Last year, the group company asked the international trading company to formulate three-year work objectives and sign a three-year economic responsibility system with the company's management team. The actual effect shows that this has made the management team's management ideas clearer and more scientific and rational in terms of target setting, work arrangement and business development. For this reason, the group company put forward the requirements for the formulation of medium and long-term development plans for each business sector at this meeting. According to the industry characteristics of each business segment, market environment and other specific circumstances, the company makes requirements for the key content of the development plan of each business segment. For example, the pharmaceutical sector focuses on sales growth targets for key profitable products, product development and
2020
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