华润双鹤药业完成部分限制性股票回购注销，投资者需关注潜在影响

【核心要点速览】

• 华润双鹤药业股份有限公司（以下简称“公司”）于2026年3月完成2021年限制性股票激励计划部分限制性股票的回购注销。
• 本次回购注销涉及因退休及组织调动不再符合激励条件的3名首次授予激励对象，共计174,998股限制性股票。
• 回购注销价格为每股5.654元（加同期银行存款利息），资金全部来源于公司自有资金。
• 回购注销程序已依法合规完成，包括公告通知债权人、45天公示期、回购专用证券账户操作、预计于2026年3月16日完成注销，并将依法办理工商变更登记。

一、回购注销的背景与批准流程

公司根据《2021年限制性股票激励计划（2022年12月修订稿）》及相关管理办法，对不再符合激励条件的员工（1名退休、2名组织调动）所持尚未解除限售的限制性股票进行回购注销。所有相关议案已经分别通过2022年、2023年、2025年历次股东大会、董事会及监事会审议批准，且已获得现阶段所有必要授权。

二、回购注销的具体方案

• 回购注销对象：3名首次授予激励对象，共计174,998股限制性股票。
• 回购价格：5.654元/股（由首次授予价格7.54元/股，扣除2021-2025年间的各项权益分派），并加同期银行存款利息。
• 资金来源：公司自有资金，无需外部融资。
• 调整机制：如果公司在限售期间发生资本公积转增股本、派送股票红利、股份拆细、配股或缩股、派息等事项，回购价格将相应调整。

三、实施情况与法律程序

• 2025年12月26日，公司在上海证券交易所及指定媒体披露了回购注销公告，并依法履行通知债权人程序。
• 公告公示期已满45天，期间公司未收到任何债权人要求清偿债务或提供担保的申请。
• 公司已在中国证券登记结算公司上海分公司开设回购专用证券账户，相关股份预计于2026年3月16日完成注销。
• 注销完成后，公司将依法办理工商变更登记手续。

四、对投资者的潜在影响与需关注事项

• 股份结构影响：本次回购注销后，公司总股本将相应减少，有助于提升每股收益（EPS），对股东价值可能产生积极影响。
• 资金安全：本次回购资金全部来源于公司自有资金，不影响公司日常经营和财务安全。
• 合规性：回购注销过程完全依法合规进行，已履行全部法定程序，未发现法律障碍或潜在法律风险。
• 信息披露：公司将继续履行相关信息披露义务，保障投资者知情权。

五、投资者建议

投资者应关注本次回购注销对公司股本结构、每股收益提升等潜在积极影响，并密切留意公司后续关于工商变更登记等公告。鉴于公司激励对象变动、回购注销价格及程序均公开透明，预计不会对公司短期经营造成重大不利影响，但可能因流通股本减少等因素对二级市场交易价格产生一定积极影响。

免责声明：本文根据上市公司公告及律师事务所法律意见书整理，仅供投资者参考，不构成投资建议或买卖依据。投资者应结合自身实际情况和市场环境，理性判断相关信息的影响，独立承担投资风险。

English Version

China Resources Double-Crane Completes Partial Restricted Stock Buyback and Cancellation: Investor Focus

Key Highlights

• China Resources Double-Crane Pharmaceutical (the “Company”) completed the buyback and cancellation of part of its 2021 Restricted Stock Incentive Plan in March 2026.
• This buyback and cancellation involves 3 initially granted incentive recipients (due to retirement and internal transfers), totaling 174,998 restricted shares.
• The buyback price is RMB 5.654 per share (plus interest at the prevailing bank deposit rate), with all funds sourced from the company’s own capital.
• All legal procedures for the buyback and cancellation have been fully completed, including creditor notification, a 45-day public announcement, operation through a dedicated buyback account, and the shares are expected to be officially cancelled by March 16, 2026. Business registration changes will follow.

1. Background and Approval Process

In accordance with the “2021 Restricted Stock Incentive Plan (December 2022 Revision)” and relevant regulations, the company implemented a buyback and cancellation for employees who no longer meet incentive requirements (1 retired, 2 transferred). All relevant proposals passed at the 2022, 2023, and 2025 shareholders’ and board meetings, with all necessary approvals and authorizations obtained.

2. Detailed Buyback Plan

• Target Recipients: 3 initial recipients, totaling 174,998 restricted shares.
• Buyback Price: RMB 5.654 per share (calculated from the original grant price of RMB 7.54 per share, minus all dividends from 2021-2025, plus bank interest).
• Source of Funds: The company’s own funds; no external financing involved.
• Adjustment Mechanism: If the company undergoes events affecting share capital (such as bonus issues, share splits, etc.), the buyback price will be adjusted accordingly.

3. Implementation and Legal Compliance

• On December 26, 2025, the company announced the buyback and cancellation on the SSE website and other designated media, formally notifying creditors.
• The 45-day public announcement period has ended, and no creditor has requested payment or guarantees.
• The company opened a dedicated buyback securities account at CSDC Shanghai Branch. The shares are expected to be cancelled by March 16, 2026.
• After cancellation, the company will proceed with business registration changes as required by law.

4. Potential Impact and Matters of Concern for Investors

• Share Structure Impact: Total share capital will decrease post-cancellation, potentially boosting EPS and adding value to shareholders.
• Financial Stability: The buyback is fully funded by internal cash, ensuring no adverse impact on daily operations or financial health.
• Regulatory Compliance: The process is fully compliant and all legal requirements have been fulfilled; no legal risks identified.
• Disclosure: The company will continue to fulfill its information disclosure obligations to ensure investor awareness.

5. Investor Advice

Investors should pay attention to the positive impact this cancellation may have on share structure and EPS, and monitor subsequent announcements regarding business registration changes. Given the transparency of the process and the limited number of shares involved, no material adverse impact is expected. However, the reduced free float may provide some positive support to the share price in the short to medium term.

Disclaimer: This article is based on company announcements and the law firm’s legal opinion letter. It is for reference only and does not constitute investment advice. Investors should assess the information in the context of their own circumstances and the market environment, and assume investment risks independently.

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