致Ｂ：2012年年度报告（英文版）
日 00:12来源：凤凰网财经
China National Accord Medicines Corporation Ltd. Annual Report 2012
China National Accord Medicines Corporation Ltd.
Annual Report 2012
March 2013
China National Accord Medicines Corporation Ltd. Annual Report 2012
Section I. Important Notice， Contents and Paraphrase
Board of Directors， Supervisory Committee， all directors， supervisors and senior executives of Chengde
Nanjiang Co.， Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any fictitious
statements， misleading statements， or important omissions carried in this report， and shall take all
responsibilities， individual and/or joint， for the reality， accuracy and completion of the whole contents.
Yan Zhigang， Principal of the Company， Wei Pingxiao， person in charger of accounting works and Chi
Guoguang， person in charge of accounting organ (accounting principal) hereby confirm that the Financial
Report of 2012 Annual Report is authentic， accurate and complete.
Other directors attending the Meeting for annual report deliberation except for the followed:
Name of director absentTitle for absent directorReasons for absentAttorney
He ZhiyiIndependent directorOfficial businessXiong Chuxiong
The Preplan Profit Distribution of the Company deliberated and approved by The Board is: taking the total
shares as of Dec. 31， 2011 as the radix， sending cash dividends of RMB 1.8(tax included) per every 10 shares
to its all shareholders， and not converting capital reserve into share capital.
Concerning the forward-looking statements with future planning involved in the Report， they do not constitute
a substantial commitment for investors. Investors should be cautious with investment risks.
China National Accord Medicines Corporation Ltd. Annual Report 2012
Annual Report 2012 ......................................................................................................................................... 1
Section I Important Notice， Contents and Paraphrase ................................................................................ 2
Section II Company Profile ............................................................................................................................. 6
Section III Accounting data and summary of finnaical indexes ................................................................. 8
Section IV Report of the Board of Directors ............................................................................................... 10
Section V Important Events .......................................................................................................................... 28
Section VI Changes in shares and particular about shareholders ........................................................... 57
Section VII Particulars about Directors， Supervisors，Senior Executives and Employees .................... 63
Section VIII Administrative Structure .......................................................................................................... 72
Section IX Internal Control ........................................................................................................................... 80
Section X Financial Report ........................................................................................................................... 82
Section XI Documents available for reference ......................................................................................... 197
China National Accord Medicines Corporation Ltd. Annual Report 2012
Paraphrase
ItemsRefers toContents
Listed Company，Company，The
Company， the Geoup， SinopharmRefers to China National Accord Medicines Corporation Ltd.
Sinopharm Group Co.，Ltd.;Controlling shareholder of
Sinopharm HoldingRefers to
the company
Company LawRefers to Company Law of the People’s Republic of China
Securities LawRefers to Securities Law of the People’s Republic of China
Yuan， 10 thousand Yuan， 100 million
Refers to RMB， RMB 10 thousand， RMB 100 million
China National Accord Medicines Corporation Ltd. Annual Report 2012
Major Risk Warning
It is likely to existing risks in aspect of industrial competition， operation& management， market and
national policy， and majority investors are advised to exercise caution of investment risks.
China National Accord Medicines Corporation Ltd. Annual Report 2012
Section II Company profile
I. Company information
Short form of the stockSinopharm A Accord B Stock code0028
Stock exchange for listingShenzhen Stock Exchange
Name of the Company (in
国药集团一致药业股份有限公司
Short form of the Company
(in Chinese)
Foreign name of the
China National Accord Medicines Corporation Ltd.
Company(if applicable)
Short form of foreign name
of the Company(ifSinopharm Accord
applicable)
Legal representativeYan Zhigang
Accord Pharm. Bldg.， No. 15， Ba Gua Si Road， Futian District， Shenzhen，
Registrations add.
Guangdong Province
Code for registrations add518029
Accord Pharm. Bldg.， No. 15， Ba Gua Si Road， Futian District， Shenzhen，
Offices add.
Guangdong Province
Codes for office add.518029
Company’s Internet Web
http://www.szaccord.com.cn
II. Person/Way to contact
Secretary of the Board
NameChen Changbing
Accord Pharm. Bldg.， No. 15， Ba Gua Si Road， Futian District， Shenzhen，
Contact add.
Guangdong Province
Tel.+(86)755
Fax.+(86)755
III. Information disclosure and preparation place
Newspaper appointed for informationSecurities T China Securities J Hong Kong
disclosureCommercial Daily
Website for annual report publish
http://www.szse. http://www.cninfo.com.cn
appointed by CSRC
Preparation place for annual reportSecretariat of the Board of Directors
IV. Registration changes of the Company
Registration NO.
Date forPlace forNo. of taxation Organization
for enterprise legal
registrationregistrationregistrationcode
Initial registrationShenzhen，P.R.C6-7
Registration at end of
Shenzhen，P.R.C048 267
report period
China National Accord Medicines Corporation Ltd. Annual Report 2012
V. Other relevant information
CPA engaged by the Company
Name of CPAPricewaterhouse Coopers Zhongtian CPA Limited Company
11/Floor，PWC Center， Building 2#， Corporate Avenue， No.202 Hubin Rd.，
Offices add. for CPA
Luwan District， Shanghai， P.R.C
Signing AccountantsChen Yuntao，Tang Zhenfeng
Sponsor engaged by the Company for performing continuous supervision duties in reporting period
□ Applicable√ Not applicable
Financial consultant engaged by the Company for performing continuous supervision duties in reporting
□ Applicable√ Not applicable
China National Accord Medicines Corporation Ltd. Annual Report 2012
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy
changed and accounting error correction or not
√ Yes □ No
Changes over last
2012year (%)
Pre-adjustmentPost-adjustment Post-adjustmentPre-adjustmentPost-adjustment
Operating income
18，011，759，178.，338，571.64 15，150，128，554.，064，428，148.，692，346.51
Net profit attributable
to shareholders of the475，792，491.1，489.8，616.，116，656.7，158.74
listed company(RMB)
Net profit attributable
to shareholders of the
listed company after
448，238，374.5，082.8，021.，647，806.2，285.65
non-recurring gains
and losses(RMB)
Net cash flow arising
from operating323，955，332.7，131.9，293.，159，420.6，719.54
activities(RMB)
Basic earnings per
1.651.151..910.91
share (RMB/Share)
Diluted earnings per
1.651.151..910.91
share (RMB/Share)
Return on Equity (%)30.51%27.52%27.47%3.04%27.17%27.25%
Total assets (RMB)9，295，839，939.647，665，759，761.04 7，679，312，771.，306，793，005.816，325，430，916.21
Net assets attributable
to shareholder of
listed company
(Owners’ equity1，775，943，028.961，350，217，871.351，350，093，276.，052，370，309.531，054，229，588.11
attributable to
shareholder of listed
company ) (RMB)
China National Accord Medicines Corporation Ltd. Annual Report 2012
II. Items and amounts of extraordinary profit (gains)/loss
ItemAmount in 2012 Amount in 2011 Amount in 2010Note
In this period， the
Gains/losses from the disposal ofsubsidiary moved
non-current asset (including thebecause of urban
-8，347，047.731，540，031.871，969，629.82
write-off that accrued forrenewal. And it losses
impairment of assets)RMB 8， 830，000 for
the housing disposal
In this period， the
subsidiary got the
compensation RMB
Governmental subsidy reckoned
28，500，000 by
into current gains/losses (not
dismantling and
including the subsidy enjoyed in
settling， tax return
quota or ration according to57，227，812.，864.388，221，739.90
RMB 10， 700， 000，
national standards， which are
bonus of enterprise
closely relevant to enterprise’s
progress RMB
4，940，000 and other
Government
Subsidies5，000，000
Current net gains/losses of theFor the influence of the
subsidiaries from period-begin toacquisition of
consolidated date occurred from-240，695.14-1，989，842.59-4，520，587.64 Sinopharm Holding
enterprise merger under theWuzhou Co.， Ltd under
common controlthe common control
For the taking back the
special bed debts RMB
Switch back of provision for780，000 from Nanning
depreciation of account receivableSecond People’s
1，815，099.411，977，108.016，926，932.01
which was singly takenHospital， RMB 480，000
depreciation testfrom Zhenshen
Second People’s
In this period， RMB
17，600，000
Other non-operating income and
compensation was
expenditure except for the-17，026，479.087，098，221.986，374，202.97
paid for the termination
aforementioned items
of contract of the
subsidiary.
Impact on income tax5，790，568.535，108，324.053，132，301.17
Impact on minority shareholders’
84，004.7283，742.80
equity (post-tax)
Total27，554，116.，594.，873.09--
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information
Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss， and the items
defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A
Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public ---
Extraordinary Profit/loss， explain reasons
□ Applicable √ Not applicable
China National Accord Medicines Corporation Ltd. Annual Report 2012
Section IV. Report of the Board of Directors
I. Introduction
Year of 2012 is a crucial year as a connecting link between the preceding and the following for strategy
development plan of “12th five-year plan” of the C also it is a key year of speed up the transformation
and upgrading as well as achieved the scientific development for the Company. Along with opportunity and
challenge， the gradually implementation of new medical reform and universal health care， the
pharmaceuticals industry has b meanwhile， concerning the public hospital reform，
zero-price， basic medicine bidding， two-invoice system， use restriction for antibiotic and other policies carried
out in succession， pharmaceuticals enterprise has a major challenge in operation and developing amidst
twists and turns.
In 2012， strictly around with the annual operation theme “steady growth， structure adjustment and
transformation promotion”， the Company completed annual budget index and vary targets in an all-around
way thought concentrating strength and overcoming difficult. In whole year， operation income realized RMB
18.012 billion with a y-o-y growth of 18.89%; net profit attributable to shareholder of listed company
amounting to RMB 476 million with 44.92% up y-o-y， achieved a real greatest and thus
Sinopharm Accord honor the “10th Anniversary Golden Achievement Award of Sinopharm Holding” (ranking
(I) Works of headquarter for year of 2012
Headquarter of the Company further promoting the function transformation and resources integration，
enhanced management efficiency and operating efficiency thought intensified the cooperation and division of
labor between headquarter a vary office of the headquarter continues to improve service
standards for business division while strengthen the core competency and operation management control
implemented.
1. Being reasonable authorized to business division and efficiency supervises， tow-level control mode of the
Company shows more and more perfection in daily operation.
2. Seize opportunity of management upgrading， promoted basic management standard in all aspects， re-built
Company’s core competition advantage.
3. Continues to improve the risk internal control mechanism， combined with vary specific examination and
on-site audit， to lower risk in operation availably.
4. Implemented strategy transition according to the change of environment， confirmed the development
orientation and strategy targets in the coming three years for the Company.
5. Implemented an overall consideration of tax by using diversified financing methods， help the enterprise
growth rapidly thought specialized financial management.
(II) Works of distribution division for year of 2012
In 2012， distribution division centered on “ supply chain creation”， business mode innovation， deepening
organizational change in order to perfecting operation platform with integration of Guangzhou and
G and gains significant achievements in aspect of deepening smart supply chain， improving
distribution network layout， benchmark surpass and implementing service transformation. Scale promotion
benefit a lot from the network layout. According to merge caliber， distribution division gains RMB16.108 billion
in sales income for year of 2012 with 20.59% up y-o-y， a 90.03% in main business structure of the C
net profit realized RMB 253 million with 20.47% up y-o-y， a 52.35% in net profit structure of the Company.
1. Being originated in mode of supply chain integration in China， created an onstage and backstage system，
smart supply chain gains a remarkable achievement. Set up a supply chain department by means of
business mode creation， focus on promotion of establishment of smart supply chain， and strive to
forge”one onstage (business onstage) and one backstage (management + service backstage)”; realized
the re-built of business procedures， effective integrate logistic， information flow and capital flow， and
shaping a layout of interdependence and mutual promotion of onstage and backstage.
China National Accord Medicines Corporation Ltd. Annual Report 2012
2. Continues to spread the distribution network of distribution， improved logistic network， strengthen core
competition advantage by means of the network coverage. By merger and newly-built in 2012， distribution
division completed stationing 9 subsidiaries and branches in Zhaoqing， Jiangmen， Shaoguan， Zhongshan，
Baise， Guilin， Yulin， Wuzhou and Beihai successively.
3. Integrating unify management and localized management， reinforce continuity and support with
subsidiaries in aspect of category， capital and management， focus to enhancing profita
top three regions ranked in whole year almost reached 20， realized the greatest network and strongest
branch in real.
4. Bring forth new ideas to business mode， developing new business， rapid up transition from distribution to
supplier of medicine health product service.
5. The logistic center has a significantly improvement in profitability， transition from cost-oriented to
profit-oriented gains a good start.
(III) Production & Management of pharmaceutical division for year of 2012
In 2012， pharmaceutical division further speeding up structural adjustment and internationalization， completed
equity optimization for Zhijun Wanqing successful， integrated industrial platform shaped increasingly.
Furthermore， achieve a remarkable performance in aspect of excellent performance management， product
structure adjustment and new business development. Under circumstances of slump in antibiotic industry，
stabilized the market situation. Based on merge caliber， pharmaceutical division realized sales income of
RMB 1784 million with 2.33% up y-o-y in 2012， a 9.97% in main business of the C net profit
amounting as RMB 228 million with 50.73% up y-o-y， a 47.19% in net profit structure of the Company.
1. Leading daily management of the Company with guideline of excellent performance idea， standardize
operation of the Company while rapid up development higering efficiency.
2. Strengthen integration of resources and
intensify two major central functions，
creating a dumbbell-shaped pharmaceutical enterprise. In aspect of R&D， setting R&D strategy of
“generics， great variety and differentiation”， achieved 11 production approval documents and one Clinical
Permission in total for the year. In aspect of marketing， established a professional sales platform for Zhijun
Medicine & Trade， deepening integration of marketing resources， realized 7 products with over 100 million
varieties， further to consolidated the place in market.
3. Under circumstance of a slump in sales of antibiotic industry， Zhijun Pharmaceutical gains a remarkable
effect in product structure adjustment， profitability increased substantially， and forwarding to the transition
of quality-leading and benefit-oriented enterprise. Zhijun Wanqing and Shenzhen Chinese Medicine has a
further optimized in product structures， shows a remarkable achievement in reducing losses and making
up deficit.
4. Rapid up industrial internationalization in an all-round way， starts smoothly in health business， and gains
more new growth points for industry. After passed EU certification for Zhijun Pharmaceutical， starting raw
material international certification for Zhijun Wanqing， implementing Cephalosporins solid preparation
international certification for Zhijun Pharmaceutical， the pharmaceutical sector promoted deeply towards
internationalization.
5. Purchasing remain 25% equity of Zhijun Wanqing successful， synergy Cephalosporins industrial chain for
industrial sector has a new turning point came.
6. The establishment of comprehensive base， new version GMP certification and workshop technically
improvement， are solving production capacity bottleneck efficiently gradually.
China National Accord Medicines Corporation Ltd. Annual Report 2012
II. Main business analysis
1. Introduction
Changes of main business:
Amount in same period
ItemsAmount in this periodof last yearChange ratio (%)
Main business income17，871，974，928.，379，556.7318.52%
Main business cost16，316，986，605.，435，899.3918.36%
Sales expenses448，595，419.1，974.804.01%
Administrative expenses392，232，990.0，745.3111.61%
Incl: R&D expenses79，362，874.，327.4224.95%
Financial expenses162，118，150.3，070.5318.43%
Net profit attributable to owners
475，792，491.1，616.7544.92%
of parent company
Net cash flow from operation
activity323，955，332.7，293.3540.79%
Net cash flow from investment
activity-189，823，321.97-211，363，508.42-10.19%
Net cash flow from financing
activity-121，276，170.4，541.23-159.33%
Reviewing the progress of development strategy and operation planning in reporting period that disclosed in
previous period
In reporting period， for the strategy and operation planning disclosed in previous period， please found more in
(I) Operation of Sinopharm Accord for year of 2012 in “I. Introduction” in this Section.
Reasons for difference of actual operation performance has 20% lower or higher than profit forecast of the
Year disclosed
□ Applicable √ Not applicable
2. Revenue
Explanation:
Sinopharm Accord realized 18.52% growth in sales， shows a posture of rapidly growth of “stabilize rebound，
steady development ”; network layout of distribution business division under
circumstances of slump in antibiotic industry， pharmaceutical business division stabilize the market situation
and achieved minor growth.
Material orders in hands
□ Applicable √ Not applicable
Material changes or adjustment for products or services of the Company in reporting period
□ Applicable √ Not applicable
Major sales of the Company
Total top five clients in sales (RMB)1，157，240，569.85
Proportion in total annual sales volume for top five
clients (%)
China National Accord Medicines Corporation Ltd. Annual Report 2012
Information of top five clients of the Company
√Applicable □Not applicable
SerialNameSales (RMB)Proportion in total annual sales (%)
1Guangdong General Hospital323，162，104.861.79%
Centre for Disease Control and
，281.731.23%
Prevention of Guangdong Province
The First Affiliated Hospital of
，970.291.22%
Guangxi Medical University
4Nanfang Hospital213，142，580.361.18%
First Affiliated Hospital of Sun
，632.611%
Yat-senUniversity
Total——1，157，240，569.856.42%
Industry classification
IndustryRatio inRatio inY-o-y changes
classificationAmountoperationAmountoperation cost(%)
cost (%)(%)
Pharmaceutical
Product cost1，099，955，200.596.74%1，201，356，729.338.71%-8.44%
manufacturing
Commodity cost15，191，216，947.，562，309，953..93%
Logistic &Transportation&
21，466，438.050.13%16，943，572.310.12%26.69%
storage servicestorage cost
Income from
leasing&Service cost4，348，019.840.03%5，825，644.740.04%-25.36%
training service
Total16，316，986，605.56，435，899.%
Product classification
ProductRatio inRatio inY-o-y changes
classificationAmountoperationAmountoperation(%)
cost (%)cost (%)
Respiratory
antitussiveProduct cost93，718，721.730.57%56，188，146.240.41%66.79%
Cef-series
Product cost1，016，062，089.636.23% 1，237，535，400.008.98%-17.9%
Other15，207，205，794.，492，712，399..73%
Total16，316，986，605.56，435，899.%
Main suppliers of the Company
Total purchase amount from top five suppliers (RMB)5，233，442，813.04
Proportion in total annual purchase amount for top five suppliers (%)26.53%
China National Accord Medicines Corporation Ltd. Annual Report 2012
Information of top five suppliers of the Company
√□Applicable □Not applicable
Amount ofProportion in the annual total
SerialName of suppliers
purchase(Yuan)amount of purchase (%)
1NO.1.1，714，317，211.628.69%
2NO.2.1，095，131，935.425.55%
3NO.3.859，927，392.354.36%
4NO.4.798，272，965.284.05%
5NO.5.765，793，308.373.88%
Total——5，233，442，813.0426.53%
4. Expenses
Sales expenses: a y-o-y growth of RMB 17.31 million with 4.01% mainly due to the expansion in sales
scale and more workers increased after company acquisition as well
Administrative expenses: a y-o-y grwoth of RMB 40.79 with 11.61% mainly due to R&D expenses，
taxation and more workers increased after company acquisition ect.;
Financial expenses: a y-o-y growth of RMB 25.23 million with 18.43% mainly because capital growth from
the expansion of sales in this period， capital cost soaring correspondingly.
5. Expenses of R&D
In the period， the company expenditures of R&D amounted to RMB 80，366，881.98 (RMB 64，935，098.26 in
2011)， taking up 4.37% in net capital of this period and 0.45% in operating revenue. And RMB 79，362，874.40
(RMB 63，517，327.42 in 2011) was accounted in profit and lo RMB 1，004，007.58 (RMB
1，417，770.84 in 2011) was confirmed as expenses of R&D. No expense of R&D was confirmed as intangible
(1) Overall investment in R&D
Subordinate industry enterprise of pharmaceutical division of Sinopharm Accord continues to input science
and technology for purpose of improving technology innovation ability. R&D expenses in this period
amounting to RMB 80，366，881.98 (RMB 64，935，098.26 in year of 2011)， a 4.37% and 0.45% in net assets
and opration income of the period respectively. Whereby RMB 79，362，874.40 ( RMB 63，517，327.42 in year of
2011) reckoned into gains/losses currently， RMB 1，004，007.58 ( RMB 1，417，770.84 in year of 2011) was
recognized as R&D expenses currently， no R&D expenses recognized as intangible assets.
(2) Independent innovation
Strategic innovation: under the leadership of science & technology committee of Sinopharm Accord，
continues to implemented plan of science & technology strategy of “12th five-year”. Meanwhile， based on the
industry development strategy of Sinopharm Accord， adjusted the science & technology development plan of
R&D center reasonably. In 2012， pharmaceutical division of Sinopharm Accord established a development
strategy of “123”: setting up one industry platform of unified brand， creating a dumbbell-shaped enterprise
with two centers (R&D center and Marketing center)， and constructing three bases (Suzhou—raw material
production base， Guanglan—preparation production base， Pingshan—integrated preparation base).
In the opportunity of maturity for international pattent drugs concentrated， established a R&D strategy of
“generic drug， great variety and differentiataion”， further well-defined the pattern and orientation for
independent innovation.
China National Accord Medicines Corporation Ltd. Annual Report 2012
Management innovation: Sinopharm Accord established a unified control for R&D center in 2012， established
an organization structure of “two department and three institute”， that is development department，
comprehensive department， preparation research institution， synthesisi institution and research institution of
C further to strengthen the integration advantage of R&D industrial chain of raw
material-prepartion， optimized resource allocation of R&D.
New drug application: R&D center actively implement the R&D strategy， carry forward R&D totally 14
applications have proposed in 2012， and 9 have been approved， totally 7 new projects have initiating， which
mainly concentrated on special durgs filed and differentiation development of antibiotics varieties.
Pharmaceutical division obtained 10 production approval documents for new products in whole year of 2012，
one clinical permission， and 8 projects for production declaration and 7 for clinical declaration.
7 items filing patents domestically， including 6 items of
13 patent has obtained including 6
totally 4 projects applied the government grant in 2012 with grant amounting to
RMB 35.4 million， and RMB 20.1 million to the account in 2012.
Technical improvement: three industry enterprises guiding with production cost， introduce new technology，
the technical improvement has a totally 8 technologies have been improved in 2012，
craft has standardized， production cost reduced and quality improved.
Progress of main technical innovation in divisions of vary enterprise for year of 2012
Innovation projectProspective earningsProgress in 2012 and results
ZhijunChange of prescription process Product quality and prodcution efficiency improvedCompleted declaration for
Pharmaceutical for Diclofenac sodiumproduction
Zhijun Wanqing Quality promotion for cefoxitin Product quality improvedCompleted quality improvement
sodiumfor products
Technical innovation forLower costs， higher qualityCompleted research of technical
cefpirome sulfateinnovation
Enhancing quality ofProduct quality improvedCompleted research of quality
secondary development forimproved for products
cefamandole nafate
Industrialized mass production Realized industrialized mass productionCompleted trial production
for xitin synthesis by enzymic
Shenzhen Chinese Sterilization process reform for Product quality and prodcution efficiency improvedApplied to production
Medicinechildren anti-tussive syrup
(large size)
Sterilization process reform for Product quality and prodcution efficiency improvedCompleted small scale research
Bai’an lotion
Process reform forStandardized process and applied to productionCompleted process research and
Guanxindanshen Capsulesready for production， and
(wet granulation)exercise pilot scale test
Commercialization of research findings: industrialization is always to be the core advantage for R&D center.
In 2012， a research group of industrialization was set up， speed and quality for industrialization has step
forward to a new stage. The 9 new products， which obtained approvals， have realized industrialization in
China National Accord Medicines Corporation Ltd. Annual Report 2012
6. Cash flow
ItemY-o-y changes (%)
Subtotal of cash in-flow
17，833，363，395.，323，825.2619.81%
from operation activity
Subtotal of cash out-flow
17，509，，062.，219，531.9119.48%
from operation activity
Net cash flow from
323，955，332.7，293.3540.79%
operation activity
Subtotal of cash in-flow
65，900，022.，864.69176.63%
from investment activity
Subtotal of cash out-flow
255，723，344.0，373.118.73%
from investment activity
Net cash flow from
-189，823，321.97-211，363，508.42-10.19%
investment activity
Subtotal of cash in-flow
1，861，735，663.731，463，106，535.0127.25%
from financing activity
Subtotal of cash out-flow
1，983，011，834.151，258，703，993.7857.54%
from financing activity
Net cash flow from
-121，276，170.4，541.23-159.33%
financing activity
Net increased amount of
12，863，881.3，292.30-94.23%
cash and cash equivalent
Reasons for y-o-y relevant data with over 30% changes
√□Applicable □Not applicable
1. Net cash flow from operation activities increased 40.79% y-o-y， which mainly because sale returned
money increased.
2. Subtotal of cash in-flow from investment activity increased 176.63% y-o-y， which mainly because the
subsidiary got the government subsidies by moving and rebuilding to the government implement urban
3. Subtotal of cash out-flows from financing activity increased 57.54% y-o-y， which mainly because the loan
size increased with the development of business and the debt repayment and the repayment interest
increased.
4. Net cash flow from financing activity increased -159.33% y-o-y， which mainly because the debt repayment
increased.
5. Net increased amount of cash and cash equivalent increased -94.23% y-o-y， which mainly because the
cash paid for the investment and debt increased.
Reasons of major difference between the cash flow of operation activity in report period and net profit of the
√□Applicable □Not applicable
By the influence of operating environment， accounts receivable turnover slowed down， and accounts payable
turnover sped up， which caused that net cash flow from operation activities and net profit existed difference.
China National Accord Medicines Corporation Ltd. Annual Report 2012
III. Composition of main business
Increase/decreas Increase/decreas Increase/decrease
OperatingGross profit ratio
Operating coste of operating e of operating cost of gross profit ratio
revenue(%)
revenue y-o-y (%)y-o-y (%)y-o-y (%)
By industries
Pharmaceutical
1，764，407，339.41 1，099，955，200..84%-8.44%7%
manufacturing
16，066，518，752.13 15，191，216，947.075.45%20.7%20.93%-0.18%
Logistic & storage
30，557，165.，438..74%26.69%0.03%
Income from
leasing& training10，491，672.074，348，019..91%-25.36%10.8%
By products
Respiratory
antitussive185，033，934.，721..06%66.79%-26.68%
Cef- series
1，522，169，202.32 1，016，062，089..71%-17.9%11.54%
Others16，164，771，791.72 15，207，205，794.195.92%21.87%21.73%0.11%
Domestic sales17，835，154，196.24 16，285，569，353.868.69%18.33%18.19%0.11%
Oversea sales36，820，732.，251..7%308.27%-30.84%
Under circumstances of adjustment in reporting period for statistic scope of main business data， adjusted
main business based on latest one year’s scope of period-end
□ Applicable √ Not applicable
China National Accord Medicines Corporation Ltd. Annual Report 2012
IV. Assets and liability analysis
1. Major changes of assets
End of 2012End of 2011
Ratio inRatio in
changesNotes of major changes
Amounttotal assetsAmounttotal assets
Increased 0.11% y-o-y， mainly because
net cash in-flow from operation activities
Monetary fund953，992，070.，950，167..15%subtracted cash out-flow from
investment&financing activities and it
caused the increase of remaining amount
AccountIncreased 22.74% y-o-y， mainly because
4，393，325，300.，579，242，836..65%
receivableof the expansion of sale size
Increased 32.09% y-o-y， mainly because
Inventory1，734，679，063.，313，213，414..56%of the expansion of sale size and the
increase of stock & purchase
Increased 2.50% y-o-y with minor
Investment real
88，315，429.630.95%86，164，929.701.12%-0.17%change， and below the increase of gross
Increased 26.33% y-o-y， mainly because
affiliates business Main Luck
Long-term equity
121，019，845.501.3%95，799，627.421.25%0.05%Pharmaceuticals operated well and
investment
increased the investment income of the
Increased 14.66% y-o-y， mainly because
some projects under construction were
Fix assets690，487，633.127.43%602，205，927.877.84%-0.41%
completed， changing in fixed assets and
acquiring corporations.
Increased -20.67% y-o-y， mainly because
Construction in
103，955，350.801.12%131，042，772.591.71%-0.59%some projects under construction were
completed， changing in fixed assets.
Increased 35.92% y-o-y， mainly because
Accounts paid insubsidiaries of the company increased
89，512，381.340.96%65，857，961.310.86%0.1%
advancethe support strength of purchase and
advance purchase loans increased.
Increased 59.14% y-o-y， mainly because
the three new acquired companies
Sinopharm Medicine Holding Zhaoqing
Goodwill85，228，833.150.92%53，555，677.090.7%0.22%Co.， Ltd， Sinopharm Medicine Holding
Jiangmen Co.， Ltd and Sinopharm
Medicine Holding Shaoguan Co.， Ltd
were not under the common control.
Increased 183.03% y-o-y， mainly
Other non-currentincluding that the subsidiary got the
113，987，724.531.23%40，273，842.920.52%0.71%
assetobject subsidies by moving and
rebuilding to the government implement
urban renewal.
China National Accord Medicines Corporation Ltd. Annual Report 2012
2. Major changes of liability
Ratio inRatio in
changesNotes of major changes
Amounttotal assetsAmounttotal assets
Increased -8.26% y-o-y， mainly because
Short-term loans1，687，810，294.，839，838，065..8% short-term financing bond issue of this
annual paid back some short-term loans.
Increased -11.69% y-o-y， mainly because
Long-term loans82，205，562.710.88%93，082，967.961.21%-0.33% some long-term loans changed to
non-current liabilities due within 1 year.
Accounts receivedIncreased -40.38% y-o-y， mainly because
35，002，695.020.38%58，705，230.490.76%-0.38%
in advanceloans received in advance decreased.
Non-currentIncreased 196.86% y-o-y， mainly
liabilities due71，127，275.000.77%23，960，000.000.31%0.46% because long-term loans due within 1
within 1 yearyear of subsidiary companies.
Increased RMB 399，010，000 y-o-y，
Other current
399，014，838.054.29%0.000%4.29% mainly because of short-term financing
liabilities
bond issue in this annual.
Increased 33.76% y-o-y， mainly because
Deferred income
26，619，273.680.29%19，900，787.300.26%0.03% acquiring the company under the
tax liabilities
common control value-added confirmed
deferred income tax liabilities.
Increased 126.65% y-o-y， mainly
because that the subsidiary got the
Other non-current
213，607，504.212.3%94，245，023.541.23%1.07% subsidies by moving for the government
liabilities
implementing urban renewal and it
accounted in deferred income.
V. Analysis of core competitiveness
The sustainability of Sinopharm Accord mainly sources from core competitiveness within the enterprise，
including:
1 Competitiveness of management level
The top management staffs of the company graduated with master degree， of which 5 have senior titles， with
an average age of 50.7 years and an average of more than 16 years of experience. They all have rich working
experience in the pharmaceutical industry. Under guidance of efficient management team， pragmatic middle
management team， and owing to team stability and good communication and coordination， active innovation
ability as well as excellent ability of organization， various decisions can be executed effectively， laying a solid
foundation for enterprise's sustainable development.
2. Competence of employee
The Company has loyal and dedicated staffs that are brave enough to face challenge， to transcend limitation
of them with high sense of responsibility. Average age of them is 32.4 years old. Ones with bachelor degree or
above accounted for 36.65%. Ones with senior title accounted for 46. And among them 124 are pharmacists.
Staffs endured hardship and fight vigorously.
3 Process competitiveness
In recent years， the company constantly optimized and improved various processes system， intensified its
implementation， improved the positive promotion of systematic process on enterprise normal operation and
risk control. Processes (internal control) system of the Company has been normalized with 7 types of systems
covering headquarter and pharmaceutical distribution as well as pharmaceutical industry. Basically we have
implemented these systems comprehensively in our working field even every spot and stage.
China National Accord Medicines Corporation Ltd. Annual Report 2012
4. Products competitiveness
Pharmaceutical industry of the Company focusing on R&D， production and sales of anti-infection drugs，
respiratory system-used and digestive system-used drugs as well as health care products， it owes a modern
pharmaceutical R&D base which satisfy international standards， and has many production line for crude
drugs， powder-injection and or and it is the first production enterprise in China with
self-brand products passed European GMP certification for cephalosporins booster injection preparation. The
pharmaceutical industry of the Company created many brand-name products in top of the list in market quota
for its serious quality management and control system.
5 Channel competitiveness
On one hand， pharmaceutical industry established a nationwide marketing network and service system
focusing on the customers， formed a marketing model dragged head by dealers， medical institutions，
supermarkets， pharmacies shops. The Company greatly satisfied the market needs and expectations through
the "Fine Investment" and "Full Service". At the same time in the international market， we gradually
established partnerships with local import agents， sold our products into local market with the help of local
import agents. Currently our products have been sold far away to Philippines， Thailand， Vietnam， and Guinea，
Hong Kong， Macao and other countries and regions. The subsidiary Shenzhen Zhijun Pharm further opened
up the international mainstream markets after getting EUGMP certification granted by EU. By the end of 2011
it has won in British government bidding for three consecutive years. And products have been officially
exported abroad to Britain， Germany， Romania， Cyprus and other mainstream countries.
On the other hand， Accord distribution have perfect variety resources network around the country. We
established extensive cooperative relationship with more than 1600 business enterprises in autonomous
regions and 29 provinces， as well as with 350 import and joint venture companies. Through consistent
penetration in Guangdong and Guangxi， we have built a strong sales channels network， including 11
subsidiaries in Guangdong and 7 in Guangxi. Now we’ve covered more than 1000 pharmaceutical
commercial enterprises in Guangdong and G as for the direct sales network， we covered 100% of
pharmaceutical institutions titled above
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