Core Viewpoint - China National Pharmaceutical Group (国药控股) reported a decline in revenue and net profit for China National Pharmaceutical Industry (国药一致) in the first three quarters of 2025, indicating challenges in the current market environment [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 55.124 billion yuan, a year-on-year decrease of 2.38% [1] - The net profit attributable to shareholders was 0.957 billion yuan, reflecting a year-on-year decline of 10.18% [1] - Basic earnings per share stood at 1.72 yuan [1] Quarterly Performance - In the third quarter of 2025, the company reported a revenue of 18.328 billion yuan, which is a year-on-year decrease of 1.89% [1] - The net profit attributable to shareholders for the third quarter was 0.291 billion yuan, down 9.58% year-on-year [1]

Core Insights - China National Pharmaceutical Group (国药控股) reported a revenue of approximately RMB 18.328 billion for Q3 2025, representing a year-on-year decrease of 1.89% [1] - The net profit for the same period was around RMB 291 million, down 9.58% year-on-year [1] - Basic earnings per share stood at RMB 0.52 [1] Financial Performance - For the first three quarters of 2025, the total revenue was approximately RMB 55.124 billion, reflecting a year-on-year decline of 2.38% [1] - The net profit for the first three quarters was about RMB 957 million, which is a decrease of 10.18% compared to the previous year [1]

智通财经APP讯，国药控股(01099)公布国药一致2025年前三季度业绩，实现营业收入 551.24 亿元，同 比下降 2.38%;归属于上市公司股东的净利润 9.57 亿元，同比下降 10.18%;基本每股收益1.72元。2025 年 第三季度，实现营业收入 183.28 亿元，同比下降 1.89%;归属于上市公司股东的净利润 2.91 亿元，同比 下降 9.58%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 茲提述國藥控股股份有限公司（「本公司」）於 2025 年 10 月 30 日刊發之海外監管公告 （「該公告」），內容有關本公司附屬公司國藥集團一致藥業股份有限公司（「國藥一 致」，其 A 股及 B 股在深圳證券交易所上市（A 股股票代碼：000028 及 B 股股票代碼： 200028））之 2025 年第三季度報告。 本公司董事會謹此提醒股東及公眾投資者注意以下於該公告內載列之國藥一致 2025 年第 三季度之主要未經審核會計數據和財務指標。 * 本公司以其中文名稱及英文名稱「 Sinopharm Group Co. Ltd. 」根據香港公司條例註冊為非香港公司。 國藥一致之主要未經審核會計數據和財務指標 （於中華人民共和國註冊成立之股份有限公司， 在香港以國控股份有限公司之名稱經營業務） 單位 : 元 （股份代號：01099） 幣種 : 人民幣 公告 國藥一致 2025年第三季度之 主要未經審核會計 ...

茲載列國藥控股股份有限公司旗下一間 A 股及 B 股於深圳證券交易所上市的附屬公 司，國藥集團一致藥業股份有限公司，在深圳證券交易所網站刊登的《國藥集團一 致藥業股份有限公司 2025 年第三季度報告》，僅供參閱。 （於中華人民共和國註冊成立之股份有限公司， 在香港以國控股份有限公司之名稱經營業務） （股份代號 ：01099） 海外監管公告 國藥集團一致藥業股份有限公司 2025 年第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 2025年 10月 30日 於本公告日期，執行董事為連萬勇先生及孫京林先生；非執行董事為趙炳祥先生、陳啟宇先 生、祖敬先生、邢永剛先生、陳玉卿先生、文德鏞先生及馮蓉麗女士；獨立非執行董事為李 培育先生、吳德龍先生、俞衛鋒先生、石晟昊先生及陳威如先生。 * 本公司以其中文名稱及英 ...

机构：中金公司 研究员：朱言音/夏璐/张琎 业绩回顾 2025 年1-3 季度业绩符合我们预期 公司公布2025 年1-3 季度业绩：营业收入4,315 亿元，同比-2.5%；归母净利润为53 亿元，同比+0.5%， 符合我们预期。 发展趋势 销售费用率进一步优化。2025 年1-3 季度，公司毛利率为7.2%，同比-0.2 个百分点；销售费用率2.7%， 同比-0.1 个百分点；管理费用率为1.1%，同比-0.1 个百分点，财务费用率为0.4%，同比基本持平。单三 季度，公司毛利率7.5%，同比持平。我们预计公司今年有望继续保持各项费用稳定。 盈利预测与估值 我们维持2025 年/2026 年净利润预测74.75 亿元人民币/79.26 亿元人民币，分别同比增长6.0%/6.0%。当 前股价对应2025 年/2026年7.4 倍和6.9 倍市盈率。我们维持跑赢行业评级和目标价24.7港币，对应2025 年/2026 年9.4 倍/8.8 倍市盈率，对应上涨空间27.1%。 风险 药品集中采购压力，零售及医疗器械业务增长不及预期。 单三季度归母净利润保持良好发展态势。2025 年单三季度，公司收入人民币1,4 ...

Core Viewpoint - The biotechnology and innovative pharmaceutical industry in China has experienced volatility due to previous overvaluation, uncertainty in national medical insurance drug pricing, delays in business expansion expectations, and year-end fund sell-offs [1] Group 1: Market Conditions - Market liquidity remains robust, making valuations of quality companies increasingly attractive [1] - Ongoing business expansion activities are noted, with the potential for large transactions still possible [1] - Further downside price risk appears limited, indicating a healthy consolidation phase [1] Group 2: Company-Specific Insights - For CSPC Pharmaceutical Group (01093), delays in business expansion execution have weakened investor confidence, creating more attractive buying opportunities [1] - Assuming business expansion resumes as expected, the price-to-earnings (P/E) valuation remains very attractive for CSPC [1] - The third-quarter performance may serve as a recent catalyst for CSPC [1] Group 3: Future Outlook - The likelihood of significant progress on large business expansion transactions is high for next year [1] - For China National Pharmaceutical Group (01099), improvements in accounts receivable days and the initiation of the "14th Five-Year Plan" will support the recovery of profit momentum [1] - Current stock price levels offer an appealing dividend yield and low P/E ratio, with significant upside potential as operational efficiency continues to improve [1]

Core Viewpoint - The biotechnology and innovative pharmaceutical industry in China has experienced volatility due to high valuations from previous increases, uncertainty in national medical insurance drug pricing, delays in business expansion expectations, and year-end fund sell-offs [1] Industry Summary - The market liquidity remains robust, making valuations of quality companies increasingly attractive [1] - Business expansion activities are ongoing, with the potential for large transactions still possible, and further downside price risks appear limited [1] - The rising proportion of innovative drugs and accelerated profit growth indicate that the current pullback is a healthy consolidation, providing attractive opportunities for deployment in the coming year [1] Company Summary - For CSPC Pharmaceutical Group (01093), delays in business expansion execution have weakened investor confidence, creating a more attractive buying opportunity [1] - Assuming business expansion resumes as expected, the price-to-earnings ratio remains very attractive [1] - The possibility of completing several smaller business expansion transactions before year-end is still likely, with Q3 performance potentially serving as a recent catalyst [1] - For Sinopharm Group (01099), improvements in accounts receivable days and the initiation of the "14th Five-Year Plan" will support the recovery of profit momentum [1] - Current stock price levels offer an appealing dividend yield and a low price-to-earnings ratio, with significant upside potential as operational efficiency continues to improve [1]

國藥控股股份有限公司截至 2025 年 9 月 30 日止九個月之未經審核財務報表 ( 於中華人民共和國註冊成立之股份有限公司 , 在香港以國控股份有限公司之名稱經營業務 ) (股份代號 :01099) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條作出。 茲載列國藥控股股份有限公司（「本公司」）於 2025 年 10 月 27 日於上海證券交易所網 站 (http://www.sse.com.cn)、中國貨幣網網站(http://www.chinamoney.com.cn)及上海清算所 網站(http://www.shclearing.com)發佈的截至 2025 年 9 月 30 日止九個月之合併以及本公司 的未經審核資產負債表、利潤表、現金流量表及所有者權益變動表，僅供參閱。 承董事會命 國藥控股股份有限公司 董事長 趙炳祥 中國，上海 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 2025年 10月 27日 ...

Core Viewpoint - The Chinese biotechnology and innovative pharmaceutical industry has experienced volatility due to previous overvaluation, uncertainty in national medical insurance drug pricing, delays in business expansion expectations, and year-end fund sell-offs [1] Industry Summary - Market liquidity remains robust, making valuations of quality companies increasingly attractive [1] - Business expansion activities are ongoing, with the potential for large transactions still present, and further price downside risks appear limited [1] - The rising proportion of innovative drugs and accelerated profit growth indicate that the current pullback is a healthy consolidation, providing attractive opportunities for deployment in the coming year [1] Company Summary - For CSPC Pharmaceutical Group, delays in executing business expansion have weakened investor confidence, creating more attractive buying opportunities; assuming business expansion resumes as expected, its price-to-earnings ratio remains very appealing [1] - The company is expected to complete several smaller business expansion transactions before year-end, with third-quarter performance potentially serving as a recent catalyst [1] - For Sinopharm Group, improvements in accounts receivable days and the initiation of the 14th Five-Year Plan will support the recovery of profit momentum; the current stock price offers an attractive dividend yield and a low price-to-earnings ratio, indicating significant upside potential as operational efficiency continues to improve [1]