[Table_RightTitle] 证 券 研 究 报 告 公司点评报告 公司研究 证券研究报告|中药Ⅱ [Table_Title] 2024Q3 业绩承压，战略并购稳步融合 [Table_StockName] ——华润三九（000999）点评报告 [Table_ReportDate] 2024 年 10 月 28 日 [Table_StockRank] 买入(维持) [Table_Summary] 报告关键要素: 2024 年 10 月 25 日公司发布三季报。 2024 年前三季度，公司实现营业收入 197.40 亿元（+6.08%），归母净 利润 29.60 亿元（+23.19%），扣非归母净利润 27.52 亿元（+19.48%）； 单看 2024Q3, 公司实现营业收入 56.34 亿元（同比 3.16%，环比17.29%），归母净利润 5.61 亿元（同比+6.85%，环比-45.73%），扣非归 母净利润 4.44 亿元（同比-6.83%，环比-54.76%）。 投资要点: ⚫ 锚定战略方向，持续优化业务布局：CHC 业务方面，消费者品牌认可度 提升助推呼吸品类保持较好增长。公司通过优质剧集、 ...

来源：公司年报、国金证券研究所 持续提升品牌影响力,并购整合工作稳步推 医药组 分析师： 袁维（执业 S1130518080002） yuan_wei@gizq.com.cn 市价(人民币):47.44元 相关报告: 永 实发员三届》, 2024.8.25 永 实发网三九公司点评：业绩增长凸显强韧性，内生外延 2. 《华润三九公司点评：.8.8 合巩固公司行...对，2024.8.8.8 2024.3.23 0 200 400 600 800 1,000 1,200 1,400 1,600 30.00 34.00 38.00 42.00 46.00 50.00 54.00 231027231127231227240127240227240327240427240527240627240727240827240927 人民币(元) 成交金额(百万元) 成交金额 华润三九 沪深300 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| ...

华润三九(000999) 报告日期：2024 年 10 月 26 日 业绩基本符合预期，并购融合有序推进 ——华润三九 2024 年三季报点评 投资要点 ❑ 事件：华润三九发布 2024 年三季报，报告期内实现营收 197.40 亿元(同比 +6.08%)，归母净利润 29.60 亿元(同比+23.19%)，扣非归母净利润 27.52 亿元(同 比+19.48%)；单 Q3 实现营收 56.34 亿元(同比+3.16%)，归母净利润 5.61 亿元(同 比+6.85%)，扣非归母净利润 4.44 亿元(同比-6.83%)。前三季度业绩符合预期。 ❑ 2024 年前三季度业务实现较好增长，符合公司预期。核心 CHC 健康消费品业务 围绕全域布局、全面领先的战略思路，丰富品牌矩阵，深化品牌影响力；999 感 冒药在消费者心中建立了"暖暖的，很贴心"的品牌声誉，品牌影响力的深化、 消费者品牌认可度提升助推呼吸品类保持较好增长；品牌打造方面，公司通过优 质剧集、王牌综艺、短剧等持续与消费者开展沟通，扩大品牌声量。处方药业务 持续丰富产品线，着重产品价值发掘与竞争力提升，打造品牌影响力，赋能 CHC 业务协同发展；国药 ...

Financial Performance - Revenue for the third quarter was RMB 5.634 billion, a year-on-year increase of 3.16%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 561.47 million, a year-on-year increase of 6.85%[2] - Total revenue from the beginning of the year to the end of the reporting period was RMB 19.74 billion, a year-on-year increase of 6.08%[2] - Net profit attributable to shareholders of the listed company from the beginning of the year to the end of the reporting period was RMB 2.96 billion, a year-on-year increase of 23.19%[2] - Basic earnings per share for the third quarter were RMB 0.44, a year-on-year increase of 7.32%[2] - Total revenue for the period reached 19.74 billion yuan, an increase from 18.61 billion yuan in the previous year[19] - Net profit attributable to parent company shareholders was 2.96 billion yuan, up from 2.40 billion yuan in the same period last year[20] - Basic earnings per share increased to 2.32 yuan from 1.88 yuan in the previous year[20] - Operating profit grew to 3.89 billion yuan from 3.25 billion yuan in the previous year[20] - Total comprehensive income for the period was 3.24 billion yuan, compared to 2.70 billion yuan in the prior year[20] - Minority interest in net profit was 284.88 million yuan, slightly down from 292.58 million yuan[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 40.77 billion, an increase of 1.55% compared to the end of the previous year[2] - Equity attributable to shareholders of the listed company at the end of the reporting period was RMB 20.53 billion, an increase of 8.25% compared to the end of the previous year[2] - Total liabilities decreased to 14.71 billion yuan from 15.89 billion yuan[18] - Total equity increased to 26.06 billion yuan from 24.26 billion yuan[18] - Total assets increased to 40.77 billion yuan from 40.15 billion yuan[18] Cash Flow - Investment activities cash inflow increased by 119.50% to 4.25 billion yuan, mainly due to increased redemption of financial products[5] - Investment activities cash outflow surged by 277.59% to 6.34 billion yuan, primarily driven by increased purchase of financial products[5] - Cash and cash equivalents decreased by 818.32 million yuan, a 121.74% drop, mainly due to increased net cash outflows from investment and financing activities[6] - Sales of goods and services received cash of 19.9 billion yuan, a slight decrease from 20.15 billion yuan in the same period last year[21] - Net cash flow from operating activities increased to 3.2 billion yuan, up from 3.05 billion yuan in the previous year[21] - Cash received from investment returns was 51.47 million yuan, more than double the 23.87 million yuan from the previous year[21] - Cash outflow for investments surged to 5.71 billion yuan, significantly higher than 1.07 billion yuan in the same period last year[21] - Net cash flow from financing activities was negative 1.93 billion yuan, compared to a positive 451.63 million yuan in the previous year[21] - The company's cash and cash equivalents at the end of the period stood at 5.4 billion yuan, down from 6.22 billion yuan at the beginning of the period[21] Investments and Acquisitions - Long-term equity investments increased by 208.59% to RMB 445.11 million, mainly due to the company's increased stake in Runsheng Pharmaceutical[4] - Other non-current financial assets decreased by 43.16% to RMB 243.92 million, also due to the increased stake in Runsheng Pharmaceutical[4] - The company plans to acquire 28% of Tianjin Tasly Pharmaceutical Group Co., Ltd. (Tasly) for a total transaction value of 6,211,844,129.70 RMB, involving 418,306,002 shares[10] - The acquisition of Tasly aims to enhance the company's innovation capabilities in traditional Chinese medicine (TCM) and strengthen its competitive advantage in the TCM industry chain[10] - The company plans to acquire 28% of Tianjin Tianshi Pharmaceutical Group Co., Ltd. (Tianshi) for a total transaction value of 6,211,844,129.70 RMB[14] R&D and Innovation - The company is advancing multiple R&D projects, including CR999C1905L1 (Phase I clinical trial for anti-tumor) and CR999K1601L1 (Phase III clinical trial for gastric cancer)[9] - R&D expenses rose to 512.18 million yuan from 458.44 million yuan, reflecting increased investment in innovation[19] Brand and Market Position - The company's 999 cold medicine brand has established a strong reputation, contributing to the growth of the respiratory product category[8] - The company's formula granule business achieved restorative growth by seizing market opportunities and responding to regional volume-based procurement[8] - Kunming Pharmaceutical Group launched a brand culture promotional video titled "Asking the Way 1381" to strengthen its historical and brand positioning in the premium TCM market[10] - The company's 777 brand continues to promote the awareness of Panax notoginseng saponins through nationwide events and campaigns targeting vascular health[10] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 42,272[11] - Huarun Pharmaceutical Holdings Co., Ltd. holds 63.02% of the company's shares, making it the largest shareholder[11] - Hong Kong Securities Clearing Company Limited holds 5.11% of the company's shares, representing 65,655,105 shares[11] - China Europe Healthcare Hybrid Securities Investment Fund holds 3.28% of the company's shares, representing 42,063,791 shares[11] - The top 10 shareholders do not have any restricted shares, and there are no share pledges, marks, or freezes reported[11] Impairment and Losses - Credit impairment losses increased by 134.98% to 100.30 million yuan, mainly due to increased receivables impairment[5] - Asset impairment losses rose by 42.05% to 110.90 million yuan, primarily due to increased inventory impairment[5] Organizational Changes - Kunming Pharmaceutical Group is undergoing organizational restructuring to improve efficiency and integration, focusing on strategic leadership and business empowerment[10] Financial Assets and Liabilities - The company's monetary funds decreased from 6,770,772,624.49 RMB at the beginning of the period to 6,142,655,627.85 RMB at the end of the period[16] - The company's trading financial assets increased from 1,456,014,376.60 RMB at the beginning of the period to 2,703,982,900.00 RMB at the end of the period[16] - The company's accounts receivable increased from 6,182,207,129.31 RMB at the beginning of the period to 6,441,047,110.47 RMB at the end of the period[16] - The company's prepayments increased from 495,693,028.73 RMB at the beginning of the period to 655,095,463.49 RMB at the end of the period[16] - The company's long-term equity investments increased from 144,236,253.72 RMB at the beginning of the period to 445,105,356.27 RMB at the end of the period[17] - The company's fixed assets decreased from 5,889,586,843.63 RMB at the beginning of the period to 5,708,412,059.83 RMB at the end of the period[17] - The company's short-term borrowings decreased from 885,650,677.42 RMB at the beginning of the period to 821,609,434.11 RMB at the end of the period[17] - The company's contract liabilities decreased from 1,650,152,413.83 RMB at the beginning of the period to 1,461,449,573.53 RMB at the end of the period[17] - The company's long-term borrowings decreased from 1,802,931,971.57 RMB at the beginning of the period to 1,382,085,703.21 RMB at the end of the period[17] Audit Information - The third quarter report was not audited[22]

证券代码：000999 证券简称：华润三九 投资者关系活动记录表 编号：2024-022 | --- | --- | --- | |-----------------------|-----------------|------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | √分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他 | | 参与单位名称 | | 富国基金、Pictet、UBS、汇丰前海等证券、投资机构 | | 及人员姓名 | | | | 时间 | 2024 年 9 月 26 | 日-9 月 30 日 | | 地点、方式 | | 综合办公中心（现场会议、电话会议） | | 上市公司 接待人员姓名 | | 财务总监兼董事会秘书、证券事务代表 | | | | 1、公司上半年感冒品类逆势增长的原因？ | | 投资者 关系活动 | | 答：在零售端增长乏 ...

证券代码：000999 证券简称：华润三九 投资者关系活动记录表 编号：2024-021 | --- | --- | --- | |--------------|------------------------------------|---------------------------------------------------------------------------------| | | | | | | □特定对象调研 | √分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他 | | 参与单位名称 | | 平安养老、泰康资产、淡水泉、融通基金、招银理财、汇添富、景顺长城、东方阿尔法、 | | 及人员姓名 | 投资机构 | 南方基金、鹏华基金、太朴资本、GIC、景顺投资、施罗德、国联证券、国海证券等证券、 | | 时间 | 2024 年 9 月 11 日-9 | 月 20 日 | | 地点、方式 | 综合办公中心（现场会议、电话会议） | | | 上市公司 | | | | 接待人员姓名 | | ...

[Table_MainInfo] 公司研究/医药与健康护理/中药 证券研究报告 华润三九（000999）公司半年报点评 2024 年 09 月 13 日 | --- | --- | --- | |-------------------------------------------------------------|----------|-------------| | [Table_InvestInfo] 投资评级 优于大市 | | 维持 | | 股票数据 | | | | 09 [ Table_StockInfo 月 12 日收盘价（元） ] | | 37.24 | | 52 周股价波动（元） | | 37.01-65.84 | | 总股本 / 流通 A 股（百万股） | | 1284/1276 | | 总市值 / 流通市值（百万元） | | 47828/47526 | | 相关研究 | | | | [Table_ReportInfo] 《品牌持续驱动成长，战略融合昆药进展顺 | | | | 利》 2024.04.01 《 CHC 业务持续增长，昆药整合稳步推进》 | | | | 2023.09.26 市 ...

证券代码：000999 证券简称：华润三九 投资者关系活动记录表 编号：2024-020 | --- | --- | --- | --- | |--------------|-----------------------------|----------------------------|--------------------------------------------------------------------------| | | | | | | | □特定对象调研 □分析师会议 | | | | 投资者关系 | □媒体采访 √业绩说明会 | | | | 活动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 □其他 | | | | 参与单位名称 | | | | | 及人员姓名 | 参与公司 2024 | 年上半年业绩说明会的投资者 | | | 时间 | 2024 年 9 月 2 日 | | | | 地点、方式 | 全景路演网络文字互动 | | | | | 董事长 邱华伟先生 | | | | 上市公司 | 副总裁 周辉女士 | | | | 接待人员姓名 | 财务总监兼董事会秘书 ...

证券研究报告 | 2024年09月02日 华润三九（000999.SZ）——2024 年半年报点评 优于大市 研发实力稳步提升，中药全产业链布局推进 2024H1 收入、利润双增长。2024H1 营收 141.06 亿元（+7.3%），归母净 利润 23.98 亿元（+27.8%），扣非归母净利润 23.09 亿元（+26.3%）。其 中二季度单季度营收 68.12 亿元（+0.3%），单季度归母净利润 10.35 亿元 （+42.5%），单季度扣非归母净利润 9.81 亿元（+40.9%）。公司盈利能力 稳健提升，销售毛利率 53.6%（+1.3pp），销售费用率 23.5%（-1.5pp）， 管理费用率（含研发）7.3%（-0.1pp），财务费用率-0.2%（-0.1pp）。 CHC 业务强劲增长，处方药业务有所承压。分业务板块看，2024 年上半年 公司 CHC 健康消费品业务实现营收 77.73 亿元（+14.0%），毛利率 62.87% （+5.9pp）；处方药业务实现营收 24.17 亿元（-13.1%），毛利率 47.14% （-4.2pp）；传统国药（昆药）业务实现营收 19.56 亿元（+5 ...

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