股票代码：000999 股票简称：华润三九 编号：2025—033 华润三九医药股份有限公司 2025 年第六次董事会会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 华润三九医药股份有限公司董事会 2025 年第六次会议于 2025 年 4 月 17 日在华润 三九医药工业园综合办公中心 105 会议室以现场会议方式召开，会议通知以书面方式于 2025 年 4 月 14 日发出。会议由董事长邱华伟先生主持，本次会议应到董事 11 人，实到 董事 11 人，公司监事会成员和部分高级管理人员列席会议。本次会议的召开及程序符 合《公司法》和《公司章程》的规定，会议合法有效。会议以投票方式审议通过了以下 议案，并形成决议： 一、关于聘任公司高级管理人员的议案 喻翔先生：男，1980 年 9 月出生，中共党员，本科学历、工商管理硕士学位。曾 任华润三九医药股份有限公司 OTC 业务部副总经理、大健康事业部副总经理（主持工作）、 专业品牌事业部总经理。深圳华润三九医药贸易有限公司总经理、澳诺（中国）制药有 限公司执行董事、华润三九（唐山）药业有限公司执行董事 ...

Group 1 - The vitamin sector experienced a decline of 1.97% on April 16, with a net outflow of 183 million yuan from main funds, where 4 stocks rose and 26 stocks fell [1] - The companies with the highest net outflow of main funds included China Resources Sanjiu (588.49 million yuan), Xingqi Eye Medicine (313.44 million yuan), Shengda Biology (188.84 million yuan), North China Pharmaceutical (183.74 million yuan), and Nengte Technology (181.81 million yuan) [1] Group 2 - The top stock by net inflow was Huayuan Biological, with a net inflow of 32.28 million yuan and a price increase of 0.29% [2] - New Hec (21.80 yuan) saw a decline of 1.71% with a net inflow of 16.02 million yuan, while Brother Technology (4.02 yuan) experienced a significant drop of 6.07% with a net inflow of 9.80 million yuan [2] - Other notable declines included Zhejiang Medicine (-1.23%), Hendi Pharmaceutical (-1.37%), and Weixin Kang (-1.80%), all showing negative net inflows [2]

Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Core Viewpoint - The acquisition of Tian Shi Li by China Resources Sanjiu marks a significant consolidation in the traditional Chinese medicine industry, reflecting the growing trend of state-owned enterprises (SOEs) expanding their influence through mergers and acquisitions [1][2][4]. Company Summary - China Resources Sanjiu has completed the acquisition of 28% of Tian Shi Li's shares for a total transaction value of 6.212 billion yuan, resulting in a change of control to China Resources Limited [1][4]. - Tian Shi Li, known for its flagship product, Compound Danshen Dripping Pill, has faced pressures from high R&D costs and increasing market competition, prompting a strategic shift towards enhancing clinical research and pipeline development by 2025 [1][5]. - The acquisition allows China Resources Sanjiu to strengthen its position in the cardiovascular sector and enhance its supply chain capabilities, leveraging Tian Shi Li's established products and expertise [2][6]. Industry Summary - The traditional Chinese medicine sector is witnessing a rapid increase in industry concentration, driven by favorable policies and the strategic moves of SOEs like China Resources and China National Pharmaceutical Group [2][11]. - The integration of Tian Shi Li into the "national team" of traditional Chinese medicine companies signifies a broader trend of SOEs acquiring private firms to enhance their competitive edge and operational efficiency [10][12]. - The overall performance of the "national team" is robust, with significant revenue growth reported by major players, indicating a healthy market environment for traditional Chinese medicine [11][12]. - The industry is moving towards a more standardized and innovative R&D framework, with recent approvals for new traditional Chinese medicine products highlighting the sector's potential for growth and innovation [12][13].

Summary of China Resources Sanjiu Medical & Pharma Conference Call Company Overview - **Company**: China Resources Sanjiu Medical & Pharma (Ticker: 000999.SZ) - **Industry**: Healthcare, specifically Traditional Chinese Medicine (TCM) - **Market Capitalization**: Rmb54,603 million - **Current Stock Price**: Rmb42.79 (as of March 27, 2025) - **Price Target**: Rmb62.00, indicating a potential upside of 45% [5][5][5] Key Takeaways Industry Dynamics - Post-Covid-19, there has been a rise in health consciousness, leading to a re-evaluation of the flu franchise by Sanjiu. The flu season in 2025 was shorter and less severe compared to 2024, yet respiratory sales have shown positive trends in Q1 2025 [2][2][2]. - Sanjiu is normalizing its channel inventory for the Ganmaoling series while expanding its respiratory product offerings to include both TCM and Western medicines, such as cough syrup and oseltamivir capsules [2][2][2]. Financial Performance and Guidance - Management has reiterated a revenue and earnings growth guidance of over 10% for 2025, driven by product development and marketing initiatives rather than flu incidence [8][8][8]. - Revenue projections for the fiscal years ending December 2024 and 2025 are Rmb26,339 million and Rmb35,790 million, respectively, with EBITDA expected to grow from Rmb4,826 million in 2024 to Rmb6,387 million in 2025 [5][5][5]. Risks and Challenges - The primary risk to the prescription segment is potential price cuts, which can be mitigated through the integration of Tasly, an R&D-driven TCM company [3][3][3]. - Sanjiu's exposure to TCM formula granules is less than 10% of sales, indicating a strategic deprioritization in this area [3][3][3]. - Other risks include regulatory challenges and market competition, particularly from smaller manufacturers in the TCM space [12][12][12]. Valuation Metrics - The company is rated as "Overweight" with a P/E ratio projected to decrease from 16.8 in 2023 to 11.6 by 2026, indicating a favorable valuation trend [5][5][5]. - Return on Equity (ROE) is expected to improve from 17.2% in 2023 to 21.1% in 2026, reflecting strong operational efficiency [5][5][5]. Strategic Initiatives - The renewal of the Employee Stock Ownership Plan (ESOP) is pending review and is expected to provide added visibility and alignment with growth targets [8][8][8]. - Sanjiu is focusing on diversifying its product offerings and enhancing its market presence through strategic marketing and product development initiatives [8][8][8]. Conclusion China Resources Sanjiu Medical & Pharma is positioned favorably within the healthcare sector, particularly in TCM, with a strong growth outlook and strategic initiatives aimed at enhancing its market position. However, it faces challenges related to pricing pressures and regulatory risks that need to be managed effectively.

Group 1 - The Chinese medicine index (930641) has seen a strong increase of 2.61%, with notable gains in constituent stocks such as Longshen Rongfa (300534) up 20.05% and Shanghai Kaibao (300039) up 7.44% [1] - The Chinese medicine ETF (560080) has risen by 2.70%, with a latest price of 1.06 yuan and a trading volume reaching 100 million yuan, indicating a turnover rate of 4.58% [1] - Over the past two weeks, the Chinese medicine ETF has experienced a significant growth in scale, increasing by 61.09 million yuan and adding 81.5 million shares, ranking in the top quarter among comparable funds [1] Group 2 - On March 20, the State Council issued an opinion aimed at enhancing the quality of traditional Chinese medicine (TCM) and promoting high-quality development in the TCM industry, focusing on quality improvement, technological innovation, and systemic reforms [2] - Ping An Securities notes that the opinion covers various aspects of the TCM industry, including resource development, clinical application, and innovation in TCM, suggesting that improved price regulation and brand strategies will enhance the profitability of TCM companies [3] - The opinion also emphasizes the need for optimized procurement policies for TCM, which may reduce price risks for high-quality TCM products, and encourages the development of innovative TCM drugs with significant clinical efficacy [3]

Core Insights - The report highlights China Resources Sanjiu's commitment to sustainable development and ESG practices under its "14th Five-Year Plan" strategy, focusing on green manufacturing and social responsibility while identifying areas for improvement in supply chain ESG management and biodiversity protection [1] Group 1: ESG Highlights - The company has established near-zero carbon park trials, with distributed photovoltaic annual power generation reaching 10.7841 million kWh and a green electricity self-use rate of 92.9% [2] - Smart manufacturing initiatives have led to a 20% increase in production efficiency and a 12% reduction in energy consumption per unit of output at the Guanlan base [2] - The number of national-level green factories has increased to 7, with greenhouse gas emission intensity reduced by 13.58% year-on-year, exceeding the "14th Five-Year Plan" targets [2] - The board of directors shows diversity, with female directors making up 18.18%, and 24 board meetings held throughout the year, with compliance training covering 100% of employees [2] - Supply chain risk management has been strengthened, with 742 suppliers completing ESG audits and anti-corruption training reaching 53,000 participants, with no major corruption incidents reported [2] - Employee training investment totaled 10.432 million yuan, with an average of 30.32 hours of training per employee [2] - The innovative "Three Uncle Health Steward" initiative has conducted over 96 community health public welfare events, benefiting tens of thousands of people [2] Group 2: ESG Shortcomings - Only 43% of subsidiaries have obtained ISO 14001 certification, and the ESG training coverage for suppliers is below 50%, indicating weak environmental compliance capabilities among some small and medium-sized suppliers [3] - The report mentions genetic resource protection but lacks established ecological impact assessment indicators for medicinal herb cultivation [3] - Overall, the company's ESG practices reflect the foresight of a leading player in the traditional Chinese medicine industry, balancing commercial value with social benefits, but still requires breakthroughs in supply chain empowerment and quantitative biodiversity management [3]

涉及总金额6 0 1 . 4 4亿元人民币。 作者 | 私募通 报道 | 决策投资圈 （ID： PEDATAMAX） 清科创业（01945.HK）旗下私募通统计：截至本周五下午，募资、投资、上市和并购共167起事件，涉及总 金额601.44亿人民币。从交易金额来看，本周金额较大事件是：2025年3月27日，华润三九医药股份有限公 司成功受让天士力生物医药产业集团有限公司、天津和悦科技发展合伙企业（有限合伙）、天津康顺科技发 展合伙企业（有限合伙）、天津顺祺科技发展合伙企业（有限合伙）、天津善臻科技发展合伙企业（有限合 伙）等持有的天士力医药集团股份有限公司的28. 0%的股权，作价59.90亿人民币。从交易事件地域分布看， 目前主要分布在广东省、江苏省和浙江省，占比为广东省15.6%，江苏省13.8%，浙江省12 .6%。 更多信息请登录：htt ps://ma x.pe da t a . c n/ 本周新登记股权投资基金管理人共计0家，取消备案登记12家，全年截至目前累计股权投资基金管理人数量 为17家。本周新增备案基金数量为85只，规模总计41 8. 88亿元，本周备案基金募资最多的为南京江宁智慧股 权投 ...

Core Viewpoint - The launch of 999 Yiqi Qingfei Granules by China Resources Sanjiu marks a significant advancement in the treatment of respiratory infection recovery symptoms, filling a market gap for rehabilitation medications [1][2]. Group 1: Product Launch and Significance - China Resources Sanjiu officially released its first traditional Chinese medicine class 3.2 new drug, 999 Yiqi Qingfei Granules, at the First Traditional Chinese Medicine Industry Interconnectivity Conference [1]. - The drug is developed in collaboration with academician Zhang Boli and is the first to be approved by the National Medical Products Administration specifically for treating symptoms during the recovery phase of respiratory infections [1][2]. - The launch signifies an expansion of China Resources Sanjiu's product offerings in the respiratory category, aiming to address the rehabilitation issues often overlooked in respiratory infections [1][2]. Group 2: Development and Composition - The formulation of 999 Yiqi Qingfei Granules is based on classic prescriptions such as Shengmai San and Pingwei San, adjusted according to clinical rehabilitation experiences [2]. - The granules focus on enhancing energy and nourishing yin, improving symptoms like fatigue, shortness of breath, and dry cough with little phlegm during the recovery phase of respiratory infections [2]. Group 3: Strategic Vision - The company aims to leverage traditional Chinese medicine values through innovative research, providing safe and effective treatment options for consumers suffering from prolonged cold symptoms [2]. - The product is part of a broader "1+N" brand strategy that encompasses full-cycle management of common household diseases, indicating a comprehensive approach to health care [2]. - 999 Yiqi Qingfei Granules is positioned as a key product in the company's respiratory category, highlighting its strategic importance for future growth [2].

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]