上海市锦天城（深圳）律师事务所 关于 华润三九医药股份有限公司 2025 年第二次临时股东大会 之 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：0755-82816698 传真：0755-82816898 邮编：518000 上海市锦天城（深圳）律师事务所 关于华润三九医药股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：华润三九医药股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受华润三九医药 股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第二次临时股东 大会的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东大会规则》等有关法律、法规、规章和其他规范性文件以及《华润三 九医药股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律 意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具本法律意见书所需审查的相关文件、 资料，并现场参加了公司本次股东大会的全过程。 在本法律意 ...

股票代码：000999 股票简称：华润三九 编号：2025—025 华润三九医药股份有限公司 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。 重要提示： 1、本次股东大会无否决议案。 2、本次股东大会不涉及变更前次股东大会已通过的决议。 一、会议召开和出席情况 1、华润三九医药股份有限公司 2025 年第二次临时股东大会采用现场投票和网络投票相 结合的方式召开。现场会议于 2025 年 3 月 21 日下午 14:30 在华润三九医药工业园综合办公 中心 105 会议室召开。同时，本次股东大会通过深圳证券交易所交易系统投票的时间为 2025 年 3 月 21 日上午 9:15—9:25、9:30—11:30，下午 13:00-15:00；通过深圳证券交易所互联 网投票系统投票的时间为 2025 年 3 月 21 日 9：15 至 15:00 期间的任意时间。 2、出席本次股东大会的股东情况如下： | 出席会议的股东及股东授权委托代表人数 | 790 | | --- | --- | | 代表股份数（股） | 868,807,271 | | 占公司有表决权股份总数 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Sean.Wu@morganstanley.com +852 3963-0755 March 17, 2025 04:01 AM GMT March 17, 2025 04:34 AM GMT China Resources Sanjiu Medical & Pharma | Asia Pacific On 2024 Results and 2025 Outlook - Overall Still a Safe Investment in the Current Environment Key Takeaways We point out two other dynamics as the year progresses. First, the current flu season is delayed compared to the last one, with a majority of incidence falling on 1Q instead of 4Q. So we expect Sanjiu's flu series sales ...

Summary of China Resources Sanjiu Conference Call Company Overview - China Resources Sanjiu is a leading OTC company in the traditional Chinese medicine sector, with a strong focus on external growth through acquisitions and product integration [3][4][5] Key Growth Logic - **External Growth**: The company has enhanced its market competitiveness through acquisitions, such as Aono and Nozawa, and is currently pursuing the acquisition of Tian Shi Li and Kun Yao Group [3][4] - **Internal Growth**: Well-known products like Sanjiu Weitai and Sanjiu Ganmaoling drive internal growth through product line expansion and new product launches, similar to fast-moving consumer goods [3][4] - **Revenue Sources**: The core revenue comes from price-sensitive, affordable products that have room for annual price adjustments, leading to low single-digit revenue growth [3][4] Business Structure - China Resources Sanjiu is primarily divided into three segments: - **CHC (Consumer Health Care)**: Contributes over 50% of total revenue - **RX (Prescription Drugs)**: Accounts for about 20% - **Kun Yao Group**: Contributes slightly over 10% [6][7] Recent Developments - The company has made several acquisitions since its restructuring in 2008, including Jin Chan Pian in 2010 and Benxi Pharmaceutical in 2012, enhancing its market position [7][8] - Ongoing international collaborations with companies like Sanofi and Novo Nordisk are expected to further strengthen its market presence [8] Brand and Product Strategy - The company has expanded its brand portfolio beyond the 999 brand to include Tianhe and Shuncheng, particularly enhancing its orthopedic product line through the acquisition of Tianhe [9] Financial Performance - China Resources Sanjiu has shown significant year-on-year growth in both revenue and profit, with expectations for double-digit revenue growth and potentially faster profit growth in the future [13] Challenges - The RX segment faces challenges from prescription drug procurement pressures and policy disruptions related to traditional Chinese medicine, but the impact on overall revenue is diminishing [11] Future Outlook - The company aims to continue its external expansion and is considering new employee incentive plans to enhance operational efficiency and profitability [8][12]

[ T able_StockInfo] 2025 年 03 月 18 日 证券研究报告•2024 年年报点评 华润三九（000999）医药生物 目标价：——元（6 个月） 买入 （维持） 当前价：42.47 元 业绩稳健增长，并购整合持续推进 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 27616.61 | 30828.99 | 34374.43 | 38368.48 | | 增长率 | 11.63% | 11.63% | 11.50% | 11.62% | | 归属母公司净利润（百万元） | 3367.89 | 3752.89 | 4217.77 | 4723.25 | | 增长率 | 18.05% | 11.43% | 12.39% | 11.98% | | 每股收益 EPS（元） | 2.62 | 2.92 | 3.28 | 3.68 | | 净资产收益率 ROE | 14.96% | 13.38% | 13.06% | 12.76% ...

Investment Rating - The investment rating for China Resources Sanjiu (华润三九) is "Buy" (maintained) [1][6] Core Views - The company reported a revenue of 27.617 billion yuan for 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [3] - The CHC (Consumer Health Care) business maintained its leading position with a revenue of 12.482 billion yuan in 2024, growing 14.13% year-on-year, while the prescription drug segment achieved a revenue of 6.006 billion yuan, up 15.04% year-on-year [3] - The company is expected to continue its steady growth, with projected revenues of 30.986 billion yuan, 34.549 billion yuan, and 38.004 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth rate of 12%, 12%, and 10% [1][3] Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 24.739 billion yuan and a net profit of 2.853 billion yuan, with respective growth rates of 37% and 17% [1] - The projected earnings per share (EPS) for 2025 is 2.98 yuan, with a net profit forecast of 3.821 billion yuan [1][4] Business Segments - The CHC business segment is focusing on enhancing its product mix, particularly in cold, skin, and gastrointestinal categories, while the prescription drug segment is seeing a recovery in its formula granule business [3] - The company is also advancing its merger with Kunming Pharmaceutical Group and the acquisition of Tianjin Tasly Pharmaceutical, which is expected to enhance its competitive edge in the traditional Chinese medicine sector [3] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 19.0 in 2023 to 14.1 in 2025, indicating an improving valuation as earnings grow [1][4] - The price-to-book (P/B) ratio is expected to decline from 2.9 in 2023 to 2.3 in 2025, reflecting a strengthening financial position [1][4]

证券代码：000999 证券简称：华润三九 公告编号：2025-024 二、参加人员 公司董事长邱华伟先生，董事、总裁吴文多先生，董事、副总裁周辉女士，副总裁 王亮先生，财务总监、董事会秘书邢健先生以及公司独立董事将出席公司 2024 年度业 绩说明会（如有特殊情况，参会人员将可能调整）。 三、投资者参加方式 1. 投资者可于 2025 年 3 月 24 日（星期一）下午 15:30-16:30，登录全景路演 （https://rs.p5w.net）参加公司 2024 年度业绩说明会。 华润三九医药股份有限公司 关于举行 2024 年度业绩说明会的公告 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(以下简称"公司")于 2025 年 3 月 13 日发布公司 2024 年年度报告，为便于投资者了解公司 2024 年度生产经营情况及未来发展规划，公司将 于 2025 年 3 月 24 日（星期一）下午 15:30-16:30 举办 2024 年度业绩说明会。 一、业绩说明会召开的时间、地点 四、联系方式 联系部门：证券事务部 联系电话 ...

Summary of the Conference Call for China Resources Sanjiu (华润三九) Company Overview - **Company Name**: China Resources Sanjiu - **Industry**: Pharmaceuticals - **Business Segments**: - Health Consumer Products (CHC) - Prescription Drugs Key Financial Performance - **2024 Revenue**: RMB 27.62 billion, up 12% year-on-year [1] - **Net Profit**: RMB 3.37 billion, up 18% year-on-year [1] - **Q4 2024 Revenue**: RMB 7.88 billion, up 29% year-on-year [1] - **Q4 2024 Net Profit**: RMB 410 million, down 9% year-on-year [1] - **Cash Dividend**: RMB 1.32 per share, with a payout ratio of 50.34% [1] Segment Performance - **Health Consumer Products Revenue**: RMB 12.48 billion, up 14% [2] - **Prescription Drugs Revenue**: RMB 6.01 billion, up 15% [2] - **Traditional Chinese Medicine Revenue**: RMB 5.21 billion, up 7.3% [2] - **Gross Margin**: 51.9%, down 1.4 percentage points year-on-year, primarily due to a decline in prescription drug margins [2] - **CHC Gross Margin**: Increased by 0.3 percentage points to 60.9% [2] - **Prescription Drug Gross Margin**: Decreased by 4.6 percentage points to 47.5% [2] - **Expense Ratio**: Decreased by 2.1 percentage points to 35%, with sales and management expense ratios at 26% and 8.9% respectively [2] Future Outlook - **2025 Revenue and Profit Guidance**: Expected to maintain double-digit growth [3] - **CHC Business**: Anticipated to solidify its leading position with new product launches [3] - **Prescription Drug Strategy**: Focus on both existing areas and new opportunities post-merger with Tianjin Tasly [3] - **Gross Margin Expectations**: CHC margins expected to remain stable, while prescription drug margins may improve with a higher proportion of innovative products [3] - **Sales Expense Ratio**: Expected to remain stable, with potential improvements for Tianjin Tasly [3] Valuation and Investment Rating - **Target Price**: Increased from RMB 58.90 to RMB 61.00, maintaining a "Buy" rating [4] - **EPS Forecast Adjustments**: 2025-2027 EPS estimates reduced by 8%, 11%, and 15% respectively [4] - **Market Capitalization**: RMB 53.8 billion (approximately USD 7.44 billion) [5] - **Current Share Price**: RMB 41.90 [5] Important Metrics - **12-Month Rating**: Buy [5] - **52-Week Price Range**: RMB 51.82 - 36.41 [5] - **Average Daily Trading Volume**: 8,369 thousand shares [5] - **Projected Stock Price Increase**: 45.6% [9] - **Projected Dividend Yield**: 3.6% [9] - **Projected Total Return**: 49.2% [9] Risks and Challenges - **Policy Risks**: Potential delays in policy implementation affecting market share in traditional Chinese medicine [11] - **Healthcare Cost Control**: Pressure on sales growth for certain prescription drugs due to healthcare cost controls [11] - **Self-Medication Price Increases**: Risk of volume declines due to price increases in self-medication products [11] - **M&A Integration Risks**: Challenges in the integration process with Tianjin Tasly [11] Analyst Information - **Analysts**: - Zhu Yifan - Chen Zhenbo, PhD - Liu Jiazhuo [6] This summary encapsulates the key points from the conference call regarding China Resources Sanjiu, highlighting its financial performance, future outlook, valuation, and associated risks.

Investment Rating - The report maintains an investment rating of Buy-A for the company [5]. Core Views - The company achieved a revenue of 27.617 billion yuan in 2024, representing a year-on-year growth of 11.63%, and a net profit of 3.368 billion yuan, up 18.05% year-on-year [1][2]. - The core business, Consumer Health Care (CHC), showed robust growth with a revenue of 12.482 billion yuan, increasing by 14.13% year-on-year, solidifying the company's position in the self-medication sector [3][10]. - The strategic acquisition of a 28% stake in Tian Shi Li is expected to enhance synergies in innovation, manufacturing, and marketing, thereby strengthening the company's competitive edge in the industry [11]. Financial Performance - In Q4, the company reported a revenue of 7.876 billion yuan, a year-on-year increase of 28.47%, but a net profit decline of 9.39% [1]. - The gross profit margin for 2024 was 51.86%, a decrease of 1.39 percentage points, while the net profit margin improved slightly to 13.68%, an increase of 0.85 percentage points [2]. - The company anticipates revenue growth rates of 10.3%, 10.4%, and 10.5% for 2025 to 2027, with net profit growth rates of 13.5%, 14.5%, and 14.6% respectively [11][13]. Business Segments - The prescription drug segment generated a revenue of 6.006 billion yuan in 2024, reflecting a year-on-year growth of 15.04%, driven by enhanced medical leadership and product commercialization [4][10]. - The traditional Chinese medicine segment achieved a revenue of 5.213 billion yuan, up 7.33% year-on-year, while the pharmaceutical commercial segment reported a revenue of 3.373 billion yuan, a 2.06% increase [10]. Market Position and Strategy - The company has successfully launched several new products in the self-medication category, including 999 Ice Lianqing Throat Spray and 999 Yipingfeng Oral Liquid, contributing to its market leadership [3][10]. - The integration with Kunming Pharmaceutical Group is progressing steadily, focusing on brand recognition and market positioning for their products [10]. Valuation - The six-month target price for the company is set at 53.57 yuan, which corresponds to an 18 times dynamic price-to-earnings ratio for 2025 [11].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance met expectations, with a projected steady growth for 2025. In 2024, the company achieved a revenue of 27.617 billion yuan, a year-on-year increase of 11.6%, and a net profit attributable to the parent company of 3.368 billion yuan, up 18.1% year-on-year. The company anticipates double-digit growth in revenue and matching net profit growth for 2025 [7][8]. - The Consumer Health Care (CHC) segment showed rapid growth, generating revenue of 12.48 billion yuan, a 14.1% increase, while the prescription drug segment also saw a recovery with a revenue of 6 billion yuan, up 15.0%. Traditional Chinese medicine (Kunming Pharmaceutical) generated 5.2 billion yuan, a 7.3% increase [7][8]. - The company reduced its sales expense ratio, leading to improved profitability. The gross margin for 2024 was 51.9%, a decrease of 1.3 percentage points year-on-year, while the net profit margin reached 13.7%, an increase of 0.9 percentage points year-on-year [7][8]. Financial Summary - The company’s projected financials for 2025 include: - Revenue: 30.299 billion yuan, a 9.7% increase from 2024 - Operating profit: 5.076 billion yuan, a 13.4% increase - Net profit attributable to the parent company: 3.841 billion yuan, a 14.0% increase - Earnings per share: 2.99 yuan [5][8]. - The company’s financial ratios for 2023A to 2027E indicate a stable growth trajectory, with net profit margins expected to rise from 11.5% in 2023 to 13.7% in 2027 [5][8].