Summary of the Conference Call for China Resources Sanjiu (华润三九) Company Overview - **Company**: China Resources Sanjiu - **Industry**: Pharmaceutical Key Financial Performance - **2024 Revenue**: 76.17 billion CNY, up 11.6% year-on-year [2] - **Net Profit**: 33.68 billion CNY, up 18% year-on-year [2] - **Operating Cash Flow**: 44 billion CNY, up 5% year-on-year [2] - **CHC Business Revenue**: 124.8 billion CNY, up 14%, accounting for 45.2% of total revenue [2] - **Prescription Drug Revenue**: 60 billion CNY, up 15% [2] Research and Development - **R&D Investment**: 9.53 billion CNY focused on oncology, orthopedics, and respiratory infections [2] - **Drug Approvals**: Six drug registration approvals and three classic formula registrations obtained [2][6] Mergers and Acquisitions - **Integration with KunYao Group**: Progressing steadily, with the completion of a 51% equity transfer of China Resources Shenghuo [7] - **Acquisition of Tianshili**: Announcement of acquiring 28% of Tianshili shares, approved by regulatory bodies [7] Environmental Initiatives - **Green Factory Recognition**: Five factories recognized as green factories, including national-level certifications [8] - **Zero Carbon Pilot**: Selected as a pilot project for near-zero carbon emissions in Shenzhen [8] Shareholder Returns - **Dividend Distribution**: Cash dividend of 3.2 CNY per 10 shares, totaling 16.9 billion CNY, representing 50.34% of net profit [2][10] Business Segment Performance - **Prescription Drug Business**: Revenue growth in the second half of 2024, but impacted by centralized procurement policies [11] - **Gross Margin**: Overall gross margin decreased to approximately 52%, with prescription drugs at about 48% and CHC at around 60% [12] Strategic Outlook - **2025 Revenue Growth**: Expected to achieve double-digit revenue growth, with net profit growth matching revenue [14] - **CHC Business Strategy**: Focus on comprehensive coverage and leading market position, with plans to expand the "Ganmaoling" brand into the entire respiratory category [13] - **Future Market Dynamics**: Anticipation of policy changes affecting the market capacity in the formula granule sector [11] Challenges and Responses - **Impact of Centralized Procurement**: The company is adapting to the changes brought by centralized procurement policies, focusing on market share in the short term while enhancing management capabilities for long-term sustainability [19][20] Future Development Plans - **Integration of Tianshili**: Aiming to enhance Tianshili's innovative drug capabilities and establish it as a leading brand in traditional Chinese medicine [16] - **Long-term R&D Strategy**: Focus on innovative drugs and traditional Chinese medicine, with a commitment to increasing R&D investment [21] Conclusion - **Overall Strategy**: China Resources Sanjiu aims to solidify its position as a leading player in the pharmaceutical industry, focusing on core business areas, enhancing R&D capabilities, and exploring potential mergers and acquisitions to drive growth [29]

证券研究报告 | 公司点评 | 中药Ⅱ 华润三九(000999) 报告日期：2025 年 03 月 14 日 内生业务增长亮眼，天士力并购在即 ——华润三九 2024 年年报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、并购整合风险 | 财务摘要 | | --- | | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 27,617 | 30,758 | 34,654 | 39,023 | | (+/-) (%) | 11.63% | 11.37% | 12.67% | 12.61% | | 归母净利润 | 3,368 | 3,837 | 4,425 | 5,071 | | (+/-) (%) | 18.05% | 13.94% | 15.31% | 14.60% | | 每股收益(元) | 2.62 | 2.99 | 3.45 | 3.95 | | P/E | 15.98 | 14.02 | 12.16 | 10.61 | | 资料来源：浙商证券研究所 | ...

Investment Rating - The investment rating for China Resources Sanjiu (华润三九) is "Buy" (maintained) [3] 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 [6] - The CHC (Consumer Health Care) business showed rapid growth, with revenue reaching 12.482 billion yuan, a 14.13% increase year-on-year, while the prescription drug business also performed well with a revenue of 6.006 billion yuan, up 15.05% year-on-year [6] - The merger with Tianjin Tasly has received approval from the State-owned Assets Supervision and Administration Commission, which is expected to enhance the company's core competitiveness in the traditional Chinese medicine sector [6] - The company anticipates double-digit revenue growth in 2025, with net profit expected to match revenue growth levels [6] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 27.617 billion yuan (2024), 30.758 billion yuan (2025E), 34.654 billion yuan (2026E), and 39.023 billion yuan (2027E), with respective growth rates of 11.63%, 11.37%, 12.67%, and 12.61% [2] - Net profit attributable to shareholders is projected to be 3.368 billion yuan (2024), 3.837 billion yuan (2025E), 4.425 billion yuan (2026E), and 5.071 billion yuan (2027E), with growth rates of 18.05%, 13.94%, 15.31%, and 14.60% respectively [2] - Earnings per share (EPS) is expected to be 2.62 yuan (2024), 2.99 yuan (2025E), 3.45 yuan (2026E), and 3.95 yuan (2027E) [2] Business Performance - The company achieved a gross profit margin of 51.86% in 2024, a slight decrease of 1.38 percentage points year-on-year, primarily due to business structure adjustments [6] - The net profit margin for 2024 was 12.20%, an increase of 0.67 percentage points year-on-year, and the weighted average return on equity (ROE) was 17.33%, up 1.47 percentage points year-on-year [6] - The integration of Kunming Pharmaceutical Group is progressing, with its revenue for 2024 reported at 8.401 billion yuan, a slight decline of 0.34% year-on-year, but with a net profit increase of 19.86% [6]

Investment Rating - The report maintains a "Recommended" rating for China Resources Sanjiu (000999) [1] Core Views - The company achieved an annual revenue of 27.617 billion RMB in 2024, representing a year-on-year increase of 11.63%, with a net profit attributable to shareholders of 3.368 billion RMB, up 18.05% year-on-year [3] - The CHC (Consumer Health Care) business is expected to continue its steady growth, contributing significantly to overall performance [5] - The prescription drug business has shown resilience, with a revenue increase of 15.04% year-on-year [5] - Strategic acquisitions, including the integration of Kunming Pharmaceutical Group and Tian Shi Li, are expected to enhance the company's capabilities in traditional Chinese medicine and chronic disease management [5] Summary by Sections Historical Performance - The company has shown a fluctuating performance over the past years, with a notable increase in revenue and profit in recent quarters [2] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 30.297 billion RMB, 33.540 billion RMB, and 37.455 billion RMB, respectively, with year-on-year growth rates of 9.71%, 10.70%, and 11.67% [5][7] - Expected net profits for the same years are 3.888 billion RMB, 4.389 billion RMB, and 4.942 billion RMB, with growth rates of 15.46%, 12.87%, and 12.60% [5][7] - The report indicates a PE ratio of 14, 12, and 11 for the years 2025, 2026, and 2027, respectively [5] Business Segments - The CHC business generated 12.482 billion RMB in revenue in 2024, growing 14.13% year-on-year, with a strong market position in self-diagnosis products [5] - The prescription drug segment achieved 6.006 billion RMB in revenue, reflecting a strategic focus on enhancing medical value and commercial capabilities [5] - The integration of Kunming Pharmaceutical Group and the acquisition of Tian Shi Li are aimed at strengthening the company's product pipeline and market presence in traditional Chinese medicine [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Insights - The company achieved a revenue of 27.617 billion RMB in 2024, representing a year-on-year growth of 11.63%, and a net profit attributable to shareholders of 3.368 billion RMB, up 18.05% year-on-year [1]. - The CHC (Consumer Health Care) business showed robust growth with a revenue of 12.48 billion RMB in 2024, reflecting a 14.13% increase year-on-year [2]. - The prescription drug segment exceeded expectations with a revenue of 6.006 billion RMB, marking a 15.04% year-on-year growth [2]. - The company is actively pursuing mergers and acquisitions, with ongoing integration efforts with Kunming Pharmaceutical Group and a planned acquisition of 28% of Tian Shi Li, which is expected to enhance its competitive edge in the market [2]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 7.876 billion RMB, a significant increase of 28.47% year-on-year, although the net profit decreased by 9.39% to 408 million RMB [1]. Operational Analysis - The CHC business's growth is attributed to a diverse product portfolio and improved brand communication strategies despite a challenging retail environment [2]. - The prescription drug segment is anticipated to improve further, with a recovery in sales of traditional Chinese medicine [2]. - The integration with Kunming Pharmaceutical Group is showing positive results, and the acquisition of Tian Shi Li is expected to bolster the company's innovation pipeline [2]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 3.789 billion RMB, 4.389 billion RMB, and 5.058 billion RMB, respectively, with year-on-year growth rates of 12%, 15.83%, and 15.26% [2][5]. - The earnings per share (EPS) are forecasted to be 2.95 RMB, 3.42 RMB, and 3.94 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 10 [2].

业绩简评 2025 年 3 月 12 日，公司发布 2024 年年度报告。2024 年公司实现 收入 276.17 亿元（同比+11.63%），归母净利润 33.68 亿元（同比 +18.05%），扣非归母净利润 31.18 亿元（同比+15.01%）。 单季度看，公司 2024 年 Q4 实现收入 78.76 亿元（同比+28.47%）， 归母净利润 4.08 亿元（同比-9.39%），扣非归母净利润 3.66 亿元 （同比-10.27%）。 经营分析 CHC 业务稳健增长，充分彰显品牌竞争力。24 年公司 CHC 业务实 现收入 124.8 亿元，同比+14.13%。零售环境虽然承压，但公司通 过丰富产品组合、更迭品牌传播方式、强化渠道协同等方式，促 进 CHC 业务稳健增长。 处方药板块增长超预期，未来有望趋势向好。24 年公司处方药板 块实现收入 60.06 亿元，同比+15.04%。此前受中药配方颗粒集采 等多个因素影响，公司处方药板块在 23 年及 24 年 H1 有所承压， 24 年 H1 公司配方颗粒销量实现恢复性增长，24 年全年配方颗粒 收入端已实现增长。国药业务未来有望通过积极拥抱集采， ...

华泰联合证券有限责任公司 关于 华润三九医药股份有限公司 重大资产购买之 2024 年专项持续督导意见 独立财务顾问 签署日期：二零二五年三月 1 独立财务顾问声明 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"独立财务顾问"） 作为华润三九医药股份有限公司重大资产购买昆药集团股份有限公司控制权（以 下简称"本次交易"）的独立财务顾问。 根据《公司法》《证券法》《重大资产重组管理办法》与《上市公司并购重组 财务顾问业务管理办法》等法律法规的有关要求，本独立财务顾问经过审慎核查， 结合上市公司 2024 年年度报告，出具本次重大资产重组的专项持续督导意见， 特作如下声明： 1、本专项持续督导意见所依据的文件、材料由交易各方提供，本次交易各 方均已向本独立财务顾问保证，其所提供的有关本次重大资产重组的相关信息真 实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本专项持续督导意见不构成对上市公司的任何投资建议，投资者根据本 专项持续督导意见所做出的任何投资决策而产生的相应风险 ...

华润三九医药股份有限公司 独立董事 2024 年度述职情况报告 本人作为华润三九医药股份有限公司（以下简称"公司"）独立董事，严格按照《公司 法》《上市公司独立董事管理办法》《公司章程》《华润三九独立董事工作制度》等规定，忠 实、勤勉、尽责地履行独董职责，主动了解公司生产经营情况，出席了公司相关会议，充分 发挥自身的专业优势和独立作用，认真审议董事会的各项议案并发表独立意见，切实维护了 公司和广大股东尤其是中小股东的利益。 本人于 2024 年 2 月 2 日公司召开 2024 年第一次临时股东大会选举产生新任独立董事后 正式离任，不再担任公司独立董事、董事会审计委员会主任委员及委员职务。现将本人 2024 年的履职情况报告如下： 一、 基本情况 1.独立董事基本情况 刘俊勇先生（2024 年 2 月离任）：现任中央财经大学会计学院党委书记、教授、博士生 导师，中央财经大学中国管理会计研究与发展中心主任，信达证券股份有限公司、深圳市槟 城电子股份有限公司独立董事。由于工作需要，2024 年 2 月 2 日辞去公司第八届董事会独 立董事、董事会审计委员会主任委员及委员职务。 2.关于独立性自查情况 根据《上市公 ...

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2024 年度 投资者保护工作报告 $$\exists0\exists\exists\nexists\exists$$ | 一、 | 分红情况 3 | | --- | --- | | 二、 | 信息披露情况 4 | | 三、 | 与投资者沟通交流情况 5 | | 四、 | 便捷投资者参与公司治理情况 6 | | 五、 | 其他情况 7 | 《2024 年度投资者保护工作报告》 2024 年度，华润三九持续以"成为大众医药健康产业引领者"为愿景，瞄准"争做行 业头部企业"的战略目标，持续深化"四个重塑"，固基优业，强化研发创新，推进并购重 组，融合稳步推进，构建全产业链竞争优势，实现量增质优，业绩与能力稳步提升。 华润三九一贯高度重视投资者权益保护，通过多渠道沟通方式与投资者建立双向沟通机 制，持续为股东创造长期价值。近年来，公司在保持主营业务稳健发展的基础上，进一步完 善投资者保护工作机制，通过稳健的分红、高标准信息披露及与投资者密切交流（包括业绩 说明会、路演等）等举措，加强与资本市场的有效沟通，积极传递公司价值。同时，公司注 重倾听投资者建议，积极维护投资者合法权益，努力实现企业内在价值与市场价值的共同提 ...