股票代码：000999 股票简称：华润三九 编号：2025—008 华润三九医药股份有限公司 2025 年第二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 年第二次会议于 2025 年 2 月 27 日下午在华润 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 2 月 24 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。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、审议并通过《关于公司符合重大资产重组条件的议案》 本议案提交董事会前已经公司董事会独立董事专门会议全体成员同意并发表相关意见， 已经董事会战略投资委员会会议审议通过。 华润三九医药股份有限公司（以下简称"公司"或"华润三九"）拟以支付现金的方式 向天士力生物医药产业集团有限公司（以下简称"天士力集团"）及其一致行动人天津和悦 科技发展合伙企业（有限合伙）（以下简称"天津和 ...

股票代码：000999 股票简称：华润三九 编号：2025-010 华润三九医药股份有限公司 董事会关于重大资产重组的一般风险提示公告 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"或"华润三九"）拟以支付现金的 方式向天士力生物医药产业集团有限公司（以下简称"天士力集团"）及其一致行动人 天津和悦科技发展合伙企业（有限合伙）（以下简称"天津和悦"）、天津康顺科技发展 合伙企业（有限合伙）（以下简称"天津康顺"）、天津顺祺科技发展合伙企业（有限合 伙）（以下简称"天津顺祺"）、天津善臻科技发展合伙企业（有限合伙）（以下简称"天 津善臻"）、天津通明科技发展合伙企业（有限合伙）（以下简称"天津通明"）、天津鸿 勋科技发展合伙企业（有限合伙）（以下简称"天津鸿勋"）合计购买其所持有的天士力 医药集团股份有限公司（以下简称"天士力"）418,306,002 股股份（占天士力已发行股 份总数的 28%）（以下简称"本次交易"），具体包括天士力集团持有的天士力 351,619,489 股股份，天津和悦持有的天士力 29,175 ...

华泰联合证券有限责任公司 关于 天士力医药集团股份有限公司 详式权益变动报告书 （修订稿） 之 财务顾问核查意见 二〇二五年二月 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券公司信息披露内容与格式准则第15号——权益变动报 告书》《公开发行证券公司信息披露内容与格式准则第16号——上市公司收购报 告书》等相关法律、法规的规定，华泰联合证券有限责任公司（简称"本财务顾 问"）按照行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的精神， 对本次权益变动的相关情况和资料进行了核查，对《天士力医药集团股份有限公 司详式权益变动报告书》所披露的内容出具核查意见。 本财务顾问特作出如下声明： 一、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人已 作出声明，保证其所提供的资料均为真实、准确、完整的原始书面资料或副本资 料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、印章均是真 实的；所有文件和材料不存在虚假记载、误导性陈述或重大遗漏，并对所提供信 息的真实性、准确性和完整性承担个别和连带的法律责任。 二、本财务顾问已按照规定履行尽职调查义 ...

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

股票代码：000999 股票简称：华润三九 编号：2025—013 华润三九医药股份有限公司 2025 年第三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 年第三次会议于 2025 年 2 月 28 日上午以通讯 方式召开。会议通知以书面方式于 2025 年 2 月 25 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。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： 表决结果：同意 11 票，反对 0 票，弃权 0 票，审议通过。 附：财务总监、董事会秘书简历及联系方式 一、 关于聘任公司财务总监、董事会秘书的议案 本议案提交董事会前已经公司董事会提名委员会 2025 年第一次会议审议并发表了审核 同意意见。聘任公司财务总监的议案已经公司董事会审计委员会 2025 年第一次会议审议通 过。 经公司总裁提名，董事会提名委员会资格审核并经审计委员会审议通过，董事会聘任邢 健先生担任公司财务总 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 56.81 CNY based on a PE valuation of 19 times for 2025 [3][6]. Core Views - The company is positioned as a leading player in the traditional Chinese medicine (TCM) health sector, with both organic growth and external acquisitions driving its long-term growth potential. The CHC (Consumer Health Care) business is expected to maintain steady growth, while the RX (Prescription) business is stabilizing. The company has a strong focus on R&D and has a rich pipeline of projects [3][8]. Financial Performance Summary - The company's revenue increased from 136.4 billion CNY in 2020 to 247.4 billion CNY in 2023, with a CAGR of 19%. The net profit attributable to the parent company rose from 16.0 billion CNY to 28.5 billion CNY during the same period, achieving a CAGR of 21% [23][24]. - For 2024-2026, the projected net profits are 33.7 billion CNY, 38.4 billion CNY, and 43.5 billion CNY, respectively, with corresponding EPS of 2.62 CNY, 2.99 CNY, and 3.39 CNY [3][5]. Business Segments Overview - The CHC business has shown robust growth, with revenues increasing from 75.6 billion CNY in 2019 to 117.1 billion CNY in 2023, reflecting a CAGR of 12%. This segment accounted for approximately 52% of total revenue in the first half of 2024 [41][43]. - The RX business has faced challenges due to policy changes but is focusing on innovation and operational efficiency to adapt [8][41]. Acquisition Strategy - The company has successfully built a TCM health platform through strategic acquisitions, including the recent acquisition of Kunming Pharmaceutical Group, which enhances its market position in cardiovascular products. A planned acquisition of Tian Shi Li is expected to further enrich its product offerings in the cardiovascular sector [8][9][20]. R&D and Innovation - The company has significantly increased its R&D investment from 5.3 billion CNY in 2019 to 8.9 billion CNY in 2023, with a CAGR of 14%. The number of R&D personnel has also grown from 402 to 778 during the same period [32][34]. Shareholder Returns - The company has consistently increased its dividend payouts, with a cash distribution of 15 CNY per 10 shares in 2023, reflecting a commitment to shareholder returns [39][40].

股票代码：000999 股票简称：华润三九 编号：2025—007 华润三九医药股份有限公司 关于重大资产重组的进展公告 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。 特别提示： 1、华润三九医药股份有限公司（以下简称"公司"或"华润三九"）于 2024 年 8 月 5 日披露的《华润三九医药股份有限公司重大资产购买预案》（以下简称"本次交易 预案"）及其摘要中已对本次交易涉及的有关风险因素及尚需履行的审批程序进行了详 细说明，公司将根据相关事项的进展情况，及时履行信息披露义务，提请广大投资者关 注后续进展公告并注意投资风险。 2、截至本公告披露日，除本次交易预案中披露的有关风险因素外，公司尚未发现 可能导致公司董事会或者交易对方撤销、中止本次重组方案或者对本次重组方案作出实 质性变更的相关事项，本次交易工作正在有序进行中。 一、本次重大资产重组进展情况 华润三九拟以支付现金的方式向天士力生物医药产业集团有限公司（以下简称"天 士力集团"）及其一致行动人天津和悦科技发展合伙企业（有限合伙）（以下简称"天津 和悦"）、天津康顺科技发展合伙企业（有限合伙）（以下 ...

2025 年 2 月 17 日 证券研究报告 行业周报 行业评级： | 报告期：2025.2.5-2025.2.14 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 4 期总第 127 期 AI 赋能将逐步深化 关注前端药物研发和后端病理诊断等应用领域 估值方面，截至 2025 年 2 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 26.68x（上期末为 25.41x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（104.32x）、医院（41.37x）、其他医疗服务（38.01x）， 中位数为 27.49x，医药流通（15.11x）估值最低。 XXXX@g ...

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 年第一次会议于 2025 年 2 月 17 日上午以通讯 方式召开。会议通知以书面方式于 2025 年 2 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。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、 关于修订华润三九企业年金方案的议案 本议案提交董事会前已经公司董事会薪酬与考核委员会 2025 年第一次会议审议通过。 股票代码：000999 股票简称：华润三九 编号：2025—006 华润三九医药股份有限公司 2025 年第一次董事会会议决议公告 关联董事邱华伟先生、吴文多先生、周辉女士回避了表决。 表决结果：同意 8 票，反对 0 票，弃权 0 票，审议通过。 二、 关于公司部门更名及设置调整的议案 华润三九医药股份有限公司董事会 二○二五年二月十七日 1 根据业务发展需要，公司将市场部更名为消费者品牌部，将中医中药研究院升级为公司 一级架构 ...

Group 1: Acquisition and Strategic Partnerships - The company is actively advancing the acquisition of Tian Shi Li Pharmaceutical Group, having received necessary regulatory approvals, with the transaction expected to be completed by Q1 2025 [3][4] - The partnership aims to leverage Huaren Sanjiu's strengths in brand building and CHC channel advantages to enhance Tian Shi Li's market efficiency, while Tian Shi Li will boost Huaren Sanjiu's R&D capabilities [5] Group 2: Market and Product Performance - The company is closely monitoring the high incidence of flu and corresponding product sales, ensuring efficient delivery to meet demand [7] - The company has seen growth in both sales volume and market share in its formula granule business due to strategic opportunities in centralized procurement [10] Group 3: Pricing and Cost Management - The company is considering price adjustments to cover rising costs of traditional Chinese medicine raw materials, while maintaining a focus on consumer and patient needs [8][9] - The average price of OTC core products is currently positioned lower than competitors, allowing for potential price increases without significant consumer pushback [8] Group 4: Financial and Operational Outlook - The sales expense ratio has shown a declining trend due to centralized procurement and changes in business structure, with a slight decrease expected as scale effects continue [11] - R&D investment is projected to steadily increase, with significant breakthroughs anticipated in areas such as oncology and respiratory treatments [12] Group 5: International and Future Growth - The company's overseas business currently represents a small portion of total operations, with ongoing attention to international market dynamics [13] - Future stock incentive plans are being considered as part of the company's reform initiatives, with a second phase expected to be launched in line with reform requirements [14]