Core Insights - The State-owned Assets Supervision and Administration Commission recognized China Resources Sanjiu as a "benchmark" enterprise for the second consecutive year, highlighting its leadership in the pharmaceutical sector among 349 "demonstration enterprises" [1] - The company aims to enhance its core competitiveness and innovation capabilities while contributing to the high-quality development of the traditional Chinese medicine industry [1] Group 1: Strategic Development - China Resources Sanjiu has established a clear development strategy focused on becoming a leader in the public health and pharmaceutical industry, systematically strengthening its core pharmaceutical business [2] - The company has divested non-core businesses such as food and pharmaceutical distribution, while increasing the proportion of pharmaceutical manufacturing in its revenue structure through strategic acquisitions [2] - Since 2012, the company has successfully completed over 10 acquisitions, including Auno Pharmaceutical and Kunming Pharmaceutical Group, to build competitive advantages in chronic disease management and children's health [2][3] Group 2: Innovation and R&D - The company has built a "pyramid-type" innovation system, enhancing its research and development capabilities and establishing a project management system that covers the entire lifecycle of innovation [5][6] - In 2023, the company invested 889 million yuan in R&D, a 78.61% increase from 2018, with 778 R&D personnel, reflecting a 126.16% growth over the same period [6] - The company has achieved breakthroughs in various therapeutic areas, including oncology and respiratory diseases, and has received national recognition for its contributions to traditional Chinese medicine [6] Group 3: Digital Transformation and Smart Manufacturing - China Resources Sanjiu is actively promoting digital transformation across its operations, including production management and supply chain, to enhance efficiency and quality control [7][8] - The company plans to establish multiple smart manufacturing benchmark factories to advance the modernization of traditional Chinese medicine [8] - The vision of the company is to become a leader in the public health industry, focusing on high-quality pharmaceutical product innovation and smart manufacturing [8]

股票代码：000999 股票简称：华润三九 编号：2024—119 华润三九医药股份有限公司 2024 年第二十一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（以下简称"公司"或"华润三九"）董事会 2024 年 第二十一次会议于 2024 年 11 月 15 日以通讯方式召开。会议通知以书面方式于 2024 年 11 月 12 日发出。本次会议应到董事 11 人，实到董事 11 人。本次会议由公司董事长邱 华伟先生主持。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 本议案提交董事会前已经公司董事会提名委员会 2024 年第五次会议审议通过并发 表了审核同意意见。 董事会同意聘任王克先生担任公司副总裁，任期与公司第九届董事会任期一致。王 克先生简历详见附件。 表决结果：11 票同意，0 票反对，0 票弃权，审议通过。 王克先生持有公司 9.75 万股股票，与持有公司 5%以上股份的股东、实际控制人及 ...

Core Viewpoint - The recent quarterly report from China Traditional Chinese Medicine giant China Resources Sanjiu shows a mixed performance with revenue growth but a decline in net profit for the third quarter, raising concerns among investors [1][2]. Financial Performance - For the first three quarters, the company achieved revenue of 19.74 billion yuan, a year-on-year increase of 6.08% [2]. - The net profit attributable to shareholders was 2.96 billion yuan, up 23.19% year-on-year, while the net profit excluding non-recurring items was 2.75 billion yuan, an increase of 19.48% [2]. - In the third quarter alone, revenue was 5.63 billion yuan, a slight increase of 3.16% year-on-year, but the net profit excluding non-recurring items fell by 6.83% to 444 million yuan [2]. - The net cash flow from operating activities was 3.20 billion yuan, reflecting a year-on-year growth of 5.05% [2]. Research and Development - The company reported R&D expenses of 512 million yuan for the first three quarters, representing an increase of 11.72% year-on-year, with an R&D expense ratio of 2.59%, up 0.13 percentage points [2][3]. Management Changes - Two high-level resignations were announced on October 25, with the resignation of board member Yang Xudong and Vice President Wang Yanfei, contributing to a total of nine executive resignations this year [1][4][5]. Profit Margin Concerns - The company's sales gross margin has been declining for five consecutive years, with the latest figure at 52.68% for the first three quarters, although it increased by 0.89 percentage points year-on-year [6][7]. Impact of Drug Procurement Policies - The company is facing potential impacts from local traditional Chinese medicine centralized procurement policies, particularly concerning its flagship product, 999 Ganmaoling [7][8]. - The company has stated that the recent procurement notice is unlikely to significantly affect its 999 Ganmaoling product, which is positioned in the OTC market [8].

上海市锦天城（深圳）律师事务所 邮编：518000 上海市锦天城（深圳）律师事务所 法律意见书 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 关于 华润三九医药股份有限公司 2024 年第六次临时股东大会 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 2024 年第六次临时股东大会的 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 2024 年第六次临时股东 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 ...

股票代码：000999 股票简称：华润三九 编号：2024—118 华润三九医药股份有限公司 2024 年第六次临时股东大会决议公告 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。 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。 （二） 表决结果 1、关于公司 2024 年前三季度利润分配预案的议案 1、华润三九医药股份有限公司 2024 年第六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 2024 年 11 月 11 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 2024 年 11 月 11 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 2024 年 11 月 11 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 | 702 | | --- | ...

Investment Rating - The report maintains an "Accumulate" rating for China Resources Sanjiu (000999.SZ) [4] Core Views - The company demonstrated stable operational performance in Q3 2024, with revenue reaching 19.74 billion yuan, a year-on-year increase of 6.08%, and a net profit attributable to shareholders of 2.96 billion yuan, up 23.19% year-on-year [4] - The core CHC health consumer goods business is focusing on comprehensive layout and brand influence enhancement, while the prescription drug business is expanding its product line and enhancing competitiveness [4] - The company is pursuing strategic acquisitions, including a significant asset restructuring plan to acquire 28% of Tianjin Tasly Pharmaceutical, which is expected to enhance innovation in traditional Chinese medicine [4] - Profitability is improving, with a gross margin of 52.68% and a net profit margin of 16.44% for the first three quarters of 2024 [4] - Revenue and profit forecasts for 2024-2026 have been adjusted, with expected revenues of 26.445 billion yuan, 29.227 billion yuan, and 32.291 billion yuan, and net profits of 3.396 billion yuan, 3.883 billion yuan, and 4.406 billion yuan respectively [4] Financial Summary - For 2023, the company reported operating revenue of 24.739 billion yuan and a net profit of 2.853 billion yuan [3] - The projected operating revenue for 2024 is 26.445 billion yuan, with a year-on-year growth of 6.9% [3] - The projected net profit for 2024 is 3.396 billion yuan, reflecting a year-on-year growth of 19.0% [3] - The gross margin is expected to remain stable around 53.0% in 2024, with a slight increase to 53.7% by 2026 [3] - The return on equity (ROE) is projected to improve from 15.0% in 2023 to 17.6% by 2026 [3]

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 2021 年限制性股票激励计划之 限制性股票回购注销实施的 法律意见书 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 | 声明事项 | 5 | | --- | --- | | | 正文 7 | | 一、 | 本次回购注销的批准与授权 7 | | 二、 | 本次回购注销的具体情况 12 | | 三、 | 本次回购注销的实施 13 | | 四、 | 结论意见 13 | 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"或"华润三九"）的委托，就公司 2021 年限 制性股票激励计划（以下简称"激励计划"或"本次激励计划"）相关事宜提供 专项法律服务。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《深圳证券交易所股票上市规则（2023 年 修订）》、《上市公司股权激励管理办法（2018 修正）》（以下简称"《管 ...

股票代码：000999 股票简称：华润三九 编号：2024—117 一、限制性股票激励计划已履行的相关审批程序 华润三九医药股份有限公司 关于部分限制性股票回购注销完成的公告 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。 重要内容提示： ●华润三九医药股份有限公司（以下简称"公司"或"华润三九"）本次回购注销原 3 名激励对象持有的 A 股限制性股票共 2.6781 万股，占回购注销前公司股本总额的 0.002%。 ●中国证券登记结算有限责任公司深圳分公司确认已于2024 年11月 8日办理完成公司 本次部分限制性股票回购注销事宜。本次注销符合法律、行政法规、部门规章、规范性文件、 公司章程、限制性股票激励计划等相关规定。 ●本次回购注销完成后，公司总股本减少 2.6781 万股，由 1,284,325,466 股减少至 1,284,298,685 股。 华润三九于 2024 年 8 月 29 日召开董事会 2024 年第十七次会议、监事会 2024 年第十三 次会议，并于 2024 年 9 月 18 日召开公司 2024 年第四次临时股东大会，审议通过了《 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is experiencing steady development with ongoing integration and acquisition efforts [1] - The third quarter performance shows stable growth, with revenue of 5.634 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to the parent company of 561 million yuan, up 6.85% year-on-year [1] - The company has made significant progress in research and development, with an investment of 512 million yuan in the first three quarters of 2024, representing an increase of 11.72% year-on-year [1] - The company is focusing on innovation in traditional Chinese medicine, achieving breakthroughs in various fields and expanding its product line [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 19.740 billion yuan, a year-on-year increase of 6.08%, and a net profit attributable to the parent company of 2.960 billion yuan, up 23.19% year-on-year [1] - The operating income for Q3 2024 was 5.634 billion yuan, with a net profit of 561 million yuan, reflecting a year-on-year growth of 6.85% [1] - The company’s cash flow from operating activities was 3.204 billion yuan, an increase of 5.05% year-on-year [1] Cost Management - The company has optimized its expense ratios, with a sales expense ratio of 24.07%, down 1.55 percentage points year-on-year, and a management expense ratio of 5.44%, down 0.15 percentage points year-on-year [1] Research and Development - The company has made advancements in areas such as oncology, orthopedics, dermatology, and respiratory diseases, with key projects entering clinical stages [1] - The company has received two drug registration certificates and launched new traditional Chinese medicine products, enhancing its product pipeline [1] Strategic Initiatives - The company is actively pursuing the acquisition of a 28% stake in Tian Shi Li Group, which is expected to strengthen its position in the traditional Chinese medicine innovation sector [1] - The company has established multiple national and provincial innovation platforms in collaboration with universities and research institutions to promote technological innovation and talent development [1]

Investment Rating - Buy (Maintained) [1] Core Views - Performance meets expectations with steady progress in mergers and acquisitions integration [1] - Sales expense ratio continues to optimize, and net profit margin shows a steady increase [1] - Kunming Pharmaceutical integration is progressing steadily, and the proposed acquisition of Tianjin Tasly is expected to contribute incremental growth [1] - The company's long-term strategic planning is clear, with a focus on innovative traditional Chinese medicine and prescription drugs [1] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: 19.74 billion CNY, up 6.08% YoY [1] - 2024 Q3 net profit attributable to parent company: 2.96 billion CNY, up 23.19% YoY [1] - 2024 Q3 non-GAAP net profit: 2.75 billion CNY, up 19.48% YoY [1] - 2024E revenue forecast: 26.57 billion CNY, up 7% YoY [1] - 2024E net profit attributable to parent company forecast: 3.35 billion CNY, up 17% YoY [1] Profit Margins - Gross margin for the first three quarters of 2024: 52.68%, up 2.08pp YoY [1] - Net margin for the first three quarters of 2024: 14.99%, up 0.89pp YoY [1] Key Financial Ratios - ROE: 12% for 2024E [1] - P/E: 17.6 for 2024E [1] - P/B: 2.7 for 2024E [1] Strategic Developments - Kunming Pharmaceutical integration is progressing steadily, with increased investment in the Panax notoginseng industry chain [1] - Proposed acquisition of Tianjin Tasly for 6.21 billion CNY, expected to be completed in Q1 2025 [1] - Post-acquisition, the company will focus on innovative traditional Chinese medicine and prescription drugs, while Kunming Pharmaceutical will focus on the elderly health industry [1] Financial Forecasts Revenue and Profit Forecasts - 2025E revenue: 29.28 billion CNY, up 10% YoY [1] - 2025E net profit attributable to parent company: 3.88 billion CNY, up 16% YoY [1] - 2026E revenue: 32.09 billion CNY, up 10% YoY [1] - 2026E net profit attributable to parent company: 4.46 billion CNY, up 15% YoY [1] Key Financial Ratios Forecasts - ROE: 12% for 2025E and 2026E [1] - P/E: 15.2 for 2025E and 13.3 for 2026E [1] - P/B: 2.3 for 2025E and 2.0 for 2026E [1] Balance Sheet and Cash Flow Balance Sheet Highlights - Total assets: 43.08 billion CNY for 2024E [2] - Total liabilities: 15.36 billion CNY for 2024E [2] - Equity attributable to parent company: 22.05 billion CNY for 2024E [2] Cash Flow Highlights - Operating cash flow: 5.87 billion CNY for 2024E [2] - Investment cash flow: -1.05 billion CNY for 2024E [2] - Financing cash flow: -865 million CNY for 2024E [2] Valuation and Ratios - P/E: 21 for 2023A, 18 for 2024E, 15 for 2025E, 13 for 2026E [2] - P/B: 3 for 2023A, 3 for 2024E, 2 for 2025E, 2 for 2026E [2] - EV/EBITDA: 40 for 2023A, 33 for 2024E, 30 for 2025E, 27 for 2026E [2] Growth and Profitability - Revenue growth rate: 7.4% for 2024E, 10.2% for 2025E, 9.6% for 2026E [2] - EBIT growth rate: 16.3% for 2024E, 13.4% for 2025E, 15.3% for 2026E [2] - Net profit growth rate: 17.4% for 2024E, 15.7% for 2025E, 14.9% for 2026E [2] - Gross margin: 53.6% for 2024E, 54.4% for 2025E, 55.4% for 2026E [2] - Net margin: 14.0% for 2024E, 14.7% for 2025E, 15.5% for 2026E [2]