关于华润三九医药股份有限公司 2023 年现场检查报告 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 作为华润三九医药股份有限公司（以下简称"华润三九"、"公司"或"上市公司"） 重大资产购买的独立财务顾问，根据《上市公司重大资产重组管理办法》《深圳 证券交易所股票上市规则（2023 年修订）》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等有关规定对上市公司的规范运行情况 进行了现场检查，报告如下： 华泰联合证券有限责任公司 一、本次现场检查的基本情况 （一）独立财务顾问 现场检查人员通过查阅相关文件资料、查看公司运营状况等方式对华润三九 2023 年度经营情况、公司治理、内部控制、信息披露、独立性以及与控股股东、 实际控制人及其他关联方资金往来情况、关联交易、对外担保、重大对外投资、 承诺履行等情况进行了检查，并在前述工作的基础上完成了本次现场检查报告。 二、本次现场检查主要事项及意见 华泰联合证券 （二）独立财务顾问主办人 张权生、董念东、张蓝月 （三）现场检查时间 2024 年 3 月 13 日 （四）现场检查人员 张权生 （五）现场检查手段 （四 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%. The net profit attributable to the parent company was 2.853 billion yuan, a year-on-year increase of 16.50% [6][10] - The CHC (Consumer Health Care) business maintained steady growth, with revenue of 11.707 billion yuan in 2023, up 2.83% year-on-year. The prescription drug business faced challenges, with a revenue decline of 12.64% to 5.220 billion yuan [6][10] - The strategic integration of Kunming Pharmaceutical Group is progressing smoothly, with Kunming's revenue at 7.703 billion yuan, down 6.99% year-on-year. The integration aims to position the company as a leader in the aging health industry [6][10] Financial Summary - The company achieved a revenue of 24.739 billion yuan in 2023, with a year-on-year growth of 36.8%. The projected revenues for 2024, 2025, and 2026 are 27.846 billion yuan, 30.848 billion yuan, and 34.058 billion yuan, respectively [7][10] - The net profit for 2023 was 2.853 billion yuan, with projections of 3.247 billion yuan, 3.669 billion yuan, and 4.114 billion yuan for the following years [7][10] - The company’s gross margin for 2023 was 53.2%, with slight improvements expected in the following years [10][11] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 3.247 billion yuan, 3.669 billion yuan, and 4.114 billion yuan, with growth rates of 13.8%, 13.0%, and 12.1%, respectively [6][10] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.29 yuan, 3.71 yuan, and 4.16 yuan [10][11] Strategic Integration - The integration of Kunming Pharmaceutical is expected to enhance the company's industry position and expand its footprint in the aging health sector, contributing to long-term stable growth [6][10]

证券研究报告 | 2024年03月30日 华润三九（000999.SZ）——2023 年年报点评 买入 业绩稳健，融合昆药进一步赋能品牌打造 核心观点 公司研究·财报点评 营收和利润均实现双位数增长。2023年全年营收247.39亿元（+36.83%）， 医药生物·中药Ⅱ 归母净利润 28.53 亿元（+16.50%），扣非归母净利润 27.11 亿元 证券分析师：彭思宇 证券分析师：张佳博 （+22.18%）。其中，四季度单季度营收61.31亿元（+2.72%），单季 0755-81982723 021-60375487 pengsiyu@guosen.com.cn zhangjiabo@guosen.com.cn 度归母净利润4.50亿元（-9.29%），单季度扣非归母净利润4.07亿元 S0980521060003 S0980523050001 （-6.57%）。2023年公司整体毛利率53.24%（-0.78pp），净利率12.83% 基础数据 （-0.98pp），毛、净利率出现小幅下滑主要系昆药并表影响。 投资评级 买入(维持) 合理估值 分业务看，CHC业务收入持续增长。2023年公司CHC健康消 ...

华润三九医药股份有限公司 2024 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。 股票代码：000999 股票简称：华润三九 编号：2024—030 二○二四年三月二十九日 1 表决结果：同意 10 票，反对 0 票，弃权 0 票。 特此公告。 华润三九医药股份有限公司董事会 华润三九医药股份有限公司董事会 2024 年第六次会议于 2024 年 3 月 29 日上午以通讯 方式召开。会议通知以书面方式于 2024 年 3 月 26 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 10 人，原董事赵炳祥先生已辞去公司董事职务，不再出 席公司董事会会议。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、 关于召开公司 2023 年年度股东大会的议案 ...

股票代码：000999 股票简称：华润三九 编号：2024—031 华润三九医药股份有限公司 关于召开 2023 年年度股东大会通知 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"）董事会 2024 年第六次会议审议通过了 《关于召开 2023 年年度股东大会的议案》，公司定于 2024 年 4 月 19 日（星期五）召开 2023 年年度股东大会，现将本次会议有关事项通知如下： 一、召开会议基本情况 1．股东大会届次：2023 年年度股东大会 2．召集人：华润三九医药股份有限公司第八届董事会 3．本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件和《公司 章程》的规定。本次股东大会由公司第八届董事会 2024 年第六次会议决定召开。 4．会议召开的日期、时间： 现场会议：2024 年 4 月 19 日下午 14:00 （2）公司董事、监事和高级管理人员； （3）公司聘请的律师； （4）根据相关法规应当出席股东大会的其他人员。 网络投票时间：2024 年 4 月 19 日。其中，通过深圳证券交易所交易系 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Sanjiu (000999 CH) with a target price of RMB 74.40, reflecting a potential upside of 42% from the current price of RMB 52.32 [1][4]. Core Insights - In 2023, the company's net profit met expectations, with revenue and net profit reaching RMB 24.739 billion and RMB 2.853 billion, respectively, representing year-on-year growth of 37% and 16% [1][2]. - The CHC (Consumer Health Care) business showed steady growth, while the prescription drug segment faced challenges due to regulatory changes and market competition [2][11]. - The subsidiary Kunming Pharmaceutical aims to double its revenue over the next five years, targeting over RMB 10 billion in pharmaceutical industrial revenue by 2028 [2][11]. Financial Summary - Revenue for 2023 was RMB 24.739 billion, with a gross profit of RMB 13.172 billion, resulting in a gross margin of 53.2%, down from 54.0% in 2022 [8][19]. - The company plans to distribute a dividend of RMB 15 per 10 shares, achieving a dividend payout ratio of 52% and a dividend yield of 2.9% [1][8]. - The forecasted compound annual growth rates (CAGR) for revenue and net profit from 2023 to 2026 are 11% and 15%, respectively [1][2]. Business Segment Performance - The CHC business generated RMB 11.707 billion in revenue, growing by 3% year-on-year, while the prescription drug segment saw a decline of 13% to RMB 5.220 billion [2][9]. - Kunming Pharmaceutical's revenue decreased by 7% to RMB 7.703 billion, but it achieved a net profit of RMB 4.45 billion, up 16% year-on-year [2][11]. - The company’s overall net profit margin decreased to 12.8%, down from 13.5% in the previous year [8][19]. Valuation and Forecast Adjustments - The DCF target price was slightly reduced by 2% to RMB 74.40 due to adjustments in earnings forecasts for 2024-2025 [14][19]. - The projected earnings per share (EPS) for 2024 is RMB 3.49, with a P/E ratio of 21x, aligning with comparable companies [4][14]. - Revenue forecasts for 2024-2025 have been adjusted downwards by 15%-17% due to a slowdown in the retail pharmacy market and challenges in the prescription drug segment [11][12].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃d 华yCo 润mp 三any＃九 （ 000999.SZ ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 全年业绩增长稳健，持续推进昆药融合 ange＃ ＃ createTime1＃ 2024年 3月 28日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 全ma 年ry＃ ⚫ 业 绩增长稳健，经营质量优秀。2023年公司实现营业收入247.39亿 司 日期 2024-03-27 元 ，同比增长36.83%，归母净利润28.53亿元，同比增长16.5%，扣非 点 收盘价（元） 53.20 归母净利润27.11亿元，同比增长22.18%，全年经营性现金流净额41.92 评 总股本（百万股） 988 亿元，同比增长 39.43%；剔除昆药并表影响，公司营业收入稳健，符合 预期。2023年Q4单季公司实现营业收入61.31亿元 ，同比增长2.72%， 报 流通股本（百万股） 978 归母净利润4.5亿元，同比下降9.29%，扣非 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the strategic integration with Kunming Pharmaceutical, leading to growth in both revenue and profit [1] - In 2023, the company achieved a revenue of 24.739 billion yuan, representing a year-on-year increase of 36.83% [1] - The net profit attributable to the parent company was 2.853 billion yuan, up 16.50% year-on-year, with a non-recurring net profit of 2.711 billion yuan [1] - The company maintains a clear business model and development logic, focusing on "Brand + Innovation" [1] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 24.739 billion yuan, a year-on-year increase of 36.83% [1] - The net profit attributable to the parent company was 2.853 billion yuan, reflecting a year-on-year growth of 16.50% [1] - The overall gross margin was 53.24%, slightly down by 0.78 percentage points year-on-year [1] - The operating cash flow for 2023 was 4.192 billion yuan, with a net profit of 2.853 billion yuan [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 27.920 billion yuan, 31.366 billion yuan, and 34.997 billion yuan, respectively, with year-on-year growth rates of 12.9%, 12.3%, and 11.6% [4] - The net profit attributable to the parent company is expected to be 3.302 billion yuan in 2024, 3.800 billion yuan in 2025, and 4.374 billion yuan in 2026, with growth rates of 15.8%, 15.1%, and 15.1% [4] Research and Development - In 2023, the company invested 889 million yuan in R&D, with 112 projects under development [3] - The company received 71 invention patents and 64 utility model patents, enhancing its product portfolio in various therapeutic areas [3] - The company has obtained several drug registration certificates, further enriching its offerings in digestive, cardiovascular, respiratory, and anti-infection products [3] Market Position - The company aims to be a leader in the elderly health and chronic disease management sectors, with Kunming Pharmaceutical focusing on these areas [2] - Kunming Pharmaceutical achieved a revenue of 7.703 billion yuan in 2023, despite a year-on-year decline of 6.99% due to structural optimization [2]

华润三九医药股份有限公司 关于举行 2023 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。 证券代码：000999 证券简称：华润三九 公告编号：2024-029 2. 投资者可于 2024 年 4 月 2 日（星期二）下午 15:30-16:30，通过微信扫描以下 二维码进入"华润三九 2023 年度业绩说明会"界面参加公司 2023 年度业绩说明会。 （一） 会议召开时间： 2024 年 4 月 2 日下午 15:30-16:30 （二） 网络直播地址： 全景路演（https://rs.p5w.net） （三） 会议召开方式： 全景演播厅现场交流、网络直播 3.欢迎广大投资者于 2024 年 3 月 30 日（星期六）前将关注的问题通过电子邮件的 形式发送至公司邮箱：000999@999.com.cn。公司将在 2023 年度业绩说明会上对投资者 普遍关注的问题进行回答。 华润三九医药股份有限公司(以下简称"公司")于 2024 年 3 月 23 日发布公司 2023 年年度报告，为便于投资者了解公司 2023 年度生产经营情况及未 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue and profit growth in 2023, with revenue reaching 24.739 billion yuan (up 36.83% year-on-year) and net profit attributable to shareholders at 2.853 billion yuan (up 16.50% year-on-year) [2] - The company expects to maintain double-digit growth in revenue and net profit for 2024, driven by strategic initiatives and innovation investments [3] - The company has a strong brand presence in the OTC market, although the performance of its formula granules was below expectations due to regulatory changes [2][4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 24.739 billion yuan, a year-on-year increase of 36.83%, and a net profit of 2.853 billion yuan, reflecting a 16.50% increase [2] - The fourth quarter of 2023 saw revenue of 6.131 billion yuan (up 2.72% year-on-year) but a decline in net profit to 450 million yuan (down 9.29% year-on-year) [2] - The operating cash flow significantly improved, with a net cash flow of 4.192 billion yuan, up 39.43% year-on-year [2] Business Segments - The CHC health consumer products segment generated 11.707 billion yuan in revenue, growing by 2.83% year-on-year, with strong performance in brand OTC business [2] - Prescription drug revenue was 5.220 billion yuan, down 12.64% year-on-year, primarily due to the impact of national standards and collective procurement [2] Future Outlook - The company anticipates revenue of 27.904 billion yuan for 2024, with a projected growth rate of 13% [5] - Net profit is expected to reach 3.255 billion yuan in 2024, with a growth rate of 14% [5] - The company aims to enhance its competitive position through innovation and integration with Kunming Pharmaceutical Group [3]