◎记者黎灵希 "999感冒灵，暖暖的，很贴心。"这句家喻户晓的广告词，成就了"999"的医药健康品牌，也成为它守护 无数家庭日常健康的朴素情怀。华润三九由此出发，搭建了横跨全生命周期、纵贯全健康管理场景 的"1+N"品牌矩阵。 华润三九从靠几款OTC药品打开市场的企业，蜕变为中国医药行业的"多面手"——连续多年位列非处方 药生产企业综合排名榜首，在处方药领域构建了中药、化药、生物药协同发展的创新格局。 近日，上海证券报记者走进华润三九，探寻这家国民药企打通高质量发展"任督二脉"的故事。 "'十四五'期间，我们积极抓住行业和市场机遇，提前完成营收翻番的目标。"华润三九董事长邱华伟告 诉记者，"下一个五年，公司的自主研发能力及管线将呈现更强大的活力。" 引擎："创新+品牌"双轮驱动 2024年实现营收276亿元，较2020年增长超102%；近三年营收、利润总额年复合增长率分别达23.6%、 24.5%……采访伊始，邱华伟用一组关键数据开启了对话。 "公司一方面持续打造具有疗效优势、品质感强的差异化产品矩阵，另一方面通过和消费者保持长期沟 通，不断延伸品牌效应。"邱华伟说，公司始终贴近消费者的沟通语境，持续探索媒介 ...

Group 1 - Dongyangguang Pharmaceutical's total revenue from 2022 to 2024 is projected to reach 14.2 billion, with R&D investment of 2.5 billion over the past three years, and operating profit exceeding 2.1 billion in the last two years [21] - Huaren Sanjiu's R&D investment is expected to reach 950 million in 2024, a 63.97% increase from 2020, with R&D personnel increasing to 876, more than double that of 2020 [21] - Yunnan Baiyao achieved a net profit of 4.777 billion in the first three quarters of 2025, a year-on-year increase of 10.41%, surpassing the full-year profit of 4.749 billion in 2024, marking a historical high for the same period [21] Group 2 - Yunnan Baiyao emphasizes the importance of returning to its core business and focusing on continuous effective R&D investment to build a competitive moat [22] - Huaren Sanjiu is accelerating its merger and integration pace, focusing on consumer health, medical health, and elderly health sectors, while enhancing R&D investment to drive innovation transformation [22] - Dongyangguang Pharmaceutical has developed three self-researched new drugs and has nearly 50 new drugs in the pipeline, actively seeking international markets for growth [26][31] Group 3 - Yanhuilong has invested over 1 billion in R&D from 2021 to 2024, with annual R&D investment accounting for over 20% of its main business revenue [21][51] - The company is shifting from rapid market capture to deep innovation, focusing on high-quality development and establishing a unique project advantage in the IVD industry [49][50] - Yanhuilong's overseas revenue exceeded 200 million in the first three quarters, a nearly 40% year-on-year increase, indicating successful market expansion [54] Group 4 - Yunnan Baiyao's revenue has grown from 58 million to 40.033 billion over 32 years, a 690-fold increase, with net profit rising from 1.3 million to 4.749 billion, a 365-fold increase [40] - The company has established a digital transformation strategy, creating a full-chain digital system to enhance operational efficiency and product quality [41][42] - Yunnan Baiyao's strategic planning includes three R&D curves focusing on traditional Chinese medicine, innovative drugs, and nuclear medicine [48] Group 5 - Dongyangguang Pharmaceutical has built a comprehensive R&D system and a modern factory with an annual production capacity of 1.8 billion tablets [29] - The company is actively integrating AI into drug discovery processes to enhance efficiency and reduce costs [30] - Huaren Sanjiu's revenue is projected to reach 27.6 billion in 2024, a 102% increase from 2020, with a compound annual growth rate of 23.6% in revenue and 24.5% in profit over the past three years [35]

在研发过程中，华润三九与张伯礼院士及其团队共同开展了完整的确证性临床研究，旨在用现代循证医 学方法进一步验证药品的安全性与有效性。999益气清肺颗粒多中心、随机、双盲、平行对照临床试验 研究结果均显示，该药能有效改善呼吸道感染康复期出现的干咳、乏力、气短、胃脘痞闷等症状。基于 扎实的循证证据，该药通过了国家中医理论、人用经验、临床研究"三结合"的审评证据体系。 时值流感季，面对用户对高效、安全药品的需求增长，京东健康依托超级医药供应链与全渠道服务能 力，从不同用户群体的真实需求出发，携手多家药企，陆续全网首发多款针对流感及呼吸道症状的新 药，切实发挥"新特药首发第一站"的价值，持续推动优质药品的精准触达与高效供给，为广大用户带来 更便捷、更专业的医药健康产品及服务。 为了满足消费者应对呼吸道感染康复期综合症状的临床需求，张伯礼院士以经典名方"生脉散"与"平胃 散"为基础，融合一线康复诊疗经验拟定清金益气方，在多家医院作为院内制剂投入使用。其后，为了 让消费者在呼吸道感染康复期便捷用药，张伯礼院士及团队联合华润三九将新药组方开发为规模化生产 的颗粒剂——999益气清肺颗粒。对于该药的适应症，张伯礼院士指出："9 ...

近日，天士力举办第三季度业绩说明会，据天士力总经理蔡金勇表示，目前公司正全面推进与华润三九 的首年融合工作，从"价值重塑"、"业务重塑"、"组织重塑"和"精神重塑"四个维度系统化升级管理体 系，实现强强联合的战略协同。 在运营管理方面，公司积极落实华润管理理念，加强财务、人力资源、EHSQ 及大监督体系的融合，开 展"焕新增效"等系列组织优化活动，优化运营管控模式，提升管理效率，为后续业务协同和战略落地奠 定了坚实基础；在战略规划方面，公司高效组织管理层与华润三九管理层进行多次战略融合研讨，通过 洞察行业变化趋势，并结合公司实际情况，启动了"十五五"战略规划的制订工作，力求为公司未来发展 指明方向，推动公司在创新求变新征程中实现高质量发展。 同时，公司加大与华润旗下商品以及华润医药商业和医药物流的协同，借助华润三九的品牌优势，提升 连锁药店的行业竞争力。 （上证路演） (编辑：杨燕 林辰)关键字： 医疗 在百日融合期内，公司与华润三九协同赋能，在营销领域整合线上线下渠道资源，创新医药零售新模 式。在营销领域积极与华润进行融合赋能，基于目前公司产品结构以及市场渠道特点，通过充分整合资 源、优势互补，达成米诺磷酸 ...

Core Insights - In 2025, brands are shifting from traditional marketing strategies to more innovative and engaging approaches that resonate with consumers' emotions and preferences [1][2] - Successful marketing now involves creating participatory events and leveraging user-generated content to enhance brand visibility and connection [1] Group 1: Case Studies of Innovative Marketing - **Mixue Ice City**: The brand's IPO was marked by a lively event featuring various IPs, breaking the traditional solemnity of such occasions and enhancing brand relatability among younger consumers [1][2] - **Haier**: The brand effectively utilized the "listening to advice" strategy by having its CEO return to social media, which resonated with users and boosted product sales [3][5] - **Yike Spring**: The brand creatively linked its marketing to a popular drama, using a pun on its spokesperson's name to enhance product appeal and engagement [4][7] Group 2: Sports and Event Marketing - **Yili**: The brand transformed traditional sports marketing by integrating long-term engagement strategies with current events, creating a relatable brand image [10][11] - **Sanjiao Weitai**: The brand capitalized on a trending drama to create a humorous and engaging marketing campaign that resonated with viewers, enhancing brand affinity [11][13] - **Gaotu Education**: The collaboration with a celebrity for an English course showcased a new model of education marketing that combines entertainment with learning [16][15] Group 3: User-Centric Marketing - **Xiangpiaopiao**: The brand's partnership with a popular figure demonstrated the effectiveness of user-driven marketing, enhancing consumer connection and brand perception [16][18] - **Zhuanzhuan**: The brand's strategic business shift was cleverly marketed, turning a potential negative into a viral advertising opportunity [18][20] - **Luckin Coffee**: The brand's dramatic marketing campaign involving a partnership and subsequent "divorce" with another brand created significant buzz and consumer engagement [22][23] Group 4: Competitive Landscape in Delivery Services - **JD.com, Meituan, Ele.me**: The competition in the food delivery market intensified with aggressive pricing strategies and targeted marketing campaigns, each brand leveraging unique selling propositions to attract consumers [25][23] - **Market Dynamics**: The shift towards local and immediate retail services reflects changing consumer behaviors, with brands adapting to meet the demand for convenience [25]

Core Viewpoint - The Chinese traditional medicine sector is experiencing increased activity due to a surge in flu cases, with the Chinese Medicine ETF (560080) showing a slight decline but still attracting investor interest [1][9]. Market Performance - The Chinese Medicine ETF (560080) closed down 0.91% today, remaining in a consolidation phase, with a trading volume exceeding 84 million yuan, a 7% increase from the previous trading day [1]. - The ETF's closing premium rate was 0.06%, indicating ongoing investor attention, with two out of the last five days seeing inflows [1]. - The ETF's latest scale reached 2.598 billion yuan, leading its peers in the same category [1]. Stock Performance - Most constituent stocks of the Chinese Medicine ETF closed in the red, with notable declines including: - Pianzaihuang down 1.59% to 168.75 yuan, marking a five-year low [3]. - Yiling Pharmaceutical down over 3%, and Zhongsheng Pharmaceutical down over 2% [3]. - Conversely, stocks like Yunnan Baiyao and Jilin Aodong saw slight increases [3]. Valuation Metrics - As of December 3, the TTM price-to-earnings (PE) ratio for the ETF's index was 25.12, positioned at the 23.11% percentile over the past decade, suggesting that the index is cheaper than 76% of the time historically [5]. - The TTM PE is just 0.38 away from the calculated opportunity value, indicating a potential entry point for investors [5]. Historical Performance - The year-to-date return for the Chinese Medicine Index remains negative at -2.24%, with a decline of 8.13% projected for 2024 [7]. - The index has shown a pattern of consecutive declines, with four consecutive negative years if 2023 is considered a down year [7]. Demand Drivers - The recent flu outbreak has led to a significant increase in demand for respiratory medications, with flu cases reported rising by 53.8% compared to the previous week [9]. - The flu activity is at its highest level since 2022, which is expected to boost the demand for related medications [9]. Industry Outlook - Analysts from Zheshang Securities predict an inflection point for the Chinese medicine sector, suggesting that the sector will attract more investment due to its stable cash flow and lower volatility compared to other sectors [9]. - The industry is expected to see improved revenue and net profit growth in the second half of 2025, aided by reduced cost pressures from declining raw material prices [9].

(999益气清肺颗粒于京东健康首发上市) 在明确的临床与市场需求下，针对999益气清肺颗粒，华润三九从研发端到生产端构建了全方位的品质 保障体系，致力于将该药打造成为让消费者安心的现代中药典范。 研发方面，尽管999益气清肺颗粒基于经典名方开发，无需开展临床试验，但为了进一步保证用药安 全，华润三九研发团队与张伯礼院士及团队决定主动开展药品的确证性临床研究。999益气清肺颗粒多 中心、随机、双盲、平行对照临床试验研究结果均显示，该药对改善呼吸道感染康复期出现的干咳、乏 力、气短、胃脘痞闷等症状安全有效。基于扎实的循证证据，该药通过了国家中医理论、人用经验、临 床研究"三结合"的审评证据体系。 近年来，各类呼吸道感染疾病高发催生了庞大的用药市场，但细分领域发展不均衡的结构性矛盾也逐渐 显现。据国家卫生部统计，我国每年有近3亿人感染呼吸系统疾病，城乡居民咳嗽患病率在15%以上。 观研天下调研指出，呼吸系统和肺部疾病药物市场将在2030年突破4500亿元，年复合增长率预计为 5.8%。 而纵观当前呼吸系统用药市场，产品高度集中在"预防"，如疫苗、维生素C和"治疗"，如感冒灵颗粒、 抗病毒药、抗生素这两大环节。当感染 ...

Core Insights - On December 2, 2023, brokerage firms provided target prices for listed companies, with notable increases for Xianhui Technology, Kweichow Moutai, and Delong股份, showing target price increases of 42.61%, 42.06%, and 36.94% respectively, across the battery, liquor, and automotive parts industries [1][2]. Target Price Increases - The companies with the highest target price increases are: - Xianhui Technology (688155) with a target price of 84.00 and an increase of 42.61% [2] - Kweichow Moutai (600519) with a target price of 2040.00 and an increase of 42.06% [2] - Delong股份 (300473) with a target price of 38.59 and an increase of 36.94% [2] - A total of 15 listed companies received brokerage recommendations on December 2, with Mengbaihe, Aladdin, and Jiuzhou Pharmaceutical each receiving one recommendation [2]. Rating Adjustments - On December 2, one company had its rating upgraded, specifically China Resources Sanjiu (0009999), which was upgraded from "Hold" to "Buy" by Western Securities [3][4]. First-Time Coverage - Nine companies received first-time coverage from brokerages on December 2, including: - Mengbaihe (603313) rated "Hold" by Industrial Securities [5] - Jiuzhou Pharmaceutical (603456) rated "Buy" by Xiangcai Securities [5] - Delong股份 (300473) rated "Buy" by Northeast Securities [5] - Others include Minshida, Tongfu Microelectronics, Xianhui Technology, Rongqi Technology, Tianyue Advanced, and Beifang Huachuang, all receiving various ratings [5].

9只个股今日获机构买入型评级，华润三九最新评级被调高，诺力股份为机构首次关注。 机构今日买入型评级记录 | 代码 | 简称 | 机构名称 | 最新评级 | 上次评级 | 预测目标价（元） | 最新收盘价（元） | | --- | --- | --- | --- | --- | --- | --- | | 000792 | 盐湖股份 | 国泰海通 | 增持 | 增持 | 31.86 | 25.91 | | 603611 | 诺力股份 | 甬兴证券 | 买入 | 未评级 | | 23.37 | | 688536 | 思瑞浦 | 华安证券 | 增持 | 增持 | | 148.18 | | 300740 | 水羊股份 | 光大证券 | 买入 | 买入 | | 20.00 | | 688525 | 佰维存储 | 东吴证券 | 买入 | 买入 | | 113.47 | | 688428 | 诺诚健华-U | 甬兴证券 | 买入 | 买入 | | 24.78 | | 000999 | 华润三九 | 西部证券 | 买入 | 增持 | | 28.26 | | 002371 | 北方华创 | 华安证券 | 买入 | 买入 | | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong expected return over the next 6-12 months [5][11]. Core Insights - The company achieved a revenue of 21.986 billion yuan in the first three quarters, representing a year-on-year increase of 11.38%, while the net profit attributable to shareholders was 2.353 billion yuan, down 20.51% year-on-year [1][5]. - The CHC (Consumer Health Care) business shows resilience despite facing pressures from a decline in respiratory disease incidence and adjustments in retail channels. The company has launched several new products under the 999 brand, enhancing its market position [1][2]. - The company is focusing on both internal and external growth strategies, with a clear emphasis on the CHC sector and strategic mergers and acquisitions to enhance operational efficiency and brand value [2][5]. Financial Performance Summary - Revenue projections for the company are as follows: 24.739 billion yuan in 2023, 27.617 billion yuan in 2024, and expected growth to 31.073 billion yuan in 2025, with a growth rate of 36.8% in 2023 and 11.6% in 2024 [3][10]. - The net profit attributable to shareholders is projected to be 2.853 billion yuan in 2023, increasing to 3.368 billion yuan in 2024, with a growth rate of 16.5% in 2023 and 18.1% in 2024 [3][10]. - The earnings per share (EPS) is expected to be 1.71 yuan in 2023, increasing to 2.02 yuan in 2024 [3][10]. Strategic Focus - The company is concentrating on the CHC sector while collaborating with Tian Shili and Kun Yao to enhance management and product pipelines, aiming for a clearer strategic direction and improved performance [2][5]. - The report highlights the company's commitment to innovation in the prescription drug sector, focusing on core areas and exploring diverse opportunities for product acquisition [2][5].