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]

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 51.88元 华润三九（000999） 医药生物 目标价： ——元（6个月） 全年业绩符合预期，昆药融合持续推进 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报，2023年实现营收247.4亿元，同比增长36.8%， [分Ta析bl师e_：Au杜th向or阳] 归母净利润 28.5亿元，同比增长 16.5%，扣非归母净利润 27.1亿元，同比增 执业证号：S1250520030002 长 22.2%，剔除昆药并表影响，公司营业收入稳健，符合预期。 电话：021-68416017 邮箱：duxy@swsc.com.cn  CHC业务高基数下实现正增长，品牌力持续强化。CHC健康消费品业务实现营 业收入 117.1亿元（+2.8%），增速放缓主要由于同期较高基数及普药品种规模 [相Tab对le指_Q数u表ot现eP ic] 调整等所致。其中，1）品牌 OTC 业务：感冒用药需求持续旺盛，增长迅速且 领导品牌地位稳固，皮肤、胃肠用药实现高质量 ...

证券代码：000999 证券简称：华润三九 投资者关系活动记录表 编号：2024-003 □特定对象调研 □分析师会议 投资者关系 □媒体采访 √业绩沟通会（电话会） 活动类别 □新闻发布会 □路演活动 □现场参观 □其他 中信建投、兴业证券、中金公司、国海证券、西南证券、东吴证券、国盛证券、申 参与单位名称 万宏源、华创证券、中信证券、浙商证券、华西证券、民生证券、中邮证券、华安 及人员姓名 证券、德邦证券、信达证券、海通证券、国金证券、招商证券、西部证券、中泰证 券、国信证券、华泰证券、平安证券、国联证券等证券、基金投资机构分析师 时间 2024年3月24日 ...

公司投资者如需了解华润医药集团 2023 年业绩公告的详细信息，请查询香港联交所网 站：http://www.hkexnews.hk。 股票代码：000999 股票简称：华润三九 编号：2024—028 华润三九医药股份有限公司 关于控股股东的股东华润医药集团有限公司 刊发 2023 年业绩公告的提示性公告 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"）接控股股东华润医药控股有限公司（以 下简称"华润医药控股"）通知，华润医药控股的控股股东华润医药集团有限公司（以下简 称"华润医药集团"）于 2024 年 3 月 26 日在香港联合交易所有限公司（以下简称"香港联 交所"）刊发了 2023 年业绩公告。 特此公告。 华润三九医药股份有限公司 董事会 二○二四年三月二十六日 ...