Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%. The net profit attributable to shareholders was 2.853 billion yuan, up 16.50% year-on-year [2][3] - The report highlights stable growth in the CHC (Consumer Health Care) business despite a high base, with a revenue of 11.707 billion yuan, reflecting a year-on-year increase of 2.83% [2][3] - The prescription drug business saw a decline in revenue, down 12.64% year-on-year, amounting to 5.220 billion yuan [2][3] - The company is focusing on the integration with Kunming Pharmaceutical Group, aiming to enhance its capabilities in the elderly health sector [2] Financial Performance Summary - In 2023, the company reported total revenue of 24.739 billion yuan, with a year-on-year growth rate of 36.8% [3] - The net profit attributable to shareholders was 2.853 billion yuan, marking a 16.5% increase compared to the previous year [3] - The company’s EPS (Earnings Per Share) for 2023 was 2.90 yuan [2] - The projected revenues for 2024, 2025, and 2026 are 27.191 billion yuan, 29.831 billion yuan, and 32.695 billion yuan respectively, with corresponding net profits of 3.294 billion yuan, 3.716 billion yuan, and 4.206 billion yuan [2][3] Business Segment Insights - The CHC business is expected to continue its stable growth trajectory, supported by strong brand OTC (Over-the-Counter) products [2] - The company is enhancing its product offerings in the prescription drug segment, with new products entering clinical guidelines and achieving rapid market penetration [2] - The integration with Kunming Pharmaceutical Group is anticipated to strengthen the company's position in the slow disease management and elderly health sectors [2]

业绩简评 2024 年 3月 22日，公司发布 2023 年年度报告。2023 年公司实现 收入247.39 亿元（同比+36.83%），归母净利润28.53 亿元（同比 +16.50%），扣非归母净利润27.11 亿元（同比+22.18%）。 单季度看，公司2023 年Q4 实现收入61.31 亿元（同比+2.72%）， 归母净利润4.50 亿元（同比-9.29%），扣非归母净利润4.07 亿元 （同比-6.57%）。 经营分析 CHC 业务保持增长，夯实品牌基石。2023 年公司 CHC 健康消费品 业务实现收入 117.07 亿元，同比+2.83%。处方药业务实现收入 52.20 亿元，同比-12.64%，主要是中药配方颗粒业务受国标切换 及15 省启动联盟集采影响。昆药集团于2023 年1 月19 日并表， 并表后贡献收入约 71.41 亿元。公司 CHC 健康消费品业务持续丰 富品牌矩阵，品牌 OTC 业务增长较好，康慢业务消化集采影响保 人民币(元) 成交金额(百万元) 持稳定增长，专业品牌业务由于普药品种规模调整略有下滑。 71.00 1,200 强化处方药医学引领，打造全产业链竞争优势。公司从 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 24 日 华 润三九(000999.SZ) 证券研究报告 主业 CHC 健康消费品平稳增长，昆药 中成药 投资评级 买入-A 集团融合顺利 首次评级 6个月目标价 67.00元 事件： 股价 (2024-03-22) 54.53元 2024 年 3 月 22 日，公司发布 2023 年年度报告。2023 年公司实现 营业收入 247.39 亿元，同比增长 36.83%，实现归母净利润 28.53 亿 交易数据 元，同比增长 16.50%，实现扣非净利润 27.11 亿元，同比增长 总市值(百万元) 53,885.67 22.18%。单季度来看，2023 年 Q4 公司实现营业收入 61.31 亿元， 流通市值(百万元) 53,351.90 同比增长 2.72%，实现归母净利润 4.50 亿元，同比下滑 9.29%，实 总股本(百万股) 988.18 现扣非净利润 4.07 亿元，同比下滑 6.57%。 流通股本(百万股) 978.40 12个月价格区间 41.16/67.66元 893365999 业绩符合预期，主业 CH ...

Financial Performance - The company's operating revenue for 2023 reached ¥24.74 billion, representing a 36.83% increase compared to ¥18.08 billion in 2022[19]. - Net profit attributable to shareholders for 2023 was ¥2.85 billion, up 16.50% from ¥2.45 billion in 2022[19]. - The net profit after deducting non-recurring gains and losses was ¥2.71 billion, reflecting a 22.18% increase from ¥2.22 billion in 2022[19]. - The net cash flow from operating activities for 2023 was ¥4.19 billion, a 39.43% increase from ¥3.01 billion in 2022[19]. - The total assets at the end of 2023 amounted to ¥40.15 billion, marking a 48.02% increase from ¥27.12 billion at the end of 2022[19]. - The net assets attributable to shareholders at the end of 2023 were ¥18.97 billion, an increase of 11.51% from ¥17.01 billion at the end of 2022[19]. - The company reported a basic earnings per share of ¥2.90 for 2023, up 16.94% from ¥2.48 in 2022[19]. - The weighted average return on equity for 2023 was 15.86%, slightly up from 15.15% in 2022[19]. - The total operating revenue for 2023 reached ¥24,738,963,319.76, representing a year-on-year increase of 36.83% compared to ¥18,079,461,482.75 in 2022[69]. - The pharmaceutical sector contributed ¥21,014,554,518.09, accounting for 84.94% of total revenue, with a growth of 21.05% from ¥17,360,025,771.89 in the previous year[69]. - The self-diagnosis (CHC) segment generated ¥11,707,041,581.73, which is 47.32% of total revenue, showing a slight increase of 2.83% year-on-year[70]. Shareholder Returns - The company reported a cash dividend of 15 RMB per 10 shares (including tax) and a capital reserve increase of 3 shares for every 10 shares held[5]. - In 2023, the total cash dividend amounted to 50% of the net profit attributable to shareholders, reflecting a commitment to shareholder returns[132]. - The company’s profit distribution plan includes a cash dividend of RMB 15 per 10 shares and a capital reserve increase of 3 shares per 10 shares, based on a total share capital of 988,184,000 shares[187]. - The proportion of cash dividends to net profit has increased, demonstrating a focus on long-term investment returns for shareholders[132]. Market and Growth Outlook - The company anticipates continued growth in the pharmaceutical market, with a projected annual growth rate of 4-6% for 2023[29]. - The company is focusing on product innovation and compliance, supported by government initiatives to enhance the healthcare system and regulatory environment[29]. - The Chinese pharmaceutical market is projected to continue its strong growth, driven by an aging population and increasing consumer demand for high-quality and diverse products and services[31]. - The company provided a positive outlook for 2024, projecting a revenue growth of 12% to 15% based on current market trends[127]. - Future guidance projects a revenue growth of approximately 15% for the next fiscal year, driven by new product launches and market expansion strategies[147]. Research and Development - R&D investment for the year amounted to 889 million yuan, with 112 projects under development focusing on various therapeutic areas[44]. - The company’s innovative projects include 71 invention patents and 64 utility model patents granted during the reporting period[44]. - The company is investing heavily in R&D, with a budget increase of 25% for new technology development[127]. - The company has established a comprehensive R&D system and long-term planning to mitigate risks associated with new product development failures[119]. - The company is committed to deepening research on classic Chinese medicine formulas and the standardization of Chinese medicine formula granules[173]. Strategic Initiatives - The company has established strategic partnerships with major online platforms like JD Pharmacy and Alibaba Health, covering over 400,000 pharmacies nationwide[38]. - The company is actively exploring the integration of traditional Chinese medicine with modern pharmaceutical practices to enhance product quality and safety[30]. - The company aims to strengthen the brand and academic construction of Kunming Pharmaceutical, focusing on the "Kun Chinese Medicine 1381" brand and its classic formulas[200]. - The company is focusing on the integration of traditional Chinese medicine into various health management processes, highlighting its unique advantages[102]. - The company is enhancing its digital capabilities by increasing investments in digital business and improving digital channel coverage to drive brand development and business growth[174]. Risk Management - The company faces various risks including market and policy risks, R&D innovation risks, and raw material price fluctuation risks[5]. - The company emphasizes the importance of reading the full annual report to understand investment risks[5]. - The company is committed to building a compliance management system, enhancing legal risk prevention mechanisms, and conducting compliance checks in marketing operations[66]. Corporate Governance - The company’s financial report has been confirmed as true, accurate, and complete by its board and management[4]. - The governance structure was enhanced, ensuring compliance with legal and regulatory requirements, and improving investor communication[135]. - The company maintained independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operational capabilities[138]. - The company has established a robust internal control system to manage insider information and ensure compliance with relevant regulations[137]. Environmental Responsibility - The company has been recognized as a "Green Low-Carbon Pioneer Enterprise" in Shenzhen, with all pollutant emissions meeting national and local environmental standards[52]. - The company has implemented a long-term carbon peak planning and management strategy, achieving a reduction of 5,408.78 tons of CO2e through various energy projects[53]. - The company is committed to fulfilling ecological and environmental responsibilities, aligning with national dual carbon strategies[110]. - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability trends[161]. Employee and Management Structure - The total number of employees at the end of the reporting period is 20,318, including 4,186 from the parent company and 5,051 from major subsidiaries[178]. - The professional composition includes 8,047 production personnel, 7,283 sales personnel, 2,544 technical personnel, 954 financial personnel, and 1,490 administrative personnel[178]. - The company has a remuneration structure for senior management consisting of basic salary, annual performance bonus, and equity incentives[165]. - The company has established a "three-category talent" training system, including the "Qinglian Plan" for management talent, with 35 participants in the leadership program and 55 graduates from the advanced talent development class[182]. Acquisitions and Partnerships - The company completed the acquisition of Kunming Pharmaceutical Group and established several new subsidiaries during the reporting period[77]. - The company acquired a 28.01% stake in Kunming Pharmaceutical Group Co., Ltd. for CNY 212,311,616, gaining control on January 19, 2023[94]. - The company acquired a 51% stake in Jiangzhong Group, enhancing its market position and reducing competition[141]. - The company has committed to avoiding competition with Kunming Pharmaceutical Group for five years following the acquisition, including measures such as restructuring and product adjustments[141].

华润三九医药股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度内部控制审计报告 出外脚呈古外壁共窗口分 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2403606 号 华润三九医药股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了华润 三九医药股份有限公司 (以下简称 "贵公司" ) 2023 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 KPMG Huazhen ...

华润三九医药股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 半马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86(10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2403487 号 华润三九医药股份有限公司全体股东: 一、审计意见 我们审计了后附的华润三九医药股份有限公司(以下简称"华润三九")的财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报 ...

华润三九医药股份有限公司 董事会 2023 年度工作报告 各位股东： 华润三九始终坚持"两个一以贯之"，坚持以习近平新 时代中国特色社会主义思想为指导，贯彻落实习近平总书记 重要指示批示精神和党中央、国务院决策部署，落实国企改 革深化提升行动。2023 年，华润三九董事会充分发挥"定战 略、作决策、防风险"的作用，推动落实战略发展要求，不 断强化董事会建设，持续提升公司治理效能；全体董事恪尽 职守、勤勉尽责，坚持科学、审慎决策相关事项，认真执行 股东大会通过的各项决议，积极履行公司及股东赋予的各项 职责，对经营层进行授权和监督，确保决策效果和决策质量； 认真学习贯彻监管法规，密切关注监管动态和资本市场热点， 汲取信息和宝贵经验，强化责任意识，保障公司的规范运作， 切实维护公司利益和全体股东的合法权益，推动上市公司高 质量发展。现将董事会年度工作情况报告如下： 第一部分：2023 年度工作报告 一、系统推动战略发展，发挥董事会"定战略"作用 （一）深入分析内外部环境，把握战略方向 "十四五"以来,医药产业发展的内外部环境面临复杂 而深刻的变化,发生了重大变革。华润三九董事会高度关注 外部环境变化，推动公司组织专 ...

2023 年度年审会计师事务所履职情况评估报告 华润三九医药股份有限公司（以下简称"公司"）聘请毕马威华振会计师事务所（特 殊普通合伙）（以下简称"毕马威华振"）作为公司 2023 年度年报审计机构。根据财 政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公 司对毕马威华振 2023 年审计过程中的履职情况进行评估。 华润三九医药股份有限公司 毕马威华振 2022 年经审计的业务收入总额超过人民币 41 亿元，其中审计业务收入 超过人民币 39 亿元（包括境内法定证券业务收入超过人民币 9 亿元，其他证券业务收 入超过人民币 10 亿元，证券业务收入共计超过人民币 19 亿元）。 二、执业记录 1.基本信息 公司 2023 年年度审计项目的项目合伙人及一签签字会计师周永明先生，其于 2010 年取得中国注册会计师资格。周永明 2003 年开始在毕马威华振执业， 2003 年开始从 事上市公司审计，从 2023 年开始为本公司提供审计服务。 1 本项目的审计合伙人及二签签字注册会计师杨玲女士，其于 2011 年取得中国注册 会计师资格。杨玲 2009 年开始在毕马威华振执业， 2009 ...

华润三九医药股份有限公司 独立董事 2023 年度述职情况报告 本人作为华润三九医药股份有限公司（以下简称"公司"）独立董事，严格 按照《公司法》《上市公司独立董事管理办法》《公司章程》《华润三九独立董事 工作制度》等规定，忠实、勤勉、尽责地履行独董职责，主动了解公司生产经营 情况，出席了公司相关会议，充分发挥自身的专业优势和独立作用，认真审议董 事会的各项议案并发表独立意见，切实维护了公司和广大股东尤其是中小股东的 利益。现将 2023 年的履职情况报告如下： 一、 基本情况 1.独立董事基本情况 许芳女士：曾任 TCL 科技集团股份有限公司董事长特别顾问，北京北斗星通 导航技术股份有限公司独立董事。现任华润三九医药股份有限公司独立董事，同 时兼任元音十日谈联合发起人、《培训》杂志专家委员。 2. 关于独立性自查情况 根据《上市公司独立董事管理办法》《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》等相关规定，本人作为公司独立董事，对自 身独立性情况进行了自查。2023 年度，本人未在公司担任除独立董事以外的任 何职务，也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存 在 ...

独立董事 2023 年度述职情况报告 华润三九医药股份有限公司 二、2023 年度履职情况 本人作为华润三九医药股份有限公司（以下简称"公司"）独立董事，严格 按照《公司法》《上市公司独立董事管理办法》《公司章程》《华润三九独立董事 工作制度》等规定，忠实、勤勉、尽责地履行独董职责，主动了解公司生产经营 情况，出席了公司相关会议，充分发挥自身的专业优势和独立作用，认真审议董 事会的各项议案并发表独立意见，切实维护了公司和广大股东尤其是中小股东的 利益。现将 2023 年的履职情况报告如下： 一、 基本情况 1.独立董事基本情况 刘俊勇先生：现任中央财经大学会计学院党委书记、教授、博士生导师，中 央财经大学中国管理会计研究与发展中心主任，华润三九医药股份有限公司、信 达证券股份有限公司、深圳市槟城电子股份有限公司独立董事。 2.关于独立性自查情况 根据《上市公司独立董事管理办法》《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》等相关规定，本人作为公司独立董事，对自 身独立性情况进行了自查。2023 年度，本人未在公司担任除独立董事以外的任 何职务，也未在公司主要股东公司担任任何职务，与公 ...