华润三九第三季度扣非净利润同比下降6.83%

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].