健康消费品业务失速叠加并购阵痛，华润三九上半年净利跌超两成

Core Viewpoint - China Resources Sanjiu faces a "revenue growth without profit increase" dilemma following its acquisition of a 28% stake in Tianjin Tasly, as reflected in its first half financial report for 2025, showing a revenue increase but a significant decline in net profit [1][3]. Financial Performance - In the first half of 2025, China Resources Sanjiu reported a revenue of 14.81 billion yuan, a year-on-year increase of 4.99% [2]. - The net profit attributable to shareholders was 1.82 billion yuan, down 24.31% compared to the previous year [2]. - The net profit after excluding non-recurring gains and losses fell by 26.46% to 1.70 billion yuan [2]. - The cash flow from operating activities increased by 21.03% to 2.86 billion yuan [2]. - Basic and diluted earnings per share both decreased by 24.31% to 1.09 yuan [2]. CHC Business Performance - The CHC (Consumer Health Care) business, which previously contributed nearly 70% of revenue, saw a revenue decline of 17.89% to 7.99 billion yuan, with its revenue share dropping from 69.02% to 53.98% [3][4]. - The gross margin for the CHC business decreased by 3.06% to 60.5% [3]. Market Environment - The OTC (over-the-counter) market has become increasingly competitive, with more pharmaceutical companies entering the field, leading to a wider variety of products and greater consumer choice [4]. - The decline in foot traffic to pharmacies has negatively impacted the CHC business, which heavily relies on retail pharmacy networks [5]. Acquisition Impact - The acquisition of Tianjin Tasly has resulted in a significant increase in goodwill, reaching 7.05 billion yuan, with a goodwill impairment provision of 495 million yuan [6][7]. - The integration of Tianjin Tasly is expected to take time, and achieving synergy in business, management, and culture is crucial for future growth [7]. - Cash outflow from investment activities reached 5.53 billion yuan, primarily due to the acquisition, while R&D expenses surged by 68.99% to 662 million yuan [6].