研报掘金丨东方证券：维持华润三九“买入”评级，业绩有所承压，管线多点开花

Core Viewpoint - China Resources Sanjiu's performance fell short of expectations in the first half of 2025, primarily due to a decrease in the incidence of respiratory diseases and adjustments in retail channels [1] Group 1: Financial Performance - The company's profit decline is significantly attributed to the completion of the Tian Shi Li acquisition, which increased the sales expense ratio due to the focus on hospital sales in Tian Shi Li's traditional Chinese medicine business [1] - The wholesale and retail business for pharmaceuticals and medical devices showed steady growth, achieving revenue of 1.74 billion yuan, a year-on-year increase of 3.3% [1] Group 2: Business Outlook - The pressure on the CHC (Consumer Health Care) business is considered temporary, with the company’s channel and brand advantages continuing to empower its business layout [1] - The company is expanding into cell therapy, metabolism, and oncology sectors [1] Group 3: Valuation - Based on the average price-to-earnings ratio of comparable companies, a valuation of 22 times PE for 2025 is suggested, corresponding to a target price of 45.10 yuan, maintaining a "buy" rating [1]