超70亿商誉悬顶，华润三九的“并购药方”难解增长之痛

Core Insights - The company reported a slight revenue increase of 4.99% to 14.81 billion yuan, but net profit plummeted by 24.31% to 1.815 billion yuan, with a significant drop of 47.3% in Q2 net profit, marking the largest decline in recent years [1] - Sales expenses surged to 3.939 billion yuan, a year-on-year increase of 18.94%, indicating the underlying issue of profit erosion [1] Group 1: Core Business Performance - The CHC (Consumer Healthcare) business, which contributes 54% of revenue, only grew by 2.8% to 7.994 billion yuan, showing signs of fatigue [2] - The flagship product "999 Cold Medicine" generated sales of 3.75 billion yuan but faces declining demand due to the end of the flu season, leading to increased inventory of 6.523 billion yuan and a 20% decrease in contract liabilities [2] - The threat of centralized procurement looms, with competitors potentially undercutting prices, forcing the company to spend over 21.7 million yuan daily on marketing, which negatively impacts profit margins [2] Group 2: Prescription Drug Business and Acquisitions - In contrast to the CHC struggles, the prescription drug business saw a 100% revenue increase to 4.838 billion yuan, driven by acquisitions such as Tian Shili [3] - However, the company's goodwill surged to 7.045 billion yuan, accounting for 23.4% of non-current assets, posing a risk of significant impairment if integration does not meet expectations [3] - The underperforming Tian Shili, with a 1.91% revenue decline, raises concerns about the sustainability of the company's aggressive acquisition strategy [3] Group 3: Strategic Challenges - The company is at a crossroads, facing intense competition in the CHC market while carrying a heavy goodwill burden from its prescription drug expansion [3] - The uncontrolled growth of sales expenses highlights the unsustainability of the "marketing for growth" model [3] - The combination of diminishing acquisition benefits, rising policy risks, and intensified market competition suggests that the company may be entering a critical phase, with the profit decline in the half-year report potentially being just the beginning of a larger crisis [3]