股价调整近一年、有人喊话“回购增持”，华润三九却百亿理财

Core Viewpoint - China Resources Sanjiu (华润三九) plans to invest up to 10 billion yuan in short-term financial products from banks and their wealth management subsidiaries, with a risk rating limited to R2 or below, reflecting a conservative financial strategy amid investor expectations for more direct market confidence-boosting actions like share buybacks or increased dividends [2][10]. Financial Management - The company has a total of 6.408 billion yuan in cash and 3.264 billion yuan in trading financial assets, amounting to nearly 10 billion yuan in cash-like assets [2][4]. - The planned investment of 10 billion yuan marks a historical high, with a significant increase in investment amounts over the past five years, from 2.5 billion yuan in 2021 to 10 billion yuan in 2025 [3][4]. Investment Returns - The investment returns from financial products have been minimal, averaging less than 2% of net profit since 2021, indicating that financial investments serve more as a tool for improving fund efficiency rather than a primary profit source [6][9]. - The investment returns for the first half of 2025 are reported at 12.9048 million yuan, with previous years showing varying returns [4][6]. Mergers and Acquisitions - The company has engaged in significant acquisitions, including a 2.902 billion yuan purchase of a 28% stake in Kunming Pharmaceutical Group in 2022 and a 6.2 billion yuan acquisition of Tian Shi Li in 2025, resulting in a goodwill of 7.045 billion yuan [6][9]. - The ongoing integration of these acquisitions is expected to enhance strategic collaboration and competitive advantages in the market [9]. Investor Expectations - Investors have expressed disappointment over the company's decision to allocate funds to low-yield financial products instead of share buybacks or increased dividends, especially given the stock price decline over the past year [10][13]. - The company has received suggestions from investors to increase share buybacks, which are seen as a positive signal regarding the company's valuation [10][13].