财说｜连续并购后遗症，华润医药增收不增利

Core Viewpoint - The overall performance of China Resources Pharmaceutical Group (华润医药) has been negatively impacted by external acquisitions, leading to a significant decline in net profit despite a slight increase in revenue [1][2]. Financial Performance - In the first half of the year, the company reported total revenue of 131.87 billion yuan, a year-on-year increase of 2.50%, while net profit attributable to shareholders was 2.08 billion yuan, down 20.30% year-on-year [1][2]. - The core distribution business achieved revenue of 108.33 billion yuan, up 2.30% year-on-year, while the pharmaceutical segment generated 24.81 billion yuan, up 4.30% year-on-year, and the retail segment saw revenue of 5.52 billion yuan, up 11.40% year-on-year [1]. Acquisition Impact - The company has engaged in several acquisitions, including the purchase of 100% equity in Green Cross Hong Kong for 1.82 billion yuan and a 28% stake in Tianjin Tasly Pharmaceutical for 6.21 billion yuan, with total expenditures exceeding 8 billion yuan [3][4]. - These acquisitions have led to a rapid increase in goodwill, with the goodwill balance rising to 24.29 billion yuan, an increase of 1.93 billion yuan from the beginning of the year [5]. Profitability Challenges - The decline in profit is attributed to one-time impairment losses and rigid expenses, with net losses from other income and expenses amounting to -1.09 billion yuan, including approximately 392 million yuan in equity impairment losses and 609 million yuan in trade receivables impairment provisions [2]. - The retail segment's gross margin decreased to 6.10%, down 0.40 percentage points year-on-year, highlighting the impact of increased specialty drug proportions on profit margins [1]. Strategic Initiatives - The company is pushing for deeper channel penetration and has implemented electronic prescription access in 187 dual-channel pharmacies, enhancing traceability and compliance with new regulations [7]. - The DTP specialty pharmacy segment generated revenue of 3.76 billion yuan, reflecting a year-on-year growth of 14.10%, with the number of managed specialty drug patients reaching 820,000 [8]. Future Outlook - The company is expanding its logistics network, planning to build or expand 11 provincial logistics hubs by 2030, with a total investment of 5.5 billion yuan [8]. - The collaboration with Haohai Biological Technology in the medical beauty sector aims to leverage the company's distribution network, although it faces challenges due to regulatory requirements for medical devices [9][11].