10年20次并购，狂买上市公司，成就国内第二大医药制造商

Investment Rating - The report indicates that the investment rating for the pharmaceutical manufacturing industry is positive, highlighting the significant growth and market position of the companies involved [6][52]. Core Insights - The report emphasizes that China Resources Pharmaceutical Group has become the second-largest pharmaceutical manufacturer in China, with a revenue of 392 billion in 2023, driven largely by acquisitions [6][36]. - The company has a strong focus on pharmaceutical manufacturing, which is seen as the most profitable segment, despite its significant presence in pharmaceutical distribution and retail [52][63]. - The report notes that the company has completed over 20 acquisitions in the past decade, which has been a key strategy for growth [13][58]. Summary by Sections Company Overview - China Resources Pharmaceutical Group was established to assist in procuring military supplies and has evolved through various acquisitions, becoming a major player in the pharmaceutical industry [8][9]. - The company has a diverse portfolio, including well-known subsidiaries such as China Resources Sanjiu, China Resources Double Crane, and others [37][65]. Financial Performance - In 2023, the company's total revenue reached 2,447 billion, with pharmaceutical distribution accounting for 80%, pharmaceutical manufacturing 16%, and retail 3.9% [18][22]. - The report highlights that the company's net profit for 2023 was 38.54 billion, with a relatively low return on equity (ROE) of 8.48% compared to competitors [41][50]. Market Position - China Resources Pharmaceutical is ranked third in pharmaceutical distribution and second in retail, with a strong focus on expanding its manufacturing capabilities [52][28]. - The company has been actively acquiring other firms to enhance its market position, including a recent acquisition of Tianjin Tianshi [2][11]. Industry Trends - The pharmaceutical industry in China is experiencing consolidation, with major players like China Resources Pharmaceutical leveraging acquisitions to grow their market share [11][12]. - The report suggests that the focus on pharmaceutical manufacturing will continue to drive growth, as this segment offers higher profit margins compared to distribution and retail [63][58].