智通财经APP获悉，信达证券发布研报称，国药控股(01099)低效业务调整近尾声，2025Q3利润改善。 行业集中度提升及创新业务发展驱动增长，公司分红比例逐年提高，当前估值低于历史均值。首次覆 盖，给予公司"买入"投资评级。 信达证券主要观点如下： 1）2025Q3单季度销售费用率、管理费用率下降，带动净利率提升0.2个百分点，2025Q3单季度归母净 利润增速达17%。2）2025年既是"十四五"的收官年，又是"十五五"的基数年，2025年公司注重提质增 效并且优化业务结构，该行认为2026年公司或可轻装上阵，利润端或有望持续超预期。此外，国药集团 同样注重推进高质量并购，"十五五"规划或持续重视资产的并购重组，推动形成生物医药领域的新质生 产力。3）近4年公司的分红比例呈稳步提升态势，公司分红比例从2021年的28.1%逐步提升至2024年的 30.98%，年均提升0.96个百分点。同时，近5年股息率均值为4.45%。此外，公司PB估值小于1，当前公 司PB估值约0.71倍（低于近5年PB估值均值0.81倍）。 盈利预测：该行预计公司2025-2027年营业收入分别为5771.87亿元、5978.35亿 ...

Group 1 - The company announced a strategic placement agreement with Guotai Junan International to issue up to 56.286 million shares at a price of HKD 10.66 per share, aiming to attract strategic investors with core resources for future development [1] - The strategic placement is part of the company's long-term plan to enhance its global presence and innovation in e-commerce and robotics, leveraging opportunities from global supply chain restructuring and deep integration of AI technology [1] - The company has maintained a robust development trajectory with a mature "light asset" operating model, stable high growth, and continuous profitability [1] Group 2 - If all placement shares are fully subscribed, the total proceeds will be approximately HKD 600 million, with net proceeds estimated at HKD 593 million [2] - The net proceeds will primarily be used for: (i) R&D of innovative technologies like AI Agent to create a global supply chain technology platform offering comprehensive solutions including flexible supply chain services, financial services, currency management, and digital empowerment; (ii) international expansion and strategic investments to build a global supply chain service network and accelerate the integration of international industrial ecosystems through strategic investments and acquisitions; (iii) other general working capital purposes [2]

Group 1 - The core point of the news is the rapid promotion of Qian Xi to the position of Chairman of China Resources Bank, reflecting shareholder recognition of his past work and background [1][3][22] - Qian Xi has extensive management experience from his tenure at China Merchants Bank, where he held various leadership roles in multiple regions [3][5] - The bank is currently in the process of recruiting a new president, indicating a strategic move to strengthen its leadership team [9][13] Group 2 - Qian Xi's leadership style is characterized by stability and market insight, with a focus on innovation and investment-loan linkage [3][6] - The bank's total assets reached 434 billion, marking a year-on-year growth of 11.6%, while the net interest margin has decreased to 1.26% [15][19] - The bank faces challenges with asset quality, as overdue loans have increased significantly, indicating potential pressure on its financial health [16][17][19] Group 3 - The bank's income for 2024 was 7.13 billion, a 4.9% increase year-on-year, but the growth rate remains modest [15][22] - The bank's reliance on the real estate sector is notable, with loans to real estate companies accounting for 11.17% of total loans [19][21] - The bank's credit impairment losses have risen significantly, reflecting the challenges in managing asset quality and profitability [17][22]