2025 年上半年营收保持增长，但利润端承压； 旗下上市公司形成差异化定位，创新合力逐步释放； 核心业务稳健增长，产品结构均衡优化：根据公司1H25 报告，公司处方药业务实现收入27.84 亿元，同 比增长15.18%，继续保持稳健增长；自我诊疗（CHC）和传统国药业务，受药房客流下降、医保控费 等影响，收入同比下降18.39%/16.18%。1H25，华润三九与天士力、昆药集团已形成清晰的差异化定 位，华润三九以CHC 为核心业务，争做行业头部企业；天士力以处方药为核心业务，创新驱动成为中 国医药市场领先者；昆药集团以三七产品和精品国药为核心业务，争做银发健康产业引领者。 聚焦研发，创新合力逐步释放：根据公司1H25 公告，公司研发投入6.62 亿元（同比增长40.61%），在 研项目共计205 项。围绕心血管与代谢、肿瘤、呼吸、神经/精神、消化、皮肤等治疗领域，公司新品 研发取得积极进展。1H25，公司进入三期临床阶段的管线共有1 类化药1 项，1.1 类中药8 项。 重申买入，上调DCF 目标价至45.22 元（WACC：9.8%）：我们的目标价对应2025 年P/E 约19x，略低 于可比公司当前估值 ...

Core Insights - The 9th China-South Asia Expo opened in Kunming, Yunnan, featuring 73 countries and regions with over 2,500 enterprises participating, emphasizing international cooperation and market development [1][2] Trade Cooperation - The expo showcased diverse products from South Asia, including handicrafts, textiles, and food items, providing a platform for South Asian goods [2] - The trade volume between China and South Asian countries reached nearly $200 billion last year, doubling over the past decade with an average annual growth of approximately 6.3% [1][2] Investment Opportunities - The expo highlighted investment cooperation in infrastructure and agriculture, with specialized pavilions for manufacturing, green energy, and modern agriculture [4] - Companies like Yiwit (Nanjing) Aerospace Technology showcased innovative products such as electric vertical takeoff and landing aircraft, indicating growth in low-altitude economy [4][5] Technological Advancements - Cutting-edge technologies were displayed, including AI translation screens and smart energy solutions, showcasing China's advancements in various sectors [5] - The establishment of a Traditional Chinese Medicine pavilion aimed to promote the TCM industry and its cultural significance [6] Tourism and Lifestyle Promotion - The "Travel and Living in Yunnan" pavilion aimed to enhance tourism and lifestyle branding, promoting Yunnan's unique culture and attractions [7] - The expo is part of Yunnan's ongoing efforts to strengthen trade ties with South Asia and Southeast Asia, fostering deeper economic cooperation and cultural exchanges [7]