公司发布2025 年第三季度报告 10月24日晚，公司发布2025年第三季度报告，前三季度实现营业收入219.86 亿元，同比增长11.38%； 实现归母净利润23.53 亿元，同比下降20.51%；实现扣非归母净利润21. 8 6 亿元，同比下降20.56%；业 绩符合我们此前预期。 核心观点 25 年Q3，剔除天士力、昆药的并表影响，预计公司内生主业收入、利润均实现增长，业绩符合预期。 整体来看，公司CHC 板块核心感冒品类逐步企稳，处方药板块不断提升各产品线的学术价值和竞争 力，业务实现稳中向好。展望未来，预计CHC 持续完善品类规划，全域拓展推动板块健康发展；处方 药积极面对行业变化，通过自主研发与BD 转化双线并举，逐步拓展创新产品管线，有望延续稳健增长 趋势。在并购整合方面， 昆药集团持续聚焦银发健康，推动三七产业链发展；天士力融合工作持续推 进，有望赋能公司处方药创新发展。我们认为， 公司是自我诊疗领域稀缺的多品牌成功运营的平台， 同时也是管理和激励机制优秀的央企，应给予一定估值溢价。 事件 百日融合顺利完成，赋能处方药创新发展。公司收购天士力控股权，有利于公司整合优质资源，补充创 新药管线，实 ...

公司公告1-3Q25 收入、归母净利、扣非归母219.9、23.5、21.9 亿元（+11%、-21%、-21%），其中 3Q25 收入、归母净利润、扣非归母净利71.8、5.4、4.9 亿元（+27%、-4%、+10%），收入增长主因并 表天士力，归母净利下滑主因呼吸品类较弱。我们认为公司CHC 业务在品牌优势与渠道加持下具备较 强的经营韧性，处方药业务消化集采影响后有望逐步企稳回升，对昆药集团与天士力的收购有望推动公 司的跨越式发展，维持"增持"评级。 维持"增持"评级 考虑到并表影响提升整体费用率（上调销售、研发费用率，下调管理费用率），我们下调盈利预测，预 计25-27 年归母净利润35.0/39.7/44.8 亿元（+4%、+14%、+13% yoy）。给予公司26 年15x PE（参考公 司近十年PE TTM均值18x，考虑到当前行业整体面临下行压力有所折价），对应目标价35.67元（前值 38.10 元，基于25 年35.3 亿归母净利和25 年18x PE）。 风险提示：药店行业景气度下降，并购整合不及预期。 呼吸品类短期调整、秋冬有望好转，其余OTC 与处方药稳健增长我们估算公司内生业务（剔 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][5]. Core Views - The company reported revenue of 21.99 billion yuan and a net profit attributable to the parent company of 2.35 billion yuan for the first three quarters of 2025, reflecting an 11% increase in revenue but a 21% decline in net profit [1]. - The integration of Tian Shi Li is progressing smoothly, with expectations for synergy benefits and alignment with the 14th Five-Year Plan [4]. - The company's CHC business shows strong operational resilience due to brand advantages and channel support, while the prescription drug business is expected to stabilize after absorbing the impact of centralized procurement [1][4]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 7.18 billion yuan, a 27% increase year-on-year, while the net profit attributable to the parent company decreased by 4% to 540 million yuan [1][2]. - The gross margin for the first three quarters of 2025 was 53.5%, an increase of 0.8 percentage points year-on-year [3]. - The company’s operating cash flow was 23.35 billion yuan, representing 106% of its revenue, indicating strong cash flow stability [3]. Business Segments - The respiratory category experienced a decline in revenue due to a drop in disease incidence, but the company is actively stocking up and expanding its product line [2]. - Other OTC categories, such as skin and gastrointestinal products, maintained steady growth despite industry pressures [2]. - The prescription drug segment is expected to perform steadily as it adapts to centralized procurement pressures, focusing on clinical value and a mix of self-research and business development [2]. Strategic Developments - The integration of Tian Shi Li is expected to enhance channel collaboration and cost optimization, contributing to a differentiated competitive advantage in the market [4]. - The company aims to leverage synergies with Huazhong Sanjiu and Kunming Pharmaceutical Group to strengthen its market position [4]. Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted to 3.50 billion, 3.97 billion, and 4.48 billion yuan, reflecting growth rates of 4%, 14%, and 13% year-on-year, respectively [5][10]. - The target price for the company is set at 35.67 yuan, based on a 15x PE ratio for 2026 [5].

Summary of China Resources Sanjiu's Conference Call Company Overview - **Company**: China Resources Sanjiu - **Industry**: Pharmaceutical Key Points and Arguments Financial Performance - **Revenue Growth**: Expected revenue for 2025 is projected to reach 30 billion, doubling from previous figures, with a net profit forecast of 3.7 billion [2][9] - **Q3 Performance**: For the first three quarters of 2025, revenue was 21.986 billion, an increase of 11.38% year-on-year, while net profit decreased by 20.5% to 2.353 billion [3] - **Profit Margin**: Gross margin increased by 0.84 percentage points to 3.5% [3] Product Development and Innovation - **New Products**: Launching new products such as 999 Yiqi Qingfei Granules and 999 Binglian Qingyan Spray to enhance the respiratory product line [2][6] - **R&D Investment**: R&D spending is expected to exceed 1 billion in 2025, up from 580 million in previous years [10] - **Clinical Value Focus**: Prescription drug business is driven by clinical value, with a dual approach of self-research and business development (BD) transformation [5][13] Strategic Planning - **"14th Five-Year" and "15th Five-Year" Plans**: Currently concluding the "14th Five-Year" plan while preparing for the "15th Five-Year" strategy, focusing on mergers and acquisitions to enhance competitiveness [2][8] - **Agile Action Plan**: Aiming for a scale of 30-50 billion while maintaining flexibility akin to a startup [12] Market Position and Brand Value - **Brand Recognition**: Ranked among the top three in the pharmaceutical industry with a brand value of 55.8 billion [10] - **Market Challenges**: Facing challenges in respiratory products due to decreased incidence rates post-pandemic and changes in retail channel policies [4] Future Outlook - **Sales Strategy**: Plans to leverage peak sales seasons and introduce more new varieties to drive growth [6] - **Long-term Growth**: Anticipates continued revenue growth exceeding industry averages, with a focus on cost reduction and efficiency improvements [20] Governance and ESG - **Governance Performance**: Maintains a strong ESG rating, reflecting good governance and shareholder value [11] Challenges and Risks - **Single Product Dependency**: Addressing risks associated with reliance on single products through diversification and acquisitions [31] - **Market Competition**: Preparing for a stable policy environment while adapting to ongoing competition and technological advancements [29] Collaboration and Partnerships - **Integration with Tianjin Pharmaceutical**: Post-acquisition integration efforts are underway to enhance collaboration across research, production, and sales [13][14] Consumer Health Focus - **Core Business Areas**: Emphasizing consumer health, medical health, and silver health as key focus areas for future growth [28] Innovation and Technology - **AI and New Technologies**: Plans to incorporate AI and other emerging technologies to address market trends and challenges [28][29] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, strategic initiatives, market positioning, and future outlook.

Financial Performance - The company achieved a revenue of 21.986 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 11.38% [3] - The net profit attributable to shareholders was 2.353 billion CNY, showing a decline of 20.5% year-on-year [3] - The overall gross margin for the first three quarters was 53.5% [3] Business Strategy - The company focuses on core therapeutic areas and expands its R&D pipeline to enhance innovation value [3] - The CHC (Consumer Health Care) business adopts a strategy of "full domain layout, comprehensive leadership" to strengthen brand and product line [4] - The company aims to exceed the industry average growth rate in revenue for 2025, targeting double-digit growth while maintaining stable profits [4][6] Market Conditions - The incidence of respiratory diseases has decreased, impacting retail channels, which have undergone adjustments since late last year [5] - The company anticipates a gradual recovery in the prescription drug sector, with a stable growth trend in its CHC business [6] Product Development - The company has launched several new products in the respiratory category, including 999 Yiqi Qingfei Granules, which fills a market gap for recovery medications [9] - R&D investment increased from 580 million CNY in 2020 to 950 million CNY in 2024, with 36 products approved during the "14th Five-Year Plan" period [8] Strategic Planning - The "14th Five-Year Plan" has seen the company achieve its revenue doubling goal, with revenue rising from 13.6 billion CNY in 2020 to 27.6 billion CNY in 2024 [8] - The "15th Five-Year Plan" framework focuses on three core business areas: consumer health, medical health, and silver health, with a commitment to innovation and brand development [24] Sales and Marketing - The sales expense ratio increased by 3.8 percentage points due to the merger with Tian Shi Li, but remains stable across other business segments [14] - The company is preparing for the national medical insurance negotiation for its new products, indicating a proactive approach to market entry [9] Future Outlook - The company expects to maintain a leading market share in the CHC sector despite a slowing industry growth rate [12][13] - The strategic focus will continue to be on innovation and brand strength, with plans for potential acquisitions in the consumer health and prescription drug sectors [17][19]