2025.11. 24 本文字数：1255，阅读时长大约2.5分钟 作者 | 第一财经 马晓华 当"一抹就退"的激素药膏成为无数家庭的首选，特应性皮炎的治疗也陷入了一场恶性循环：瘙痒、 用药、缓解、复发、加重……再用药。如今，一款国产创新药，试图为这场漫长的斗争画上休止符。 "我的病人里，特应性皮炎约占三分之二，其中激素滥用的情况触目惊心。"11月22日，北京大学人 民医院皮肤科张建中教授在"首届湿疹之友健康管理论坛"上表示，"他们自行购药，随意涂抹，后果 很严重——不可逆的膨胀纹、激素依赖性皮炎，这些都已成为皮肤科门诊的常见'后遗症'。" 监管灰色地带与患者的自救困局 特应性皮炎（AD），这种被俗称为"过敏性湿疹"的疾病，远非简单的皮肤问题。它是一种慢性、复 发性、炎症性皮肤病，常与过敏性鼻炎、哮喘等结伴而行，被视为一种系统性疾病。全球范围内， AD的发病率持续攀升，中国形势尤为严峻：1-7岁儿童患病率已达12.94%，而1-12月龄婴儿的患 病率更是高达30.48%。 在皮肤科药物唾手可得的今天，混乱的自我药疗成为了疾病管理的"放大器"。"在药店柜台与网络平 台上，各类'皮肤神膏'唾手可得。"一位业内专家 ...

在皮肤科药物唾手可得的今天，混乱的自我药疗成为了疾病管理的"放大器"。"在药店柜台与网络平台 上，各类'皮肤神膏'唾手可得。"一位业内专家评论道，"监管的灰色地带与商业的过度营销，共同构筑 了激素滥用的温床。"与此同时，"谈激素色变"的恐慌又让部分患者拒绝一切必要治疗，导致病情失 控。 监管的灰色地带与商业的过度营销，共同构筑了激素滥用的温床 当"一抹就退"的激素药膏成为无数家庭的首选，特应性皮炎的治疗也陷入了一场恶性循环：瘙痒、用 药、缓解、复发、加重……再用药。如今，一款国产创新药，试图为这场漫长的斗争画上休止符。 "我的病人里，特应性皮炎约占三分之二，其中激素滥用的情况触目惊心。"11月22日，北京大学人民医 院皮肤科张建中教授在"首届湿疹之友健康管理论坛"上表示，"他们自行购药，随意涂抹，后果很严重 ——不可逆的膨胀纹、激素依赖性皮炎，这些都已成为皮肤科门诊的常见'后遗症'。" 监管灰色地带与患者的自救困局 特应性皮炎（AD），这种被俗称为"过敏性湿疹"的疾病，远非简单的皮肤问题。它是一种慢性、复发 性、炎症性皮肤病，常与过敏性鼻炎、哮喘等结伴而行，被视为一种系统性疾病。全球范围内，AD的 发病率持续 ...

Group 1 - Company Huazhu Sanjiu announced an investment of up to RMB 10 billion in bank wealth management products to utilize idle funds effectively, with a rolling investment period until October 9, 2026 [1] - As of June 30, 2025, Huazhu Sanjiu reported cash and trading financial assets totaling RMB 9.672 billion, alongside long-term equity investments of RMB 1.699 billion and other non-current financial assets of RMB 495 million [1][2] - The company has distributed a total cash dividend of RMB 4.166 billion over the past three years, with a proposed cash dividend of approximately RMB 751 million for the mid-2025 period [2] Group 2 - The growth in revenue is primarily driven by the prescription drug business, which saw a 100.18% increase in revenue to RMB 4.838 billion following the acquisition of Tianshili [3] - The CHC health consumer products segment, which contributes about 60% of the company's revenue, reported a revenue of RMB 8 billion in the first half of 2025, a decline of 18% year-on-year [3] - Huazhu Sanjiu's stock price closed at RMB 28.92 on September 17, 2023, with a total market capitalization of RMB 48.13 billion [5]

Core Viewpoint - China Resources Sanjiu faces a "revenue growth without profit increase" dilemma following its acquisition of a 28% stake in Tianjin Tasly Pharmaceutical, as evidenced by its recent half-year report showing a revenue increase but a significant decline in net profit [1][2][4]. Financial Performance - In the first half of 2025, China Resources Sanjiu reported revenue of 14.81 billion yuan, a year-on-year increase of 4.99%, while net profit attributable to shareholders was 1.815 billion yuan, down 24.31% [1][2]. - The company's core CHC (Consumer Health Care) business generated revenue of 7.994 billion yuan, reflecting a 17.89% decline, with its revenue share dropping from 69.02% to 53.98% [1][2]. Business Challenges - The CHC business is under pressure due to intensified competition in the OTC (over-the-counter) market, with new brands rapidly gaining market share through innovative marketing and product strategies [3]. - A decline in foot traffic to pharmacies has contributed to the challenges faced by the CHC business, with the total scale of physical pharmacies in China decreasing by 2.3% year-on-year in the first five months of 2025 [3]. Acquisition Impact - The acquisition of Tianjin Tasly has resulted in a significant cash outflow of 5.527 billion yuan for investment activities, alongside a 68.99% increase in R&D spending to 662 million yuan and a doubling of commercial promotion expenses [4][5]. - The goodwill from the acquisition has reached 7.045 billion yuan, raising concerns about potential impairment risks if Tianjin Tasly's performance does not meet expectations [5]. Future Outlook - Analysts suggest that the current "revenue growth without profit increase" situation may be temporary, but it could have lasting effects on future performance [5]. - The successful integration of Tianjin Tasly and the acceleration of new product development are critical for China Resources Sanjiu to offset the decline in CHC business and achieve sustainable growth [5].

Core Viewpoint - China Resources Sanjiu faces a "revenue growth without profit increase" dilemma following its acquisition of a 28% stake in Tianjin Tasly, as reflected in its first half financial report for 2025, showing a revenue increase but a significant decline in net profit [1][3]. Financial Performance - In the first half of 2025, China Resources Sanjiu reported a revenue of 14.81 billion yuan, a year-on-year increase of 4.99% [2]. - The net profit attributable to shareholders was 1.82 billion yuan, down 24.31% compared to the previous year [2]. - The net profit after excluding non-recurring gains and losses fell by 26.46% to 1.70 billion yuan [2]. - The cash flow from operating activities increased by 21.03% to 2.86 billion yuan [2]. - Basic and diluted earnings per share both decreased by 24.31% to 1.09 yuan [2]. CHC Business Performance - The CHC (Consumer Health Care) business, which previously contributed nearly 70% of revenue, saw a revenue decline of 17.89% to 7.99 billion yuan, with its revenue share dropping from 69.02% to 53.98% [3][4]. - The gross margin for the CHC business decreased by 3.06% to 60.5% [3]. Market Environment - The OTC (over-the-counter) market has become increasingly competitive, with more pharmaceutical companies entering the field, leading to a wider variety of products and greater consumer choice [4]. - The decline in foot traffic to pharmacies has negatively impacted the CHC business, which heavily relies on retail pharmacy networks [5]. Acquisition Impact - The acquisition of Tianjin Tasly has resulted in a significant increase in goodwill, reaching 7.05 billion yuan, with a goodwill impairment provision of 495 million yuan [6][7]. - The integration of Tianjin Tasly is expected to take time, and achieving synergy in business, management, and culture is crucial for future growth [7]. - Cash outflow from investment activities reached 5.53 billion yuan, primarily due to the acquisition, while R&D expenses surged by 68.99% to 662 million yuan [6].

Core Viewpoint - The company, China Resources Sanjiu, is facing significant challenges as its traditional revenue streams are stagnating, new business ventures are not performing well, and it is struggling to keep pace with competitors in a tightening regulatory environment [2][3]. Business Performance - In 2024, the company reported total sales of 276 billion yuan, but the growth rate is declining, indicating potential risks [3]. - The company's flagship products, which account for 45% of sales (approximately 125 billion yuan), have seen a decrease in growth from nearly 20% in 2023 to 14% in 2024, suggesting they are nearing market saturation [4]. - New products launched in 2024, such as vitamin D drops and probiotics, contributed less than 3% to revenue, indicating poor market reception [5]. Prescription and Over-the-Counter Drugs - The prescription drug segment, which was previously a strong revenue generator, has been negatively impacted by national price cuts, resulting in a gross margin decline of 4.6 percentage points in 2024 [5][10]. - The company’s retail business generated 33.7 billion yuan in 2024, but with a low gross margin of only 13.4%, highlighting inefficiencies in physical store operations [6]. Financial Metrics - In Q1 2025, the company reported revenue of 68.54 billion yuan, a year-on-year decline of 6.04%, and a net profit of 12.7 billion yuan, down 6.87% [8][10]. - Compared to competitors, the company is lagging, with its gross margin at 53.28%, significantly lower than peers like Dong-E E-Jiao at 73.62% [9][10]. Acquisition and Integration Challenges - The acquisition of Kunming Pharmaceutical Group has not yielded expected benefits, with its revenue growth at only 7.3% and a gross margin drop of 7.4 percentage points [6][11]. - The company faces high management integration costs post-acquisition, and the goodwill from acquisitions poses a risk of impairment, amounting to 51.24 billion yuan, which is 25.7% of the company's net assets [11]. Research and Development - The company has increased its R&D investment from 5.94 billion yuan in 2022 to 8.02 billion yuan in 2024, maintaining a 16.8% annual growth rate [12]. - However, the capitalized R&D ratio has dropped from 22.35% to 15.87%, indicating potential issues with project maturity and profitability [13]. - The R&D team has expanded significantly, but labor costs now account for 37.7% of R&D expenses, raising concerns about the efficiency of these investments [14].