来源：环球网 "十五五"规划建议明确提出"发展银发经济"，标志着应对人口老龄化的战略正从被动防御转向主动布 局。在这条具备高度确定性的万亿级赛道上，参与竞逐的市场主体正快速扩容。 据和伊咨询旗下专注健康养老产业的公众号"养老BAR"近期披露，2025年A股市场已有76家非金融类上 市公司深度布局银发经济相关业务。它们以多元化的战略姿态，竞逐这场关乎未来社会结构与经济增长 模式的核心产业盛宴。 最新发布的2025年三季报显示，包括盘龙药业、九州通、科大讯飞等在内的多家企业均展现出亮眼的财 务表现，意味着银发经济正在从概念走向业绩兑现。 具体来看，当前银发经济的参与者主要可分为三大类别：医药健康主力军（如昆药集团、以岭药业 等）、科技赋能者（如万达信息、卫宁健康等）以及跨界入局者（如可靠股份、奥佳华等）。尽管它们 的切入路径与商业打法各异，但都共同指向并验证了同一个核心事实：银发经济并非单一赛道，而是一 个以老年群体需求为核心，能够重构甚至重塑传统产业链的"新经济生态"。 从发展逻辑来看，银发经济的崛起，标志着产业视角的根本转变——从"应对老龄化压力"的社会保障思 维，转向"激活银发需求、创造新增长极"的经济发展 ...

多年来，在CHC（自我诊疗）领域，华润三九（000999.SZ）属于标杆性企业之一，品牌具有极高的辨 识度，公司"999"主品牌家喻户晓；在资本市场，它长期业绩保持稳健，是投资者心目中妥妥的"白马 股"之一。 在医药行业，创新正成为驱动行业增长的核心引擎之一。作为医药行业的龙头企业之一，华润三九已拥 抱行业创新转型浪潮，加大创新布局，在拓宽公司竞争赛道的同时，撬动公司新的增长点。 创新转型力度加大 近日，华润三九的经典名方半夏白术天麻汤颗粒成功获批，这是公司又一款国内首家获批上市的经典名 方。 2024年以来，华润三九屡有经典名方获批上市，其中不乏产品顺利进入医保目录。 近日，2025年国家基本医保目录在广州公布。在医保谈判成功的名单中，华润三九的呼吸系统疾病药 物"999益气清肺颗粒"赫然在列。 今年1月，益气清肺颗粒作为3.2类中药获批上市，用于呼吸道感染康复期综合症状治疗，该药填补了呼 吸道感染康复用药空白。 益气清肺颗粒是基于生脉散（《医学启源》金·张元素）、平胃散（《简要济众方》宋·周应）两大经典 名方，结合现代康复期诊疗需求化裁而来。在呼吸道感染性疾病的诊疗上，相对于预防和治疗环节，康 复期没有受 ...

◎记者黎灵希 "999感冒灵，暖暖的，很贴心。"这句家喻户晓的广告词，成就了"999"的医药健康品牌，也成为它守护 无数家庭日常健康的朴素情怀。华润三九由此出发，搭建了横跨全生命周期、纵贯全健康管理场景 的"1+N"品牌矩阵。 华润三九从靠几款OTC药品打开市场的企业，蜕变为中国医药行业的"多面手"——连续多年位列非处方 药生产企业综合排名榜首，在处方药领域构建了中药、化药、生物药协同发展的创新格局。 近日，上海证券报记者走进华润三九，探寻这家国民药企打通高质量发展"任督二脉"的故事。 "'十四五'期间，我们积极抓住行业和市场机遇，提前完成营收翻番的目标。"华润三九董事长邱华伟告 诉记者，"下一个五年，公司的自主研发能力及管线将呈现更强大的活力。" 引擎："创新+品牌"双轮驱动 2024年实现营收276亿元，较2020年增长超102%；近三年营收、利润总额年复合增长率分别达23.6%、 24.5%……采访伊始，邱华伟用一组关键数据开启了对话。 "公司一方面持续打造具有疗效优势、品质感强的差异化产品矩阵，另一方面通过和消费者保持长期沟 通，不断延伸品牌效应。"邱华伟说，公司始终贴近消费者的沟通语境，持续探索媒介 ...

在研发过程中，华润三九与张伯礼院士及其团队共同开展了完整的确证性临床研究，旨在用现代循证医 学方法进一步验证药品的安全性与有效性。999益气清肺颗粒多中心、随机、双盲、平行对照临床试验 研究结果均显示，该药能有效改善呼吸道感染康复期出现的干咳、乏力、气短、胃脘痞闷等症状。基于 扎实的循证证据，该药通过了国家中医理论、人用经验、临床研究"三结合"的审评证据体系。 时值流感季，面对用户对高效、安全药品的需求增长，京东健康依托超级医药供应链与全渠道服务能 力，从不同用户群体的真实需求出发，携手多家药企，陆续全网首发多款针对流感及呼吸道症状的新 药，切实发挥"新特药首发第一站"的价值，持续推动优质药品的精准触达与高效供给，为广大用户带来 更便捷、更专业的医药健康产品及服务。 为了满足消费者应对呼吸道感染康复期综合症状的临床需求，张伯礼院士以经典名方"生脉散"与"平胃 散"为基础，融合一线康复诊疗经验拟定清金益气方，在多家医院作为院内制剂投入使用。其后，为了 让消费者在呼吸道感染康复期便捷用药，张伯礼院士及团队联合华润三九将新药组方开发为规模化生产 的颗粒剂——999益气清肺颗粒。对于该药的适应症，张伯礼院士指出："9 ...

(999益气清肺颗粒于京东健康首发上市) 在明确的临床与市场需求下，针对999益气清肺颗粒，华润三九从研发端到生产端构建了全方位的品质 保障体系，致力于将该药打造成为让消费者安心的现代中药典范。 研发方面，尽管999益气清肺颗粒基于经典名方开发，无需开展临床试验，但为了进一步保证用药安 全，华润三九研发团队与张伯礼院士及团队决定主动开展药品的确证性临床研究。999益气清肺颗粒多 中心、随机、双盲、平行对照临床试验研究结果均显示，该药对改善呼吸道感染康复期出现的干咳、乏 力、气短、胃脘痞闷等症状安全有效。基于扎实的循证证据，该药通过了国家中医理论、人用经验、临 床研究"三结合"的审评证据体系。 近年来，各类呼吸道感染疾病高发催生了庞大的用药市场，但细分领域发展不均衡的结构性矛盾也逐渐 显现。据国家卫生部统计，我国每年有近3亿人感染呼吸系统疾病，城乡居民咳嗽患病率在15%以上。 观研天下调研指出，呼吸系统和肺部疾病药物市场将在2030年突破4500亿元，年复合增长率预计为 5.8%。 而纵观当前呼吸系统用药市场，产品高度集中在"预防"，如疫苗、维生素C和"治疗"，如感冒灵颗粒、 抗病毒药、抗生素这两大环节。当感染 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong expected return over the next 6-12 months [5][11]. Core Insights - The company achieved a revenue of 21.986 billion yuan in the first three quarters, representing a year-on-year increase of 11.38%, while the net profit attributable to shareholders was 2.353 billion yuan, down 20.51% year-on-year [1][5]. - The CHC (Consumer Health Care) business shows resilience despite facing pressures from a decline in respiratory disease incidence and adjustments in retail channels. The company has launched several new products under the 999 brand, enhancing its market position [1][2]. - The company is focusing on both internal and external growth strategies, with a clear emphasis on the CHC sector and strategic mergers and acquisitions to enhance operational efficiency and brand value [2][5]. Financial Performance Summary - Revenue projections for the company are as follows: 24.739 billion yuan in 2023, 27.617 billion yuan in 2024, and expected growth to 31.073 billion yuan in 2025, with a growth rate of 36.8% in 2023 and 11.6% in 2024 [3][10]. - The net profit attributable to shareholders is projected to be 2.853 billion yuan in 2023, increasing to 3.368 billion yuan in 2024, with a growth rate of 16.5% in 2023 and 18.1% in 2024 [3][10]. - The earnings per share (EPS) is expected to be 1.71 yuan in 2023, increasing to 2.02 yuan in 2024 [3][10]. Strategic Focus - The company is concentrating on the CHC sector while collaborating with Tian Shili and Kun Yao to enhance management and product pipelines, aiming for a clearer strategic direction and improved performance [2][5]. - The report highlights the company's commitment to innovation in the prescription drug sector, focusing on core areas and exploring diverse opportunities for product acquisition [2][5].

Core Viewpoint - In the third quarter of 2025, many pharmaceutical companies are seeking a balance between cost reduction and growth, with A-share pharmaceutical companies experiencing a 5.5% decline in overall revenue and a 14.3% drop in net profit excluding non-recurring items in the first half of the year. The performance of listed pharmaceutical companies in the third quarter serves as an important window to observe their resilience in development [1]. Group 1: Company Performance - China Resources Sanjiu (华润三九) reported a revenue of 21.986 billion yuan in the first three quarters, a year-on-year increase of 11.38%, primarily driven by the consolidation of Tianjin Tasly Pharmaceutical (天士力) [1]. - The net profit attributable to shareholders was 2.353 billion yuan, with a significant narrowing of the decline compared to the second quarter, indicating clear signs of improvement [1]. - The company is actively pursuing short-term recovery, merger synergies, and cost control, with a clearer rhythm in long-term layout implementation [1]. Group 2: Strategic Initiatives - China Resources Sanjiu is proactively positioning itself in channels and brands, which serves as a solid foundation for its current performance amidst industry adjustments [2]. - The company has not adjusted its annual growth target for respiratory products despite challenges, reflecting confidence derived from channel and brand certainty [2]. - The retail pharmacy market in China saw a decline of 1.3% in the first five months of the year, with one-third of stores experiencing sales declines exceeding 15%, indicating a shift to a competitive phase [2]. Group 3: Brand Development - The "999" series of products continues to perform well, with Ganmaoling ranking first in sales among traditional Chinese medicine products in pharmacies during the first half of the year [3]. - The product 999 Yiqi Qingfei Granules is preparing for negotiations related to national medical insurance, forming a closed loop of "prevention-treatment-recovery" with core products [3]. - The company expects its revenue to surpass the industry average growth rate in 2025, aiming for double-digit growth while maintaining stable profits [3]. Group 4: Mergers and Acquisitions - The value of China Resources Sanjiu's mergers and acquisitions is gradually moving beyond short-term financial impacts, avoiding the common industry issue of "heavy acquisition, light integration" [4]. - Following the completion of the "100-day integration" with Tianjin Tasly, business synergies have entered a practical implementation phase, focusing on stabilizing teams, operations, and business before advancing specific collaborations [4]. - The integration with Kunming Pharmaceutical Group (昆药集团) also reflects a long-term value creation strategy, expanding into retail and building new growth curves [4]. Group 5: Innovation and Future Outlook - China Resources Sanjiu is increasing its focus on innovation, particularly in the field of cell therapy, with a project in collaboration with Nanjing Aierpu Regenerative Medicine that is the first globally to receive clinical approval for heart failure treatment [5]. - The company has maintained a strong financial position, with a total dividend of 1.695 billion yuan in 2024 and nearly 750 million yuan in the first half of 2025, reflecting a commitment to shareholder returns [6]. - The company has distributed over 10 billion yuan in dividends since its listing, indicating a significant cash return to shareholders compared to the average level in the A-share market [6]. Group 6: Market Trends and Future Prospects - During the "14th Five-Year Plan" period, China Resources Sanjiu's dividends reached 6.4 billion yuan, showcasing confidence in long-term operations [7]. - The current performance fluctuations are seen as a temporary reflection of cyclical and integration costs, with signs of narrowing declines in the third quarter [7]. - As the industry approaches a recovery phase, the value logic behind this pharmaceutical leader is expected to gain increasing attention [7].

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]

Group 1 - 2025 marks a significant year for the development of innovative drugs in China, with 43 innovative drugs approved in the first half, 40 of which are developed by domestic companies [1] - The National Medical Products Administration (NMPA) has approved a total of 210 innovative drugs and 269 innovative medical devices during the 14th Five-Year Plan period, indicating a trend of accelerated growth [1] - Continuous policy support from the government has provided a strong impetus for the development of innovative drugs, creating a transparent and stable policy environment [2][3] Group 2 - Companies like China Resources Sanjiu have adopted a "brand + innovation" dual-drive strategy, significantly increasing their focus on innovation in response to national policies and market demands [3] - China Resources Sanjiu reported obtaining 8 drug registration certificates and has 205 ongoing research projects, covering various fields including cardiovascular and oncology [3] - Other notable companies in the innovative drug sector include Teva Pharmaceutical, Tai Chi Group, and Yiling Pharmaceutical, all of which are enhancing their competitiveness through increased R&D investment and talent acquisition [4][5] Group 3 - The number of innovative traditional Chinese medicine (TCM) drugs is on the rise, with 5 TCM innovative drugs approved in the first half of 2025, reflecting a growing trend in this sector [5] - As of July 31, 2025, there are 147 TCM innovative drugs in clinical stages or above, a threefold increase compared to 2020, indicating a significant expansion in TCM innovation [5] - The Chinese innovative drug industry has made remarkable breakthroughs in quantity, quality, and technology over the past decade, entering a new development phase with promising future prospects [5]