Investment Rating - The report maintains a "Recommendation" rating for China Resources Sanjiu (000999) with a target price of 36.4 CNY [2][7]. Core Views - The company experienced revenue growth of 5.0% year-on-year in 1H25, but net profit attributable to shareholders decreased by 24.3% and net profit excluding non-recurring items fell by 26.5% due to a high base effect from the previous year [2][7]. - The report highlights that the CHC (Consumer Health Care) business faced pressure due to a decline in demand, while the prescription drug business showed robust growth, driven by the integration of Tian Shi Li and the performance of existing products [7]. - The company is focusing on innovation in drug development, with significant investments in R&D and multiple projects in various therapeutic areas [7]. Financial Summary - Total revenue is projected to grow from 27,617 million CNY in 2024 to 36,889 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [2][8]. - Net profit attributable to shareholders is expected to increase from 3,368 million CNY in 2024 to 4,477 million CNY in 2027, reflecting a CAGR of 15.2% [2][8]. - The report anticipates earnings per share (EPS) to rise from 2.02 CNY in 2024 to 2.68 CNY in 2027 [2][8]. Business Segments - The CHC business reported a revenue of 79.9 billion CNY in 1H25, down 17.9% year-on-year, primarily due to lower cold incidence rates [7]. - The prescription drug segment achieved a revenue of 48.4 billion CNY in 1H25, marking a 100% year-on-year increase, benefiting from the integration of Tian Shi Li and strong performance in existing products [7]. - The company is actively pursuing innovation in drug development, with 205 projects under research and development, and has received 8 drug registration certificates during the reporting period [7].

事件：2025 年8 月1 日，博瑞医药与华润三九签署《合作研发协议》，就BGM0504 注射液在中国大陆 的研发、注册、生产和商业化展开合作。 盈利预测与投资评级：我们维持原有预测，预计公司2025-2027 年归母净利润为2.6/3.0/4.3 亿元；对应 当前市值P/E 估值160/139/97X。考虑到公司与华润三九合作，未来销售天花板被打开，维持 "买入"评 级。 风险提示：原料药下游需求不及预期；新药研发进展不及预期；商业化进度不及预期。 博瑞授予三九"排他性合作开发实施许可+独占性商业化实施许可"，但仍保有产品全部所有权；三九将 分阶段支付BGM0504 最高2.82 亿元研发里程碑款以及额外销售里程碑付款(数额为新适应症临床研发费 用的50%与2850 万孰低者)。博瑞仅需在产品上市后按净销售额比例向三九支付服务费，无需让渡其他 权益。 开创作为推广合作方且承担研发费用先河，彰显BGM0504 产品力。华润三九的OTC 渠道能力全国领 先。本次合作的实质是华润三九作为销售推广的合作方销售博瑞产品，而非研发管线权益的让渡 (BD)。此次合作开创了为取得独家推广销售权力而支付承担研发费用和销售里程 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The strategic partnership with China Resources Sanjiu is expected to open up sales potential and share R&D costs for the product BGM0504 [8] - The collaboration allows the company to leverage Sanjiu's leading OTC channel capabilities, enhancing sales without transferring product ownership [8] - The company has a rich pipeline of innovative drugs and complex generics, with several products expected to enter clinical trials soon [8] - The forecasted net profit for 2025-2027 is projected at 2.6 billion, 3.0 billion, and 4.3 billion respectively, with corresponding P/E ratios of 160, 139, and 97 [8] Financial Summary - Total revenue is expected to grow from 1,283 million in 2024 to 1,762 million in 2027, with a CAGR of 15.11% from 2026 to 2027 [9] - The net profit is projected to recover from a decline in 2024 to 433.39 million by 2027, reflecting a growth rate of 43.06% [1][9] - The latest diluted EPS is forecasted to increase from 0.45 in 2024 to 1.03 in 2027 [1][9] - The company’s asset-liability ratio is expected to decrease from 50.50% in 2024 to 46.56% in 2027, indicating improved financial stability [9]