Company Overview - China Resources Pharmaceutical Group Limited is one of the fifth largest pharmaceutical manufacturers and one of the third largest pharmaceutical distributors in China by revenue[4]. - The company manufactures 796 products, including chemical drugs, Chinese medicines, biological drugs, and nutritional products, covering various therapeutic areas[7]. - The company operates a national distribution network with over 230 logistics centers across 28 provinces, serving approximately 240,000 clients, including 10,667 second- and third-class hospitals[9]. - The retail pharmacy network includes 790 pharmacies under premium brands, with 272 being DTP specialty pharmacies[9]. - The company has established a significant presence in both manufacturing and distribution, positioning itself as a leader in the Chinese pharmaceutical market[6]. Research and Development - The company has over 2,700 R&D staff and operates multiple national and provincial R&D platforms, emphasizing R&D and product innovation as key growth drivers[8]. - Research and development investments increased by 25%, totaling 500 million HKD, aimed at enhancing product offerings and technological advancements[25]. - Investment in R&D increased by 25%, with a focus on developing new biopharmaceutical products and technologies[26]. - The Group is focused on R&D investment and optimizing product structure to strengthen market position and brand influence[168]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 10 billion HKD for the fiscal year 2023, representing a year-on-year growth of 15%[20]. - China Resources Pharmaceutical Group reported a revenue increase of 15% year-over-year, reaching approximately RMB 30 billion in 2023[26]. - The Group achieved total revenue of RMB 244,703.9 million, a year-on-year increase of 12.2% compared to 2022[44]. - Profit attributable to the owners of the Company was RMB 3,854.2 million, representing a year-on-year increase of 10.1%[46]. - The net profit for the Group reached RMB 7,775.0 million, a 16.8% increase from RMB 6,658.0 million in 2022[139]. Market Expansion and Strategy - Future expansion plans include health management and chronic disease management products to meet comprehensive healthcare needs[7]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[24]. - The company plans to expand its market presence by entering three new provinces in China by the end of 2024[27]. - The Group plans to focus on biopharmaceuticals and blood products, and accelerate the layout in high-potential areas such as vaccines and high-end medical devices in 2024[52]. Product Innovation and Launches - New product launches are expected to contribute an additional 1 billion HKD in revenue, with a focus on innovative healthcare solutions[23]. - The launch of two new products is expected in Q2 2024, aimed at addressing chronic diseases[27]. - CR Sanjiu's milrinone injection was approved for launch, passing the consistency evaluation in quality and efficacy of generic drugs[55]. - CR Zizhu's levonorgestrel tablets were also approved for launch, passing the consistency evaluation in quality and efficacy of generic drugs[56]. Digital Transformation and User Engagement - User data showed a 20% increase in active users, reaching 5 million by the end of 2023, indicating strong market engagement[21]. - The company aims to enhance its digital platform, with an investment of 300 million HKD to improve user experience and operational efficiency[28]. - CR Sanjiu's online sales in the pharmaceutical segment increased by 30% year-on-year during the reporting period[197]. Strategic Acquisitions - The company is exploring strategic acquisitions to bolster its portfolio, with a budget of 2 billion HKD allocated for potential mergers and acquisitions in 2024[26]. - A strategic acquisition of a local biotech firm was completed, enhancing the company's product pipeline and market reach[26]. - CR Sanjiu acquired 28% equity interests in KPC in January 2023, becoming its controlling shareholder, enhancing its TCM business competitiveness[149]. Corporate Governance and Sustainability - The Group is committed to high-quality sustainable development through mixed-ownership reform and improved corporate governance[135]. - The Group's ESG ratings were recognized, achieving an MSCI ESG rating of A for two consecutive years and a Wind ESG rating upgrade from A to AA[161]. - The Group implemented 10 rooftop-distributed photovoltaic power generation projects, reducing carbon emissions by approximately 6,700 tons per year[165]. Industry Trends and Outlook - The pharmaceutical industry in China is expected to continue expanding due to increasing demand from an aging population and the "Healthy China" strategy[133]. - The healthcare industry is transitioning to a "people-centered" approach, driving comprehensive development across prevention, health maintenance, treatment, and rehabilitation[41]. - The "Silver Economy" is rapidly growing, indicating increased active health consumption and significant potential in the bio-economy market[41].

Investment Rating - The report maintains a "Buy" rating for China Resources Pharmaceutical (03320) with a target price of 4.9 HKD [1] Core Views - The company achieved steady revenue growth, with a 12.2% year-on-year increase in revenue to 244.704 billion HKD for 2023, and a 10.1% increase in net profit attributable to shareholders to 3.854 billion HKD [1] - The pharmaceutical segment showed strong performance, with revenue of 43.46 billion HKD, up 14.3% year-on-year, and segment profit of 12.083 billion HKD, up 20.2% [1] - The company is focusing on high-quality external expansion and internal resource integration to enhance competitive advantages in the traditional Chinese medicine and distribution sectors [1] Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 38.337 billion HKD, reflecting a 14.0% increase year-on-year [1] - The revenue from the distribution segment was 202.15 billion HKD, up 11.4% year-on-year, while retail revenue reached 95.79 billion HKD, showing a significant growth of 26.2% [1] Business Segments - The traditional Chinese medicine products generated revenue of 21.593 billion HKD, up 19.7% year-on-year, while chemical drugs and biological drugs saw revenue increases of 9.4% and 12.5%, respectively [1] - The company has strengthened its market position in self-diagnosis products, achieving 19.1 billion HKD in revenue, a 17% increase year-on-year [1] Strategic Initiatives - The company completed several high-quality acquisitions in 2023, including a 28% stake in Kunming Pharmaceutical and a 51% stake in Cube Pharmaceutical, enhancing its competitive edge [1] - The company is also focusing on building a comprehensive customer platform and enhancing online sales, which saw a significant increase of 30% year-on-year in the pharmaceutical segment [1] Profit Forecast and Valuation - The profit forecast for 2024-2025 has been adjusted, with net profit estimates of 4.705 billion HKD and 5.156 billion HKD, respectively, while the 2026 forecast is set at 5.656 billion HKD [1]

Investment Rating - The report maintains an "OUTPERFORM" rating for China Resources Pharmaceutical [3][10][11] Core Views - The company achieved a revenue of RMB 244.7 billion in FY2023, representing a growth of 12.2%. The revenue breakdown shows that the pharmaceutical distribution, pharmaceutical retail, and pharmaceutical businesses accounted for 80%, 3.9%, and 16% of total revenue, respectively [11] - The gross profit margin improved to 15.7%, benefiting from enhancements in the pharmaceutical business. The net profit reached RMB 7.775 billion, a year-on-year increase of 16.8% [11] - The company is actively expanding its business through mergers and acquisitions while integrating internal resources for synergy, which is expected to support sustainable growth [4][11] Financial Summary - Revenue for FY2023: RMB 244.7 billion (+12.2%) - Net profit: RMB 7.775 billion (+16.8%) - Gross profit margin: 15.7% (+0.3 percentage points) - R&D expenditure: Approximately RMB 25.04 billion (+12.6%) [11][12] Business Performance - Pharmaceutical business revenue: RMB 43.5 billion (+14.3%), with all categories showing growth. Traditional Chinese medicine, chemical medicine, biological medicine, and nutritional supplements generated revenues of RMB 21.6 billion, RMB 17 billion, RMB 2.1 billion, and RMB 2.7 billion, respectively [11] - Pharmaceutical distribution revenue: RMB 202.2 billion (+11.4%), with import business contributing approximately RMB 14.1 billion [11] - Pharmaceutical retail revenue: RMB 9.6 billion (+26.2%), driven by the active undertaking of prescription outflow [11] Forecasts - Expected revenues for 2024-2026: RMB 271 billion, RMB 299.3 billion, and RMB 329.8 billion, with growth rates of 10.8%, 10.4%, and 10.2% respectively [5][11] - Expected net attributable profits for 2024-2026: RMB 4.287 billion, RMB 4.749 billion, and RMB 5.241 billion, with growth rates of 11.2%, 10.8%, and 10.4% respectively [5][11] Valuation - The target price is maintained at HKD 8.12, indicating a potential upside of 57% from the current share price of HKD 5.17 [6][11]

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 244,703,884 thousand, representing an increase of 12.1% compared to RMB 218,182,994 thousand in 2022[3] - Gross profit for the same period was RMB 38,337,486 thousand, up from RMB 33,619,051 thousand, indicating a growth of 14.9%[3] - Net profit attributable to the company's equity holders was RMB 7,775,003 thousand, compared to RMB 6,657,929 thousand in the previous year, reflecting an increase of 16.8%[7] - Basic earnings per share for the year was RMB 0.56, slightly down from RMB 0.61 in 2022[4] - The company reported other income of RMB 1,771,446 thousand, which increased from RMB 1,221,281 thousand, marking a growth of 45.1%[3] - The total comprehensive income for the year was RMB 7,718,306 thousand, compared to RMB 5,913,906 thousand in 2022, showing an increase of 30.5%[7] Expenses and Liabilities - The company incurred selling and distribution expenses of RMB 18,909,898 thousand, up from RMB 16,395,235 thousand, which is an increase of 15.3%[3] - Administrative expenses rose to RMB 6,328,166 thousand from RMB 5,578,623 thousand, reflecting a growth of 13.4%[3] - The company reported a decrease in financing income to RMB 587,686 thousand from RMB 721,177 thousand, a decline of 18.5%[3] - Total liabilities were RMB 134,232,755 thousand, an increase from RMB 121,770,068 thousand in 2022, representing a rise of about 10.2%[10] - The company's long-term borrowings rose to RMB 11,093,432 thousand from RMB 4,541,903 thousand in 2022, reflecting a significant increase of about 143.0%[10] Assets and Equity - Total assets as of December 31, 2023, amounted to RMB 178,529,266 thousand, an increase from RMB 152,213,955 thousand in 2022, representing a growth of approximately 17.3%[9] - Non-current assets totaled RMB 68,202,466 thousand, up from RMB 63,274,880 thousand in 2022, indicating a year-over-year increase of about 14.5%[9] - Current assets reached RMB 178,567,830 thousand, compared to RMB 152,259,493 thousand in the previous year, reflecting a growth of approximately 17.3%[10] - The company's net asset value stood at RMB 44,335,075 thousand, compared to RMB 30,489,425 thousand in 2022, marking an increase of approximately 45.5%[10] - The company reported a total equity of RMB 92,974,814 thousand, up from RMB 80,557,344 thousand in 2022, indicating a growth of approximately 15.5%[10] Market and Business Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[2] - The company is primarily engaged in the manufacturing, distribution, and retail of pharmaceuticals and health products[12] - The group aims to enhance its R&D investment and digital construction to align with the "Healthy China" strategy and market demand changes[72] - The group is focusing on innovation and technology empowerment to accelerate external development and optimize resource allocation[72] Segment Performance - The pharmaceutical sales segment generated revenue of RMB 244,569,688,000, while rental income from investment properties amounted to RMB 134,196,000[37] - The external sales breakdown for the manufacturing segment was RMB 39,190,495,000, for the distribution segment was RMB 195,858,229,000, and for the retail segment was RMB 9,578,797,000[43] - The group achieved a total segment profit of RMB 17,160,554 thousand, demonstrating strong profitability across its divisions[45] - The pharmaceutical business achieved segment revenue of RMB 43,465 million, representing a stable growth of 14.3% year-on-year[89] Research and Development - Research and development expenses for 2023 amounted to RMB 2,072,354,000, up from RMB 1,813,880,000 in 2022, indicating a focus on innovation and technology[50] - The group has over 330 new product projects in the pipeline, with nearly 100 new drug projects[114] - The group is focusing on R&D capability enhancement and product structure optimization to strengthen market position[87] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance rules during the reporting period, except for the lack of formal appointment letters to directors[164] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, which have been audited by the company's auditors[172] - The auditors provided an unqualified opinion on the financial statements for the two years mentioned[169] Cash Flow and Financial Position - The net cash generated from operating activities in 2023 was RMB 15,549.9 million, compared to RMB 10,821.1 million in 2022, representing an increase of approximately 43.5%[151] - The net cash used in investing activities for 2023 was RMB 2,067.3 million, up from RMB 819.2 million in 2022, indicating a significant increase in investment[151] - The net cash used in financing activities decreased to RMB 4,065.3 million in 2023 from RMB 9,126.1 million in 2022, showing a reduction of approximately 55.4%[151] Employee and Workforce - The group employed approximately 72,986 employees as of December 31, 2023, an increase from 67,000 employees in 2022, reflecting a growth of about 8.9%[155] Dividend and Shareholder Returns - The company proposed a final dividend of RMB 0.154 per share for the year ending December 31, 2023, totaling RMB 968 million, compared to RMB 880 million in 2022[55]

Company Overview - China Resources Pharmaceutical Group Limited is one of the fifth largest pharmaceutical manufacturers and one of the third largest pharmaceutical distributors in China by revenue[4]. - The company manufactures 782 products, including chemical drugs, Chinese medicines, biological drugs, and nutritional products, covering various therapeutic areas[5]. - The company has over 2,400 R&D staff and operates five State-certified engineering technology research centers and three State-certified enterprise technology centers[6]. - The national distribution network consists of over 200 logistics centers, covering 28 provinces and serving over 140,000 clients, including around 10,000 second- and third-class hospitals[7]. - The company operates 809 retail pharmacies under premium brands, including 253 DTP specialty pharmacies[7]. Financial Performance - China Resources Pharmaceutical Group reported a significant increase in revenue, achieving a total of 10.5 billion RMB, representing a year-on-year growth of 15%[23]. - The company’s net profit for the first half of 2023 reached 1.2 billion RMB, reflecting a 20% increase compared to the same period last year[23]. - The Group recorded total revenue of HK$138,940.1 million in the first half of 2023, an increase of 10.5% compared to HK$125,716.5 million in the same period of 2022[45]. - Gross profit for the Group was HK$22,340.7 million, up 12.7% from HK$19,831.7 million in the first half of 2022, with a gross profit margin of 16.1%, an increase of 0.3 percentage points[49]. - Net profit reached HK$5,693.2 million, representing a 10.2% increase from HK$5,168.4 million in the first half of 2022[51]. Research and Development - The company aims to enhance R&D investment as a key driver for long-term growth[6]. - Research and development expenses increased by 18%, totaling 800 million RMB, to support the development of new therapies[23]. - The Group has over 300 ongoing R&D programs, including more than 100 new drug projects focused on oncology, immunity, metabolism, and other fields[106]. - The Shenzhen R&D Center is enhancing two major platforms: bio-innovative drugs and chemical innovative drugs, with ten biological product projects and four anti-tumor projects progressing well[109]. - The Group is focusing on high-growth sectors and developing differentiated innovative R&D platforms[109]. Market Expansion and Strategy - Future plans include actively expanding into health management and chronic disease management products to meet comprehensive healthcare needs[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[23]. - Strategic acquisitions are being pursued to enhance the product portfolio, with a budget of 1 billion RMB allocated for potential mergers and acquisitions[23]. - The Group is focusing on optimizing internal resources and enhancing synergistic effects across key national regions[72]. - The Group plans to acquire 75% equity interests in Guangdong Fuda Pharmaceutical Co., Ltd. to enhance its blood product business and streamline operations[71]. Product Development and Sales - New product launches contributed to 30% of total sales, with a focus on innovative biopharmaceuticals and over-the-counter medications[23]. - The revenue from the TCM business reached HK$12,165.5 million in the first half of 2023, representing a year-on-year increase of 28.7% (37.8% in RMB terms)[67]. - Revenue from TCM OTC drugs increased by 28.7% year-on-year, with significant growth in cardiovascular, cold, gastroenterology, and E-Jiao products[68]. - The chemical drugs business recorded revenue of HK$10,442.6 million, a year-on-year growth of 3.3% (10.1% in RMB terms)[67]. - Sales revenue of Pregabalin Capsule increased by 35% year-on-year during the Reporting Period[93]. Digital Transformation and Customer Engagement - The company is implementing new digital strategies to improve customer engagement, aiming for a 40% increase in online sales by the end of 2023[23]. - The Group's B2B online platform "CR Pharma e-Store" recorded a transaction amount of approximately RMB14.8 billion with 890,000 orders placed during the Reporting Period[149]. - Online sales revenue of the pharmaceutical segment grew by 43% year-on-year during the Reporting Period[101]. - The Group's retail pharmacy membership has exceeded 2.6 million, with nearly 400 "Runde Vanguard" stores established in Guangdong, enhancing healthcare service experiences[167]. - Online sales to customers increased by 23% year-on-year in RMB terms, driven by the development of integrated pharmacies and the online private domain platform "Runyao Youxuan" during the reporting period[171]. Sustainability and Corporate Governance - The Group's MSCI ESG rating improved from BBB to A in January 2023, reflecting enhanced management capabilities in environmental, social, and corporate governance[172]. - The Group's green logistics initiatives achieved a reduction of approximately 101 tons of carbon emissions annually through energy-saving lighting equipment[179]. - CR Sanjiu was recognized as a "Green and Low-Carbon Pioneer Enterprise in Shenzhen," highlighting its commitment to sustainable development[179]. - The Group's efforts in corporate governance and incentive mechanisms aim to attract and retain outstanding managers and core technicians, ensuring high-quality development[175]. - The company will establish a green production and operation system through low carbon and circular development initiatives[197]. Industry Trends and Challenges - The pharmaceutical manufacturing industry in China experienced a slight revenue decline of 2.9% in the first half of 2023, but overall signs of recovery were noted[35]. - The centralized procurement policy has been implemented, with price reductions averaging around 50%, impacting the pharmaceutical market significantly[40]. - The aging population and consumption upgrades are driving continuous expansion in the Chinese pharmaceutical market[41]. - The pharmaceutical industry is facing increased R&D costs and complexity due to stricter drug approval policies emphasizing clinical value[40]. - The overall environment for the pharmaceutical industry is undergoing complex changes, presenting both challenges and opportunities[41].

[3 -> 27] 各位投资界朋友下午好欢迎大家包容出席华润医药集团有限公司2023年中期业绩投资者发布会在此请代表集团感谢各位参加本次业绩发布会首先请允许我为各位介绍出席本次业绩发布会的集团管理层华润医药执行董事及首席执行官东阿哥交董事长白小松先生 [32 -> 61] 華潤醫藥執行董事及副總裁華潤博雅生物董事長陶然先生華潤醫藥首席財務官鄧榮女士華潤醫藥商業副總經理及首席戰略官郭俊裕先生華潤三九副總裁及董事會秘書周暉女士 [64 -> 83] 华润双鹤首席财务官及董事会秘书范燕玺先生华润江中财务总监邢健先生下面有请白晓松先生为我们介绍集团上半年业绩亮点及业务回顾有请白总 [85 -> 101] 各位投资界的朋友下午好欢迎参加华人医药2023年中期业绩发布会衷心感谢各位对华人医药的关心和支持 [103 -> 130] 今年以来中国宏观经济加快构建新发展格局着力推动高质量发展三一联动改革在深水区不断推动药品审批政策强调以临床价值为导向的真创新重点突出对药品研发创新的支持大量采购常态化开展支持中医药发展的政策西化出台基层医疗市场逐步扩容 [130 -> 160] 华人医药立足于中国医药健康产业的发展和变革机遇坚持 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 華潤醫藥集團有限公司（「本公司」或「華潤醫藥」）董事（「董事」）會（「董事會」） 欣然宣佈本公司及其附屬公司（「本集團」）截至二零二三年六月三十日止 六個月（「報告期間」）之未經審核簡明綜合中期業績，連同上年度╱上年同 期的比較數字如下： 中期綜合損益表 截至二零二三年六月三十日止六個月 （以「港幣」列示） 截至六月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 港幣千元 港幣千元 收益 4 138,940,062 125,716,477 銷售成本 (116,599,396) (105,884,796) ...

2 C ) ﺎﺭ (3) ු 潤醫藥集團有限公司 China Resources Pharmaceutical Group Limited (Stock Code 股份代號：3320) _ 年報 Annual Report 2014 Property | This y F O (11) 11 A 目錄 Contents 02 03 07 12 15 19 90 02 公司簡介 Corporate Profile 03 公司資料 Corporate Information 07 釋義 Definitions 12 主席報告 Chairman's Statement 15 全年大事紀要 Highlights of the Year 19 獎項 Awards 25 財務摘要 Financial Highlights 26 管理層討論及分析 Management Discussion and Analysis 66 企業管治報告 Corporate Governance Report 90 董事及高級管理人員簡歷 Biographies-Directors and Senior Management 102 董事會報 ...

[1 -> 26] 各位投资者朋友下午好欢迎大家在百忙中抽空出席华润医药集团有限公司2022年业绩投资者推介会时隔三年我们再次与各位投资者在线下会面在此仅代表集团向各位致以万分感谢同时也感谢在线上参会的各位投资者首先请允许我为各位介绍在台上的集团管理层 [26 -> 52] 华润医药董事会主席华润医药商业及华润江中董事长韩岳伟先生华润医药执行董事及首席执行官东欧俄交董事长白晓松先生华润医药执行董事副总裁及首席财务官翁金文女士 [55 -> 84] 华润双鹤董事长于顺庭先生华润医药商业总经理巫建军先生华润三九董事副总裁及董事会秘书周辉女士华润江中总经理刘维权先生东俄俄交总裁程杰先生 [87 -> 113] 华润博亚生物总裁梁晓明先生现在有请华润医药董事会主席韩岳伟先生为我们讲解2022年集团的业绩亮点业务回顾及财务表现尊敬的各位投资界的朋友大家下午好欢迎大家参加华润医药2022年度的业绩发布会 [114 -> 121] 三年了我们一直是线上发布今年是时隔三年的第一次线下发布会 [122 -> 149] 过去的一年在复杂严峻的国内外环境和多重超预期因素的影响下中国经济虽然承压前行但是韧性强 潜力大空间广的基本面并 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 告 華潤醫藥集團有限公司（「本公司」或「華潤醫藥」）董事（「董事」）會（「董事會」） 欣然宣佈本公司及其附屬公司（「本集團」）截至二零二二年十二月三十一 日 止 年 度（「報 告 期 間」）之 經 審 核 綜 合 業 績，連 同 截 至 二 零 二 一 年 十 二 月 三十一日止年度的比較數據如下： 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 港幣千元 港幣千元 收益 4 254,106,366 236,806,169 銷售成本 (214,971,606) (201,425,883) ...