华润三九内生强基固本，外延拓展边界

华泰证券2025-06-26

华润三九为医药行业头部企业，以CHC为核心，通过并购昆药集团与天士力完善银发健康与创新中药布局。我们认为CHC业务凭借品牌优势与渠道优势展现出较强的经营韧性，处方药业务消化集采影响后有望企稳回升，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。CHC多品类发展突围，处方药适应政策企穗回升在医保控费、线上分流等多重压力下，实体药店负重前行，米内网数据显示1-4M25中国...

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