Credit Brief — China Resources Sanjiu Medical & Pharmaceutical Co.,Ltd. (华润三九)
000999.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 吴文多
- Registered address: 深圳市龙华区观湖街道观澜高新园区观清路1 号
- Office address: 深圳市龙华区观湖街道观澜高新园区观清路1 号
- Employees: 30,304
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 3,149.7 | 6,770.8 | 5,016.8 | 4,663.3 | 3,203.0 |
| Trading financial assets | 1,456.0 | — | 1,677.3 | 3,403.6 | 4,033.4 |
| Accounts receivable | 4,087.3 | 6,182.2 | 6,610.2 | 8,163.7 | 7,731.5 |
| Other receivables | 52.4 | 202.1 | 309.2 | 273.8 | 265.3 |
| Inventories | 2,498.9 | 5,112.5 | 4,932.7 | 6,245.6 | 6,115.0 |
| Long-term equity investments | 65.8 | 144.2 | 432.2 | 1,534.6 | 1,469.6 |
| Fixed assets | 3,730.6 | 5,889.6 | 6,136.8 | 10,143.2 | 9,883.2 |
| Construction in progress | 946.1 | 537.8 | 306.7 | 729.3 | 814.9 |
| Intangible assets | 2,369.5 | 3,456.7 | 3,377.9 | 5,935.8 | 5,999.0 |
| Total assets | 27,122.8 | 40,148.5 | 40,082.0 | 58,804.7 | 55,844.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 168.5 | 885.7 | 855.6 | 2,412.9 | 1,233.4 |
| Notes payable | 345.7 | 732.1 | 825.7 | 836.4 | 953.1 |
| Accounts payable | 1,449.5 | 2,365.2 | 2,323.0 | 2,493.0 | 2,200.0 |
| Contract liabilities | 1,012.3 | 1,650.2 | 1,860.9 | 1,782.7 | 1,007.4 |
| Other payables | 3,699.2 | 4,757.4 | 4,801.3 | 4,426.6 | 4,416.1 |
| Current portion of non-current liabilities | 66.6 | 178.1 | 183.7 | 395.2 | 320.4 |
| Long-term borrowings | 50.2 | 1,802.9 | 177.9 | 3,514.0 | 2,848.4 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 9,589.4 | 15,886.6 | 14,825.7 | 20,332.6 | 16,710.1 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 988.3 | 988.2 | 1,284.3 | 1,664.2 | 1,664.2 |
| Capital reserve | 1,796.9 | 1,877.8 | 1,863.1 | 1,406.2 | 1,397.8 |
| Retained earnings | 13,761.4 | 15,626.0 | 16,121.1 | 18,212.0 | 18,901.2 |
| Equity attributable to owners of the parent | 17,009.6 | 18,967.1 | 19,903.1 | 22,171.7 | 22,831.5 |
| Minority interests | 523.8 | 5,294.7 | 5,353.2 | 16,300.4 | 16,303.0 |
| Total equity | 17,533.4 | 24,261.9 | 25,256.3 | 38,472.1 | 39,134.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 18,079.5 | 24,739.0 | 27,616.6 | 31,602.6 | 15,013.6 |
| Cost of sales | 8,313.1 | 11,567.2 | 13,295.6 | 14,527.7 | 6,487.9 |
| Selling expenses | 5,076.6 | 6,965.5 | 7,220.1 | 9,088.6 | 4,158.1 |
| Administrative expenses | 1,058.6 | 1,523.5 | 1,657.8 | 1,897.9 | 927.9 |
| Finance costs | 5.5 | -24.2 | -24.2 | 35.0 | 27.0 |
| Investment income | 44.6 | 18.2 | 31.1 | -3.1 | 3.6 |
| Operating profit | 2,947.2 | 3,753.4 | 4,475.0 | 4,851.8 | 2,498.5 |
| Profit before tax | 2,963.4 | 3,754.5 | 4,593.6 | 4,864.1 | 2,534.1 |
| Net profit | 2,497.0 | 3,173.5 | 3,777.7 | 4,166.0 | 2,002.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.38x | 1.74x | 1.61x | 1.83x | 2.02x |
| Quick ratio | 1.09x | 1.34x | 1.25x | 1.42x | 1.53x |
| Debt-to-asset ratio | 35.4% | 39.6% | 37.0% | 34.6% | 29.9% |
| Total debt / EBITDA | 0.08x | 0.65x | 0.23x | 1.06x | 1.22x |
| EBITDA interest coverage | 158.49x | 54.72x | 65.87x | 50.91x | 132.93x |
| Gross margin | 54.0% | 53.2% | 51.9% | 54.0% | 56.8% |
| Net margin | 13.8% | 12.8% | 13.7% | 13.2% | 13.3% |
| Return on equity (ROE) | 14.2% | 13.1% | 15.0% | 10.8% | 5.1% |
| Revenue growth | — | 36.8% | 11.6% | 14.4% | -52.5% |
| Net profit growth | — | 27.1% | 19.0% | 10.3% | -51.9% |
| Receivable days | 83 | 91 | 87 | 94 | 188 |
| Cash received / revenue | 97.2% | 111.1% | 101.2% | 107.4% | 109.6% |
| Operating CF / net profit | 1.20x | 1.32x | 1.17x | 1.32x | 1.21x |
| Free cash flow | 481.5 | 3,595.3 | 4,154.4 | 875.3 | 2,140.1 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.35 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 3,853.7 vs 3,621.1 CNY mn (deviation 6.04%, severity mid)
Sources: 2023年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.100 「货币资金」. CF-statement figure above the balance-sheet movement by 232.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -1,353.9 vs -1,753.9 CNY mn (deviation 22.81%, severity mid)
Sources: 2024年年度报告.pdf p.118 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.111 「货币资金」. CF-statement figure above the balance-sheet movement by 400.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -345.0 vs -353.5 CNY mn (deviation 2.41%, severity mid)
Sources: 2025年年度报告.pdf p.124 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.116 「货币资金」. CF-statement figure above the balance-sheet movement by 8.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -1,575.3 vs -1,460.3 CNY mn (deviation 7.3%, severity mid)
Sources: 2026年半年度报告.pdf p.56 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.48 「货币资金」. CF-statement figure below the balance-sheet movement by 115.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 4,663.3 | 2025年年度报告.pdf | 116 | 货币资金 | 4663316751.51 (元) |
| Total assets | 2025 | 58,804.7 | 2025年年度报告.pdf | 117 | 资产总计 | 58804678665.86 (元) |
| Accounts receivable | 2025 | 8,163.7 | 2025年年度报告.pdf | 116 | 应收账款 | 8163669552.01 (元) |
| Fixed assets | 2025 | 10,143.2 | 2025年年度报告.pdf | 116 | 固定资产 | 10143156929.36 (元) |
| Short-term borrowings | 2025 | 2,412.9 | 2025年年度报告.pdf | 117 | 短期借款 | 2412943158.38 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.