1H26 Preliminary a Slight Miss On Soft Sales

研报英文原文证据摘录

1H26 Preliminary a Slight Miss On Soft Sales

Update

July 15, 2026 03:54 AM GMT

Morgan Stanley Asia Limited+MChina Resources Sanjiu Medical & Pharma | Asia Laurence Tam

Pacific Equity Analyst

Laurence.Tam@morganstanley.com +852 2239-1753

Marco Wong

Research Associate1H26 Preliminary a Slight Miss Marco.Wong@morganstanley.com +852 3963-2021

On Soft Sales

Reaction to earnings

Unchanged Modest shortfall Largely unchanged China Resources Sanjiu Medical & Pharma (000999.SZ,

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS 000999 CS)

Source: Company data, Morgan Stanley Research China Healthcare | China

Stock Rating Overweight

Industry View Attractive

Key Takeaways Price target Rmb35.00

Up/downside to price target (%) 41

CR Sanjiu reported prelim 1H26 revenue and earnings of Rmb15.0bn (+1.4% YoY) Shr price, close (Jul 14, 2026) Rmb24.88

and Rmb1,672mn (-7.9% YoY), which were -9.1% and -0.8% vs. our estimates. 52-Week Range Rmb32.59-21.60

Sh out, dil, curr (mn) 1,665

Excluding extraordinary items, net profit was Rmb1,598mn (-5.9% YoY). Mkt cap, curr (mn) Rmb41,419

EV, curr (mn) Rmb58,689

These imply 2Q revenue and earnings of Rmb6,883mn (-13.5% YoY) and Avg daily trading value (mn) Rmb345

Rmb596mn (+9.3% YoY). Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS (Rmb)** 2.09 2.13 2.39 2.52

Management has guided for single-digit revenue growth in the CHC segment and Revenue, net (Rmb mn) 31,603 33,624 35,750 38,402

faster‑than‑peers' overall revenue growth in 2026. EBITDA (Rmb mn) 5,783 5,562 6,068 6,382

ModelWare net inc 3,485 3,551 3,971 4,194

Ms. Zhou Hui has stepped down as director and from senior management roles at (Rmb mn)

P/E 13.6 11.7 10.4 9.9

CR Sanjiu. She has become Chairman at subsidiary Tasly. P/BV 2.1 1.7 1.6 1.5