Gelonghui, June 14 | According to Fangzheng Securities Research Report, China Resources 39 (000999.SZ) is the leading OTC brand, and as of 2023, the company has 39 products with annual sales of over 100 million. In addition, the company has a mature sales team. 39 Commercial Road has covered more than 400,000 pharmacies and thousands of hospitals across the country, and is actively exploring the Internet pharmacy and medical market. The company's core advantages such as brand, products, and channels are obvious, and a platform-based company is built through an “endogenous+outreach” model. The operation of the “1+N” brand has driven steady growth in the CHC business, and the risk of collecting prescription drugs has gradually bottomed out, which is expected to usher in a rebound. After the merger and acquisition of the Kunming Pharmaceutical Group, the company is expected to have a synergy effect with the 37 industry and Kunming Traditional Chinese Medicine, providing impetus for performance growth. Give it a “Recommended” rating.
研报掘金丨方正证券：予华润三九“推荐”评级，品牌、产品、渠道等核心优势明显
Research Reports | Founder Securities: Giving China Resources Sanjiu Medical & Pharmaceutical a "recommended" rating, with obvious core advantages in brand, product, and channels.
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