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🏢 公司Newsroom01099Doubao · 实盘不做把握 6/10不做原因:风险收益比不佳
北京时间·🕒 发布 21:48:02·⟳ 抓取 21:49:58回填·⚡ 决策 10-20 21:56:25·7.2 天前

国药控股披露子公司国药一致2026年前三季度业绩快报:前三季营收550.66亿元微降0.11%、净利9.52亿元降0.48%,Q3单季净利增长18.91%

这是一次例行、未审计的子公司业绩快报转发:全年口径收入与净利同比仍小幅为负,Q3单季利润虽增18.91%但绝对增量仅约0.55亿元且主要来自低基数与费用控制,零售板块净利仅0.27亿元;没有证据表明相对卖方预期存在正向惊喜,亦无指引上调或经营拐点的硬确认。对A股子公司是盘后明牌的低量级混合数据,对H股母公司更不具materiality,风险收益比不足。

📄 原文01099↗ 原文
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 国药一致(000028.SZ)
例行未审计业绩快报:前三季营收/净利同比-0.11%/-0.48%仍为负,Q3净利+18.91%为低基数修复、单季增量约0.55亿元,相对123亿元市值量级小且无超预期证据;盘后明牌、T+1无法当日止损,不具备正期望
不做 国药控股(01099.HK)
仅按13.09转发子公司初步数据,国药一致对母公司收入与利润贡献占比有限,无新增订单、指引或重组等实质增量,不构成可交易催化
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

国药一致前三季营收550.66亿元(-0.11%)、归母净利9.52亿元(-0.48%),仅Q3单季净利+18.91%呈低基数修复,增量约0.55亿元;数据为未审计快报、无超预期证据,对国药一致(000028.SZ)和国药控股(01099.HK)均缺乏可交易的盈利上修弹性,故回避。

🔎 新鲜度:最早出现 2026-10-20 · 扩散 medium · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 节点
  2. 节点

关键理由

  • Q3单季扣非净利+23.47%、分销板块利润增速回升,显示收入降幅收窄、盈利质量边际改善,是数据中唯一偏正面的信号

主要风险

  • 集采政策持续深化背景下公司全年收入仍微降,Q3利润修复依赖低基数与费用控制,正式三季报若显示修复不可持续则正面信号证伪
  • 未审计初步数据与最终三季报可能存在差异,且无法取得一致预期对比,不能排除数据已在预期之内

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-10-20 · 影响 weakens
    公告自述集采等行业政策持续深化、竞争转向质量效率;前三季收入与净利同比仍为负,零售国大净利仅0.27亿元,未见近期额外重大利空,但正面催化同样不足
    检索:国药一致 2026 三季报 集采 砍单 下调 评级 零售 亏损 原文 ↗
  • 做多前查反向 · 来源 kb_search · 影响 none
    内部KB检索服务连接失败(Connection refused),无法取得卖方预期与纪要;公开网页亦无一致预期对比,超预期无法证实
    检索:国药一致 2026年前三季度 净利润 预期 研报

先例如何影响了这次决策

对本次决策的影响:本事件因量级不足且无预期差证据而回避,结论不依赖先例涨幅;未跑面板不改变回避判断

方向:未构建对齐先例面板

涨幅量级:不足以用先例校准幅度

形态:未知

工具执行结果 · 成功 3 · 降级 0 · 失败 1 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 13 ms
    {"result": "search_processed_events:agent query=`sinopharm accord 000028 nine months 2026 preliminary financial data | 国药一致 2026年前三季度 业绩 营业收入 净利润 预告 | 国药控股 01099 子公司国药一致 第三季度 净利润 增长18.91%`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选,不能据此证明消息首发或不是重复;按当前事件继续正
  2. stock_quote 成功 stock_tools HTTP · 311 ms
    {
  3. kb_search 失败 stock_tools HTTP · 59 ms
    kb_search 服务暂不可用;这不是一条知识库命中。
  4. web_search 成功 doubao_search · 2,054 ms
    豆包搜索结果(原始查询:国药一致 2026年前三季度 营业收入 净利润 三季度报告;API SearchType:web)

原文全文

展开原文 · 10,848 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.




ANNOUNCEMENT
PRELIMINARY FINANCIAL DATA OF SINOPHARM ACCORD
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and
Futures Ordinance (Chapter 571, Laws of Hong Kong).

Reference is made to the overseas regulatory announcement of Sinopharm Group Co. Ltd. (the
“Company”) dated 20 October 2026 (the “Announcement”) in relation to the preliminary
financial data for the nine months ended 30 September 2026 of China National Accord
Medicines Corporation Ltd. (“Sinopharm Accord”), a subsidiary of the Company, whose A
shares and B shares are listed on the Shenzhen Stock Exchange (stock code for A shares:
000028; stock code for B shares: 200028).

The board of directors of the Company would like to draw the attention of its shareholders and
the public investors to the following principal unaudited financial data and indicators of
Sinopharm Accord for the nine months ended 30 September 2026 as set out in the
Announcement.




* The Company is registered as a non-Hong Kong company under the Hong Kong Companies
Ordinance under its Chinese name and the English name “Sinopharm Group Co. Ltd.”.

1
PRINCIPAL UNAUDITED FINANCIAL DATA AND INDICATORS OF SINOPHARM
ACCORD
Unit: Ten Thousand Yuan
Currency: RMB

January- January-
September September Increase/Decrease
2026 2025
Total Revenue 5,506,609.03 5,512,449.07 -0.11%
Operating profit 132,718.82 133,347.76 -0.47%
Total profit 131,698.99 131,765.48 -0.05%
Net profit attributable to 95,249.00 95,711.85 -0.48%
shareholders of the listed
company
Net profit attributable to 94,477.64 92,301.90 2.36%
shareholders of the listed
company after deducting non-
recurring gains and losses
Basic earnings per share 1.56 1.56 0.00%
(Yuan)
Weighted average return on 5.03% 5.29% Decreased by 0.26
net assets percentage points
July-September July-September Increase/Decrease
2026 2025
Total Revenue 1,879,973.42 1,832,789.23 2.57%
Operating profit 49,275.79 40,698.11 21.08%
Total profit 48,960.50 39,954.15 22.54%
Net profit attributable to 34,628.65 29,121.12 18.91%
shareholders of the listed
company
Net profit attributable to 34,590.22 28,015.75 23.47%
shareholders of the listed
company after deducting non-
recurring gains and losses
Basic earnings per share 0.57 0.48 18.75%
(Yuan)
Weighted average return on net 1.82% 1.59% Increased by 0.23
assets percentage points


2
At the end of the At the beginning of Increase/Decrease
reporting period the reporting
period
Total assets 4,890,375.64 4,909,627.10 -0.39%
Equity attributable to 1,921,961.11 1,860,996.33 3.28%
shareholders of listed company
Share capital (in 0’000 shares) 61,222.16 55,656.51 10.00%
Net assets per share 31.39 30.40 3.26%
attributable to shareholders of
listed company (Yuan)

Notes:

1. The above data are prepared based on the consolidated financial statements of Sinopharm
Accord.

2. At the 2025 annual general meeting of Sinopharm Accord held on 21 May 2026, the “2025
Profit Distribution Proposal of Sinopharm Accord” was approved, pursuant to which a cash
dividend of RMB6.16 per 10 shares (before tax) would be distributed and 1 bonus share per 10
shares would be issued to all shareholders based on a total share capital of 556,565,077 shares
as at the end of 2025, resulting in an issuance of 55,656,507 bonus shares and an increase in
total share capital of Sinopharm Accord to 612,221,584 shares. The equity distribution was
completed for A shares on 24 June 2026 and for B shares on 26 June 2026. In accordance with
the relevant requirements of the “Rules on Information Disclosure and Preparation by
Companies Offering Securities to the Public No. 9 — Calculation and Disclosure of Return on
Net Assets and Earnings Per Share”, Sinopharm Accord has recalculated the earnings per share
for the comparative period based on the total share capital after the bonus share issuance, and
has also recalculated the net assets per share attributable to shareholders of the listed company.
The basic earnings per share for the same period of last year and the net assets per share
attributable to shareholders of the listed company at the end of last year were adjusted from
RMB1.72 and RMB33.44 to RMB1.56 and RMB30.40, respectively.

3. In accordance with the relevant requirements of the “Rules on Information Disclosure and
Preparation by Companies Offering Securities to the Public No. 9 — Calculation and
Disclosure of Return on Net Assets and Earnings Per Share”, Sinopharm Accord has
recalculated the earnings per share for the comparative period based on the total share capital
after the bonus share issuance. The basic earnings per share for the period from July to
September 2025 was adjusted from RMB0.52 to RMB0.48.

INFORMATION OF THE OPERATION RESULTS AND FINANCIAL SITUATION

For the period from January to September 2026, Sinopharm Accord achieved a revenue of
RMB55.066 billion, representing a year-on-year decrease of 0.11%; operating profit of
RMB1.327 billion, representing a year-on-year decrease of 0.47%; total profit of RMB1.317
billion, representing a year-on-year decrease of 0.05%; and net profit attributable to
3
shareholders of the listed company of RMB0.952 billion, representing a year-on-year decrease
of 0.48%. The weighted average return on net assets decreased by 0.26 percentage points year-
on-year. In the third quarter of 2026, Sinopharm Accord achieved a revenue of RMB18.800
billion, representing a year-on-year increase of 2.57%; and net profit attributable to
shareholders of the listed company of RMB0.346 billion, representing a year-on-year increase
of 18.91%. The performance of each segment is as follows:

For the period from January to September 2026, the distribution segment achieved a revenue of
RMB40.565 billion, representing a year-on-year decrease of 0.07%; and net profit of
RMB0.754 billion, representing a year-on-year increase of 4.28%. Despite the continued
deepening of industry policies, Sinopharm Accord remained committed to strengthening its
core business, actively expanding its market presence and adjusting its business structure. The
decline in revenue continued to narrow, while profit growth regained momentum,
demonstrating strong operational resilience. The retail segment (namely “Sinopharm Holding
Guoda Drugstore Co., Ltd.”, hereinafter referred to as “Guoda Drugstore”) achieved a revenue
of RMB15.234 billion, representing a year-on-year increase of 0.05%; and net profit of RMB27
million, representing a year-on-year increase of 105.08%. Guoda Drugstore’s sales revenue
gradually stabilized. Through continuous optimization of its product mix, strategic adjustment
of its store network layout, further strengthening of expense control and enhancement of
operational quality, Guoda Drugstore achieved year-on-year growth in net profit during the
reporting period.

In 2026, the pharmaceutical industry continued to experience the deepening impact of
centralized procurement and other policy measures, with industry competition shifting from
scale expansion to competition in quality and efficiency. Sinopharm Accord will maintain its
strategic focus, proactively adapt to changes in the industry landscape, and continue to enhance
supply chain efficiency through lean operations. By actively expanding incremental markets
and optimizing its product mix to cultivate new growth drivers, Sinopharm Accord will
continue to break through development bottlenecks and steadily improve its operational quality
and profitability.

Shareholders and public investors should note that the principal unaudited financial data
and indicators of Sinopharm Accord during the reporting period contained in this
announcement are only preliminary accounting data, which have not been audited by an
accounting firm, and the final data to be disclosed in the third quarter report of
Sinopharm Accord may differ.



By order of the Board
Sinopharm Group Co. Ltd.
Jin Bin
Chairman
Shanghai, the PRC
20 October 2026



4
As at the date of this announcement, the executive Directors are Mr. Lian Wanyong and Mr.
Yang Binghua; the non-executive Directors are Mr. Jin Bin, Mr. Chen Qiyu, Mr. Zu Jing, Mr.
Xing Yonggang, Mr. Ma Yue, Mr. Chen Yuqing, Mr. Wen Deyong and Ms. Li Ying; and the
independent non-executive Directors are Mr. Li Peiyu, Mr. Wu Tak Lung, Mr. Yu Weifeng, Mr.
Shi Shenghao and Mr. Chen Weiru.




5

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  1. add499a717 · 2026-10-20 21:56 · doubao / doubao-seed-evolving-latest-version · 策略包 658c0c1e2ba5当前