#Near term headwinds for Swisse We expect headwinds could persist in the near term across the vitamin market, driven by i) Destocking pressure from di

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1 公司报告转让覆盖合生元 (1112 HK) 长远增长稳健合生元旗下 Swisse 产品的销售于 16 第 2 季开始放缓, 拖累 16 年中期业绩逊于预期, 业绩公布后股价较恒指落后 8% 短期而言, 我们对公司的潜在下行风险维持审慎, 相关风险来自 :(1) 影响到 Swisse 产品的跨境电子商务法规 (CBEC); 及 (2) 婴幼儿配方奶粉的市场竞争激烈我们转让覆盖予骆搌潼, 维持中性评级, 目标价由港元下调至港元 Swisse 产品短期受压 Swisse 集团其中一名竞争对手 Blackmores(BKL AU, 未评级 )17 年第 1 季 ( 年结日 :6 月 30 日 ) 的息税前利润下降, 因此, 我们预期 Swisse 的 2016 年增长将会持续受阻, 原因是 :(i)16 第 2 季销售放缓将会为澳洲分销商造成去库存压力, 我们相信 Blackmores 和汤臣倍健 (By-health) 的库存量将会上升 ;(ii) 维生素市场竞争激烈展望 2016 年以后, 我们预期维生素草本植物和矿物补充剂在中国市场的增长潜力优厚, 按年复合增长 9% 至约人民币 1,700 亿监管风险持续中国政府于 2016 年 3 月公布的跨境电子商务法规 (CBEC) 属于市场预期范围, 然而其带来的不确定性目前仍未能预测于商对客 (B2C) 平台购买任何进口维生素产品须缴付 11.9% 税项 (17% 增值税乘以 0.7+ 零关税 + 零消费税 ) 有关法规将于 2018 年 1 月 1 日生效, 公司有机会降低产品价格来维持整体销量婴幼儿配方奶粉进行去库存由于 16 上半年中端市场竞争加剧, 合生元婴幼儿配方奶粉的销售同比下滑 14% 然而, 合生元的优质产品线维持其市占率不变 (16 上半年 5.8%; 2015 年 5.9%) 我们预测 16 财年婴幼儿配方奶粉的销售将同比减少 10%, 主要由于重组销售渠道所致然而, 我们预测 16 下半年原奶价格上升, 可能对婴幼儿配方奶粉的毛利率带来一定影响整体而言, 我们预测 16 财年毛利率将同比增长 1.9 个百分点至 62.5% 维持中性, 目标价 23.0 港元我们转让合生元的覆盖予骆搌潼, 维持中性评级, 分部总和目标价为 23.0 港元, 相当于 17 财年市盈率 14.5 倍合生元股价较恒指落后 8%, 现价相当于过往 4 年平均值 ( 根据我们计算为 16.2 倍市盈率 ), 我们认为是由于 Swisse 产品于 16 第 2 季的销售放慢所致中国消费零售消费类产品 2016 年 10 月 3 日中性目标价上次评级 / 目标价收盘价 (29 Sep 16) HKD23.0 中性 HKD28.67 HKD20.65 上升 / 下调空间 (%) 11.4 恒生指数总市值 (HKDb/USDb) 13.0/ 周最高 / 最低 (HKD) 日均成交额 (USDm) 6.45 流通量 (%) 28.6% 资料来源 : 彭博股价表现 HKD Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 资料来源 : 彭博 Price(LHS) Rel. to HSI(RHS) 460% 360% 260% 160% 60% 股票数据 1M 3M 12M 绝对回报 (%) (5.9) (17.2) 32.9 绝对回报 (USD, %) (6.0) (17.2) 32.8 相对 HSI 回报 (%) (8.5) (31.9) 25.6 资料来源 : 彭博公司简介合生元国际控股有限公司生产儿童营养品以及婴幼儿护理用品, 为孕妇和哺乳期母亲以及其婴幼儿提供高端儿童营养品以及婴幼儿护理用品合生元产品包括高端儿童益生菌补充剂婴幼儿配方奶粉及干制婴幼儿食品资料来源 : 彭博图 1: 盈利预测截至 Dec 31( 人民币百万 ) FY14A FY15A FY16F FY17F FY18F 营业额 4,732 4,819 6,566 6,965 7,752 净利润实际盈利每股实际盈利 (RMB) 每股实际盈利增长 (%) (2.2) (69.5) 市盈率 (x) 市净率 (x) 每股股息 (RMB) 股息率 (%) 国信 / 市场预测 (%) (3.6) 资料来源 : 公司数据国信证券 ( 香港 ) 研究部骆搌潼证监会中央编号 :BAI terence.lok@guosen.com.hk 研究报告仅代表分析员个人观点, 请务必阅读正文之后的免责声明 1

2 #Near term headwinds for Swisse We expect headwinds could persist in the near term across the vitamin market, driven by i) Destocking pressure from distributors in Australia after a slowdown in sales in 2Q16. Apart from Swisse, we believe that other players such as Blackmores and By-Health could see inventory buildup. ii) Strong competition across vitamin industry. We expect higher discounting and promotional activities to boost sales in order to fight for market share, which does not benefit on margin side for Swisse. Figure 2 Downward trend for EBITDA Margin for VMS peers 31.0% 27.3% 27.5% 16.5% 21.7% 20.6% 15.8% 17.1% 17.0% 16.0% 16.1% 11.6% 11.9% 9.9% GNC (Yr End DeC) Herbalife (Yr End Dec) Blackmore (Yr End June) By-health (Yr End Dec) Vitaco (Yr End June) Source: Guosen Securities (HK) Research, Blooomberg Uncertainties in regulatory risks The cross-border e-commerce policy (CBEC) in China, which was announced in March 2016, is not something new to the market but the impact on sales is still unpredictable. Any imported vitamins products purchased on B2C platform is now subjected to an 11.9% tax (0.7x 17% VAT+ 0 custom duties+ 0-consumption tax).with the policies to be effective on 1 st Jan, 2018, we believe that this could lead to an increase in cost of reselling, affecting sales in both grey market and normal market in near term until the registration procedures has been cleared. Figure 3Trades between Australia and China Source: Guosen Securities (HK) Research Guosen Securities (HK) 2

Long term Potential: VMS market in China by 2020 on health awareness According to Euromonitor, VMS in China is expected to grow ata 9% to about RMB 170bn by 2020driven by (1) stronger consumer

3 Long term Potential: VMS market in China by 2020 on health awareness According to Euromonitor, VMS in China is expected to grow ata 9% to about RMB 170bn by 2020driven by (1) stronger consumer awareness in health from their busy lifestyle; (2) Shifting spending in healthcare and realign markets; and (3) Higher penetration of online channels. According to Vitaco, China has one of the lowest consumption per capita on vitamins and dietary supplement with one of the largest market size globally in 2014.We forecast that this would have a 10% CAGR growth between F for Swisse driven by (1) Swisse s online VMS market share gain whereby Swisse has registered #1 brand in healthcare category on both Tmall and Taobao platform; (2) Offline business could kick off beyond Figure 4VMS market size in China Source: Euromonitor, Guosen Securities (HK) Research Figure 5Vitamins and dietary supplement per capita spending by countries in 2014 Figure 6Vitamins and dietary supplement spending by geography in 2014 Brazil Australia Germany Taiwan Russia Italy S korea Japan China US Brazil Australia Germany Taiwan Russia Italy S korea Japan China US Per capita (US$) Size (US$ mn) Source: Vitaco, Guosen Securities (HK) Research Source: Vitaco, Guosen Securities (HK) Research Guosen Securities (HK) 3

4 1-Oct-15 1-Nov-15 1-Dec-15 1-Jan-16 1-Feb-16 1-Mar-16 1-Apr-16 1-May-16 1-Jun-16 1-Jul-16 1-Aug-16 1-Sep-16 Biostime(1112 HK) IMF products- Destocking in place Biostime recorded a 14%yoy decline in IMF products sales due to intensified competition in midtier segment in 1H16. However, Biostime were able to maintain its market share in the super premium category (5.8% in 1H16 vs 5.9% in 2015). We forecast a -10%yoy decline in IMF products sales for FY16, mainly onrestructuring in channels.(less POS including Specialty stores, and supermarkets). 1H16 gross margin were improved by +6.9ppt yoy to 65.5% on better product mix and less promotion costs in 1H16. However, we expect the increase in raw milk price in 2H16 could have some impact on its IMF s GP margin. We expect the net impact would led to a gross margin expansion by a +1.9ppts yoy to 62.5%for FY16. Figure 7 Whole Milk Powder Prices Figure 8China market Share for IMF by Nielsen % 16% 14% 13.5% 16.0% % 10% 8% 6% 4% 5.8% 5.9% 7.9% 8.5% % 0% IMF player with leadership in super premium category In overall IMF Sales in In supreme tier infant baby stores formula market 1H Source: Guosen Securities (HK) Research, Global Dairy Trade Source: Nielsen, Guosen Securities (HK) Research Figure 9 GP marginfor domestic dairy playersfor F 70% 60% 50% 40% 30% 20% 10% 0% Yashili Yili Mengniu Biostime Beingmate Ausnutria diary F Source: Bloomberg, Guosen Securities (HK) Research, Bloomberg Limitation on multi-child policy Recap:In Oct 2015, China announced the abolishment of one-child policy during 3rd Plenum meeting, allowing each family to have two new-borns.we are hoping this to bring approximately 2-3mn additional babies per year in the next 5 years, from about eligible 100mn couples in China.. This could translate into 12-18% increase in population per year from current an average of 16mn babies in China each year. Policy effectiveness likely below expectation. Wedo not expect the introduction of new policy could be effective enough to boost the new-born numbers. Note that the previous relaxation in 2013 has only brought less than 1.1mn couples had applied (11m couples was eligible), much below government expectation of 2mn couples. This leads to a 470k increase in annual births for 2014 vs estimates of 2mn increase. Guosen Securities (HK) 4

5 Assume coverage at Neutral with TP HK$23.0; We transfer our coverage on Biostime to Terence Lok, with Neutral rating with a SOTP target price of HK$23.0, implying a 14.5x FY17 P/E. We employ EV/EBITDA approach for our target price based on (1) 13x FY17 EV/EBITDA to baby nutrition business, based on HK listed dairy sector average; (2) 12x FY17 EV/EBITDA to adult nutrition, based on global vitamin and dietary supplements peers such as Blackmore (BKL AU, NR) and Vitaco (VIT AU, NR).Biostime shares has underperformed HSI by 8% after 1H16 results, and currently trades at 4-years mean (16.2x P/E). However, the correction still might not have fully priced in the risks associated on upcoming regulatory uncertainty as well as overhang on strong market competition, in our view. Upside risks includes 1) Stronger than expected in margin expansion. 2) Market share gain in overall IMF sales. 3) FX gain on stronger AUD. Figure 10 Our SOTP derived target price 2016F 2017F EBITDA EV/EBITDA multiple EV RMB (mn) 1,478 1,469 Baby nutrition ~13x 9,071 Adult nutrition ~12x 9,301 Sum 18,371 Plus Debt -4,503 less Cash 2,101 Less MI -144 Sum 11,910 Exchange rate (HKD: CNY=1.21) 14,292 Outstanding shares (mn) 621 Target price HK$ FY17 EPS (HK$) 1.59 Implied FY17 P/E multiple Source: Guosen Securities (HK) Research Figure 114-years forward PE band chart Figure 124-years forward PB band chart Source: Bloomberg, Guosen Securities(HK) Research Source: Bloomberg, Guosen Securities(HK) Research Guosen Securities (HK) 5

6 Figure 13 Global Peers comparison Company Ticker Price Mkt cap (US$m) 3-mth avg t/o (US$ m) FY17 EV/EBITDA PER FY16 (x) PER FY17 (x) EPS FY16 YoY% EPS FY17 YoY% 3-Yr EPS Cagr (%) PEG (x) H-shares Dairy names Biostime International 1112 HK , Mengniu Dairy 2319 HK , (1.7) Yashili Int'L 1230 HK , (74.2) Ausnutria 1717 HK NA N/A N/A N/A N/A N/A N/A China Shengmu Or 1432 HK , N/A 2.40 China Modern Dai 1117 HK , (67.1) N/A 0.95 Huishan Dairy 6863 HK , (16.7) Average (6.6) Div yld FY15( %) P/B FY15 (x) A-shares Dairy names Beingmate Baby-A CH , N/A NA NA (12.1) N/A N/A 3.40 Bright Dairy-A CH , Inner Mong Yil-A CH , Average International Dairy names Danone BN FP , Abbott Labs ABT US , (2.5) N/A Fonterra-Shar Fd FSF NZ , Nestle Sa-Reg NESN VX , Mead Johnson MJN US , N/A Average International vitamin supplements Vitaco Holdings VIT AU NA (1.3) N/A N/A GNC Gnc Holdings Inc US , (6.1) Blackmores Ltd BKL AU , By-Health Co L-A CH , Herbalife Ltd HLF US , (3.5) 13.5 NA NA 0.0 Average Source: Bloomberg, Guosen Securities (HK) Research Guosen Securities (HK) 6

7 Figure 14 Our key assumption F 2017F 2018F Revenue (RMB mn) Probiotic supplements Infant formulas 3,982 3,356 3,020 3,111 3,298 Dried Baby food products and nutrition supplement Baby care products Adult Nutrition supplements NA 850 2,975 3,272 3,861 Total revenue 4,732 4,819 6,566 6,965 7,752 yoy growth Probiotic supplements -7.2% -8.4% -5.0% 2.0% 2.0% Infant formulas 6.1% -15.7% -10.0% 3.0% 6.0% Dried Baby food products -23.8% -24.9% -15.0% 2.0% 1.0% Baby care products 13.9% -36.8% -5.0% 2.0% 2.0% Nutrition supplements 0.0% 0.0% 250.0% 10.0% 18.0% Total revenue 3.7% 1.8% 36.3% 6.1% 11.3% % Revenue Probiotic supplements 9% 8% 6% 5% 5% Infant formulas 84% 70% 46% 45% 43% Dried Baby food products and nutrition supplement 3% 2% 1% 1% 1% Baby care products 4% 2% 2% 2% 1% Adult Nutrition supplements NA 18% 45% 47% 50% Total revenue 100% 100% 100% 100% 100% By sales channels VIP Baby stores 24,615 28,785 28,485 28,335 28,185 Supermarkets 6,659 6,695 6,005 5,705 5,405 Pharmacies 2,824 5,204 5,244 5,294 5,344 Total 34,098 40,684 39,734 39,334 38,934 yoy growth VIP Baby stores 76% 17% -1% -1% -1% Supermarkets 27% 1% -10% -5% -5% Pharmacies 86% 84% 1% 1% 1% Total 65% 19% -2% -1% -1% GP margin% Probiotic supplements 71.4% 66.4% 66.3% 66.2% 66.1% Infant formulas 62.0% 63.3% 65.2% 65.1% 65.1% Dried Baby food products 49.1% 49.2% 49.3% 49.4% 49.5% Baby care products 47.2% 22.8% 25.0% 25.0% 25.0% Adult Nutrition products NA 61.3% 61.0% 60.9% 60.9% Blended GP margin% 61.9% 61.9% 62.5% 62.4% 62.3% Selling & distribution expense % of revenue 33.6% 41.0% 35.5% 36.3% 37.1% staff costs & office expense 15.0% 18.4% 18.5% 18.6% 18.7% Administrative expense % of revenue 3.9% 3.9% 4.7% 4.7% 4.7% Total SG&A to revenue 37.4% 44.9% 40.2% 41.0% 41.8% Tax Rate % EBT 28% 42% 33% 33% 33% Source: Company data, Guosen Securities (HK) Research Guosen Securities (HK) 7

8 Summary financial statements(year to Dec 31) Profit & Loss (RMBm) FY14A FY15A FY16F FY17F FY18F Financial Ratios FY14A FY15A FY16F FY17F FY18F Revenue 4,732 4,819 6,566 6,965 7,752 Gross profit margin (%) Revenue growth (%) Operating profit margin (%) Cost of sales (1,805) (1,834) (2,463) (2,622) (2,923) Underlying profit margin (%) Gross profit 2,927 2,985 4,103 4,343 4,829 Net debt/equity (%) (117) Other income/(expense) (64) (179) Net debt/total assets (%) (50.5) Operating expenses (1,763) (2,256) (2,639) (2,856) (3,240) Current ratio (%) Operating profit 1, ,554 1,591 1,701 Dividend payout (%) Operating profit growth (%) 0.0 (50.0) Interest cover (x) Other non-operating inc/(exp) Dividend cover (x) Finance income Acct. receivable turnover days Finance expenses (87) (154) (237) (225) (214) Acct. payable turnover days Associates & JCE Inventory turnover days Profit before taxation 1, ,375 1,431 1,558 Cash cycle days Taxation (312) (211) (454) (472) (514) Dupont Analysis FY14A FY15A FY16F FY17F FY18F Non-controlling interests 0 (42) (138) (144) (157) Tax burden (%) Net profit Interest burden (%) Other Adjustments on UP 0 0 (122) 0 0 Operating profit margin (%) Underlying Profit Asset turnover (x) Underlying profit growth (%) (1.7) (68.8) Leverage ratio (x) EPS (RMB) ROA (%) Underlying EPS (RMB) ROE (%) Underlying EPS growth (%) 0.0 (69.5) DPS (RMB) DPS growth (%) Source: Company data, Guosen Securities (HK) Research Source: Company data,guosen Securities (HK) Research Balance Sheet (RMBm) FY14A FY15A FY16F FY17F FY18F Cashflow (RMBm) FY14A FY15A FY16F FY17F FY18F Fixed assets Operating profit 1, ,554 1,591 1,701 Associates & JCE Depreciation & amortization Others 1,817 8,647 9,108 9,604 10,140 Interest expense (18) Non-current assets 2,295 9,194 9,665 10,208 10,801 Change in working capital (355) Inventories ,364 1,452 1,687 Tax paid (338) (280) (630) (648) (690) Debtors & prepayments ,352 1,154 1,177 Other operating cashflow 29 (40) (178) (161) (143) Bank deposits & cash 3,347 1,198 1,421 2,101 2,646 Operating activities ,323 1,185 Others 42 1,742 1,750 1,768 1,786 Capex (135) (109) (230) (244) (271) Current assets 4,336 4,638 5,887 6,475 7,295 Free cash flow , Bank & other borrowings 0 4,740 4,740 4,503 4,278 Disposal of non-current assets Trade & payables ,041 Associates & JCE (net) Taxation Interest received Others 737 1,145 1,555 1,650 1,836 Dividends received Current liabilities 1,268 6,679 7,348 7,263 7,331 Other investing cashflow (405) (4,094) (1) (1) (1) Bank & other borrowings Investing activities (460) (4,164) (172) (180) (201) Others 2,446 3,552 3,555 3,558 3,561 New loans raised 0 2,813 0 (237) (225) Non-current liabilities 2,446 3,552 3,555 3,558 3,561 Repayment of loans (751) Net assets 2,917 3,601 4,649 5,863 7,204 Dividends paid (493) (197) Share capital Other financing cashflow 2,415 (46) (237) (225) (214) Premium & reserves 2,845 3,219 4,113 5,095 6,367 Financing activities 1,172 2,570 (237) (462) (439) Shareholders' funds 2,850 3,225 4,118 5,100 6,372 Inc/(dec) in cash 1,684 (1,228) Non-controlling interests Cash at beginning of year 765 2,447 1,115 1,421 2,101 Total equity 2,917 3,601 4,649 5,863 7,204 Foreign exchange effect (1) (104) BVPS (RMB) Cash at end of year 2,447 1,115 1,421 2,101 2,646 Source: Company data, Guosen Securities (HK) Research Source: Company data, Guosen Securities (HK) Research Guosen Securities (HK) 8

9 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of 10 % or more relative to overall market within 6 12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 12 months. Sell: A negative return of 10% or more relative to overall market within 6 12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within 6 12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 12 months. Underweight: The sector will underperform the overall market by 10% or lower within 6 12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guo sen Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred ra ther than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in suc h securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This r eport is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK) s written authoriza tion, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guose n Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction. Guosen Securities (HK) 9

10 信息披露公司评级行业评级及相关定义公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上利益披露声明报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益本报告中, 国信证券 ( 香港 ) 经纪有限公司及其所属关联机构 ( 合称国信证券 ( 香港 )) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动本公司员工均非该上市公司的雇员免责条款证券价格有时可能非常波动证券价格可升可跌, 甚至变成毫无价值买卖证券未必一定能够赚取利润, 反而可能会招致损失本研究报告内容既不代表国信证券 ( 香港 ) 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约国信证券 ( 香港 ) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理牵头经办人保荐人包销商或从事自营投资于该股票 ) 国信证券 ( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性公正性及完整性不做任何保证本报告没有考虑到个别客户特殊的投资目标财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况本报告并不存在招揽或邀约购买或出售任何证券的企图本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用转载以及向第三方传播, 否则可能将承担法律责任研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知在一些管辖区域内, 针对或意图向该等区域内的市民居民个人或实体发布公布供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 ( 香港 ) 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民居民或身处该范围内的任何人或实体 Guosen Securities (HK) 10

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公司报告业绩分析国药控股 (1099 HK) 持续改革以稳定增长国药控股于 8 月 22 日公布总体盈利和核心净利润分别为人民币 25.29 亿 ( 同比升 32%) 及 25 亿 ( 同比升 35%), 较我们预期高 17% 及 8%, 原因是融资成本和税率下降 16 第 2