文｜动脉网

jinnian，huarunxishafengle！

● 2yue，huarunshuangheyi31.15yiyuanshougouhuarunzizhu100%guquan；

● 6yue，huarunsanjiukongguzigongsikunyaojituanxuanbuyi17.91yiyuanshougoushenghuoyaoye51%guquan；

● 7yue，huarunboyashengwuyi18.2yiyuanshougoulvshizixianggang100%guquan，congerjianjieshougoulvshizi（zhongguo）shengwuzhipinyouxiangongsi；

● 8yue，huarunsanjiuyichao62yiyuanshougoutianshili28%degufen，bingchengweitianshilidekonggugudong；

● 10yue，huarunqixiajiangzhongyaoyeyi8612.38wanyuanshougoujiangzhongyinpian51%guquan。

jinnianyilai，huarunxiyihuafeichao130yiyuanyongyubinggou。

zaizheigeyierjishichangfanghuandeshiqi，huarunxiweihedashoubibinggou？qijinnianyilaidezhanlvejucuo，shifanglezenyangdexinhao？

中国版并购之王，解决并购“后遗症”

huarunxizuoweinianruchao2000yiyuandeyiyaojiejuwuba，qixiayongyou10jiashangshigongsijichao730jiafeishangshiqiye。qishangshiqiyebaokuohuarunsanjiu、jiangzhongyaoye、dongaajiao、kunyaojituan、huarunshuanghe、boyashengwu、huarunyiyao、huarunyiliao、diruiyiliao、tianshilideng。

华润系医疗板块架构，动脉网制图

与海外巨头类似，华润医药集团也是通过并购加速企业发展，并快速成长为国内医药巨头。从华源jituandaosanjiujituan，congaonuozhiyaodaokunmingshenghuo，congshuangheyaoye、zizhuyaoyedaowandongyiliao……huarunyiyaojituantongguoshougouzhubudazaochuzheigeshejizhongyao、chuangxinyao、xueyezhipin、yimiao、gaoduanyiliaoqixiedenglingyu，yewuguanchuanwanzhengchanyeliandeyiyaochanyehangmujipingtai。

yucitongshi，huarunyiyaojituandepiliangshougouyeyinfaletongyejingzhengwenti。jibeishougougongsideyewuyuqitazigongsideyewucunzaijingzhengguanxi，liangzhemocajingzheng，yizaochengziyuanlangfei，qiebunengfahuichujituanzuozhandeyoushi。

2024nian11yue，kunyaojituanwanchengduishenghuoyaoyedebinggou。yicibinggouanweili，kunyaojituanyu2023nian1yuebingruhuarunsanjiu。ciqian，qiyewuhangaiyaowuyanfa、shengchan、xiaoshoujishangyepifa，shejixinnaoxueguan、guke、kangnve、fuke、xiaohuadengduogelingyu。

昆药集团2023年年报

dangshi，kunyaojituandeyiyaoliutongyewuyuhuarunsanjiuyuanyouyewucunzaijingzheng，qieqiyiyuanjibaopinxuesaitongruanjiaonangyeyuhuarunsanjiuqixiadeshenghuoyaoyecunzaijingzheng。

zhenduitongyejingzhengwenti，huaruntongguoboli、binggou、zhenghedefangshiyuyijiejue。huarunsanjiukonggukunyaojituanhou，zhububolilehouzhedeyiyaoliutongyewu，bingjianshaolefudayiyao、tiananyaoyedengfeihexinyewudeguquan，shiqijujiaojiankanglaolinghuasaidao，zhuanzhu“yinfajiankangchanyeyinlingzhe、jingpinguoyaolingxianzhe、laolingjiankang-manbingguanlilingdaozhe”zhanlvemubiao，jiasufazhansanqichanyelian。

duiyuxuesaitongchanpindetongyejingzhengwenti，zaihuarunsanjiudezhichixia，kunyaojituanyishougoushenghuoyaoyedefangshijiejue。julejie，xuesaitongshiyizhongyongyuzhongfengpiantan、naoluoyuzu、xinmaiyuzudengxinnaoxueguanjibingdezhongchengyao，zhuyaochengfenshicongsanqizhongtiqudeyouxiaobuweisanqizongzaogan，chanpinyidongganzhushejiweizhu，qiciweiruanjiaonanghejiaonangjixing。

zaiquanguoshichang，jinyoukunyaojituanheshenghuoyaoyeshengchanxuesaitongruanjiaonang。kunyaojituandexuesaitongxiliechanpinshiqixinnaoxueguanlingyuyingshoudazengdezhuyaoqudongyinsu；shenghuoyaoyede“lixuwang”paixuesaitongruanjiaonangshiguojiazhongdianxinchanpin。

kunyaojituanwanchengduishenghuoyaoyedebinggouzhenghehou，jiangzaixuesaitongruanjiaonangchanpinshangshixian1+1>2dexiaoguo。yifangmian，liangzhehebinghou，jiangtongyixuesaitongshichang，jianshaojingzheng，bingzuoweiweiyigonghuofang，zhangkongdingjiaquan。lingyifangmian，zhenghehoudetuandui、xiaoshouwangluo、gongyinglian、pinpaijianggengjujingzhenglihezhandouli，qiekejiezhuyuanyoujingyanjiasukaituoshichang。

zhanzaihuarunsanjiudeshijiao，bencibinggouzhongzushiduisanqichanyedezhenghe。muqian，kunyaojituanyongyoucongsanqigap zhongzhi、yinpianjiagongdaosanqizongzaogantiqu、zhijishengchan、zhuanyeyingxiaotuiguangdewanzhengchanyelian。

genjuzhanlveguihua，kunyaojituantuichu“777”pinpai，jihuagoujian“sanqijiushi777”depinpairenzhi，bingqianghuaxiaofeizheduiyuxuesaitongruanjiaonangyouxiaochengfensanqizongzaoganderenzhi。kunyaojituanhaijiangfengfusanqichanpinguanxian、tuokuansanqichanpinjiqun，manzuhuanzhedezhuanyehuaduocengcixuqiu。

华润三九整合中药市场，关注CHC健康消费品标的

chulejiejuetongyejingzhengwenti，huarunxihaitongguobinggoujiasuzhenghezhongyaoyewu。

2024nian8yue，huarunsanjiuyi62.12yiyuanshougoutianshili28%degufen，chengweiqikonggugudong。tianshilishiaguzhongyaobankuaidelongtouqiye，qianzhaoguojihuachuangxinbiaozhunhexiandaiyixuebiaozhun，yifufangdancandiwandaidongleyangxueqingnaokeli（wan）、qicanyiqidiwan、zhusheyongyiqifumaidengxiliepinpaichanpin，goujianleyixinnaoxueguanyongyaoweizhudexiandaizhongyaodayaotixi。

zaizhongyaoshichang，tianshilituijinjingyishengchanhezhinengzhizao，jiangshuzihuajishuguanchuanyongyuyaopinquanshengmingzhouqi，xingchengleyixiandaizhongyaoweihexindezhinengzhizaotixi，jijushengchanyoushi；tongshi，tianshilihaiyouhuayuancailiaozhongzhi、jiagong、tiqu、zhiji、liutongdenggegechanyehuanjie，anzhaoguojibiaozhunguanli，jiangbiaozhunkongzhiyouzhijixiangtiquheyaocaizhongzhihuanjieyanshen，jiejuemuqianchanyeliangehuanjiedebiaozhunkongzhiyizhixingwenti……

shougoutianshili，jiangyouzhuyuziyuanzhenghe，quzhangbuduan。liru，tianshilizaizhongyaodezhinengzhizaofangmianjuyouyoushi，erhuarunsanjiuyetongguozhinenghuagaizaoguanlanjididengxiangmuzaizidonghua、xinxihua、shuzihuadengfangmianyouleyidingjilei。liangzhejiehe，huojiangzaizhongyaodezhinengzhizaoshangcachugengduohuohua。

lingwai，huarunsanjiushizhongyaochanyelianlongtou，zaizhongyaocai、zhongyaopeifangkeli、jingpinguoyao、sanqichanyeliandenglingyujunyoubuju。tianshilizeyongyouduokuanyiyuanjizhongyaochanpinyiji101kuanzaiyanchanpin。yanfaguanxianzhong，qizhong2kuanzhongyaojingdianmingchuyushenbaoshengchanjieduan，19kuanchuangxinzhongyaochanpinchuyulinchuangii、iiiqiyanjiujieduan。shougoutianshilizhihou，huarunsanjiujiangfengfuzhongyaochanpinxian，bingjiaqiangyanfashili。

buzhiruci，liangzhedexiaoshouqudaohaikexingchenghubu。tianshilizaiyuanneixiaoshoufangmianjuyouyoushi，huarunsanjiuzexiangduipianzhongotc（feichufangyao）qudao。liangzhejiehe，jiangdazaochufugaiyuannei+yuanwaideqianglixiaoshouwangluo。jiezhuzheigexiaoshouwangluojihuarunsanjiuzaishichangyingxiao、yiyuanpeisongzhaobiaofangmiandeyoushi，huarunsanjiuyutianshilidechanpinjiangfugaigengduoshichang，bingketuidongxinpingengkuaishixianshangyehua。

huarunsanjiuyutianshiliziyuanzhenghezhihou，jiangshixianzhongyaochanyeliandebuqi、qianghua、yanzhan，zaizhongyaocaizhongzhi、chuangxinyanfa、zhinengzhizao、qudaoyingxiaodenghuanjiexianghufuneng，zengqiangquanchanyelianhexinjingzhengli。

zhideyitideshi，huarunsanjiushougoutianshiliyecunzaitongyejingzhengqingkuang：tianshilideyiyaolingshouliansuoyewuyuzhongguohuarunxiashuhuarunyiyaodelingshouliansuoyewucunzaitongyejingzheng，tianshilishengchandeyouzuopikelongpianyuhuarunsanjiushengchandezuopikelongpiancunzaitongyejingzheng。duici，huarunfangmianchengnuojiaoyiwanchenghouwuniannei，anzhaofadingchengxujiejuexiancundetongyejingzhengwenti。

shishishang，huarunsanjiuduiyuzhongyaochanyedezhenghezaoyouyumou。2023nian12yue，qiqidonglexiandaizhongyaochuangxinronghe——julianxingdong。julejie，huarunjituanbazhongyaochanyefazhanzuoweiyangqichengjieguojiazhanlvedezhongyaoshiming，huarunsanjiuzeyiguojia《“shisiwu”zhongyiyaofazhanguihua》weigangyao，lizuchanyequanju，zhidingbingshishihuarunjituan“zhongyaochanyeliangaozhiliangfazhanjihua”。

bencishougoutianshili，yekeyikanzuoshihuarunsanjiufazhanzhongyaochanyeliandezhanlveluodi。genjuhuarunsanjiugongkaidedediaoyanneirong，qijiangjixuguanzhuxingyetouzihezhenghejihui，yifangmianzuohaokunyaojituanronghegongzuo，fahuixietongjiazhi，tuijintianshilixiangmudejinzhan；lingyifangmian，caiyongduoyuanhuafangshi，tongguotouzibinggouzhichigongsizhengtichuangxinzhuanxing，jiadachuangxinyaolingyutouzidetansuolidu，zaichc（ziwozhenliao）jiankangxiaofeipinhexinyewufangxiangshangjixuguanzhuyoujihui、youqianlidepinpaizichan。

huarunsanjiuyiwai，huarunqixiahaiyouqitaqiyeyezaizhenghezhongyaochanye。liru，2024nian10yue，jiangzhongyaoyeniyi8612.38wanyuanxianghuarunjiangzhonggoumaiqichiyoudejiangzhongyinpian51%guquan。jiangzhongyaoyeshiyijiabaiyishizhideyiyaozhizaoqiye，chanpinkefenweifeichufangyao、chufangyao、dajiankangchanpinjiqita，fugaipiwei、changdao、yanhou、buyi、kangfuyingyang、gaoduanzibu、xinnaoxueguan、fuke、miniaoxitongdengduogelingyu，yu2019nianbingruhuarunjituan，chengweiqizhiguanyewudanyuan。

ciqian，jiangzhongyaoyecengdazaochu“jiangzhong”“chuyuan”lianggezhongguochimingshangbiaohe“yangjisheng”“sanghai”lianggejiangxishengzhumingshangbiao。youqi“jiangzhong”pinpaijiazhichao300yiyuan，daibiaoxingchanpinjiangzhongpaijianweixiaoshipianyilianxu20nianhuo“zhongguofeichufangyaochanpinbang”zhongchengyao·xiaohualeidiyiming，qieleijixiaoliangyitupo50yihe。

jiangzhongyinpiantongyangshihuarunjiangzhongdezigongsi，houzhechiyoujiangzhongyinpian51%gufen。jiangzhongyinpianzhuyaocongshizhongyaoyinpianshengchan、yangshengbaojianmeirongzhongyaoshengchanhezhongyaocaizhongzhi，qijingyingzhongyaoyinpianpinzhong600duoge，nianshengchannenglida3000yudun。

jiangzhongyaoyeshougoujiangzhongyinpian，zhizaibujuzhongyiyaoshangyouziyuan，wanshanzhongyaochanyelianjianshe，jianshaoguanlianjiaoyi。

youqudeshi，jinjinian，guozizaijiasuyongruzhongyaoqiye。ruheilongjiangshengguoziweiyu2024nian11yuechengweistjiuzhi（yuan“jiuzhitang”）deshikongren，shanxishengguoziweiyu2021nianchengweiguangyuyuandeshikongren，zhejiangshengzhongyiyaojiankangchanyejituanyu2020nianchengweikangenbeidekonggugudong……

xingyepubianrenwei：zaizhengcequdong、guoziruchangdezhichixia，zhongyaoxingyejiangyinglaixinyilunfazhanzhouqi。

华润双鹤整合化药板块，公布三大并购方向

zaihuarunxi，huarunsanjiubeirenweishifuzezhongyaobankuaidebinggoupingtai，huarunshuanghezefuzehuayaobankuaidebinggou。

huarunshuangheshihuarunyiyaodefushugongsi，qixiayoupufangyao、shuye、chayihuayaohechuangxinyaosidayewupingtai，fugaixinyaoyanfa、zhijishengchan、yaopinxiaoshou、yuanliaoyaoshengchanjizhiyaozhuangbeifangmian。

jinnian，huarunxidezhuyaorenwuhaosidoushineibuziyuanzhenghe，zhongyaoruci，huayaoyeruci。2024nian2yue，huarunshuanghexuanbuyi31.15yiyuanshougouhuarunzizhu100%guquan，jiaoyiyiyu4yuewancheng。

binggouqian，huarunzizhuyeshihuarunyiyaoqixiaqiye，youhuarunqixiabeiyaojituanchiyou100%guquan。binggouzhihouhuarunzizhujiangquanbubingruhuarunshuanghe。

huarunzizhuzhuyaocongshiyaowudeyanfa、shengchan、xiaoshou，shejinvxingjiankang、kouqiang、yanke、tangniaobing、yuanliaoyaodenglingyu。qizhong，huarunzizhudehexinchanpinyutingzi1998nianchenggongshangshihou，zaiquanguobiyunyaoshichangzhanyoulvchangnianbaochidiyi。

shougouhuarunzizhu，jiangfengfuhuarunshuanghezainvxingjiankang、yanke、kouqiangdenglingyudeyaowuchanpinzuhe，jiaqianghuarunshuanghezaizhuankelingyudeshichangdiwei。tongshi，huarunzizhudeyingxiaoziyuan、chengbenyoushiyejiangyuhuarunshuangheshixianxietong，jinyibutishengqijingzhengli。

huarunyiyaobiaoshi：bencibinggouzhuyaoshijinxingneibuzhongzu，youhuaziyuanpeizhi，zhenghehuagongyaopinyewu，tishenghuarunzizhuyuhuarunshuanghezhijiandeguimojingjixiaoyijixietongxiaoying，congercujinbengongsidezhengtiyeji。

zhideyitideshi，huarunshuanghezaijinqideyicidiaoyanhuodongzhongbiaoshi：gongsijiangweiraozhanlvelingyujiadabinggoulidu。muqian，huarunshuanghezhuyaoxuanzesangefangxiangjinxingbinggou：

qiyishihechengshengwulingyu，zhuyaobinggouyijishuweizhudehechengshengwuxueqiyehuochuantongfajiaoqiye，tongguojishufunenglaikuodahuarunshuanghehechengshengwuzhengtiguimo。jiezhimuqian，huarunshuangheyibinggoushenzhoushengwu，weilaijiangchixuguanzhuhechengshengwulingyuxiangmu。

qiershixifensaidaolongtouqiye，gaileiqiyexushitesezhuankelingyu(yanke、erke、jingshen/shenjingdengzhuanke)detoubuqiye，tongguoshuangfangfuneng，quebaoweilaichengzhangxinggenghao。huarunshuanghedezhuankeyewuchengdanzhegongsidezhanlveyaoqiu，shiqiweilaizhongzhangqifazhandezhongyaoyinqing，yeshiqixuanzebinggoubiaodedezhongyaofangxiang。erzhuankeyewudechanpinxujubeilinchuangjiazhimingque、duanqineiweishoudailiangcaigouyingxiang、chayihuadengtedian。

qisanshichuangxinfuhualeiqiyehuochanpin，yishangyehuahezuohechanyehuahezuoweijichujinxingzhanlvexingtouzi，rugongsijinniantongguobdfangshiyinjindechanpinsubiyi（tangniaobingzukuiyangzhiliaoyaowu）。

keyikandao，xiangjiaoyuyiwangdeguimobinggou，huarunshuanghezhengzhuanxiangchanpinshengjihechuangxinnenglibinggou。

趁着低价逆势收购，加速业务扩张

yewuzhenghezhiwai，huarunxiqiyehaichenzhezibenshichangdiguqinishishougouqiye，jiasuyewukuozhang。

huarunboyashengwuyu2021nianjinruhuarundajiating，bingzaihuarunjituandezhidaoxia，jujiaoxueyezhipin。cihou，boyashengwukaishibuduanbolifeixueyezhipinyewu，bingzhidinglemubiao：zaishisiwuqijian，jiangjiangzhanshuliangtuozhanzhi30geyishang。

danshi，jiezhi2023niandi，boyashengwudedancaixuejiangzhanwei16jia，julimubiaojiaoyuan。

weijiasukuochongjiangzhanshuliang，boyashengwuyu2024nian7yueyi18.2yiyuanshougoulelvshizixianggang（xianggang）100%guquan，congerjianjieshougoulvshizi（zhongguo）。shougouwanchengzhihou，boyashengwujiangquanzikongguyijiaxueyezhipinshengchanqiye，xinzengyizhangshengchanpaizhao、4gezaiyingdancaixuejiangzhanyiji2geshengfenquyudejiangzhanbuju。

xiangbiyuhuaqianjianlixuezhan，shougouxianranlaidegengkuai。yijiashougoulvshizihaiyoulingyigeyuanyin：qiyongyourenyuanviiiyinzideshengchannenglijizhongzuviiiyinzidexiaoshouquan，buchongleboyashengwudechanpinzuhe。

conghuarunshuangheshougouhuarunzizhu，daokunyaojituanshougoushenghuoyaoye，congboyashengwushougoulvshizi，daohuarunsanjiushougoutianshili，zaidaojiangzhongyaoyeshougoujiangzhongyinpian，huarunxiyiliaoqiyecongnianchumaidaolenianwei。gengzhongyaodeshi，zheixieqiyehaijiangtouzibinggouzuoweiweilaidezhongdiangongzuozhiyi，muqianzhengjiadaxunzhaobiaodelidu。yujiweilaiyiduanshijian，huarunxijiangpinfanfabutouzibinggoudezhongbangxiaoxi。

guoqu，womenfenxi、tantaolexuduomncdebinggouzhilu。erjin，huarunnengfouzouchuyitiaozhongguoshimncdebinggouzhilu？