截至2025年6月13日收盘，国药股份（600511）报收于30.34元，较上周的30.51元下跌0.56%。本周，国 药股份6月10日盘中最高价报31.55元。6月13日盘中最低价报30.34元。国药股份当前最新总市值228.92 亿元，在医药商业板块市值排名4/31，在两市A股市值排名670/5150。 本周关注点 公司公告汇总：国药股份2024年年度权益分派实施，每股现金红利0.80元（含税） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 A股每股现金红利0.80元（含税） 股权登记日：2025年6月17日 除权（息）日和现金红利发放日：2025年6月18日 差异化分红送转：否 分配方案：以方案实施前的公司总股本754502998股为基数，每股派发现金红利0.80元（含税）， 共计派发现金红利603602398.40元(含税） 分配实施办法：无限售条件流通股的红利委托中国结算上海分公司派发，控股股东国药控股股份 有限公司的现金红利由本公司直接发放 扣税说明： 对于个人股东及证券投资基金，持股期限超过1年的，股息红利所得暂免征 ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-016 国药集团药业股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/17 | － | 2025/6/18 | 2025/6/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 24 日的2024年年度股东大会审议通过。 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.80元（含税） 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本754,502,998股为基数，每股派发现金红利0.80 元（含税）， ...

Core Insights - The AMAC Wholesale Retail Trade Index (AMAC批零, H11045) increased by 1.3%, closing at 1617.5 points with a trading volume of 31.254 billion [1] - Over the past month, the index has risen by 2.93%, by 1.85% over the last three months, and by 0.73% year-to-date [1] Index Composition - The AMAC Wholesale Retail Trade Index is based on 43 industry classification indices, excluding manufacturing, and is compiled according to the classification guidelines from the China Securities Association [1] - The top ten weighted stocks in the index are: Huadong Medicine (5.33%), Yonghui Supermarket (3.05%), Digital China (2.87%), Shanghai Pharmaceuticals (2.83%), Wancheng Group (2.26%), Wuchan Zhongda (2.21%), Yifeng Pharmacy (2.19%), Jiuzhoutong (1.83%), Sinopharm (1.58%), and Kidswant (1.57%) [1] Market Distribution - The market distribution of the AMAC Wholesale Retail Trade Index shows that the Shenzhen Stock Exchange accounts for 53.12%, while the Shanghai Stock Exchange accounts for 46.88% [1] Industry Breakdown - In terms of industry composition, discretionary consumption accounts for 36.90%, healthcare for 31.52%, industrials for 22.28%, staples for 4.58%, energy for 2.78%, real estate for 1.27%, and financials for 0.67% [2]

Core Viewpoint - The China Securities Index for Food and Major Consumer Goods Retail has shown a decline in performance over various time frames, indicating potential challenges in the sector [1][2]. Group 1: Index Performance - The China Securities Index for Food and Major Consumer Goods Retail is currently at 9719.75 points, having decreased by 0.13% over the past month, 2.88% over the past three months, and 4.47% year-to-date [1]. - The index is based on a sample of listed companies in the food and drug retail sector, reflecting the overall performance of these securities [1]. Group 2: Index Composition - The top ten weighted companies in the index include Yonghui Supermarket (6.96%), Digital China (6.48%), Shanghai Pharmaceuticals (6.14%), Yifeng Pharmacy (4.97%), and others, indicating a concentration in a few key players [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (55.91%) and Shenzhen Stock Exchange (44.09%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that pharmaceutical commerce accounts for 48.65%, specialized retail for 19.84%, department stores for 16.99%, and supermarkets and convenience stores for 14.52% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

证券代码：600511 证券简称：国药股份 公告编号：临 2025-015 国药集团药业股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 22 日 （星期四） 15:00-16:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 15 日（星期四）至 05 月 21 日（星期 三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 gygfzqb@sinopharm.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 国药集团药业股份有限公司（以下简称"公司"）已于 2025 年 3 月 20 日发布公司 2024 年年度报告，于 4 月 25 日发布 2025 年一季报， 为便于广大投资者更全面深入地了解公司2024年度暨2025年第一季 度经营成果、财务状况，公司计划于 2025 年 05 月 22 日（星期四） 15:0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to relatively stable performance and good cost control [4]. Core Views - The company is expected to maintain steady growth in its core business, particularly in the distribution of narcotic and psychotropic drugs, benefiting from the increasing concentration in the pharmaceutical distribution industry [6]. - The company's revenue for Q1 2025 was 12.71 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to the parent company was 460 million yuan, a slight decrease of 0.1% year-on-year [6]. - The report highlights that the company's gross margin and expense ratios have remained stable, with a gross margin of 7% in Q1 2025, down 0.1 percentage points year-on-year [6]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 49.696 billion yuan - 2024: 50.597 billion yuan (1.81% growth) - 2025E: 54.668 billion yuan (8.04% growth) - 2026E: 58.472 billion yuan (6.96% growth) - 2027E: 62.448 billion yuan (6.80% growth) [5]. - Net profit attributable to the parent company is projected as follows: - 2023: 2.146 billion yuan - 2024: 2.000 billion yuan (-6.80% growth) - 2025E: 2.203 billion yuan (10.14% growth) - 2026E: 2.381 billion yuan (8.08% growth) - 2027E: 2.545 billion yuan (6.91% growth) [5]. - The company's earnings per share (EPS) is expected to be: - 2023: 2.84 yuan - 2024: 2.65 yuan - 2025E: 2.92 yuan - 2026E: 3.16 yuan - 2027E: 3.37 yuan [5]. Market Performance - The company's market capitalization is approximately 21.798 billion yuan, with a circulating market value of about 15.986 billion yuan [2]. - The stock price closed at 28.89 yuan, with a one-year high of 38.00 yuan and a low of 27.12 yuan [2].

Core Viewpoint - The company reported its Q1 2025 performance, showing stable revenue growth but a slight decline in net profit, indicating a mixed financial outlook for the period [1]. Financial Performance - In Q1 2025, the company achieved revenue of 12.713 billion yuan, a year-on-year increase of 4.87%, while the net profit attributable to shareholders was 459 million yuan, a slight decline of 0.10% [1]. - The company's net profit excluding non-recurring items was 446 million yuan, down 2.57% year-on-year, aligning with expectations [1]. - The parent company reported a revenue of 5.94 billion yuan in Q1 2025, representing a year-on-year growth of 16.3%, and a net profit of 340 million yuan, up 6.8% year-on-year [2]. Cost Management - The sales expense ratio decreased to 1.2%, down 0.5 percentage points year-on-year, attributed to cost optimization, while the management expense ratio remained stable at 0.8% [2]. - Industrial investment income for Q1 2025 was 103 million yuan, reflecting a year-on-year increase of 0.9% [2]. Research and Development - The company is accelerating its R&D efforts, particularly in the field of narcotic drugs, and has optimized its product structure for 2024 [2]. - The company has received registration approvals for several new products, including a first-class psychotropic raw material, and is collaborating with research institutions to enhance its research capabilities [2]. Marketing Strategy - The company is transforming its marketing approach to empower its national pharmaceutical distribution business, focusing on enhancing bidding, channel development, and data services [3]. - A diverse marketing model has been established, covering various fields such as oral products, blood products, and second-class psychotropic drugs [3]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 2.131 billion yuan and 2.270 billion yuan, respectively, both reflecting a year-on-year growth of 6.5% [4]. - The current stock price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.8 times for 2026, with a target price of 38.0 yuan, indicating a potential upside of 29.3% [4].

Group 1 - The company's revenue for Q1 2025 was 12.713 billion yuan, with a year-on-year growth of 4.9%, while net profit attributable to the parent company was 459 million yuan, showing a slight decline of 0.1% [1] - Investment income from joint ventures was stable, amounting to 103 million yuan, reflecting a year-on-year increase of 0.9%, while the parent company's revenue reached 5.938 billion yuan, up 16.3% year-on-year [1] - The company maintained a buy rating despite short-term fluctuations in net profit, indicating a solid long-term growth logic [1][3] Group 2 - The sales expense ratio decreased year-on-year to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points, primarily due to a decline in the proportion of high-margin industrial product revenue [2] - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.1 billion, 2.21 billion, and 2.31 billion yuan, respectively, with corresponding EPS of 2.78, 2.92, and 3.07 yuan [3] - The company is valued at a 15x PE for 2025, compared to the industry average of 11x, with a target price set at 41.76 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q1 2025 shows stable growth with revenue of 12.713 billion RMB, a year-on-year increase of 4.9%, while net profit attributable to the parent company is 459 million RMB, showing a slight decline of 0.1% [1] - Despite short-term fluctuations in net profit due to market conditions, the long-term growth logic remains intact, supported by the company's leading market share in the distribution of controlled drugs and stable operations in Beijing's pharmaceutical distribution [4][1] - The report forecasts net profits for the parent company to grow steadily from 2.101 billion RMB in 2025 to 2.313 billion RMB in 2027, with corresponding EPS of 2.78 RMB, 2.92 RMB, and 3.07 RMB respectively [4][10] Summary by Sections Financial Performance - In Q1 2025, the company's revenue reached 5.938 billion RMB, a year-on-year increase of 16.3%, with net profit of 337 million RMB, up 6.8% [2] - The investment income from joint ventures was 103 million RMB, reflecting a stable growth of 0.9% year-on-year [2] Cost Management - The sales expense ratio decreased to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points year-on-year, primarily due to a lower proportion of high-margin industrial product revenue [3] Valuation and Forecast - The target price is set at 41.76 RMB, with a PE ratio of 15x for 2025, compared to the industry average of 11x [4][7] - The company is projected to maintain a steady revenue growth rate of approximately 5% annually from 2025 to 2027 [10]

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]