Core Points - The pharmaceutical commercial sector experienced a decline of 0.96% on September 3, with First Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Baiyang Pharmaceutical (301015) closed at 26.14, up 2.27% with a trading volume of 106,600 shares and a transaction value of 279 million [1] - Yifeng Pharmacy (6666609) closed at 24.93, up 2.09% with a trading volume of 203,900 shares and a transaction value of 507 million [1] - Zhejiang Nongyuan (000705) closed at 9.28, up 0.65% with a trading volume of 207,300 shares and a transaction value of 195 million [1] - Guoyao Co. (600511) closed at 29.34, down 0.44% with a trading volume of 40,900 shares and a transaction value of 120 million [1] - Shanghai Pharmaceutical (601607) closed at 18.48, down 0.65% with a trading volume of 202,100 shares and a transaction value of 373 million [1] - Jiuzhoutong (600998) closed at 5.01, down 0.99% with a trading volume of 437,600 shares and a transaction value of 220 million [1] - Nanjing Pharmaceutical (600713) closed at 4.90, down 1.01% with a trading volume of 168,700 shares and a transaction value of 82.85 million [1] - Jianghe Pharmaceutical (002788) closed at 8.40, down 1.18% with a trading volume of 40,400 shares and a transaction value of 34.10 million [1] - Liuyou Group (603368) closed at 17.96, down 1.32% with a trading volume of 61,800 shares and a transaction value of 111 million [1] - Zhongyao Holdings (000950) closed at 5.16, down 1.34% with a trading volume of 162,400 shares and a transaction value of 84.32 million [1] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 295 million from main funds, while speculative funds had a net inflow of 132 million and retail investors had a net inflow of 164 million [3]

Group 1 - The company has received a total compensation amount of 56,089,816.67 yuan for the expropriation of three properties located at Sichuan Middle Road, which were previously managed and rented out by the company [2][3] - The expropriation was conducted by the Shanghai Huangpu District Government, with the properties being assessed by a certified real estate appraisal firm [1] - The company held board meetings and a shareholders' meeting to approve the compensation agreement prior to receiving the funds [2] Group 2 - The expropriated properties were primarily used for rental operations, but the expropriation is not expected to have a significant impact on the company's overall business [3] - The compensation amount will be accounted for in the current financial period, potentially leading to a positive effect on the company's annual operating performance, subject to audit confirmation [3]

一、本次交易概述 证券代码：600833 证券简称：第一医药 公告编号：临 2025-043 上海第一医药股份有限公司 关于收到房屋征收补偿款的进展公告 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。 根据上海市黄浦区人民政府《上海市黄浦区人民政府房屋征收决定》（黄府征【2023】 4 号），上海第一医药股份有限公司（以下简称"我司""公司"）位于上海市黄浦区 四川中路 553-555 号、四川中路 545 号、四川中路 639 号三处房屋被纳入征收范围。上 述三处房屋由我司经营管理，曾主要用于对外出租经营使用。本次房屋征收单位为"上 海市黄浦区住房保障和房屋管理局"，房屋征收实施单位为"上海市黄浦第五房屋征收 服务事务所有限公司"，房屋评估单位为"上海房地产估价师事务所有限公司"。 二、对公司的影响 本次被征收的房屋系由我司经营管理，曾主要用于对外出租经营使用。因此本次征 收对公司业务不会产生重大影响。 公司将按照企业会计的相关规定，对上述征收补偿款进行会计处理，计入当期损益。 预计会对公司当年度经营业绩带来一定的积极影响 ...

上海第一医药股份有限公司 2025 年第二次临时股东会 会议资料 二○二五年九月四日 会议资料目录 | 一、2025 年第二次临时股东会会议议程……………………………1 | | --- | | 二、2025 年第二次临时股东会会议须知……………………………2 | | 三、关于聘任财务报告审计会计师事务所的议案……………………5 | | 四、关于续聘内部控制审计会计师事务所的议案……………………8 | - 1 - 上海第一医药股份有限公司 2025 年第二次临时股东会会议议程 会议时间： 现场会议时间：2025 年 9 月 4 日（星期四）下午 14∶00 网络投票起止时间：自 2025 年 9 月 4 日 至 2025 年 9 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的 投票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30- 11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召 开当日的 9:15-15:00。 一、报告现场会议出席情况，宣布公司 2025 年第二次临时股东 会开始 - 2 - 现场会议地点：上海市徐汇区小木桥路 681 号上海外 ...

Core Insights - First Pharmaceutical (600833) reported a closing price of 13.51 yuan as of August 25, 2025, with a 2.82% increase and a turnover rate of 5.63% [1] - The company experienced a net inflow of main funds amounting to 24.77 million yuan, representing 14.82% of the total transaction amount [1] Financial Performance - Total operating revenue for the first half of 2025 reached 999.7 million yuan, reflecting an 11.58% year-on-year growth [1] - Net profit attributable to shareholders was 14.02 million yuan, a significant decrease of 89.19% year-on-year [1] - Deducting non-recurring gains and losses, the net profit was 9.01 million yuan, showing a 24.58% year-on-year increase [1] - Current ratio stood at 1.587, quick ratio at 1.003, and debt-to-asset ratio at 44.51% [1] Company Overview - Shanghai First Pharmaceutical Co., Ltd. was established in 1992 and is primarily engaged in retail [2] - The company has a registered capital of 2.23086347 billion yuan and a paid-in capital of 980.21194 million yuan [1] - The legal representative of the company is Zhang Haibo [1] Investment and Intellectual Property - The company has made investments in 20 enterprises and participated in 16 bidding projects [2] - It holds 38 trademark registrations and 1 patent, along with 25 administrative licenses [2]

Group 1 - The "Shanghai Summer" International Consumption Season is gaining momentum, with events like the four-year anniversary cultural performance at Yuanxin Hui Life Plaza from August 22 to 24, aimed at enhancing the night economy in suburban areas [1] - The sixth Shanghai Snack Festival, which started on August 8, has been extended until August 24, with plans for sub-events in various districts involving over 300 key dining enterprises [1] Group 2 - From August 22 to September 7, Bailian Group plans to issue night consumption vouchers worth millions, available through the iBailian and Cloud Flash Payment apps, to encourage night shopping [2] - The First Department Store on Nanjing Road is creating a dedicated night passage, extending operating hours for several dining merchants until 2 AM, and introducing a rooftop night market bar to attract young consumers [2] - New World City is promoting a climbing wall as a popular night attraction, offering a buy-one-get-one-free ticket deal for entries after 8 PM until August 31 [2]

Core Insights - The pharmaceutical commercial sector experienced a slight increase of 0.05% on August 22, with Saily Medical leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Group 1: Stock Performance - Saily Medical (603716) saw a closing price of 31.52, with a significant increase of 10.02% and a trading volume of 614,300 shares, resulting in a transaction value of 1.861 billion yuan [1] - Guofang Co. (600538) closed at 6.55, up 2.18%, with a trading volume of 218,500 shares [1] - Runda Medical (603108) closed at 18.35, up 1.94%, with a trading volume of 303,900 shares [1] - Other notable stocks include Jiuzhoutong (600998) with a slight increase of 0.55% and Yifeng Pharmacy (603939) with a minimal increase of 0.20% [1] Group 2: Capital Flow - The pharmaceutical commercial sector saw a net inflow of 363 million yuan from main funds, while retail investors experienced a net outflow of 114 million yuan [2] - Speculative funds recorded a net outflow of 249 million yuan [2]

Core Insights - First Pharmaceutical (600833) reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite higher sales [1] Financial Performance - Total revenue reached 997 million yuan, up 11.58% year-on-year - Net profit attributable to shareholders was 14.02 million yuan, down 89.19% year-on-year - In Q2 2025, total revenue was 493 million yuan, a 14.27% increase year-on-year, while net profit dropped 90.09% to 9.29 million yuan [1] Profitability Metrics - Gross margin stood at 16.54%, a decrease of 1.4% year-on-year - Net margin fell to 1.44%, down 90.1% year-on-year - Total selling, administrative, and financial expenses amounted to 160 million yuan, accounting for 16.04% of revenue, a decrease of 2.04% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 0.25 yuan, up 480.91% year-on-year - Cash and cash equivalents rose to 371 million yuan, an 8.08% increase year-on-year - Accounts receivable decreased to 158 million yuan, down 34.10% year-on-year [1] Investment and Financing Activities - Short-term borrowings decreased by 48.0% due to repayment - Investment activities saw a significant decline in cash flow, down 608.72% due to increased investment in financial products [4] Business Model and Historical Performance - The company's return on invested capital (ROIC) was 11.06%, indicating average capital returns - Historical data shows a median ROIC of 5.96% over the past decade, with three years of losses since its IPO, suggesting a fragile business model [4] Accounts Receivable Concerns - The accounts receivable to profit ratio reached 96.86%, indicating potential liquidity issues [5]

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, but a drastic decline in net profit compared to the previous year [2] Financial Performance - The company achieved a revenue of 996,596,339.46 yuan for the first half of 2025, representing a year-on-year growth of 11.58% [2] - The net profit attributable to shareholders of the listed company was 14,024,192.23 yuan, which reflects a year-on-year decrease of 89.19% [2]

第一医药表示，报告期内公司利润总额、归属于上市公司股东的净利润、基本每股收益、稀释每股收 益、加权平均净资产收益率同比下降，主要是上年同期公司及子公司收到房屋征收补偿款；而归属于上 市公司股东的扣除非经常性损益的净利润、扣除非经常性损益后的加权平均净资产收益率同比增长，主 要是公司对外拓展创新业务，对内开展降本增效取得经营回报。 第一医药表示，报告期内，公司核心竞争力为良好的品牌声誉、"名特优新全"的商品力、丰富的门店店 型、不断提升的专业服务能力及全渠道的营销能力。未来，公司将积极应对政策、技术、市场等外部环 境变化，持续实施线上线下融合等转型举措，加大力度探索培育"互联网+医药健康"等领域新经营模 式，通过调整商品结构、丰富服务项目、提升专业能力，开辟和维护新的业务渠道，满足大健康领域多 层次和多元化的消费需求。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 胡嘉树）8月19日晚，第一医药披露2025年半年度报告。今年上半年，公司 实现营业收入9.97亿元，同比增长11.58%；归母净利润1402.21万元，同比下降89.19%；扣非归母净利 润901.20万元，同比增长24.58%。 ...