Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese chain pharmacy industry is experiencing rapid growth, with the market size expected to exceed 1 trillion yuan by the end of 2024, indicating significant market potential [18] - The industry has maintained an average annual growth rate of over 10% in the past five years, driven by increased medical insurance coverage and rising consumer health awareness [20] - The market is becoming increasingly concentrated, with leading companies like Guoda Pharmacy, Yifeng Pharmacy, and Laobaixing Pharmacy dominating the market [39] Industry Overview - The chain pharmacy industry is defined as a collection of retail stores organized under a unified management system, sharing brand image, procurement channels, and service processes [4] - The industry has evolved from traditional single-store pharmacies to a more standardized and professional model, with significant growth in major cities [8] - The industry is categorized into three main types: direct chain pharmacies, franchise chain pharmacies, and mixed chain pharmacies [5] Market Size and Growth Trends - As of 2024, the number of chain pharmacy stores in China has surpassed 120,000, covering most provinces and major cities [18] - The industry is characterized by a "leading enterprises leading, regional strong players supporting" market structure, with significant market share held by top companies [18][39] - The growth of the industry is supported by government policies promoting healthcare consumption and capital market interest [10] Supply and Demand Analysis - Major chain pharmacy enterprises are concentrated in first-tier cities and economically developed second-tier cities, with a notable presence in eastern coastal regions [21] - The supply chain and logistics systems are crucial for improving operational efficiency and ensuring drug safety [24] - The variety of drugs offered includes prescription drugs, over-the-counter drugs, traditional Chinese medicine, and health products, catering to diverse consumer needs [26] Consumer Behavior and Preferences - The primary consumer groups include elderly patients with chronic diseases, young health management consumers, and families with regular medication needs [28] - Modern consumers prioritize drug quality, price transparency, and overall service experience, leading to a shift towards personalized health management services [31] - The integration of online and offline purchasing channels is becoming the mainstream trend in the pharmaceutical retail industry [34] Competitive Landscape - Leading companies like Guoda Pharmacy, Yifeng Pharmacy, and Laobaixing Pharmacy dominate the market, leveraging their financial strength and efficient supply chain management [37] - The market is highly concentrated, with the top ten chain pharmacies holding over half of the market share [39] - Regional competition varies, with intense competition in economically developed areas and significant growth potential in less developed regions [42] Policy and Regulatory Environment - The government has implemented strict regulations to ensure drug quality and safety, including licensing requirements and procurement standards [48] - Recent reforms in medical insurance policies have significantly impacted the operations of chain pharmacies, prompting them to optimize procurement and inventory management [50] - Regulatory measures are aimed at promoting standardized and compliant operations within the industry [51] Technological Development and Digital Transformation - The application of information technology, such as drug management information systems and customer relationship management (CRM) systems, is enhancing operational efficiency [58][59] - The integration of mobile payment and electronic prescriptions is transforming the purchasing process, improving customer experience [61] - The trend towards online and offline integration is driving the development of a comprehensive sales and service system [62]

证券代码：603233 证券简称：大参林 公告编号：2025-076 大参林医药集团股份有限公司 关于为子公司提供担保的进展公告 为满足子公司的日常经营发展的资金需求，近日，公司就子公司向银行申 请综合授信提供担保，具体情况如下： | 担保 | 被担保人 | 担保金额 | 授信机构 | 担保类 | 反担保 | 期限 | | --- | --- | --- | --- | --- | --- | --- | | 人 | | （万元） | | 型 | 情况 | | | | 河南大参林医药物流有 | 30,000 | 汇丰银行(中国)有限 | 连带责 | 无 | 以实际签署 | | --- | --- | --- | --- | --- | --- | --- | | | 限公司 | | 公司郑州分行 | 任担保 | | 的合同为准 | | | | 2,000 | 中国民生银行股份有 | 连带责 | 无 | 以实际签署 | | | 广西南宁市大参林药业 | | 限公司南宁分行 | 任担保 | | 的合同为准 | | | 有限公司 | 3,000 | 汇丰银行(中国)有限 | 连带责 | 无 | 以实际签署 | | ...

中邮证券研报指出，大参林（维权）Q3业绩高速增长，经营质量持续提升。分行业来看，2025Q1-3零 售业务营收163.40亿元（-0.07%），毛利率为37.70%（+0.44pct）。今年以来，公司实施的营促销策略 优化、品项优化、供应链整合、谈降采购成本等策略效果显著，公司零售板块毛利率同比提升0.44个百 分点，且呈现逐级加速的趋势。截至2025年9月30日，公司拥有门店17,385家（含加盟店7,029家），净 增门店832家，其中：新开自建门店300家，新增加盟店979家。公司根据竞争格局和地区优势制定扩张 计划的同时，动态优化门店网络，关闭直营门店447家。公司顺应行业周期，提质增效，利润释放潜力 大，维持"买入"评级。 ...

大参林是国内药品零售连锁集团化企业，直营业务范围覆盖广东、广西、江西、河南、河北、福建、浙 江、江苏、陕西、黑龙江、湖北、四川、海南、山东、重庆、辽宁、新疆、山西、安徽、上海、内蒙古 等21个省份（含自治区及直辖市）。截至2024年底，大参林销售额和门店数量均居药店零售行业第一。 针对当前药品零售行业的情况，大参林董事、总经理柯国强在业绩说明会上表示，行业目前正处于药店 行业供给出清的初期，中小连锁及单体药店正在加速退出，这一趋势主要源于多重因素叠加：消费力下 行、监管力度加强（如医保追溯码全面使用、电子处方流转平台落地等）以及头部连锁的竞争优势越发 明显。在此背景下，合法合规运营、具备精细化管理能力、供应链资源丰富及规模效应足的企业将获得 更大市场份额，行业集中度将进一步提升。 柯国强指出，大参林通过自建、并购、加盟三驾马车持续扩张门店规模，其中并购和老店转加盟有效地 实现不增加行业供给的同时提升门店规模及市占率。公司在2025年前三季度，自建门店300家，新增加 盟门店979家，均为行业最快。与此同时，公司还将持续提升门店服务的专业化水平、强化商品及供应 链能力、提升精细化运营能力，进一步扩大公司的竞争优 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-12-11 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.44 | | --- | --- | | 总股本/流通股本（亿股）11.39 | / 11.39 | | 总市值/流通市值（亿元）199 | / 199 | | 周内最高/最低价 52 | 19.41 / 13.57 | | 资产负债率(%) | 69.2% | | 市盈率 | 21.53 | | 第一大股东 | 柯云峰 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 大参林(603233) Q3 业绩高速增长，经营质量持续提升 l 业绩环比提速增长，盈利能力持续提升 公司发布 2025 年三季报：2025Q1-3 公司实现营业收入 200.68 亿 元（+1.71%），归母净利润 10.81 亿元（+25.97%），扣非净利润 10.73 亿 ...

证券日报网讯12月10日，大参林（603233）在互动平台回答投资者提问时表示，公司会持续关注并学习 国内外药店的发展新模式以及AI医学和AI检测的新趋势，积极探索创新服务方式，以提升客户体验和 满意度。 ...

药品流通是药品由生产到消费的中间环节，其对城乡居民的药品供应和用药安全有重要影响。我国药品 流通渠道。我国两种主要的药品流通模式为：制药企业－批发企业－医疗机构－消费者和制药企业－批 发企业－药店－消费者。可以看出，我国药品主要通过药店和医疗卫生机构两个渠道到达最终消费者。 一、药品流通行业定义及经营模式 中国两种主要的药品流通模式 内容概要：药品流通行业是国家医疗卫生事业和健康产业的重要组成部分，是关系人民健康和生命安全 的重要行业。批发商在药品流通渠道中作为产品销售承上启下的环节，是降低药品流通成本和降低药价 的关键所在。随着"两票制"改革落实和国民医疗卫生意识地不断增强，我国药品流通市场规模保持增长 趋势。2024年我国药品流通行业销售额29470亿元，其中，药品批发销售额22970亿元，占77.94%；药 品零售额6500亿元，占22.06%。从区域分布来看，华东36.3%，中南27.0%，华北15.2%，西南13.4%， 东北4.3%，西北3.8%。其中，华东、中南、华北三大区域销售额占全国销售总额的78.5%。从销售品类 来看，西药类销售额占据主要份额，占比高达70.8%，其次是中成药类，销售额占 ...

【最新百强医药批发和零售企业发布：国药集团和大参林位居榜首】2025年12月8日，商务部官网发布 了《2024年药品流通行业运行统计分析报告》。2024年前10大医药批发企业分别是：国药集团、上海医 药、华润医药、九州通、重庆医药—中国医药联合体、广州医药、南京医药、华东医药、英特集团、海 王生物。 2024年前10大医药零售企业分别是：大参林、益丰药房、国大药房、老百姓、一心堂、同仁堂、健之 佳、漱玉平民、好药师、河南张仲景大药房。 2024年，全国药品流通市场销售规模略有增长。统计显示，全国七大类医药商品销售总额为29470亿 元，扣除不可比因素同比增长0.6%。其中，药品零售市场销售额为6500亿元，扣除不可比因素同比增 长1.3%；药品批发市场销售额为22970亿元，扣除不可比因素同比增长0.5%。 截至2024年年底，全国共有《药品经营许可证》持证企业70.54万家。其中批发企业1.51万家，同比增加 0.03万家；零售连锁企业6607家，同比减少118家；下辖门店39万家，同比增加0.44万家；零售单体药店 29.37万家，同比增加1.23万家。零售药店总数68.37万家，同比增加1.67万家。 ...

Group 1: Macro and Strategy Insights - The report highlights three key drivers for unlocking service sector growth in China: overseas "input demand," domestic "time-scarce" potential demand, and "innovation demand" arising from industrial upgrades [8][9] - The macroeconomic environment is characterized by a classic cycle dilemma in the service sector, where boosting service demand is seen as dependent on increasing resident income, creating a paradox [8][9] - The report discusses the evolution of anti-involution policies, emphasizing the need for industry self-discipline and administrative guidance to address overcapacity issues in various sectors [9] Group 2: Banking Industry Outlook - The banking industry is projected to experience a decline in net interest margins, with the bottom line estimated at around 1.2% to 1.3% [22][23] - A potential decrease in the Loan Prime Rate (LPR) by 10 basis points could lead to a year-on-year decline in net interest margins by approximately 5 to 8 basis points [23][24] - The report suggests that 2026 will likely mark the end of the current cycle of declining net interest margins, with a focus on quality stocks that are expected to see margin improvements [25] Group 3: Wealth Management and Asset Allocation - The report indicates that the scale of bank wealth management products reached a historical high of nearly 34 trillion yuan in November, with expectations to stabilize around 33 trillion yuan by year-end [26][27] - A shift towards multi-asset strategies is seen as essential for wealth management firms to adapt to declining returns from traditional fixed-income products [27][28] - The report emphasizes the importance of matching the risk-return profile of wealth management funds with investor preferences to successfully implement multi-asset strategies [28][30] Group 4: REITs Market Insights - The report notes a decline in the REITs index by 1.0% for the week ending December 5, 2025, with a year-to-date increase of 1.5% [12][13] - The first city renewal REIT was successfully issued in Beijing, signaling new opportunities in the REITs market [14] - The report highlights the need for regulatory support to enhance the potential for REITs to attract more investment [14][30] Group 5: Overseas Market Overview - The U.S. stock market is showing a concentration in technology, with the S&P 500 and Nasdaq experiencing slight increases [34] - The report indicates a mixed performance across sectors, with notable gains in automotive and semiconductor industries, while utilities and consumer staples faced declines [34][35] - The earnings expectations for the S&P 500 components have been slightly revised upward, reflecting a stable outlook for most industries [35]

ab 2 December 2025 China Pharmacy Sector Opportunities from industry consolidation, product diversification Consolidation: a multiple-decade theme; from store openings to M&A To better gauge future growth opportunities for leading Chinese pharmacies from industry consolidation and product diversification, we invited UBS Japan Head of Consumer Research Takahiro Kazahaya to share his insights on Japan's drugstore sector. As per Kazahaya-san, Japan's drugstore sector has seen consistent consolidation over the ...