Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a revenue of 19.73 billion yuan for the first three quarters of 2024, representing an increase of 11.3% year-on-year, while the net profit attributable to shareholders decreased by 26.3% to 860 million yuan [1][2]. - The company continues to expand its franchise stores rapidly, with a total of 16,453 chain stores nationwide, including 5,735 franchise stores, maintaining the leading position in the pharmaceutical retail industry [2][3]. - The company’s gross profit margin for Q1-Q3 2024 was 34.7%, a decrease of 2.4 percentage points compared to the previous year [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.39 billion yuan, up 11.4% year-on-year, and a net profit of 200 million yuan, down 22.0% year-on-year [1][2]. - The company’s revenue for Q1-Q3 2024 was 6.75 billion yuan, 6.59 billion yuan, and 6.39 billion yuan respectively, with year-on-year growth rates of 13.5%, 9.1%, and 11.4% [2]. - The company’s net profit for Q1-Q3 2024 was 400 million yuan, 260 million yuan, and 200 million yuan respectively, with year-on-year declines of 19.8%, 38.4%, and 22% [2]. Profit Forecast - The forecast for net profit attributable to shareholders is 1.1 billion yuan in 2024, 1.05 billion yuan in 2025, and 1.23 billion yuan in 2026, with growth rates of -9.75%, 16.94%, and 20.33% respectively [3][4]. - The company expects revenue growth rates of 9.31% in 2024, 18.41% in 2025, and 18.54% in 2026 [4][7]. Business Expansion Strategy - The company is focused on deepening its presence in South China while expanding nationwide through self-built, acquired, and direct franchise models [2][3]. - The company added 2,379 new stores in Q1-Q3 2024, with 1,570 of these being franchise stores, indicating a mature development of its direct franchise business [2].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.7 yuan [1]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 19.73 billion yuan, a year-on-year increase of 11.3%, while net profit attributable to shareholders decreased by 26.9% to 860 million yuan [1]. - The retail segment showed steady growth, with revenue of 16.35 billion yuan, up 9.7% year-on-year, and a gross margin of 37.3% [1]. - The company is dynamically adjusting its store expansion pace, focusing on quality development, with a total of 16,453 stores as of Q3 2024, a year-on-year increase of 26.6% [1]. - Short-term gross margins are under pressure, with a gross margin of 34.2% in Q3 2024, down 2.0 percentage points year-on-year [1]. Financial Summary - For 2024, the company expects net profit attributable to shareholders to be 1.03 billion yuan, a decrease of 12% year-on-year, followed by a recovery with growth rates of 15% in 2025 and 2026 [1][5]. - The total revenue forecast for 2024 is 27.6 billion yuan, with a year-on-year growth rate of 12.5% [2]. - The company’s total assets are projected to reach 26.7 billion yuan in 2024, with a debt-to-asset ratio of 36.07% [3][5].

大参林医药集团股份有限公司 第四届董事会第二十一次会议决议公告 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： 证券代码：603233 证券简称：大参林 公告编号：2024-106 一、董事会会议召开情况 大参林医药集团股份有限公司（以下简称"公司"）第四届董事会第二十一 次会议于 2024 年 11 月 1 日以通讯方式召开，本次会议应到董事 7 人，实到董事 7 人。本次会议由董事长柯云峰先生召集并主持，公司部分高级管理人员列席了 会议。本次会议的出席人数、召集、召开及表决程序均符合《中华人民共和国公 司法》等法律法规、行政部门规章、规范性文件和《大参林医药集团股份有限公 司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 1、审议通过《关于向下修正"大参转债"转股价格的议案》 截止2024年11月1日，公司股价出现连续三十个交易日中已有十五个交易日 的收盘价低于当期转股价格的85%的情形，已触发"大参转债"的向下修正条款。 为支持公司长期稳健发展，维护投资者权益，公司董事会提议向下修正"大 参转债 ...

证券代码：603233 证券简称：大参林 公告编号：2024-108 大参林医药集团股份有限公司 关于召开 2024 年第五次临时股东大会的通知 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： 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年11月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自 2024 年 11 月 18 日 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第五次临时股东大会 召开的日期时间：2024 年 11 月 18 日 10 点 30 分 召开地点：广州市荔湾区龙溪大道 410 号大参林集团综合楼 4 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 至 2024 年 11 月 18 日 采用上海证券交易所网络投票系统，通过交易系统 ...

| 证券代码：603233 | 证券简称：大参林 | 公告编号：2024-107 | | --- | --- | --- | | 转债代码：113605 | 转债简称：大参转债 | | 大参林医药集团股份有限公司关于 董事会提议向下修正"大参转债"转股价格的公告 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。 1、2020年12月23日，公司完成了2020年度限制性股票激励计划首次授予的 登记工作，公司总股本由656,340,654股变更为658,621,154股。由于公司股本发生 自2024年10月14日至2024年11月1日期间，大参林医药集团股份有限公司（以 下简称"公司"）股票已满足在任意连续三十个交易日中至少有十五个交易 日的收盘价低于当期转股价格即46.49元/股的85%（即39.51元/股），已触发 "大参转债"转股价格的向下修正条款。 经公司第四届董事会第二十一次会议审议，董事会提议向下修正"大参转债" 的转股价格。 本次向下修正"大参转债"转股价格尚需提交至股东大会审议。 变化，需对"大参转债"的转股价格作出 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company has achieved rapid revenue growth due to its expansion outside the province, although profitability is under pressure. Efforts to optimize gross margin and cost structure are showing initial results [2][4]. - For Q3 2024, the company reported revenue of 6.386 billion yuan (+11.4%) and a net profit attributable to shareholders of 201 million yuan (-22%). The performance is generally in line with expectations [4]. - The EPS forecast for 2024-2026 has been revised down to 0.90/1.06/1.23 yuan from the previous 1.07/1.24/1.43 yuan, reflecting the impact of rapid expansion on profitability [4]. Revenue and Profitability - The company’s revenue for Q3 2024 was 6.386 billion yuan, with retail and wholesale segments achieving revenues of 5.287 billion yuan (+13.0%) and 978 million yuan (+12.5%) respectively [4]. - The gross margin for Q3 2024 was 34.2%, down 2.0 percentage points, but the decline has narrowed. The pressure on gross margin is primarily due to the lower margin from the increased share of out-of-province sales [4]. - The company is actively implementing cost control measures, with management expenses showing a decreasing trend [4]. Business Expansion - As of Q3 2024, the total number of stores reached 16,453, with a year-on-year growth of 27% for total stores and 15% for direct stores. However, the pace of new store openings has slightly slowed, and 452 stores were closed in the first three quarters of 2024 [4][6]. - The company is focusing on optimizing operational quality through the closure of underperforming stores [4]. Financial Summary - The company’s total revenue is projected to grow from 24.531 billion yuan in 2023 to 36.235 billion yuan in 2026, reflecting a compound annual growth rate of approximately 14% [5][10]. - The net profit attributable to shareholders is expected to decline in 2024 to 1.022 billion yuan, before recovering to 1.406 billion yuan by 2026 [5][10]. - The company’s price-to-earnings ratio is projected to be 16.15 in 2024, decreasing to 11.73 by 2026 [5][10].

关于2024年第三季度主要经营数据的公告 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。 根据上海证券交易所发布的上市公司分行业信息披露指引及的相关要求，现 将大参林医药集团股份有限公司（以下简称"公司"）2024 年第三季度主要经营 数据披露如下： 一、 报告期末主要经营数据 1、主要会计数据 单位：元 币种：人民币 证券代码：603233 证券简称：大参林 公告编号：2024-104 大参林医药集团股份有限公司 | 项目 | 本报 告期 | 上年同期 | | 本报告 期比上 年同期 增减变 动幅度 | 年初至 报告期 | 上年同期 | | 年初至 报告期 末比上 年同期 增减变 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 末 | | | 动幅度 | | | | | | (%) | | | | | | | | | | | | | | (%) | | | | 调整 前 | 调整后 | 调整后 | | 调整前 | 调整后 | 调整后 ...

证券代码：603233 证券简称：大参林 公告编号：2024-103 大参林医药集团股份有限公司 第四届监事会第十六次会议决议公告 二、监事会会议审议情况 1、审议通过《关于公司 2024 年第三季度报告的议案》 监事会在全面了解和认真审核公司编制的公司 2024 年第三季度报告后，认 为：公司 2024 年第三季度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定，报告的内容和格式符合中国证监会和上海证券交 易所的各项规定，所包含的信息从各个方面真实地反映出公司 2024 年第三季度 的经营管理和财务状况等事项。 表决结果为：3 票同意、0 票反对、0 票弃权。 特此公告。 本公司监事会及全体监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： 一、监事会会议召开情况 大参林医药集团股份有限公司（以下简称"公司"）第四届监事会第十六次 会议于 2024 年 10 月 30 日以通讯方式召开，本次会议应到监事 3 人，实到监事 3 人，会议由监事会主席陈智慧先生召集并主持。会议的出席人数、召集、召开 及表决程序 ...

证券代码：603233 证券简称：大参林 公告编号：2024-102 大参林医药集团股份有限公司 根据《公司法》《证券法》《上海证券交易所股票上市规则》等法律法规及《公 司章程》等规章制度，按照中国证券监督委员会发布的公开发行证券公司信息披 露内容与格式准则要求，公司编制了《2024 年第三季度报告》。 第四届董事会第二十次会议决议公告 本议案经第四届董事会审计委员会第七次会议审议通过。 表决结果为：7 票同意、0 票反对、0 票弃权。 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： 一、董事会会议召开情况 大参林医药集团股份有限公司（以下简称"公司"）第四届董事会第二十次 会议于 2024 年 10 月 30 日以通讯方式召开，本次会议应到董事 7 人，实到董事 7 人。本次会议由董事长柯云峰先生召集并主持，公司监事及部分高级管理人员 列席了会议。本次会议的出席人数、召集、召开及表决程序均符合《中华人民共 和国公司法》等法律法规、行政部门规章、规范性文件和《大参林医药集团股份 有限公司章程》的规定，会议决议合 ...

Financial Performance - Total revenue for Q3 2024 reached ¥6,385,657,234.34, an increase of 11.42% compared to the same period last year[2] - Net profit attributable to shareholders was ¥200,529,111.41, a decrease of 21.95% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥193,500,433.51, down 26.47% from the previous year[2] - Basic earnings per share decreased to ¥0.18, down 21.74% year-on-year[3] - The net profit for Q3 2024 was approximately ¥914.06 million, a decrease of 25.2% compared to ¥1.22 billion in Q3 2023[23] - The total profit for Q3 2024 was approximately ¥1.18 billion, down from ¥1.59 billion in Q3 2023, representing a decrease of 26.0%[23] - The operating profit for Q3 2024 was approximately ¥1.19 billion, down from ¥1.60 billion in Q3 2023, reflecting a decline of 26.0%[23] - Basic earnings per share for Q3 2024 were ¥0.75, down from ¥1.03 in Q3 2023, indicating a decrease of 27.2%[24] - The total comprehensive income for Q3 2024 was approximately ¥914.06 million, compared to ¥1.22 billion in Q3 2023, reflecting a decline of 25.2%[24] Cash Flow and Assets - Operating cash flow for the quarter was ¥742,160,000, a decline of 26.07% compared to the same period last year[3] - The company's cash and cash equivalents rose to CNY 5,708,268,822.26 from CNY 4,416,348,231.47, marking an increase of approximately 29.2%[18] - The cash flow from operating activities for the first three quarters of 2024 was ¥2.51 billion, slightly up from ¥2.48 billion in the same period of 2023[26] - The company reported a net cash outflow from investing activities of approximately ¥1.93 billion for Q3 2024, compared to a net outflow of ¥1.83 billion in Q3 2023[26] - The cash and cash equivalents at the end of Q3 2024 totaled approximately ¥3.15 billion, an increase from ¥3.01 billion at the end of Q3 2023[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥25,879,469,178.00, an increase of 7.28% from the end of the previous year[3] - The company's total liabilities increased to CNY 17,754,335,270.38 from CNY 16,190,216,085.34, reflecting a rise of approximately 9.66%[20] - Inventory as of September 30, 2024, was CNY 4,206,599,416.89, slightly up from CNY 4,181,248,317.61 at the end of 2023, showing a marginal increase[19] - The total equity attributable to shareholders increased to CNY 6,870,201,366.68 from CNY 6,823,853,093.57, showing a growth of about 0.68%[21] Investments and Acquisitions - The company completed 13 mergers and acquisitions in the reporting period, involving a total of 435 stores[13] - The company acquired 80% of Hefei Dekang Pharmacy Chain Co., Ltd. for 25.35 million RMB, involving 31 stores, with completion expected in May 2024[13] - A total of 6.763 million RMB was spent to acquire tangible and intangible assets of 48 stores from Guangdong Hengda Pharmacy Chain Co., Ltd., with completion expected in September 2024[13] - The company plans to acquire 100% of Chongqing Shizhen Pavilion Runxiang Pharmacy Co., Ltd. for 31 million RMB, involving 10 stores, completed in January 2024[14] - The acquisition of 34 stores from Jixi Huatai Pharmacy Chain Co., Ltd. for 10.2 million RMB is expected to be completed in January 2024[14] - The company is set to acquire 65% of Shanghai Good Neighbor Pharmacy Chain Co., Ltd. for 31.8 million RMB, involving 15 stores, with completion in January 2024[14] - The company is in the process of acquiring 70% of Rugao Fengle Pharmacy Chain Co., Ltd. for 10.5 million RMB, involving 17 stores, with completion expected in September 2024[17] - The company is currently working on acquiring 80% of a new company formed by integrating stores from Handan Kangji Pharmacy Chain Co., Ltd. for 11.93 million RMB, involving 24 stores[17] Research and Development - The company's R&D expenses for the first three quarters of 2024 were CNY 47,991,222.78, up from CNY 36,040,819.29 in the same period of 2023, reflecting a growth of approximately 33.3%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,989, with the top 10 shareholders holding significant stakes[10] - The largest shareholder, Ke Yunfeng, holds 242,591,847 shares, representing 21.30% of the total shares[12]