Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index briefly surpassing 3600 points before retreating [1] - The overall market saw a high rate of stock volatility, with a 50% rate of stocks hitting their daily limit down [1] - The total trading volume for the day reached 1.9 trillion yuan [1] Hot Topics Yarlung Tsangpo River Hydropower Project - Stocks related to the Yarlung Tsangpo River hydropower project continued to surge, with companies like China Power Construction and Huaxin Cement hitting their daily limit up [4] - The project has garnered significant market attention, leading to a valuation recovery for infrastructure stocks due to low valuations and high dividend yields [5] Consumer Sector - The consumer sector showed strong activity, with companies such as Hanchang Group and Nanjing New百 hitting their daily limit up [6] - The World Health Organization raised alarms regarding the spread of the chikungunya virus, which could impact public health and consumer behavior [6] Nuclear Fusion Sector - The nuclear fusion sector saw notable movements, with companies like GuoJi Heavy Industry and XueRen Group experiencing significant gains [8] - The establishment of China Fusion Energy Co., a subsidiary of China National Nuclear Corporation, was announced, with an investment of approximately 11.49 billion yuan from various stakeholders [8] Stock Performance Yarlung Tsangpo River Project Stocks - Key stocks in this sector included: - ShanHe Intelligent: 10.67 yuan, +10.00%, market cap 11.445 billion yuan - Tibet Tianlu: 12.75 yuan, +10.01%, market cap 16.93 billion yuan - Deep Water Regulation Institute: 27.82 yuan, +20.02%, market cap 6.206 billion yuan [5][16] Consumer Sector Stocks - Notable performers included: - Hanchang Group: 10.92 yuan, +9.97%, market cap 3.22 billion yuan - Nanjing New百: 7.55 yuan, +10.06%, market cap 8.796 billion yuan - Rainbow Group: 22.65 yuan, +10.00%, market cap 2.38 billion yuan [7][16] Nuclear Fusion Stocks - Key stocks included: - GuoJi Heavy Industry: 4.09 yuan, +9.95%, market cap 29.503 billion yuan - XueRen Group: 11.44 yuan, +10.00%, market cap 7.443 billion yuan [9][10]

证券代码：603233 证券简称：大参林 公告编号：2025-048 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 可转债转股结果暨股份变动公告 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： 一、 可转债发行上市概况 （一） 可转债发行情况 大参林医药集团股份有限公司（以下简称"公司"）经中国证券监督管理委 员会证监许可[2020]1981号文核准，于2020年10月22日公开发行了14,050,000张 可转换公司债券，每张面值100元，发行总额为人民币140,500.00万元。经上海证 券交易所自律监管决定书【2020】370号文同意，可转换公司债券于2020年11月 13日起在上海证券交易所挂牌交易，债券简称"大参转债"，债券代码"113605"。 （二） 转股日期及转股价格 1、转股日期：公司本次发行的"大参转债"自2021年4月28日起可转换为公司 股份。 2、转股价格：根据《大参林医药集团股份有限公司公开发行可转换公司债 券募集说明书》发行条款以及中国证监会关于可转换公司 ...

证券代码：603233 证券简称：大参林 公告编号：2025-047 大参林医药集团股份有限公司 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、担保情况概述 1、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 | | | 公司 | 大参林百姓康诚(大庆) 药房连锁有限公司 | 4,000 | 招商银行股份有限公 司哈尔滨分行 | 连带责 任担保 | 无 | 以实际签署 的合同为准 | | | 淮南市佳佳恒康大药房 | 3,000 | 招商银行股份有限公 | 连带责 | | 以实际签署 | | | 连锁有限公司 | | 司淮南分行 | 任担保 | 无 | 的合同为准 | | | 合 计 | 7,000 | - | - | - | - ...

Core Viewpoint - The retail pharmacy industry is experiencing accelerated closures, with a total of 39,228 stores shut down in 2024, leading to a potential recovery in customer traffic and profit margins for leading pharmacies post-industry consolidation [1][2]. Group 1: Industry Trends - The number of closed pharmacies in 2024 is reported as follows: Q1 - 6,778, Q2 - 8,791, Q3 - 9,545, Q4 - 11,414, indicating a significant acceleration in closures, with a net decrease of 3,395 stores in Q4 alone [1]. - The industry is facing a severe environment for small and medium-sized pharmacies due to weak consumer power, medical insurance cost control, and enhanced regulatory measures, leading to a consolidation trend [1]. Group 2: Market Opportunities - Leading retail pharmacies are expected to benefit from a "siphon effect" in customer traffic due to their first-mover advantage in local market outpatient coordination, which may enhance customer spending and overall performance [2]. - The implementation of outpatient coordination policies is anticipated to increase medical insurance spending and related product consumption, potentially raising average transaction values [2]. Group 3: Strategic Initiatives - Leading pharmacies are actively exploring diversified operations and innovative store management to enhance market competitiveness, such as transforming into service complexes and creating new store formats [3]. - Examples include Yifeng Pharmacy's transition towards service complexes and Yixin Hall's development of new store formats to attract more customers [3]. Group 4: Recommended Stocks - Companies that are expected to benefit from the industry cycle and demonstrate superior management capabilities include Yifeng Pharmacy (603939.SH) and Daclin (603233.SH) as recommended stocks, while beneficiaries include Laobaixing (603883.SH), Yixin Hall (002727.SZ), and Jianzhijia (605266.SH) [4].

Group 1 - The core point of the article is the issuance of convertible bonds by Dashenlin Pharmaceutical Group Co., Ltd., which aims to raise a total of RMB 1,405 million, with the net amount after expenses being RMB 1,389.48 million [1][21] - The bonds have a face value of RMB 100 each and a term of 6 years, from October 22, 2020, to October 21, 2026 [2][4] - The coupon rates for the bonds are structured to increase over the years, starting at 0.30% in the first year and reaching 2.00% in the sixth year [2][3] Group 2 - The company has a robust retail network with 10,503 direct stores across 21 provinces, focusing on providing quality health products and services [18][19] - In 2024, the company reported a revenue of RMB 2,649.65 million, an increase of 8.01% compared to 2023, while the net profit attributable to shareholders decreased by 21.58% to RMB 914.76 million [20] - The company maintains a strong supply chain and logistics system, with over 10,000 long-term partnerships with manufacturers, ensuring efficient product delivery [17][18] Group 3 - The company has established a comprehensive management system for the use of raised funds, ensuring they are stored in a dedicated account and used according to regulatory requirements [13][21] - The credit rating for the bonds is AA, indicating a stable outlook, as assessed by Zhongjian Pengyuan Credit Rating Co., Ltd. [14][15] - The company has a clear strategy for expanding its market presence through both direct and franchise models, enhancing its competitive edge in the pharmaceutical retail sector [19][20]

证券代码：603233 证券简称：大参林 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 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、《公司债券 受托管理人执业行为准则》（以下简称《执业行为准则》）、《公司信用类债券信息披露管 理办法》《证券交易所公司债券上市规则》（以下简称"上市规则"）或《证券交易所公 司债券挂牌转让规则》（以下简称"挂牌转让规则"）、《可转换公司债券管理办法》（以 下简称"管理办法"）、《大参林医药集团股份有限公司 2020 年公开发行可转换公司债券 之受托管理协议》（以下简称"受托管理协议"）、《大参林医药集团股份有限公司公开发 行可转换公司债券募集说明书》（以下简称"募集说明书"）、《大参林医药集团股份有限 公司 2024 年年度报告》及其它相关信息披露文件以及大参林医药集团股份有限公司（以 下简称"发行人"或"公司"）出具的相关说明文件和提供的相关资料等，由受托管理 人中信建投证券编制。中信建投证券编制本报告所引用的财务数据，引自经天 ...

公司前次主体信用评级结果为"AA"，"大参转债"前次评级结果为"AA"， 前次评级展望为"稳定"。评级机构为中证鹏元，评级时间为 2024 年 6 月 24 日。 证券代码：603233 证券简称：大参林 公告编号：2025-046 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 关于可转换公司债券2025年跟踪评级结果的公告 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： 根据《上市公司证券发行管理办法》等相关规定，大参林医药集团股份有限 公司（以下简称"公司"）委托中证鹏元资信评估股份有限公司（以下简称"中 证鹏元"）对本公司 2020 年 10 月发行的可转换公司债券（以下简称"大参转 债"）进行了跟踪信用评级。 评级机构中证鹏元在对本公司经营状况进行综合分析与评估的基础上，于 2025 年 6 月 26 日出具了《2020 年大参林医药集团股份有限公司可转换公司债券 2025 年跟踪评级报告》，本次公司主体信用评级结果为"AA"，"大参转债"评 级结果为"AA"，评级展望维持为" ...

2020 年大参林医药集团股份有限 公司可转换公司债券2025年跟踪 评级报告 中鹏信评【2025】跟踪第【452】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级 ...

Core Viewpoint - The legal opinion issued by King & Wood Mallesons (Guangzhou) Law Firm confirms that the convening and holding of the 2025 First Extraordinary General Meeting of Dazhonglin Pharmaceutical Group Co., Ltd. complies with relevant laws, regulations, and the company's articles of association [1][4][10] Group 1: Meeting Procedures - The meeting was convened on June 25, 2025, and the notice was published in designated media including Securities Daily and the Shanghai Stock Exchange website [3][4] - The meeting took place at the Dazhonglin Group Comprehensive Building, with the presence of a majority of directors, and was chaired by Director Ke Guoqiang [5][6] Group 2: Attendance and Voting - A total of 374 participants attended the meeting, representing 782,247,723 shares, which is 69.0954% of the total voting shares [6][7] - The online voting involved 362 shareholders, representing 86,567,567 shares, accounting for 7.6464% of the total voting shares [7] - The qualifications of attendees were verified, confirming compliance with legal and regulatory requirements [8] Group 3: Voting Procedures and Results - The voting was conducted through a named voting method, with results announced post-voting [9] - The resolutions were passed with 862,239,871 votes in favor (99.2431%), 6,475,995 votes against (0.7453%), and 99,424 abstentions (0.0116%) [9]