Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - The company is a leading retail pharmacy chain in China, focusing on both traditional and modern medicine, with a wide coverage across 21 provinces. As of September 30, 2025, it operates 17,385 stores, including 10,356 direct-operated and 7,029 franchised stores. The company is shifting from "scale expansion" to "quality improvement" and aims to enhance its core competitiveness through digital supply chains and specialized services [3][5][13] - The retail pharmacy industry is undergoing a transformation from scale expansion to quality competition, with a market size of 929.3 billion yuan in 2023, growing by 6.5% year-on-year, although the growth rate has slowed significantly [3][46] - The company achieved a revenue of 20.068 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.7%, and a net profit of 1.081 billion yuan, up 26.0% year-on-year. The third quarter alone saw a revenue of 6.546 billion yuan, growing by 2.5%, and a net profit of 283 million yuan, up 41.0% year-on-year [3][19][26] Company Overview - The company has developed into a leading retail pharmacy chain through steady internal growth and strategic acquisitions since its establishment in 1999. It has expanded its network significantly, covering major markets across China [5][13] - The ownership structure is concentrated, with the controlling shareholders being three brothers who collectively hold 55.12% of the shares, ensuring efficient decision-making [8] Industry Status - The retail pharmacy market is experiencing a decline in growth rates, with the number of retail pharmacies decreasing from 706,000 in Q3 2024 to 699,000 in Q1 2025 due to various factors including online competition and regulatory changes [46][51] - The industry is expected to see increased concentration and chain rates, with larger chains likely to gain a competitive edge over smaller pharmacies [3][46] Financial Performance - The company’s profit margins have improved, with a gross margin of 34.8% and a net margin of 5.8% in the first three quarters of 2025. The retail business achieved a gross margin of 37.7% [26][29] - The company’s revenue forecast for 2025-2027 is projected to be 27.205 billion, 30.071 billion, and 33.363 billion yuan, with corresponding net profits of 1.208 billion, 1.485 billion, and 1.798 billion yuan, indicating strong growth potential [3][113]

Investment Rating - The report maintains an "Overweight" rating for the retail chain pharmacy industry [1][3]. Core Insights - The report highlights that leading pharmacies are beginning to recover from a challenging phase, with a focus on the growth potential in 2026 driven by both organic and external factors [2][3]. - The retail pharmacy market in China is projected to reach a retail scale of 611.9 billion yuan in 2024, reflecting a year-on-year decline of 1.8% due to factors such as population decrease and changes in healthcare insurance [3]. - The report identifies key companies to watch, including Yifeng Pharmacy, Dazhenglin, and Laobaixing, while also suggesting attention to Yixintang, Jianzhijia, and Shuyupingmin [3]. Summary by Sections Market Overview - The retail pharmacy market is experiencing a contraction in supply due to increased competition, with the number of physical pharmacies exceeding 700,000 in 2024, a 60% increase since 2014 [3]. - The report notes a recovery trend in the market, with a sequential growth of 6.7% in September 2025, despite a year-on-year decline of 1.9% in the first three quarters of 2025 [3]. Demand and Supply Dynamics - The demand side is showing signs of recovery, particularly in essential medicine categories, with a 6.9% sequential growth in drug retail sales in September 2025 [3]. - The report indicates that the concentration of leading pharmacy chains is expected to increase as smaller chains face operational challenges, leading to closures [3]. Future Outlook - The report anticipates that leading pharmacy chains will achieve recovery through both internal growth driven by rising flu cases and external growth via acquisitions, with a current low penetration of direct stores at about 1.5% [3][4]. - The long-term outlook remains positive for industry concentration, with expectations for continued growth in the leading pharmacy chains [3].

药店板块见底了吗 20251201 摘要 中度，还有很大的提升空间。第三是多元化经营，如果龙头药房能顺利在明年 （2026 年）全面铺开调改，对利润将有显著增量。 益丰药房当前表现如何？未来预期如何？ 益丰药房被列为 12 月金股，目前估值具有性价比。今年（2025 年），益丰从 第三季度开始，同店销售恢复到 1%以上正增长，并延续至 10 月、11 月。尽 管今年股价表现疲软，但这是由于下调开店预期和并购进展缓慢所致。这些短 期扰动预计将在明年（2026 年）得到改善。益丰在门店数和业绩增长方面都 有较好的前景，预计明年的收入增长将回到双位数以上，对应 PE 不到 14 倍， 是一个非常便宜的位置。 大森林医药当前表现如何？未来预期如何？ 药房板块显现复苏迹象，行业政策及药店自身调整释放积极信号，龙头 药店如一心堂通过调改实现同店数据增长，整体趋势向好明确。 处方外流、行业集中度提升及多元化经营是药房行业三大趋势。处方外 流贡献客流和销售额，行业集中度提升空间大，龙头药房全面铺开调改 有望显著增加利润。 益丰药房被列为 12 月金股，估值具性价比。2025 年第三季度起同店销 售恢复正增长。预计 2026 ...

证券代码：603233 证券简称：大参林 公告编号：2025-074 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 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： 担保对象及基本情况 | | | | | | 江西大参林药业有限公司、德阳大成家 | | --- | --- | --- | --- | --- | --- | | | | 被担保人名称 | | | 人健康连锁药房有限公司等 5 家控股子 | | 担 | 保 对 | | 公司 | | | | | | 本次担保金额 | 13，000 | 万元 | | | 象 | | 实际为其提供的担保余额 | 7，150 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | ☑否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保 ...

证券代码：603233 证券简称：大参林 公告编号：2025-075 大参林医药集团股份有限公司 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年前三季度的经营 情况及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 12 月 09 日下午 16:00-17:00 关于召开 2025 年第三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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 12 月 02 日 （星期二） 至 12 月 08 日 （星期一）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 DSL1999@dslyy.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。 大参林医药集团股份有限公司（以下简称"公司"）已于 2025 年 ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].

Core Viewpoint - Dazhonglin, a leading chain pharmacy, is facing compliance and growth challenges amid a recent scandal involving the misuse of medical insurance cards and a strategic shift towards cosmetics and personal care products [1][2]. Group 1: Compliance Crisis - A recent investigation revealed that some Dazhonglin stores misclassified everyday items as medical devices to bypass insurance restrictions, indicating significant internal control failures [2]. - The scandal has implications for Dazhonglin's strategy to expand its cosmetics and personal care product lines, as it raises concerns about compliance in a tightening regulatory environment [2]. Group 2: Growth Anxiety - Dazhonglin has expanded its store count to over 16,000, but the traditional growth model of opening new stores is being challenged by e-commerce competition and stricter insurance regulations [3]. - In the first half of 2024, Dazhonglin closed 285 stores while only opening 152 new ones, indicating a shift from quantity to quality in its growth strategy [3]. - Despite a 25.97% increase in net profit in the first three quarters of 2024, revenue growth was only 1.71%, suggesting reliance on franchise operations and new product categories for growth [3]. Group 3: Capital Setbacks and Model Dilemmas - Dazhonglin has faced capital challenges, including the termination of a planned private placement and withdrawal of a convertible bond issuance, reflecting market skepticism about its expansion strategy [4]. - The industry is experiencing a transition where old business models are failing while new ones are not yet stable, complicating Dazhonglin's restructuring efforts [4]. - Although Dazhonglin has developed a three-tier logistics network and is advancing its O2O (online-to-offline) business, uncertainties remain regarding the effectiveness of its transformation amid compliance and supply chain challenges [4]. Conclusion - Dazhonglin's difficulties mirror broader challenges in the chain pharmacy industry, where companies are forced to adapt to declining insurance benefits and online competition while grappling with compliance, supply chain, and capital issues [5]. - The management's ability to balance short-term growth with long-term compliance and establish sustainable models in new business areas will be critical for future success [5].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, specifically recommending stocks such as Yifeng Pharmacy and Dazhenglin [1]. Core Insights - The report highlights that the cash flow of pharmacies is stable and valuations are low, indicating potential investment opportunities in leading pharmacy chains [1]. - The A-share pharmaceutical index has shown a year-to-date increase of 13.7%, while the Hang Seng Biotechnology Index has surged by 74.2% [4]. - The report identifies a turning point in the pharmacy industry, with a net decrease of 4,000 pharmacies in Q4 2024, suggesting a shift to a stock competition phase [4][24]. - The report emphasizes the importance of cost reduction and efficiency improvements among leading pharmacy chains, which have resulted in improved profit margins [27]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.9% this week, with significant declines across various sub-sectors, including medical devices and traditional Chinese medicine [4][9]. - Leading pharmacy chains are focusing on store adjustments and have shown marginal performance improvements, with revenue growth of 0.6% and net profit growth of 12.4% in the first three quarters of 2025 [20]. Valuation and Performance - As of November 23, 2025, the SW pharmacy sector's PE-TTM is approximately 21.5 times, indicating a valuation at the 37th percentile for the year [22]. - Major pharmacy chains like Yifeng Pharmacy and Dazhenglin have PEs below 20 times, highlighting their attractive valuation [22]. Research and Development Progress - The report details recent approvals and clinical advancements in innovative drugs, including the approval of Pfizer's long-acting hemophilia treatment [4]. - Specific recommendations for innovative drugs include companies such as Baidu Tianheng and BeiGene, with a focus on PD1/VEGF dual antibodies and GLP1 drugs [9][11][12]. Market Dynamics - The report notes that the number of retail pharmacies has begun to decline, marking a significant shift in the market landscape [24]. - Leading pharmacy chains are expected to enhance their market share through refined management and compliance capabilities [24].

证券代码：603233 证券简称：大参林 公告编号：2025-073 大参林医药集团股份有限公司 | 1、出席会议的股东和代理人人数 | 184 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 844,704,715 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.6122 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，经过半数董事推举，由董事柯国强主持本次股 东会。会议采取现场投票及网络投票方式召开并表决。会议的召集和召开符合《公 (一) 股东会召开的时间：2025 年 11 月 21 日 (二) 股东会召开的地点：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 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 司法》《上市公司股东会规则》和《公司章程》等有关规定。 (五) 公司董事和董事会秘书的列席情况 2025年第三次临时股东会决议公告 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 ...

北京市金杜（广州）律师事务所 关于大参林医药集团股份有限公司 2025 年第三次临时股东会的法律意见书 致：大参林医药集团股份有限公司 北京市金杜（广州）律师事务所（以下简称本所）接受大参林医药集团股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理 委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境 内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中 国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件 和现行有效的公司章程有关规定，指派律师出席了公司于 2025 年 11 月 21 日召 开的 2025 年第三次临时股东会（以下简称本次股东会），并就本次股东会相关事 项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1 1． 经公司 2024 年年度股东大会审议通过的《大参林医药集团股份有限公司 章程》（以下简称《公司章程》）； 2． 公司 2025 年 10 月 30 日刊登于《中国证券报》《证券时 ...