Core Viewpoint - Multiple securities firms, including Dongfang Securities, Zheshang Securities, and CITIC Securities, have issued positive ratings for Dazhenglin (603233.SH), highlighting its performance in 2024 and Q1 2025, business layout, and future prospects [1][2]. Group 1: Financial Performance - In 2024, Dazhenglin achieved a revenue of 26.497 billion yuan, representing a year-on-year growth of 8.01%, with a net profit attributable to shareholders of 915 million yuan [1]. - For Q1 2025, the company reported a revenue of 6.956 billion yuan, a year-on-year increase of 3.02%, and a net profit of 460 million yuan, reflecting a significant year-on-year growth of 15.45% and a remarkable quarter-on-quarter surge of 712.26% [1]. Group 2: Business Expansion and Network - As of March 2025, Dazhenglin operates a total of 16,622 stores, including 6,239 franchise stores and 10,383 direct-operated stores, covering 21 provinces across the country [2]. - The company plans to focus on optimizing its store network and accelerating franchise development in 2025, aiming to enhance market share and brand influence in underrepresented areas [2]. Group 3: Digital Transformation and New Retail - Dazhenglin is advancing its new retail channels and digital initiatives, with over 110 million private domain members and nearly 60 million active members as of the end of 2024 [3]. - The company has implemented an O2O delivery service with an 80.38% store coverage rate and is enhancing its online and offline integration through a "central warehouse + provincial warehouse + regional warehouse + store" model [3]. - The introduction of AI technology, such as "AI Xiaosan," aims to improve operational efficiency by providing accurate instant responses and intelligent analysis [3].

Core Viewpoint - Dazhonglin has successfully established a nationwide store network and is now focusing on increasing market share in already covered regions while enhancing operational efficiency and profitability [2][3][4]. Financial Performance - In 2024, Dazhonglin achieved a revenue of approximately 26.497 billion yuan and a net profit attributable to shareholders of about 915 million yuan, with a compound annual growth rate of approximately 19.7% from 2015 to 2024 [2][3]. - For the first quarter of 2025, the company reported a revenue of 6.956 billion yuan, a year-on-year increase of 3.02%, and a net profit of 460 million yuan, up 15.45% [3]. Store Expansion and Market Coverage - As of the end of 2024, Dazhonglin operated a total of 16,553 stores, including 6,050 franchise stores, achieving coverage across 21 provinces, autonomous regions, and municipalities [3]. - The company is entering a phase of consolidating its market presence in existing regions, focusing on enhancing market share and operational management [3][4]. Industry Trends - The market share of public hospitals, retail pharmacies, and public grassroots medical institutions has shifted from 64%, 26.3%, and 9.7% in 2020 to 59.8%, 30.8%, and 9.4% in 2024, indicating a trend of prescription outflow towards retail pharmacies [4]. - Dazhonglin is adapting to the changing landscape by promoting various pharmacy models and expanding its service offerings, including DTP pharmacies and chronic disease management [4]. Strategic Focus - The company is prioritizing compliance and professional service capabilities as core competitive advantages amid a slowdown in rapid expansion within the retail pharmacy sector [4]. - Dazhonglin aims to enhance operational efficiency through strategic consolidation in covered areas and explore new growth opportunities in chronic disease management and innovative drug sales [4].

证券代码：603233 证券简称：大参林 公告编号：2025-043 大参林医药集团股份有限公司 2024 年年度权益分派实施公告 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。 本次利润分配方案经公司 2025 年 5 月 20 日的 2024 年年度股东大会审议通过。 本次利润分配以方案实施前的公司总股本 1,138,847,895 股扣除回购股份后为基 数，向全体股东每股派发现金红利 0.31 元，不送红股，不进行资本公积金转增股 本，共计派发现金红利 350,958,948.71 元，利润分配后总股本保持不变。 二、 分配方案 1. 发放年度：2024 年年度 2. 分派对象： 重要内容提示： 每股分配比例 A 股每股现金红利 0.31 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 差异化分红送转： 是 一、 ...

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 专项法律意见书 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）受大参林医药集团股份 有限公司（以下简称公司）委托，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股份回购规则》（以下简称《回购规则》）、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》（以下简称《监管指引第 7 号》）、《上 海证券交易所股票上市规则》等中华人民共和国境内（为本法律意见书之目的， 不包括中华人民共和国香港特别行政区、中华人民共和国澳门特别行政区和中 华人民共和国台湾地区）现行有效的法律、法规和规范性文件的规定以及《大 参林医药集团股份有限公司章程》，就公司 2024 年度利润分配所涉及的差异 化权益分派（以下简称本次差异化权益分派）相关事项，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，出具本法律意见书。 本法律意见书的出具已得到公司如下保证： 准确、完整和有效的，且一切足以影响本法律意见书的事实和文件均已向本所 披露，而无任何隐瞒或重大遗漏。 印件或 ...

| 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 证券代码：603233 证券简称：大参林 公告编号： 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： ? 每股分配比例 A 股每股现金红利0.31元 ? 相关日期 《上市公司股份回购规则》 《上海证券交易所上市公 司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章及其他 规范性文件的规定，前述公司回购的股份不参与利润分配，从而造成本次权益分 派实际实施股权登记日的总股本数与应分配股数存在差异，应当进行差异化权益 分派特殊除权除息处理。 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 本次利润分配以方案 ...

大参林医药集团股份有限公司 关于"大参转债"转股价格调整的公告 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： | 证券代码：603233 | 证券简称：大参林 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：113605 | 债券简称：大参转债 | | 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 日 | 期间 | | | | 113605 | 大参转债 | 可转债转股复牌 | | | 2025/6/18 | 2025/6/19 | 一、转股价格调整依据 根据公司《公开发行可转换公司债券募集说明书》相关条款的规定，"大参转 债"在本次发行之后，若公司发生派送红股、转增股本、增发新股（不包括因本 次发行的可转换公司债券转股而增加 ...

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 2024 年度差异化权益分派之 专项法律意见书 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）受大参林医药集团股份 有限公司（以下简称公司）委托，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司股份回购规则》（以下简称《回购规则》）、《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》（以下简称《监管指引第 7 号》）、《上 海证券交易所股票上市规则》等中华人民共和国境内（为本法律意见书之目的， 不包括中华人民共和国香港特别行政区、中华人民共和国澳门特别行政区和中 华人民共和国台湾地区）现行有效的法律、法规和规范性文件的规定以及《大 参林医药集团股份有限公司章程》，就公司 2024 年度利润分配所涉及的差异 化权益分派（以下简称本次差异化权益分派）相关事项，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，出具本法律意见书。 本法律意见书的出具已得到公司如下保证： 对于会计、审计、评级等专业事项，本所在本法律意见书中只作引用且不 发表法律意 ...

证券代码：603233 证券简称：大参林 公告编号： 2025-043 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： 每股分配比例 A 股每股现金红利0.31元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 大参林医药集团股份有限公司 2024年年度权益分派实施公告 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 本次利润分配以方案实施前的公司总股本 1,138,847,895 股扣除回购股份后为基 数，向全体股东每股派发现金红利 0.31 元，不送红股，不进行资本公积金转增股 本，共计派发现金红利 350,958,948.71 元，利润分配后总股本保持不变。 二、 分配方案 1. 发放年度：2024年 ...

Core Viewpoint - The actual controller of Dazhenglin, Ke Jinlong, plans to reduce his holdings by up to 22.777 million shares, accounting for 2% of the total share capital, aiming to raise approximately 394 million yuan [1][3]. Group 1: Share Reduction Plan - The share reduction plan will officially start on June 27 and continue until September 26 [3]. - Dazhenglin stated that the purpose of this reduction is to adjust asset and financing structure, repay personal debts, and lower the stock pledge ratio [3]. - Ke Jinlong currently holds a 20.16% stake, making him the second-largest shareholder [3]. Group 2: Legal Issues and Penalties - Dazhenglin's wholly-owned subsidiary, Maoming Dazhenglin Chain Pharmacy, was fined 4 million yuan for unit bribery, while Ke Jinlong received a three-and-a-half-year prison sentence and a fine of 500,000 yuan for the same offense [3]. - The case originated from the subsidiary's historical wholesale business, with involved customer sales accounting for 0.25%, 0.20%, and 0.15% of total revenue from 2020 to 2022 [3]. - Ke Jinlong was placed under detention on July 14, 2023, and criminally detained on August 21, but Dazhenglin did not disclose this until March 1, 2024 [3]. Group 3: Regulatory Actions - The Guangdong Securities Regulatory Bureau took regulatory measures against Dazhenglin and related responsible persons [3]. - The Shanghai Stock Exchange imposed a six-month suspension on accepting issuance applications and publicly reprimanded the actual controllers, including Ke Jinlong [3]. - Ke Jinlong, along with his brothers, collectively controls 64.04% of the shares, forming a concerted action relationship [3].

Core Insights - The pharmaceutical retail industry is undergoing significant transformation driven by continuous policy adjustments, diverse consumer health needs, and deep penetration of digital technologies [1][2][6] - Major trends in the industry include accelerated layout of dual-channel pharmacies, continuous expansion of DTP (Direct to Patient) pharmacies, and gradual improvement of new retail health service ecosystems [1][6] Policy Support - Recent policy changes have facilitated the development of new retail in pharmacies, including the gradual relaxation of online prescription drug sales, allowing consumers easier access to prescription medications [2] - The expansion of online medical insurance payment trials and the promotion of electronic medical insurance credentials have laid a solid foundation for large-scale online drug purchases [2] Omnichannel Integration - The company has established deep cooperation with O2O platforms such as Meituan, Ele.me, JD Daojia, and Tmall, leveraging their user traffic and delivery systems to expand online sales channels [3] - As of the end of 2024, the O2O delivery service coverage rate reached 80.38%, with a focus on user-centered 24-hour delivery services [3] - The company operates a membership system with over 100 million members, enhancing customer engagement through personalized health information and exclusive offers [3] Digital Upgrade - The company is piloting a "smart pharmacy" project, equipping stores with self-service drug dispensing machines and remote consultation screens to enhance customer convenience [4] - Integration of online and offline inventory systems allows for seamless "online ordering and in-store pickup" experiences for consumers [4] Multi-Dimensional Expansion - The company employs a "self-built + acquisition + direct franchise" model for store expansion, with a total of 16,622 stores nationwide as of March 31, 2025, including a net increase of 2,479 stores in 2024 [5] - The company has actively developed DTP pharmacies and slow disease management outlets, with 248 DTP pharmacies and 2,822 various medical insurance coordination stores by the end of 2024 [5] - The company has achieved significant revenue growth in the Northeast, North China, Southwest, and Northwest regions, with a revenue growth rate of 34.42% in these areas in 2024 [5] Future Outlook - The pharmaceutical retail market holds substantial potential, and the company aims to explore a business model integrating "medicine + health + care + testing + insurance" to provide comprehensive health solutions [6] - The company is committed to leading the industry towards a more diversified, professional, and intelligent direction, contributing to the advancement of China's pharmaceutical retail sector [6]