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"）第四届董事会第二十六 次会议于 2025 年 6 月 9 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》（以下简称"《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《关于聘请战略顾问暨关联交易的议案》 根据公司战略发展、产业布局等需要， 公司拟聘请柯康保先生为战略顾问， 为公司总体发展目标、发展战略、经营战略等活动提供顾问服务，并与柯康保 先生签订《战略顾问协议》，聘期三年，每年薪酬为人民币 120 万元（含税）。 证券代码：603233 证券简称：大参林 公告编号：2025-037 大参林医药集团股份有限公司 第四届董事会第二十六次会议决议公告 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 ...

Core Viewpoint - The company, Dazhenglin, has completed its coverage of 21 provinces in China and aims to enhance market share in these regions while optimizing its store network through an intelligent site selection system [2][4]. Group 1: Company Expansion and Strategy - Dazhenglin has established 16,553 stores by the end of 2024, leading the retail pharmacy industry in both sales and store count [2]. - The company plans to prioritize the development of cities based on multi-dimensional data, employing different operational strategies for mature and weaker markets [2]. - Dazhenglin will accelerate its franchise business to attract small and medium-sized chains and independent stores, enhancing market share and brand influence in weaker regions [2][4]. Group 2: Store Efficiency and Profitability - The company is focusing on improving store efficiency by reducing rental costs and adjusting store sizes based on operational needs [3]. - In Q1 2024, the retail segment's gross margin increased by 0.21% year-on-year, driven by promotional system enhancements and a higher share of proprietary and exclusive products [3]. Group 3: Industry Trends and Future Growth - The pharmaceutical retail industry is expected to see increased concentration, deepening prescription outflow, and a focus on specialized service capabilities [4]. - Dazhenglin aims to enhance profitability through regional consolidation, deepening franchise models, and empowering new retail systems [4]. - The company is actively expanding its capabilities in DTP pharmacies, medical insurance coordination, and dual-channel qualification to improve innovative drug sales [4].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14]. - The pharmaceutical and biotechnology sector has shown a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18]. Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14]. - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15]. 2. Subsector Performance - The pharmaceutical sector's sub-indices all recorded gains, with the raw materials and blood products sectors leading with a 2.89% increase [7][22]. - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26]. 3. Recommended and Beneficiary Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihe Jiaye, among others [8]. - Beneficiary stocks identified are Shanhaishan, Yirui Technology, and Lianying Medical [27]. 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI applications in imaging and surgery [26]. - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29]. - **IVD Sector**: The report notes a 2.00% increase in the IVD sector, with a focus on AI-assisted diagnostics [30]. - **Blood Products**: The blood products sector is experiencing a 2.89% increase, with ongoing consolidation and product diversification [31]. - **Retail Pharmacy**: The offline pharmacy sector is expected to benefit from improved operational efficiencies through AI integration [34]. - **Healthcare Services**: The hospital sector has seen a 1.07% increase, with growth in specific medical fields like ophthalmology and reproductive health [36]. - **Traditional Chinese Medicine**: The sector is expected to recover as the impact of previous procurement policies diminishes [38]. - **CXO Sector**: The report indicates a positive outlook for the CXO sector, driven by increased demand for outsourcing in drug development [40].

Core Viewpoint - The article discusses recent developments in the stock market, including new stock listings and shareholder actions, emphasizing the importance of staying informed about investment opportunities and risks [1]. Group 1: Company Actions - Dacenglin plans to reduce its shareholding by no more than 2% of the company's total shares [1]. - Huamao Technology intends to acquire a 57.84% stake in Fuchuang Youyue, with trading resuming on June 5 [1]. Group 2: Market Events - Zhongce Rubber has recently launched its new stock [1]. - The last trading day for Xingsen Convertible Bonds is set for July 17, 2025 [1].

Summary of Key Points Core Viewpoint - The major shareholder of Dazhenglin Pharmaceutical Group Co., Ltd., Ke Jinlong, plans to reduce his shareholding by up to 22,776,957 shares, representing a maximum of 2% of the company's total share capital, to adjust asset and financing structure, repay personal debts, and lower stock pledge rates [1][2]. Shareholder Reduction Plan - The reduction period is set from June 27, 2025, to September 26, 2025 [2]. - Ke Jinlong currently holds 229,631,849 shares, accounting for 20.16% of the total share capital [1]. - The reduction will be executed through block trading [1]. - If there are any changes in the company's shares during the reduction period, the number of shares to be reduced will be adjusted accordingly [1]. Shareholder Background - Ke Jinlong is a controlling shareholder and actual controller of the company [1]. - The shareholding structure includes other family members, with Ke Yunfeng holding 242,591,847 shares (21.3%), and Ke Kangbao holding 178,192,742 shares (15.65%) [1]. Previous Commitments - The major shareholders made commitments not to transfer or manage their shares for 36 months post-listing, with specific conditions for future reductions [2][3]. - After the lock-up period, they are allowed to reduce their holdings by no more than 20% of their total shares within specified time frames [2][3].

大参林医药集团股份有限公司 证券代码：603233 证券简称：大参林 公告编号：2025-036 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 上述减持主体存在一致行动人： 1 一、减持主体的基本情况 股东名称 柯金龙 股东身份 控股股东、实控人及一致行动人 √是 □否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 √否 其他：无 持股数量 229,631,849股 持股比例 20.16% 当前持股股份来源 IPO 前取得：85,185,129股 其他方式取得：144,446,720股 大股东及董监高持股的基本情况：截至本减持股份计划公告日，公司 实际控制人之一柯金龙持有公司股份 229,631,849 股，占公司总股本 比例为 20.16%。 减持计划的主要内容：为调整资产和融资结构，偿还个人债务，降低 股票质押率，股东柯金龙拟通过大宗交易减持其持有的公司股份不超 过 22,776,957 股，即不超过公司总股本的 2%。若公司于拟减持期间 ...

Group 1 - The actual controller of the company, Ke Jinlong, plans to reduce his holdings through block trading by up to 22.777 million shares, which accounts for no more than 2% of the company's total share capital [1]

| 证券代码：603233 | 证券简称：大参林 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113605 | 债券简称：大参转债 | | 大参林医药集团股份有限公司 关于实施 2024 年度权益分派时"大参转债"停止转股的提示性公告 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： 证券停复牌情况：适用 因公司实施 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 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113605 | 大参转债 | 可转债转股停牌 | 2025/6/11 | | | | 一、权益分派的基本情况 2025 年 5 月 20 日，公司召开了 2024 年年度股东大会，审议通过了《关于 2024 年度利润分配方案的议案》，拟以实施权益分派股权登记日的总股本扣减回购部分 的股份为基数分配利润 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while net profit estimates have been revised upwards [2] - The target price is set at 19.74 CNY, based on a PE valuation of 21X for 2025 [2] Financial Performance Summary - For 2023, the company achieved a revenue of 24,531 million CNY, with a year-on-year growth of 15.5% [4] - The projected revenues for 2024, 2025, 2026, and 2027 are 26,497 million CNY, 29,649 million CNY, 33,012 million CNY, and 36,383 million CNY respectively, with growth rates of 8.0%, 11.9%, 11.3%, and 10.2% [4] - The company's net profit attributable to the parent company for 2023 was 1,166 million CNY, with a projected increase to 1,073 million CNY in 2025 [4] - The gross margin is expected to stabilize around 35% in the coming years, with a slight decrease in 2024 [4] Business Expansion and Strategy - The company continues to expand its retail business, with a significant increase in the number of stores, including 907 new self-built stores and 420 acquired stores in 2024 [9] - The retail business generated 219.2 billion CNY in 2024, accounting for 82.7% of total revenue, with a gross margin of 36.6% [9] - The company is actively developing its new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company is experiencing stable revenue growth, with a profit turning point already evident [1] - Revenue forecasts for 2025-2027 have been adjusted downwards, while sales expense ratios have been increased, predicting net profits of 1.073 billion, 1.247 billion, and 1.395 billion yuan respectively for those years [2] Financial Performance Summary - **Revenue**: - 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan (YoY +8.0%), 2025E: 29.649 billion yuan (YoY +11.9%) [4] - **Net Profit**: - 2023A: 1.166 billion yuan, 2024A: 915 million yuan (YoY -21.6%), 2025E: 1.073 billion yuan (YoY +17.3%) [4] - **Earnings Per Share**: - 2023A: 1.02 yuan, 2024A: 0.80 yuan, 2025E: 0.94 yuan [4] - **Gross Margin**: - 2023A: 35.9%, 2024A: 34.3%, 2025E: 35.0% [4] - **Net Margin**: - 2023A: 4.8%, 2024A: 3.5%, 2025E: 3.6% [4] - **Return on Equity**: - 2023A: 17.9%, 2024A: 13.3%, 2025E: 14.3% [4] Business Expansion and Strategy - The company opened 907 new self-built stores and acquired 420 stores in 2024, with a total of 16,553 stores by the end of the year [9] - Retail business revenue reached 219.2 billion yuan in 2024, driven by the expansion of direct-operated stores and new openings [9] - The company is actively developing new retail business, achieving an 80.4% coverage rate for O2O delivery services by the end of 2024 [9]