《上海证券报》 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 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地区）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 5 月 20 日召 开的 2024 年年度股东大会（以下简称本次股东大会），并就本次股东大会相关事 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： 限公司章程》（以下简称《公司章程》）； 报》《证券日报》、巨潮资讯网及上海证券交易所网站的《大参林医药集 团股份有限公司第四届董事会第二十五次会议决议公告》； 报》《证券日报》、巨潮资讯网及上海证券交易所网站的《大 ...

证券代码：603233 证券简称：大参林 公告编号：2025-031 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 | 298 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 881,424,470 | | 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（%） | 77.8557 | 2024年年度股东大会决议公告 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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 东大会。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 重要内容提示： (一) 股东大会召开的时间：2025 年 5 月 20 日 (二) 股东大会召开的地点：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： 本次会议是否有否决议案：无 《 ...

1 1． 经公司 2024 年第三次临时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 4 月 26 日刊登于《中国证券报》《证券时报》《上海证券 报》《证券日报》、巨潮资讯网及上海证券交易所网站的《大参林医药集 团股份有限公司第四届董事会第二十五次会议决议公告》； 3． 公司 2024 年 4 月 26 日刊登于《中国证券报》《证券时报》《上海证券 报》《证券日报》、巨潮资讯网及上海证券交易所网站的《大参林医药集 团股份有限公司第四届监事会第十八次会议决议公告》； 4． 公司 2024 年 4 月 26 日刊登于《证券时报》《上海证券报》《证券日报》、 巨潮资讯网及上海证券交易所网站的《大参林医药集团股份有限公司关于 召开 2024 年年度股东大会的通知》（以下简称《会议通知》）； 5． 公司本次股东大会股权登记日的股东名册； 6． 出席现场会议的股东的到会登记记录及凭证资料； 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 年年度股东大会的法律意见书 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 ...

Core Insights - The article discusses the "Migraine Patient Care Action" initiated in Guangzhou, aimed at raising public awareness and providing support for migraine sufferers [1][2] - The initiative includes the establishment of "Migraine Care Convenience Service Stations" equipped with professional pharmacists to offer various services related to migraine management [2] Group 1: Company Initiatives - The "Migraine Care Convenience Service Station" is designed to provide quick assessments, scientific medication guidance, disease management services, and health lifestyle consultations for migraine patients [2] - The initiative is a collaboration between Guangzhou Daily Health and Dazhenglin Pharmacy, focusing on educating the public about migraine and its management [1] Group 2: Industry Context - Migraine is identified as the second most common neurological disabling disease globally, significantly impacting patients' work, studies, and social interactions [1] - The company is exploring an innovative service model combining "medicine + pharmacy + health + testing + insurance" to provide comprehensive health services to patients and community residents [2]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology industry, suggesting it is at a turning point for profit improvement and has high allocation value [3][4]. Core Insights - The pharmaceutical sector is showing signs of recovery after three years of declining profitability, with a notable increase in net profit margin by 0.3% in Q1 2025 compared to the previous year [3][5]. - Key sub-sectors such as CXO, innovative drugs, biological products, private hospitals, and medical consumables have demonstrated strong performance in Q1 2025, with several leading companies exceeding expectations [3][4]. - The report recommends focusing on sub-sectors and companies with clear upward trends in performance, including innovative drugs and CXO services [3][4]. Overall Performance of the Sector - In 2024, 473 A-share pharmaceutical companies achieved total revenue of 24,588 billion yuan, a year-on-year decrease of 0.9%, and a net profit of 1,412 billion yuan, down 12.1% [3][5]. - For Q1 2025, the sector reported revenue of 6,104 billion yuan, a decline of 4.2% year-on-year, with net profit at 487 billion yuan, down 8.7% [3][5]. Sub-sector Performance - The CXO sector has shown a turnaround since Q4 2024, with Q1 2025 revenue of 225 billion yuan, reflecting an 11.6% year-on-year increase, and net profit of 50 billion yuan, up 72.8% [3][23]. - The innovative drug sector continues to grow rapidly, with leading companies like Heng Rui Medicine and Bai Jie Shen Zhou performing above expectations [3][18]. - The hospital sector is beginning to show signs of recovery, with Q1 2025 revenue of 144 billion yuan, a year-on-year increase of 4.9%, and net profit of 11 billion yuan, up 19.2% [3][28]. Investment Analysis - The report emphasizes the importance of investing in sectors and companies that are showing clear signs of upward trends, particularly in innovative drugs and CXO services [3][4]. - Specific companies recommended for investment include Heng Rui Medicine, Bai Jie Shen Zhou, and Wu Xi AppTec in the innovative drug and CXO sectors [3][4].

Investment Rating - The report maintains a positive investment rating for the healthcare sector, particularly focusing on specific companies and segments within the industry [3]. Core Insights - The report emphasizes the recovery of medical device tenders and highlights investment opportunities in segments such as blood dialysis and ultrasound, with a focus on domestic replacements [1][2]. - It suggests that leading companies in the chain pharmacy sector are likely to increase market share due to the exit of smaller players [1]. - The report identifies several key areas for investment, including innovative drugs, CXO services, traditional Chinese medicine, vaccines, and medical devices, among others [1]. Summary by Sections 1. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive innovation policies and a reduction in geopolitical risks [7]. 2. Innovative Drugs - The report notes a slight increase in the A-share chemical preparation sector and highlights recent approvals for innovative drugs, suggesting a focus on ongoing R&D progress [12][67]. 3. Traditional Chinese Medicine - The performance of the traditional Chinese medicine sector has lagged behind broader market indices, indicating potential for future growth [20]. 4. Blood Products - The report highlights the strong pricing power of manufacturers in the blood products sector, driven by increased demand for immunoglobulin products [22]. 5. Vaccine Sector - The vaccine sector is facing challenges due to low birth rates, but there are opportunities in specific areas such as HPV vaccines [26]. 6. Upstream Pharmaceutical Supply Chain - The report suggests focusing on companies with strong brand recognition and overseas growth potential in the chemical and biological reagent sectors [28]. 7. IVD Sector - The IVD sector is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic replacements [31]. 8. Medical Devices - The report recommends attention to the domestic continuous glucose monitoring (CGM) market, particularly in relation to GLP-1 drugs [37]. 9. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [42]. 10. Offline Pharmacies - The report indicates that leading pharmacy chains are stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. 11. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies with strong product capabilities [48]. 12. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [51]. 13. Instrument Equipment - The report notes that the scientific instrument sector is expected to recover as demand improves and more domestic support policies are introduced [56]. 14. Low-value Consumables - The report suggests that the low-value consumables sector may see investment opportunities as the industry cycle improves [59].

2024 年年度股东大会会议资料 大参林医药集团股份有限公司 2024 年年度股东大会 会议资料 二○二五年五月 2024 年年度股东大会会议资料 目 录 | 2024 年年度股东大会会议议程 1 | | --- | | 2024 年年度股东大会会议须知 3 | | 2024 年年度股东大会会议议案 4 | | 议案一：关于公司 2024 年度董事会工作报告的议案 4 | | 议案二：关于公司 2024 年度监事会工作报告的议案 9 | | 议案三：关于公司 2024 年年度报告及摘要的议案 13 | | 议案四：关于公司 2024 年度利润分配方案的议案 14 | | 议案五：关于续聘天健会计师事务所(特殊普通合伙)为公司 2025 年度财务审计 | | 机构及内部控制审计机构的议案 15 | | 议案六：关于公司 2024 年度关联交易执行情况及 2025 年度日常关联交易预计的 | | 议案 16 | | 议案七：关于子公司申请银行综合授信额度及提供担保的议案 21 | | 议案八：关于公司 2024 年度董事、监事及高级管理人员薪酬的议案 24 | | 议案九：关于变更经营范围及修订《公司章程》的议案 ...

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The industry is undergoing a clearing process, with leading companies recovering profitability [2][3] - The overall performance of the chain pharmacy sector is expected to improve in 2025, with a recovery in valuations observed in Q1 2025 [11] - The market is witnessing a shift towards a higher proportion of franchise stores, indicating a trend towards asset-light expansion models [24][29] Summary by Sections Industry Overview - The chain pharmacy sector is experiencing accelerated store closures and slowed openings, with a significant increase in the proportion of franchise stores from 9% in 2020 to 28% in Q1 2025 [24][29] - The market is expected to see a continued increase in the market share of leading companies due to industry consolidation [30] Financial Performance - In Q1 2025, leading companies are expected to see a significant recovery in net profit margins, following a period of adjustment in 2024 [35] - The overall revenue growth rate for the pharmacy sector has declined significantly in 2024, but a recovery in profit growth is anticipated in 2025 due to improved consumer spending and the implementation of coordinated healthcare policies [42] Investment Recommendations - The report recommends investing in leading pharmacy companies with superior management capabilities and quick category adjustments to mitigate the downward pressure on industry profitability. Specific recommendations include Dazhenglin, Yifeng Pharmacy, and Laobaixing, with a focus on Yixin Hall, Jianzhijia, and Shuyupingmin [4][58]

Core Insights - The chain pharmacy industry in 2024 is experiencing a significant slowdown, transitioning from a rapid expansion phase to one of reduced growth and declining profitability [2][3] - Six major private chain pharmacies reported revenue growth of less than 10%, with the highest being 8.01%, a stark contrast to previous years where many exceeded 20% [2] - Only Yifeng Pharmacy managed to achieve net profit growth, while the other five companies faced varying degrees of decline [2][5] Revenue and Profitability - Yifeng Pharmacy reported a revenue of 24.062 billion yuan with a net profit growth of 8.26%, becoming the only company to grow in a challenging environment [5] - Dazhenlin achieved the highest revenue of 26.497 billion yuan but saw a net profit decline of over 20% [5] - Laobaixing maintained a sales figure of 22.357 billion yuan, but its profits nearly halved [5] - Regional players like Shuyupingmin reported a loss of nearly 200 million yuan, while Jianzhijia's profits plummeted by about 70% [5] Store Expansion and Closure - Despite the overall industry challenges, the number of stores for major chain pharmacies continued to grow, with Dazhenlin adding 2,479 stores, Yifeng adding 1,434, and Laobaixing adding 1,703 [7] - The total number of closed pharmacies reached 25,114 in the first three quarters of 2024, with a growing trend in closures [5][6] Industry Challenges - The industry faces significant pressures from tightened healthcare policies, increased online competition, and changing consumer spending habits [3][8] - The competitive landscape has intensified, leading to price wars and promotional battles that compress profit margins [8] - Regulatory changes, such as stricter healthcare cost controls and increased compliance requirements, have further strained profitability [8][10] Strategic Responses - Companies are focusing on digital transformation and optimizing business structures to enhance efficiency and customer service [12] - Diversification into health products, beauty items, and health management services is becoming a strategic priority [12] - The integration of online and offline sales and services is seen as essential for future success, although it requires significant investment [12]

2025Q1 利润稳健，门店优化推动长期发展 [Table_StockName] ——大参林（603233）点评报告 [Table_ReportDate] [Table_Summary] 事件: 4 月 26 日，公司发布 2024 年年报和 2025 年一季报。2024 年，公司实 现总营业收入 264.97 亿元（+8.01%）；实现归母净利润 9.15 亿元（- 21.58%）。2025Q1，公司实现总营业收入 69.56 亿元（+3.02%）；实现归 母净利润 4.60 亿元（+15.45%）。 投资要点: 深耕华南，积极实施省外扩张战略 公司持续新开门店、并购和新拓展加盟等方式，继续下沉已布局区域的 二、三级市场，同步开拓重要区域的新市场，保持零售业务规模优势。 截至 2025Q1，公司拥有门店 16,622 家（含加盟店 6,239 家），净增门 店 69 家。2025Q1，公司华南/华中/华东/东北华北西南和西北地区收入 分别为 43.03/6.76/5.47/12.20 亿元，同比增速分别为 -0.94%/8.31%/5.16%/10.70%，可以看出公司华南以外市场增长较强势。 公司持续推进 ...