Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention to the stock [6][14]. Core Views - The company reported a revenue of 13.345 billion yuan for the first half of 2024, representing a year-on-year growth of 11.29%. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan [11][12]. - The company is actively expanding its store network, reaching a total of 16,151 stores across 21 provinces by the end of June 2024, with 10,772 being direct-operated and 5,379 being franchise stores [12][13]. Summary by Sections Financial Performance - In the first half of 2024, the retail business generated 11.065 billion yuan in revenue, up 8.20% year-on-year, while the franchise and distribution business saw a revenue increase of 33.85% to 1.973 billion yuan [12]. - The company’s revenue projections for 2024-2026 are 27.642 billion yuan, 32.239 billion yuan, and 38.476 billion yuan, with corresponding growth rates of 12.68%, 16.63%, and 19.35% [14][15]. Store Expansion - The company opened 797 self-built stores, 1,214 franchise stores, and acquired 284 stores in the first half of 2024, while closing 218 stores [13]. - The company has established 248 DTP professional pharmacies and has 9,914 personal account medical insurance designated stores by the end of June 2024 [13]. Regional Performance - Revenue from the South China region was 8.605 billion yuan, growing 5.30% year-on-year, while the East China region achieved 1.009 billion yuan, up 18.73% [12]. - Other regions showed significant growth, with revenue increasing by 44.16% [12]. Profitability Forecast - The forecasted net profit for 2024 is 1.248 billion yuan, with a growth rate of 7.03%, and projected EPS of 1.10 yuan per share [14][15]. - The company’s EBITDA for 2024 is estimated at 3.726 billion yuan, with a corresponding P/E ratio of 12.3 [15].

关于召开 2024 年半年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。 证券代码：603233 证券简称：大参林 公告编号：2024-088 重要内容提示： 大参林医药集团股份有限公司 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 2024 年 9 月 3 日(星期二)至 9 月 9 日(星期一)16:00 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 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。 董事及总经理：柯国强 董事会秘书、财务总监：彭广智 大参林医药集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营情况及财务状况，公司计划于 2024 年 9 月 10 日上午 9:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一 ...

证券代码：603233 证券简称：大参林 公告编号：2024-087 大参林医药集团股份有限公司 关于股份回购进展公告 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。 公司于 2024 年 3 月 15 日召开第四届董事会第十三次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，于 2024 年 4 月 1 日召开 2024 年第二次临时股东大会审议通过上述议案，以使用不低于人民币 10,000 万元（含） 且不超过人民币 20,000 万元（含）的资金实施回购，回购股份价格为不超过人民 币 34.51 元/股。具体内容详见在上海证券交易所网站（www.sse.com.cn）披露的 《关于以集中竞价交易方式回购股份方案的公告》（公告编号：2024-025）及《关 于以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2024-029）。 二、 回购股份的进展情况 重要内容提示： | 回购方案首次披露日 | 2024/3/16 | | | | | --- | --- | --- | --- | --- | ...

股 票 研 究 [table_Authors] 丁丹(分析师) 张拓(分析师) 0755-23976735 0755-23976170 dingdan@gtjas.com zhangtuo024925@gtjas.com [当前价格： Table_CurPrice] 13.51 登记编号 S0880514030001 S0880523090003 公 司 更 新 报 告 52 周内股价区间（元） 12.10-26.82 总市值（百万元） 15,386 总股本/流通A股（百万股） 1,139/1,139 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 7,295 每股净资产（元） 6.41 市净率（现价） 2.1 净负债率 -18.53% 证 券 研 究 报 告 [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 9% -31% -49% 相对指数 10% -23% -39% 收入增速放缓，毛利率阶段性承压 大参林(603233) [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 上 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [1][4] Core Views - The company reported a revenue of 13.345 billion yuan for H1 2024, representing a year-on-year growth of 11.29%. However, the net profit attributable to shareholders decreased by 28.32% to 658 million yuan due to declining consumer spending and many new stores still in the cultivation phase [2][3] - The company continues to expand its store network, with a total of 16,151 stores as of H1 2024, including 5,379 franchise stores. The company opened 797 new stores and 1,214 new franchise stores during this period [3] - Revenue growth varied by region, with South China achieving 8.605 billion yuan (+5.30%), East China 1.009 billion yuan (+18.73%), and Northeast/ North China/ Southwest/ Northwest 2.226 billion yuan (+44.16%) [3] Financial Summary - The projected net profits for the company from 2024 to 2026 are 1.318 billion yuan, 1.546 billion yuan, and 1.819 billion yuan respectively. The expected EPS for 2024 is 1.16 yuan per share, with a target price of 17.40 yuan per share based on a 15x PE ratio [4][8] - The company’s revenue is expected to grow from 26.666 billion yuan in 2024 to 38.618 billion yuan in 2026, with a net profit margin projected to remain around 4.9% [8]

证券代码：603233 证券简称：大参林 公告编号：2024-085 2、本次利润分配不送红股，不进行资本公积转增股本。如在本公告披露之 日起至实施权益分派股权登记日期间，因可转债转股致使公司总股本发生变动 的，公司拟维持每股分配比例不变，相应调整分配总额。 3、本次利润分配方案尚需提交至公司 2024 年第四次临时股东大会审议。 二、公司履行的决策政策 大参林医药集团股份有限公司 关于2024年半年度利润分配方案的公告 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： 一、利润分配方案内容 根据大参林医药集团股份有限公司（以下简称"公司"）《2024 年半年度 报告》（未经审计），2024 年上半年合并报表归属于上市公司股东的净利润为 人民币 657,593,968.87 元。经公司董事会决议，拟以实施权益分派股权登记日 登记的总股本扣减回购部分的股份为基数分配利润。本次利润分配方案如下： 1、公司拟向全体股东每股派发现金红利 0.31 元（含税），剔除掉回购部分 的股份后拟派发现金红利 351,409,093 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥13,345,351,847.62, representing an increase of 11.29% compared to the same period last year [17]. - Net profit attributable to shareholders decreased by 28.32% to ¥658,926,951.84, primarily due to declining consumer spending and increased sales expenses [18]. - The net cash flow from operating activities increased by 19.61% to ¥1,767,382,620.57, driven by expanded business scale and improved cash collection [18]. - Basic earnings per share fell by 28.40% to ¥0.58, while diluted earnings per share also decreased by the same percentage [18]. - The weighted average return on equity decreased by 4.71 percentage points to 9.24% [18]. - Total assets increased by 5.66% to ¥25,488,501,758.58 compared to the end of the previous year [17]. - The net assets attributable to shareholders rose by 4.17% to ¥7,108,705,646.72 [17]. - Non-recurring losses amounted to ¥1,332,982.97, influenced by various factors including asset disposal losses and other non-operating expenses [20]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.31 per share (including tax) to all shareholders, based on the total share capital minus repurchased shares [3]. - The company does not plan to issue bonus shares or convert capital reserves into share capital in the current profit distribution plan [3]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees [4]. - The company has confirmed that all commitments related to resolving industry competition and land defects are being fulfilled [95]. Risks and Compliance - There are no significant risks that materially affect the company's operations during the reporting period [5]. - The company has detailed various risks and countermeasures in the management discussion and analysis section of the report [5]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a substantive commitment to investors [4]. - The company is committed to compliance with GSP and medical insurance requirements to mitigate risks associated with industry policy changes [78]. - The company has not faced any environmental penalties and complies with national environmental protection laws [92]. Store Expansion and Operations - The company operates 10,772 direct-operated stores across 21 provinces, including Guangdong, Guangxi, Henan, Hubei, Sichuan, and Heilongjiang [22]. - The company has opened a total of 16,151 stores, including 5,379 franchise stores, with a net increase of 2,077 stores during the reporting period, representing a growth of 14.75% compared to the beginning of the year [32]. - The company has implemented a differentiated operating strategy for its proprietary products, ensuring quality and competitive advantages in the market [23]. - The company has established long-term stable partnerships with over 10,000 manufacturers, enhancing its supply chain capabilities [22]. Market Trends and Strategy - The retail pharmacy chain rate in China increased from 36% in 2012 to 58.5% in 2023, indicating a significant industry consolidation trend [25]. - The aging population in China is projected to exceed 400 million by 2035, significantly impacting the demand for healthcare products and services [24]. - The company aims to optimize its product structure by introducing new products and phasing out non-performing items to enhance its competitive advantage [29]. - The company is actively pursuing mergers and acquisitions to quickly enter new regions and enhance its scale in weaker areas [45]. Financial Management and Investments - The company has restricted cash totaling ¥2,213,509,526.58, including ¥2,191,909,526.58 as bank acceptance bill guarantee and ¥21,600,000.00 as performance bond [66]. - The company completed 12 mergers and acquisitions in the reporting period, involving 427 stores, with 89 stores signed but not yet delivered [68]. - The company has a total of ¥2,704,403,059.47 in intangible assets, which are also subject to mortgage loans [67]. - The company has invested ¥3,233 million to acquire 60% of Wuhan Dacanglin Jurongjing Pharmacy Chain Co., Ltd., involving 49 stores, with completion expected by May 2024 [70]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring the accuracy and completeness of the report [2]. - The company has elected two new non-independent directors, Ke Guoqiang and Tan Qunfei, effective from February 8, 2024 [85]. - The company’s board approved the election of new committee members, including Ke Guoqiang to the Strategy Committee and Tan Qunfei to the Nomination Committee [86]. - The company has not disclosed any new employee stock ownership plans or other incentive measures [90]. Financial Reporting and Accounting - The financial report for the first half of 2024 has not been audited [2]. - The company's financial statements were approved by the board on August 30, 2024, ensuring compliance with regulatory requirements [170]. - The company’s financial statements are prepared on a going concern basis, with no significant doubts regarding its ability to continue operations for the next 12 months [171]. - The company recognizes significant receivables and payables based on a threshold of 0.5% of total assets, ensuring that any significant items are duly reported [175].

证券代码：603233 证券简称：大参林 公告编号：2024-086 大参林医药集团股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第四次临时股东大会 召开的日期时间：2024 年 9 月 18 日 10 点 30 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年9月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自 2024 年 9 月 18 日 至 2024 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...

证券代码：603233 证券简称：大参林 公告编号：2024-081 大参林医药集团股份有限公司 第四届监事会第十五次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 大参林医药集团股份有限公司（以下简称"公司"）第四届监事会第十五次 会议通知于 2024 年 8 月 20 日发出，于 2024 年 8 月 30 日以通讯方式召开。本次 会议应到监事 3 人，实到监事 3 人，会议由监事会主席陈智慧先生召集并主持。 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》和《大 参林医药集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，会 议决议合法、有效。 此议案尚需提交至公司2024年第四次临时股东大会审议。 监事会在全面了解和认真审核公司编制的公司 2024 年半年度报告及摘要 后，认为：公司 2024 年半年度报告的编制和审议程序符合法律、法规、公司章 程和公司内部管理制度的各项规定，报告的内容和格式符合中国证监会和上海证 券交易所的各项规定，所 ...

证券代码：603233 证券简称：大参林 公告编号：2024-083 大参林医药集团股份有限公司 关于 2020 年员工持股计划延期的公告 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个别及连带责任。 本期员工持股计划的存续期为 36 个月，自公司公告最后一笔标的股票登记 至员工持股计划名下之日起计算。 2、公司于 2023 年 8 月 18 日召开了 2020 年公司员工持股计划管理委员会 2023 年第一次会议，审议通过了《关于公司 2020 年员工持股计划延期的议案》 并递交至董事会审议，并于 2023 年 8 月 29 日召开的第四届董事会第五次会议审 议通过该议案，同意将本期员工持股计划存续期延长 12 个月，即延长至 2024 年 12 月 3 日。 3、截止至本公告日，公司 2020 年员工持股计划账户持有公司股份 6,572,239 股，占公司总股本的比例为 0.58%。 二、本期员工持股计划延期情况 大参林医药集团股份有限公司（以下简称"公司"）2020 年员工持股计划（以 下简称"员工持股计划"）的存续期将于 20 ...