Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 245.31 billion yuan in 2023, representing a year-on-year growth of 15.45%, and a net profit of 11.66 billion yuan, up by 12.63% [3] - In Q1 2024, the company achieved a revenue of 67.52 billion yuan, an increase of 13.54%, but the net profit decreased by 19.79% to 3.98 billion yuan [3] - The franchise business saw over 100% growth in 2023, with retail drug sales reaching 205.09 billion yuan, a growth of 6.58% [3] - The company aims to recover growth in the second half of 2024 after experiencing profit pressure in Q1 due to new store openings [4] Summary by Sections Financial Performance - Total revenue for 2023 was 245.31 billion yuan, with a year-on-year growth of 15.45% [3] - The net profit for 2023 was 11.66 billion yuan, reflecting a 12.63% increase [3] - Q1 2024 revenue was 67.52 billion yuan, up 13.54%, while net profit fell to 3.98 billion yuan, down 19.79% [3][4] Business Segments - Retail drug sales contributed 205.09 billion yuan in 2023, with a gross margin of 38.15% [3] - Franchise and distribution revenue reached 34.23 billion yuan, growing by 122.46% [3] - The company achieved a gross margin of 35.90% for the full year 2023, down by 1.90 percentage points [3] Store Expansion - The company had a total of 14,074 stores by the end of 2023, with 9,909 direct-operated and 4,165 franchised stores [3] - In 2023, the company added 1,382 self-built stores and 2,158 franchise stores [3] - Significant growth was noted in the Northeast, North China, Northwest, and Southwest regions, with a total of 1,443 new stores added [3] Profitability Forecast - The forecast for net profit in 2024 is adjusted to 14.28 billion yuan, down from previous estimates [4] - The projected net profit for 2025 is 17.39 billion yuan, with 2026 expected to reach 21.06 billion yuan [4] - Corresponding P/E ratios are projected at 17, 14, and 12 times for 2024, 2025, and 2026 respectively [4]

业绩简评 2024 年 4月 28日，公司发布2023 年年度报告及 2024 年第一季度 报告。2023 年公司实现收入245.3 亿元，同比+15.5%；归母净利 润 11.7 亿元，同比+12.6%；扣非归母净利润 11.4 亿元，同比 +13.6%。 公司2023年Q4实现收入68.1亿元，同比+5.87%；归母净利润-0.03 亿元，扣非归母净利润-0.16 亿元。 公司2024年Q1实现收入67.5亿元，同比+13.5%；归母净利润3.98 亿元，同比-19.8%；扣非归母净利润3.96 亿元，同比-20.4%。 经营分析 人民币(元) 成交金额(百万元) 门店持续拓展，自建+并购+加盟共同发力。2023 年，公司门店已 32.00 1,200 覆盖全国19 个省（自治区、直辖市），新开自建门店1382 家，加 30.00 1,000 盟门店2158 家，并购门店 750 家，新进3 省（自治区、直辖市）、 28.00 800 26.00 600 31个地级市及省辖县。24年Q1，公司净增门店841 家，其中：新 24.00 400 开门店396 家，收购门店 68家，加盟店445 家，关闭门店6 ...

天健审〔2024〕2-319 号 大参林医药集团股份有限公司全体股东： 一、审计意见 大参林医药集团股份有限公司 2023 年度审计报告 天健会计师事务所 Pan-China Certified Public Accountants | | | | 一、审计报告……………………………………………………… 第 1—6 页 | | --- | | 二、财务报表……………………………………………………… 第 7—14 页 | | （一）合并资产负债表…………………………………………… 第 7 页 | | （二）母公司资产负债表………………………………………… 第 8 页 | | （三）合并利润表………………………………………………… 第 9 页 | | （四）母公司利润表………………………………………………第 10 页 | | （五）合并现金流量表……………………………………………第 11 页 | | （六）母公司现金流量表…………………………………………第 12 页 | | （七）合并所有者权益变动表……………………………………第 13 页 | | （八）母公司所有者权益变动表…………………………………第 14 ...

天健审〔2024〕2-321 号 大参林医药集团股份有限公司全体股东： 关于大参林医药集团股份有限公司 募集资金年度存放与使用情况鉴证报告 天健会计师事务所 Pan-China Certified Public Accountants 目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告…………… 第 3—14 页 三、附件……………………………………………………………第 15—18 页 (一) 本所营业执照复印件…………………………………………… 第 15 页 (二) 本所执业证书复印件…………………………………………… 第 16 页 (三) 本所签字注册会计师执业证书复印件…………………… 第 17—18 页 募集资金年度存放与使用情况鉴证报告 我们鉴证了后附的大参林医药集团股份有限公司（以下简称大参林公司）管 理层编制的 2023 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供大参林公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为大参林公司年度报告的必备文 ...

关于大参林医药集团股份有限公司 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健会计师事务所 Pan-China Certified Public Accountants 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—10 页 三、附件……………………………………………………………第 11—14 页 (一) 本所营业执照复印件…………………………………………… 第 11 页 (二) 本所执业证书复印件…………………………………………… 第 12 页 (三) 本所签字注册会计师执业证书复印件…………………… 第 13—14 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2024〕2-322 号 大参林医药集团股份有限公司全体股东： 我们接受委托，审计了大参林医药集团股份有限公司（以下简称大参林公司） 2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现 ...

中信建投证券股份有限公司 关于大参林医药集团股份有限公司 2-11 号）。 2、募集资金使用和结余情况 | | | | | 单位：万元 | | --- | --- | --- | --- | --- | | | 项目 | 序号 | 金 额 | | | 募集资金净额 | | A | | 98,362.45 | | 截至期初累计发生额 | 项目投入 | B1 | | 87,442.52 | | | 利息收入净额 | B2 | | 3,332.77 | | 本期发生额 | 项目投入 | C1 | | 5,056.67 | | | 利息收入净额 | C2 | | 187.81 | | 截至期末累计发生额 | 项目投入 | D1=B1+C1 | | 92,499.19 | | | 利息收入净额 | D2=B2+C2 | | 3,520.58 | | 应结余募集资金 | | E=A-D1+D2 | | 9,383.84 | | 实际结余募集资金 | | F | | 6,719.16 | | 差异[注] | | G=E-F | | 2,664.68 | 注：公司于 2021 年 12 月 30 日召开第三届董事会第二十六次 ...

重要内容提示： 一、 召开会议的基本情况 证券代码：603233 证券简称：大参林 公告编号：2024-046 大参林医药集团股份有限公司 关于召开 2023 年年度股东大会的通知 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。 召开的日期时间：2024 年 5 月 20 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5月20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 (一) 股东大会类型和届次 2023 年年度股东大会 (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 5 月 20 日 至 2024 年 5 月 20 日 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程 ...

大参林医药集团股份有限公司 章 程 2024 年 4 月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 4 | | 第三节 | | 股份转让 5 | | 第四章 | 股东和股东大会 | 5 | | 第一节 | 股东 | 5 | | 第二节 | | 股东大会的一般规定 8 | | 第三节 | | 股东大会的召集 10 | | 第四节 | | 股东大会的提案与通知 12 | | 第五节 | | 股东大会的召开 13 | | 第六节 | | 股东大会的表决和决议 16 | | 第五章 | 董事会 | 21 | | 第一节 | 董事 | 21 | | 第二节 | 董事会 | 23 | | 第六章 | 高级管理人员 | 29 | | 第七章 | 监事会 | 32 | | 第一节 | 监事 | 32 | | 第二节 | 监事会 | 33 | | 第八章 | | 财务会计制度、利润分配和审计 35 | | 第一节 | | 财务会计制度 35 | ...

2024 年 4 月 26 日，公司召开了第四届第十四次董事会议及第四届第十三次 监事会议，审议通过《关于子公司向银行申请综合授信额度及提供担保的议案》， 相关情况如下： 为了满足公司经营和发展需要，提高公司运作效率，2024 年度公司并表范 围内的子公司（含孙公司，下同）拟向相关银行申请合计不超过 63.3 亿元的综合 授信额度，综合授信内容包括但不限于流动资金贷款、项目资金贷款、银行承 兑汇票、保函、开立信用证、押汇、国内贸易融资业务、票据贴现、并购贷款、 商票及其项下融资等综合授信业务。 证券代码：603233 证券简称：大参林 公告编号：2024-044 大参林医药集团股份有限公司 关于子公司向银行申请综合授信额度及提供担保的公告 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、预计担保情况 在本年度预计担保的决议生效之前已经签订且未终止的授信担保合同继续 保持有效，且属于上述年度担保额度范围内。 根据实际授信业务需要，由公司对子公司申请银行综合授信额度提供担保， 其中公司向资产负债率 70%以上（ ...

Financial Performance - The company's operating revenue for 2023 reached ¥24,531,390,152.75, representing a 15.45% increase compared to the previous year[16]. - Net profit attributable to shareholders was ¥1,166,498,182.43, up 12.63% year-over-year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 13.56% to ¥1,140,765,253.37[16]. - The net cash flow from operating activities decreased by 15.51% to ¥3,173,848,332.73, primarily due to increased cash payments for inventory replenishment and other expenses[18]. - The company's total assets grew by 15.75% to ¥24,123,300,764.20 compared to the previous year[16]. - The net assets attributable to shareholders increased by 9.85% to ¥6,823,853,093.57[16]. - Basic earnings per share rose to ¥1.03, reflecting a 13.19% increase from the previous year[17]. - The weighted average return on equity was 18.01%, slightly up from 17.87% in the previous year[17]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.31 per share, with an expected total cash dividend amount of RMB 353,042,183.12, representing a cash dividend ratio of 30% for the year[5]. - The company has maintained a consistent cash dividend policy, with the total amount of undistributed profits to be carried forward to future years[5]. - The company’s cash dividend payout ratio for the current year is 30%, consistent with its policy and financial performance[134]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the authenticity and completeness of the financial report[4]. - The company has not violated any regulatory decision-making procedures in providing guarantees[6]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[6]. - There are no significant risks that could materially affect the company's operations during the reporting period[7]. - The company has not faced any penalties from securities regulatory authorities in the past three years, reflecting compliance with regulations[119]. - The internal control audit report provided a standard unqualified opinion, indicating effective financial reporting controls[141]. Business Expansion and Strategy - The company plans to continue expanding its retail presence through new store openings and acquisitions in the industry[18]. - The number of stores reached 14,074, with 9,909 direct-operated and 4,165 franchised stores, after opening 1,382 self-built stores and 2,158 franchised stores during the reporting period[28]. - The company completed the acquisition of 750 stores, enhancing its presence in new regions[29]. - The company is actively exploring a value-added model combining pharmaceuticals and insurance, aiming to reduce costs and improve access to innovative drugs for patients[32]. - The company plans to steadily expand its store network while ensuring stable profit growth, balancing between self-built, acquisitions, and franchise models[95]. Market and Industry Insights - The retail pharmacy market in China reached a scale of 516 billion yuan in 2023, with retail pharmacies accounting for 26.68% of total sales, up from 23.71% in 2019[40]. - The retail pharmacy industry in China had a total of approximately 654,000 pharmacies by the end of 2023, with a chain rate of 58.5%, an increase of 0.76 percentage points from the previous year[91]. - The top 100 retail pharmaceutical companies generated a total sales revenue of 307 billion yuan, accounting for 59.50% of the market, with the top 10 companies holding a 34.11% market share[36]. - The retail pharmacy market is expected to continue growing due to increasing demand driven by an aging population and rising disposable income[40]. Risk Management - The company has detailed various risks and countermeasures in the management discussion and analysis section of the report[7]. - The company recognizes potential risks from industry policies and will adapt its strategies to mitigate these risks[99]. - The company is focusing on compliance with GSP and medical insurance requirements to adapt to increasingly strict industry regulations[100]. Human Resources and Talent Development - The company has a comprehensive talent development system, with 700 employees empowered through the "Eagle" high-potential talent program in 2023[54]. - The company has implemented a comprehensive training program to develop internal talent and meet the needs of its expanding store network[131]. - The total number of employees in the parent company and major subsidiaries is 45,466, with 3,100 in the parent company and 42,366 in subsidiaries[129]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, ensuring effective governance and decision-making[103]. - The company is focused on enhancing its governance structure through the election of new board members and management personnel[112]. - The company has a structured process for determining the remuneration of directors and senior management, involving the human resources department[117]. Financial Management - The company has established a competitive and fair compensation system, with salaries varying based on position, category, and responsibilities[130]. - The company has a total of 2,128 retired employees for whom it is responsible for pension expenses[129]. - The company has confirmed that its production and operations are normal despite the legal issues[162]. Legal Matters - The company was fined 4 million yuan for unit bribery, and a key executive received a prison sentence of 3 years and 6 months, highlighting significant internal control deficiencies related to legal compliance[139]. - The lawsuit involves a subsidiary's historical wholesale business, which has a low revenue scale compared to the main retail pharmacy business[162]. - There are no significant litigation or arbitration matters reported for the year[160]. Investment and Acquisitions - The company completed 19 investment and acquisition projects in the reporting period, involving a total of 926 stores, with 178 stores signed but not yet delivered[78]. - The company has ongoing projects to acquire assets from Guangdong Hengda Pharmaceutical Chain Co., Ltd. for CNY 6.763 million, involving 48 stores, and from Heilongjiang Jiukang Pharmaceutical Chain Co., Ltd. for CNY 1.0493 million, involving 40 stores[81]. Digital Transformation - The company has implemented over ten digital projects, including a self-developed POS system and a smart supply chain, enhancing operational efficiency across more than 10,000 stores[34]. - The company has adopted a digital strategy that integrates all business operations, significantly improving decision-making efficiency and quality[49]. - Digital transformation will be prioritized, with investments in areas such as smart supply chain and data-driven decision-making[98].