Financial Performance - The company reported a total revenue of 20.068 billion yuan for Q3 2025, with a net profit attributable to shareholders of 1.081 billion yuan and a net cash inflow from operating activities of 3.729 billion yuan [1] Financial Ratios - The latest debt-to-asset ratio is 67.45%, ranking 15th among disclosed peers, with an increase of 1.29 percentage points from the previous quarter [3] - The gross profit margin is 34.82%, a decrease of 0.04 percentage points from the previous quarter. The return on equity (ROE) stands at 14.95% [4] - The diluted earnings per share (EPS) is 0.95 yuan. The total asset turnover ratio is 0.76 times, ranking 14th among disclosed peers, with a year-on-year decrease of 0.03 times, representing a decline of 3.17% [4] - The inventory turnover ratio is 3.19 times, ranking 16th among disclosed peers [4] Shareholder Structure - The number of shareholders is 28,600, with the top ten shareholders holding a total of 827 million shares, accounting for 72.60% of the total share capital [5] - The largest shareholder is Ke Yunfeng, holding 21.3% of the shares, followed by Ke Jinlong at 18.1% and Ke Kangbao at 15.6% [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company achieved a revenue of 20.07 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 1.71%. The net profit attributable to shareholders was 1.08 billion yuan, up 25.97% year-on-year [2]. - In Q3 2025, the company reported a revenue of 6.55 billion yuan, a 2.51% increase year-on-year, with a net profit of 280 million yuan, reflecting a significant year-on-year growth of 41.04% [2]. - The retail segment remained stable with a revenue of 16.34 billion yuan in the first three quarters of 2025, showing a slight decline of 0.07% year-on-year, but benefiting from new and existing store growth [3]. - The company has been expanding its franchise model rapidly, with a total of 17,385 stores by the end of Q3 2025, including 7,029 franchise stores, marking a net increase of 832 stores [3]. - The demand for traditional Chinese and Western medicine remains strong, with revenue in this segment reaching 15.45 billion yuan, a year-on-year increase of 5.01% [3]. - The company has successfully reduced its selling expense ratio to 22.3%, down 2.5 percentage points year-on-year, indicating effective cost management [3]. Financial Forecasts - The company is expected to continue its growth trajectory, with projected net profits of 1.20 billion yuan, 1.39 billion yuan, and 1.57 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 31.2%, 15.5%, and 13.3% [3]. - Earnings per share (EPS) are forecasted to be 1.05 yuan, 1.22 yuan, and 1.38 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 13 times [3][8].

Core Viewpoint - Dazhonglin (603233.SH) reported a revenue of 20.068 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.71% and a net profit attributable to shareholders of 1.081 billion yuan, which represents a year-on-year increase of 25.97% [1] Financial Performance - The company achieved total operating revenue of 20.068 billion yuan in the first three quarters of 2025, marking a 1.71% increase compared to the previous year [1] - The net profit attributable to the parent company's shareholders reached 1.081 billion yuan, showing a significant year-on-year growth of 25.97% [1] - Basic earnings per share were reported at 0.95 yuan [1]

证券日报网讯 10月29日晚间，大参林发布公告称，2025年半年度权益分派方案为A股每股现金红利0.34 元（含税），股权登记日为2025年11月5日，除权（息）日及现金红利发放日均为2025年11月6日。 （编辑 楚丽君） ...

Core Insights - Dazhonglin (603233) reported a revenue of 20.068 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.71% [1] - The net profit attributable to shareholders reached 1.081 billion yuan, showing a significant year-on-year increase of 25.97% [1] - The company attributed its sales growth to business expansion and same-store sales growth, along with improvements in gross margin, operational efficiency, and cost control [1]

Core Viewpoint - Dazhenglin (603233) announced that as of the date of the announcement, the total external guarantees provided by the company and its subsidiaries amount to RMB 417.75 million, which represents 51.33% of the company's most recent audited net assets attributable to shareholders [1] Group 1 - The total external guarantees are entirely for the company's controlling subsidiaries [1] - The company does not provide guarantees for its controlling shareholders, actual controllers, or their related parties [1] - There are no overdue external guarantees reported by the company [1]

| 证券代码：603233 | 证券简称：大参林 | 公告编号：2025-070 | | --- | --- | --- | | 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"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： 证券停复牌情况：适用 因实施 2025 年半年度权益分派,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 | | | 2025/11/5 | 2025/11/6 | 修正前转股价格：17.69 元/股 修正后转股价格：17.35 元/股 大参转债本次转股价格调整实施日期：2025 年 11 月 6 日 一、转股价格调整依据 根据公司《公开发行可转换公司债券 ...

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 2025 年半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 华人民共和国台湾省）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 2025 年半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： 1.公司向本所提供的所有文件资料及所作出的所有陈述和说明均是真实、 准 ...

大参林医药集团股份有限公司 独立董事制度 第一章 总 则 第一条 为进一步完善大参林医药集团股份有限公司（以下简称"公司"） 的法人治理结构，改善董事会结构，强化对内部董事及经理层的约束和监督机制， 保护中小股东及债权人的利益，促进公司的规范运作，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》《上市公司治理准则》《上 市公司独立董事管理办法》等有关法律、法规、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》"）的有关规定，并结合公司 实际，特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第三条 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人 等单位或者个人的影响。公司应当为独立董事依法履职提供必要保障。 第四条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交 易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与决 ...

大参林医药集团股份有限公司 对外担保管理制度 第一章 总 则 第一条 为规范大参林医药集团股份有限公司（以下简称"公司"）对外担 保的管理，控制和降低担保风险，保障公司资产安全，从而保护股东和其他利益 相关者的合法权益,根据《中华人民共和国公司法》、《中华人民共和国证券法》 、《中华人民共和国民法典》、《上市公司监管指引第8号--上市公司资金往来、 对外担保的监管要求》等相关法律法规、规范性文件和《上海证券交易所股票上 市规则》（以下简称"《上市规则》"）、《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，结合公司的实际情况，特制定本 制度。 第二条 公司全体董事及高级管理人员应当审慎对待和严格控制对外担保产 生的债务风险。 第三条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股 子公司的担保。公司及其控股子公司的对外担保总额，是指包括公司对控股子公 司担保在内的公司对外担保总额与控股子公司对外担保总额之和。 第四条 公司控股子公司对外担保，公司派出董事应参照本管理制度的规定 认真监督管理、执行。 第五条 公司对外担保应当遵循安全、平等、自愿、公平、诚信、互利的原 则。公 ...