关于大参林医药集团股份有限公司 由中信建投证券股份有限公司转来的《关于大参林医药集团股份有限公司向 特定对象发行股票审核意见的通知》(以下简称审核意见)奉悉。我们已对审核意 见所提及的大参林医药集团股份有限公司(以下简称大参林公司或公司)财务事 项进行了审慎核查，现汇报如下。 本说明中部分合计数与各项目直接相加之和可能存在尾数差异，这些差异是 由四舍五入造成的。本说明除特别注明外，所涉及金额单位均为万元。 一、根据公开资料，公司自 2022 年 9 月 1 日起延长了房屋建筑物和机器设 备的折旧年限。请发行人对比同行业公司会计估计变更政策及变更具体情况，进 一步说明自 2022 年四季度起变更会计估计的原因及合理性，对公司报告期及未 来净利润的具体影响，是否存在通过变更会计估计调节利润的情况。 请保荐机构及申报会计师进行核查并发表明确意见。（审核意见问题 1） (一) 对比同行业公司会计估计变更政策及变更具体情况，进一步说明自 2022 年 9 月 1 日起变更会计估计的原因及合理性 1. 公司会计估计变更具体情况 向特定对象发行股票审核意见的通知中 有关财务事项的说明 天健函〔2023〕2-151 号 上海 ...

证券代码：603233 证券简称：大参林 大参林医药集团股份有限公司 与 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 向特定对象发行股票的审核中心意见落实函 的回复报告 保荐人（主承销商） 二〇二三年八月 1 上海证券交易所： 贵所于2023年7月21日出具的《关于大参林医药集团股份有限公司向特定对 象发行股票的审核中心意见落实函》（上证上审（再融资）〔2023〕509号）（以 下简称"落实函"）已收悉。大参林医药集团股份有限公司（以下简称"大参林"、 "发行人"、"公司"）与中信建投证券股份有限公司（以下简称"中信建投证 券"、"保荐人"）、天健会计师事务所（特殊普通合伙）（以下简称"会计师"、 "申报会计师"）、北京市金杜律师事务所（以下简称"发行人律师"）等相关 方，本着勤勉尽责、诚实守信的原则，就落实函所提问题逐条进行了认真讨论、 核查和落实，现回复如下，请予审核。 关于回复内容释义、格式等事项的说明： 1、如无特殊说明，本落实函回复中使用的简称或名词释义与《大参林医药 集团股份有限公司2023年度向特定对象发行A股股票募集说明书》（以下简称 "募集说明书"）中的含义相同。 | ਲ | ...

关于大参林医药集团股份有限公司 向特定对象发行股票审核意见的通知中 有关财务事项的说明 天健函〔2023〕2-151 号 上海证券交易所： 由中信建投证券股份有限公司转来的《关于大参林医药集团股份有限公司向 特定对象发行股票审核意见的通知》(以下简称审核意见)奉悉。我们已对审核意 见所提及的大参林医药集团股份有限公司(以下简称大参林公司或公司)财务事 项进行了审慎核查，现汇报如下。 本说明中部分合计数与各项目直接相加之和可能存在尾数差异，这些差异是 由四舍五入造成的。本说明除特别注明外，所涉及金额单位均为万元。 一、根据公开资料，公司自 2022 年 9 月 1 日起延长了房屋建筑物和机器设 备的折旧年限。请发行人对比同行业公司会计估计变更政策及变更具体情况，进 一步说明自 2022 年四季度起变更会计估计的原因及合理性，对公司报告期及未 来净利润的具体影响，是否存在通过变更会计估计调节利润的情况。 请保荐机构及申报会计师进行核查并发表明确意见。（审核意见问题 1） 第 1 页 共 18 页 | 类 | 别 | 折旧方法 | 折旧年限（年） | 残值率（%） | 年折旧率（%） | | --- | --- | ...

证券代码：603233 证券简称：大参林 公告编号：2023-083 大参林医药集团股份有限公司 关于回复上海证券交易所《关于大参林医药集团股份有限公 董事会 2023 年 8 月 9 日 司向特定对象发行股票的审核中心意见落实函》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个别及连带责任。 2023 年 7 月 21 日，大参林医药集团股份有限公司（以下简称"公司"）收 到上海证券交易所（以下简称"上交所"）出具的《关于大参林医药集团股份有 限公司向特定对象发行股票的审核中心意见落实函》（上证上审（再融资）〔2023〕 509 号）（以下简称"《落实函》"）。 公司收到《落实函》后，按照要求会同相关中介机构对《落实函》提出的问 题进行了认真研究和逐项落实，现根据相关要求对《落实函》回复进行公开披露， 具体内容详见公司于 2023 年 8 月 8 日披露于上海证券交易所网站（www.sse.co m.cn）的《关于大参林医药集团股份有限公司向特定对象发行股票的审核中心意 见落实函的回复报告》等文件。 公司本次向特定对象 ...

证券代码：603233 证券简称：大参林 公告编号：2023-062 大参林医药集团股份有限公司 关于召开 2022 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个别及连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 会议召开时间：2023 年 05 月 22 日(星期一)下午 13:00-14:30 会议召开地点：上海证券交易所上证路演中心（网址： （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 总经理：柯国强； 投资者可于 2023 年 05 月 15 日(星期一) 至 05 月 19 日(星期五)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 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 大参林医药集团股份有限公司（以下简称"公司"）已于 2023 年 4 月 28 日发布公司 2022 年年 ...

Financial Performance - The company's revenue for Q1 2023 reached ¥5,946,849,853.43, representing a year-on-year increase of 27.16%[4] - Net profit attributable to shareholders was ¥496,753,444.07, reflecting a growth of 29.29% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥497,832,323.90, an increase of 25.66% year-on-year[4] - Basic and diluted earnings per share were both ¥0.52, up by 7.74% compared to the same quarter last year[4] - Operating profit for Q1 2023 was ¥684,089,734.63, compared to ¥492,391,244.39 in Q1 2022, reflecting a significant growth[18] - Net profit for Q1 2023 was ¥524,264,298.83, up from ¥383,511,524.40 in Q1 2022, indicating a year-over-year increase of 36.8%[18] - The total comprehensive income for Q1 2023 reached approximately ¥524.26 million, compared to ¥383.51 million in Q1 2022, indicating an increase of around 36.8%[19] - The basic and diluted earnings per share for Q1 2023 were both ¥0.52, up from ¥0.49 in Q1 2022, reflecting a growth of approximately 6.1%[19] Cash Flow and Assets - The net cash flow from operating activities amounted to ¥752,251,808.16, showing a 12.99% increase from the previous year[4] - Cash inflows from operating activities for Q1 2023 totaled approximately ¥7.08 billion, compared to ¥5.55 billion in Q1 2022, marking an increase of about 27.5%[21] - The net cash flow from operating activities for Q1 2023 was approximately ¥752.25 million, up from ¥665.78 million in Q1 2022, representing an increase of around 13%[21] - The cash outflow from investing activities in Q1 2023 was approximately ¥730.25 million, compared to ¥485.67 million in Q1 2022, indicating an increase of about 50.4%[22] - The net cash flow from financing activities for Q1 2023 was approximately -¥326.90 million, a decrease from -¥58.17 million in Q1 2022, reflecting a worsening of about 461.5%[22] - The cash and cash equivalents at the end of Q1 2023 were approximately ¥3.57 billion, down from ¥2.38 billion at the end of Q1 2022, indicating a decrease of about 50.5%[22] - The company reported cash and cash equivalents of approximately CNY 4.37 billion as of March 31, 2023, compared to CNY 4.49 billion at the end of 2022, indicating a decrease of about 2.7%[13] - Total current assets amounted to approximately CNY 10.52 billion as of March 31, 2023, compared to CNY 10.67 billion at the end of 2022, indicating a decrease of about 1.4%[13] Assets and Liabilities - Total assets at the end of the reporting period were ¥21,155,365,736.59, a slight increase of 1.51% from the end of the previous year[5] - Total assets as of Q1 2023 amounted to ¥21,155,365,736.59, compared to ¥20,841,243,241.84 at the end of Q1 2022, showing a growth of 1.5%[15] - Total liabilities for Q1 2023 were ¥13,571,375,768.81, down from ¥13,977,090,807.60 in Q1 2022, representing a decrease of 2.9%[15] - The company's goodwill increased to ¥2,592,585,969.68 in Q1 2023 from ¥2,363,756,298.38 in Q1 2022, marking an increase of 9.7%[14] - The total non-current assets reached ¥10,630,842,540.11 in Q1 2023, up from ¥10,171,611,760.85 in Q1 2022, indicating a growth of 4.5%[14] - Shareholders' equity attributable to the parent company was ¥6,713,652,430.64, up 8.08% from the previous year[5] - The company's equity attributable to shareholders increased to ¥6,713,652,430.64 in Q1 2023 from ¥6,211,882,358.99 in Q1 2022, a rise of 8.1%[15] Research and Development - Research and development expenses increased by 69.01%, indicating a focus on innovation and new product development[8] - Research and development expenses for Q1 2023 were ¥14,620,833.25, compared to ¥8,650,749.28 in Q1 2022, reflecting a 69.3% increase[18] - The company is actively pursuing new product development and technological advancements to enhance its competitive edge in the market[11] Mergers and Acquisitions - The company completed 7 mergers and acquisitions in the industry during the reporting period, involving a total of 371 stores, with 122 stores signed but not yet delivered[11] - The company invested CNY 10.8 million in a subsidiary, involving 10 stores, which is currently in progress[11] - The company completed the acquisition of a 51% stake in a pharmacy chain for CNY 17.1 million, involving 174 stores, which was finalized in February 2023[11] Inventory and Receivables - Inventory increased to approximately CNY 4.25 billion as of March 31, 2023, up from CNY 3.87 billion at the end of 2022, reflecting a growth of about 9.7%[13] - Accounts receivable rose to approximately CNY 1.04 billion as of March 31, 2023, compared to CNY 1.02 billion at the end of 2022, showing an increase of about 1.7%[13] Other Financial Information - The company reported a significant increase in asset impairment losses by 7521.88%, primarily due to inventory write-downs[8] - The company reported a total of CNY 132 million in other non-current financial assets as of March 31, 2023, unchanged from the previous period[13] - The total operating costs for Q1 2023 were ¥5,251,594,371.68, an increase from ¥4,174,595,435.40 in Q1 2022, reflecting a growth of 25.8%[16] - The company did not apply new accounting standards or interpretations for the first time in 2023[23]

Financial Performance - The company achieved a net profit attributable to the parent company of RMB 1,035,723,834.94 in 2022, with a retained earnings balance of RMB 2,600,670,711.40 at the beginning of the year[5]. - The company reported a total distributable profit of RMB 3,180,117,176.96 at the end of 2022 after accounting for the legal surplus reserve and cash dividends[5]. - The company's operating revenue for 2022 was approximately ¥21.25 billion, representing a year-over-year increase of 26.78% compared to ¥16.76 billion in 2021[22]. - Net profit attributable to shareholders for 2022 was approximately ¥1.04 billion, up 30.90% from ¥791.23 million in 2021[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.01 billion, reflecting a 40.57% increase from ¥717.96 million in 2021[22]. - Cash flow from operating activities increased significantly by 141.58%, reaching approximately ¥3.76 billion compared to ¥1.55 billion in 2021[22]. - The total assets at the end of 2022 were approximately ¥20.84 billion, a 20.22% increase from ¥17.34 billion at the end of 2021[22]. - The weighted average return on equity for 2022 was 17.87%, an increase of 3.23 percentage points from 14.61% in 2021[23]. - Basic earnings per share for 2022 were ¥1.09, up 29.76% from ¥0.84 in 2021[23]. Dividend and Capital Management - The board proposed a cash dividend of RMB 6 per 10 shares, totaling an estimated cash dividend distribution of RMB 569,451,008.40 (including tax) for the year[5]. - The company plans to increase its capital reserve by converting 2 shares for every 10 shares held, resulting in an estimated increase of 189,817,003 shares[5]. - The total capital reserve increased from 467,633,095 to 560,646,583, representing a growth of approximately 19.93%[130]. - The company reported a net increase of 93,013,488 in capital reserves, which is a 19.88% increase year-over-year[130]. Operational Efficiency and Growth - The company effectively controlled operating costs, which contributed to the increase in net profit and management efficiency[23]. - The company opened new stores and benefited from industry mergers, contributing to revenue growth[23]. - The company expanded its store network to 10,045 pharmacies across 16 provinces, with 689 new self-built stores, 1,072 franchise stores, and 310 acquired stores during the reporting period[34]. - The franchise business contributed significantly to the company's growth, with a total of 2,007 franchise stores, enhancing both sales scale and profitability[35]. - The company actively pursued acquisitions, adding 310 new stores, with a focus on regions such as Northeast, North, and Southwest China[37]. - The company achieved a sales growth of 18.79% in the South China market, 19.30% in Central China, and 67.74% in East China, with an overall increase of 127.96% in Northeast, North China, Northwest, and Southwest markets[56]. Digital Transformation and Innovation - The company completed over 10 digital transformation projects, including the integration of management dashboards and POS system upgrades, which supported efficient operations across more than 10,000 stores[42]. - The company has implemented a digital site selection platform to enhance the efficiency and accuracy of store expansion, utilizing big data and heat maps[34]. - The company is advancing digital transformation initiatives, including self-developed POS and ERP systems, to improve operational efficiency[116]. - The company emphasizes digital transformation to improve management efficiency and customer experience, aiming to build over 10 proprietary core systems with intellectual property[109]. Risk Management and Compliance - There were no significant risks impacting the company's operations during the reporting period, as detailed in the management discussion section[9]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[6]. - The company has maintained compliance with decision-making procedures regarding external guarantees, with no violations reported[7]. - The company has a comprehensive risk management system to ensure drug quality and prevent counterfeit drugs from entering the supply chain[61]. - The company has not faced any substantial risks that could affect its production and operations during the reporting period[9]. Corporate Governance - The board of directors consists of 7 members, including 3 independent directors, and held 7 meetings during the reporting period[123]. - The supervisory board has 3 members and conducted 6 meetings, ensuring compliance with legal and regulatory requirements[124]. - The company held 2 shareholder meetings during the reporting period, ensuring equal treatment of all shareholders[123]. - The company has established specialized committees under the board, including a strategy committee and an audit committee, to enhance decision-making efficiency[123]. - The company has not reported any significant differences in governance compared to regulatory requirements[124]. Social Responsibility and Community Engagement - The company has invested a total of 2,150.22 million RMB in social responsibility projects, including 1,659.58 million RMB in cash donations[162]. - The company held nearly 13,200 health detection events nationwide in 2022, benefiting over 80,000 people[171]. - The company donated 15 million yuan to support educational funds for two schools in Maoming, encouraging teachers and helping outstanding students[172]. - The company distributed over 350,000 yuan worth of medical supplies, including masks and protective clothing, through more than 235 donation events nationwide[173]. Employee Management and Development - The total number of employees across the parent company and major subsidiaries is 39,499, with 4,468 in the parent company and 35,031 in subsidiaries[146]. - The company provided a total of 6,923 training courses, with 49,000 employees participating in training during the reporting period[166]. - The company has established a performance evaluation standard for senior management, ensuring transparency and compliance in the hiring process[157]. - The company has a strategic focus on employee welfare, providing various benefits such as talent apartments and holiday bonuses[165]. Market Trends and Industry Position - The retail pharmacy market size reached 501.5 billion yuan in 2022, with a growth rate of 6.79%, indicating a strong recovery from previous years[45]. - The retail pharmacy sector's total sales reached 155 billion RMB in 2022, highlighting the industry's significant scale[101]. - The retail pharmacy sector's share of prescription drug sales increased from 23.71% in 2019 to 26.85% in 2022, driven by policies promoting prescription outflow and tiered medical services[104]. - The company is focused on enhancing the quality and professionalism of pharmacy services, responding to the increasing demand in the retail pharmacy sector[101].

Financial Performance - The company's operating revenue for Q3 2022 was CNY 5,097,031,179.79, representing a year-on-year increase of 18.52%[4] - The net profit attributable to shareholders for the same period was CNY 209,050,564.58, reflecting a growth of 21.06% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses reached CNY 212,383,262.31, an increase of 25.29% year-on-year[4] - Basic earnings per share for Q3 2022 were CNY 0.22, a rise of 20.99% year-on-year[5] - Total revenue for the first three quarters of 2022 reached ¥14,817,588,400.74, an increase from ¥12,355,070,179.61 in the same period of 2021, representing a growth of approximately 20%[20] - The company reported a net profit of ¥3,128,442,873.23 for the first three quarters of 2022, compared to ¥2,600,670,711.40 in the same period of 2021, representing an increase of approximately 20.3%[18] - The net profit for Q3 2022 was approximately ¥925.11 million, an increase of 11.6% compared to ¥828.83 million in Q3 2021[22] - Operating profit for Q3 2022 reached ¥1.22 billion, up from ¥1.08 billion in the same period last year, reflecting a growth of 13.1%[21] - Total comprehensive income for Q3 2022 was ¥925.11 million, compared to ¥828.83 million in Q3 2021, representing an increase of 11.6%[22] - The total profit for Q3 2022 was approximately ¥1.23 billion, compared to ¥1.08 billion in Q3 2021, showing a growth of 13.6%[21] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 658,949,075.33, up 35.94% from the same period last year[4] - Cash flow from operating activities for the first nine months of 2022 was ¥16.26 billion, compared to ¥13.56 billion in the same period of 2021, indicating a growth of 19.9%[23] - The company reported a net cash inflow from operating activities of ¥2.08 billion for Q3 2022, significantly higher than ¥1.22 billion in Q3 2021, marking an increase of 70.2%[25] - Cash and cash equivalents increased by 33.05%, mainly due to higher operating cash flow[8] - Cash and cash equivalents at the end of Q3 2022 totaled ¥3.03 billion, an increase from ¥2.39 billion at the end of Q3 2021[26] - The company's cash and cash equivalents increased to ¥8,682,151,317.67, up from ¥7,867,866,656.62, indicating a growth of about 10.3%[18] - The company experienced a net cash outflow from investing activities of approximately ¥694.42 million in Q3 2022, compared to a net outflow of ¥636.88 million in Q3 2021[26] - The company raised ¥875.14 million from financing activities in Q3 2022, compared to ¥144.19 million in Q3 2021, indicating a significant increase in financing[26] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 18,246,104,097.63, marking a 5.25% increase from the end of the previous year[5] - The company's total assets as of the end of the third quarter of 2022 were ¥18,246,104,097.63, compared to ¥17,335,681,734.37 at the end of the previous year, marking an increase of about 5.3%[19] - The total liabilities of the company reached ¥11,604,784,708.00, slightly up from ¥11,399,804,356.26, indicating a growth of approximately 1.8%[18] - The equity attributable to shareholders increased to CNY 6,033,886,344.38, up 10.14% year-on-year[5] - The equity attributable to shareholders increased to ¥6,033,886,344.38 from ¥5,478,577,162.75, representing a growth of about 10.1%[19] - Short-term borrowings rose by 273.42%, primarily due to increased bank loans[9] - Short-term borrowings rose significantly to ¥617,770,820.58 from ¥165,437,723.25, reflecting an increase of approximately 273%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,789[10] - The top ten shareholders hold a combined 83.4% of the shares, with the largest shareholder, Ke Yunfeng, owning 21.3%[10] - The company has a pledge situation with 67,661,520 shares held by Ke Jinlong[10] Research and Development - Research and development expenses surged by 277.15%, primarily due to increased activities in drug approval process validation and information technology development[9] - Research and development expenses for the first three quarters of 2022 amounted to ¥35,704,452.56, significantly higher than ¥9,466,867.25 in the previous year, reflecting a growth of approximately 276%[20] Acquisitions and Investments - The company completed three acquisitions in the reporting period, involving a total of 313 stores, with 20 stores signed but not yet delivered[12] - The company acquired 51% of Hangzhou Yishengtang Pharmacy Chain Co., Ltd. for RMB 40.09 million, involving 52 stores, completed in January 2022[13] - The company is currently in the process of acquiring 100% of Shankang Henuo Insurance Brokerage Co., Ltd. for RMB 32 million[13] - The company has a total of 6 ongoing investment and acquisition projects in the industry[12] - The company reported a total of 313 stores involved in its acquisition projects, indicating a significant market expansion strategy[12] Inventory Management - The company’s total inventory decreased to ¥3,448,551,139.30 from ¥3,630,145,956.24, indicating a reduction of about 5%[18] - Accounts receivable increased to RMB 870.71 million from RMB 739.22 million year-over-year[15]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 9,720,557,220.95, representing a 20.68% increase compared to CNY 8,054,554,899.95 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was CNY 714,186,477.74, up 10.62% from CNY 645,648,566.73 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 704,736,575.95, reflecting a 19.39% increase from CNY 590,296,093.67 year-on-year[15]. - The net cash flow from operating activities increased by 92.46% to CNY 1,419,368,865.09, compared to CNY 737,489,493.51 in the previous year[15]. - The total assets at the end of the reporting period were CNY 17,955,274,013.28, a 3.57% increase from CNY 17,335,681,734.37 at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company were CNY 5,813,144,121.58, which is a 6.11% increase from CNY 5,478,577,162.75 at the end of the previous year[15]. - The basic earnings per share for the first half of 2022 was CNY 0.75, up 10.29% from CNY 0.68 in the same period last year[16]. - The diluted earnings per share also stood at CNY 0.75, reflecting a 10.29% increase compared to CNY 0.68 in the previous year[17]. - The weighted average return on net assets increased to 12.37%, up 0.88 percentage points from 11.49% in the previous year[17]. Market Expansion and Operations - The company operates 8,896 retail stores across 15 provinces, including Guangdong, Guangxi, and Henan, focusing on a direct, acquisition, and franchise model for expansion[21]. - The company attributed revenue growth to same-store sales growth and contributions from new stores opened through industry mergers and acquisitions[17]. - The company added 703 new stores during the reporting period, enhancing its market presence and operational efficiency[26]. - The company operates a total of 8,896 stores as of June 30, 2022, including 1,376 franchise stores, covering 15 provinces in China[26]. - The company plans to continue expanding its retail business through new store openings, acquisitions, and franchise development in second and third-tier markets[45]. - The company aims to expand its market share and brand recognition through O2O, chronic disease management, and pharmacy services[62]. Supply Chain and Partnerships - The company has established long-term partnerships with over 8,000 domestic and international suppliers, ensuring a robust supply chain[21]. - The company's self-distribution accounts for over 80% of total distribution volume, enhancing responsiveness to market demands[21]. - The pharmacy chain's market share is particularly strong in Guangdong, Guangxi, and Henan provinces, where it ranks among the top competitors[24]. - The company has established stable partnerships with nearly 8,000 suppliers, with a total SKU exceeding 100,000[27]. Industry Trends and Market Insights - The retail drug market in China reached a total sales volume of 17,875 billion RMB in 2021, with a year-on-year growth of 8.75%[22]. - The sales from physical and online pharmacies amounted to 7,950 billion RMB, reflecting a 10.9% increase year-on-year, accounting for 26.9% of total drug sales[22]. - The retail pharmacy market share increased from 23.4% in 2019 to 26.9% in 2021, indicating a shift towards retail pharmacies as a key sales channel[22]. - The retail pharmacy industry in China is expected to see the top 100 companies account for over 65% of the total market by 2025, indicating significant consolidation potential[26]. Financial Management and Investments - The company reported a total investment cost of 67.0355 million yuan in financial assets, with a year-end value of 94.835 million yuan[60]. - The company’s subsidiary Shunde Dacanglin reported an operating income of 319.35 million yuan and a profit of 57.648 million yuan[61]. - The company has focused on cost reduction and efficiency improvement through the integration of small warehouses and the establishment of larger warehouses[29]. - The company has implemented measures to strengthen its environmental management and promote energy-saving practices among employees[69]. Corporate Governance and Compliance - The company has established measures to prevent related party fund occupation, enhancing its corporate governance structure[74]. - The company will not engage in any business activities that compete with its own operations, ensuring no conflicts of interest among major shareholders[73]. - The company has committed to ensuring that any rental agreements for properties are valid and will compensate for any losses due to invalid agreements[74]. - The company has pledged to maintain transparency and accountability in its financial dealings, particularly regarding asset usage and related party transactions[74]. Research and Development - The company’s R&D expenses increased by 178.12% to RMB 18.48 million, reflecting a focus on drug approval processes and technology development[38]. - The company aims to enhance its product offerings through ongoing research and development in pharmaceuticals and healthcare products[132]. Shareholder Information - There were no dividends or capital reserve transfers proposed for the reporting period, indicating a focus on reinvestment rather than shareholder payouts[67]. - The total number of shares before the change was 790,934,621, with a total of 158,185,952 new shares issued during the reporting period[84]. - The company reported no changes in controlling shareholders or actual controllers during the reporting period[93]. Risk Management - The company faces risks from intensified market competition and regulatory changes in the pharmaceutical industry[63]. - The company plans to enter new markets with a focus on detailed market research and strategic planning to mitigate short-term profitability risks[63].

Financial Performance - The net profit attributable to the parent company for 2021 was CNY 791,230,980.50, with a retained earnings balance at the beginning of the year of CNY 2,421,897,777.36[3]. - The company’s operating revenue for 2021 was approximately ¥16.76 billion, representing a year-over-year increase of 14.92%[16]. - The net profit attributable to shareholders for 2021 was approximately ¥791.23 million, a decrease of 25.51% compared to the previous year[16]. - The net cash flow from operating activities for 2021 was approximately ¥1.55 billion, down 20.42% from the previous year[17]. - The total assets at the end of 2021 were approximately ¥17.34 billion, reflecting a 40.58% increase from the end of 2020[17]. - The basic earnings per share for 2021 was ¥1.00, a decline of 25.93% compared to 2020[18]. - The weighted average return on equity for 2021 was 14.61%, down 8.13 percentage points from the previous year[18]. - The company reported a net profit of approximately ¥340.55 million in Q1 2021, with a decline in Q4 resulting in a loss of approximately ¥27.10 million[20]. - Non-recurring gains for 2021 included government subsidies amounting to approximately ¥62.56 million[21]. - Net profit attributable to shareholders decreased by 25.51% to 791 million RMB, while the net profit after deducting non-recurring gains and losses was 718 million RMB, down 29.77% year-on-year[25]. Dividend and Capital Management - The company plans to distribute a cash dividend of CNY 5 per 10 shares, totaling an estimated cash dividend of CNY 395,464,873.50 (including tax)[3]. - The company intends to increase capital reserves by converting 2 shares for every 10 shares held, expecting to issue approximately 158,185,949 new shares[3]. - The company reported a retained profit available for distribution to shareholders at the end of 2021 of CNY 2,600,670,711.40[3]. - The cash dividend policy stipulates that at least 20% of the distributable profit for the year must be distributed in cash, with a minimum of 80% for mature companies without major capital expenditure plans[121]. - The company plans to increase its cash dividend payout ratio in line with its development stage and capital expenditure needs[121]. Operational Highlights - The company expanded its pharmacy chain to 8,193 stores across 15 provinces, adding 903 self-built stores, 620 franchise stores, and 748 acquired stores during the reporting period[26]. - New retail business (O2O + B2C) sales grew by 87% year-on-year, with O2O delivery services covering 7,240 stores, achieving a coverage rate of 89%[27]. - The company developed 3,956 new product varieties during the reporting period, including 2,005 prescription varieties and 1,134 DTP varieties, with total SKUs exceeding 100,000[28]. - The company’s membership base exceeded 62 million, with a continuous increase in member repurchase rates and consumption share[29]. - The company closed 98 stores during the reporting period while dynamically optimizing its store network[26]. Market and Industry Insights - The retail drug market in China reached a total sales of 1,787.5 billion CNY in 2021, growing by 8.75% compared to 2020, but slightly below the 2019 figure of 1,795.5 billion CNY[30]. - The sales of retail pharmacies amounted to 469.6 billion CNY in 2021, reflecting a year-on-year growth of 3.21%, with a two-year average growth rate of 5.02%[30]. - The top 100 retail drug enterprises accounted for 52.45% of the total sales in the physical retail market, with the top 20 and top 10 contributing 35.05% and 27.51% respectively[30]. - The retail pharmacy chain rate in China increased to 57.65% by the end of September 2021, up from 56.99% at the end of 2020[31]. - The company aims to align with the target of becoming a 50 billion CNY retail chain enterprise, as outlined in the Ministry of Commerce's guidelines for the pharmaceutical distribution industry[34]. Strategic Acquisitions and Partnerships - The company actively pursued acquisitions in key regions, successfully consolidating 748 stores into its operations[27]. - The company completed 32 investment and acquisition transactions in the reporting period, involving 1,029 stores, with 140 stores signed but not yet delivered[70]. - The company acquired 51% of the shares in Henan Province Yanhuang Pharmacy Chain Co., Ltd. for 68.34 million yuan, involving 59 stores, with the project completed in June 2021[73]. - The company plans to continue expanding its market presence through strategic acquisitions and partnerships in the pharmaceutical retail sector[70]. Governance and Compliance - The board of directors consists of 7 members, including 3 independent directors, and held 12 meetings during the reporting period, ensuring effective governance and decision-making[95]. - The company has not reported any significant differences in governance practices compared to regulatory requirements, indicating compliance with industry standards[96]. - The company strictly adheres to legal and regulatory requirements in its governance practices, ensuring transparency and accountability[96]. - The company has not faced any penalties from securities regulatory authorities in the past three years[109]. Risk Management - There were no significant risks impacting the company's operations during the reporting period[4]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[4]. - The company acknowledges potential short-term profitability risks when entering new markets, particularly in regions where brand recognition and market share are still developing[92]. - Regulatory risks in the pharmaceutical industry may impact operations, prompting the company to adapt business models and ensure compliance with evolving policies[92]. Employee and Talent Development - The company has implemented a talent development strategy, training nearly 400 managers and over 1,000 specialized personnel to support rapid expansion and innovation[29]. - The company emphasizes the importance of a skilled talent pool for sustainable operations and plans to enhance its talent development and training programs[93]. - The company has a total of 38,353 employees, with 31,790 sales personnel, which constitutes the largest segment of its workforce[117]. - The employee contract signing rate was 100% as of December 31, 2021, with a workforce of 38,394 employees, of which 85.74% are female[134]. Corporate Social Responsibility - The company has been recognized as an outstanding enterprise in pandemic supply support and as a socially responsible pharmaceutical company in 2021[135]. - The company distributed over 280,000 masks and provided pandemic prevention materials valued at over 4.6 million during the reporting period[142]. - The company conducted 241 community health events and over 80,000 community medical consultations[142]. Digital Transformation and Innovation - The company is focusing on digital transformation, with a 30% increase in budget for technology upgrades and e-commerce platforms[103]. - The company aims to enhance customer engagement through loyalty programs, expecting a 20% increase in repeat purchases[103]. - The company is committed to accelerating digital transformation across various operations, including membership marketing, transaction processes, and supply chain management, to improve efficiency[89]. Internal Control and Quality Management - The company has established a comprehensive internal control system that meets the requirements of the Ministry of Finance and the China Securities Regulatory Commission[127]. - The company has implemented a performance evaluation system for senior management to ensure transparency and compliance with legal regulations[126]. - The company conducted 50 quality audits and 33 warehouse inspections during the reporting period, ensuring compliance with safety and quality standards[137].