Core Insights - The event "2025 Asset Management and Wealth Management Industry Development Conference and the 5th 'Golden Honor Award' Ceremony" was held in Chengdu, where Ping An Wealth Management received multiple awards for its investment research capabilities and technological advancements [1] Group 1: Company Achievements - Ping An Wealth Management was awarded "Outstanding Wealth Management Company" and "Outstanding Technological Strength Institution" at the conference [1] - The company's product "Qiyuan Strategy (360 Days Holding) No. 1" was recognized as an "Excellent Fixed Income Bank Wealth Management Product" [1][4] - The product has achieved a net value growth rate of 10.40% since its inception, with an annualized return of 3.92% and a maximum drawdown of only -0.32% [4] Group 2: Strategic Focus - Ping An Wealth Management aims to create the "most comprehensive open wealth management platform in China," enhancing its capabilities in investment research, product systems, channel management, operational services, and risk management [3] - The company is focusing on a dual-engine strategy of diversified talent and data technology innovation to build a competitive advantage [3] Group 3: Technological Innovations - The company has made significant advancements in technology, establishing an AI-driven marketing system that integrates large and small model architectures for comprehensive data governance [3] - The AI framework allows for flexible task execution and cross-domain collaboration, enhancing efficiency and accuracy in investment decision-making [3] Group 4: Market Position - Ping An Wealth Management ranks second in the "2024 Half-Year Comprehensive Competitiveness Ranking of Bank Wealth Management Companies" published by Peking University [5] - The company also ranks second in terms of yield capability and information disclosure friendliness, and fifth in operational management capability in the national wealth management capability ranking [5] Group 5: Product Offerings - The company has developed a multi-asset and multi-strategy product matrix called "Quanxin Quanyi," focusing on various strategies to provide a stable investment experience [6] - Recent statistics show that the annualized returns for pure fixed income products over the past two and three years are above 2.79% and 3.32%, respectively [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][5]. Core Views - The company reported a revenue of RMB 22.358 billion for 2024, a slight decrease of 0.36% year-on-year, and a net profit of RMB 5.19 billion, down 44.13% year-on-year. The first quarter of 2025 saw a revenue of RMB 54.35 billion, a decrease of 1.88% year-on-year, with a net profit of RMB 2.51 billion, down 21.98% year-on-year. Despite short-term profit pressures, the company is expected to improve profitability through its franchise business and Torch project [3][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 22.358 billion, with a net profit of RMB 5.19 billion, reflecting a year-on-year decrease of 44.13%. The first quarter of 2025 showed a revenue of RMB 54.35 billion and a net profit of RMB 2.51 billion, both lower than the previous year [3][8]. Profitability Forecast - The adjusted net profit forecasts for 2025-2027 are RMB 6.91 billion, RMB 10.00 billion, and RMB 11.47 billion respectively, with corresponding EPS of RMB 0.91, RMB 1.32, and RMB 1.51. The valuation multiples based on the closing price as of June 11, 2025, are 22.9x, 15.8x, and 13.8x for the respective years [5][7]. Business Expansion - The company has expanded its store network to 15,252 locations, including 9,844 direct-operated stores and 5,408 franchise stores. The franchise business is growing rapidly, with a 62% share of old store franchises, up 34 percentage points year-on-year. The franchise business generated over RMB 5.8 billion in distribution revenue in Q1 2025 [8][9]. Strategic Initiatives - The Torch project is aimed at enhancing profitability and exploring new growth avenues. In Q1 2025, the company achieved a gross margin of 34.22%, with offline sales gross margin increasing by 0.70 percentage points year-on-year. The company is also diversifying its projects to increase the non-pharmaceutical sales ratio [8][9].

Core Viewpoint - The article highlights the life and contributions of Du Shilin, a centenarian veteran who participated in the anti-Japanese resistance during World War II, emphasizing his dedication to both military service and agricultural work in his later years [7][12]. Group 1: Early Life and Military Involvement - Du Shilin joined the anti-Japanese children's group at the age of 11, motivated by the desire for food and influenced by his uncle, who was a guerrilla leader [8]. - He undertook various roles, including gathering intelligence for the guerrilla forces, and demonstrated bravery by enduring torture without revealing military secrets when captured by the Japanese [9]. Group 2: Community Support and Military Discipline - The article discusses the strong bond between the Eight Route Army and local civilians, highlighting how the army's strict discipline earned the trust and support of the people [10]. - Du Shilin recalls instances where local residents provided food and assistance to soldiers, showcasing the mutual respect and cooperation during the war [10]. Group 3: Post-War Life and Legacy - After the war, Du Shilin returned to farming and continued to share his experiences with younger generations, emphasizing the importance of hard work and appreciation for the peace achieved through sacrifice [12][14]. - His recent trip to Beijing fulfilled a long-held wish to honor his fallen comrades, reflecting his enduring commitment to the values of service and remembrance [12].

? 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、 召开会议的基本情况 (一)股东大会类型和届次 (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 证券代码：603883 证券简称：老百姓 公告编号：2025-028 老百姓大药房连锁股份有限公司 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： ? 股东大会召开日期：2025年6月30日 召开的日期时间：2025 年 6 月 30 日15 点 30 分 召开地点：湖南省长沙市开福区青竹湖路 808 号老百姓 15 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 网络投票起止时间：自2025 年 6 月 30 日至2025 年 6 月 30 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的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，1 ...

证券代码：603883 证券简称：老百姓 公告编号：2025-028 老百姓大药房连锁股份有限公司 关于召开2024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。 重要内容提示： 股东大会召开日期：2025年6月30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、 召开会议的基本情况 (一)股东大会类型和届次 2024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 召开的日期时间：2025 年 6 月 30 日15 点 30 分 召开地点：湖南省长沙市开福区青竹湖路 808 号老百姓 15 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 网络投票起止时间：自2025 年 6 月 30 日至2025 年 6 月 30 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的投票时间为股 东大会召开当日的交易时 ...

Core Viewpoint - The newly introduced "Regulations on Government Data Sharing" aims to enhance the efficiency and effectiveness of government services through secure and orderly sharing of government data, ultimately contributing to the construction of a digital government [1] Group 1: Importance of Data Sharing - Government data sharing is essential to eliminate "data silos" that hinder inter-departmental collaboration and reduce administrative efficiency, thereby improving the experience for businesses and citizens [2] - By integrating and analyzing multi-dimensional data, government decision-making can become more scientific and efficient, leading to better management outcomes [4] Group 2: Implementation of Data Sharing - The regulations categorize government data into three types: unconditional sharing, conditional sharing, and non-sharing, ensuring that data sharing is not obstructed by arbitrary conditions [7] - The application process for data sharing is clearly defined, with specific timelines for responses and sharing, which facilitates faster data flow between departments [9] Group 3: Overcoming Barriers and Enhancing Value - The introduction of these regulations aims to break down existing barriers to data sharing, thereby unlocking the potential value of government data for various sectors, including economic development and social governance [12] - Citizens will benefit from reduced administrative burdens, as data sharing will minimize the need for repeated submissions of documents and forms, enhancing the overall experience when interacting with government services [14]

Core Viewpoint - The announcement details the share pledge situation of the controlling shareholder, Lao Bai Xi Medicine Group, which holds 26.12% of the total shares of Lao Bai Xi Pharmacy Chain Co., Ltd. and has pledged 137,950,000 shares, accounting for 18.15% of the total share capital [1] Summary by Sections Share Pledge of Listed Company - The controlling shareholder, Lao Bai Xi Medicine Group, has pledged part of its shares, with the pledgee being Bank of China International Securities Co., Ltd. The pledged shares amount to 1,235,000 shares, with a pledge start date of June 5, 2025, and an expiration date of June 4, 2026 [1] Cumulative Pledge Situation of Controlling Shareholder and Concerted Actors - As of the announcement date, the cumulative pledge situation of the controlling shareholder and concerted actors is as follows: Lao Bai Xi Medicine Group holds 198,564,175 shares (26.12%), with 137,950,000 shares pledged (69.47% of its holdings, 18.15% of total shares) [2][5] Pledge Risk Management - The company indicates that the pledge risk is controllable, with future repayment sources primarily from dividends, investment income, and self-raised funds. In case of margin call risks, the group will take measures such as additional pledges or early repayments [5]

老百姓大药房连锁股份有限公司 1、本次股份质押基本情况 证券代码：603883 证券简称：老百姓 公告编号：2025-027 关于控股股东股票质押的公告 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： ●老百姓大药房连锁股份有限公司（以下简称"公司"）控股股东老百姓医药集 团有限公司（以下简称"医药集团"）持有公司股份数量为 198,564,175 股，占公司 总股本比例为 26.12%；累计质押股份数量为 137,950,000 股（含本次质押），占其所 持股份比例为 69.47%，占公司总股本比例为 18.15%。控股股东及一致行动人（医药集 团与陈秀兰）合计持有公司股份数量为 212,129,873 股，占公司总股本比例为 27.91%； 累计质押股份数量为 137,950,000 股（含本次质押），占其所持股份比例为 65.03%， 占公司总股本比例为 18.15%。 一、上市公司股份质押 公司于 2025 年 6 月 5 日获悉控股股东医药集团所持有的部分公司股份被质押，质 权人为中银国际证券股份有 ...

Core Viewpoint - The article highlights the transformation of Beizhuang Village in Hebei Province, emphasizing the importance of unity and collective effort in achieving prosperity and development, as well as the historical significance of the song "Unity is Strength" in the village's culture and identity [1][2][3][5]. Group 1: Historical Context - The village has a rich history of unity during challenging times, such as the Japanese invasion, where many villagers participated in resistance efforts, forming various support groups [2]. - After the establishment of New China, the song "Unity is Strength" became a rallying cry for the villagers as they faced the challenges of relocation and agricultural development [3]. Group 2: Economic Development - The collective income of the village has significantly increased from over 60,000 yuan to more than 1 million yuan, showcasing the economic growth and improved living standards [1]. - The village achieved poverty alleviation in 2016, with residents enjoying modern amenities such as running water and electrified kitchens, indicating a substantial improvement in quality of life [5]. Group 3: Community Engagement - The villagers actively participated in community projects, such as building roads for agricultural development, demonstrating a strong sense of cooperation and shared goals [3]. - Cultural events, including the annual Spring Festival celebration where "Unity is Strength" is sung, foster community spirit and pride among the villagers [5].

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [2][37]. Core Insights - The pharmaceutical and biotechnology sector saw an overall increase of 2.21% in the week from May 26 to May 30, ranking second among 31 industries in the Shenwan index and outperforming the CSI 300 index by 3.29 percentage points. Year-to-date, the sector has risen by 6.61%, ranking sixth among the 31 industries and outperforming the CSI 300 index by 9.02 percentage points [4][13][15]. - The current PE valuation for the pharmaceutical and biotechnology sector is 27.98 times, which is at the historical median level, with a valuation premium of 137% compared to the CSI 300 index. The top three sub-sectors in terms of growth are chemical pharmaceuticals, biological products, and medical services, with increases of 3.83%, 3.14%, and 2.46% respectively [4][22][15]. - A total of 373 stocks (77.9%) in the sector rose last week, while 97 stocks (20.3%) declined. The top five gainers were Shuyou Shen (60.41%), Huason Pharmaceutical (41.97%), Changshan Pharmaceutical (35.91%), Huana Pharmaceutical (32.62%), and Yifang Biological (30.51%) [4][27]. Market Performance - The pharmaceutical and biotechnology sector's performance is highlighted by the approval of 11 innovative drugs by the National Medical Products Administration (NMPA) on May 29, which enhances treatment options for patients and showcases the increasing innovation capability of China's pharmaceutical industry [5][29]. - The 2025 American Society of Clinical Oncology (ASCO) annual meeting showcased several domestic innovative drug projects, indicating that local companies are gaining international recognition for their innovative capabilities [5][32]. Investment Recommendations - The report suggests focusing on the innovative drug sector as it is the most certain and leading sub-sector within the pharmaceutical and biotechnology industry. Additionally, it recommends exploring investment opportunities in medical devices, traditional Chinese medicine, chain pharmacies, and medical services [6][35]. - Recommended stocks include Beida Pharmaceutical, Te Bao Biological, Qianhong Pharmaceutical, Ling Rui Pharmaceutical, and Lao Bai Xing. Stocks to watch include Kelong Pharmaceutical, Rongchang Biological, Kaili Medical, Huaxia Eye Hospital, and Baipu Sais [6][35].