西部研究月度金股报告系列（2025 年 12 月） 核心结论 1、全球流动性"盛宴"：泛滥的流动性将更加泛滥 本轮 A 股牛市并不特殊，只是 2020 年疫后大放水驱动的 6 年全球"大水牛"的一 部分。全球泛滥的流动性已经系统性重估了 3 类关键资产：黄金/美股科技/欧日制 造业。美国债务周期顶点，明年美联储大概率"大放水"化债，全球泛滥的流动性 将会更加泛滥。 2、跨境资本加速回流：中国优势制造将系统性重估 全球流动性泛滥已经系统性重估了黄金/美股科技/欧日制造业等关键资产。而中国 制造业的全球竞争优势明显高于欧日，跨境资本加速回流，中国制造业也将得到系 统性重估。我们基于 CAPEX 收缩+自由现金流修复+对外出口扩张，筛选出来的 中国优势制造业，主要集中在新能源/化工/医疗器械等领域。 3、盈利能否接棒牛市：消费 26 年有望"戴维斯双击" A 股整体来看，历史上较难出现连续 3 年估值扩张。2024 年和 2025 年 A 股连续 两年估值扩张后，2026 年 A 股要么盈利不兑现牛市震荡，要么盈利兑现牛市延续。 中国已进入工业化成熟期，投资很难成为盈利的驱动力；过去 6 年中国对外出口 持续高位， ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Viewpoints - The company has steadily developed into a leading chain pharmacy enterprise in China over the past 20 years, with a strong market presence in Central South, East China, and South China regions, and a total of over 14,666 stores by September 2025, serving 110 million members [3][4] - The retail pharmacy industry is undergoing a transformation from scale expansion to quality competition, with a market size of 929.3 billion yuan in 2023, growing by 6.5% year-on-year, but showing signs of slowing growth [3][46] - The company has shown slight revenue growth and strong profit growth in the first three quarters of 2025, with operating income of 17.286 billion yuan (up 0.4% year-on-year) and net profit of 1.225 billion yuan (up 10.3% year-on-year) [20][21] - The company is expected to maintain growth through refined operations and the development of a new retail system, with projected revenues of 24.546 billion yuan, 27.292 billion yuan, and 30.444 billion yuan for 2025-2027, representing year-on-year growth rates of 2.0%, 11.2%, and 11.5% respectively [3][20] Summary by Sections Company Overview - The company has expanded its operational regions and has a strong financing and acquisition capability, establishing itself as a leading chain pharmacy since its founding in 2001 [5] - The company has a clear shareholding structure, with the controlling shareholder being Chairman Gao Yi, who holds 11.67% of the shares directly [8] Industry Status - The retail pharmacy market is experiencing a decline in growth rates, with the number of retail pharmacies decreasing from 706,000 in Q3 2024 to 699,000 in Q1 2025 due to industry slowdown and online competition [3][46] - The industry is expected to see increased concentration and chain rates, with larger chain enterprises likely to gain competitive advantages over smaller pharmacies [3][46] Operational Effectiveness - The company has implemented a "fleet-type" store network strategy, enhancing customer repurchase rates through a membership system and digitalization [3][29] - The company has issued convertible bonds to raise 1.797 billion yuan for projects aimed at improving operational efficiency and logistics capabilities [18] Performance Review - The company has maintained stable expense ratios, with a gross margin of 40.4% and a net margin of 7.6% in the first three quarters of 2025 [29] - The retail business remains the primary revenue source, while the franchise and distribution business has shown significant growth, with a 17.5% increase in revenue [32] Future Outlook - The company is expected to benefit from the trend of prescription drug outflow, which is anticipated to provide new growth opportunities in the retail pharmacy market [57][62] - The company is focusing on expanding its new retail system, enhancing its O2O and B2C channels, and leveraging its large member base to drive sales [93]

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which are expected to drive growth in wearable technology and other applications [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030, indicating stable growth prospects [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef prices, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability through enhanced user engagement and AI integration [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear plan for non-pharmaceutical profit growth [2]. Home Appliances - Midea Group (000333.SZ) is focusing on dual-driven strategies in domestic and international markets, with strong cash flow and a favorable dividend yield, despite facing some pressure in Q4 [2]. Non-Bank Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which is expected to drive growth in wearable technology [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030 [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef price increases, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear planning rhythm for non-pharmaceutical profit increments [2]. Home Appliances - Midea Group (000333.SZ) is advancing its dual-driven strategy, focusing on both B2B and B2C markets, with strong cash flow and a favorable dividend yield, making it an attractive investment [2]. Non-Banking Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

漱玉平民、华人健康、开开实业跌超6%，药易购、人民同泰、英特集团、第一医药、益丰药房等跟 跌。 (本文来自第一财经) ...

Core Viewpoint - The article highlights the rising demand for flu vaccines, antiviral medications, and related testing services due to the increasing flu activity across various regions in China as winter approaches [2][6][8]. Group 1: Flu Vaccine and Antiviral Demand - The flu season is expected to drive significant growth in demand for flu vaccines, respiratory testing, and antiviral medications [2][6]. - Recent data indicates a notable increase in flu vaccine appointments and antiviral drug purchases, with some areas reporting over 500% growth in the number of buyers for antiviral medications [7][8]. - Specific antiviral drugs like Marbofloxacin have seen a remarkable increase in demand, with purchases rising over 600% in recent weeks [7]. Group 2: Market Opportunities - Analysts suggest that the current flu outbreak may lead to heightened public and market interest, creating investment opportunities in flu vaccines, virus testing, and cold medications [8]. - The demand for flu-related products is expected to surge, particularly for antiviral medications such as Oseltamivir and Marbofloxacin, as well as traditional Chinese medicine for flu treatment [8]. - The increase in flu cases is likely to boost the need for diagnostic testing, both in hospitals and for home monitoring, indicating a potential market expansion for testing products [8].

Core Viewpoint - Frequent share reduction by senior executives of Yifeng Pharmacy raises concerns about the company's internal confidence and future prospects amid a changing industry landscape [3][4][6]. Group 1: Executive Share Reduction - Yifeng Pharmacy announced a share reduction plan by Vice Presidents Wang Yonghui and Xiao Zaixiang, intending to reduce a total of no more than 213,900 shares due to "personal funding needs" [3]. - The company has seen multiple executives reduce their holdings throughout the year, including a significant reduction by the controlling shareholder, which involved selling 24.248 million shares for approximately 555 million yuan [4][6]. - The frequent share reductions have led to speculation regarding the internal confidence of the company's management and shareholders [6]. Group 2: Business Expansion and Financial Performance - Yifeng Pharmacy has aggressively expanded its store count from 1,065 in 2015 to 14,694 by Q1 2025, marking an increase of nearly 13 times [7][9]. - The company's revenue grew from 2.846 billion yuan in 2015 to 24.062 billion yuan in 2024, with net profit rising from 176 million yuan to 1.529 billion yuan during the same period [9]. - The rapid expansion strategy has resulted in a significant increase in goodwill, from 284 million yuan in 2015 to 4.769 billion yuan in 2024, reflecting a growth of over 1,500% [11]. Group 3: Industry Challenges and Strategic Shift - The Chinese pharmaceutical retail market is undergoing structural changes, with a reported decline of 2.2% in the total scale of physical pharmacies in the first half of 2025 [12]. - Yifeng Pharmacy has closed more stores than it opened in 2023, with a net decrease of 18 stores, indicating a shift from aggressive expansion to a focus on quality [12]. - The company is also pivoting towards online sales, with internet business revenue reaching 1.355 billion yuan in the first half of 2024, accounting for 11.56% of total revenue [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603939 证券简称：益丰药房 公告编号：2025-106 债券代码：113682 债券简称：益丰转债 益丰大药房连锁股份有限公司 关于2022年限制性股票激励计划 ■ 一、本次限制性股票回购注销的决策与信息披露 1、2025年9月30日，公司召开的第五届董事会第二十二次会议审议通过了《关于回购注销2022年限制性 股票激励计划部分限制性股票的议案》，同意对因离职、降级或绩效不达标的5名激励对象的25,516股 股份进行回购并注销，湖南启元律师事务所出具了相应的法律意见书。具体内容详见公司于2025年10月 1日在法定信息披露媒体披露的《关于回购注销2022年限制性股票激励计划部分限制性股票的公告》 （2025-094）。 2、公司根据《上市公司股权激励管理办法》等相关规定就本次股份回购注销事项履行了通知债权人程 序，具体内容详见公司于2025年10月1日在法定信息披露媒体披露的《关于回购注销部分限制性股票通 知债权人的公告》（公告编号：2025-095）。截至申报期间届满之日，公司未收到任何债权人对此项议 案提出书面异议的情况，也未收到任何债权人 ...

Core Points - Yifeng Pharmacy announced that five incentive targets from its 2022 restricted stock incentive plan will not have their granted but unvested restricted stocks unlocked due to reasons such as resignation, demotion, or failure to meet performance standards [2] - The company will repurchase and cancel a total of 25,516 shares of restricted stock that were granted but not yet released from the lock-up conditions, in accordance with relevant regulations [2] - The cancellation date for these shares is set for November 27, 2025 [2]