好的,尊敬的各位投资者,大家晚上好,我是国庆证券的首席分析师袁维,那么今天呢,就是我和我的国际医药团队的同事们一起来和大家做一个关于这个中美谈判超预期,包括最近的这个美国管控药价的这么一个预期,以及医药管理的一个更新。 首先我们有一个结论先放在前面就是我们认为其实今天不管是当然这个中美谈判超预期这件事情对于医药板上我个人觉得肯定是一个突出的一个利好因为这个医药前期大家还比较担心的包括像CHO啦像中美的一些上游仪器啊这些贸易啦包括这个就是像创新药和原料药等等还有特别影响的一些气息出口这些前期大家比较担心的那么现在呢其实都有一个整体性的一个这个 缓解第二个呢就是还有就是大家对于这个最近美国那边管控要价的事件因为特朗普也发了一些这个文件和政策包括一些在社交媒体有一些这个态度的沟通就是他们有管控要价的一个这个情绪吧我首先我们来谈第二件事情我们认为首先我们认为这件事情对中国的创新和产业链绝对是一个突出利好啊就是美国如果要降价或者调控要价然后我们来讲讲我们的理由和判断的一个视角啊首先就是其实大家可以看到就是 嗯因为特朗普在社交平台上表示啊就是呃也就是今天嘛将会要宣布这个行政命令呃对于这个处方要下降百分之三十到八十啊首先呢 ...

Core Viewpoint - The chain pharmacy industry in China is facing significant challenges, including declining profits, difficulties in online transformation, and a lack of investor confidence, leading to a period of deep adjustment and potential consolidation [1][8][16]. Group 1: Industry Performance - In 2024, only Yifeng Pharmacy among the six major listed chain pharmacy brands achieved profit growth, while the other five experienced varying degrees of profit decline [1][5]. - The revenue growth of the six major chains did not exceed 10% in 2024, with the highest growth at 8.01%, a stark contrast to previous years where growth often exceeded 10% [5][6]. - Yifeng Pharmacy was the only company to report profit growth, while others, including Shuyupingmin, faced their first losses since 2019 [6][7]. Group 2: Market Dynamics - The number of offline pharmacies in China grew from 520,000 in 2019 to 700,000 in 2024, with major chains aggressively expanding through various methods [2]. - The expectation of prescription outflow has not materialized, with prescriptions returning to grassroots medical institutions instead of flowing to retail pharmacies [3][4]. - The introduction of stricter regulations, such as comprehensive inspections of pharmacies and mandatory traceability codes, has increased compliance costs for pharmacies [4]. Group 3: Investor Sentiment - There have been multiple instances of major shareholders in chain pharmacies, such as Yifeng and Laobaixing, reducing their stakes, raising concerns about the industry's future [7]. - Several chain pharmacies are reportedly seeking to sell their businesses, but a lack of interested buyers indicates a significant loss of confidence in the industry [1][6]. Group 4: Online Transition - The online pharmacy market is growing, with online sales reaching 329.2 billion yuan in 2024, while physical pharmacy sales declined for the first time [10]. - Major online pharmacy players like JD Health and Alibaba Health reported strong revenue growth, contrasting with the struggles of traditional pharmacies [10][11]. - Chain pharmacies are increasingly investing in online channels, with significant growth in their O2O (Online to Offline) sales, although they face challenges in competing with larger platforms [11][12]. Group 5: Strategic Shifts - Chain pharmacies are exploring non-pharmaceutical business models, with companies like Yixin Tang and Laobaixing diversifying their product offerings to include health and personal care items [14][15]. - The shift towards a more diversified product range aims to reduce reliance on prescription sales and adapt to changing consumer preferences [14][16]. - The industry is undergoing a transformation phase, necessitating a reevaluation of value propositions in light of declining prescription flows and increased competition from e-commerce [16][17].

Summary of Key Points Core Viewpoint The announcements from Yifeng Pharmacy Chain Co., Ltd. detail the status of its convertible bonds and the management of idle raised funds through financial products, indicating a strategic approach to enhance financial efficiency and shareholder returns. Group 1: Convertible Bond Conversion Status - As of June 30, 2025, a total face value of 163,000 yuan of "Yifeng Convertible Bonds" has been converted into 4,950 shares of the company's A-shares, representing 0.0004% of the total shares before conversion [2][4]. - The remaining unconverted "Yifeng Convertible Bonds" have a face value of 1,797,269,000 yuan, accounting for 99.9909% of the total issuance [2][4]. - During the quarter from April 1, 2025, to June 30, 2025, 2,000 yuan of "Yifeng Convertible Bonds" were converted into 60 shares [2][4]. Group 2: Convertible Bond Issuance Overview - The company issued 17,974,320 convertible bonds with a total face value of 179,743.20 million yuan, approved by the China Securities Regulatory Commission on March 4, 2024 [3]. - The bonds were listed on the Shanghai Stock Exchange on March 27, 2024, and can be converted into shares starting from September 9, 2024 [3]. Group 3: Management of Idle Funds - The company redeemed structured deposits totaling 10,300.00 million yuan and plans to continue investing 11,400.00 million yuan in new financial products [6][8]. - The board approved the use of up to 30,000.00 million yuan of idle raised funds for financial investments, ensuring that it does not affect the normal operation of investment projects [6][10]. - The investment strategy aims to enhance the efficiency of idle funds and increase company returns without impacting daily operations [13].

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-062 | | --- | --- | --- | | 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 关于可转债转股结果暨股份变动公告 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。 累计转股情况：截至 2025 年 6 月 30 日，累计已有面值 163,000 元"益丰转 债"转为公司 A 股普通股，累计转股股数为 4,950 股，占"益丰转债"转股前 公司已发行普通股股份总额的 0.0004%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"益丰转债"面值 为人民币 1,797,269,000 元，占"益丰转债"发行总量的比例为 99.9909%。 本季度转股情况："益丰转债"自 2024 年 9 月 9 日起可转换为公司股份，2025 年 4 月 1 日至 2025 年 6 月 30 日共有面值 2,000 元"益丰转债"转为公司 A 股 普通股，转换为股份数 60 股。 一、可 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-063 | | --- | --- | --- | | 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 关于使用闲置募集资金委托理财到期赎回 并继续委托理财的公告 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： 本次赎回产品名称：智汇系列进取型看涨三层区间 59 天结构性存款 （1,000.00 万），智汇系列进取型看涨三层区间 91 天结构性存款（4,000.00 万）， 共赢智信利率挂钩人民币结构性存款 A07652 期（6,400.00 万）。 赎回金额：10,300.00 万元 本次继续委托理财金额：11,400.00 万元 已履行的审议程序：经公司第五届董事会第十五次会议审议通过，同意在 确保不变相改变募集资金用途与不影响募集资金投资项目正常运行的情况下，使 用最高额度不超过 30,000.00 万元募集资金进行委托理财，用于购买安全性高、 流动性好的理财产品，自董事会审议通过起 12 ...

Core Viewpoint - The retail pharmacy industry is experiencing accelerated closures, with a total of 39,228 stores shut down in 2024, leading to a potential recovery in customer traffic and profit margins for leading pharmacies post-industry consolidation [1][2]. Group 1: Industry Trends - The number of closed pharmacies in 2024 is reported as follows: Q1 - 6,778, Q2 - 8,791, Q3 - 9,545, Q4 - 11,414, indicating a significant acceleration in closures, with a net decrease of 3,395 stores in Q4 alone [1]. - The industry is facing a severe environment for small and medium-sized pharmacies due to weak consumer power, medical insurance cost control, and enhanced regulatory measures, leading to a consolidation trend [1]. Group 2: Market Opportunities - Leading retail pharmacies are expected to benefit from a "siphon effect" in customer traffic due to their first-mover advantage in local market outpatient coordination, which may enhance customer spending and overall performance [2]. - The implementation of outpatient coordination policies is anticipated to increase medical insurance spending and related product consumption, potentially raising average transaction values [2]. Group 3: Strategic Initiatives - Leading pharmacies are actively exploring diversified operations and innovative store management to enhance market competitiveness, such as transforming into service complexes and creating new store formats [3]. - Examples include Yifeng Pharmacy's transition towards service complexes and Yixin Hall's development of new store formats to attract more customers [3]. Group 4: Recommended Stocks - Companies that are expected to benefit from the industry cycle and demonstrate superior management capabilities include Yifeng Pharmacy (603939.SH) and Daclin (603233.SH) as recommended stocks, while beneficiaries include Laobaixing (603883.SH), Yixin Hall (002727.SZ), and Jianzhijia (605266.SH) [4].

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-061 | | --- | --- | --- | | 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 关于为子公司提供担保的进展公告 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： ●被担保人名称：江苏益丰大药房连锁有限公司（以下简称"江苏益丰"） 为益丰大药房连锁股份有限公司（以下简称"公司"或"本公司"）合并报表 范围内子公司。 ●本次担保金额及累计担保余额：本次公司为子公司江苏益丰提供担保金额 30,000.00 万元。截止本公告披露日，公司实际为其提供的担保余额为 40,000.00 万元（含本次担保）。 ●本次担保是否有反担保：无 ●对外担保的逾期累计数量：无 一、担保情况概述 1、担保基本情况及履行决策程序 公司于 2025 年 4 月 28 日召开的第五届董事会第十六次会议《关于为子公司 申请银行授信提供担保的议案》，同意公司为子公司江苏益丰提供总额不超过 309,000.00 ...

债券简称：益丰转债 债券代码：113682 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 发行人 中信证券股份有限公司关于 益丰大药房连锁股份有限公司 Yifeng Pharmacy Chain Co., Ltd. （湖南省常德市武陵区白马湖街道富强社区人民路 2638 号） 债券受托管理人 中信证券股份有限公司 益丰大药房连锁股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 6 月 1 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 （以下简称《管理办法》）、《公司债券受托管理人执业行为准则》（以下简称 《执业行为准则》）等相关规定，及《益丰大药房连锁股份有限公司公开发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）《益丰大药房连锁 股份有限公司 2024 年年度报告》等相关信息披露文件、益丰大药房连锁股份有 限公司（以下简称"益丰药房"，"发行人"或"公司"）出具的相关文件以及 提供的相关资料或第三方中介机构出具的专业意见等，由本期公司债券受托管理 人中信证券股份有限公司（以下简称"中信证券"）编制 ...

Core Viewpoint - The credit rating for Yifeng Pharmacy's convertible bonds remains stable at "AA," with no changes from the previous rating [1]. Group 1 - The previous rating for the convertible bonds was "AA," and the issuer's rating was also "AA," with a stable outlook [1]. - The current rating results for both the issuer and the convertible bonds are unchanged from the last assessment [1]. - The credit rating agency, United Credit Ratings Co., conducted a comprehensive analysis of the company's operational status and industry conditions for this tracking rating [1]. Group 2 - The tracking credit rating report for the convertible bonds can be found on the Shanghai Stock Exchange website [2]. - The announcement is made by the board of directors of Yifeng Pharmacy [3].

Core Viewpoint - Yifeng Pharmacy Chain Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, reflecting its strong market position and financial performance despite industry challenges [1][3][4]. Company Overview - Yifeng Pharmacy, established in June 2008, transitioned to a joint-stock company in August 2011 and was listed on the Shanghai Stock Exchange in February 2015 [11]. - As of March 2025, the company has a total share capital of 1.212 billion shares, with the largest shareholder holding 21.65% [11]. Financial Performance - In 2024, the company achieved a total revenue of 24.062 billion yuan, a year-on-year increase of 6.53%, and a profit of 2.182 billion yuan, up 7.11% [7][10]. - The net cash flow from operating activities was 4.221 billion yuan, fully covering the cash outflow from investment activities [7][10]. - As of the end of 2024, the company's total assets were 27.975 billion yuan, with total liabilities of 12.819 billion yuan, reflecting a debt increase of 28.02% from the previous year [8][10]. Market Position and Competitive Advantage - Yifeng Pharmacy is recognized as one of the leading pharmaceutical retail enterprises in China, ranking second in the "2024-2025 China Pharmacy Value List" [6][18]. - The company operates 14,684 retail chain stores, with 10,872 being directly operated, and has a strong presence in economically developed regions [6][18]. - The company has established a comprehensive supply chain and logistics system, ensuring efficient operations and store expansion [6][19]. Industry Analysis - The pharmaceutical retail industry in China is characterized by intense competition and a low concentration ratio, with significant room for growth in market share among leading companies [16][17]. - The industry is experiencing pressure from policies aimed at controlling medical insurance costs, which impacts profit margins [5][16]. - The demand for pharmaceutical products remains stable, with a notable increase in chronic disease management and health services [16][17]. Future Outlook - The company is expected to continue expanding its retail network and improve operational efficiency, which may enhance its overall strength in the market [4][5]. - Potential factors for rating upgrades include significant revenue and profit growth while maintaining reasonable financial leverage [4][5]. - Conversely, risks include adverse changes in industry policies and intensified competition, which could negatively impact profitability [5][6].