赎回金额：2,000.00 万元 本次继续委托理财金额：1,600.00 万元 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-046 | | --- | --- | --- | | 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：智汇系列看涨两层区间 9 天结构性存款（1,000.00 万）， 智汇系列看涨两层区间 18 天结构性存款（1,000.00 万）。 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 特别风险提示：公司将对投资产品进行严格评估，尽管公司选择本金保障 类理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动 的影响，面临收益波动风险、流动性风险、信用风险、操作风险、信息技术系统 风险、政策法律风险、不可抗力及意外事件风险、信息传递等风险。 一、 本次赎回理财产品的情况 公 ...

益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 益丰大药房连锁股份有限公司 2024 年年度股东会 会议资料 益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 益丰大药房连锁股份有限公司 2024 年年度股东会会议议程 2025 年 5 月 1 / 33 益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 | | | | 年年度股东会会议议程 2024 3 | | | --- | --- | | 2024 年年度股东会会议须知 4 | | | 2024 年年度股东会会议议案 5 | | | 议案一：关于 2024 年度董事会报告的议案 5 | | | 议案二：关于 2024 年度监事会报告的议案 | 11 | | 议案三：关于 2024 年年度报告及其摘要的议案 17 | | | 议案四：关于 2024 年度财务决算报告的议案 18 | | | 议案五：关于 2024 年度利润分配预案的议案 25 | | | 议案六：关于提请股东会授权董事会制定中期分红方案的议案 26 | | | 议案七：关于续聘 2025 年度会计师事务所的议案 27 | | | 议案八：关于向银行申请综合授 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company is expected to see a recovery in net profit margin in 2025, following a significant adjustment phase in its store operations [1][3] - The company achieved a revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit of 1.529 billion yuan, up 8.26% year-on-year [1][4] - The company has a robust store expansion strategy, with 2,512 new stores added in 2024, which is anticipated to drive long-term revenue growth [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 6.843 billion yuan, a 2.14% increase year-on-year, and a net profit of 418 million yuan, up 1.28% year-on-year [1] - For Q1 2025, the company recorded revenue of 6.009 billion yuan, a 0.64% increase year-on-year, and a net profit of 449 million yuan, up 10.51% year-on-year [1] Growth Potential - The company added 94 new stores in Q1 2025, with a net increase of 10 stores compared to the end of 2024, indicating a potential slowdown in store closures [2] - The company has a wide coverage of medical insurance qualifications, with 10,300 out of 10,872 direct chain stores qualified, which is expected to enhance its ability to capture market opportunities from prescription outflow [2] Profitability - The company's gross margin for 2024 was 40.12%, an increase of 1.9 percentage points year-on-year, with specific margins for traditional Chinese medicine and non-drug products also showing improvements [3] - The net profit margin for 2024 was 6.87%, a slight decrease, but it is projected to recover to 8.21% in Q1 2025, indicating a positive trend in profitability [3] Forecast and Valuation - Revenue projections for 2025-2027 are 26.920 billion yuan, 30.834 billion yuan, and 34.079 billion yuan, with respective growth rates of 11.88%, 14.54%, and 10.53% [4][10] - The expected net profit for the same period is 1.758 billion yuan, 2.092 billion yuan, and 2.333 billion yuan, with growth rates of 15.00%, 19.00%, and 11.53% respectively [4][10]

证券研究报告 | 公司点评报告 2025 年 05 月 15 日 益丰药房（603939.SH） 业绩韧性凸显，利润拐点可期 消费品/生物医药 公司发布 2024 年报和 2025 年一季报：2024 年实现了营业收入 240.62 亿元、 归母净利润 15.29 亿元、扣非归母净利润 14.97 亿元，同比分别增长 6.53%、 8.26%、9.96%。其中 2024 年 Q4 实现营业收入 68.43 亿元、归母净利润 4.18 亿元、扣非归母净利润 4.05 亿元，同比分别增长 2.14%、1.28%、2.49%。2025 年 Q1 实现营业收入 60.09 亿元、归母净利润 4.49 亿元、扣非归母净利润 4.38 亿元，同比分别增长 0.64%、10.51%、9.65%。 % 1m 6m 12m 绝对表现 -3 7 -27 相对表现 -8 9 -35 资料来源：公司数据、招商证券 -60 -40 -20 0 20 40 May/24 Aug/24 Dec/24 Apr/25 (%) 益丰药房 沪深300 ❑ 行业环境+关店压力下业绩仍有韧性，提质增效下利润率有望改善，加大分红 力度提升股东回报。20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates robust performance growth, showcasing its refined management capabilities. In 2024, the company achieved a revenue of 24.062 billion yuan (up 6.53% year-on-year) and a net profit attributable to shareholders of 1.529 billion yuan (up 8.26% year-on-year) [2] - The company has seen steady growth in its retail and franchise distribution businesses, with the online O2O business growing rapidly. In 2024, retail revenue reached 21.188 billion yuan (up 4.97% year-on-year), and the O2O segment contributed 1.721 billion yuan, growing 23.02% year-on-year [5] - The company is focused on cost reduction and efficiency improvement while maintaining a steady expansion pace. As of the end of 2024, the total number of stores reached 14,684, with a net increase of 1,434 stores year-on-year [5] Summary by Relevant Sections Financial Performance - In Q1 2025, the company reported a revenue of 6.009 billion yuan (up 0.64% year-on-year) and a net profit of 449 million yuan (up 10.51% year-on-year) [2] - The gross margin for 2024 was 40.12%, and for Q1 2025, it was 39.64%, indicating a slight increase year-on-year [5] Business Segments - The company’s franchise and distribution business achieved a revenue of 2.107 billion yuan in 2024 (up 11.34% year-on-year) [5] - The company has strengthened its prescription drug services and expanded its product offerings, including functional and non-functional food and daily necessities [5] Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.755 billion yuan, 1.992 billion yuan, and 2.245 billion yuan, respectively [7] - The earnings per share (EPS) for the same years are expected to be 1.45 yuan, 1.64 yuan, and 1.85 yuan [7]

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 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关 法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作 为正在履行益丰大药房连锁股份有限公司（以下简称"益丰药房"、"上市公司"、 "公司"）持续督导工作的保荐人，对上市公司 2024 年度（以下简称"本持续督导 期间"）的规范运行情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 丁元、赵岩 （三）现场检查时间 2025 年 4 月 14 日至 2025 年 4 月 16 日、2025 年 4 月 30 日 （四）现场检查人员 Liu XiaoLan、丁元、张强、李洋、黄中一 （五）现场检查手段 中信证券股份有限公司 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现 ...

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 2024 年度持续督导报告书 | 上市公司名称：益丰大药房连锁股份有限公司 | | | --- | --- | | 保荐人名称：中信证券股份有限公司 | | | 保荐代表人姓名：丁元 | 联系方式：021-20262071 | | 保荐代表人姓名：赵岩 | 联系方式：010-60834101 | 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 14 日至 2025 年 4 月 16 日、2025 年 4 月 30 日 对公司进行了现场检查。 根据中国证券监督管理委员会《关于同意益丰大药房连锁股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕109 号），益丰 大药房连锁股份有限公司（以下简称"益丰药房"或"公司"）由主承销商中信证券 股份有限公司（以下简称"中信证券"或"保荐人"）采用余额包销方式，向社会 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with total revenue reaching 24.06 billion yuan, a year-on-year increase of 6.53%, and net profit attributable to shareholders at 1.53 billion yuan, up 8.26% year-on-year [7] - The company is focusing on refined management to continuously enhance profitability [1] - The first quarter of 2025 showed a slight revenue increase of 0.64% to 6.01 billion yuan, with net profit attributable to shareholders rising by 10.51% to 449 million yuan [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 22.59 billion yuan, 2024A: 24.06 billion yuan, 2025E: 26.92 billion yuan, 2026E: 29.61 billion yuan, 2027E: 32.57 billion yuan [1] - Net profit attributable to shareholders is projected to grow from 1.41 billion yuan in 2023A to 2.34 billion yuan in 2027E, reflecting a compound annual growth rate [1] - The company's earnings per share (EPS) is expected to increase from 1.16 yuan in 2023A to 1.93 yuan in 2027E [1] Operational Insights - The company achieved a sales gross margin of 40.12% in 2024, with a slight increase in net profit margin to 6.87% [7] - The total number of stores reached 14,694 by the first quarter of 2025, with a net increase of 1,434 stores in 2024 [7] - The company is focusing on regional expansion and improving operational efficiency, with a significant increase in non-pharmaceutical gross margins [7]

Performance Summary - In 2024, the company achieved operating revenue of 24.062 billion yuan, an increase of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26%. In Q4 2024, revenue was 6.843 billion yuan, growing by 2.14%, with a net profit of 418 million yuan, up 1.28%. For Q1 2025, revenue reached 6.009 billion yuan, a 0.64% increase, and net profit was 449 million yuan, up 10.51% [1] - Non-pharmaceutical revenue showed growth against the trend, with stable gross margins across categories. In 2024, revenue from Western and Chinese medicines was 18.045 billion yuan, up 5.56%, with a gross margin of 35.89%, an increase of 1.09 percentage points. Chinese medicine revenue was 2.313 billion yuan, up 6.09%, with a gross margin of 48.40%, up 1.27 percentage points. Non-pharmaceutical revenue was 2.937 billion yuan, up 4.80%, with a gross margin of 45.68%, up 3.14 percentage points. In Q1 2025, non-pharmaceutical revenue was 694 million yuan, up 3.83%, with a gross margin of 47.80%, up 0.92 percentage points [1] Store Optimization and Management - The company has completed store optimization adjustments, expecting improved operational quality. The company adhered to a "regional focus, steady expansion" strategy while adjusting its expansion tactics through a "new openings + acquisitions + franchises" model. In 2024, the company added 2,512 stores, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 underperforming stores to enhance overall operational quality. In Q1 2025, 94 new stores were added, including 26 self-built and 68 franchised, with 84 stores closed [2][3] Financial Management and Future Outlook - The company has achieved a gross margin of 40.12% in 2024, an increase of 1.91 percentage points, with sales and management expense ratios at 25.68% and 4.50%, respectively, both showing year-on-year increases. The improvement in gross margin is attributed to continuous optimization of product structure and supply chain systems, along with effective cost control [3] - The company is projected to have EPS of 1.46, 1.71, and 1.97 yuan for 2025, 2026, and 2027, respectively. As a leading chain pharmacy, the company’s strategy of "regional focus, steady expansion" and excellent management capabilities are expected to continue enhancing operational quality, leading to a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 24.06 billion yuan in 2024, representing a year-on-year increase of 6.53%, with a net profit attributable to shareholders of 1.53 billion yuan (up 8.26%) [3][4] - The company is optimistic about the optimization of store operations and refined management capabilities, projecting net profits of 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan for 2025-2027 [3][4] - The current stock price corresponds to a PE ratio of 19.6, 17.0, and 14.8 for 2025-2027 [3] Financial Performance - In 2024, the retail business generated revenue of 21.19 billion yuan (up 4.97%), while the franchise and distribution business saw revenue of 2.11 billion yuan (up 11.34%) [4] - For Q1 2025, retail revenue was 5.26 billion yuan (down 0.09%), and franchise and distribution revenue was 573 million yuan (up 12.94%) [4] - The gross margin for 2024 was 40.12%, with a net margin of 6.87% [3][4] Store Expansion and Strategy - The company has a total of 14,684 stores as of the end of 2024, with 2,512 new stores added, including 1,305 self-built, 381 acquired, and 826 franchised [5] - The company focuses on regional markets in Central, East, and North China, employing a strategy of "regional focus and steady expansion" [5] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are 26.51 billion yuan, 29.28 billion yuan, and 32.38 billion yuan, respectively, with corresponding net profits of 1.76 billion yuan, 2.03 billion yuan, and 2.33 billion yuan [7][10] - The company’s EPS is projected to be 1.45 yuan, 1.67 yuan, and 1.92 yuan for 2025-2027 [7][10] - The P/E ratio is expected to decrease from 19.6 in 2025 to 14.8 in 2027 [7][10]