湖南启元律师事务所 关于益丰大药房连锁股份有限公司 2023年年度股东大会的 法律意见书 二O二四年五月 致：益丰大药房连锁股份有限公司 湖南启元律师事务所（以下简称"本所"）接受益丰大药房连锁股份有限公 司（以下简称"公司"）的委托，指派本律师出席了公司 2023 年年度股东大会（以 下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会议人员 及召集人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表 本法律意见。 本律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等我国现行法律、法规、规范性文件以及《益丰大药房连锁股份有限公司章程》 （以下简称"《公司章程》"）的有关规定出具本法律意见书。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an emphasis on its robust expansion strategy and strong performance in both online and offline prescription services [1][12]. Core Views - The company adheres to a development strategy of "regional focus and steady expansion," maintaining a high speed of store expansion and leveraging both online and offline channels to capture prescription outflow, thereby enhancing its internal growth momentum [1][12]. - The earnings forecast has been adjusted, with expected EPS for 2024-2026 at 1.76, 2.16, and 2.66 yuan respectively, corresponding to PE ratios of 26.2X, 21.3X, and 17.3X as of May 10, 2024 [1][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22,588 million yuan, a year-over-year increase of 13.6%, and a net profit attributable to shareholders of 1,412 million yuan, up 11.9% year-over-year [2][5]. - For Q4 2023, revenue was 6,700 million yuan, with a year-over-year growth of 2.47%, while net profit was 413 million yuan, down 5.81% year-over-year [3][5]. - In Q1 2024, the company reported revenue of 5,971 million yuan, a year-over-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-over-year [3][5]. Business Segment Analysis - The retail segment generated revenue of 20,185 million yuan in 2023, representing a year-over-year growth of 12.00%, while the wholesale segment saw a significant increase of 39.23%, reaching 1,892 million yuan [6][7]. - The company has expanded its store network significantly, with a total of 13,920 stores by the end of Q1 2024, including 3,157 franchise stores [9][10]. Product Performance - The company’s revenue from Western and Chinese patent medicines reached 17,095 million yuan, with a year-over-year growth of 15.93%, while traditional Chinese medicine revenue grew by 23.30% to 2,180 million yuan [8][9]. - The non-pharmaceutical segment experienced a slight decline, with revenue of 2,803 million yuan, down 2.30% year-over-year [8][9]. Regional Performance - The Central South region showed exceptional growth, achieving revenue of 10,380 million yuan, up 17.44% year-over-year, while the East China region grew by 7.29% to 9,228 million yuan [9][10].

益丰大药房连锁股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 1 / 29 益丰大药房连锁股份有限公司 2023 年年度股东大会 会议资料 | 2023 | 年年度股东大会会议议程 | 3 | | --- | --- | --- | | 2023 | 年年度股东大会会议须知 | 4 | | 2023 | 年年度股东大会会议议案 | 5 | | 议案一：关于 2023 | 年度董事会报告的议案 | 5 | | 议案二：关于 2023 | 年度监事会报告的议案 | 11 | | 议案三：关于 2023 | 年年度报告及其摘要的议案 | 17 | | 议案四：关于 2023 | 年度财务决算报告的议案 | 18 | | 议案五：关于 2023 | 年度利润分配及资本公积金转增股本预案的议案 | 24 | | 议案六：关于续聘 | 2024 年度会计师事务所的议案 | 25 | | | 议案七：关于向银行申请综合授信额度的议案 | 26 | | | 议案八：关于为子公司申请银行授信提供担保的议案 | 28 | | | 议案九：关于使用闲置自有资金委托理财的议案 | 29 | 益丰大药房连锁股份有 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 46.63 [1] Core Views - The company reported a revenue of 22.588 billion yuan in 2023, a year-on-year increase of 13.59%, and a net profit of 1.412 billion yuan, up 11.90% year-on-year [2] - In Q1 2024, the company achieved a revenue of 5.971 billion yuan, growing 13.39% year-on-year, and a net profit of 407 million yuan, which is a 20.89% increase year-on-year [2] - The company has shown resilience in performance despite high base effects, with expectations for accelerated quarterly growth in 2024 due to ongoing policy implementations and store expansions [2][3] - The total number of stores reached 13,920 by Q1 2024, with a net increase of 670 stores, contributing to revenue growth across key regions [2][3] - The gross margin slightly declined to 38.21%, attributed to an increase in wholesale revenue share, while the company successfully optimized its expense ratios [2][3] Financial Forecast and Valuation - The company is projected to achieve revenues of 27.347 billion yuan, 32.858 billion yuan, and 39.463 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 20%, and 20% [2][3] - Net profit forecasts for the same years are 1.813 billion yuan, 2.207 billion yuan, and 2.671 billion yuan, reflecting year-on-year growth of 28%, 22%, and 21% [2][3] - The report highlights the company's internal efficiency improvements and external expansion strategies as key drivers for maintaining high growth [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated continuous and stable growth in performance, driven by its new retail and hospital prescription diversion strategies [2] - In 2023, the company achieved operating revenue of 22.588 billion yuan, a year-on-year increase of 13.59%, and a net profit attributable to the parent company of 1.412 billion yuan, up 11.90% year-on-year [2][4] - The company plans to expand its revenue to 27.507 billion yuan in 2024, with a projected growth rate of 21.8% [4] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 5.971 billion yuan, a year-on-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-on-year [2] - The total number of stores reached 13,920 by the end of Q1 2024, with a net increase of 670 stores [3] Store Expansion - The company added 3,196 new stores in 2023, including 1,613 self-built stores, 559 acquired stores, and 1,024 franchise stores [2] - The company focuses on a "regional focus and steady expansion" strategy, deepening its presence in central, eastern, and northern China [2] Revenue Projections - Revenue projections for 2024, 2025, and 2026 are 27.507 billion yuan, 33.723 billion yuan, and 41.278 billion yuan, respectively, with year-on-year growth rates of 21.8%, 22.6%, and 22.4% [4][9] - The net profit attributable to the parent company is expected to be 1.716 billion yuan in 2024, 2.160 billion yuan in 2025, and 2.688 billion yuan in 2026, with corresponding growth rates of 21.5%, 25.9%, and 24.5% [4][9]

关于开立募集资金专户并签署募集资金专户存储四 方监管协议的公告 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。 一、募集资金基本情况 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-044 | | --- | --- | --- | | 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 经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）核准，同 意益丰大药房连锁股份有限公司（以下简称"公司"或"益丰药房"）向不特定对象 发行面值总额 1,797,432,000.00 元可转换公司债券，每张面值为人民币 100 元， 发行数量 17,974,320 张，募集资金总额为人民币 1,797,432,000.00 元，扣除发行 费用（不含税）人民币 17,169,690.20 元后，募集资金净额为 1,780,262,309.80 元。 上述募集资金已于 2024 年 3 月 8 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's 2023 performance slightly underperformed expectations, leading to a downward adjustment in profit forecasts for 2024 and 2025, with the addition of a forecast for 2026. The expected net profits for 2024, 2025, and 2026 are projected to be 1.74 billion, 2.13 billion, and 2.59 billion yuan respectively, with corresponding EPS of 1.72, 2.11, and 2.56 yuan, and PE ratios of 26.39, 21.57, and 17.77 times [7][8] Financial Performance Summary - In 2023, the company achieved revenue of 22.59 billion yuan and a net profit of 1.41 billion yuan, representing year-on-year growth of 13.6% and 11.9% respectively. The fourth quarter saw revenue of 6.70 billion yuan and a net profit of 413 million yuan, with year-on-year changes of 2.5% and -5.8% [8] - For Q1 2024, the company reported revenue of 5.97 billion yuan and a net profit of 407 million yuan, showing year-on-year increases of 13.4% and 20.9% [8] Expansion Strategy - The company has a total of 13,920 stores across ten provinces as of Q1 2024, with plans to add 4,000 new stores in 2024, including 1,800 self-built, 700 through acquisitions, and 1,500 franchises [8] - The company aims to strengthen its presence in central and eastern China while expanding nationwide, leveraging regional brand effects and scale advantages [8] Revenue Structure - Retail revenue grew steadily, while wholesale business saw rapid growth. In 2023, retail revenue was 20.19 billion yuan with a gross margin of 39.6%, and wholesale revenue was 1.89 billion yuan with a gross margin of 9.4% [8] - The company’s product categories include traditional Chinese medicine and Western medicine, with respective revenues of 17.10 billion yuan and 2.18 billion yuan, reflecting growth rates of 15.9% and 23.3% [8] Profitability - The company's gross margin for 2023 was 38.2%, with a net margin of 7.0%. The first quarter of 2024 saw a gross margin of 39.3% and a net margin of 7.5% [9] - The company’s expense ratios for sales, management, and finance were 24.3%, 4.3%, and 0.4% respectively, indicating effective cost management [9]

证券研究报告 公司点评 益丰药房(603939.SH) 医药生物｜ 医药商业 高基数下业绩稳健增长 ，盈利水平相对稳定 2024年 05月 06日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 198.86 225.88 275.02 337.82 408.70 归母净利润（亿元） 12.66 14. 12 17.49 21.18 25.31 评级变动 维持 每股收益（元） 1.25 1.40 1.73 2.10 2.50 交易数据 每股净资产（元） 8.47 9.70 11.11 12.81 14.85 当前价格（元） 45.40 P/E 36.25 32.49 26.23 21.66 18.13 52周价格区间（元） 31.10-52.29 P/B 5.36 4.68 4.09 3.54 3.06 总市值（百万） 45880.40 资料来源：Wind，财信证券 流通市值（百万） 45768.50 总股本（万股） 101058.00 投资要点： 流通股（万股） 100811.70  事件：公司发布2023年年度报告及 2024年一季度报告。 涨跌幅比 ...

[Table_Title] 证券研究报告 2024Q1 业绩亮眼，“区域聚焦”战略持续提升市场竞争力 公司研究 [Table_ReportDate] 2024年05月07日 [Table_ReportType] 公司点评报告 [T事ab件le：_公Su司mm发ar布y] 2 023年年报及2024年一季报，2023年实现营业收入225.88 [益Ta丰bl药e_房Sto(c6k0A3n9d3R9an)k ] 亿元（yoy+13.59%），实现归母净利润14.12亿元（yoy+11.90%），扣非归母 净利润13.62亿元（yoy+10.92%）。2024年一季度实现营业收入59.71亿元 投资评级 （yoy+13.39%），归母净利润4.07亿元（yoy+20.89%），扣非归母净利润3.99 上次评级 亿元（yoy+24.26%）。 点评： [唐Ta爱bl金e_ A u t h o r医] 药行业首席分析师 执业编号：S1500523080002 ➢ 2023年营业收入保持稳步增长，2024Q1业绩亮眼。①2023年公司营 邮 箱：tangaijin@cindasc.com 业收入保持稳步增长，2023 年 ...

证券研究报告 公 2024年05月04日 司 报 告 益丰药房(603939) │ 行 业： 医药生物/医药商业 公 投资评级： 买入（维持） 司 年 业绩稳健增长，门店数量快速扩张 当前价格： 43.94元 报 目标价格： 55.73元 点 事件： 评 基本数据 公司发布2023年年报及2024年一季报，2023年实现收入225.88亿元， 总股本/流通股本(百万股) 1,010.58/1,008.12 同比增长13.59%；归母净利润14.12亿元，同比增长11.90%；扣非后归 流通A股市值(百万元) 44,296.62 母净利润 13.62 亿元，同比增长 10.92%。2024 年一季度实现收入 59.71 亿元，同比增长13.39%；归母净利润4.07亿元，同比增长20.89%；扣非 每股净资产(元) 10.07 后归母净利润3.99亿元，同比增长24.26%。 资产负债率(%) 57.69  门店数量快速扩张 一年内最高/最低(元) 52.63/30.90 2023年公司实现零售业务收入201.85亿元，同比增长12.00%；批发业务 收入18.92亿元，同比增长39.23%。公司坚持“区域聚 ...