证券代码：603939 证券简称：益丰药房 公告编号：2026-006 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 关于可转换公司债券付息的公告 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： 益丰大药房连锁股份有限公司（以下简称"公司"）于2024年3月4日发行的可转换公司债券将于2026年3 月4日开始支付自2025年3月4日至2026年3月3日期间的利息。根据本公司《益丰药房向不特定对象发行 可转换公司债券募集说明书》有关条款的规定，现将有关事项公告如下： 一、益丰转债发行上市的概况 4、债权类型：可转换为公司A股股票的可转换公司债券 7、票面金额跟发行价格：本次发行的可转换公司债券每张面值为人民币100元，按面值发行。 8、债券期限：本次发行的可转换公司债券的期限为自发行之日起六年，即2024年3月4日至2030年3月3 日。 9、票面利率：第一年0.30%、第二年0.50%、第三年1.00%、第四年1.50%、第五年1.80%、第六年 2.00%。 10、还本付息的期 ...

彭思宇 国信证券医药分析师: 各位投资人下午好，非常感谢大家在大年初七的这样一个下午，来指导我们国信证券新春 系列的这样一些电话会。那本场是医药专场，我是国信医药分析师彭思宇。那我们的主题 是看好底部反转的医疗服务和药店板块。其实不仅仅是服务和药店板块，在医药行业里面 偏消费的板块，我们目前都是非常看好的，医疗服务和消费相关的这样一些板块，如果看 估值的话，经过了非常漫长的这样一个调整的时期，此时此刻估值可以说是处于一个历史 的低分位数。 同时我们从 1 月份上市公司给到的一些数据来看的话，1 月份的这个收入的增长态势也是 比较不错的。即使我们剔除掉去年有过年一个因素的影响，也是有不错的增长。比如说固 生堂，在交流中，他也透露了相关的一些情况。这是基本面的一个修复情况。另外我们也 可以看到，AI 这一块也会给医疗服务相关的一些企业带来赋能。那在 AI 赋能方面的话， AI 相关的业务的落地和和赋能，为领先的医疗服务企业带来全新的一个增长动力。我们看 到蚂蚁集团旗下的这个 AI 健康应用，于去年的 6 月份，2025 年 6 月份首次以 A Q 之名 亮相市场，同时在去年的 12 月 15 号正式升级更名为这个 ...

重要内容提示： 益丰大药房连锁股份有限公司（以下简称"公司"）于 2024 年 3 月 4 日发 行的可转换公司债券将于 2026 年 3 月 4 日开始支付自 2025 年 3 月 4 日至 2026 年 3 月 3 日期间的利息。根据本公司《益丰药房向不特定对象发行可转换公司 债券募集说明书》有关条款的规定，现将有关事项公告如下： 一、益丰转债发行上市的概况 7、票面金额跟发行价格：本次发行的可转换公司债券每张面值为人民币 100 元，按面值发行。 | 证券代码：603939 | 证券简称：益丰药房 公告编号：2026-006 | | --- | --- | | 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 关于可转换公司债券付息的公告 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。 可转债付息债权登记日：2026 年 3 月 3 日 可转债除息日：2026 年 3 月 4 日 可转债兑息日: 2026 年 3 月 4 日 1、债券名称：益丰大药房连锁股份有限公司 2024 年可转换 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5][41]. Core Insights - The medical services and pharmacy sectors have undergone significant adjustments since 2021, with valuations and performance returning to historically low levels. For instance, leading companies like Aier Eye Hospital, Tongce Medical, and Yifeng Pharmacy have seen their total market values decline by 73.5%, 81.9%, and 45.9% respectively since the Spring Festival of 2021 [1][16]. - The consumer medical industry is experiencing an improvement in competition and safety margins, aided by the implementation of relevant policies and a potential recovery in consumer willingness to spend [2]. - The offline pharmacy sector is benefiting from policy incentives and an improved competitive landscape, with significant support for prescription outflow and industry restructuring [3][32]. Summary by Sections 1. Valuation Bottoming and Low Holdings - The medical services and pharmacy sectors have faced prolonged adjustments, leading to valuations at historically low levels. The public fund holdings in these sectors have also decreased [10][11]. - The leading companies in the industry have seen substantial market value adjustments, indicating a low public fund holding ratio [16]. 2. Accumulating Reversal Momentum - The medical services and pharmacy sectors are expected to experience a dual recovery in performance and valuation, driven by improved competition and policy clarity [21]. - The medical services sector is witnessing a gradual recovery in income growth, particularly in the ophthalmology sector, which has seen a slowdown in revenue growth after a rapid recovery period [22]. - The pharmacy sector is experiencing a shift towards health service platforms, supported by policy changes that encourage pharmacies to expand their service offerings [33]. 3. Investment Views - Focus on leading companies in the medical services sector that have strong chain expansion capabilities and supply chain advantages, such as Aier Eye Hospital and Tongce Medical, which are expected to benefit from consumer upgrades and market demand [4][37]. - In the pharmacy sector, attention should be given to leading chains with strong supply chain advantages and management capabilities, such as Yifeng Pharmacy and Dazhenglin, which are well-positioned to capture market share and benefit from policy changes [4][37].

Core Viewpoint - The report highlights the financing, investment, logistics, and merger activities of China's chain pharmacy industry, emphasizing the importance of logistics center construction and the trend of expanding business scale and diversification among leading companies [1][8]. Financing Situation - The primary financing methods for listed companies in the chain pharmacy industry include private placements and convertible bonds, mainly aimed at constructing logistics centers, opening new pharmacies, and supplementing working capital [1]. - Key financing events since 2022 include: - Yifeng Pharmacy raised 2.547 billion yuan for logistics and digital platform upgrades [1]. - Yixin Tang raised up to 1.5 billion yuan for new pharmacies and logistics projects [1]. - Daclin raised 3.025 billion yuan for new chain pharmacies [1]. - Shuyupingmin raised up to 800 million yuan for modern logistics projects [1]. - Jianzhijia raised 410 million yuan for logistics center projects [1]. Investment Activities - From 2020 to 2025, major companies like Daclin, Yifeng Pharmacy, and Laobaixing have been actively investing, with Daclin leading with 36 investment events, followed by Yifeng Pharmacy with 14 and Laobaixing with 13 [5][6]. - The investment purposes include expanding business scale and diversifying operations, with companies investing in subsidiaries across different regions to enhance their market presence [8][10]. Merger and Acquisition Trends - Recent mergers and acquisitions in the chain pharmacy industry are primarily aimed at expanding the scale of midstream enterprises, often involving the acquisition of other pharmacy brands to increase store numbers and improve regional business layouts [11]. - Notable merger events include: - Huaren Health's acquisition of three pharmacy chains in Fujian and Zhejiang to expand its market presence [11]. - Yixin Tang's acquisition of multiple pharmacies in Sichuan to enhance competitiveness [11]. - Laobaixing's acquisition of a pharmacy chain in Anhui to strengthen market position [11]. Logistics Center Development - The construction of logistics centers is identified as a major purpose for financing, with companies focusing on enhancing their supply chain efficiency and operational capabilities [1][8].

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Group 1 - The core point of the article is that Yifeng Pharmacy announced that its stock price has been below 85% of the current conversion price of 31.84 yuan for 15 trading days, triggering the adjustment clause for "Yifeng Convertible Bonds" [2] - The board of directors decided not to adjust the conversion price during the period from February 6 to May 5, 2026, and the next recalculation period is expected to start on May 6, 2026 [2]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2026-005 | | --- | --- | --- | | 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 关于不向下修正"益丰转债"转股价格的公告 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： 自 2026 年 1 月 16 日至 2026 年 2 月 5 日，公司股票的收盘价已在任意连 续三十个交易日中有十五个交易日低于当期转股价格的 85%，已触发"益丰转债" 转股价格修正条款。 公司于 2026 年 2 月 5 日召开第五届董事会第二十五次会议，审议通过了 《关于不向下修正"益丰转债"转股价格的议案》。公司决定本次不向下修正"益 丰转债"的转股价格，并且在未来 3 个月内（即 2026 年 2 月 6 日至 2026 年 5 月 5 日），公司股价若再次触发此条款，亦不向下修正"益丰转债"的转股价格。 下一触发转股价格修正条款的期间从 2026 年 5 月 6 日起重新计算，若公司股价 再 ...

Group 1 - The core viewpoint of the article indicates that the internet healthcare sector experienced a slight increase of 0.0% on February 4, with Yifeng Pharmacy leading the gains [1] - The Shanghai Composite Index closed at 4102.2, reflecting an increase of 0.85%, while the Shenzhen Component Index closed at 14156.27, up by 0.21% [1] - The net capital flow in the internet healthcare sector showed a net outflow of 1.928 billion yuan from major funds, while retail investors contributed a net inflow of 1.255 billion yuan [1] Group 2 - The article provides a detailed breakdown of the capital flow within the internet healthcare sector, highlighting that speculative funds had a net inflow of 0.673 billion yuan [1] - The article includes a table summarizing the individual stock performance and capital flow within the internet healthcare sector, although specific stock details are not provided in the text [1]

Market Overview - The pharmaceutical commercial sector increased by 1.34% on February 4, with Yifeng Pharmacy leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Yifeng Pharmacy (603939) closed at 24.76, up 4.96% with a trading volume of 180,700 shares [1] - Dazhenlin (603233) rose by 3.27% to 19.88, with a trading volume of 82,100 shares and a transaction value of 161 million [1] - Fuzhong (002462) increased by 2.80% to 16.86, with a trading volume of 337,400 shares [1] - Login Medical (002788) saw a 2.60% rise to 16.60, with a trading volume of 367,300 shares [1] - Other notable stocks include Nanjing Pharmaceutical (600713) up 2.03% and Jianzhijia (605266) up 1.95% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 18.375 million from institutional investors, while retail investors saw a net outflow of 34.4782 million [2] - Conversely, speculative funds recorded a net inflow of 52.8532 million [2] Individual Stock Capital Flow - Luyan Pharmaceutical (002788) had a net inflow of 42.3085 million from institutional investors, while retail investors faced a net outflow of 72.3406 million [3] - Yifeng Pharmacy (603939) saw a net inflow of 20.1487 million from institutional investors and a net outflow of 57.1720 million from retail investors [3] - Huaren Health (301408) had a net inflow of 12.3779 million from institutional investors, with a net outflow of 15.7068 million from retail investors [3]