| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-084 | | --- | --- | --- | | 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 关于募集资金委托理财进展的公告 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法律责任。 重要内容提示： 本次赎回产品基本情况 | 产品名称 | 智汇系列进取型看涨三层区间 | | 59 天结构性存款 | | --- | --- | --- | --- | | 受托方名称 | | | 招商银行股份有限公司 | | 购买金额 | | | 万元 1,000.00 | | 产品期限 | | 天 59 | | 本次购买产品基本情况 | 产品名称 | 利多多公司稳利 25JG3364 期(月月滚利特供款 C)人民币对 | | --- | --- | | | 公结构性存款 | | 受托方名称 | 上海浦东发展银行股份有限公司 | | 购买金额 | 万元 900.00 | | 产品期限 29 | 天 | 风险提示 公司将对投资产品进行严格 ...

2025 年 9 月 3 日 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。 益丰大药房连锁股份有限公司（以下简称"公司"或"本公司"）召开的第五 届董事会第十五次会议审议通过了《关于使用部分闲置募集资金暂时补充流动 资金的议案》，同意公司合计使用不超过 110,000.00 万元暂时闲置的募集资金 暂时补充流动资金，用于与主营业务相关的生产经营活动，使用期限自董事会 审议通过之日起不超过 12 个月。具体内容详见 2025 年 4 月 16 日披露在上海 证券交易所网站（www.sse.com.cn）及法定披露媒体的《关于使用部分闲置募 集资金暂时补充流动资金的公告》（公告编号：2025-031）。 根据上述决议，公司在规定期限内累计使用了人民币 110,000.00 万元闲置 募集资金暂时补充流动资金，并对资金进行了合理的安排与使用，没有影响募 集资金投资计划的正常进行，资金运用情况良好。 近日，公司归还 1,000.00 万元至募集资金专户，并将上述归还事项及时通 知了保荐代表人，截至本公告披露日累计归还 1,00 ...

Market Overview - The Shanghai Composite Index closed at 3858.13 points, slightly down by 0.45%, with a total trading volume of 29,124.23 billion yuan [1]. Stocks Breaking Through Annual Line - A total of 17 A-shares have surpassed their annual line, with notable stocks including: - Sanwei Co., Ltd. (603033) with a deviation rate of 6.83% - Jing Shan Light Machinery (000821) at 4.52% - Jidian Co., Ltd. (000875) at 4.45% [1]. Deviation Rate Rankings - The following stocks have the highest deviation rates from their annual lines: - Sanwei Co., Ltd. (603033): Today's price increased by 10.02% with a turnover rate of 3.44%, latest price at 12.96 yuan [1]. - Jing Shan Light Machinery (000821): Increased by 5.32%, turnover rate of 14.82%, latest price at 12.68 yuan [1]. - Jidian Co., Ltd. (000875): Increased by 6.18%, turnover rate of 7.79%, latest price at 5.50 yuan [1]. Other Stocks with Minor Deviations - Stocks with smaller deviation rates include: - Xiangjiang Holdings (600162) with a minor increase of 1.52% [2]. - Lihu Co., Ltd. (300694) with a deviation rate of 0.07% [1].

Group 1 - Yifeng Pharmacy's stock increased by 5.02%, reaching 24.69 CNY per share, with a trading volume of 5.92 billion CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 299.35 billion CNY [1] - Yifeng Pharmacy, established on June 20, 2008, and listed on February 17, 2015, operates in the retail of pharmaceuticals, health products, medical devices, and related daily convenience items [1] - The revenue composition of Yifeng Pharmacy includes 74.99% from Western and Chinese medicines, 12.21% from non-pharmaceuticals, 9.61% from traditional Chinese medicine, and 3.19% from other supplementary products [1] Group 2 - Huabao Fund holds a significant position in Yifeng Pharmacy through its Huabao Advanced Growth Mixed Fund, which held 955,800 shares, accounting for 2.92% of the fund's net value, making it the fourth-largest holding [2] - The Huabao Advanced Growth Mixed Fund, established on November 7, 2006, has a current scale of 800 million CNY, with a year-to-date return of 16.67% and a one-year return of 37.16% [2] - The fund manager, Yan Xu, has a tenure of 18 years and 86 days, with the fund's best return during his management being 68.1% and the worst being -37.29% [2]

Core Viewpoint - The pharmaceutical retail industry is undergoing a structural transformation, moving from extensive growth driven by scale expansion to a focus on quality optimization and efficiency enhancement. Major chain pharmacies are adjusting their strategies to improve existing store performance rather than aggressively expanding their number of stores [1][4]. Financial Performance - In the first half of 2025, six major listed chain pharmacies showed a polarized performance, with Dazhenlin and Shuyupingmin achieving growth in both revenue and net profit, while Laobaixing and Yixintang experienced declines [1][5]. - Dazhenlin reported revenue of 135.22 billion yuan, a year-on-year increase of 1.33%, and a net profit of 7.98 billion yuan, up 21.38% [2][5]. - Shuyupingmin's revenue and net profit were 48.81 billion yuan and 3625.09 million yuan, respectively, reflecting increases of 1.30% and 49.83% [5][6]. - Conversely, Laobaixing's revenue decreased by 1.51% to 107.74 billion yuan, with a net profit drop of 20.86% to 3.98 billion yuan [2][6]. Store Expansion Trends - Dazhenlin continued to expand its store count, adding 280 stores, although this growth rate has significantly slowed compared to previous years. Yixintang and Jianzhijia saw a net decrease in store numbers [1][9]. - The overall trend indicates a shift towards optimizing existing stores rather than aggressive new openings, with many companies reporting a reduction in the pace of store expansion [9][10]. Market Dynamics - The pharmaceutical retail market is currently experiencing a profound transformation, with a slight decline in overall market size. From January to May 2025, the market size was approximately 215.2 billion yuan, down 1.3% year-on-year [7]. - The market is characterized by significant disparities in store growth, with only 35% of stores achieving positive growth and about one-third experiencing declines of over 15% [7]. Strategic Adjustments - Companies are focusing on enhancing supply chain efficiency, strengthening professional pharmaceutical services, and optimizing digital operations to improve competitiveness [4][11]. - The shift towards diversified services and professional capabilities is becoming a key growth driver in the industry [4][11]. Digital Transformation - The integration of digital technologies is reshaping the pharmaceutical retail landscape, with O2O (Online to Offline) sales becoming a significant growth engine. In the first half of 2025, major chain pharmacies reported substantial increases in O2O sales [13][15]. - Companies like Laobaixing and Dazhenlin are leveraging AI technologies to enhance customer service and operational efficiency, with Laobaixing emphasizing AI as a strategic priority [15][16].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [9][15]. Core Insights - The company's performance in H1 2025 met expectations, with a slight decrease in revenue of 0.35% year-on-year to 11.72 billion yuan, while net profit increased by 10.32% to 880 million yuan [3][4]. - The company has strategically adjusted its operations by closing some stores and slowing down new store openings, which has contributed to improved profitability [4][5]. - The retail business revenue slightly declined by 1.91% to 10.20 billion yuan, but the gross margin improved to 41.99% [5][6]. - The franchise and distribution business saw a significant growth of 17.20%, with revenue reaching 1.17 billion yuan and a gross margin of 10.97% [5][6]. - The company is actively building a new retail system based on membership, big data, and internet healthcare, with a total of 110 million registered members and a sales contribution of 84.93% from members [6][9]. Financial Performance Summary - In H1 2025, the company's gross margin was 40.47%, and the net profit margin was 7.51%, reflecting a year-on-year increase of 0.42 percentage points and 0.73 percentage points, respectively [4][5]. - The company forecasts revenue for 2025-2027 to be 25.54 billion, 28.14 billion, and 31.08 billion yuan, with net profits of 1.71 billion, 1.98 billion, and 2.28 billion yuan, respectively [9][11]. - The projected P/E ratios for the next three years are 17, 15, and 13 times, indicating a favorable valuation trend [9][11].

Investment Rating - The report has downgraded the investment rating to "Accumulate" [4] Core Views - The company reported a slight decline in revenue but a solid increase in net profit, indicating improved profitability despite challenges in the retail pharmacy sector [2][4] - The company is optimizing its store layout and slowing down the pace of new store openings, focusing on enhancing operational efficiency and profitability [3][4] - The online business is rapidly developing, with significant growth in membership and internet sales, contributing positively to overall revenue [3][4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved revenue of 117.22 billion and a net profit of 8.80 billion, with a year-on-year change of -0.34% and +10.32% respectively [1] - The operating cash flow for the same period was 15.70 billion, reflecting a decrease of 13.84% year-on-year [1] Store Network and Strategy - As of the first half of 2025, the total number of stores reached 14,701, with a net increase of only 17 stores, indicating a strategic shift towards optimizing existing locations rather than aggressive expansion [3] - The company has closed 272 stores while opening 81 new direct-operated stores and 208 new franchise stores [3] Online Business Development - The company has built a membership base of 110 million, a year-on-year increase of 14.59%, with membership sales accounting for approximately 84.93% of total sales [3] - Internet business revenue reached 13.55 billion, a year-on-year increase of 23.63%, representing 11.56% of total revenue [3] Profitability and Forecast - The report forecasts a decrease in net profit for 2025 and 2026, with estimates of 17.53 billion and 20.33 billion respectively, reflecting a downward adjustment of 20% and 25% from previous estimates [4] - The projected net profit for 2027 is 23.13 billion, with corresponding P/E ratios of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][5]

| 872808 | 曙光数创 | 2 | 2.94 | | 计算机 | | --- | --- | --- | --- | --- | --- | | 688777 | 中控技术 | 2 | -2.25 | | 机械设备 | | 601155 | 新城控股 | 2 | -0.88 | 18.53 | 房地产 | | 002568 | 百润股份 | 2 | -1.42 | 37.41 | 食品饮料 | | 601577 | 长沙银行 | 2 | 0.21 | 4.47 | 银行 | | 601225 | 陕西煤业 | 2 | -0.25 | 12.90 | 煤炭 | | 601633 | 长城汽车 | 2 | 0.89 | 17.61 | 汽车 | | 301236 | 软通动力 | 2 | 0.27 | | 计算机 | | 600027 | 华电国际 | 2 | 1.32 | 7.99 | 公用事业 | | 301061 | 匠心家居 | 2 | -2.47 | 25.84 | 轻工制造 | | 600887 | 伊利股份 | 2 | -1.05 | 12.42 | 食品饮料 | | 600900 | 长江 ...

Market Overview - The pharmaceutical commercial sector experienced a slight decline of 0.04% on September 1, with Nanjing Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable gainers included: - First Pharmaceutical (600833) with a closing price of 14.59, up 10.03% on a trading volume of 243,000 shares and a transaction value of 344 million [1] - Yingte Group (000411) closed at 12.30, up 5.67% with a trading volume of 254,500 shares and a transaction value of 304 million [1] - Key decliners included: - Nanjing Pharmaceutical (600713) closed at 5.00, down 3.10% with a trading volume of 475,300 shares and a transaction value of 238 million [2] - Baiyang Pharmaceutical (301015) closed at 25.92, down 1.82% with a trading volume of 90,800 shares and a transaction value of 236 million [2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 163 million from institutional investors, while retail investors experienced a net inflow of 24.07 million [2] - The main capital inflow was observed in: - First Pharmaceutical with a net inflow of 47.35 million from institutional investors [3] - Nanjing Pharmaceutical with a net inflow of 30.12 million from institutional investors [3] Individual Stock Capital Flow - First Pharmaceutical had a net inflow of 47.35 million from institutional investors, while retail investors had a net outflow of 10.93 million [3] - Nanjing Pharmaceutical saw a net inflow of 30.12 million from institutional investors, but a significant net outflow of 63.89 million from retail investors [3]

Core Viewpoint - Ping An Securities report indicates that Yifeng Pharmacy achieved a net profit attributable to shareholders of 880 million yuan in the first half of the year, representing a year-on-year growth of 10.32% [1] - The company continues to develop a new retail ecosystem in pharmaceuticals, focusing on chronic disease management and integrated online and offline health services [1] Financial Performance - The net profit for Q2 was 431 million yuan, with a year-on-year increase of 10.13% [1] - The total number of stores reached 14,701 by the end of the reporting period, including 4,020 franchise stores [1] Store Development - During the reporting period, the company opened 81 self-operated stores and closed 272 stores, while adding 208 franchise stores [1] - By June 30, 2025, the company plans to have 10,681 self-operated stores, including 23 flagship stores, 75 regional center stores, 866 medium-sized community stores, and 9,717 small community stores [1] Strategic Initiatives - The company is advancing its pharmaceutical new retail system based on membership, big data, internet healthcare, and health management [1] - There is a strong emphasis on chronic disease management, online consultations, and a combination of online and offline health management services [1] Future Outlook - The company is expected to see continuous improvement in profit margins as the economy recovers and product structure optimizes [1] - The report maintains a "recommended" rating for the company [1]