| 证券代码：603939 | 证券简称：益丰药房 公告编号：2026-008 | | --- | --- | | 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 高级管理人员持股的基本情况 本减持计划实施前，益丰大药房连锁股份有限公司（以下简称"公司"）副总 裁王永辉先生持有公司股份 601,440 股（全部为无限售流通股），占公司总股本 比例 0.0496%；公司副总裁肖再祥先生持有公司股份 254,760 股（全部为无限售 流通股），占公司总股本比例 0.0210%。上述股份来源均为限制性股票激励计划 授予及资本公积金转增股本。 减持计划的实施结果情况 截至公告披露日，本次减持计划实施期间届满，公司收到王永辉先生、肖再 祥先生《减持股份结果告知函》，王永辉先生未减持公司股份，肖再祥先生累计 减持股份 60,000 股，占公司总股本 0.0049%。 | 股东名称 | 王永辉 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2026-009 | | --- | --- | --- | | 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 关于公司高级管理人员离任的公告 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： 益丰大药房连锁股份有限公司（以下简称"公司"）董事会于近日收到公司副 总裁、财务负责人王永辉先生的书面辞职报告。王永辉先生因个人原因申请辞去 公司副总裁、财务负责人职务，辞职后不再担任公司其他任何职务。 一、董事/高级管理人员离任情况 | (一) | | --- | | 提前离任的基本情况 | | 姓名 | 离任职务 | 离任时间 | | | 原定任期 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 到期日 | | | ...

益丰大药房连锁股份有限公司 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 关于使用闲置募集资金进行现金管理的公告 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： 已履行的审议程序：公司于 2025 年 4 月 15 日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委托理财的议案》，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 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 个月有效，在上述额 度与有效期限内，购买理财产品资金可循环滚动使用。公司监事会发表了同 意意见，保荐机构对该事项发表了核查意见。具体内容详见公司 2025 年 4 月 16 日披露于上海证券交易所官网（www.sse.com.cn）的《关于使用部分闲置 募集资金委托理财的公 ...

Core Viewpoint - Yifeng Pharmacy's stock experienced a slight decline of 0.37% on February 25, with a trading volume of 214 million yuan, indicating a low financing balance and a decrease in shareholder numbers [1][2]. Financing Summary - On February 25, Yifeng Pharmacy had a financing buy amount of 7.60 million yuan and a financing repayment of 7.17 million yuan, resulting in a net financing buy of 436,700 yuan [1]. - The total financing and margin trading balance as of February 25 was 83.66 million yuan, with the financing balance at 82.60 million yuan, accounting for 0.28% of the circulating market value, which is below the 30th percentile level over the past year [1]. - The margin trading aspect showed no shares were repaid, with 6,300 shares sold short, amounting to 152,500 yuan at the closing price, and a margin balance of 1.06 million yuan, also below the 10th percentile level over the past year [1]. Business Performance Summary - As of September 30, Yifeng Pharmacy had 20,200 shareholders, a decrease of 6.41%, while the average circulating shares per person increased by 6.85% to 59,920 shares [2]. - For the period from January to September 2025, Yifeng Pharmacy reported a revenue of 17.29 billion yuan, a year-on-year increase of 0.39%, and a net profit attributable to shareholders of 1.23 billion yuan, reflecting a growth of 10.27% [2]. - The company has distributed a total of 2.85 billion yuan in dividends since its A-share listing, with 1.95 billion yuan distributed over the past three years [2]. Shareholder Structure Summary - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder with 199 million shares, a decrease of 38.19 million shares from the previous period [2]. - Southern CSI 500 ETF ranked as the seventh-largest circulating shareholder with 8.81 million shares, down by 173,100 shares, while交银新成长混合 (Jiaoyin New Growth Mixed) entered the list as the eighth-largest shareholder with 8.45 million shares [2]. - 中欧医疗健康混合A (Zhongou Medical Health Mixed A) has exited the top ten circulating shareholders list [2].

Group 1 - The company will start paying interest on its convertible bonds issued on March 4, 2024, from March 4, 2025, to March 3, 2026 [2] - The total issuance scale of the convertible bonds is RMB 1,797.43 million, with 17,974,320 bonds issued at a face value of RMB 100 each [5] - The bond has a six-year term, maturing on March 3, 2030, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [2][10] Group 2 - The interest payment will be made annually, with the first payment scheduled for March 4, 2026, and the interest amount for the second year set at RMB 0.50 per bond [15][21] - The bondholders must be registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch by March 3, 2026, to receive the interest [17][21] - The initial conversion price for the bonds is set at RMB 39.85 per share, which has been adjusted to RMB 31.84 due to corporate actions [10] Group 3 - The company has a credit rating of AA, and the bonds also carry the same rating with a stable outlook [11] - The bonds will be listed on the Shanghai Stock Exchange on March 27, 2024 [14] - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch for bond custody and interest payment services [18]

Summary of Conference Call on Healthcare Services and Pharmacy Sector Industry Overview - The focus is on the healthcare services and pharmacy sectors within the pharmaceutical industry, particularly consumer-oriented segments, which are currently viewed positively due to historical low valuations after a prolonged adjustment period [1][2]. Key Points and Arguments Healthcare Services - The healthcare services sector has experienced significant declines, with current valuations at historical lows, indicating a potential for recovery by 2026 [1]. - Specific companies highlighted for their optimistic 2026 guidance include Tongce Medical, Gushengtang, and Aier Eye Hospital, all expected to show double-digit growth [1][2]. - The recovery in the sector is anticipated to be driven by improvements in supply structure and consumer environment, leading to a business rebound [2]. - Aier Eye Hospital is introducing new consumer-oriented surgical procedures, which may increase average transaction values despite stable surgical volumes [2]. Market Trends - Data from October 2025 shows positive growth in outpatient services in cities like Chongqing and Tianjin, with increases of 5-6% and 13-14% respectively [3]. - The overall trend indicates a recovery in both service volume and pricing, particularly in consumer-oriented medical fields like ophthalmology [3][4]. AI Integration - AI is expected to empower healthcare service companies, with applications like Ant Group's AI health app showing significant user growth, indicating a new growth driver for leading healthcare service firms [4][5]. Pharmacy Sector - The pharmacy sector is experiencing notable improvements in performance since Q3 2025, with leading companies showing consistent same-store sales growth [6]. - The sector is supported by government policies aimed at increasing industry concentration and chain store rates, which are expected to drive medium-term performance [6][7]. - Companies like Yifeng Pharmacy and Dazhong Pharmacy are highlighted for their strong cash flow and dividend yields, with Dazhong reporting a 60% dividend payout ratio [6][7]. Online vs. Offline Dynamics - The online pharmacy market is growing rapidly, but it serves a different demographic compared to traditional pharmacies, which cater more to older consumers [7][8]. - The online pharmacy market is projected to grow significantly, driven by products like GLP-1, but the overall growth rate may stabilize as both online and offline markets adjust [9][10]. Regulatory Environment - Recent government policies emphasize enhancing pharmacy service capabilities and supporting prescription outsourcing, which could lead to increased revenue opportunities for pharmacies [13][14]. - The focus on compliance and competition is expected to benefit larger pharmacy chains with established networks and resources for mergers and acquisitions [17]. Home Medical Devices - The home medical device sector is poised for growth due to an aging population and increasing health awareness, with significant potential in health monitoring devices like blood pressure monitors and glucose meters [18][19]. - Companies such as Yuyue Medical and Sanofi are recommended for their strong growth prospects in this segment [21]. Conclusion - The healthcare services, pharmacy, and home medical device sectors are expected to experience a bottom reversal, driven by improving fundamentals and supportive government policies. Key players in these sectors are well-positioned to capitalize on these trends, making them attractive investment opportunities moving forward [1][21].

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].