Financial Performance - Revenue for the first half of 2024 reached 11.762 billion yuan, a year-on-year increase of 9.86% [3] - Net profit attributable to the parent company was 798 million yuan, up 13.13% year-on-year [3] - Non-GAAP net profit was 786 million yuan, representing a 15.77% increase [3] - Proposed cash dividend of 0.25 yuan per share, totaling 303 million yuan [4] Store Operations - Total stores reached 14,736 by the end of the reporting period, including 3,426 franchise stores [3] - Added 1,575 new stores in H1 2024: 842 self-built, 293 acquired, and 440 franchise stores [3] - Relocated 17 stores and closed 72 stores during the reporting period [3] New Retail Business - Membership base reached 96.16 million, with member sales accounting for 77% of total sales [3] - O2O business covered over 10,000 directly operated stores across major cities [3] - Internet sales reached 1.096 billion yuan, a 20.18% year-on-year increase [3] - O2O sales: 878 million yuan, up 26.33% [3] - B2C sales: 218 million yuan, up 0.46% [3] Industry Trends and Strategy - Pharmacy remains a crucial community health gateway, especially for elderly customers [4] - Online platforms complement rather than replace physical stores due to the need for face-to-face services [4] - Global pharmacy trends show diversification into cosmetics, functional foods, and daily necessities [5] - China's 1-2 person households (50% of total) increasingly rely on pharmacies for health services [6][7] Challenges and Responses - Q2 growth slowdown attributed to reduced health product consumption and inventory adjustments [8] - Intensified competition expected to ease as some stores close in July [8] - M&A activity slowed due to market uncertainty, with significant deals expected to resume next year [9] Future Focus Areas - Store optimization through "people-goods-field" transformation [10] - Enhanced professional service models to improve customer engagement [10] - Expansion of health product procurement and sales systems [10] - Comprehensive cost reduction and digital system construction [10] - Organizational innovation and talent system development [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8]. Core Views - The company has demonstrated steady revenue and profit growth, with H1 2024 revenue reaching 11.762 billion yuan, a 9.86% increase year-on-year, and net profit attributable to shareholders at 798 million yuan, up 13.13% [5][6]. - The retail segment showed robust growth with revenue of 10.398 billion yuan (+8.32%), while the wholesale segment experienced rapid expansion with revenue of 999 million yuan (+20.91%) [6]. - The company continues to adhere to a regional focus strategy, expanding its store count to 14,736 by mid-2024, with a net increase of 1,486 stores compared to the end of 2023 [7]. Financial Performance - For H1 2024, the company reported a gross margin of 40.05% and a net margin of 7.31%, with a slight decrease in net margin by 0.15 percentage points [6]. - The company’s operating cash flow for H1 2024 was 1.822 billion yuan, reflecting a significant increase of 29.41% [5]. - The projected revenue for 2024-2026 is expected to be 24.921 billion yuan, 28.816 billion yuan, and 33.342 billion yuan respectively, with net profits projected at 1.599 billion yuan, 1.923 billion yuan, and 2.318 billion yuan [8][9]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 14.41, with future P/E ratios projected at 15.29 for 2024, 12.71 for 2025, and 10.55 for 2026 [9]. - The price-to-book (P/B) ratio is currently at 2.49, expected to decrease to 2.11 by 2024 and further to 1.55 by 2026 [9].

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company achieved revenue of 11.762 billion yuan (+9.86%) and a net profit of 786 million yuan (+15.77%) in H1 2024, with Q2 revenue at 5.791 billion yuan (+6.45%) and net profit at 386 million yuan (+8.12%), meeting expectations [3][4] - Due to increased industry competition, the company may slow its store opening pace in the next 1-2 years, leading to a downward revision of EPS forecasts for 2024-2026 to 1.36/1.62/1.95 yuan from 1.45/1.79/2.21 yuan, with a target price adjustment to 24.48 yuan based on a PE of 18x [3][5] - Revenue growth has slowed, but gross margin remains stable, with Q2 gross margin at 40.87% (+0.56/+1.62pp YoY/QoQ), indicating limited impact from price competition on leading pharmacies [3][4] Summary by Sections Revenue and Profitability - H1 2024 revenue was 11.762 billion yuan, with a growth rate of 9.86%, while net profit increased by 15.77% to 786 million yuan [3] - Q2 revenue was 5.791 billion yuan (+6.45%), and net profit was 386 million yuan (+8.12%) [3] - The average daily revenue per square meter decreased to 51 yuan in H1 2024 from 55 yuan in H1 2023, attributed to declining demand for cold medicines and a challenging consumer environment [3] Business Segmentation - In Q2, retail and wholesale revenue growth rates were +6.2% and +7.8%, respectively, while growth rates for traditional Chinese medicine, Western medicine, and non-medicinal products were +5.1%, +13.0%, and +9.0% [3] - Online sales grew rapidly, with H1 2024 internet channel revenue reaching 1.096 billion yuan (+20.18%), including O2O revenue of 878 million yuan (+26.33%) [3] Store Expansion and Market Position - The company opened 1,575 new stores in H1 2024, reaching a total of 14,736 stores, with a growth rate of 27% [3] - The company continues to expand in advantageous regions, increasing market share and enhancing profitability [3]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-081 | | --- | --- | --- | | 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 2024 年 8 月 12 日至 2024 年 8 月 30 日，公司股票已满足在任意连续三 十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%（27.87 元 /股），已触发"益丰转债"转股价格修正条款。 经益丰大药房连锁股份有限公司（以下简称"公司"）第五届董事会第六次 会议审议通过，决定本次不向下修正"益丰转债"的转股价格，并且在未来 1 个月 内（即自 2024 年 8 月 31 日至 2024 年 9 月 30 日期间），如再次触发转股价格向 下修正条款，亦不提出向下修正方案。从 2024 年 10 月 1 日起，若再次触发转股 价格向下修正条款，届时公司董事会将召开会议决定是 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 797,718,135.20 for the first half of 2024, representing a 13.13% increase compared to RMB 705,153,553.66 in the same period last year[4]. - Total operating revenue for the first half of 2024 was RMB 11,762,401,111.51, up 9.86% from RMB 10,706,563,008.05 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was RMB 785,779,829.12, reflecting a 15.77% increase from RMB 678,767,966.92 in the previous year[15]. - Basic earnings per share for the reporting period (January to June) increased to 0.66 CNY, up 13.79% from 0.58 CNY in the same period last year[18]. - The weighted average return on equity decreased to 7.79%, a decline of 0.16 percentage points compared to 7.95% in the previous year[18]. - The company reported a significant increase in user data, although specific figures were not disclosed in the report[6]. Cash Flow and Assets - The net cash flow from operating activities increased by 29.41% to RMB 1,821,698,317.33, compared to RMB 1,407,732,764.48 in the same period last year[15]. - The company's total assets reached RMB 26,436,820,335.65, a 9.53% increase from RMB 24,136,539,194.64 at the end of the previous year[17]. - The company's financial assets increased by 93.23% to CNY 3,151 million, primarily due to investments in bank wealth management products[60]. - The company's cash and cash equivalents increased to 4,188,079,298.52 CNY as of June 30, 2024, up from 3,565,905,738.81 CNY at the end of 2023, representing a growth of approximately 17.4%[120]. - The total current assets of the company as of June 30, 2024, amounted to 13,934,437,376.85 CNY, compared to 12,128,910,739.25 CNY at the end of 2023, indicating an increase of about 14.9%[120]. Market and Industry Insights - The total retail market size for pharmaceuticals reached 516 billion CNY in 2023, representing a year-on-year growth of 2.89%[26]. - The number of retail pharmacies in China grew by 30,700 to 654,000 in 2023, indicating a steady increase in the industry[26]. - The chain pharmacy market concentration increased, with the top 100 chain companies accounting for 59.50% of total industry sales, up 3.66% from 2022[24]. - The retail pharmacy industry in China is experiencing increasing concentration, with the top 100 companies' sales growth outpacing the overall industry growth[29]. Store Operations and Expansion - As of June 30, 2024, the company operated 14,736 chain pharmacies, including 3,426 franchise stores, with a net increase of 1,486 stores compared to the previous period[40]. - The company opened 1,575 new stores during the reporting period, including 842 self-built stores, 293 acquired stores, and 440 franchise stores[40]. - The company has established modern logistics centers in several provinces, enhancing its supply chain capabilities with advanced equipment and technology[35]. - The company has embraced digital transformation, utilizing CRM and big data to develop an integrated online and offline pharmaceutical retail model since 2013[38]. Research and Development - The company is actively involved in the research and development of traditional Chinese medicine through its subsidiary, Hengxiutang Pharmaceutical Co., Ltd.[22]. - Research and development expenses increased by 71.11% to CNY 16.87 million, compared to CNY 9.86 million in the previous year[59]. - The company reported a significant increase in development expenditure for data resources, rising to ¥22,467,421.51 from ¥3,496,698.64, a growth of approximately 541.5%[121]. Corporate Governance and Compliance - The company has undergone significant changes in its board and management, with multiple resignations and elections, including the appointment of a new Vice President and CFO[76]. - The company has committed to avoiding any competition with its subsidiaries and has made long-term commitments to prevent conflicts of interest[81]. - The company guarantees that it will maintain complete operational independence between itself and Yifeng Pharmacy, adhering to regulations set by the China Securities Regulatory Commission[84]. Financial Management and Strategy - The company has committed to fair pricing principles in all related transactions, ensuring prices are comparable to those from unrelated third parties[93]. - The company reported a total transaction amount of 6,233.39 million RMB in related party transactions during the first half of 2024[93]. - The company has a share lock-up period of 36 months from the date of its stock listing, during which no shares can be transferred or managed by others[88]. - The company has outlined strict compliance with laws regarding short-term trading for any convertible bond issuance[88]. Environmental and Social Responsibility - The company has implemented various carbon reduction measures, including the use of energy-efficient LED lighting and the promotion of new energy vehicles in logistics[80]. - The company has not faced any environmental penalties and adheres to national environmental protection laws and regulations[79]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 21,465[112]. - The top ten shareholders hold a total of 262,492,776 shares, representing 21.65% of the total shares[112]. - The company allocated 288,681,972.00 RMB to shareholders during the reporting period, indicating a focus on returning value to investors[148].

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-073 | | --- | --- | --- | | 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 第五届董事会第五次会议决议公告 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： 一、董事会会议召开情况 益丰大药房连锁股份有限公司（以下简称"公司"）于 2024 年 8 月 19 日以电 子邮件方式发出第五届董事会第五次会议通知，会议于 2024 年 8 月 29 日以现场 加通讯方式召开，应参加表决的董事 9 人，实际参加表决的董事 9 人，部分公司 监事和高级管理人员列席了会议，本次会议的召集、召开和表决程序符合有关法 律、法规和《公司章程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 本次会议由董事长高毅先生召集并主持，采用记名投票方式，审议并通过了 如下议案： 1. 《关于 2024 年半年度报告及其摘要的议案》 根据《公司法》《证券法》《上海证券交易所股票上市规则》等法 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-072 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 转股价格：32.79 元/股 转股期：自发行结束之日（2024 年 3 月 8 日，T+4 日）起满六个月后的第 一个交易日（2024 年 9 月 8 日）起至可转债到期日（2030 年 3 月 3 日）止（如 遇法定节假日或休息日延至其后的第 1 个工作日；顺延期间付息款项不另计息）。 风险提示：自 2024 年 8 月 12 日至 2024 年 8 月 23 日，益丰大药房连锁股份 有限公司（以下简称"公司"、"本公司"）股票已有 10 个交易日的收盘价低 于当期转股价格的 85%，预计触发转股价格向下修正条件。若触发条件，公司将 于触发条件当日召开董事会审议决定是否修正转股价格，并及时履行信息披露义 务。敬请广大投资者注意投资风险。 一、 "益丰转债"发行上市概况 益丰大药房连锁股份有限公司 关于预计触发"益丰转债"转股价格向下修正条件的 提示性公告 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 ...

益丰大药房连锁股份有限公司（以下简称"公司"或"本公司"）召开的第四 届董事会第三十八次会议审议通过了《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 128,000.00 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 2024 年 4 月 17 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：2024-030）。截至本公告披 露日，公司累计实际使用暂时闲置可转换公司债券募集资金补充流动资金合计 为 126,000.00 万元。 近日，公司归还 1,500.00 万元至募集资金专户，并将上述归还事项及时通 知了保荐机构与保荐代表人。 截至本公告披露日，累计归还 1,500.00 万元至募集资金专户，公司使用可 转换公司债券募集资金补充流动资金余额为 124,500.00 万元。公司将在到期日 之前全部归还至募集资金专用账户，并及时履行相关信息披露义务。 特此公告。 | 证券代码：603939 | ...

各位投资人早上好再一次感谢大家能够抽出时间来聆听我们动物医药团队举办的这个深度报告系列培训我是医药研究员苏峰那么今天主要跟各位领导汇报一下一峰药坊的一个情况 首先其实我们对药房的观点一直是看好龙头企业的那么包括一峰药房也是公司是从上市以来稳定扩张数量最快的一家连锁药店那么布局的省份也非常的多高达十个并且其中湖南湖北然后江苏江西包括上海都是能够达到实战率第一第二的水平 那么我们为什么说就是看好龙头药店因为其实除了前天我们所讲的这个集中度提升以及处方外流的这样一个大的长期逻辑以外在当前的环境下我们觉得门征统筹还有这个药品比价对于这个大型的连锁药店它都是一个机遇 如果从门诊统筹的角度来讲的话对于门店的因为资质要求是比较高的包括门店面积 医保系统的一些硬件设施那么以及过往的一些运营的合规性都有一定的要求大型的连锁药店往往在过去的一个发展过程当中积累了一个相对比较标准化的体系同时也是经历了许多医保的改革以及政策的调整所以说大型连锁药店它能够更快的通过药店门诊统筹来实现客流量的增长 我们常说对于药店来讲客流它就是一切那么有了客流量尤其是来自上级医院的这一部分公司才能够在行业集中度提升的这样一个环境下越做越好其次的话我们从 ...