Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 17.29 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 0.39%. The net profit attributable to shareholders was 1.22 billion yuan, up 10.27% year-on-year [2]. - In Q3 2025, the company achieved a revenue of 5.56 billion yuan, a year-on-year increase of 1.97%, and a net profit of 340 million yuan, up 10.14% year-on-year [2][3]. - The company is experiencing a recovery in revenue growth, with a stable expansion pace, having opened 137 new stores and closed 440 stores in the first three quarters of 2025 [3]. - The company is focused on cost reduction and efficiency improvement, with a sales expense ratio of 25.4%, down 1.5 percentage points year-on-year [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 17.29 billion yuan, a net profit of 1.22 billion yuan, and a non-recurring net profit of 1.19 billion yuan, with respective year-on-year growth rates of 0.39%, 10.27%, and 8.8% [2]. Operational Analysis - The company’s revenue in Q3 2025 was 5.56 billion yuan, showing a recovery from Q2's -1.4% year-on-year growth to +1.97% in Q3. The total number of stores reached 14,666, including 4,097 franchise stores [3]. Cost Management and Business Performance - The retail business generated 15.03 billion yuan in revenue, down 1.02% year-on-year, while the franchise and distribution business saw a revenue increase of 17.45% to approximately 1.74 billion yuan [4]. - The overall gross margin for the company was 40.41%, with a net profit margin of 7.64%, reflecting slight improvements year-on-year [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.70 billion yuan, 1.91 billion yuan, and 2.15 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 13%, and 12% [4].

Core Viewpoint - The company, Yifeng Pharmacy, has reported its third-quarter operational data for 2025, highlighting significant changes in store openings and closures, as well as the total number of stores at the end of the reporting period [8][9]. Financial Data - The financial report for the third quarter of 2025 has not been audited [3][7]. - The company has confirmed the accuracy and completeness of the financial information presented in the quarterly report [2][8]. Store Operations - From January to September 2025, the company opened 137 new stores and closed 440 stores, resulting in a total of 14,666 stores at the end of the reporting period, which includes 4,097 franchise stores, a net decrease of 18 stores compared to the end of the previous year [5][9]. - In the third quarter of 2025 alone, the company opened 56 new stores, closed 168 stores, and added 77 franchise stores [5][9]. Management Assurance - The board of directors and senior management have guaranteed that the quarterly report is free from false records, misleading statements, or significant omissions, and they accept legal responsibility for the report's content [2][8].

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

Core Viewpoint - Yifeng Pharmacy (603939) reported a slight increase in revenue and a notable rise in net profit for the first three quarters of 2025, indicating a stable financial performance despite challenges in store management [1] Financial Performance - The company's revenue for the first three quarters reached 17.286 billion yuan, reflecting a year-on-year growth of 0.39% [1] - The net profit attributable to shareholders was 1.225 billion yuan, showing a year-on-year increase of 10.27% [1] Store Management - During the first nine months, the company opened 137 new stores and closed 440 stores, resulting in a net decrease of 18 stores compared to the end of the previous year [1] - As of the end of the reporting period, the total number of stores was 14,666, which includes 4,097 franchise stores [1] - In the third quarter alone, the company opened 56 new stores, closed 168 stores, and added 77 franchise stores [1]

Core Viewpoint - Yifeng Pharmacy (603939.SH) reported a slight increase in revenue and a notable rise in net profit for the first three quarters of 2025, indicating stable growth in its financial performance [1] Financial Performance - The company achieved a revenue of 17.286 billion yuan for the first three quarters, reflecting a year-on-year growth of 0.39% [1] - The net profit attributable to shareholders reached 1.225 billion yuan, marking a year-on-year increase of 10.27% [1] - The non-recurring net profit was reported at 1.188 billion yuan, which represents a year-on-year growth of 8.80% [1] - Basic earnings per share stood at 1.01 yuan [1]

Core Insights - Yifeng Pharmacy (603939) reported its Q3 2025 financial results, showing a revenue of 5.564 billion yuan, which represents a year-on-year increase of 1.97% [1] - The net profit for Q3 2025 was 345 million yuan, reflecting a year-on-year growth of 10.14% [1] - For the first three quarters of 2025, the total revenue reached 17.286 billion yuan, marking a year-on-year increase of 0.39% [1] - The net profit for the first three quarters was 1.225 billion yuan, with a year-on-year growth of 10.27% [1]

Group 1 - Yifeng Pharmacy reported a revenue of approximately 17.286 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 0.39% [1] - The net profit attributable to shareholders of the listed company was approximately 1.225 billion yuan, showing a year-on-year increase of 10.27% [1] - Basic earnings per share reached 1.01 yuan, which is a year-on-year increase of 9.78% [1] Group 2 - As of the report, Yifeng Pharmacy has a market capitalization of 30.9 billion yuan [2]

格隆汇10月29日丨益丰药房(603939.SH)公布2025年第三季度报告，营业收入为55.64亿元，同比上升 1.97%；归属于上市公司股东的净利润为3.45亿元，同比上升10.14%；归属于上市公司股东的扣除非经 常性损益的净利润为3.31亿元，同比上升8.08%。 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-103 | | --- | --- | --- | | 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2025年第三季度主要经营数据的公告 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。 根据上海证券交易所发布的上市公司分行业信息披露指引及《关于做好主 板上市公司 2025 年第三季度报告披露工作的重要提醒》相关要求，现将益丰 大药房连锁股份有限公司（以下简称"公司"）2025 年第三季度主要经营数据披 露如下： 一、报告期末主要经营数据 | | | 幅度(%) | | | --- | --- | --- | --- | | 总资产 | 26,071,387,113.50 | 27,974,736,950.35 | -6.80 | | 归属于上市公司 | | | | | 股东的所有者权 | 11,177,628,791.76 | 10,725,687,023.42 | 4.21 | | 益 | | | | ...

Financial Performance - Total revenue for Q3 2025 reached CNY 5,564,080,298.18, an increase of 1.97% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 344,509,955.35, reflecting a growth of 10.14% year-over-year[3] - The total profit for the period was CNY 506,365,892.34, up by 12.90% from the previous year[3] - Basic earnings per share for the quarter stood at CNY 0.28, a rise of 7.69% compared to the same quarter last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥19,024,372,147.87, an increase from ¥18,703,468,518.23 in the same period of 2024, reflecting a growth of approximately 1.71%[23] - Net profit attributable to shareholders of the parent company was ¥1,224,555,838.55, up from ¥1,110,500,691.55, representing an increase of about 10.26%[20] - Operating profit for the period was ¥1,786,801,453.44, compared to ¥1,585,544,439.53, indicating a growth of approximately 12.67%[19] - Total comprehensive income for the period was ¥1,368,940,098.23, compared to ¥1,109,047,791.02, marking an increase of about 23.39%[20] - Basic earnings per share increased to ¥1.01 from ¥0.92, reflecting a growth of approximately 9.78%[20] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was CNY 2,267,211,017.81, down by 32.16%[3] - The net cash flow from operating activities decreased to ¥2,267,211,017.81 from ¥3,341,774,378.18, a decline of about 32.23%[23] - The net cash flow from investing activities was -363,176,077.84, compared to -3,670,397,674.23 in the previous period, indicating a significant improvement[24] - The net cash flow from financing activities was -2,075,775,121.25, a substantial increase in outflow compared to -90,663,355.34 last year[24] - Cash outflow for investing activities totaled 22,981,387,474.34, compared to 16,089,737,685.38 in the prior period, reflecting increased investment[24] - Cash outflow for financing activities was 2,077,528,121.25, up from 1,901,026,355.34, indicating higher financing costs[24] - The cash inflow from investment activities was 22,618,211,396.50, compared to 12,419,340,011.15 in the previous period, showing a significant increase[24] - The company reported a cash outflow of 914,684,834.87 for dividend distribution, which increased from 604,739,986.11 last year[24] - The cash and cash equivalents decreased by 171,740,181.28 during the period, compared to a decrease of 419,286,651.39 in the previous year[24] Assets and Liabilities - The company's total assets decreased by 6.80% to CNY 26,071,387,113.50 compared to the end of the previous year[4] - As of September 30, 2025, the total assets of the company amounted to RMB 26,071,387,113.50, a decrease from RMB 27,974,736,950.35 at the end of 2024, representing a decline of approximately 6.8%[14] - The company's total liabilities decreased to RMB 14,188,944,678.91 from RMB 16,581,173,472.42, indicating a reduction of about 14.4%[16] - The cash and cash equivalents as of September 30, 2025, were RMB 3,118,997,451.69, down from RMB 3,578,925,577.22, reflecting a decrease of approximately 12.9%[14] - The company's total equity increased to RMB 11,882,442,434.59 from RMB 11,393,563,477.93, marking an increase of approximately 4.3%[16] - The company's accounts receivable decreased to RMB 1,469,423,541.96 from RMB 2,123,984,911.43, a decline of about 30.8%[14] - The company's short-term borrowings decreased to RMB 20,017,777.78 from RMB 30,026,388.89, a reduction of approximately 33.5%[15] - The company's long-term borrowings remained stable, with total bonds payable at RMB 1,638,776,478.50, slightly increasing from RMB 1,601,308,876.07[16] Store Operations - The company opened 137 new stores and closed 440 stores in the first nine months of 2025, resulting in a total of 14,666 stores at the end of the reporting period, a net decrease of 18 stores year-over-year[13] - The company reported a total of 4,097 franchise stores included in the total store count as of September 30, 2025[13] Other Financial Metrics - Non-recurring gains and losses for the quarter totaled CNY 13,704,329.41, with a year-to-date total of CNY 36,632,913.44[7] - The weighted average return on equity was 3.35% for the quarter, compared to 11.05% in the previous year[4] - Research and development expenses were ¥21,511,803.30, down from ¥25,185,648.10, showing a decrease of approximately 14.66%[19] - Total operating costs decreased to ¥15,631,502,380.85 from ¥15,712,009,022.92, a reduction of about 0.51%[19] - Other income increased to ¥52,760,114.25 from ¥40,942,345.23, representing a growth of approximately 28.93%[19] - The company reported a net investment income of ¥99,769,501.43, up from ¥76,803,405.41, indicating an increase of about 30.00%[19] Accounting Standards - The company did not apply new accounting standards starting from 2025[25]