Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 5.06% from May 30, 2025, to June 12, 2025, exceeding the CSI 300 index by approximately 4.19 percentage points [10][24]. - Most sub-sectors within the industry recorded positive returns during the same period, with other biological products and raw materials leading with increases of 6.57% and 4.92%, respectively [11][24]. - Approximately 83% of stocks in the industry achieved positive returns, with notable performers such as Yiming Pharmaceutical rising by 94.83% [12][15]. - The overall industry valuation has increased, with the SW pharmaceutical and biotechnology industry index's PE (TTM) at approximately 50.45 times, which is relatively low compared to historical levels [16][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 5.06% from May 30, 2025, to June 12, 2025 [10]. - Most sub-sectors recorded positive returns, with significant gains in other biological products and raw materials [11]. - About 83% of stocks in the industry posted positive returns, with Yiming Pharmaceutical showing the highest increase [12][15]. 2. Industry News - The National Medical Insurance Administration announced that Hunan Province completed its annual medical insurance fund settlement ahead of schedule, distributing 9.22 billion yuan to 31,000 medical institutions [22]. - The report highlights the ongoing positive developments in the innovative drug sector, including a significant collaboration between Sanofi and Pfizer worth 6 billion USD [26]. 3. Company Announcements - Chengdu Kanghong Pharmaceutical Group's subsidiary received approval for a clinical trial of a new drug, which is expected to enhance its market competitiveness [23]. 4. Industry Outlook - The report suggests continued focus on investment opportunities within the innovative drug supply chain and related sectors, including medical devices and traditional Chinese medicine [26].

Group 1 - Yifeng Pharmacy's controlling shareholder and concerted parties plan to reduce their holdings by no more than 2% of the company's shares [1] - Hengbang Co., Ltd. received a corrective measure decision from the Shandong Securities Regulatory Bureau for failing to timely disclose that the deputy general manager was subjected to criminal coercive measures [1] - Enjie Co., Ltd. shareholders plan to collectively reduce their holdings by no more than 1.19% of the company's shares [1] Group 2 - The convertible bonds of Wentai, Meijin, and Lezhi will not be adjusted [1] - CICC China Green Development Commercial REIT (180606) is open for subscription [1] - Hengshuai convertible bonds will be listed on June 17 [1]

Group 1 - Yifeng Pharmacy's controlling shareholder and concerted parties plan to reduce their holdings by no more than 2% of the company's shares [1] - Hengbang Co., Ltd. received a corrective measure decision from the Shandong Securities Regulatory Bureau for failing to timely disclose that the deputy general manager was subjected to criminal coercive measures [1] - Enjie Co., Ltd. shareholders plan to collectively reduce their holdings by no more than 1.19% of the company's shares [1] Group 2 - The convertible bonds of Wentai, Meijin, and Lezhi will not be adjusted [1] - CICC China Green Development Commercial REIT (180606) is open for subscription [1] - Hengshuai convertible bonds will be listed on June 17 [1]

Policy Developments - The National Health Commission of China is taking measures to ensure blood supply in key areas and important time periods due to a noticeable decline in voluntary blood donations, influenced by factors such as aging population and lifestyle changes [2] - In 2024, the total blood supply in China is expected to decrease year-on-year, with a cumulative blood allocation of 3.613 million units, including 583,000 units allocated between provinces, representing a 35.1% increase [2] Drug and Medical Device Approvals - Kelun Pharmaceutical announced that its subsidiary has received drug registration approval for "Cefazolin Sodium/ Sodium Chloride Injection," which is packaged in a dual-chamber bag and is suitable for emergency treatment [4] - *ST Sailong's subsidiary has obtained a drug registration certificate for Famotidine Injection, classified as a Category A drug under the national medical insurance list, primarily used for treating upper gastrointestinal bleeding [5] Capital Market Activities - Borui Pharmaceutical plans to invest 20 million yuan to subscribe to the increased registered capital of Geek Gene Technology, acquiring a 4.1667% stake in the company [7] Industry Developments - Eli Lilly announced the launch of the multi-dose prefilled pen for Tirzepatide Injection in China, aimed at addressing the needs of the growing number of diabetes and obesity patients [9] - The adult overweight rate in China is 34.3%, with an obesity rate of 16.4%, highlighting the increasing demand for weight management treatments [9] - In the first quarter of this year, Tirzepatide contributed $6.15 billion in revenue to Eli Lilly, accounting for approximately 48% of the company's total revenue [10] - Hanyu Pharmaceutical has completed the enrollment of all subjects for the Phase III clinical trial of Semaglutide Injection for weight management, currently in the follow-up phase [11] Shareholder Actions - Nine Strong Bio's major shareholder completed a share reduction plan, reducing their holdings from 30,969,636 shares to 30,769,636 shares, a decrease from 5.30% to 5.26% of voting shares [13] - Yifeng Pharmacy's controlling shareholder plans to reduce their stake by up to 2%, amounting to no more than 24,248,336 shares [14]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-056 | | --- | --- | --- | | 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 关于控股股东及其一致行动人减持股份计划公告 本公司董事会、全体董事及相关股东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： 控股股东及其一致行动人的基本情况 截至本公告披露日，益丰大药房连锁股份有限公司（以下简称"公司"）控股 股东宁波梅山保税港区厚信创业投资合伙企业（有限合伙）（以下简称"厚信创投"） 持有公司无限售流通股 262,492,776 股，占公司当前总股本 21.65%。 公司控股股东厚信创投的一致行动人宁波梅山保税港区益之丰企业管理合 伙企业（有限合伙）（以下简称"益之丰"）持有公司无限售流通股 12,692,782 股， 占公司当前总股本 1.05%。 公司控股股东厚信创投的一致行动人宁波梅山保税港区益仁堂企业管理合 伙企业（有限合伙）（以下简称"益仁堂"）持有公司无限售流通股 5,816,466 股， ...

Group 1 - The controlling shareholder of Yifeng Pharmacy, Houxin Chuangtou, along with its concerted parties, plans to reduce their holdings by up to 2% of the company's total shares due to employee funding needs [1] - The total number of shares to be reduced is up to 24,248,336 shares [1]

Core Viewpoint - Yifeng Pharmacy (603939) announced that Huxin Chuangtou, Yizhi Feng, and Yiren Tang plan to collectively reduce their holdings by no more than 2% of the company's shares [1] Group 1 - The total planned reduction in shareholding is capped at 2% [1]

A股医药商业板块水下拉起，一心堂封板涨停，漱玉平民、健之佳、华人健康、第一医药、益丰药房等 跟涨。 ...

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the implementation of its 2024 annual equity distribution plan, resulting in a decrease from 32.54 CNY to 32.14 CNY per share [1][3]. Group 1: Bond Information - The convertible bond, referred to as "益丰转债," was publicly issued on March 4, 2024, and listed on the Shanghai Stock Exchange on March 27, 2024 [1]. - The bond has a maturity period of 6 years, from March 4, 2024, to March 3, 2030, with a conversion period from September 8, 2024, to March 3, 2030 [1]. Group 2: Equity Distribution Details - The company plans to distribute a cash dividend of 0.40 CNY per share (including tax) to all shareholders, with the record date set for June 17, 2025, and the ex-dividend date on June 18, 2025 [2]. - The adjustment to the conversion price is based on the company's equity distribution plan, which includes provisions for adjusting the conversion price in the event of cash dividends, stock dividends, or other equity changes [2]. Group 3: Conversion Price Adjustment - The conversion price adjustment formula is specified in the company's prospectus, detailing how the price will be recalculated based on various equity distribution scenarios [2]. - The adjusted conversion price of 32.14 CNY per share will take effect on June 18, 2025, following the equity distribution [3]. - The convertible bonds will be suspended from conversion from June 11, 2025, to June 17, 2025, and will resume conversion on June 18, 2025 [3].

Key Points - The company announced a cash dividend of 0.40 CNY per share for A shares [1][2] - The dividend distribution was approved at the annual shareholders' meeting on May 29, 2025 [1] - The total cash dividend to be distributed amounts to approximately 484.97 million CNY based on the total share capital of 1,212,416,854 shares [1][2] Relevant Dates - The record date for the dividend is June 17, 2025, with the ex-dividend date on June 18, 2025, and the payment date also on June 18, 2025 [2][3] Distribution Implementation - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [2] - The distribution does not involve the issuance of bonus shares or capital increase [2] Taxation Information - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.40 CNY per share [3][4] - For shares held for less than one year, the tax rate varies based on the holding period, with a maximum effective tax rate of 20% for shares held for one month or less [3][4] - For Hong Kong investors, the net cash dividend after a 10% withholding tax will be 0.36 CNY per share [4]