证券代码：603939 证券简称：益丰药房 债券代码：113682 债券简称：益丰转债 3、公司参会人员： 董事长兼总裁、常务副总裁、副总裁、助理总裁、董事会秘书。 4、机构参会人员：中信证券、东北证券、国金医药、UBS、国盛证券、华 创证券、光大证券、野村证券、开源证券、国海证券、信达证券、中金公司、平 安证券、华鑫证券、财信证券、雪石资产、高毅资产、华泰证券、摩根士丹利、 花旗、首域、西部证券、国寿养老、景林资产、中金公司、君和资本、申万宏源、 华鑫证券、东吴证券、AIHCCapital、国寿养老、中金公司国寿养老、中邮证券、 招银国际、Nomura、Golden Nest 鑫巢、华宝基金、鑫元基金、平安养老、青榕 资产、华夏久盈、中银基金、中海基金、东海基金、上海东方资产管理、中国国 际金融、嘉实基金、易方达、上海睿郡、景泰利丰、君和资本、Point72 等 200 多位全球机构及个人投资者。 二、会议内容 （一）董事会秘书范炜先生介绍公司主要经营情况 1、2024 年及 2025 年一季度业绩基本情况： 益丰大药房连锁股份有限公司 投资者关系活动会议纪要 一、会议基本情况 1、 会议时间：2025 年 ...

公 司 报 告 医药 2025年04月30日 益丰药房(603939.SH) 经营稳健，业绩持续增长 推荐 ( 维持) 股价:28元 行情走势图 相关研究报告 【平安证券】益丰药房（603939.SH）*季报点评*业 绩稳健增长，利润率持续提升*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,588 | 24,062 | 27,626 | 31,736 | 36,180 | | YOY(%) | 13.6 | 6.5 ...

Core Viewpoint - The retail pharmaceutical industry is undergoing significant adjustments due to deepening medical reform policies, increased competition, and the impact of e-commerce, leading to a decline in customer traffic and a challenging environment for store openings and closures [1][2]. Group 1: Industry Performance - The performance of listed chain pharmacies in 2024 shows a polarization, with Yifeng Pharmacy achieving revenue and net profit growth, while Lao Bai Xing experienced declines in both metrics [1][3]. - Shuyu Pingmin reported a substantial net profit decline of 241.90%, marking its first loss after years of profitability, while Yixin Tang's net profit fell to a ten-year low of 1.14 billion yuan, down 79.23% [1][3]. - The overall number of retail pharmacies is expected to decrease, with an estimated 39,000 closures in 2024, resulting in a closure rate of 5.7%, up from 3.8% in 2023 [4]. Group 2: Store Expansion and Strategy - Dacaren's expansion rate has slowed, with a net increase of 2,479 stores in 2024 compared to 4,029 in 2023, while other companies like Yifeng Pharmacy and Lao Bai Xing also reported slower store growth [1][4]. - Many companies are adjusting their store opening strategies, with Jianzhijia reducing its annual expansion plan to around 400 stores [4]. Group 3: Transformation and Innovation - Pharmaceutical retail enterprises are accelerating their transformation, with leading companies adopting the "pharmacy + clinic" model to create community health ecosystems [2][5]. - Companies are focusing on digital transformation and exploring synergies between e-commerce and physical stores to adapt to the changing market landscape [2][5]. Group 4: Financial Performance and Challenges - Shuyu Pingmin's revenue reached 9.57 billion yuan in 2024, a 4.13% increase, but its net profit turned negative due to various operational challenges [3]. - The decline in net profit for many companies is attributed to increased operational costs and the impact of new store openings, which, while contributing to revenue, also lead to higher expenses during their cultivation period [3][5]. Group 5: Market Trends and Consumer Behavior - The retail pharmacy industry is witnessing a shift towards diversified product offerings and a focus on patient-centered health services, moving away from reliance solely on pharmaceutical sales [5][6]. - The proportion of income from medical insurance settlements is decreasing for many companies, indicating a shift towards non-insurance revenue streams [8]. Group 6: O2O and Membership Growth - The O2O (Online to Offline) retail model is becoming a key growth driver, with significant increases in sales through this channel expected in 2024 [8][9]. - Membership numbers are growing across various companies, with Yifeng Pharmacy reporting a membership increase of 19.50% and a membership sales ratio of 82.03% [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated steady growth in revenue and profit, with 2024 revenue reaching 24.062 billion yuan, a 6.53% increase, and net profit attributable to shareholders at 1.529 billion yuan, up 8.26% [3][10]. - The gross profit margin for 2024 was 40.12%, reflecting a 1.91 percentage point increase, primarily due to improved margins in retail sales of traditional Chinese and Western medicines [4]. - The company has adopted a strategy of "regional focus and steady expansion," successfully increasing its store count to 14,684 by the end of 2024, with a net addition of 1,434 stores [6][9]. Financial Performance Summary - For 2024, the company reported a net operating cash flow of 4.221 billion yuan, a decrease of 8.70% year-on-year, while the investment cash flow was negative at -3.609 billion yuan, down 21% [5]. - The company expects revenue growth to continue, with projected revenues of 26.497 billion yuan, 29.168 billion yuan, and 32.131 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.762 billion yuan, 2.028 billion yuan, and 2.336 billion yuan for the same years [10][12]. - The company’s financial ratios indicate a healthy growth trajectory, with a projected PE ratio decreasing from 21.82 in 2024 to 14.28 by 2027, suggesting increasing valuation attractiveness [12][15].

Core Viewpoint - Yifeng Pharmacy reported stable financial performance with significant revenue and profit growth, while expanding its retail network and enhancing its digital capabilities [1][2][3] Financial Performance - In 2024, the company achieved an operating income of 24.062 billion yuan and a net profit attributable to shareholders of 1.529 billion yuan [1] - For Q1 2025, the company reported a revenue of 6.009 billion yuan and a net profit of 449 million yuan, reflecting a year-on-year growth of 10.51% [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 485 million yuan, which represents 51.56% of the annual net profit [1][5] Store Expansion - Yifeng Pharmacy has been actively expanding its store network, reaching a total of 14,684 stores by the end of 2024, a year-on-year increase of 10.82% [2] - The company has developed a diverse store layout, including flagship stores, regional centers, and community pharmacies, while also focusing on the DTP pharmacy model and 24-hour service pharmacies [2] Digital Innovation - The company has launched five intelligent warehouse projects to enhance logistics efficiency, with the Suqian distribution center officially starting operations by the end of 2024 [3] - Yifeng Pharmacy has developed multiple smart retail channels, including B2C, O2O, and mobile applications, with over 10,000 O2O direct-operated stores online by the end of 2024 [2] ESG Performance - Yifeng Pharmacy received an MSCI-ESG rating upgrade from BB to A, becoming the only chain pharmacy in China with an A rating or above [3][4] - The company has made significant progress in environmental responsibility, saving 1.46 million kWh of electricity in 2024 and achieving 100% photovoltaic power generation at its headquarters [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company is focused on steady expansion while optimizing its store operations, resulting in a net increase of 1,434 stores in 2024, with a total of 14,694 stores by the end of Q1 2025 [3]. - The retail business generated revenue of 21.19 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points, and the company aims to enhance its franchise and distribution business in 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 240.62 billion RMB and a net profit of 15.29 billion RMB, with a non-recurring net profit of 14.97 billion RMB [2]. - For Q1 2025, the company reported a revenue of 60.09 billion RMB and a net profit of 4.49 billion RMB [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores [3]. - The retail business maintained a revenue of 52.6 billion RMB in Q1 2025, with a gross margin of 41.2% [3]. - The company reduced its selling expense ratio to 23.53% in Q1 2025, indicating initial success in cost reduction [3]. Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 15%, and 15% [4]. - The estimated EPS for the same years are 1.47 RMB, 1.70 RMB, and 1.95 RMB, with corresponding PE ratios of 19, 16, and 14 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company continues to expand its store network, adding 2,512 stores in 2024, with a net increase of 1,434 stores year-on-year [3]. - The retail business generated revenue of 21.9 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points [3]. - The company is expected to maintain steady growth, with projected net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 17%, 15%, and 15% [4]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 24.062 billion RMB, with a net profit of 1.529 billion RMB and a non-recurring net profit of 1.497 billion RMB, showing growth rates of 6.5%, 8.3%, and 10.0% respectively [2]. - For Q1 2025, the company achieved revenue of 6.009 billion RMB and a net profit of 449 million RMB, with year-on-year growth rates of 0.6% and 10.5% respectively [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores, resulting in a net increase of 1,434 stores [3]. - The retail business revenue for 2024 was 21.9 billion RMB, with a gross margin increase of 1.8 percentage points, and Q1 2025 retail revenue was 5.26 billion RMB, maintaining a stable gross margin of 41.2% [3]. - The franchise and distribution business saw a revenue increase of 13% in Q1 2025, indicating a focus area for stable growth [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, with corresponding EPS of 1.47 RMB, 1.70 RMB, and 1.95 RMB [4]. - The current price corresponds to P/E ratios of 19, 16, and 14 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4].

益丰大药房连锁股份有限公司 2024 年度会计师事务所履职情况评估报告 益丰大药房连锁股份有限公司（以下简称" 公司"）聘请天健会计师事务所 （特殊普通合伙）（以下简称"天健会计师事务所"）作为公司 2024 年度财务报表 及内部控制审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公 司选聘会计师事务所管理办法》，公司对天健会计师事务所 2024 年审计过程中的 履职情况进行评估。 1. 基本信息 项目合伙人及签字注册会计师：魏五军，2002 年起成为注册会计师，2001 年开始从事上市公司审计，2002 年开始在本所执业，2022 年起为本公司提供审 计服务；近三年签署或复核超 5 家上市公司审计报告。 签字注册会计师：姜丰丰，2008 年起成为注册会计师，2007 年开始从事上 市公司审计，2012 年开始在本所执业，2022 年起为本公司提供审计服务；近三 年签署或复核 3 家上市公司审计报告。 项目质量复核人员：王晓康，2015 年起成为注册会计师，2012 年开始从事 上市公司审计，2015 年开始在本所执业，2025 年起为本公司提供审计服务；近 三年签署或复核 3 家上市公司审计报告。 ...

益丰大药房连锁股份有限公司 审计委员会对 2024 年度会计师事务所履行监督 职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》和益丰大药房连锁股份有限公司（以下简 称"公司"）的《公司章程》和《董事会审计委员会议事细则》等规定和要求，董 事会审计委员会本着勤勉尽责的原则进行履职，现将公司董事会审计委员会对会 计师事务所 2024 年度履职评估及履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范，天健会计师事务所对公司 2024 年度财务报告及 2024 年 12 月 31 日的财务报 告内部控制的有效性进行了审计，同时对公司控股股东及其关联方占用资金情况 及年度募集资金使用情况等进行核查并出具了专项报告。 天健会计师事务所认为公司财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了公司2024年12月31日的合并及母公司财务状况以及20 ...