| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-089 | | --- | --- | --- | | 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 关于为子公司申请银行授信提供担保的议案 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： ●被担保人名称：江苏益丰大药房连锁有限公司（以下简称"江苏益丰"）、、 湖南九芝堂零售连锁有限公司（以下简称"九芝堂零售"）、石家庄新兴药房连锁 有限公司（以下简称"石家庄新兴"）、河北新兴药房连锁有限公司（以下简称"河 北新兴"）、无锡九州医药连锁有限公司（以下简称"无锡九州"）以上公司均为 公司合并报表范围内子公司。 ●本次预计担保及已实际为其提供担保余额情况：益丰大药房连锁股份有限 公司（以下简称"公司"或"本公司"）与江苏益丰为公司子公司江苏益丰、九 芝堂零售、石家庄新兴、河北新兴、无锡九州向银行申请新增授信提供不超过 59,000.00 万元综合授信额度提供连带责任担保。截至披露日，实际为子公司提 ...

第五届监事会第五次会议决议公告 本公司监事会及全体监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： | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-085 | | --- | --- | --- | | 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 益丰大药房连锁股份有限公司（以下简称"公司"）于 2024 年 9 月 9 日以电 子邮件方式发出第五届监事会第五次会议通知，会议于 2024 年 9 月 12 日以通讯 方式召开，应参加表决的监事 3 人，实际参加表决的监事 3 人，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、 监事会会议审议情况 本次会议由监事会主席陈斌先生召集并主持，采用记名投票方式，通过了如 下议案： （一）《关于增加自有资金理财额度的议案》 为提高公司闲置资金使用效率，在第四届董事会第三十九次会议与 2023 年 年度股东大会审议《关于使用部分闲置自有资金委托理财的议案》批准的自 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-084 | | --- | --- | --- | | 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 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 9 月 9 日以电 子邮件方式发出第五届董事会第七次会议通知，会议于 2024 年 9 月 12 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： （一）《关于修订<公司章程>的议案》 表决情况为：9 票同意，0 票反对，0 票弃权。 第五届董事会第七次会议决议公告 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： 该议案尚需提交股东大会审议 ...

章 程 益丰大药房连锁股份有限公司 公司章程 益丰大药房连锁股份有限公司 二〇二四年九月 1 | | | | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 6 | | 第一节 | 股份发行 6 | | 第二节 | 股份增减和回购 7 | | 第三节 | 股份转让 9 | | 第四章 | 股东和股东会 10 | | 第一节 | 股东 10 | | 第二节 | 股东会的一般规定 14 | | 第三节 | 股东会的召集 19 | | 第四节 | 股东会的提案与通知 21 | | 第五节 | 股东会的召开 22 | | 第六节 | 股东会的表决和决议 26 | | 第五章 | 董事会 32 | | 第一节 | 董事 32 | | 第二节 | 独立董事 36 | | 第三节 | 董事会 43 | | 第四节 | 董事会专门委员会 49 | | 第六章 | 总裁及其他高级管理人员 51 | | 第七章 | 监事会 53 | | 第一节 | 监事 53 | | 第二节 | 监事会 54 | | 第八章 | 财务会计制度、利润分配和审计 56 | | 第一 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 11.76 billion yuan for H1 2024, representing a year-on-year growth of 9.9%, and a net profit attributable to shareholders of 800 million yuan, up 13.1% year-on-year. Despite a decline in profit growth among most listed companies in the industry, the company achieved positive profit growth due to its effective management capabilities [2] - The company continues to expand its store count, adding 1,575 stores in H1 2024, which is expected to drive long-term revenue growth. As of H1 2024, the total number of stores reached 14,736, including 3,426 franchise stores [3] - The company's gross margin for H1 2024 was 40.05%, a slight increase from the previous year, indicating strong product management capabilities. The net profit margin was 7.31%, maintaining a relatively high level in the industry [4] - The company has slightly adjusted its profit forecast for 2024-2026, expecting total revenues of 25.95 billion, 31.84 billion, and 37.68 billion yuan, with corresponding net profits of 1.62 billion, 1.99 billion, and 2.40 billion yuan [5] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 11.76 billion yuan, with a net profit of 800 million yuan, reflecting a growth of 9.9% and 13.1% respectively [2] - The Q2 revenue was 5.79 billion yuan, with a net profit of 390 million yuan, showing a year-on-year increase of 6.5% and 6.1% [2] Growth Potential - The company added 1,575 new stores in H1 2024, with a total of 14,736 stores by the end of the period, indicating a strong growth trajectory [3] - The company has a significant number of stores qualified as "medical insurance designated retail pharmacies," which is expected to enhance revenue through prescription outflow [3] Profitability - The gross margin for H1 2024 was 40.05%, with a net profit margin of 7.31%, both indicating strong profitability relative to industry standards [4] - The company is expected to maintain a high level of profitability due to its refined management and scale effects, despite potential pressures from industry competition [4] Earnings Forecast - The company has revised its earnings forecast, projecting revenues of 25.95 billion yuan in 2024, with net profits of 1.62 billion yuan, reflecting a growth rate of 14.90% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.76 RMB [2][4] Core Views - The company achieved steady growth in both revenue and net profit in H1 2024, with revenue reaching 11.76 billion RMB (+9.9% YoY) and net profit attributable to shareholders of 800 million RMB (+13.1% YoY) [1] - The company's operating cash flow increased significantly by 29.4% YoY to 1.82 billion RMB, driven by organic growth, M&A, and franchise expansion [1] - The company's cost efficiency improved, with the sales expense ratio decreasing to 25.6% (-0.2 pct) and the management expense ratio dropping to 4.1% (-0.2 pct) [1] - The company's O2O business grew rapidly, with O2O sales reaching 880 million RMB (+26.3% YoY), and over 10,000 stores now offering O2O services [1] Store Expansion - The company added 1,575 new stores in H1 2024, including 842 self-built stores, 293 acquired stores, and 440 new franchise stores, resulting in a net increase of 1,486 stores [1] - As of H1 2024, the company operates a total of 14,736 stores, including 11,310 directly operated stores and 3,426 franchise stores [1] - 88.3% of the directly operated stores have obtained medical insurance retail qualifications, totaling 9,984 stores [1] Financial Forecasts - The report revised the company's revenue and gross margin forecasts for 2025, with adjusted net profit forecasts for 2024-2026 at 1.601 billion, 1.919 billion, and 2.263 billion RMB, respectively [2] - The company's revenue is expected to grow at a CAGR of 16.5% from 2024 to 2026, reaching 33.534 billion RMB by 2026 [3] - The net profit margin is projected to remain stable at around 6.5%-6.7% from 2024 to 2026 [3] Industry Trends - The retail pharmacy industry in China has seen increasing chain rates and market concentration, with the chain rate reaching 58.5% in 2023 [1] - The sales growth rate of the top 100 companies in the industry was 9.6% in 2023, significantly higher than the industry average of 2.9% [1] Valuation - The company's PE ratio is expected to decline from 18.3x in 2022 to 10.2x by 2026, reflecting strong earnings growth [3] - The EV/EBITDA ratio is projected to decrease from 8.2x in 2022 to 4.9x by 2026, indicating improving valuation metrics [8]

公 司 研 究 医 药 生 物 益丰药房 沪深300 [Table_Reportdate] 2024年09月04日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [益丰药房（ Table_NewTitle] 603939）：业绩稳健增长，门 店稳步扩张 ——公司简评报告 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn [table_main] 投资要点 | --- | --- | |---------------------------|-------------| | | | | | | | 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 19.13 | | 总股本 ( 万股 ) | 121,245 | | 流通 A 股 /B 股 ( 万股 ) | 120,974/0 | | 资产负债率 (%) | 58.74% | | 市净率 ( 倍 ) | 2.13 | | 净资产收益率 ( ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 25.40 CNY per share [5][6]. Core Insights - The company achieved a revenue of 11.762 billion CNY in H1 2024, representing a year-on-year growth of 9.86%. The net profit attributable to shareholders after deducting non-recurring items was 786 million CNY, up 15.77% year-on-year [2][5]. - The growth in profits is attributed to both organic and external growth from store expansion, as well as improved management efficiency [2][3]. - The company continues to focus on a "regional focus and steady expansion" strategy, with a total of 14,736 stores as of H1 2024, marking a 27.25% increase compared to H1 2023 [3]. - The overall gross margin for H1 2024 was 40.05%, slightly up by 0.06 percentage points from the previous year, indicating stable profitability [4]. Summary by Sections Revenue and Profit Growth - In H1 2024, the company reported revenues of 117.62 billion CNY, with retail and wholesale segments contributing 103.98 billion CNY (+8.32%) and 9.97 billion CNY (+20.91%) respectively [2][5]. - The net profit attributable to shareholders after non-recurring items was 786 million CNY, reflecting a 15.77% increase year-on-year [2][5]. Store Expansion Strategy - The company has been actively expanding its store network, with 842 new self-built stores, 293 acquired stores, and 440 new franchise stores added in H1 2024 [3]. - The total number of stores reached 14,736, including 3,426 franchise stores, demonstrating a robust growth strategy [3]. Profitability and Management Efficiency - The company's gross margin stood at 40.05% in H1 2024, with specific margins for various product categories: 34.85% for Western and Chinese medicines, 48.74% for traditional Chinese medicine, and 51.10% for non-pharmaceutical products [4]. - Management efficiency improved, as evidenced by a decrease in sales and management expense ratios by 0.15 and 0.20 percentage points respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has achieved steady revenue and profit growth in H1 2024, with a revenue of 11.762 billion yuan (up 9.86% year-on-year) and a net profit attributable to shareholders of 798 million yuan (up 13.13% year-on-year) [5] - The company is focusing on regional expansion and steady growth, with a total of 14,736 stores as of H1 2024, including 3,426 franchise stores [7] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.607 billion yuan, 1.906 billion yuan, and 2.297 billion yuan respectively [5] Financial Performance Summary - H1 2024 revenue: 117.62 billion yuan (up 9.86% year-on-year); Q2 2024 revenue: 57.91 billion yuan (up 6.45% year-on-year) [5] - H1 2024 gross margin: 40.05% (up 0.06 percentage points); net margin: 7.31% (down 0.15 percentage points) [5] - Retail business revenue: 103.98 billion yuan (up 8.32%); wholesale business revenue: 9.97 billion yuan (up 20.91%) [6] Business Expansion and Strategy - The company added 1,575 new stores in H1 2024, including 842 self-built stores and 440 franchise stores [7] - The company emphasizes refined, standardized, and systematic operational management, supported by a digital and intelligent management platform [7]

医药生物/医药商业 公 司 研 究 益丰药房（603939.SH） 2024 年 09 月 03 日 2024H1 营收利润稳健增长，门店扩张稳步推进 ——公司信息更新报告 投资评级：买入（维持） 日期 2024/9/2 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 元 ) | 18.44 | | 一年最高最低 ( 元 ) | 46.88/17.91 | | 总市值 ( 亿元 ) | 223.58 | | 流通市值 ( 亿元 ) | 223.08 | | 总股本 ( 亿股 ) | 12.12 | | 流通股本 ( 亿股 ) | 12.10 | | 近 3 个月换手率 (%) | 72.05 | 股价走势图 益丰药房 沪深300 -40% -20% 0% 20% 40% 60% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《营收稳健增长， ...