| 证券代码：603939 | 证券简称：益丰药房 公告编号：2024-048 | | --- | --- | | 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 2023 年年度权益分派 实施公告 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法律责任。 重要内容提示： 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 5 月 20 日的 2023 年年度股东大会审 议通过。 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 公司不存在首发战略配售股份 每股分配比例，每股转增比例 A 股每股现金红利 0.50 元 1. 发放年度：2023 年年度 2. 分派对象： 3. 分配方案： 每股转增股份 0.20 股 相关日期 | | | | 日 | 份上市日 | 放日 | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 22.588 billion yuan in 2023, representing a year-on-year growth of 13.59%, and a net profit attributable to shareholders of 1.412 billion yuan, up 11.90% year-on-year [5][6] - The company continues to expand its store network, with a total of 13,920 stores by the end of Q1 2024, including 3,157 franchise stores [5] - The company is expected to maintain a rapid expansion pace, planning to add 4,000 new stores in 2024 [5] - The retail business revenue reached 20.185 billion yuan in 2023, growing by 12.00%, while the pharmaceutical wholesale business saw a significant increase of 39.23% to 1.892 billion yuan [5][6] - The company has demonstrated strong operational efficiency, with a continuous optimization of expense ratios [5] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 6.7 billion yuan, a 2.47% increase year-on-year, but the net profit decreased by 5.81% to 413 million yuan [5] - For Q1 2024, the revenue was 5.971 billion yuan, reflecting a 13.39% year-on-year growth, with a net profit of 407 million yuan, up 20.89% [5] - The company’s revenue forecast for 2024 is 27.623 billion yuan, with a projected net profit of 1.772 billion yuan, indicating a growth rate of 25.5% [6][9] Store Expansion Strategy - The company follows a "regional focus + steady expansion" strategy, utilizing new openings, acquisitions, and franchising to drive growth [5] - In 2023, the company added 3,196 new stores, including 1,613 self-built, 559 acquired, and 1,024 franchised stores [5] Market Position and Policy Impact - The company is positioned to benefit from the ongoing outpatient coordination policies, with over 4,200 stores participating in such programs by the end of 2023 [5] - The company’s operational advantages in store management and drug supply are expected to enhance its performance as more stores are integrated into outpatient coordination [5] Profitability and Cost Management - The company’s gross profit margin for 2023 was 38.21%, with a slight decrease of 1.32 percentage points year-on-year [5][9] - The expense ratio for the company improved, with a total expense ratio of 29.08%, down 0.65 percentage points from the previous year [5] Valuation and Future Outlook - The company is expected to achieve net profits of 1.772 billion yuan, 2.169 billion yuan, and 2.665 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 25.5%, 22.4%, and 22.8% [6][9] - The company is assigned a valuation premium, with a target price range of 43.75 to 52.50 yuan based on a price-to-earnings ratio of 25-30 times for 2024 [5][9]

会议召开时间：2024 年 06 月 05 日(星期三)下午 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频和网络互动 投资者可于 2024 年 05 月 29 日(星期三) 至 06 月 04 日(星期二)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@yfdyf.com 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-047 | | --- | --- | --- | | 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 关于召开2023年度暨2024年第一季度业绩说明会的 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： 益丰大药房连锁股份有限公司（以下简称"公司"）已于 2 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-046 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 募集资金专项账户的开立、对应募投项目情况如下： 经中国证券监督管理委员会《关于同意益丰大药房连锁股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2024〕109 号）核准，同 意益丰大药房连锁股份有限公司（以下简称"公司"或"益丰药房"）向不特定对象 发行面值总额 1,797,432,000.00 元可转换公司债券，每张面值为人民币 100 元， 发行数量 17,974,320 张，募集资金总额为人民币 1,797,432,000.00 元，扣除发行 费用（不含税）人民币 17,169,690.20 元后，募集资金净额为 1,780,262,309.80 元。 上述募集资金已于 2024 年 3 月 8 日到位，经天健会计师事务所（特殊普通合伙） 验证，并由其出具《验证报告》（天健验〔2024〕2-3 号）。 二、募集资金专户存储四方监管协议的签订情况和募集资金专户的开立情 况 经公司 2023 年第一次 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 57.48, indicating a potential upside of 27% from the current price of RMB 45.40 [1][2][15]. Core Insights - The company is expected to achieve a revenue and net profit CAGR of 26% and 33% respectively from 2023 to 2026, driven by robust store growth and the trend of hospital prescription outflow [4][5]. - The company added 3,196 stores in 2023, with a total of 13,920 stores as of Q1 2024, and is projected to reach 23,774 stores by 2026, reflecting a CAGR of 22% in store count [6][11]. - The company’s 2023 revenue was RMB 22.59 billion, a 14% increase year-on-year, with a net profit of RMB 1.41 billion, up 12% [5][20]. Financial Performance - The company reported a gross margin of 38.2% in 2023, slightly down from the previous year, attributed to an increase in low-margin wholesale revenue [5][8]. - The forecast for 2024E revenue is RMB 28.53 billion, with a gross profit of RMB 11.22 billion and a net profit of RMB 1.99 billion [10][12]. - The report indicates a downward adjustment in EPS for 2024 and 2025 by 28% and 27% respectively, due to increased share capital from stock dividends [11][14]. Market Comparison - The company’s P/E ratio for 2024 is projected at 29, which is above the industry average of 15, suggesting a premium valuation due to expected high growth rates [15][17]. - Compared to peers, the company has a higher market capitalization of RMB 45.88 billion and a lower EPS than some competitors, indicating competitive positioning in the market [17]. Store Expansion and Strategy - The company is leveraging both online and offline channels to capture hospital prescription flows, with a significant number of stores qualifying for medical insurance [5][6]. - The report highlights the importance of acquisitions for expansion, with a focus on maintaining growth in a competitive retail pharmacy environment [18]. Future Projections - Revenue projections for 2024E, 2025E, and 2026E are RMB 28.53 billion, RMB 35.75 billion, and RMB 44.88 billion respectively, reflecting a strong growth trajectory [12][20]. - The company is expected to maintain a healthy net profit margin, with projections of 7.0% for 2024E and 7.4% for 2026E [21].

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2024-045 | | --- | --- | --- | | 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 2023 年年度股东大会决议公告 本次会议采取现场投票和网络投票相结合的方式召开，公司董事会召集本次会议， 董事长高毅先生主持。本次会议的召集、召开和表决方式符合《公司法》《上海 证券交易所股票上市规则》《公司章程》和公司《股东大会议事规则》的规定， 合法有效。 (五)公司董事、监事和董事会秘书的出席情况 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 5 月 20 日 (二)股东大会召开的地点：湖南省长沙市金洲大道 68 号益丰医药物流园三楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 54 | | --- | --- | | 2、出席会议 ...

湖南启元律师事务所 关于益丰大药房连锁股份有限公司 2023年年度股东大会的 法律意见书 二O二四年五月 致：益丰大药房连锁股份有限公司 湖南启元律师事务所（以下简称"本所"）接受益丰大药房连锁股份有限公 司（以下简称"公司"）的委托，指派本律师出席了公司 2023 年年度股东大会（以 下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会议人员 及召集人的资格、表决程序和表决结果的合法有效性进行现场律师见证，并发表 本法律意见。 本律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》、《上市公司股东大会规则》（以下简称"《股东大会规则》"） 等我国现行法律、法规、规范性文件以及《益丰大药房连锁股份有限公司章程》 （以下简称"《公司章程》"）的有关规定出具本法律意见书。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an emphasis on its robust expansion strategy and strong performance in both online and offline prescription services [1][12]. Core Views - The company adheres to a development strategy of "regional focus and steady expansion," maintaining a high speed of store expansion and leveraging both online and offline channels to capture prescription outflow, thereby enhancing its internal growth momentum [1][12]. - The earnings forecast has been adjusted, with expected EPS for 2024-2026 at 1.76, 2.16, and 2.66 yuan respectively, corresponding to PE ratios of 26.2X, 21.3X, and 17.3X as of May 10, 2024 [1][12]. Financial Performance Summary - In 2023, the company achieved revenue of 22,588 million yuan, a year-over-year increase of 13.6%, and a net profit attributable to shareholders of 1,412 million yuan, up 11.9% year-over-year [2][5]. - For Q4 2023, revenue was 6,700 million yuan, with a year-over-year growth of 2.47%, while net profit was 413 million yuan, down 5.81% year-over-year [3][5]. - In Q1 2024, the company reported revenue of 5,971 million yuan, a year-over-year increase of 13.39%, and a net profit of 407 million yuan, up 20.89% year-over-year [3][5]. Business Segment Analysis - The retail segment generated revenue of 20,185 million yuan in 2023, representing a year-over-year growth of 12.00%, while the wholesale segment saw a significant increase of 39.23%, reaching 1,892 million yuan [6][7]. - The company has expanded its store network significantly, with a total of 13,920 stores by the end of Q1 2024, including 3,157 franchise stores [9][10]. Product Performance - The company’s revenue from Western and Chinese patent medicines reached 17,095 million yuan, with a year-over-year growth of 15.93%, while traditional Chinese medicine revenue grew by 23.30% to 2,180 million yuan [8][9]. - The non-pharmaceutical segment experienced a slight decline, with revenue of 2,803 million yuan, down 2.30% year-over-year [8][9]. Regional Performance - The Central South region showed exceptional growth, achieving revenue of 10,380 million yuan, up 17.44% year-over-year, while the East China region grew by 7.29% to 9,228 million yuan [9][10].

益丰大药房连锁股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 1 / 29 益丰大药房连锁股份有限公司 2023 年年度股东大会 会议资料 | 2023 | 年年度股东大会会议议程 | 3 | | --- | --- | --- | | 2023 | 年年度股东大会会议须知 | 4 | | 2023 | 年年度股东大会会议议案 | 5 | | 议案一：关于 2023 | 年度董事会报告的议案 | 5 | | 议案二：关于 2023 | 年度监事会报告的议案 | 11 | | 议案三：关于 2023 | 年年度报告及其摘要的议案 | 17 | | 议案四：关于 2023 | 年度财务决算报告的议案 | 18 | | 议案五：关于 2023 | 年度利润分配及资本公积金转增股本预案的议案 | 24 | | 议案六：关于续聘 | 2024 年度会计师事务所的议案 | 25 | | | 议案七：关于向银行申请综合授信额度的议案 | 26 | | | 议案八：关于为子公司申请银行授信提供担保的议案 | 28 | | | 议案九：关于使用闲置自有资金委托理财的议案 | 29 | 益丰大药房连锁股份有 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 46.63 [1] Core Views - The company reported a revenue of 22.588 billion yuan in 2023, a year-on-year increase of 13.59%, and a net profit of 1.412 billion yuan, up 11.90% year-on-year [2] - In Q1 2024, the company achieved a revenue of 5.971 billion yuan, growing 13.39% year-on-year, and a net profit of 407 million yuan, which is a 20.89% increase year-on-year [2] - The company has shown resilience in performance despite high base effects, with expectations for accelerated quarterly growth in 2024 due to ongoing policy implementations and store expansions [2][3] - The total number of stores reached 13,920 by Q1 2024, with a net increase of 670 stores, contributing to revenue growth across key regions [2][3] - The gross margin slightly declined to 38.21%, attributed to an increase in wholesale revenue share, while the company successfully optimized its expense ratios [2][3] Financial Forecast and Valuation - The company is projected to achieve revenues of 27.347 billion yuan, 32.858 billion yuan, and 39.463 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 20%, and 20% [2][3] - Net profit forecasts for the same years are 1.813 billion yuan, 2.207 billion yuan, and 2.671 billion yuan, reflecting year-on-year growth of 28%, 22%, and 21% [2][3] - The report highlights the company's internal efficiency improvements and external expansion strategies as key drivers for maintaining high growth [2][3]