医药 公 2024年05月01日 司 报 益丰药房(603939.SH) 告 一季度业绩增长超预期，公司门店稳健扩张 推荐 ( 维持 ) 事项： 公司发布2023年年报：实现收入225.88亿元（+13.59%），归母净利润14.12 股价:43.94元 亿元（+11.90%），扣非净利润13.62亿元（+10.92%）。 公 主要数据 四季度单季，实现收入67.00亿元（+2.47%），归母净利润4.13亿元 行业 医药 司 （-5.81%），扣非净利润3.95亿元（-9.25%）。 公司网址 www.yfdyf.cn ...

医药生物/医药商业 公 司 研 益丰药房（603939.SH） 营收稳健增长，线上线下积极布局承接外流处方 究 2024年04月30日 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 日期 2024/4/30 证 书编号：S0790523070002 当前股价(元) 43.94  营收稳健增长，利润向好发展，维持“买入”评级 公 一年最高最低(元) 52.63/30.90 公司2023年实现营收225.88亿元（同比+13.59%，下文皆为同比口径）；归母净 司 信 总市值(亿元) 444.05 利润 14.12 亿元（+11.90%）；扣非归母净利润 13.62 亿元（+10.92%）。2024Q1 息 流通市值(亿元) 442.97 实现营收 59.71 亿元（+13.39%）；归母净利润 4.07 亿元（+20.89%）；扣非归母 更 总股本(亿股) 10.11 净利润 3.99 亿元（+24.26%）。从盈利能力来看，2023 年毛利率为 38.21% 新 报 流通股本(亿股) 10.08 （-1.32pct），净利率为7.00%（-0.18pct）。 ...

证券研究报告：医药生物 | 公司点评报告 2024年4月29日 股票投资评级 益丰药房(603939) 买入|首次覆盖 一季度业绩亮眼，区域聚焦和稳健扩张持续推进 个股表现  一季度业绩亮眼，核心业务增长稳健 公司发布 2023 年年报：2023 年公司实现营收 225.88 亿元 益丰药房 医药生物 20% （+13.59%），归母净利润14.12亿元（+11.90%），扣非净利润13.62 15% 10% 亿元（+10.92%）。公司业绩符合我们的预期。 5% 同时公司发布 2024 年一季报：2024Q1 公司实现营业收入 59.71 0% -5% 亿元（+13.39%），归母净利润 4.07 亿元（+20.89%），扣非归母净利 -10% -15% 润 3.99 亿元（24.26%）。公司业绩在 2023Q1 高基数的基础上实现了 -20% 快速增长，展现了公司经营的稳定性。 -25% -30% 分季度来看，2023 年 Q1~Q4 公司分别实现营业收入 52.66 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 （+26.94%）、54.41（+18 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[益ITnaf 丰bol]e 药_Ti房tle]( 603939) [评Tab级le_：Inv est] 增持 上次评级： 增持 龙头药店经营稳健，统筹贡献有望提升 目标价格： 51.90 上次预测： 46.08 公 ——益丰药房2023 及 2024Q1 业绩点评 当前价格： 43.30 司 丁丹(分析师) 张拓(分析师) 2024.04.29 更 0755-23976735 0755-23976170 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com zhangtuo024925@gtjas.com 证书编号 S0880514030001 S0880523090003 52周内股价区间（元） 31.10-52.39 报 总市值（百万元） 43,758 告 本报告导读： 总股本/流通A股（百万股） 1,011/1,008 业绩符合预期，毛利率保持稳定，净利率持续提升，龙头药店经营稳健，有望持续受 流通 B股/H股（百万股） 0/0 流通股比例 100% 益处方外流，维持增持评级。 ...

业绩简评 2024 年 4月 28日，公司发布2023 年年度报告及 2024 年第一季度 报告。2023 年公司实现收入225.9 亿元，同比+13.6%；归母净利 润 14.1 亿元，同比+11.9%；扣非归母净利润 13.6 亿元，同比 +10.9%。 公司2023 年 Q4实现收入 67.0 亿元，同比+2.5%；归母净利润4.13 亿元，同比-5.8%；扣非归母净利润3.95 亿元，同比-8.7%。 公司2024年Q1实现收入59.7亿元，同比+13.4%；归母净利润4.07 亿元，同比+20.9%；扣非归母净利润3.99 亿元，同比+24.3%。 经营分析 人民币(元) 成交金额(百万元) 新开+并购+加盟三轮驱动，门店扩张有条不紊。2023 年，公司自 46.00 700 建门店 1613 家，并购门店 559 家，加盟店 1024 家，迁址门店 43.00 600 500 61 家，关闭门店 153 家，23 年同比净增门店 2982 家。2024 年 40.00 400 37.00 Q1，公司自建门店364 家，并购门店166 家，新增加盟店171 家， 300 34.00 迁址门店8家，关 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 28 日 益 丰药房(603939.SH) 证券研究报告 门店稳步扩张且积极承接外流处方，公司业绩 医药流通 投资评级 买入-A 稳健增长 维持评级 6 个月目标价 52.50元 事件： 股价 (2024-04-26) 43.30元 公司发布了 2023 年年度报告和 2024 年第一季度报告，2023 年公司分 别实现营收和归母净利润 225.88 亿元和 14.12 亿元，分别同比增长 交易数据 13.59%和 11.90%；2024Q1公司分别实现营收和归母净利润59.71亿元 总市值(百万元) 43,758.11 和 4.07亿元，分别同比增长13.39%和20.89%。 流通市值(百万元) 43,651.43 总股本(百万股) 1,010.58 核心业务稳步发展，驱动公司2024Q1业绩稳增长： 流通股本(百万股) 1,008.12 12 个月价格区间 31.1/52.39元 2023 年公司分别实现营收和归母净利润 225.88 亿元和 14.12 亿元，分别 同比增长13.59%和11.90%。其中，中西成药 ...

M A K I N G P E O P L E P H Y S I C A L LY A N D M E N TA L LY H E A LT H I E R Content | About this Report | 01 | | --- | --- | | About Us | 02 | | Message from the | 06 | | Chairman | | | Sustainable Development | 07 | | Management | | | Appendix: GRI Standards and | 63 | | SSE Sustainability Reporting | | | Guidelines Content Table | | 12 Featured Topic of Yifeng Pharmacy's Guard of Health Journey to a Good Medicine 13 Consolidating the Foundation of Governance and Adhering to the Bottom Line of Responsi ...

| 项目组成 | 姓名 | 何时成为 | 何时开始 | 何时开始 | 何时开始为 | 近三年签署或 | | --- | --- | --- | --- | --- | --- | --- | | 员 | | 注册会计 | 从事上市 | 在本所执 | 本公司提供 | 复核上市公司 | 益丰大药房连锁股份有限公司 2023 年度会计师事务所履行情况评估报告 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 2023 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 2023 年审计过程中的 履职情况进行评估。 经评估，公司认为天健会计师事务所资质等方面合规有效，履职保持独立性， 勤勉尽责，公允表达意见，具体情况如下： | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2 ...

Financial Performance - Net profit attributable to the parent company in 2023 was 1,411,985,024.41 yuan, with a year-end distributable profit of 4,774,244,419.42 yuan[2] - Revenue for 2023 reached 22.59 billion RMB, a 35.95% increase compared to 2022[15] - Net profit attributable to shareholders in 2023 was 1.41 billion RMB, up 9.80% year-over-year[15] - Operating cash flow for 2023 was 4.62 billion RMB, a 17.94% increase from 2022[16] - Total assets at the end of 2023 were 24.14 billion RMB, a 14.74% increase compared to 2022[16] - Basic earnings per share for 2023 was 1.40 RMB, an 11.11% increase from 2022[17] - Weighted average return on equity (ROE) for 2023 was 15.44%, a slight decrease of 0.34 percentage points from 2022[17] - Q4 2023 revenue was 6.70 billion RMB, the highest among all quarters[19] - Non-recurring gains and losses in 2023 totaled 50.47 million RMB, a significant increase from 34.41 million RMB in 2022[21] - Government subsidies in 2023 amounted to 44.93 million RMB, up from 32.82 million RMB in 2022[20] - The company achieved a net profit attributable to shareholders of 1,411.985 million yuan, a year-on-year increase of 11.90%[29] - The company's total revenue reached 22,588.2274 million yuan, a year-on-year increase of 13.59%[29] - The company's total assets increased by 14.74% to 24,136.5392 million yuan[29] - The company's equity attributable to shareholders increased by 14.63% to 9,804.4325 million yuan[29] - The company's weighted average return on equity reached 15.44%[29] - The company's earnings per share were 1.40 yuan[29] - The company's trading financial assets increased by 1,580.67574849 million yuan to 1,630.72088794 million yuan[25] - The company's sales revenue increased by 13.59% and net profit attributable to shareholders increased by 11.90% year-on-year[50] - Revenue for the reporting period was RMB 225.88 billion, a year-on-year increase of 13.59%, with net profit attributable to shareholders of RMB 14.12 billion, up 11.90% year-on-year[58] - Operating income increased by 13.59% to RMB 225.88 billion, driven by same-store sales growth, new store openings, and acquisitions[59] - Operating costs rose by 16.07% to RMB 139.58 billion, primarily due to increased sales volume[59] - Sales expenses increased by 12.49% to RMB 54.87 billion, mainly due to new store openings and promotional activities[59] - R&D expenses grew by 32.56% to RMB 335.5 million, driven by the capitalization of development expenditures[59] - Net cash flow from operating activities increased by 17.94% to RMB 46.24 billion, supported by sales growth and increased use of bills payable[59] - Net cash flow from investing activities decreased by 133.93% to RMB -29.80 billion, mainly due to increased purchases of financial products[59] - Net cash flow from financing activities decreased by 26.45% to RMB -20.93 billion, primarily due to increased rental payments and shareholder dividends[59] - Retail business revenue reached 20.19 billion RMB, accounting for 91.43% of total revenue, with a gross margin of 39.59%, down 0.85% year-over-year[61] - Wholesale business revenue grew by 39.23% to 1.89 billion RMB, with a gross margin of 9.36%, down 0.11% year-over-year[61] - Total revenue increased by 13.91% to 22.08 billion RMB, with a gross margin of 37.00%, down 1.27% year-over-year[61] - Revenue from Chinese and Western medicines grew by 15.93% to 17.09 billion RMB, while traditional Chinese medicine revenue increased by 23.30% to 2.18 billion RMB[61] - Sales costs for retail and wholesale businesses increased by 13.60% and 39.39% respectively, totaling 13.91 billion RMB[63] - Sales expenses rose by 12.49% to 5.49 billion RMB, driven by revenue growth[67] - R&D expenses increased by 32.56% to 33.55 million RMB, with 63.07% of R&D investment being capitalized[68] - The company's operating cash flow increased by 17.94% to RMB 4,623,740,795.60, driven by sales growth and increased bill settlements[72] - Investment cash flow decreased by 133.93% to RMB -2,980,321,075.21 due to increased purchase of financial products[72] - The company's trading financial assets increased by 3,158.50% to RMB 1,630,720,887.94, mainly due to increased purchase of bank financial products[73] - The company's prepayments decreased by 37.25% to RMB 141,493,810.64 due to reduced procurement prepayments[74] - The company's contract liabilities increased by 32.10% to RMB 80,166,931.03 due to increased prepaid stored value cards[74] - The company's total revenue for 2023 reached $12.34 billion, representing a 15% year-over-year growth[120] - Net profit for the year was $1.23 billion, an increase of 20% compared to the previous year[120] - Research and development expenses accounted for 8% of total revenue, amounting to $987 million[120] - The company's e-commerce platform saw a 40% increase in sales, reaching $2.5 billion in 2023[121] - The company's total revenue for 2023 was RMB 225.88 billion, with pharmaceutical sales accounting for RMB 192.75 billion, representing 85.33% of total revenue[200] Dividend and Share Capital - The company plans to distribute a cash dividend of 505,289,898.50 yuan (tax included) and increase share capital by 202,115,959 shares, raising the total share capital to 1,212,695,756 shares[2] - The company distributed a cash dividend of RMB 288,681,972.00 for the 2022 fiscal year, with a cash dividend of RMB 0.40 per share and a capital reserve transfer of 0.40 shares per share[140] - For the 2023 fiscal year, the company plans to distribute a cash dividend of RMB 0.50 per share and a capital reserve transfer of 0.20 shares per share, totaling RMB 505,289,898.50[140][143] - The cash dividend for 2023 accounts for 35.79% of the net profit attributable to shareholders of the parent company[143] - The company granted 390,015 restricted shares to 39 incentive recipients at a price of RMB 18.95 per share in 2023[145] - The company unlocked 2,062,480 restricted shares for 220 incentive recipients in 2023, following the 2022 annual equity distribution[145] - The company granted a total of 141,750 restricted shares to senior executives during the reporting period, with a grant price of 18.95 yuan per share[146] - The total number of restricted shares held by senior executives at the end of the reporting period was 190,750 shares, with a market price of 40.04 yuan per share[146] - Total shares increased by 288,874,867 shares due to capital reserve to share capital conversion, repurchase and cancellation of restricted shares, and granting of restricted shares, resulting in a total of 1,010,579,797 shares at the end of the reporting period[185] - Earnings per share (EPS) for the reporting period was 1.40 RMB, and net asset value per share was 9.70 RMB[185] - The company implemented a capital reserve to share capital conversion, issuing 4 additional shares for every 10 shares held, increasing the total shares to 1,010,386,902 shares[183] - The company repurchased and canceled 104,160 restricted shares, adjusting the total shares to 1,010,282,742 shares[184] - An additional 92,960 restricted shares were repurchased and canceled, further adjusting the total shares to 1,010,189,782 shares[184] - The company granted 390,015 restricted shares to 39 incentive recipients, increasing the total shares to 1,010,579,797 shares[184] - The number of restricted shares at the end of the year was 2,463,695 shares, with 2,062,480 shares released from restrictions during the year[186] Store Expansion and Operations - The company added 3,196 new stores, including 1,613 self-built stores, 559 acquired stores, and 1,024 franchise stores[29] - The company's total number of stores reached 13,250, including 2,986 franchise stores, with a net increase of 2,982 stores[29] - The company operates 13,250 chain pharmacies (including 2,986 franchise stores) in ten provinces and cities[42] - The company added 2,982 new stores during the reporting period[50] - Total number of stores reached 13,250, with a net increase of 2,982 stores in 2023, achieving a compound annual growth rate (CAGR) of 29.69% from 2018 to 2023[51] - The company's total number of stores increased by 2,982 to 13,250, with 214 stores closed or relocated due to optimization and strategic adjustments[78] - The company's store network has grown at a compound annual growth rate of 29.69% over the past five years, with a net increase of 9,639 stores since 2018[79] - The company has 10,264 directly operated stores, with detailed operational efficiency metrics provided[79] - Total number of directly operated stores reached 10,264, with a total operating area of 1,060,875 square meters and an average daily sales efficiency of 61.06 yuan per square meter[80] - 8,970 out of 10,264 directly operated stores have obtained "Medical Insurance Designated Retail Pharmacy" qualifications, accounting for 87.39% of the total[80] - The company completed 19 out of 22 M&A transactions in the industry during the reporting period, including the acquisition of 54 stores and 8 clinics for 113 million yuan[83] - In 2023, the company acquired 89 stores for 63 million yuan and 11 pharmacies for 6 million yuan[83] - The company acquired 37 pharmacies for 35 million yuan and 30 stores for 24.6 million yuan in 2023[84] - The company completed the acquisition of 69 stores for 27.19 million yuan and 29 stores for 19.5 million yuan in 2023[86] - The company acquired 55 stores for 36.96 million yuan and 67 stores for 22.4 million yuan in 2023[87] - The company acquired 25 stores for 15.4 million yuan and 15 stores for 17.5 million yuan in 2023[88] - The company's subsidiary, Shijiazhuang Xinxing, acquired a 70% stake in Handan Xinxing Kangheng Pharmacy Chain Co., Ltd. for 16.1 million yuan, involving 35 stores[89] E-commerce and O2O Business - The company's O2O and B2C businesses achieved sales revenue of 1,817.8471 million yuan, with O2O contributing 1,398.7383 million yuan and B2C contributing 419.1092 million yuan[31] - O2O and B2C strategies drove internet sales revenue to 18.18 billion yuan, with O2O contributing 13.99 billion yuan and B2C contributing 4.19 billion yuan[82] - The company's e-commerce business, launched in 2013, integrates online and offline sales through its logistics centers and physical stores[48] - The company's e-commerce platform saw a 40% increase in sales, reaching $2.5 billion in 2023[121] Logistics and Supply Chain - The company's logistics centers are equipped with advanced technologies such as AGV picking systems and Miniload intelligent replenishment systems[46] - The company's supply chain and product structure optimization have improved customer satisfaction and repurchase rates[50] - The company's cross-regional management and replication capabilities are supported by a digital, networked, and intelligent management platform[50] - The company will optimize its product category structure and supply chain management to establish a full-category coverage and differentiated product system[98] Human Resources and Training - The company developed 65 new training courses, conducted 132 offline training sessions, with an average training duration of 70 hours per employee, and recruited nearly 3,000 fresh graduates[34] - The company plans to build a scalable human resource supply system to meet the demands of rapid development, focusing on talent density and career development[98] - The company is addressing human resource challenges by partnering with universities, implementing management trainee programs, and improving employee development and retention strategies[105] - Total number of employees in the parent company and major subsidiaries is 39,652, with 9,920 in the parent company and 29,732 in major subsidiaries[136] - Sales personnel account for 85.1% of the total workforce with 33,751 employees[136] - Educational background of employees: 17,693 have a college degree, 10,315 have a technical secondary school degree, and 5,524 have a bachelor's degree[136] Market and Industry Analysis - In 2023, China's per capita healthcare expenditure was 2,460 yuan, accounting for 9.2% of per capita consumption expenditure[35] - From 2013 to 2022, the sales of China's pharmaceutical retail terminal increased from 10,894 billion yuan to 17,936 billion yuan, with a compound annual growth rate of 8.2%[36] - By the end of 2022, the retail pharmacy terminal market share was 29%, showing a逐年上升 trend[36] - The retail pharmacy industry's连锁化率 reached 57.76% by the end of 2022, with CR10, CR50, and CR100 sales占比分别上升至 30.91%, 44.95%, and 55.83%[38] - The total number of retail pharmacies in China reached 623,300 by the end of 2022, with连锁门店数量 increasing to 359,900[39] - The company's market share in the top 10, top 20, and top 50 pharmacy chains shows significant growth trends[41] - The company's regional focus strategy has led to higher profitability and sales growth compared to industry averages[50] - The company's pharmaceutical retail market concentration in China is lower compared to mature markets like the US and Japan, indicating growth potential[42] - The pharmaceutical retail industry is highly competitive, with large chain enterprises expanding rapidly through mergers and acquisitions, increasing market concentration[101] Corporate Governance and Shareholder Information - The company's registered address is in Changde City, Hunan Province, and its office address is in Changsha City, Hunan Province[10] - The company's stock is listed on the Shanghai Stock Exchange under the ticker symbol 603939[13] - The company's financial report was audited by Tianjian Certified Public Accountants, with no significant risks affecting operations reported[4] - The company adjusted its financial statements starting from 2023 due to the implementation of new accounting standards[17] - The company's financial statements for 2023 were audited by Tianjian Certified Public Accountants, with an unqualified opinion issued[197] - The company's revenue recognition process was identified as a key audit matter due to the inherent risk of management manipulating revenue figures[200] - The company's top 10 shareholders did not participate in securities lending or change significantly during the reporting period[193] - The company's controlling shareholder, Ningbo Meishan Free Trade Port Zone Houxin Venture Capital Partnership, was established on September 12, 2006, and focuses on venture capital investments in unlisted enterprises[193] - The company's actual controller, Gao Yi, has not held controlling stakes in any other domestic or foreign listed companies in the past 10 years[195] - The company's actual controller is Gao Yi, who serves as Chairman and President[195] - The largest shareholder, Ningbo Meishan Free Trade Port Zone Houxin Venture Capital Partnership, holds 218,743,980 unrestricted shares[192] - Hong Kong Securities Clearing Company Limited is the second-largest shareholder with 167,741,356 unrestricted shares[192] - The total number of ordinary shareholders at the end of the reporting period was 14,648[188] - The top shareholder, Ningbo Meishan Bonded Port Area Houxin Venture Capital Partnership, held 218,743,980 shares, representing 21.65% of the total shares[189] - Hong Kong Securities Clearing Company Limited held 167,741,356 shares, representing 16.60% of the total shares[189] Strategic Plans and Future Outlook - The company plans to expand its store network through a combination of new openings, acquisitions, and franchising, focusing on regional market share and concentration[97] - The company aims to innovate its business model by integrating online and offline operations, enhancing supply chain systems, and developing new retail e-commerce models[97] - The company will optimize its product category structure and supply chain management to establish a full-category coverage and differentiated product system[98] - The company plans to build a scalable human resource supply system to meet the demands of rapid development, focusing on talent density and career development[98] - The company will enhance its digital service system, focusing on online operation models for people, goods, and venues, and improving operational efficiency[98] - The company aims to become a leading pharmacy chain by focusing on professional services, controlled high-quality products, new retail, and efficient expansion[96] - The company plans to expand into 3 new international markets in 2024, targeting a 25% increase in global market share[121] - A new AI-powered customer service platform will be launched in Q2 2024

让国人身心更加健康 目录 01 02 06 07 63 专题之益路守护 一剂良药之旅 牢筑治理根基 坚守责任底线 锚定精品零售 增进民生福祉 聚力医药可及 守护人民健康 打造专业队伍 成就人才价值 践行绿色理念 共创友好环境 关于本报告 关于我们 董事长寄语 可持续发展管理 附录：GRI 标准与上交 所可持续发展报告指 引章节索引表 公司治理 14 合规运营 18 信息安全与隐私 21 可控精品战略 28 心系民生福祉 33 打造零售网络 39 数字化运营 42 高效物流配送 44 合规雇佣 48 人才培养 49 民主管理 53 员工关怀 53 心理健康 54 职业健康与安全 54 深化环境管理 57 优化资源管理 57 应对气候变化 62 关于本报告 《益丰大药房连锁股份有限公司 2023 年度环境、社会及管治（ESG）报告》（以下简称"本报告"）为益丰大药房连锁股份有限公司连同所有分子公司（以下简称"益丰药房""本公司""公 司"或"我们"）独立发布的第一份环境、社会与公司治理（ESG）报告，旨在向各利益相关方全面呈现本公司 2023 年在 ESG 方面的目标、管理策略、实践与成效。 报告范围 本报告为年 ...