1. 股东大会的类型和届次： 2024 年第三次临时股东大会 2. 股东大会召开日期：2024 年 9 月 23 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603939 | 益丰药房 | 2024/9/12 | 证券代码：603939 证券简称：益丰药房 公告编号：2024-090 益丰大药房连锁股份有限公司 关于 2024 年第三次临时股东大会增加临时提案的公告 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法律责任。 一、 股东大会有关情况 二、 增加临时提案的情况说明 1. 提案人：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） 2. 提案程序说明 公司已于 2024 年 8 月 31 日公告了股东大会召开通知，单独或者合计持有 5%股份的股东控股股东，在 2024 年 9 月 12 日提出临时提案并书面提交股东大 会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定，现予以公 告。 3. 临时提案的具体内 ...

| 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 ...

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 ...

| 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 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the near term [10]. Core Insights - The company has demonstrated steady revenue growth, with total revenue of 11.762 billion yuan in H1 2024, reflecting a year-on-year increase of 9.86%. The net profit attributable to shareholders reached 798 million yuan, up 13.13% year-on-year [10]. - The company is focusing on regional expansion, having opened 1,575 new stores during the reporting period, including 842 self-built stores and 293 acquired stores. The total number of chain pharmacies reached 14,736, a year-on-year increase of 27.25% [10]. - The retail business is developing steadily, with retail revenue of 10.398 billion yuan in H1 2024, a year-on-year increase of 8.32%. The gross margin for retail was 40.94% [10]. - The company is actively building a new retail system in the pharmaceutical sector, with a total membership of 96.16 million, a year-on-year growth of 23.84%. Membership sales accounted for 77% of total sales [10]. - The company is expected to see net profits of 1.740 billion yuan, 2.128 billion yuan, and 2.584 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.43 yuan, 1.76 yuan, and 2.13 yuan [10]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 11.762 billion yuan, a 9.86% increase year-on-year, and a net profit of 798 million yuan, up 13.13% [10]. - The gross margin for H1 2024 was 40.05%, with a net profit margin of 7.31% [10]. Store Expansion - The company opened 1,575 new stores in the reporting period, including 842 self-built and 293 acquired stores, resulting in a total of 14,736 chain pharmacies nationwide, a 27.25% increase year-on-year [10]. Business Segments - Retail revenue reached 10.398 billion yuan, growing 8.32% year-on-year, while wholesale revenue was 999 million yuan, increasing by 20.91% [10]. - The company’s high-margin traditional Chinese medicine segment saw significant growth, with revenue of 1.165 billion yuan, a 14.82% increase year-on-year [10]. Membership and New Retail Initiatives - The company has built a membership base of 96.16 million, a 23.84% increase year-on-year, with membership sales contributing 77% to total sales [10]. - Internet sales revenue reached 1.096 billion yuan, a 20.18% increase year-on-year, with O2O sales growing by 26.33% [10].

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]