湖南启元律师事务所 关于益丰大药房连锁股份有限公司 2022年限制性股票激励计划部分限制性股票 回购注销实施的 法律意见书 二〇二四年十一月 1 一、本次回购注销履行的程序与信息披露情况 截至本法律意见书出具之日，益丰药房为本次回购注销已履行了如下程序： 1、2022 年 9 月 5 日，公司召开的 2022 年第三次临时股东大会审议通过了 《关于公司<2022 年限制性股票激励计划（草案）>及摘要的议案》、《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司股 东大会授权董事会办理限制性股票激励计划相关事宜的议案》等与本次股权激励 计划相关的议案，同意实施公司 2022 年限制性股票激励计划，并授权董事会办理 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"）受益丰大药房连锁股份有限公司 （以下简称"益丰药房"或"公司"）委托，担任公司实施 2022 年限制性股票激 励计划项目专项法律顾问，根据《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《益丰大药房连锁股份有限公司章程》（以下简称"《公司章程》"）、 《益丰大药房连锁股份有限公司 20 ...

已履行的审议程序：经公司第四届董事会第三十八次会议审议通过 | 证券代码：603939 | 证券简称：益丰药房 公告编号：2024-117 | | --- | --- | | 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 关于使用闲置募集资金委托理财到期赎回 并继续委托理财的公告 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： 本次赎回产品名称：招商银行点金系列看涨两层区间 59 天结构性存款 赎回金额：1,000.00 万元 本次继续委托理财金额：800.00 万元 特别风险提示：公司将对投资产品进行严格评估，尽管公司选择本金保障 类理财产品，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动 的影响，面临收益波动风险、流动性风险、信用风险、操作风险、信息技术系统 风险、政策法律风险、不可抗力及意外事件风险、信息传递等风险。 一、 本次赎回理财产品的情况 公司使用闲置募集资金购买浦发银行的结构性存款，上述结构性存款与收益于近 日归还至募集资金账户，与预期收益不存 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a steady performance in its Q3 2024 results, with total revenue of 17.22 billion yuan (up 8.38% year-on-year) and a net profit attributable to shareholders of 1.11 billion yuan (up 11.14%) [2] - The wholesale business is experiencing rapid growth, with contributions from both Western and traditional Chinese medicine driving core revenue growth [2] - The company is expanding its store network steadily, with a total of 15,050 stores as of Q3 2024, including 11,425 direct-operated and 3,625 franchised stores [3] Revenue and Profitability - For the first three quarters of 2024, the company achieved retail revenue of 15.18 billion yuan (up 6.84%) and wholesale revenue of 1.48 billion yuan (up 17.56%) [2] - The gross profit margin improved to 40.39% for the first three quarters, with a Q3 margin of 41.13% [3] - The company adjusted its marketing strategy in Q3, leading to cost reductions and efficiency improvements [3] Store Expansion and Strategy - The company added 679 new stores in Q3 2024, with 420 self-built, 60 through acquisitions, and 199 franchised [3] - A total of 365 stores were relocated or closed in Q3, primarily in regions with weaker market conditions, which is expected to enhance operational efficiency in the future [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.55 billion, 1.83 billion, and 2.12 billion yuan, respectively [4] - The corresponding P/E ratios for the current market capitalization are projected to be 20, 17, and 15 times for 2024, 2025, and 2026 [4]

Investment Rating - The report does not specify a clear investment rating for the company [1][6]. Core Insights - The company reported a steady revenue growth of 8.4% year-on-year, reaching 17.22 billion yuan in the first three quarters of 2024, with a net profit of 1.11 billion yuan, reflecting an increase of 11.1% [1][2]. - The company continues to expand its store network, adding 2,254 new stores in the first three quarters of 2024, bringing the total to 15,050 stores across ten provinces and cities [3][4]. - The product structure is undergoing adjustments, with a slowdown in the growth of non-pharmaceutical products, while traditional Chinese medicine and Western medicine continue to show positive growth [3][7]. Financial Performance Summary - For Q3 2024, the company achieved revenues of 5.46 billion yuan, up 5.3% year-on-year, and a net profit of 310 million yuan, an increase of 6.4% [2][3]. - The gross margin for Q3 2024 was reported at 41.1%, an increase of 2.5 percentage points, while the net profit margin was 6.2%, a slight decrease of 0.2 percentage points [2][3]. - The company’s revenue for the first three quarters of 2024 was 172.2 billion yuan, with a projected net profit of 1.59 billion yuan for 2024, reflecting a growth rate of 12.67% [4][7]. Business Segment Analysis - The retail business generated 151.8 billion yuan in revenue for the first three quarters of 2024, representing a growth of 6.8%, while the wholesale business saw a revenue increase of 17.6%, totaling 14.8 billion yuan [3][4]. - The revenue from Western and traditional Chinese medicine reached 130.5 billion yuan, growing by 8.8%, while non-pharmaceutical products generated 19.6 billion yuan, with a minimal growth of 0.2% [3][7]. Future Earnings Forecast - The company is expected to achieve net profits of 1.59 billion yuan, 1.86 billion yuan, and 2.20 billion yuan for the years 2024, 2025, and 2026, respectively [4][7]. - Revenue projections for the years 2024 to 2026 are estimated at 22.59 billion yuan, 24.47 billion yuan, and 28.09 billion yuan, with corresponding growth rates of 8.32%, 14.81%, and 14.88% [4][7].

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 31.3 CNY, compared to the current price of 26.10 CNY [1]. Core Insights - The company demonstrated steady growth with a revenue of 17.22 billion CNY for the first three quarters of 2024, reflecting an 8.4% year-over-year increase, and a net profit of 1.11 billion CNY, up 11.1% year-over-year [1]. - The retail business is developing steadily, with traditional Chinese medicine revenue increasing by 9.0% year-over-year, and non-pharmaceutical revenue showing a slight increase of 0.2% [1]. - The company is focusing on long-term development with a moderate slowdown in store expansion, adding 679 new stores in Q3 2024, bringing the total to 15,050 stores, a 21.9% year-over-year increase [1]. - Profitability remains high, with a gross margin of 41.1% in Q3 2024, an increase of 2.5 percentage points year-over-year [1]. Financial Summary - Total revenue for 2023 is projected at 22.588 billion CNY, with a year-over-year growth rate of 13.6%. For 2024, revenue is expected to reach 24.874 billion CNY, reflecting a 10.1% growth [2]. - The net profit for 2023 is estimated at 1.412 billion CNY, with a growth rate of 11.6%. The forecast for 2024 is a net profit of 1.581 billion CNY, indicating a 12.0% increase [2]. - The earnings per share (EPS) for 2023 is projected at 1.16 CNY, with an expected increase to 1.30 CNY in 2024 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has demonstrated steady growth in the first three quarters of 2024, with revenue reaching 17.219 billion yuan, a year-on-year increase of 8.38%, and a net profit attributable to shareholders of 1.111 billion yuan, up 11.14% year-on-year [3] - The report highlights the company's effective management and store expansion strategy, which enhances operational resilience and customer satisfaction [5] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 172.19 billion yuan, with a gross margin of 40.39% and a net margin of 6.96% [3] - In Q3 2024 alone, revenue was 54.56 billion yuan, reflecting a 5.31% increase year-on-year, while net profit was 3.13 billion yuan, up 6.38% [3] - The company’s retail business generated revenue of 151.84 billion yuan, with a gross margin of 41.43%, while the wholesale business saw revenue of 14.80 billion yuan, albeit with a slight decrease in gross margin to 8.78% [4] Store Expansion and Management - As of Q3 2024, the company operated 15,050 stores, including 3,625 franchise stores, with a net addition of 2,254 stores in the first three quarters [5] - The report emphasizes the importance of professional management and service improvements in driving performance and customer loyalty [5] Future Earnings Forecast - The company’s projected net profits for 2024-2026 are 1.535 billion yuan, 1.732 billion yuan, and 1.955 billion yuan respectively, with corresponding EPS of 1.27 yuan, 1.43 yuan, and 1.61 yuan [3][6] - The current stock price corresponds to a P/E ratio of 20.6 for 2024, 18.3 for 2025, and 16.2 for 2026, indicating a favorable long-term outlook based on management efficiency and store expansion [3][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance shows steady growth, with a revenue of 17.219 billion yuan for the first three quarters of 2024, representing an 8.38% year-on-year increase. The net profit attributable to the parent company reached 1.111 billion yuan, up 11.14% year-on-year [6] - The company is focusing on steady expansion and optimization of existing stores, with a total of 15,050 chain pharmacies across ten provinces and cities by the end of the reporting period. The company added 2,254 new stores in the first nine months of 2024, while the pace of overall expansion has slowed down [7] - The retail business is developing steadily, with retail revenue of 15.184 billion yuan and wholesale revenue of 1.480 billion yuan for the first three quarters of 2024, showing year-on-year growth of 6.84% and 17.56%, respectively [8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 40.39% (up 0.84 percentage points) and a net profit margin of 6.96% (down 0.14 percentage points). The selling, administrative, and financial expense ratios were 25.99%, 4.39%, and 0.71%, respectively [6] Expansion Strategy - The company has adopted a strategy of regional focus and optimization of existing stores. In Q3 alone, the company added 679 new stores, with a significant increase in the number of closed stores, indicating a shift towards improving operational quality rather than aggressive expansion [7] Business Segments - The retail and wholesale segments are performing well, with the retail segment showing a gross margin of 41.43% and the wholesale segment at 8.78%. The main product categories, including traditional Chinese medicine and non-pharmaceuticals, have also seen positive growth [8] Investment Recommendations - Given the current macroeconomic environment and increasing regulatory scrutiny, the company is expected to maintain strong operational resilience and improve market share. The projected net profits for 2024-2026 are 1.740 billion, 2.129 billion, and 2.584 billion yuan, respectively, with corresponding EPS of 1.43, 1.76, and 2.13 yuan [8]

证券研究报告：医药生物 | 公司点评报告 2024 年 10 月 31 日 公司基本情况 最新收盘价（元） 23.73 总股本/流通股本（亿股）12.12 / 12.12 总市值/流通市值（亿元）288 / 288 52 周内最高/最低价 46.63 / 17.75 资产负债率(%) 56.7% 市盈率 16.95 第一大股东 宁波梅山保税港区厚信 创业投资合伙企业(有 限合伙) 股票投资评级 买入|维持 个股表现 -34% -26% -18% -10% -2% 6% 14% 22% 30% 38% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 益丰药房 医药生物 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 益丰药房(603939) 业绩符合预期，坚守高质量发展 业绩符合预期，营收、利润稳健增长 公司发布 2024 年三季报：2 ...

公 司 季 报 点 评 证 券 研 究 报 告 2024年11月01日 医药 益丰药房(603939.SH) 业绩稳健增长，利润率持续提升 推荐 ( 维持) 事项： 股价:23.73元 | --- | --- | |------------------------|----------------------------------| | 行业 | 医药 | | 公司网址 | www.yfdyf.cn | | 大股东 / 持股 | 宁波梅山保税港区厚信创业投资合伙 | | | 企业 ( 有限合伙 )/21.65% | | 实际控制人 | 高毅 | | 总股本 ( 百万股 ) | 1,212 | | 流通 A 股 ( 百万股 ) | 1,212 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 288 | | 流通 A 股市值 ( 亿元 ) | 288 | | 每股净资产 ( 元 ) | 8.27 | | 资产负债率 (%) | 59.9 | | 行情走势图 | | | | | 证券分析师 | --- | |--------------------------| | | | 投资咨 ...

231031231130231231240131240229240331240430240531240630240731240831240930 成交金额 益丰药房 沪深300 业绩简评 2024 年 10 月 30 日，公司发布 2024 年第三季度报告。2024 年前 三季度，公司实现收入 172.2 亿元（+8.38%，同比，下同）；实现 归母净利润 11.1 亿元（+11.14%）；实现扣非归母净利润 10.9 亿 元（+13.01%）。 分季度来看，2024 年 Q3 公司实现收入 54.56 亿元（+5.31%）；实 现归母净利润 3.13 亿元（+6.38%）；实现扣非归母净利润 3.06 亿 元（+6.51%）。 经营分析 三季度扩张节奏整体偏平稳。2024 年 Q3，公司新增门店 679 家， 其中，自建门店 420 家，并购门店 60 家，新增加盟店 199 家。自 建、加盟节奏与上半年接近（上半年自建门店 842 家、新增加盟 店 440 家），并购节奏放缓（上半年并购门店 293 家）。我们认为， 当前行业环境下，重视并购质量、适当放缓并购节奏利于更稳健 经营。 短期闭店增多，费用有所 ...