重要内容提示： ●回购注销原因：益丰大药房连锁股份有限公司（以下简称"公司"）2022 年限制性股票激励计划中 5 名激励对象因离职、降级或绩效不达标，其已获授但 尚未解除限售的部分限制性股票不予解锁。根据《上市公司股权激励管理办法》 （以下简称"《管理办法》"）以及《益丰大药房连锁股份有限公司 2022 年限 制性股票激励计划》（以下简称"《激励计划》"）的规定，公司对前述已获授 但未达解除限售条件的限制性股票合计 25,516 股予以回购注销。 ●本次注销股份的有关情况 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-106 | | --- | --- | --- | | 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 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。 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | ...

鉴此，本所律师根据相关法律法规的要求，按照我国律师行业公认的业务标 准、道德规范和勤勉尽责精神，就益丰药房本次调整相关事宜发表法律意见如下： 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 二〇二五年十二月 1 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 2022 年限制性股票激励计划》（以下简称"《激 励计划》"）等有关规定，就公司回购注销部分 2022 年限制性股票（以下简称"本 次回购注销"）相关事项出具本法律意见书。 本所已经得到公司以下保证：公司向本所提供的所有文件资料及所作出的所 有陈述和说明均是完整、真实和有效的，且一切足以影响本法律意见书的事实和 文件均已向本所披露，而无任何隐瞒或重大遗漏；公司提供的文件 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-107 | | --- | --- | --- | | 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 会议召开时间：2025 年 12 月 2 日(星期二)下午 16:00-17:00 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：上证路演中心网络互动 关于召开2025年第三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： 投资者可于 2025 年 11 月 25 日(星期二) 至 11 月 28 日(星期五)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。 益丰大药房连锁股份有限公司（以下简称"公司"）已于 2025 年 10 月 3 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, specifically recommending stocks such as Yifeng Pharmacy and Dazhenglin [1]. Core Insights - The report highlights that the cash flow of pharmacies is stable and valuations are low, indicating potential investment opportunities in leading pharmacy chains [1]. - The A-share pharmaceutical index has shown a year-to-date increase of 13.7%, while the Hang Seng Biotechnology Index has surged by 74.2% [4]. - The report identifies a turning point in the pharmacy industry, with a net decrease of 4,000 pharmacies in Q4 2024, suggesting a shift to a stock competition phase [4][24]. - The report emphasizes the importance of cost reduction and efficiency improvements among leading pharmacy chains, which have resulted in improved profit margins [27]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.9% this week, with significant declines across various sub-sectors, including medical devices and traditional Chinese medicine [4][9]. - Leading pharmacy chains are focusing on store adjustments and have shown marginal performance improvements, with revenue growth of 0.6% and net profit growth of 12.4% in the first three quarters of 2025 [20]. Valuation and Performance - As of November 23, 2025, the SW pharmacy sector's PE-TTM is approximately 21.5 times, indicating a valuation at the 37th percentile for the year [22]. - Major pharmacy chains like Yifeng Pharmacy and Dazhenglin have PEs below 20 times, highlighting their attractive valuation [22]. Research and Development Progress - The report details recent approvals and clinical advancements in innovative drugs, including the approval of Pfizer's long-acting hemophilia treatment [4]. - Specific recommendations for innovative drugs include companies such as Baidu Tianheng and BeiGene, with a focus on PD1/VEGF dual antibodies and GLP1 drugs [9][11][12]. Market Dynamics - The report notes that the number of retail pharmacies has begun to decline, marking a significant shift in the market landscape [24]. - Leading pharmacy chains are expected to enhance their market share through refined management and compliance capabilities [24].

益丰药房副总裁王永辉持有公司股份601,440股，占比0.0124%；副总裁肖再祥持有254,760股，占比 0.0052%。二人因自身资金需求，拟通过集中竞价方式分别减持不超过150,300股和63,600股，合计不超 过213,900股，减持比例均不超过各自持股的25%。减持期间为2025年12月8日至2026年3月7日，股份来 源为股权激励及资本公积金转增股本。公司承诺公告内容真实、准确、完整。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：副总裁王永辉拟减持不超150,300股，副总裁肖再祥拟减持不超63,600股。 公司公告汇总：二人减持合计不超过213,900股，减持期间为2025年12月8日至2026年3月7日。 公司公告汇总：股份来源为股权激励及资本公积金转增股本，减持原因为个人资金需求。 截至2025年11月21日收盘，益丰药房（603939）报收于23.33元，较上周的24.88元下跌6.23%。本周， 益丰药房11月17日盘中最高价报24.75元。11月21日盘中最低价报23.2元。益丰药房当前 ...

Investment Rating - The report maintains an "overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by more than 10% in the next six months [4][25]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index during the period from November 7 to November 20, 2025, with a decline of 1.51%, which is approximately 1.23 percentage points better than the CSI 300 index [11]. - Most sub-sectors within the industry recorded negative returns, with in vitro diagnostics and pharmaceutical distribution showing the highest gains of 2.37% and 2.27%, respectively, while medical R&D outsourcing and medical consumables experienced declines of 3.67% and 2.93% [12]. - Approximately 43% of stocks in the industry recorded positive returns during the same period, with the top performer, Hezhong China, seeing a weekly increase of 82.57% [16]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry as of November 20, 2025, was approximately 51.84 times, indicating a decrease in industry valuation [19]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a decline of 1.51% compared to the index's performance [11]. - Most sub-sectors recorded negative returns, with in vitro diagnostics and pharmaceutical distribution leading in gains [12]. - About 43% of stocks in the industry had positive returns, with significant variations in individual stock performance [16]. 2. Industry News - The report highlights the announcement from the Hebei Provincial Medical Products Procurement Center regarding the centralized procurement of 25 types of medical consumables, including biopsy needles and infusion ports [23]. 3. Company Announcements - Ningbo Tianyi Medical Devices Co., Ltd. received a medical device registration certificate for its blood dialysis concentrate products [24]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the flu-related sector due to the onset of the flu season, recommending several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [25][27].

Core Insights - Yifeng Pharmacy's stock price decreased by 1.17% on November 20, with a trading volume of 84.52 million yuan [1] - The company reported a financing net buy of -4.18 million yuan on the same day, indicating more financing repayment than new purchases [1] - As of November 20, the total financing and securities lending balance for Yifeng Pharmacy was 109 million yuan [1] Financing Summary - On November 20, Yifeng Pharmacy had a financing buy amount of 6.80 million yuan, with a current financing balance of 107 million yuan, representing 0.37% of the circulating market value [1] - The financing balance is above the 60th percentile level over the past year, indicating a relatively high position [1] - In terms of securities lending, Yifeng Pharmacy repaid 1,900 shares and sold 3,000 shares on November 20, with a selling amount of 71,200 yuan [1] - The securities lending balance was 2.22 million yuan, which is below the 10th percentile level over the past year, indicating a low position [1] Company Performance - As of September 30, Yifeng Pharmacy had 20,200 shareholders, a decrease of 6.41% from the previous period [2] - The company achieved a revenue of 17.29 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 0.39% [2] - The net profit attributable to the parent company was 1.23 billion yuan, showing a year-on-year increase of 10.27% [2] - Since its A-share listing, Yifeng Pharmacy has distributed a total of 2.85 billion yuan in dividends, with 1.95 billion yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 199 million shares, a decrease of 38.19 million shares from the previous period [2] - Southern CSI 500 ETF ranked as the seventh-largest circulating shareholder with 8.81 million shares, down by 173,100 shares [2] -交银新成长混合 (Jiaoyin New Growth Mixed) entered the top ten circulating shareholders with 8.45 million shares, while 中欧医疗健康混合A (Zhongou Medical Health Mixed A) exited the list [2]

Market Overview - The pharmaceutical commercial sector declined by 1.33% on November 19, with Renmin Tongtai leading the losses [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Jianfa Zhixin rising by 3.19% to a closing price of 34.00, while Renmin Tongtai fell by 9.99% to 15.95 [2][1] - The trading volume for Jianfa Zhixin was 180,800 shares, with a transaction value of 620 million yuan [1] - Other notable stocks included Yifeng Pharmacy, which increased by 0.46%, and Shanghai Pharmaceuticals, which decreased by 0.39% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 436 million yuan from institutional investors, while retail investors saw a net inflow of 408 million yuan [2] - The data indicates that retail investors are more active in the sector despite the overall decline in stock prices [2] Individual Stock Capital Flow - Jianfa Zhixin had a net inflow of 70.39 million yuan from institutional investors, while Renmin Tongtai saw a significant outflow of 1.20 billion yuan from retail investors [3] - Other stocks like Guoyao Yizhi and Zhongyao Holdings also experienced mixed capital flows, with Guoyao Yizhi having a net inflow of 7.36 million yuan from institutional investors [3]

Core Viewpoint - Yifeng Pharmacy has seen significant insider selling this year, with three executives and the controlling shareholder reducing their stakes, raising questions about the performance of the company's 2022 restricted stock incentive plan and whether executives have profited from it [1][2][3]. Group 1: Insider Selling - In 2025, Yifeng Pharmacy's controlling shareholder, Houxin Chuangtou, and its executives have completed share reduction plans, with a total of 24,248,200 shares sold, accounting for 2.00% of the total share capital [2]. - Executives including Gao Youcheng and Yan Jun have also sold shares, with prices ranging from 22 to 25 yuan [2][3]. - The upcoming share reductions by executives Wang Yonghui and Xiao Zaixiang involve a total of 213,900 shares [1]. Group 2: Performance of Incentive Plan - The shares sold by executives were obtained through the 2022 restricted stock incentive plan and capital reserve conversion [3][4]. - The 2022 incentive plan was deemed successful, meeting company performance assessment requirements [4][8]. - The performance targets for the incentive plan required a net profit increase of at least 20% in 2022 and 45% in 2023 compared to 2021 [5][6]. Group 3: Financial Performance - Yifeng Pharmacy's net profits from 2021 to 2024 were 888 million, 1.262 billion, 1.412 billion, and 1.529 billion yuan, showing growth rates of approximately 42.12%, 59.01%, and 72.18% respectively [7]. - Despite the growth in net profit, the company's revenue growth has slowed, with a reported revenue of 17.286 billion yuan in the first three quarters of 2025, a year-on-year increase of only 0.39% [8].

Core Viewpoint - Yifeng Pharmacy (603939) announced a share reduction plan by senior management, indicating potential liquidity needs among executives [1] Group 1: Management Share Reduction - Vice Presidents Wang Yonghui and Xiao Zaixiang plan to reduce their holdings by a total of no more than 213,900 shares through centralized bidding [1] - As of now, Wang Yonghui holds 601,440 shares and Xiao Zaixiang holds 254,760 shares [1] Group 2: Previous Reductions - The controlling shareholder and three senior executives have already completed share reduction plans this year [1] - From August 5 to August 6, 2025, the controlling shareholder, Houxin Chuangtou, and its concerted parties reduced their holdings by 24,248,200 shares, accounting for 2.00% of the total share capital [1] - Executives Gao Youcheng and Yan Jun reduced their holdings by 50,400 shares and 22,900 shares respectively between February 24 and May 23, 2025 [1] - Vice President Zhang Zhaoxu reduced his holdings by 20,200 shares through centralized bidding on January 2, 2025 [1] Group 3: Share Price Range - The reduction prices for the aforementioned shareholders and executives ranged from 22 yuan to 25 yuan [1]