证券代码：603939 证券简称：益丰药房 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 投资者关系活动会议纪要 一、会议基本情况 1、 会议时间：2025 年 8 月 29 日 2、 会议方式：电话会议 3、公司参会人员： 董事长兼总裁、常务副总裁、副总裁、助理总裁、董事会秘书。 4、机构参会人员：中信证券、东北证券、招商证券、兴业证券、中金公司、 UBS、JP Morgan、信达证券、国海证券、野村证券、东吴证券、国泰海通、东 海医药、华泰证券、嘉实基金、易方达基金、天风证券、方正医药、申万宏源、 平安证券、高盛中国、东方财富、中加基金、财信证券、华福证券、华创证券、 开源证券、美银证券、上海泾溪投资管理合伙企业（有限合伙）、光大证券等 123 位全球投资者。 二、会议内容 （一）董事会秘书范炜先生介绍公司主要经营情况 1、2025 年半年度业绩基本情况： 2025 年上半年公司实现营收 117.22 亿，同比略降 0.35%；归母净利润 8.80 亿，同比增长 10.32%；扣非净利润 8.57 亿，同比增长 9.08%；上半年加权平均 净资产收益率7.94%，每股收益0.73 ...

Core Viewpoint - The company reported stable performance in 1H25 with a slight decline in revenue but an increase in net profit, indicating resilience in its business model and growth potential in specific segments [1][2]. Financial Performance - In 1H25, the company achieved revenue of 11.722 billion yuan, a year-on-year decrease of 0.3% - The net profit attributable to shareholders was 880 million yuan, reflecting a year-on-year increase of 10.3% - The non-recurring net profit was 857 million yuan, up 9.1% year-on-year, with a corresponding non-recurring net profit margin of 8.1% [1]. Business Development Trends - The company experienced noticeable growth in its franchise business, with total revenue from retail and franchise/distribution businesses at 10.199 billion yuan and 2.912 billion yuan respectively, showing a decline of 1.9% and 0.2% year-on-year [2]. - Online sales revenue reached 1.35 billion yuan, marking a 5% increase year-on-year, with O2O and B2C sales contributing 940 million yuan and 410 million yuan respectively [2]. - The company maintained a focus on regional strategies, with a total of 14,701 stores (including 4,020 franchise stores) by the end of 1H25, despite closing 272 stores [2]. Operational Efficiency - The company implemented digital operations to enhance efficiency, introducing automated systems for logistics and inventory management [2]. - The net profit margin improved to 8.1%, an increase of 0.8 percentage points year-on-year, attributed to cost control and operational improvements [3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 is set at 1.75 billion yuan and 2.04 billion yuan respectively, with the current stock price reflecting a P/E ratio of 16.6x for 2025 and 14.3x for 2026 [4]. - The target price is maintained at 37.6 yuan, suggesting a potential upside of 56.8% from the current stock price [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a current stock price of 23.74 yuan [1]. Core Views - The company reported a revenue of 11.722 billion yuan for the first half of 2025, a slight decrease of 0.35% year-on-year, while the net profit attributable to the parent company was 880 million yuan, an increase of 10.32% year-on-year [4]. - The company is focusing on multi-level regional market expansion and enhancing online sales, with a significant emphasis on a membership system and O2O (Online to Offline) sales channels [7][8]. - The company has adjusted its profit forecasts for 2025-2027, estimating net profits of 1.770 billion, 2.055 billion, and 2.377 billion yuan respectively, reflecting a stable operational performance amid economic recovery [7]. Financial Summary - The company’s revenue is projected to grow from 22.588 billion yuan in 2023 to 31.902 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [6]. - The net profit is expected to increase from 1.412 billion yuan in 2023 to 2.377 billion yuan in 2027, with a CAGR of 15.6% [6]. - The gross margin is anticipated to improve from 38.2% in 2023 to 41.0% by 2027, indicating a positive trend in profitability [6]. Operational Highlights - The company has a total of 14,701 stores as of the report date, with a focus on expanding through franchise models and maintaining a strong presence in key regions [7]. - The membership sales accounted for 84.93% of total sales, highlighting the effectiveness of the membership strategy [7]. - The online sales revenue reached 1.355 billion yuan, with O2O sales contributing 944 million yuan and B2C sales 411 million yuan [7].

Group 1: Macro Insights - August PMI for manufacturing and non-manufacturing sectors showed a slight recovery, but manufacturing PMI remains in contraction territory [9] - Supply and demand both improved, with supply rebounding more significantly, driven by the pharmaceutical and electronics sectors [9] - The price index continued to rebound, indicating a narrowing decline in PPI, while inventory trends showed divergence [9] Group 2: Banking Sector Performance - In H1 2025, listed banks reported a revenue growth of 1.0% and a net profit growth of 0.8%, both turning positive compared to Q1 2025 [32] - Different types of banks showed varied performance, with state-owned banks improving significantly due to increased asset growth [32] - The overall banking sector is expected to benefit from expansionary policies aimed at stabilizing economic growth [34] Group 3: White Wine Industry Analysis - The white wine sector reported a revenue of 2414.2 billion yuan in H1 2025, a year-on-year decline of 0.8%, with net profit at 946.3 billion yuan, down 1.2% [28] - High-end and sub-high-end wines showed resilience, while regional wines faced significant declines [28] - The industry is undergoing a supply-side adjustment, with companies focusing on destocking and maintaining prices [30] Group 4: Energy Sector Developments - The energy sector is expected to experience a shift towards marketization, with significant growth in renewable energy installations [38] - The anticipated changes in electricity pricing are expected to reverse current pessimistic market expectations [38] - Companies with resilient earnings in the energy sector, such as Baoneng Energy and Huaneng International, are recommended for investment [38] Group 5: Home Appliance Industry Insights - The home appliance sector is witnessing a mixed performance, with companies like Midea Group maintaining stable profitability despite short-term pressures from tariffs [3][5] - The market for shared massage services is growing, with leading companies like LeMoba showing strong revenue and profit growth [25] - The overall home appliance market is characterized by competitive pressures and the need for companies to innovate and expand their service offerings [25]

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown steady revenue growth with a slight decline in revenue for the first half of 2025, but a significant increase in net profit [1][4] - The company is strengthening its competitive advantage through a direct sales model and expanding its store network across key regions in China [2][3] - The company is actively embracing new retail strategies, focusing on member-based services and integrating online and offline health management solutions [3] Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.722 billion yuan, a year-on-year decrease of 0.3%, while net profit attributable to shareholders was 880 million yuan, an increase of 10.3% [1] - The gross margin for the first half of 2025 was 40.47%, up 0.42 percentage points year-on-year, and the net profit margin was 8.07%, up 0.76 percentage points year-on-year [2] - The company opened 81 self-owned stores and closed 272 stores in the first half of 2025, resulting in a total of 14,701 stores as of June 30, 2025 [2] Future Projections - The company’s net profit is projected to reach 1.783 billion yuan in 2025, with growth rates of 16.7%, 17.2%, and 18.7% expected for 2025, 2026, and 2027 respectively [4][5] - The report forecasts operating revenue to grow from 26.555 billion yuan in 2025 to 32.195 billion yuan in 2027, reflecting a compound annual growth rate of approximately 10% [5] Market Position - The company is focusing on consolidating its presence in central and eastern China while expanding its market reach nationwide [2] - The membership sales ratio reached 84.93%, indicating strong customer loyalty and engagement [3]

Core Insights - Yifeng Pharmacy (603939) reported a slight decline in total revenue for the first half of 2025, with a total revenue of 11.722 billion yuan, down 0.34% year-on-year, while net profit attributable to shareholders increased by 10.32% to 880 million yuan [1][3]. Financial Performance - The company's gross margin improved to 40.47%, an increase of 1.04% year-on-year, and the net profit margin rose to 8.07%, up 10.35% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 3.5 billion yuan, accounting for 29.86% of revenue, a decrease of 1.36% year-on-year [1]. - Earnings per share (EPS) increased by 10.61% to 0.73 yuan, while operating cash flow per share decreased by 13.83% to 1.29 yuan [1]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 11.65%, indicating average capital returns, with a historical median ROIC of 10.28% since its listing [3]. - The net profit margin for the previous year was 6.87%, suggesting that the added value of the company's products or services is average [3]. Cash Flow and Receivables - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 91.54% [4]. - Accounts receivable have reached 104.7% of profits, indicating potential issues with cash collection [4]. Fund Holdings - The largest fund holding Yifeng Pharmacy is the Anxin Value Select Stock A, with 2.5933 million shares, which has increased its position [5]. - Other funds, such as Penghua Quality Governance LOF and Huafu Growth Trend Mixed A, have also increased their holdings in Yifeng Pharmacy [5].

Core Viewpoint - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.30 yuan per share (tax included) based on its financial performance [1][2]. Summary by Sections Profit Distribution Plan - The company achieved a net profit attributable to shareholders of 880,045,883.20 yuan for the first half of 2025, with a proposed cash dividend of 0.30 yuan per share [1]. - The proportion of net profit attributable to shareholders for the first half of 2025 is 41.33% [1]. Decision-Making Process - The board of directors held a meeting on August 28, 2025, where the profit distribution plan was approved, considering the company's operational and developmental status [2]. - The plan aligns with the company's profit distribution policy and previously disclosed shareholder return plans, thus not requiring further approval from the shareholders' meeting [2]. Adjustments for Changes in Share Capital - If there are changes in the total share capital due to convertible bonds, stock incentives, or share buybacks before the equity distribution date, the company will maintain the per-share distribution ratio and adjust the total distribution amount accordingly [2].

Core Viewpoint - Yifeng Pharmacy achieved a net profit attributable to the parent company of CNY 880,045,883.20 for the first half of 2025, with a total distributable profit of CNY 5,761,758,753.44 as of the end of the reporting period [2]. Company Overview - The company operates under the stock code 603939 on the Shanghai Stock Exchange, with a total asset value of CNY 26,318,216,437.33, reflecting a decrease of 5.92% compared to the previous year [3]. - The total revenue for the reporting period was CNY 11,721,819,634.46, showing a slight decline of 0.35% year-on-year [3]. - The total profit amounted to CNY 1,263,589,794.94, which is an increase of 11.67% compared to the same period last year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 857,117,299.17, representing a growth of 9.08% [3]. Store Network and Operations - As of June 30, 2025, the company had a total of 10,681 directly operated stores, with a net increase of 17 stores during the reporting period [7]. - The company has established a multi-tiered store network, including flagship stores, regional center stores, medium-sized community stores, and small community stores, focusing on expanding its presence in Central South, East China, and North China regions [7]. - The average daily sales per square meter across all store types was CNY 53.73, with flagship stores achieving the highest at CNY 131.51 [8]. Membership and Sales Performance - The total number of registered members reached 110 million, with member sales accounting for 84.93% of total sales [10]. - The company has implemented an O2O (Online to Offline) strategy, with over 10,000 stores participating, resulting in internet sales revenue of CNY 1,355 million, including CNY 944 million from O2O sales and CNY 411 million from B2C sales [10].

Core Viewpoint - The announcement provides a summary of the key operating data for Yifeng Pharmacy Chain Co., Ltd. for the first half of 2025, highlighting a slight decrease in revenue but an increase in net profit compared to the same period last year [1]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 11.72 billion, a decrease of 0.35% compared to CNY 11.76 billion in the same period last year [1]. - Net profit attributable to shareholders was CNY 880.05 million, representing a 10.32% increase from CNY 797.72 million year-on-year [1]. - The net cash flow from operating activities decreased by 13.84% to CNY 1.57 billion from CNY 1.82 billion in the previous year [1]. - The net assets attributable to shareholders increased by 3.99% to CNY 11.15 billion from CNY 10.73 billion at the end of the previous year [1]. - Total assets decreased by 5.92% to CNY 26.32 billion from CNY 27.97 billion at the end of the previous year [1]. Key Financial Indicators - Basic earnings per share increased by 10.61% to CNY 0.73 from CNY 0.66 year-on-year [1]. - Diluted earnings per share rose by 7.58% to CNY 0.71 from CNY 0.66 year-on-year [1]. - The weighted average return on equity increased by 0.15 percentage points to 7.79% [1]. Business Segment Performance - Retail revenue was CNY 10.20 billion with a gross margin of 41.99%, showing a decrease of 1.91% in revenue compared to the previous year [2]. - The total revenue from the main business segments was CNY 11.37 billion, with a gross margin of 38.80%, reflecting a slight decrease of 0.24% year-on-year [2]. Store Network Changes - As of June 30, 2025, the company operated 14,701 stores, including 4,020 franchise stores, with a total operating area of 1.0647 million square meters [2]. - During the first half of 2025, the company opened 81 self-operated stores, closed 272 stores, and added 208 franchise stores [2]. - The company has achieved a qualification rate of 95.37% for its self-operated stores to be designated as "medical insurance designated retail pharmacies" [2].