Group 1 - The issuer of the convertible bonds is Yifeng Pharmacy Chain Co., Ltd. [2] - The total amount of the convertible bonds issued is RMB 179,743.20 million, with a net fundraising amount of RMB 178,026.23 million after deducting issuance fees [3][4] - The bonds will be listed on the Shanghai Stock Exchange starting from March 27, 2024, under the name "Yifeng Convertible Bonds" with the code "113682" [3][4] Group 2 - The bonds have a maturity period of six years, from March 4, 2024, to March 3, 2030 [4] - The face value of each bond is RMB 100, and the bonds are issued at face value [5] - The coupon rates for the bonds are set at 0.30% for the first year, increasing to 2.00% by the sixth year [6] Group 3 - The initial conversion price for the bonds is set at RMB 39.85 per share [13] - The conversion price will be adjusted based on various corporate actions, including stock dividends and cash distributions [34] - The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to RMB 31.84 per share effective from September 17, 2025 [16][17][34] Group 4 - The company has established a management system for the raised funds, which will be deposited in a designated special account [30] - The bonds have been rated AA by a credit rating agency, with a stable outlook [30] - The company is required to redeem the bonds at 110% of the face value upon maturity, including the last interest payment [23]

债券简称：益丰转债 债券代码：113682 中信证券股份有限公司关于 益丰大药房连锁股份有限公司 向不特定对象发行可转换公司债券 2025年第二次临时受托管理事务报告 发行人 益丰大药房连锁股份有限公司 Yifeng Pharmacy Chain Co., Ltd. （湖南省常德市武陵区白马湖街道富强社区人民路 2638 号） 债券受托管理人 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 9 月 1 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 （以下简称《管理办法》）、《公司债券受托管理人执业行为准则》（以下简称 《执业行为准则》）等相关规定及其它相关信息披露文件、益丰大药房连锁股份 有限公司（以下简称"益丰药房"，"发行人"或"公司"）出具的相关文件以 及提供的相关资料或第三方中介机构出具的专业意见等，由本期公司债券受托管 理人中信证券股份有限公司（以下简称"中信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺 或声 ...

Core Viewpoint - Yifeng Pharmacy Chain Co., Ltd. will participate in the online collective reception day for investors organized by Hunan Securities Regulatory Bureau, Hunan Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. on September 19, 2025, to enhance interaction with investors [1][2]. Group 1 - The event will be held online, allowing investors to participate through the "Panorama Roadshow" website, WeChat public account, or the Panorama Roadshow APP [1]. - Company executives will communicate with investors regarding the company's 2024 annual and 2025 semi-annual performance, corporate governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [2]. - The event is scheduled for September 19, 2025, from 14:00 to 17:00 [1].

Market Overview - On September 12, the pharmaceutical commercial sector declined by 0.51%, with Baiyang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) leading with a 10.01% increase, closing at 31.31 [1] - Other notable performers included Haiwang Biological (000078) with a 2.69% increase and Runda Medical (603108) with a 1.30% increase [1] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 295 million yuan from institutional investors, while retail investors experienced a net outflow of 113 million yuan [2] - Major stocks like Seer Medical had a significant net inflow of 5.15 billion yuan from institutional investors, while retail investors showed a net outflow of 2.61 billion yuan [2]

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。 为进一步加强与投资者的互动交流工作，益丰大药房连锁股份有限公司（以 下简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络 有限公司联合举办的"资本聚三湘 楚光耀新程——2025年湖南辖区上市公司投 资者网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为2025年9月19日（星期五）14:00-17:00。 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-090 | | --- | --- | --- | | 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 关于参加 2025 年湖南辖区上市公司投资者网上集体接待日 暨半年度业绩说明会活动的公告 届时公司高管将在线就公司2024年度与2025年半年度 ...

Group 1 - The core viewpoint of the article highlights that Yifeng Pharmacy achieved a net profit attributable to shareholders of 880 million yuan in the first half of the year, representing a year-on-year growth of 10.32% [1] - The company continues to implement a cost reduction and efficiency enhancement strategy, while its online business and diversified innovations are developing steadily, indicating a positive long-term outlook [1] - In the first half of the year, the company opened 81 self-operated stores, closed 272 stores, and added 208 franchise stores, leading to a slight year-on-year decline in revenue for the first half of 2025 [1] Group 2 - Despite the store closures, the company's profitability continues to improve through cost reduction, efficiency enhancement, and adjustments in operational strategies [1] - The company adheres to a "regional focus" strategy, resulting in an increase in the number of members, with a total membership reaching 110 million, a year-on-year increase of 14.59%, and member sales accounting for 84.93% of total sales [1] - The pharmacy retail industry is entering a new phase of diversified innovation, with the company supporting the "Internet Plus" healthcare service model innovation, leveraging a nationwide unified medical insurance information platform to enhance the application of electronic prescriptions [1]

医药生物 | 证券研究报告 — 调整盈利预测 2025 年 9 月 12 日 603939.SH 买入 医药生物：医药商业 证券分析师：刘恩阳 enyang.liu@bocichina.com 证券投资咨询业务证书编号：S1300523090004 原评级：买入 市场价格:人民币 26.18 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 10.1 8.9 3.0 41.4 相对上证综指 (8.6) 2.6 (10.9) (1.0) 发行股数 (百万) 1,212.42 流通股 (百万) 1,212.19 总市值 (人民币 百万) 31,741.08 3 个月日均交易额 (人民币 百万) 220.14 主要股东持股比例 宁波梅山保税港区厚信创业投资合伙 (3%) 10% 22% 35% 48% 61% Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 益丰药房 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 9 月 11 日收市价 ...

Summary of Key Points Core Viewpoint - On September 11, a total of 48 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Huaron Co., Yifeng Pharmacy, and Xueda Education, reflecting significant growth potential in specialized equipment, pharmaceutical retail, and education sectors respectively [1]. Group 1: Target Price Increases - Huaron Co. received a target price increase of 63.97%, with a latest closing price of 33.22 yuan [2]. - Yifeng Pharmacy's target price increased by 58.37%, with a latest closing price of 41.46 yuan [2]. - Xueda Education saw a target price increase of 56.92%, with a latest closing price of 73.36 yuan [2]. - Other companies with notable target price increases include Suidao Co. (52.01%), Longjing Environmental Protection (46.89%), and Jiahe Meikang (45.84%) [2]. Group 2: Brokerage Recommendations - A total of 96 listed companies received brokerage recommendations on September 11, with Wanda Film, Tongkun Co., and Juhua Materials each receiving two recommendations [3]. - The companies with the highest number of brokerage recommendations include Wanda Film (closing price 11.83 yuan), Tongkun Co. (14.80 yuan), and Juhua Materials (68.50 yuan) [4]. Group 3: Rating Adjustments - Two companies, Aerospace Intelligent Equipment and Keda Technology, had their ratings upgraded from "Hold" to "Strong Buy" by China Merchants Securities [5]. - Longspring High-tech had its rating downgraded from "Buy" to "Hold" by Caitong Securities [6]. Group 4: First Coverage - On September 11, 12 companies received initial coverage from brokerages, including Yonghui Supermarket (rated "Hold"), Yontai Technology (rated "Buy"), and Zhongce Rubber (rated "Buy") [7].

Core Viewpoint - On September 11, brokerages provided target prices for listed companies, with significant increases noted for Huaron Co., Yifeng Pharmacy, and Xueda Education, indicating strong market interest in these sectors [1] Group 1: Target Price Increases - Huaron Co. saw a target price increase of 63.97%, indicating a strong bullish sentiment in the specialized equipment sector [1] - Yifeng Pharmacy's target price rose by 58.37%, reflecting positive outlooks in the pharmaceutical retail industry [1] - Xueda Education experienced a target price increase of 56.92%, showcasing optimism in the education sector [1] Group 2: Brokerage Recommendations - A total of 96 listed companies received brokerage recommendations on September 11, highlighting active market engagement [1] - Wanda Film, Tongkun Co., and Juhe Materials each received two brokerage recommendations, suggesting a focus on these companies within their respective industries [1] Group 3: Rating Downgrades - Caitong Securities downgraded Changchun Gaoxin's rating from "Buy" to "Hold," indicating a shift in sentiment towards this company [1]

Core Insights - Yifeng Pharmacy reported a revenue of 11.722 billion yuan in the first half of the year, a year-on-year decrease of 0.35% [1] - The net profit attributable to shareholders was 880 million yuan, an increase of 10.32% year-on-year [1] - The company's gross profit margin was 40.47%, up 0.42 percentage points from the previous year [1] Financial Performance - In the first half of the year, Yifeng Pharmacy's net profit margin was 8.07%, an increase of 0.76 percentage points year-on-year [1] - The company’s operating expenses for the first half of 2025 were 3.515 billion yuan, a decrease of 62.5263 million yuan compared to the same period last year [1] - The expense ratio was 29.98%, down 0.43 percentage points year-on-year [1] Executive Compensation - Chairman and CEO Gao Yi received a salary of 2.876 million yuan in 2024, while director Gao Feng earned 1.406 million yuan [3] Company Background - Yifeng Pharmacy was established on June 20, 2008, and went public on February 17, 2015 [5] - The company is headquartered in Changsha, Hunan Province, and its main business includes retail of pharmaceuticals, health products, medical devices, and daily convenience items related to health [5]