证券代码：605266 证券简称：健之佳 公告编号：2025-049 健之佳医药连锁集团股份有限公司 2025年第一次临时股东会决议公告 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法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月17日 (二)股东大会召开的地点：云南省昆明市盘龙区联盟街道旗营街10号健之佳总部14楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 1、公司在任董事7人，出席6人，本次会议独立董事陈方若先生因会议时间冲突，未能出席会议； 2、公司在任监事3人，出席3人； 3、董事会秘书李恒先生出席本次会议； 4、总经理蓝波先生、副总经理李恒先生列席本次会议。 二、议案审议情况 (一)非累积投票议案 本次临时股东会由公司董事会召集，公司董事长蓝波先生主持，本次股东会的召集、召开及表决方式符 合《中华人民共和国公司法》等法律、法规及规范性文件及《 ...

证券代码：605266 证券简称：健之佳 公告编号：2025-049 健之佳医药连锁集团股份有限公司 2025年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 17 日 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于取消监事会、设置职工董事并修订《公司章程》及附件的议 案 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 比例（%） | | | A 股 | 87,482,597 | 99.5993 | 261,012 | 0.2971 | 90,936 | 0.1036 | (二)股东大会召开的地点：云南省昆明市盘龙区联盟街道旗营街 10 号健之佳总 部 14 楼会议室 (三)出席 ...

北京德恒（昆明）律师事务所 关于健之佳医药连锁集团股份有限公司 2025 年第一次临时股东会的 法律意见 关于健之佳医药连锁集团股份有限公司 2025 年第一次临时股东会的 法 律 意 见 健之佳医药连锁集团股份有限公司： 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650034 北京德恒（昆明）律师事务所 北京德恒（昆明）律师事务所（下称"本所"）作为贵公司的常年法律顾问， 本次指派王琳律师、谢峰律师出席贵公司 2025 年第一次临时股东会（以下简称 "本次股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神， 对贵公司提供的与本次股东会有关的文件资料进行了审查，现根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股东会规则》及贵公司《章 程》的规定，就贵公司本次股东会的相关问题出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司已于2025年8月 2 ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.29% on September 10, with Dazhenglin leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) rising by 3.99% to a closing price of 28.70, and Dazhenglin (603233) falling by 2.37% to 17.30 [1][2] - Other notable gainers included Guofa Co. (600538) with a 1.65% increase and Dazhangzhang (002462) with a 1.22% increase [1] Trading Volume and Value - Seer Medical had a trading volume of 250,500 shares and a transaction value of 719 million yuan, while Dazhenglin had a trading volume of 77,200 shares and a transaction value of 134 million yuan [1][2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 11.87 million yuan from institutional investors and 50.86 million yuan from speculative funds, while retail investors contributed a net inflow of 62.74 million yuan [2] - Specific stocks like Seer Medical and Jiuzhoutong (600998) had significant net inflows from institutional investors, while others like Yifeng Pharmacy (603939) experienced net outflows from both institutional and speculative funds [3]

健之佳医药连锁集团股份有限公司 健之佳医药连锁集团股份有限公司 JZJ Chain Drugstore Corporation 2025 年第一次临时股东会 会议资料 股票代码：605266 股票简称：健之佳 中国 昆明 二〇二五年九月 健之佳医药连锁集团股份有限公司 健之佳医药连锁集团股份有限公司 会议召开地点：云南省昆明市盘龙区联盟街道旗营街 10 号健之佳总部 14 楼会议室 会议召集人：公司董事会 会议主持人：董事长蓝波先生 会议议程： 一、签到、宣布会议开始 2025 年第一次临时股东会会议资料目录 | 会议议程 | 1 | | --- | --- | | 会议须知 | 3 | | 关于取消监事会、设置职工董事并修订《公司章程》及附件的议案 | 5 | 健之佳医药连锁集团股份有限公司 2025 年第一次临时股东会 会议议程 会议召开时间：2025 年 9 月 17 日下午 14:30 1、董事长宣布会议开始并宣读会议出席情况； 2、推选现场的计票人、监票人； 3、播报会议须知。 二、审议会议议案 1、审议《关于取消监事会、设置职工董事并修订<公司章程>及附件的议案》 三、审议表决 四、投票结果汇总、 ...

Core Insights - The retail pharmacy industry is experiencing a significant transformation, with a shift from expansion to rapid contraction due to competition from online platforms like JD.com and Meituan [1][6][11] Industry Overview - In the first half of 2025, the retail pharmacy sector faced severe challenges, with four out of seven major chain pharmacies reporting revenue declines, while three maintained growth [1][3] - The overall growth of the retail pharmacy industry is slowing down, with a notable divergence in profitability among companies [4][5] Financial Performance - Major players include: - Dazhonglin: Revenue of 135.22 billion yuan, up 1.3%, net profit of 7.98 billion yuan, up 21.4% [3][4] - Yifeng Pharmacy: Revenue of 117.22 billion yuan, down 0.35%, net profit of 8.8 billion yuan, up 10.32% [3][4] - Laobaixing: Revenue of 107.74 billion yuan, down 1.51%, net profit of 3.98 billion yuan, down 20.86% [3][4] - Yixin Hall: Revenue of 89.14 billion yuan, down 4.20%, net profit of 2.50 billion yuan, down 11.44% [3][4] - Huaren Health: Revenue of 25.04 billion yuan, up 15.52%, net profit of 1.04 billion yuan, up 42.17% [3][4] Store Expansion and Market Dynamics - The industry is witnessing a trend of store closures, with major chains like Laobaixing, Yifeng, and Yixin Hall reducing their store counts significantly [6][11] - Approximately 3,000 pharmacies closed in the first quarter of 2025, indicating a significant market reshuffle [6] Competitive Pressures - The rise of online platforms has intensified competition, leading to price disparities in non-prescription drugs and health products, which has negatively impacted the average transaction value and gross margins of physical pharmacies [6][7] Regulatory and Cost Challenges - Recent policy changes, including healthcare reforms and procurement expansions, have severely impacted traditional profit models of pharmacies [7] - Rising operational costs, including rent and labor, along with expenses related to digital transformation, are increasing the financial burden on retail pharmacies [7] Strategic Responses - In response to online competition, pharmacies are diversifying their business models beyond just selling medications, venturing into health management and beauty products [9][10] - Initiatives include providing personalized medication guidance, health management services, and expanding into non-pharmaceutical product sales [10] Future Outlook - The retail pharmacy industry is expected to face more challenges and opportunities in the second half of 2025, with ongoing impacts from procurement policies and healthcare reforms [11]

Core Viewpoint - The pharmaceutical retail industry is undergoing a structural transformation, moving from extensive growth driven by scale expansion to a focus on quality optimization and efficiency improvement in 2025 [1][5]. Group 1: Performance Overview - In the first half of 2025, six major listed pharmacy chains showed a polarized performance, with Dazhenglin and Shuyupingmin achieving both revenue and net profit growth, while Laobaixing and Yixintang experienced declines [1][3]. - Dazhenglin reported the highest revenue among the chains at 13.522 billion yuan, a year-on-year increase of 1.33%, and a net profit of 798 million yuan, up 21.38% [2][3]. - Shuyupingmin's revenue and net profit were 4.881 billion yuan and 36.25 million yuan, respectively, reflecting increases of 1.30% and 49.83% [3]. - Laobaixing and Yixintang saw revenue declines of 1.51% and 4.20%, with net profits dropping by 20.86% and 11.44% respectively [4][3]. Group 2: Store Expansion Trends - Dazhenglin continued to expand its store count, adding 280 stores, although this growth rate has significantly slowed compared to previous years [1][7]. - Yixintang and Jianzhijia experienced net decreases in store numbers, with Yixintang losing 126 stores and Jianzhijia losing 22 [7]. - The overall trend indicates a shift from rapid expansion to focusing on the efficiency of existing stores, with many chains emphasizing the importance of franchise models for growth [7][8]. Group 3: Strategic Shifts and Innovations - The industry is moving towards diversification and specialization, with companies like Yixintang planning to develop 30% specialized pharmacies and 70% multi-category stores [8][9]. - Shuyupingmin is focusing on high-potential product categories and optimizing its product range while exploring various store formats [9]. - The implementation of O2O (Online to Offline) strategies is gaining traction, with significant sales contributions from O2O channels across multiple chains [10][11]. Group 4: Digital Transformation and AI Integration - Companies are increasingly adopting digital transformation strategies, with AI becoming a focal point for enhancing operational efficiency and customer service [11][12]. - Laobaixing has initiated AI development as a key strategic project, deploying various AI assistants to improve business operations [11][12]. - Dazhenglin has integrated AI tools to provide intelligent customer service and data analysis, enhancing its operational capabilities [12][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Views - The company's operating performance is steadily improving, with a focus on high-quality store development. The revenue for H1 2025 was 4.457 billion yuan, a slight decrease of 0.64% year-on-year, while the net profit attributable to shareholders was 72 million yuan, an increase of 15.11% year-on-year [4] - The company aims to optimize store profitability and maintain stable growth in operating performance over the long term [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 4.457 billion yuan (down 0.64% year-on-year) and a net profit of 72 million yuan (up 15.11% year-on-year). The gross margin was 35.69% (down 0.19 percentage points), and the net margin was 1.63% (up 0.27 percentage points) [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 174 million yuan, 213 million yuan, and 258 million yuan respectively, with corresponding EPS of 1.12 yuan, 1.38 yuan, and 1.67 yuan [4][7] Segment Performance - In H1 2025, the pharmaceutical retail segment generated revenue of 4.020 billion yuan (down 0.37%), while the convenience retail segment generated 184 million yuan (down 2.73%). The personal care products segment saw revenue growth of 7.19% to 53 million yuan [5] - The company operates a total of 5,464 stores, with a net decrease of 22 stores during the reporting period. The company is focusing on optimizing its store network and improving the performance of underperforming stores [6] Valuation Metrics - The current stock price is 21.46 yuan, with a market capitalization of 3.316 billion yuan. The estimated P/E ratios for 2025, 2026, and 2027 are 19.1, 15.6, and 12.9 respectively [1][4][7]

Core Viewpoint - The pharmaceutical retail industry is undergoing a structural transformation, moving from extensive growth driven by scale expansion to a focus on quality optimization and efficiency enhancement. Major chain pharmacies are adjusting their strategies to improve existing store performance rather than aggressively expanding their number of stores [1][4]. Financial Performance - In the first half of 2025, six major listed chain pharmacies showed a polarized performance, with Dazhenlin and Shuyupingmin achieving growth in both revenue and net profit, while Laobaixing and Yixintang experienced declines [1][5]. - Dazhenlin reported revenue of 135.22 billion yuan, a year-on-year increase of 1.33%, and a net profit of 7.98 billion yuan, up 21.38% [2][5]. - Shuyupingmin's revenue and net profit were 48.81 billion yuan and 3625.09 million yuan, respectively, reflecting increases of 1.30% and 49.83% [5][6]. - Conversely, Laobaixing's revenue decreased by 1.51% to 107.74 billion yuan, with a net profit drop of 20.86% to 3.98 billion yuan [2][6]. Store Expansion Trends - Dazhenlin continued to expand its store count, adding 280 stores, although this growth rate has significantly slowed compared to previous years. Yixintang and Jianzhijia saw a net decrease in store numbers [1][9]. - The overall trend indicates a shift towards optimizing existing stores rather than aggressive new openings, with many companies reporting a reduction in the pace of store expansion [9][10]. Market Dynamics - The pharmaceutical retail market is currently experiencing a profound transformation, with a slight decline in overall market size. From January to May 2025, the market size was approximately 215.2 billion yuan, down 1.3% year-on-year [7]. - The market is characterized by significant disparities in store growth, with only 35% of stores achieving positive growth and about one-third experiencing declines of over 15% [7]. Strategic Adjustments - Companies are focusing on enhancing supply chain efficiency, strengthening professional pharmaceutical services, and optimizing digital operations to improve competitiveness [4][11]. - The shift towards diversified services and professional capabilities is becoming a key growth driver in the industry [4][11]. Digital Transformation - The integration of digital technologies is reshaping the pharmaceutical retail landscape, with O2O (Online to Offline) sales becoming a significant growth engine. In the first half of 2025, major chain pharmacies reported substantial increases in O2O sales [13][15]. - Companies like Laobaixing and Dazhenlin are leveraging AI technologies to enhance customer service and operational efficiency, with Laobaixing emphasizing AI as a strategic priority [15][16].

证券代码：605266 证券简称：健之佳 公告编号：2025-048 健之佳医药连锁集团股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： 1 / 9 | | ☑对外担保总额（含本次）超过上市公司最近 一期经审计净资产 50% □对外担保总额（含本次）超过上市公司最 | | --- | --- | | | 近一期经审计净资产 100% | | 特别风险提示（如有请勾选） | □对合并报表外单位担保总额（含本次）达 | | | 到或超过最近一期经审计净资产 30% | | | ☑本次对资产负债率超过 70%的单位提供担 | | | 保 | | 其他风险提示（如有） | 无 | 一、担保情况概述 （一）担保的基本情况 1、近日，健之佳医药连锁集团股份有限公司（以下简称"公司"） 全资子 公司云南健之佳连锁健康药房有限公司（以下简称"连锁药房"）、云南之佳便利 有限公司（以下简称"之佳便利"）、 广西健之佳勤康医药销售有限公司（以下 简称"广西勤康"）、 河北唐人医药有限责任 ...