Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail pharmacy sector has passed its low point and is gradually entering an industry consolidation phase, with performance recovery underway. The pressure on small and medium-sized pharmacies is increasing, leading to a rise in concentration among leading enterprises, supported by potential growth from policy recovery [4][10] - The pharmaceutical distribution market is expanding, and industry concentration is expected to increase, with a focus on improving the operational quality of leading companies. The implementation of the two-invoice system is shortening the drug distribution chain, benefiting leading enterprises with upstream and downstream resource advantages [4][10] Summary by Sections Retail Pharmacies - The number of retail pharmacies in China showed negative growth in Q4 2024, marking a turning point as the industry enters a "market consolidation phase." The number of closed pharmacies in 2024 was 6,778 in Q1, 8,791 in Q2, 9,545 in Q3, and 14,114 in Q4, with net additions of 9,257, 6,322, 2,847, and -3,395 respectively [10][11] - The performance of retail pharmacies is expected to stabilize and recover due to improved compliance operations and refined management practices, alongside seasonal disease outbreaks and new pricing policies [4][11] - Policies supporting the inclusion of retail pharmacies in outpatient management are expected to enhance their role in the healthcare system, facilitating prescription flow and increasing foot traffic to physical pharmacies [4][10][11] Pharmaceutical Distribution - The pharmaceutical distribution market is expected to grow, with leading companies benefiting from scale and operational quality improvements. The "4+N" competitive landscape is deepening, and the market size is expanding due to increased shares of retail pharmacies and grassroots medical terminals [4][10] - The use of AI technology and CSO services is expected to enhance the competitive edge of leading companies, reinforcing the trend of "the strong getting stronger" [4][10] Recommended and Beneficiary Stocks - Recommended stocks include Yifeng Pharmacy, Lao Bai Xing, and Jian Zhi Jia, while beneficiary stocks include Da Shen Lin, Yi Xin Tang, and Shu Yu Ping Min [4][15]

证券代码：605266 证券简称：健之佳 公告编号：2025-032 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： 本次被担保方云南健之佳连锁健康药房有限公司（以下简称"连锁药房"）、 广西健之佳勤康医药销售有限公司（以下简称"广西勤康"）、辽宁健之佳医药 有限公司（以下简称"辽宁健之佳医药"）为健之佳医药连锁集团股份有限公司 （以下简称"公司"）100%持股的全资子公司。 本次公司为上述 3 家全资子公司担保金额合计 12,000 万元，截至本公告 披露日，公司为连锁药房已实际提供的担保余额为 55,843.07 万元；为广西勤康 已实际提供的担保余额为 7,899.96 万元；为辽宁健之佳医药已实际提供的担保 余额为 980 万元。 截至公告披露日，公司对外担保均系为全资子公司提供的担保，不涉及 集团外担保，公司无逾期对外担保。 风险提示：截至本公告披露日，被担保方辽宁健之佳医药最近一期经审 计的资产负责率超过 70%；公司为全资子公司的担保 ...

Core Viewpoint - The company is facing significant challenges in the pharmaceutical retail industry, including stagnant revenue growth and declining profits due to regulatory pressures and market competition. The company is adjusting its strategies to focus on operational efficiency and non-pharmaceutical revenue streams [5][6][21]. Company Overview - JZJ Chain Drugstore Corporation, also known as 健之佳医药连锁集团股份有限公司, is based in Kunming, China, and is listed under stock code 605266 [1]. Financial Performance - The company's net profit for 2024 was 128 million yuan, a decrease of 69.08% compared to 2023 [6]. - Total assets at the end of 2024 amounted to 1,062.33 million yuan, reflecting a 6.78% increase from the previous year [25]. - The company's revenue for 2024 was 928.28 million yuan, a slight increase of 2.23% from 2023 [26]. Operational Strategy - The company is slowing down its store expansion and focusing on improving the efficiency of existing stores to cope with industry competition [6][21]. - There is an emphasis on enhancing non-pharmaceutical product offerings to diversify revenue streams [6][21]. Governance and Compliance - The board of directors is committed to maintaining compliance with regulatory requirements and enhancing corporate governance practices [6][19]. - The company has established a management system for share repurchases, utilizing 145 million yuan to buy back shares, which represents 4.13% of its total shares [18]. Market Environment - The pharmaceutical retail industry is experiencing a downturn, with a significant drop in healthcare spending growth, which fell to 3.0% in early 2025, down from 16.0% the previous year [21]. - The company is navigating through a period of structural adjustment and transformation in response to regulatory changes and market dynamics [21].

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 2024 年年度股东会 会议资料 股票代码：605266 2024 年年度股东会会议资料目录 | 会议须知 | | 3 | | --- | --- | --- | | 会议议程 | | 5 | | 2024 年度董事会工作报告 | 7 | | | 2024 年度监事会工作报告 | 12 | | | 2024 | 年度独立董事述职报告 15 | | | 2024 年度财务决算报告 | 17 | | | 2025 年度财务预算方案 | 25 | | | 2024 年度利润分配方案 | 27 | | | 关于公司《2024 | 年年度报告》及摘要的议案 29 | | | 关于续聘公司 | 2025 年度审计机构、内控审计机构的议案 | 30 | | | 关于公司及子公司向金融机构申请综合授信额度及为综合授信额度提供担保的 | | | 议案 | | 33 | | 关于公司 2025 | 年度日常关联交易预计的议案 | 42 | 2 健之佳医药连锁集团股份有限公司 股票简称：健之佳 中国 昆明 ...

关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，健之佳医药连锁集团股份有限公司（以 下简称"公司"）将参加由云南证监局指导，云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"2024 年度云南辖区上市公司投资者网上集体接待日"， 现将相关事项公告如下： 证券代码：605266 证券简称：健之佳 公告编号：2025-031 健之佳医药连锁集团股份有限公司 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 5 月 16 日（周五）16:00-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资 计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告！ 健之佳医药连锁集团股份有限公司董事会 2025 年 5 月 ...

近日，公司完成了减少注册资本的工商变更登记及修订《公司章程》的工商备案手续，并取得云南省市 场监督管理局换发的《营业执照》。 证券代码：605266 证券简称：健之佳 公告编号：2025-030 健之佳医药连锁集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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法律责任。 根据健之佳医药连锁集团股份有限公司（以下简称"公司"）2024年第二次临时股东会审议通过的《关于 终止实施2024年限制性股票激励计划暨回购注销限制性股票的议案》、《关于修订〈公司章程〉的议 案》，公司终止实施2024年限制性股票激励计划，回购并注销对261名激励对象已授予但尚未解除限售 的2,117,880股限制性股票，需变更注册资本、修订公司章程、办理工商变更登记。 本次回购、注销手续于2025年4月17日完成，注销后公司总股本由156,660,808股减少至154,542,928股。 具体内容详见于2025年4月19日在上海证券交易所网站（www.sse.com.cn）披露的《关于限制性股票回 购注销完成的公 ...

不仅仅是创新药，低迷数年的院外医药赛道也正重新成为公募基金卡位时代的新机会。 券商中国记者注意到，随着关税因素促使内需消费成为公募基金二季度挖掘股票的核心考量，叠加院外医药市 场复苏，今年四月底开始，易方达、广发、华夏、平安基金等多家头部公募基金频频调研各大连锁药店上市公 司，甚至有非医药的A股基金经理将十大重仓股席位几乎一半都安排在连锁药店赛道上，凸显出闭店潮强弩之 末时，基金经理已嗅到行业见底反转的机遇。 与A股基金经理策略相互呼应的是，虽然日本也在经历药店闭店潮，但今年一季度开始有全球著名的基金产品 在日本市场重仓四只连锁药店股票并大幅度获利，多个重仓中国连锁药店的A股基金经理则解释核心逻辑是挖 掘该赛道行业反转的可能性，并关注该赛道在经营场景中逐步增加慢病管理、宠物经济、保健品、药妆甚至彩 票等多元化业务带来的天花板突破机会。 闭店潮强弩之末，公募重新审视连锁药店赛道 在经历连续两年的闭店潮后，公募基金眼中的院外医药行业正迎来底部的战略性机会。 "连锁药店未来十年的需求是十分强劲的，消费支出场景可能不仅仅是用户进店买药，过去两年的关店潮会促 使市场集中度进一步提升，从而强化和增厚行业龙头的份额占有率和 ...

Core Insights - The chain pharmacy industry in 2024 is experiencing a significant slowdown, transitioning from a rapid expansion phase to one of reduced growth and declining profitability [2][3] - Six major private chain pharmacies reported revenue growth of less than 10%, with the highest being 8.01%, a stark contrast to previous years where many exceeded 20% [2] - Only Yifeng Pharmacy managed to achieve net profit growth, while the other five companies faced varying degrees of decline [2][5] Revenue and Profitability - Yifeng Pharmacy reported a revenue of 24.062 billion yuan with a net profit growth of 8.26%, becoming the only company to grow in a challenging environment [5] - Dazhenlin achieved the highest revenue of 26.497 billion yuan but saw a net profit decline of over 20% [5] - Laobaixing maintained a sales figure of 22.357 billion yuan, but its profits nearly halved [5] - Regional players like Shuyupingmin reported a loss of nearly 200 million yuan, while Jianzhijia's profits plummeted by about 70% [5] Store Expansion and Closure - Despite the overall industry challenges, the number of stores for major chain pharmacies continued to grow, with Dazhenlin adding 2,479 stores, Yifeng adding 1,434, and Laobaixing adding 1,703 [7] - The total number of closed pharmacies reached 25,114 in the first three quarters of 2024, with a growing trend in closures [5][6] Industry Challenges - The industry faces significant pressures from tightened healthcare policies, increased online competition, and changing consumer spending habits [3][8] - The competitive landscape has intensified, leading to price wars and promotional battles that compress profit margins [8] - Regulatory changes, such as stricter healthcare cost controls and increased compliance requirements, have further strained profitability [8][10] Strategic Responses - Companies are focusing on digital transformation and optimizing business structures to enhance efficiency and customer service [12] - Diversification into health products, beauty items, and health management services is becoming a strategic priority [12] - The integration of online and offline sales and services is seen as essential for future success, although it requires significant investment [12]

证券代码：605266 证券简称：健之佳 公告编号：2025-030 健之佳医药连锁集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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法律责任。 根据健之佳医药连锁集团股份有限公司（以下简称"公司"）2024年第二次 临时股东会审议通过的《关于终止实施2024年限制性股票激励计划暨回购注销限 制性股票的议案》、《关于修订<公司章程>的议案》，公司终止实施2024年限制性 股票激励计划，回购并注销对261名激励对象已授予但尚未解除限售的2,117,880 股限制性股票，需变更注册资本、修订公司章程、办理工商变更登记。 本次回购、注销手续于2025年4月17日完成，注销后公司总股本由 156,660,808股减少至154,542,928股。具体内容详见于2025年4月19日在上海证 券交易所网站（www.sse.com.cn）披露的《关于限制性股票回购注销完成的公告》 （公告编号：2024-015）。 近日，公司完成了减少注册资本的工商变更登记及修订《公司章程》的工商 备案手续，并取得 ...

Group 1: Retail Industry Overview - In 2024, five retail companies including YaoYigou, JianZhiJia, WuFangZhai, GuangMing Dairy, and HaiZiWang disclosed a total of 18.3756 million yuan in data resources, covering various sectors such as pharmaceutical retail, food and beverage, and maternal and child products [1][3] - YaoYigou and JianZhiJia reported significant declines in net profit, with JianZhiJia's net profit at 12.8 million yuan, down 69.08% year-on-year, and YaoYigou's net profit at 1.63582 million yuan, down 72.52% year-on-year [3][4] - The companies are actively investing in data assetization, with YaoYigou listing 22 pharmaceutical data products and integrating data resources with financial institutions to build a pharmaceutical supply chain finance system [3][4] Group 2: Pharmaceutical Retail Sector - YaoYigou's data resources included business data, industry knowledge data, and research data, with a total data storage of 99,098.39 GB by the end of 2024 [3][4] - YaoYigou has established a credit system for small and micro customers, with a total credit of 20.7248 million yuan granted to 5,100 customers [4] Group 3: Food Retail Sector - GuangMing Dairy and WuFangZhai disclosed their data resources for the first time in 2024, with GuangMing Dairy reporting 233,200 yuan in development expenses [6][8] - WuFangZhai introduced a BI data unified decision-making platform and confirmed its data asset worth 1.0004 million yuan, which is now available on the Zhejiang Big Data Trading Service Platform [8] Group 4: Maternal and Child Products Sector - HaiZiWang reported a total of 9.9519 million yuan in data resources for 2024, with 8.6310 million yuan classified as intangible assets [9] - HaiZiWang has developed an intelligent DTC system and the KidsGPT smart advisor, marking significant advancements in digitalization within the maternal and child product sector [9]