Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]

Core Points - The company has undergone a governance structure adjustment, including the cancellation of the supervisory board and the election of an employee director [1][9] - Non-independent director Li Heng has resigned from the board due to governance changes and personal work plans, effective immediately upon submission of his resignation [2][3] - Jin Yumei has been elected as the employee director, serving until the end of the current board's term [4] - Following Li Heng's resignation, the company has elected Jin Yumei to the Board's Compensation and Assessment Committee to fill the vacancy [5][11] Group 1 - The company held its first extraordinary shareholders' meeting on September 17, 2025, where the governance structure changes were approved [1][9] - Li Heng's resignation will not reduce the board's membership below the legal minimum [2] - Jin Yumei's election as employee director was conducted democratically by the employee representative assembly [4] Group 2 - The board meeting on September 18, 2025, confirmed the election of Jin Yumei to the Compensation and Assessment Committee, ensuring compliance with legal requirements [5][11] - The board meeting was attended by all seven directors, meeting the necessary quorum for decision-making [9][10] - The board approved a motion to waive the five-day notice requirement for the meeting due to the urgency of the situation [10][11]

证券日报网讯 9月18日晚间，健之佳发布公告称，2025年9月17日，公司职工代表大会选举金玉梅女士 为公司第六届董事会职工董事。 （文章来源：证券日报） ...

证券代码：605266 证券简称：健之佳 公告编号：2025-051 2025 年 9 月 17 日，公司职工代表大会选举金玉梅女士（简历附后）为公司 第六届董事会职工董事，任期至第六届董事会任期届满之日止。 健之佳医药连锁集团股份有限公司 关于公司非独立董事辞任、选举职工董事及 选举职工董事为董事会薪酬与考核委员会委员的公告 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。 2025 年 9 月 17 日，健之佳医药连锁集团股份有限公司（以下简称"公司"） 2025 年第一次临时股东会，审议通过《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》，公司治理架构已调整，监事会已取消。 一、非独立董事辞任情况 公司董事会 2025 年 9 月 17 日收到非独立董事李恒先生递交的《关于辞任 公司董事的报告》。因公司治理架构调整及个人工作规划，李恒先生辞任公司第 六届董事会非独立董事。根据《中华人民共和国公司法》及相关法律法规，《公 司章程》、《董事和高级管理人员离职管理制度》等有关规定，李恒先生的辞任 报告自 2025 ...

证券代码：605266 证券简称：健之佳 公告编号：2025-050 健之佳医药连锁集团股份有限公司 第六届董事会第十三次会议决议公告 1、审议《关于豁免董事会会议通知时限的议案》 议案表决情况：本议案有效表决票7票，同意7票；反对0票；弃权0票，此议 案获得通过。 公司 2025 年 9 月 17 日召开 2025 年第一次临时股东会，审议通过了《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》，公司治理架构已 调整、监事会已取消。 非独立董事李恒先生 2025 年 9 月 17 日辞任，同日公司职工代表大会选举金 玉梅女士为本届董事会职工董事，董事会成员已满足《公司章程》相关规定。 根据法律法规及公司相关内控制度规定，自李恒先生辞任董事生效起，其自 动失去原担任的薪酬与考核委员会委员资格，导致该委员会人员变化、人数不足 法定人数，需按规定及时补足委员人数，推进薪酬与考核委员会委员选举工作。 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。 一、董事会会议召开情况 健之佳医药连锁集团股份有限公司（以下简称"公司" ...

Group 1 - The company, Jianzhijia, announced that its sixth session of the thirteenth board meeting was held on September 18, 2025, via telecommunication [1] - The meeting reviewed the proposal to cancel the supervisory board, establish employee directors, and amend the company's articles of association and attachments [1]

Group 1 - The core point of the announcement is the resolution of the first temporary shareholders' meeting of Jianzhijia Pharmaceutical Chain Group Co., Ltd. held on September 17, 2025, with no rejected resolutions [1][2] - The meeting was convened by the board of directors and chaired by Chairman Lan Bo, complying with the Company Law and the company's articles of association [2][3] - The attendance included 6 out of 7 current directors, all 3 supervisors, and the board secretary, with the general manager and deputy general manager present as well [3] Group 2 - A key resolution passed was the cancellation of the supervisory board, the establishment of employee directors, and the amendment of the company's articles of association [4] - The resolution was approved with more than two-thirds of the voting rights held by shareholders present at the meeting [4] - The legal witness for the meeting was provided by Beijing Deheng (Kunming) Law Firm, confirming that the meeting's procedures and resolutions were lawful and valid [5]

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]