天眼查工商信息显示，近日，健之佳医药连锁集团股份有限公司出资40000万元成立河北健之佳唐人连 锁药房有限公司，持股100%，所属行业为零售业。 资料显示，河北健之佳唐人连锁药房有限公司成立于2024年8月27日，法定代表人为蓝波，注册资本 40000万人民币，公司位于唐山市，许可项目：药品零售;食品互联网销售;食品销售;酒类经营;医疗服务; 生活美容服务;道路货物运输（不含危险货物）;城市配送运输服务（不含危险货物）;第二类增值电信业 务;互联网信息服务;药品互联网信息服务;医疗器械互联网信息服务;第三类医疗器械经营;消毒器械销售 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为 准）食品销售（仅销售预包装食品）;食品互联网销售（仅销售预包装食品）;婴幼儿配方乳粉及其他婴 幼儿配方食品销售;特殊医学用途配方食品销售;保健食品（预包装）销售;健康咨询服务（不含诊疗服 务）;远程健康管理服务;会议及展览服务;市场调查（不含涉外调查）;租赁服务（不含许可类租赁服 务）;非居住房地产租赁;第二类医疗器械销售;日用化学产品销售;互联网销售（除销售需要许可的商 品）;第一类医疗 ...

医药生物 | 证券研究报告 — 调整盈利预测 2025 年 5 月 26 日 605266.SH 买入 原评级：买入 市场价格:人民币 23.01 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 4.8 14.5 6.9 (55.9) 相对上证综指 2.2 12.9 7.8 (63.4) 发行股数 (百万) 154.54 (57%) (44%) (30%) (16%) (2%) 12% May-24 Jun-24 Jul-24 Aug-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 健之佳 上证综指 | 流通股 (百万) | 154.54 | | --- | --- | | 总市值 (人民币 百万) | 3,556.03 | | 3 个月日均交易额 (人民币 百万) | 68.33 | | 主要股东持股比例（%） | | | 深圳市畅思行实业发展有限公司 | 15.17 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 23 日收市价为标准 中银国际证券股份有限公司 具备证券投 ...

Investment Rating - The investment rating for the company is "Buy" [3][5] - The market price is reported at RMB 23.01 [3] Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company continues to grow its store count and has established a strong membership system and online business [3][5][8] - The company reported total revenue of RMB 9.283 billion in 2024, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08% [3][5] - For Q1 2025, total revenue was RMB 22.94 billion, a decrease of 0.85%, with a net profit of RMB 34 million, down 35.85% year-on-year [3][5] Summary by Relevant Sections Financial Performance - The company’s total revenue for 2024 is projected at RMB 10.32 billion, with a growth rate of 11.2% [7] - The net profit for 2025 is estimated at RMB 263 million, showing a significant recovery from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be RMB 1.70, with a corresponding price-to-earnings (P/E) ratio of 13.5 [5][7] Market Position and Growth Potential - The company has a stable growth in store count, reaching 5,486 stores by 2024, with a net increase of 370 stores [8] - The membership base has exceeded 26 million, with member consumption accounting for nearly 70% of total sales, providing a solid foundation for future growth [8] - The online business generated RMB 25.86 billion in revenue in 2024, representing 27.85% of total revenue, with a year-on-year growth of 19.47% [8] Industry Outlook - The overall concentration in the pharmacy retail industry is expected to increase, with the current chain rate at 57.81%, indicating room for growth towards the 70% target set for 2025 [8] - The top 100 pharmaceutical retailers accounted for 37.8% of the total retail market, suggesting significant potential for market share expansion [8]

Core Viewpoint - The company, Jianzhijia, has shown significant growth in its stock price and is actively expanding its market presence through both self-built and acquired stores, while also focusing on social responsibility and competitive strategies in the healthcare sector [1][2][3]. Group 1: Market Performance - As of May 23, 2025, Jianzhijia's stock closed at 23.01 yuan, a 9.83% increase from the previous week [1]. - The company reached a market capitalization of 3.556 billion yuan, ranking 22nd in the pharmaceutical commercial sector and 3715th in the overall A-share market [1]. Group 2: Store Expansion Strategy - In 2024, Jianzhijia opened 314 self-built stores and acquired 122 stores, resulting in a net increase of 370 stores after closing 66 [2][4]. - The company plans to adapt its expansion strategy based on regional market conditions and policy implementations, emphasizing compliance with national healthcare regulations [2]. Group 3: Social Responsibility Initiatives - Jianzhijia has created approximately 21,000 jobs, focusing on providing opportunities for women and marginalized groups [1]. - The company has engaged in various health education and community support activities, including free health monitoring for over 4 million chronic disease members and significant contributions to public health initiatives [1][4]. Group 4: Competitive Positioning - The company views third-party platforms as partners rather than competitors, leveraging them for data and logistics services to enhance customer reach [3]. - Jianzhijia aims to differentiate itself through unique product offerings, professional services, and brand positioning to maintain a competitive edge in the market [3][4]. Group 5: Corporate Governance - The 2024 annual shareholders' meeting was held on May 21, 2025, with 153 shareholders present, representing 53.24% of the voting shares [5]. - The meeting approved ten resolutions, including financial reports and the appointment of auditing firms, confirming compliance with legal and regulatory standards [5].

Core Viewpoint - The competition among major platforms like Ele.me, JD.com, and Meituan in the food delivery sector has expanded into the pharmaceutical category, leading to a significant rise in the instant retail of medicines, with platforms investing in traffic resources, supply chains, and innovative marketing strategies [1][4]. Group 1: Market Dynamics - The instant retail of pharmaceuticals is experiencing rapid growth, becoming a crucial part of the outpatient pharmaceutical retail market [1][4]. - JD Health's "Buy Medicine in Seconds" feature has seen a threefold increase in order volume due to enhanced traffic resources [4][6]. - The instant retail sector is evolving from high-frequency to low-frequency demand, now covering a full range of categories, including pharmaceuticals [5][6]. Group 2: Platform Strategies - JD.com has prominently featured "24h Delivery of Medicines" on its app, enhancing visibility and traffic for its instant retail services [3][4]. - Meituan has launched its instant retail brand "Meituan Flash Purchase," further intensifying competition in the pharmaceutical retail space [4][6]. - Taobao's instant retail service has been upgraded to "Taobao Flash Purchase," which includes a significant category for purchasing medicines [3][4]. Group 3: Industry Trends - The transformation of physical pharmacies is driving the adoption of instant retail, as many pharmacies are closing, leading to a competitive environment where digital solutions are essential [7][8]. - The integration of online medical services with instant retail is creating a comprehensive service model for users, enhancing the purchasing experience [7][8]. - The collaboration among platforms, pharmaceutical companies, and pharmacies is deepening, allowing for more effective marketing and sales strategies [8][10]. Group 4: Financial Performance - One Heart Hall's new retail segment saw a 47.6% year-on-year increase in revenue, with the O2O instant retail channel contributing 78.2% [15][16]. - Yifeng Pharmacy reported online sales of 2.127 billion yuan in 2024, with 1.721 billion yuan coming from O2O, accounting for 80.9% of total online sales [16][17]. - The overall trend indicates that if online medical insurance is fully opened, the share of instant retail in physical pharmacies could rise to 32.1% by 2030 [16][17]. Group 5: Future Outlook - The competition for instant retail in pharmaceuticals among major platforms is expected to continue, with Douyin's unique position in social media marketing presenting both opportunities and challenges [18]. - The penetration of instant retail in lower-tier markets is anticipated to grow, making it a significant growth driver in the outpatient pharmaceutical retail market [18].

Meeting Overview - The annual general meeting of shareholders was held on May 21, 2025, at the company's headquarters in Kunming, Yunnan Province [2] - The meeting was convened by the board of directors and chaired by the chairman, Mr. Lan Bo, in compliance with the Company Law and the company's articles of association [2] Attendance and Voting - All 7 current directors and 3 supervisors attended the meeting, along with the board secretary and the general manager [3] - There were no rejected resolutions during the meeting [2] Resolutions Passed - The following resolutions were approved: - 2024 Annual Board Work Report [3] - 2024 Annual Supervisory Work Report [3] - 2024 Annual Independent Director Work Report [4] - 2024 Financial Settlement Report [4] - 2025 Financial Budget Plan [4] - 2024 Profit Distribution Plan [4] - Approval of the 2024 Annual Report and its summary [4] - Reappointment of the auditing firm for 2025 [4] - Approval for the company and its subsidiaries to apply for comprehensive credit lines and provide guarantees [4] - Approval of the estimated related party transactions for 2025 [5] Legal Verification - The meeting was witnessed by Beijing Deheng (Kunming) Law Firm, confirming that the meeting's convening, attendance, and voting procedures complied with legal and regulatory requirements [5]

Core Viewpoint - The retail pharmacy industry in China is undergoing significant challenges, with a trend of store closures and a shift from aggressive expansion to a focus on quality and efficiency [3][4][10]. Group 1: Store Closures and Industry Trends - Major retail pharmacy chains, including Lao Bai Xing, Yi Feng Pharmacy, and Yi Xin Tang, have reported a continued strategy of closing underperforming stores while slowing down expansion efforts [3][4]. - In Q1 2025, Lao Bai Xing and Shu Yu Ping Min closed 161 and 86 stores respectively, while Yi Feng Pharmacy opened 94 stores but closed 84 [3][7]. - The overall closure rate in the retail pharmacy sector reached 5.7% in 2024, with over 39,000 stores shutting down [4][11]. Group 2: Financial Performance - Yi Feng Pharmacy reported Q1 2025 revenue of 600.9 million yuan, a year-on-year increase of 0.64%, while its net profit grew by 10.51% [7]. - In contrast, Lao Bai Xing, Yi Xin Tang, and Jian Zhi Jia experienced revenue declines of 1.88%, 6.53%, and 0.85% respectively in Q1 2025 [7][8]. - The financial performance of many listed pharmacy chains has shown a decline in both revenue and profit, indicating a challenging market environment [6][8]. Group 3: Market Dynamics and Future Outlook - The retail pharmacy industry is experiencing a consolidation phase, driven by increased market concentration and regulatory pressures [10][14]. - The shift from rapid expansion to a focus on closing unprofitable stores and improving operational efficiency is becoming a new trend in the industry [10][12]. - Companies are exploring new retail models and diversifying their offerings to adapt to changing market conditions, with some focusing on integrating online and offline sales [14][15].

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 法律意见 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 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 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（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 2024 年年度股东会（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4月 日在《中国证券报》《上海证券报》《证券时报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）等媒体刊登了召 ...

Core Viewpoint - The retail pharmacy industry in China is facing significant challenges, leading to a wave of store closures and a shift in focus from rapid expansion to improving operational efficiency and quality [1][6][8]. Group 1: Store Closures and Expansion Strategies - Major retail pharmacy chains, including Lao Bai Xing, Yi Feng Pharmacy, and Yi Xin Tang, are continuing to close underperforming stores while slowing down their expansion efforts [1][4]. - In Q1 2025, Lao Bai Xing closed 161 stores and opened 24, while Yi Feng Pharmacy opened 94 stores (26 self-built and 68 franchises) but closed 84 [1][4]. - The overall closure rate for retail pharmacies reached 5.7% in 2024, with over 39,000 stores shutting down [1][6]. Group 2: Financial Performance - Financial reports for Q1 2025 show a mixed performance among major chains, with Lao Bai Xing, Yi Xin Tang, and Jian Zhi Jia experiencing revenue and profit declines [3][4]. - Yi Feng Pharmacy reported a revenue of 6.009 billion yuan, up 0.64% year-on-year, and a net profit of 449 million yuan, up 10.51% [3][4]. - Dazheng Lin achieved a revenue of 6.956 billion yuan, up 3.02%, and a net profit of 460 million yuan, up 15.45% [3][4]. Group 3: Industry Trends and Challenges - The retail pharmacy sector is undergoing a deep transformation, moving from aggressive expansion to a focus on quality and efficiency due to market saturation and increased regulatory scrutiny [6][8]. - The number of pharmacies in China increased from 524,000 in 2019 to 667,000 in 2023, leading to structural oversupply [8][9]. - Industry experts predict that around 20% of small pharmacies may be eliminated, further increasing market concentration [8]. Group 4: New Retail Strategies - Leading chains are integrating online and offline operations to adapt to changing market dynamics, with Yi Feng Pharmacy reporting significant online sales growth [9][10]. - Dazheng Lin is focusing on building a prescription transfer system and enhancing professional service capabilities to differentiate itself in a competitive landscape [9][10]. - Yi Xin Tang is exploring diversification into non-pharmaceutical products and new business models, such as combining pharmacies with convenience stores [10].

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 2024 年年度股东会的 法律意见 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 关于健之佳医药连锁集团股份有限公司 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4月 28日召开了董事会会议，作出了关于召开本次股东会的决议，并于2025年4月29 日在《中国证券报》《上海证券报》《证券时报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）等媒体刊登了召开本次股东会的通知。 本次股东会现场会议于2025年5月21日13:30在云南省昆明市盘龙区联盟街 道旗营街10号健之佳总部14楼会议室召开，会议召开时间与通知公告时间间隔20 天以上，会议召开的具体时间、地点和审议事项也与公告内容一致。 本次股东会由董事长蓝波先生主持，符合法律、法规及贵公司《章程》的规 定。 二、关于出席本次股东会 ...