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 实际控制人之一致行动人增持公司股份的 专项核查意见 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:0871-63172192 传真: 0871-63172192 邮编: 650032 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 实际控制人之一致行动人增持公司股份的专项核查意见 录 目 | 释 | | --- | | 正 文 | | 一、增持人的主体资格…………………………………………… | | 二、本次增持的具体情况 | | 三、本次增持的信息披露 | | 四、本次增持属于《收购管理办法》规定的免于发出要约的情形………………………………………………………………………… | | 五、结论意见 . | 关于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 实际控制人之一致行动人增持公司股份的专项核查意见 释 义 本核查意见中，除非文中另有所指，下列简称具有如下特定含义： | 公司、健之佳 | ...

证券代码：605266 证券简称：健之佳 公告编号：2025-052 健之佳医药连锁集团股份有限公司 关于实际控制人之一致行动人增持计划实施完毕暨增持结果公告 本公司董事会、全体董事及相关股东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： 本次增持计划前，增持主体持有公司股份情况： 健之佳医药连锁集团股份有限公司（以下简称"公司"）实际控制人蓝波、 舒畅夫妇的一致行动人蓝心悦女士于 2025 年 7 月 7 日前持有公司股份 100,000 股，占公司总股本的 0.0647%。 蓝心悦女士于 2025 年 7 月 7 日-9 日期间通过上海证券交易所交易系统以集 中竞价方式增持公司股份 31,400 股，占公司总股本的 0.0203%，该次增持后， 蓝心悦女士持有公司股份 131,400 股，占公司总股本的 0.0850%。具体内容详见 公司于 2025 年 7 月 10 日在上海证券交易所网站披露的《关于实际控制人之一致 行动人增持公司股份及后续增持计划的公告》（公告编号：2025-039）。 已披露的本次增持计划情况： 本的 0 ...

Core Points - The actual controllers of the company, Lan Bo and Shu Chang, along with their concerted actor, Lan Xin Yue, have completed a share buyback plan [1] - From July 11, 2025, to September 25, 2025, they purchased a total of 68,600 shares, representing 0.0444% of the company's total share capital, for a transaction amount of 1.4452 million yuan [1] - After the buyback, Lan Xin Yue holds 200,000 shares, which is 0.1294% of the total share capital, while the combined holdings of Lan Bo, Shu Chang, and their concerted actors amount to 63.0076 million shares, or 40.7703% of the total share capital [1]

Core Viewpoint - The company reported stable revenue with a significant improvement in profit, driven by effective cost control and a low base from the previous year [1][3]. Financial Performance - In 1H25, the company achieved revenue of 4.46 billion yuan, a slight decrease of 0.6% year-on-year, while net profit attributable to shareholders was 70 million yuan, an increase of 15.1% year-on-year [1]. - In Q2 25, revenue was 2.16 billion yuan, down 0.4% year-on-year and down 5.7% quarter-on-quarter, with net profit attributable to shareholders reaching 40 million yuan, up 265.9% year-on-year and up 15.9% quarter-on-quarter [1]. - The company’s gross profit margin for 1H25 was 35.7%, a decrease of 0.2 percentage points year-on-year, while the net profit margin was 1.6%, an increase of 0.2 percentage points year-on-year [3]. Operational Adjustments - The company adjusted its store expansion strategy, focusing on improving existing stores amid industry consolidation, resulting in a net decrease of 22 stores to a total of 5,464 stores by the end of 1H25 [2]. - The revenue from the pharmaceutical retail business in 1H25 was 4.02 billion yuan, down 0.4% year-on-year, with a gross margin of 35.0%, an increase of 0.1 percentage points year-on-year [2]. Product Performance - Prescription drug revenue was 1.47 billion yuan, down 6.7% year-on-year, while non-prescription drug revenue increased by 3.9% to 1.76 billion yuan [2]. - The revenue from traditional Chinese medicine was 150 million yuan, down 11.7% year-on-year, and medical device revenue was 330 million yuan, up 5.1% year-on-year [2]. Cash Flow and Cost Management - The net cash flow from operating activities in 1H25 was 551 million yuan, a significant improvement from 290 million yuan in 1H24 [3]. - The company implemented comprehensive cost control measures, including managing rental, labor, and distribution costs, which contributed to the improved profit margins [1][3]. Investment Outlook - The company is positioned to benefit from ongoing industry consolidation, with adjusted net profit forecasts for 2025-2027 being 170 million, 210 million, and 260 million yuan, reflecting year-on-year growth of 36%, 22%, and 22% respectively [3]. - A target price of 22.5 yuan is set based on a 20x target PE for 2025, maintaining a "recommended" rating [3].

Core Viewpoint - The stock price of Jianzhijia has experienced a decline of 6.47% year-to-date, with significant drops in recent trading days, indicating potential challenges in the company's market performance [2]. Company Overview - Jianzhijia Pharmaceutical Chain Group Co., Ltd. is located in Kunming, Yunnan Province, established on September 27, 2004, and listed on December 1, 2020. The company specializes in the retail of health products, including pharmaceuticals, health foods, personal care items, and daily consumables [2]. - The revenue composition of Jianzhijia includes: prescription and non-prescription drugs (72.60%), with non-prescription drugs at 39.64% and prescription drugs at 32.96%. Other segments include medical devices (7.44%), convenience products (5.05%), health foods (4.84%), and personal care products (1.18%) [2]. Financial Performance - For the first half of 2025, Jianzhijia reported a revenue of 4.457 billion yuan, a year-on-year decrease of 0.64%. However, the net profit attributable to shareholders increased by 15.11% to 72.3782 million yuan [2]. - Since its A-share listing, Jianzhijia has distributed a total of 715 million yuan in dividends, with 473 million yuan distributed over the past three years [3]. Shareholder and Institutional Holdings - As of June 30, 2025, Jianzhijia had 15,100 shareholders, a decrease of 12.99% from the previous period. The average number of circulating shares per shareholder increased by 26.21% to 10,236 shares [2]. - Among the top ten circulating shareholders, Rongtong Health Industry Flexible Allocation Mixed A/B holds 7.1 million shares, a decrease of 294,800 shares from the previous period. Meanwhile, Guangfa Innovation Upgrade Mixed has entered the list as a new shareholder with 1.7029 million shares [4].

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" ...