一心为民 全心服务 一心堂药业集团股份有限公司 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内容的真实、准确和完整，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，一心堂药业集团股份有限公司(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： 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！ 董事会 2025 年 5 月 12 日 第 1 页 共 1 页 股票代码：002727 股票简称：一心堂 公告编号：2025 ...

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]

Core Viewpoint - The retail pharmaceutical industry is undergoing significant adjustments due to deepening medical reform policies, increased competition, and the impact of e-commerce, leading to a decline in customer traffic and a challenging environment for store openings and closures [1][2]. Group 1: Industry Performance - The performance of listed chain pharmacies in 2024 shows a polarization, with Yifeng Pharmacy achieving revenue and net profit growth, while Lao Bai Xing experienced declines in both metrics [1][3]. - Shuyu Pingmin reported a substantial net profit decline of 241.90%, marking its first loss after years of profitability, while Yixin Tang's net profit fell to a ten-year low of 1.14 billion yuan, down 79.23% [1][3]. - The overall number of retail pharmacies is expected to decrease, with an estimated 39,000 closures in 2024, resulting in a closure rate of 5.7%, up from 3.8% in 2023 [4]. Group 2: Store Expansion and Strategy - Dacaren's expansion rate has slowed, with a net increase of 2,479 stores in 2024 compared to 4,029 in 2023, while other companies like Yifeng Pharmacy and Lao Bai Xing also reported slower store growth [1][4]. - Many companies are adjusting their store opening strategies, with Jianzhijia reducing its annual expansion plan to around 400 stores [4]. Group 3: Transformation and Innovation - Pharmaceutical retail enterprises are accelerating their transformation, with leading companies adopting the "pharmacy + clinic" model to create community health ecosystems [2][5]. - Companies are focusing on digital transformation and exploring synergies between e-commerce and physical stores to adapt to the changing market landscape [2][5]. Group 4: Financial Performance and Challenges - Shuyu Pingmin's revenue reached 9.57 billion yuan in 2024, a 4.13% increase, but its net profit turned negative due to various operational challenges [3]. - The decline in net profit for many companies is attributed to increased operational costs and the impact of new store openings, which, while contributing to revenue, also lead to higher expenses during their cultivation period [3][5]. Group 5: Market Trends and Consumer Behavior - The retail pharmacy industry is witnessing a shift towards diversified product offerings and a focus on patient-centered health services, moving away from reliance solely on pharmaceutical sales [5][6]. - The proportion of income from medical insurance settlements is decreasing for many companies, indicating a shift towards non-insurance revenue streams [8]. Group 6: O2O and Membership Growth - The O2O (Online to Offline) retail model is becoming a key growth driver, with significant increases in sales through this channel expected in 2024 [8][9]. - Membership numbers are growing across various companies, with Yifeng Pharmacy reporting a membership increase of 19.50% and a membership sales ratio of 82.03% [11].

Core Viewpoint - YXTT's performance continues to be under pressure, with revenue growth not translating into profit, leading to a decline in both revenue and net profit in the first quarter of 2025 [1][2] Financial Performance - In 2024, YXTT reported revenue of 18 billion yuan, a year-on-year increase of 3.6%, but net profit dropped to 114 million yuan, a decline of 79.2% [2] - For the first quarter of 2025, YXTT's revenue was 4.767 billion yuan, down 6.53% year-on-year, and net profit was 160 million yuan, a decrease of 33.83% [2] - From 2014 to 2022, YXTT's revenue grew from 4.428 billion yuan to 17.432 billion yuan, and net profit increased from 297 million yuan to 1.010 billion yuan [1] Expansion Strategy - YXTT opened 1,867 new stores in 2024, bringing the total number of direct chain stores to 11,498 [1][2] - The company has maintained an annual opening of over 1,000 new stores from 2020 to 2023, with figures of 1,155, 1,603, 1,009, and 1,381 respectively [2] - YXTT is implementing a "checkerboard" layout strategy to enhance synergy among stores and optimize supply chain management [2] Regulatory Challenges - YXTT faced scrutiny from the National Medical Insurance Administration due to issues such as drug substitution and improper billing practices, resulting in the return of over 10.7 million yuan to the medical insurance fund [3][4] - The company has initiated self-inspection and corrective measures in response to regulatory concerns [3] Online Business Development - YXTT's new retail segment grew by 47.6% in 2024, with O2O instant retail channels contributing 78.2% [6] - The online pharmacy market is becoming increasingly competitive, with major players like Dingdang Kuaiyao and Meituan offering instant delivery services [6] - YXTT is focusing on consumer needs for urgent and privacy-related medications while expanding its product lines in health goods [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.45 RMB [8][9]. Core Views - The company's revenue and net profit for 2024 are projected to be 1.8 billion and 114 million RMB, respectively, reflecting a year-on-year growth of 3.6% in revenue but a significant decline of 79.2% in net profit due to high base effects from the previous year and increased impairment provisions [1]. - In Q1 2025, the company experienced a revenue decline of 6.5% year-on-year, with net profit down by 33.8%, attributed to intensified industry competition and rising sales expense ratios [1]. - The company is expected to improve its store operational quality, which may lead to better performance in the future [1]. Revenue and Profitability - Retail business revenue for 2024 is expected to grow steadily to 13.374 billion RMB, with a 3.1% year-on-year increase, driven by a 2.5% increase in pharmaceutical retail sales [2]. - The company has streamlined its store count in Q1 2025, resulting in a total of 11,451 stores, a decrease of 47 stores compared to the end of 2024 [2]. - The new retail business saw a significant growth of 47.6% year-on-year, with total sales reaching 1.293 billion RMB in 2024 [3]. Cost Structure and Margins - The sales expense ratio increased to 23.98% in Q1 2025, reflecting a rise in sales investments, while the gross margin improved slightly to 31.84% [4]. - The company’s gross margin for 2024 was reported at 31.79%, showing a year-on-year decline of 1.21% [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 600 million, 670 million, and 750 million RMB, respectively, with a significant increase of 426.55% in 2025 [5]. - The report predicts a PE ratio of 17x for 2025, aligning with the average of comparable companies, and sets a target price of 17.45 RMB based on this valuation [5][16].

证券研究报告·公司点评报告·医药商业 一心堂（002727） 2024 年年报及 2025 年一季报点评：利润短 期承压，省外扩张成效显著 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,380 | 18,000 | 20,189 | 22,307 | 24,490 | | 同比（%） | (0.29) | 3.57 | 12.16 | 10.49 | 9.79 | | 归母净利润（百万元） | 549.44 | 114.14 | 642.45 | 717.17 | 797.64 | | 同比（%） | (45.60) | (79.23) | 462.87 | 11.63 | 11.22 | | EPS-最新摊薄（元/股） | 0.94 | 0.19 | 1.10 | 1.22 | 1.36 | | P/E（现价&最新摊薄） | 15.24 | 73.37 | 13.03 | 11.68 | 10.50 | ...

Group 1: Company Performance - In 2024, the company achieved revenue of 18 billion CNY, a year-on-year increase of 3.57% [3] - Net profit attributable to shareholders was 114 million CNY, a decline of 79.23% year-on-year [3] - Total assets amounted to 16.8 billion CNY, with a net asset scale of 7.6 billion CNY [3] - In Q1 2025, revenue was 4.767 billion CNY, a decrease of 6.53% year-on-year, and net profit was 160 million CNY, down 33.83% [3] Group 2: Store Operations - As of December 31, 2024, the number of stores reached 11,498, up from 10,255 at the beginning of the year [6] - In 2025 Q1, the net number of stores decreased by 47, totaling 11,451 stores [6] - The company plans to enhance the operational quality of existing stores rather than focusing on new openings [6] Group 3: Business Development - Retail business aims to reduce reliance on medical insurance payments, targeting a decrease from 30% to below 25% [7] - The company plans to increase the number of traditional Chinese medicine products from 350 to an additional 100 [7] - The medical and health business includes light diagnosis clinics and health management centers [7] Group 4: Market Environment - The consumption market has changed significantly, affecting product demand due to various factors including online and offline dynamics [8] - The industry is experiencing intense competition, with a rapid increase in the number of pharmacies leading to lower per-store output [9] - Regulatory changes may provide consolidation opportunities for leading chain enterprises like Yixin Tang [10] Group 5: Investment and Projects - In 2024, the company repurchased 10,401,300 shares for a total of approximately 134.71 million CNY [11] - Major capital expenditures in 2025 include investments in digitalization and logistics [11] Group 6: Digitalization - The company has implemented cloud services for various operational aspects, enhancing efficiency [12] - Digital applications include customer service, product management, and supply chain tracking [12] Group 7: Medical Insurance Policies - Medical insurance payments currently account for about one-third of total revenue [13] - The company anticipates opportunities for integration and optimization due to stricter medical insurance approvals [15] Group 8: Dividend Distribution - The proposed profit distribution for 2024 is 3 CNY per 10 shares, with a total cash dividend of approximately 172 million CNY [4][19]

投资者关系活动记录表 证券代码：002727 证券简称：一心堂 | 44 | 谢淑静 | 雪石资产 | 95 | 孙威 | 申万宏源证券有限公司 | | --- | --- | --- | --- | --- | --- | | 45 | 张鹏 | 阳光资产 | 96 | 胡昂 | 深圳市青禾投资管理有限公司 | | 46 | 米永峰 | 颐和久富 | 97 | 黄向前 | 深圳市尚诚资产管理有限责任公司 | | 47 | 穆森 | 银华基金 | 98 | Eric | JPMorgan | | 48 | 李勇 | 永安国富 | 99 | 孙鹏 | Nomura | | 49 | 毛卫文 | 涌金资产 | 100 | Emma | UBS | | 50 | 姜悦 | 长城财富 | 101 | Henry Liu | UBS | | 51 | 戴颖 | 长江养老保险 | | | | 3 一心堂药业集团股份有限公司投资者关系活动记录表 编号：TG202504-001 | 投资者关系活动类别 | ■特定对象调研 □分析师会议 | | | | | | | --- | --- | --- | --- | --- | - ...

关于一心堂药业集团股份有限公司 非经营性资金占用及 其他关联资金往来情况 汇总表的专项审核报告 众环专字(2025)1600047号 目 录 起始页码 专项审核报告 1-2 中审众环会计师事务所（特殊普通合伙） 武汉市中北路 166 号长江产业大厦 17-18 楼 邮政编码：430077 ZhongshenzhonghuanCertifiedPublicAccountantsLLP 17-18/F,YangtzeRiverlndustryBuilding, No.166ZhongbeiRoad,Wuhan,430077 电话 Tel：027-86791215 传真 Fax：027-85424329 关于一心堂药业集团股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 的专项审核报告 众环专字(2025)1600047 号 一心堂药业集团股份有限公司全体股东： 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1-3 我们接受委托，在审计了一心堂药业集团股份有限公司（以下简称"一心堂公司"）2024 年 12 月 31 日合并及公司的资产负债表，2024 年度合并及公司的利润表、合并及公司的现金 ...

一心堂药业集团股份有限公司 审计报告 众环审字(2025)1600288 号 目 录 | | 页码 | | --- | --- | | 审计报告 | 1-4 | | 财务报表 | | | 合并资产负债表 | 1-2 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5-6 | | 资产负债表 | 7-8 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11-12 | | 财务报表附注 | 13-151 | 中审众环会计师事务所（特殊普通合伙） 武汉市中北路 166 号长江产业大厦 17-18 楼 邮政编码：430077 Zhongshenzhonghuan Certified Public Accountants LLP 17-18/F,Yangtze River lndustry Building, No.166 Zhongbei Road, Wuhan,430077 电话 Tel：027-86791215 传真 Fax：027-85424329 审计报告 众环审字(2025)1600288 号 一心堂药业集团股份有限公司全体股东： ...