Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company achieved a revenue of 17.38 billion in 2023, a slight decrease of 0.29% year-on-year, with a net profit attributable to shareholders of 549.44 million, down 45.60% [16][17]. - The first quarter of 2024 showed a revenue increase of 14.96% year-on-year, reaching 5.10 billion, with a net profit of 242 million, up 1.03% [16]. - The company is expected to see gradual performance improvement as new stores ramp up operations, despite short-term profit pressure due to losses from newly opened stores [7]. Financial Performance Summary - In 2023, the gross profit margin was 33.00%, down 2.05 percentage points, and the net profit margin was 4.21%, down 1.46 percentage points [2]. - The sales expense ratio increased to 24.36%, while the management expense ratio decreased slightly to 2.46% [2]. - The company reported a total retail revenue of 12.63 billion from drug retail, down 7.00%, while wholesale revenue increased by 17.51% to 3.90 billion [2]. - The company’s cash flow from operating activities for 2023 was 2.115 billion, with a projected increase in cash flow for the following years [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024 and 2025 has been adjusted to 1.015 billion and 1.183 billion, respectively, with a projected PE ratio of 12 and 11 [17]. - The company is expected to maintain a steady growth trajectory, with revenue projections reaching 20.51 billion in 2024 and 24.20 billion in 2025 [7][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.88 CNY, based on a 16x PE for 2024 [4][14]. Core Insights - The company focuses on building a sustainable core market, particularly in Yunnan and the Sichuan-Chongqing region, to enhance operational capabilities and scale advantages [2]. - As of the end of 2023, the company operates 10,255 direct chain stores, a year-on-year increase of 11.39%, with 5,397 stores in Yunnan and 2,073 in the Sichuan-Chongqing area [2]. - The company has accelerated its online business through a new retail segment, achieving sales of 876 million CNY in 2023 [2]. - The company reported a revenue of 17.38 billion CNY in 2023, a slight decline of 0.29% year-on-year, while the net profit attributable to shareholders decreased by 45.60% to 549 million CNY [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 17.38 billion CNY, with a net profit of 549 million CNY, and a non-recurring net profit of 733 million CNY, reflecting declines of 45.60% and 25.94% respectively [2][3]. - For Q1 2024, the company reported a revenue of 5.10 billion CNY, a year-on-year increase of 14.96%, with a net profit of 242 million CNY, up 1.03% [2]. - The sales of traditional Chinese and Western medicines reached 13.04 billion CNY in 2023, a growth of 0.39%, accounting for 75.02% of total revenue [3]. - The company is expanding into health-related products, achieving sales of 370 million CNY in this new category in 2023 [3]. Future Projections - Revenue projections for 2024-2026 are estimated at 20.03 billion CNY, 23.47 billion CNY, and 28.10 billion CNY, with corresponding growth rates of 15.26%, 17.14%, and 19.74% [4]. - Net profit forecasts for the same period are 1.00 billion CNY, 1.16 billion CNY, and 1.47 billion CNY, with growth rates of 82.24%, 15.95%, and 26.33% respectively [4].

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 26.60 CNY, which corresponds to a PE ratio of 16X for the year 2024 [6][7]. Core Views - The company's revenue and store opening growth have improved, indicating a positive operational trend. Despite facing pressure from base effects and external environments in 2023, the company is expected to achieve stable growth throughout the year [6][7]. - The report highlights that the company's performance in 2023 met expectations, with a revenue of 17.38 billion CNY, a slight decrease of 0.29%, and a net profit attributable to shareholders of 549 million CNY, down 45.6% [6][7]. - The company is projected to recover in 2024, with an expected revenue increase to 20.06 billion CNY, representing a growth of 15.4% [6][7]. Summary by Sections Performance Overview - In 2023, the company faced challenges due to high base effects and external factors, but revenue growth has shown signs of recovery, with an anticipated stable development for the full year [6][7]. - The company achieved a net profit of 549 million CNY in 2023, down 45.6%, while the net profit excluding non-recurring items was 732 million CNY, down 25.94% [6][7]. Financial Forecast - The financial forecast for 2024 estimates a revenue of 20.06 billion CNY and a net profit of 1.006 billion CNY, indicating a significant recovery [6][7]. - The report projects an EPS of 1.69 CNY for 2023, with expectations to rise to 1.98 CNY in 2024 [6][7]. Business Expansion - The company plans to accelerate store openings, with a net increase of 1,049 stores expected by Q1 2024, reflecting a growth rate of 11% for direct stores [6][7]. - The report notes a shift in store distribution, with a decrease in the proportion of stores in Yunnan and an increase in other provinces, which is expected to drive overall revenue growth [6][7]. Market Position - The company is recognized as a leading player in the pharmaceutical retail sector, with a strong presence across multiple provinces in China [6][7]. - The diversification into health-related products and participation in the elderly care industry are seen as potential growth drivers for the company [6][7].

一心堂药业集团股份有限公司 审 计 报 告 众环审字（2024）1600089 号 目 录 | | 页码 | | --- | --- | | 审计报告 | 1-5 | | 财务报表 | | | 合并资产负债表 | 1 | | 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 | | 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 | 13-150 | 审计报告 众环审字（2024）1600089 号 一心堂药业集团股份有限公司全体股东： 一、审计意见 我们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"）财务报表，包括 2023 年 12 月 31 日的合并及公司资产负债表，2023 年度的合并及公司利润表、合并及公司现金流量 表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了一 心堂公司 2023 年 12 月 31 日合并及公司的财务状况以及 2023 年度合并及公司的经营成果和现金 流量。 ...

一心为民 全心服务 股票代码：002727 股票简称：一心堂 公告编号：2024-052 号 一心堂药业集团股份有限公司（以下简称"公司"）定于2024年5月10日（星期五）下午 15:00-17:00在全景网举办2023年度业绩说明会，本次年度业绩说明会将采用网络远程的方式举 行，投资者可登陆全景网"投资者关系互动平台"（http://rs.p5w.net）参与本次年度业绩说 明会。 公司出席本次年度业绩说明会的人员有：公司董事长兼总裁阮鸿献先生、董事兼执行总裁 张勇先生、独立董事龙小海先生、副总裁兼董事会秘书李正红先生和财务负责人肖冬磊先生。 为充分尊重投资者、提升交流的针对性，现就公司2023年度业绩说明会提前向投资者公开 征集问题，广泛听取投资者的意见和建议。投资者可于2024年5月9日（星期四）17:00前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面。公司将在2023年度业 绩说明会上对投资者普遍关注的问题进行回答。 (问题征集专题页面二维码) 第 1 页 共 2 页 一心堂药业集团股份有限公司 关于举行 2023 年度业绩网上说明会的通知 本公司及董事 ...

一心堂药业集团股份有限公司 关于募集资金年度存放与实际使用情况的专项报告 2019 年 4 月 25 日，上述可转换公司债券发行及募集资金的划转已经全部完成，募集资金业 经中审众环会计师事务所（特殊普通合伙）予以验证并出具众环验字（2019）160005 号验资报告。 截至 2023 年 12 月 31 日，可转换公司债券发行募集资金存放银行产生利息及购买理财产品 取得的收益并扣除银行手续费支出共计人民币 3,034.20 万元。截至 2023 年 12 月 31 日，本公司 2023 年度使用募集资金人民币 5,094.11 万元，累计使用募集资金人民币 12,018.20 万元，募集资 金账户余额 50,619.54 万元，尚未使用募集资金余额人民币 50,619.54 万元（含募集资金银行存款 产生的利息及购买理财产品取得的收益并扣除银行手续费支出及可抵扣增值税进项税）。 本报告书共 10 页第 1 页 一心堂药业集团股份有限公司 关于募集资金年度存放与实际使用情况的专项报告 二、募集资金存放和管理情况 一心堂药业集团股份有限公司 董事会关于募集资金年度存放与实际使用情况 的专项报告 根据中国证监会发布 ...

一心堂药业集团股份有限公司 冯 萍 段四堂 张 伟 一心堂药业集团股份有限公司 监事会 2024 年 4 月 26 日 监事会对公司《2023年度内部控制自我评价报告》的意见 根据《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范 运作》、《企业内部控制基本规范》等规章制度的相关规定,一心堂药业集团股份 有限公司（以下简称"公司"）第六届监事会第八次会议审议通过《关于公司2023 年度内部控制自我评价报告的议案》, 第六届监事会对公司《2023年度内部控制 自我评价报告》发表意见如下： 监事会认为：公司能够根据中国证监会及深圳证券交易所有关规定，结合自 身的实际情况，积极完善公司法人治理体系，加大内部控制制度的完善和检查的 工作力度，公司现行的内部控制体系较为规范、完整，内部控制组织机构完整， 设置合理，保证了公司经营活动的有序开展，切实保护公司全体股东的根本利益。 报告期内，公司不存在违反法律法规、深圳证券交易所《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》的情形。公司内部控制的自 我评价报告真实、客观地反映了公司内部控制体系的建设、运行及监督情况，制 定的整改计划具 ...

一心为民 全心服务 股票代码：002727 股票简称：一心堂 公告编号：2024-047 号 一心堂药业集团股份有限公司 关于 2023 年度利润分配预案的公告 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。 一心堂药业集团股份有限公司(以下简称"公司")于2024年4月26日召开第六届董事会第八 次会议，审议通过了《关于公司2023年度利润分配预案的议案》，现将该预案的基本情况公告 如下： 一、2023 年度利润分配预案的内容 经中审众环会计师事务所（特殊普通合伙）出具的标准无保留意见审计报告，公司 2023 年实现归属于上市公司股东的母公司净利润为 352,332,927.12 元。依据《公司法》和《公司章 程》等有关规定，2023 年度不提取法定盈余公积金，公司拟按以下方案实施分配： A、加年初未分配利润 2,786,713,022.38 元，减本年度已分配利润 238,409,370.00 元，2023 年度可供股东分配的利润为 2,900,636,579.50 元。 B、以未来实施分配方案时股权登记日的总股本为基数，向全体股东每 10 股派发现金红利 ...

一心堂药业集团股份有限公司内部控制规则落实自查表 | 内部控制规则落实自查事项 | 是/否/不适用 | 说明 | | --- | --- | --- | | 一、内部审计和审计委员会运作 | | | | 1、内部审计部门负责人是否为专职，并由审 | 是 | | | 计委员会提名，董事会任免。 | | | | 2、公司是否设立独立于财务部门的内部审计 | 是 | | | 部门，是否配置专职内部审计人员。 | | | | 3、内部审计部门是否至少每季度向审计委员 | 是 | | | 会报告一次。 | | | | 4、内部审计部门是否至少每季度对如下事项 | --- | --- | | 进行一次检查： | | | | （1）募集资金的存放与使用 | 是 | | | （2）对外担保 | 是 | | | （3）关联交易 | 是 | | | （4）证券投资 | 是 | | | （5）风险投资 | 是 | | | （6）对外提供财务资助 | 是 | | | （7）购买和出售资产 | 是 | | | （8）对外投资 | 是 | | | （9）公司大额资金往来 | 是 | | | （10）公司与董事、监事、高级管理人员、 控股 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥5,099,517,768.62, representing a 14.96% increase compared to ¥4,435,751,548.19 in the same period last year[7] - Net profit attributable to shareholders was ¥241,918,445.99, a slight increase of 1.03% from ¥239,463,487.17 year-on-year[7] - The company reported a basic earnings per share of ¥0.4059, a 0.69% increase from ¥0.4031 in the same period last year[7] - The total equity attributable to the parent company increased to CNY 7.99 billion in Q1 2024, up from CNY 7.75 billion in the previous year[80] - The total comprehensive income for the quarter was ¥246,310,583.84, compared to ¥243,083,624.94 in the previous year, reflecting a growth of about 1.0%[82] Cash Flow and Assets - The net cash flow from operating activities increased by 41.72% to ¥521,470,407.90, up from ¥367,952,024.17 in the previous year[7] - Cash and cash equivalents increased by 372.86% to ¥293,130,877.46, compared to ¥61,990,565.75 in the previous year[13] - As of the end of the reporting period, the company's cash and cash equivalents amounted to approximately CNY 3.91 billion, an increase from CNY 3.68 billion at the beginning of the period, reflecting a growth of about 6.2%[53] - The total assets at the end of the reporting period were ¥17,540,627,932.34, reflecting a 5.37% growth from ¥16,647,375,283.89 at the end of the previous year[7] - The company's long-term liabilities, including lease liabilities, amounted to ¥1,626,600,594.98, up from ¥1,552,169,653.05, reflecting an increase of about 4.5%[54] Store Expansion and Operations - The number of stores increased to 10,746, with 579 new stores opened in Q1 2024[19] - The company reported a total of 10,746 self-operated chain stores by the end of the reporting period, indicating a robust growth in store count[63] - In Q1 2024, Yixintang's store count in Hainan reached nearly 500, covering 18 counties and over 70 townships, following the acquisition of 71 stores from Yuan'anlong Supermarket[66] - The company aims to enhance the operational efficiency and service quality of existing stores while expanding its network, focusing on internal growth potential[62] Research and Development - The company’s research and development expenses increased by 70.83% to approximately ¥2.83 million, reflecting higher capitalized R&D expenditures[31] - Research and development expenses for the quarter amounted to ¥2,834,665.49, up from ¥1,659,313.40, marking an increase of approximately 70.6%[89] Community and Health Initiatives - Membership in Hainan province surpassed 4 million, driven by various marketing and community engagement activities, including 1,062 health community events[23] - The company has served over 470 children through its child growth and development management project in 2023, showcasing its commitment to community health initiatives[45] - The company is actively exploring the integration of elderly care and medical services, establishing a comprehensive ecosystem for elderly care across the province[45] - The health management sector is shifting focus from treatment and rehabilitation to disease prevention, aligning with national health goals[93] Inventory and Receivables - The company reported a significant increase in accounts receivable, rising by 36.68% to approximately ¥1.96 billion due to increased wholesale business sales[31] - The company's accounts receivable increased to approximately CNY 1.96 billion, up from CNY 1.44 billion, indicating a growth of about 36.4%[53] - The inventory balance rose to approximately CNY 3.97 billion, compared to CNY 3.85 billion at the beginning of the period, representing an increase of about 3.5%[53] Strategic Focus and Partnerships - The company is leveraging its brand and human resources advantages in Yunnan to expand into diversified businesses, including healthcare and community services[40] - The company has formed strategic partnerships with various personal care and health food suppliers, improving product variety and sales growth in Yunnan Province[41] - The company aims to deepen its focus on traditional Chinese medicine, enhancing the entire industry and supply chain from planting to customer delivery[47] Marketing and Sales Growth - The company is actively exploring online business opportunities, leveraging its store network and brand influence to enhance e-commerce sales[87] - The company plans to leverage social media and short video platforms for effective promotion and customer education of general health categories[94] - Cross-industry collaborations with beauty, personal care, and food brands are expected to create additional growth opportunities and enhance product offerings[94] Operational Efficiency - The company’s logistics and operational efficiency improved with the establishment of a modern logistics and training center in Hainan, operational since 2021[23] - Yixintang is optimizing its logistics and terminal response speed through advanced logistics management systems, improving efficiency in product delivery[64] - The company aims to optimize low-contribution stores through digital tools and operational management techniques to enhance profitability[40]