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].

| | | 漱玉平民大药房连锁股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会不存在变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间、地点及召开方式 漱玉平民大药房连锁股份有限公司（以下简称"公司"）2024 年年度股东大会于 2025 年 5 月 20 日下午 2:30 在山东省济南市历城区山大北路 56 号公司会议室以现场表决和网络 投票相结合的方式召开。通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 20 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统进行投 票的具体时间为 2025 年 5 月 20 日 9:15-15:00 的任意时间。 （2）会议召集人：公司董事会 （3）会议主持人：李文杰 （4）本次会议的召集、召开与表决程序符合《公司法》和《公司章程》的规定。 2、会议出席情况 （1）股东出席的总体情况： ...

北京德恒（济南）律师事务所 关于漱玉平民大药房连锁股份有限公司 2024 年年度股东大会的 法律意见 地址：山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 邮编：250102 网址：www.dehenglaw.com 电话：（86）531-8166 3606 北京德恒（济南）律师事务所 关于漱玉平民大药房连锁股份有限公司 2024 年年度股东大会的法律意见 北京德恒（济南）律师事务所 关于漱玉平民大药房连锁股份有限公司 2024 年年度股东大会的 法律意见 德恒 11G20230145-12 号 致：漱玉平民大药房连锁股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）作为漱玉平民大药房连 锁股份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派张璐 律师、赵程程律师（以下简称"本所律师"）出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），依据《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司股东大会规则》（以下简称《股东大会规则》）等现行有效 的法律、法规、规范性文件以及《漱玉平民大药房连锁股份有限公司章程》（以 下简称《公司章程》）、《漱玉平民大药 ...

Financial Performance - In 2024, the company achieved a total revenue of 9.57 billion CNY, representing a year-on-year growth of 4.13% [2] - The net profit attributable to shareholders was -189 million CNY, a significant decline of 241.90% compared to the previous year [2] - In Q1 2025, the company reported a revenue of 2.379 billion CNY, a decrease of 2.48% year-on-year, with a net profit of 25.6239 million CNY, marking a growth of 143.85% compared to the same period last year [3] Shareholder Information - As of April 30, 2025, the total number of shareholders is 13,133 [4] Growth Strategies - Future profit growth will focus on: - Expansion of store networks through self-built, mergers, franchises, and alliances [4] - Digital transformation and new retail strategies to enhance operational efficiency and online penetration [4] - Development of proprietary brands and diversification of product lines, including health products targeting younger demographics [4] - Optimization of logistics and supply chain systems to support franchise expansion and improve procurement cost structure [4] Industry Outlook - The pharmaceutical retail industry is expected to maintain steady growth due to structural adjustments and strategic opportunities driven by factors such as an aging population and increased health awareness [5] Acquisition Status - The company has terminated the acquisition of Tian Shili, as approved by the board on December 28, 2023 [6]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is about the research of Shuyu Pingmin, a company in the pharmaceutical commerce industry. It includes basic research information, details of research institutions, and responses to investors' questions [16][19][23] 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Shuyu Pingmin, belonging to the pharmaceutical commerce industry. The reception time was on May 15, 2025, and the company's reception staff included Director, Vice President, and Board Secretary Li Qiang, and Financial Controller Hu Qinhong [16] 3.2 Detailed Research Institutions - The reception object was the investors participating in the 2025 online collective reception day for listed company investors in Shandong Province, and the reception object type was Other [19] 3.3 Research Institution Proportion - No relevant content provided 3.4 Main Content Data - **Digital Innovation**: The company is accelerating the transformation to "smart pharmaceutical retail". It uses self - developed digital tools such as PDA, salary calculator, smart store inspection system, and "Yujian" cashier intelligent recommendation system to improve front - line service efficiency and customer medication service experience. In the intelligent supply chain field, it relies on algorithm models to optimize inventory management and uses digital tools to reduce manual operations and speed up inventory turnover. It also created the "Shuyu Zhiyuan" risk control platform to prevent business risks [23] - **Diversified Stores**: The company is about to open the "Dashu Shuyu" pharmacy in partnership with Dashu and Wangwang. This pharmacy features a diversified comprehensive pharmacy with a rich variety of products, including health and daily necessities, milk powder, baby products, nutritional supplements, medical devices, and cross - border products [23] - **Own Brand Development**: In 2024, the company's own - brand product business achieved a 9% year - on - year increase in full - channel sales, accounting for more than 13% of total retail sales [23] - **Asset - Liability Ratio**: The company's asset - liability ratio is slightly higher than the industry average due to its short listing time, small equity financing scale, and market expansion through mergers and acquisitions in recent years. The company will rely on the advantages of the listed platform for equity financing to keep the debt ratio at a reasonable level [25] - **Store Information**: As of the end of March 2025, the company had 8,916 stores in Shandong, Liaoning, Heilongjiang, Fujian, Henan, Gansu and other regions, including 4,353 direct - operated stores and 4,563 franchised stores [25]

Group 1: Digital Innovation - The company is accelerating its transformation towards "smart pharmaceutical retail" through self-developed digital tools such as PDA, salary calculator, smart store inspection system, and "Yujian" intelligent recommendation system, enhancing service efficiency and customer experience [2] - In the supply chain, the company is optimizing inventory management using algorithm models and digital tools to reduce manual operations and speed up inventory turnover [2] - The company has launched the "Shuyuzhiyuan" risk control platform, utilizing big data models to comprehensively prevent operational risks [2] Group 2: Diversification and Product Development - The company is collaborating with Dashi and Wangwang to establish the "Dashi Shuyuyuan" pharmacy, which will offer a diverse range of products beyond pharmaceuticals, including OTC health products, baby formula, maternal and infant products, nutritional supplements, medical devices, and cross-border products [3] - In 2024, the company's self-owned product sales achieved a year-on-year growth of 9%, accounting for over 13% of total retail sales [3] Group 3: Financial Performance and Store Distribution - The company's asset-liability ratio is slightly higher than the industry average due to its short listing time and small scale of equity financing, with recent market expansion through acquisitions [3] - As of March 2025, the company operates a total of 8,916 stores across Shandong, Liaoning, Heilongjiang, Fujian, Henan, and Gansu provinces, including 4,353 direct-operated stores and 4,563 franchised stores [3]

Core Points - The company reported a total operating revenue of 9.57 billion yuan for 2024, representing a year-on-year increase of 4.13% [1][2] - The net profit attributable to shareholders was -189 million yuan, a significant decline from a profit of 133 million yuan in the previous year, marking a decrease of 241.90% [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -198 million yuan, compared to a profit of 127 million yuan in the previous year, reflecting a decrease of 255.99% [1][2] - The net cash flow from operating activities was 489 million yuan, an increase of 242.40% compared to the previous year [1][2] Financial Performance - For the first quarter of 2025, the company reported total operating revenue of 2.38 billion yuan, a decline of 2.48% year-on-year [3] - The net profit attributable to shareholders for the first quarter was 25.62 million yuan, a year-on-year increase of 143.85% [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 23.26 million yuan, up 144.60% from the previous year [3] - The net cash flow from operating activities for the first quarter was 88.36 million yuan, an increase of 17.52% compared to the same period last year [3] Capital Raising - The company raised a total of 359.18 million yuan from its initial public offering, with a net amount of 299.37 million yuan after deducting issuance costs [4] - The final net amount raised was 26.05 million yuan less than the original plan of 559.87 million yuan [4] - The company has raised a total of 1.16 billion yuan since its listing [6]

特此公告。 漱玉平民大药房连锁股份有限公司 董 事 会 2025 年 5 月 13 日 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的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，漱玉平民大药房连锁股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，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 （http://rs.p5w.net）；或关注微信公众号（名称：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 15 日（周四）15:00-16:30。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！ | 证券代码：301017 | 证券简称：漱玉平民 | 公告编号：2025- ...

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds, "Shuyu Convertible Bonds," despite meeting the conditions for a downward adjustment, reflecting confidence in its long-term development and market position [1][7]. Group 1: Convertible Bond Details - The company issued 8 million convertible bonds with a total value of 800 million RMB, each with a face value of 100 RMB, approved by the China Securities Regulatory Commission [1][2]. - The initial conversion price was set at 21.27 RMB per share, with the conversion period running from June 21, 2023, to December 14, 2028 [2]. - The conversion price was adjusted from 15.00 RMB to 14.95 RMB per share effective from July 16, 2024, following the annual shareholders' meeting [4]. Group 2: Price Adjustment Conditions - The company’s board has the authority to propose a downward adjustment of the conversion price if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - The adjustment requires approval from two-thirds of the voting rights at the shareholders' meeting, with bondholders required to abstain from voting [6]. Group 3: Recent Decisions - As of May 12, 2025, the stock price conditions for a downward adjustment were met, but the board decided not to propose a price reduction, maintaining the current conversion price [7]. - The board will reassess the situation after June 12, 2025, should the conditions for a downward adjustment be triggered again [7].

关于不向下修正"漱玉转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： | 证券代码：301017 | 证券简称：漱玉平民 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：123172 | 债券简称：漱玉转债 | | 漱玉平民大药房连锁股份有限公司 1、截至 2025 年 5 月 12 日，漱玉平民大药房连锁股份有限公司（以下简称"公司"） 股票已出现任意连续三十个交易日中至少有十五个交易日的收盘价格低于当期转股价格的 85%的情形，触发"漱玉转债"转股价格向下修正条件。 2、2025 年 5 月 12 日，公司召开第四届董事会第六次会议，审议通过了《关于不向下 修正"漱玉转债"转股价格的议案》，公司董事会决定本次不向下修正"漱玉转债"转股价 格，同时自本次董事会审议通过次一交易日起未来一个月内（即 2025 年 5 月 13 日至 2025 年 6 月 12 日），如再次触发"漱玉转债"转股价格向下修正条件，亦不提出向下修正方案。 在此期间之后（从 2025 年 6 月 13 日重新起 ...