Core Viewpoint - The company maintains a "Buy" rating due to steady growth in operating performance, despite some adjustments in profit forecasts for 2025-2027 [1] Financial Performance - In H1 2025, the company achieved revenue of 4.881 billion yuan (up 1.30% year-on-year) and a net profit attributable to shareholders of 36 million yuan (up 49.83%) [1] - In Q2 2025, revenue was 2.503 billion yuan (up 5.18%), but net profit attributable to shareholders decreased to 11 million yuan (down 22.36%) [1] - The gross margin for H1 2025 was 26.30% (down 1.56 percentage points), while the net profit margin was 0.63% (up 0.29 percentage points) [1] - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 55 million yuan, 67 million yuan, and 77 million yuan respectively [1] Store Expansion and Market Strategy - As of H1 2025, the company operated 9,042 stores, including 5,072 direct-operated stores and 3,970 franchise stores [2] - The majority of direct-operated stores (4,292) are located in Shandong province, accounting for 84.62% of the total [2] - The company is focusing on optimizing its online business and integrating it with offline channels, achieving O2O direct sales of 455 million yuan (up 11.0%) in H1 2025 [2] Patient Management and Service Development - The company is advancing its DTP patient management platform, which includes patient information management, medication guidance, health monitoring, and education services [2] - As of H1 2025, the company has over 120 specialty pharmacies for critical illnesses and more than 400 pharmacies located near hospitals [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.881 billion yuan in H1 2025, representing a year-on-year increase of 1.30%. The net profit attributable to shareholders was 36 million yuan, up by 49.83%, while the net profit excluding non-recurring items was 32 million yuan, an increase of 24.63% [5] - In Q2 2025, the company reported a revenue of 2.503 billion yuan, a growth of 5.18%. However, the net profit attributable to shareholders decreased by 22.36% to 11 million yuan, and the net profit excluding non-recurring items fell by 47.55% to 8 million yuan [5] - The gross margin for H1 2025 was 26.30%, down by 1.56 percentage points, while the net margin increased by 0.29 percentage points to 0.63% [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 55 million, 67 million, and 77 million yuan for 2025, 2026, and 2027 respectively [5] Financial Performance - As of H1 2025, the company operated 9,042 stores, with 5,072 being direct-operated stores. The majority of direct-operated stores (84.62%) are located in Shandong province [6] - The online business has been optimized, with O2O direct sales reaching 455 million yuan, an increase of 11.0%, and B2C sales amounting to 220 million yuan [7] - The company is focusing on building a DTP patient management platform to enhance patient compliance and satisfaction, with over 120 specialty pharmacies for critical diseases and more than 400 adjacent pharmacies [7] Financial Summary and Valuation Metrics - The company’s total market capitalization is 4.905 billion yuan, with a circulating market capitalization of 2.945 billion yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.14, 0.17, and 0.19 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 89.2, 73.3, and 64.1 [5][9]

Core Insights - The company reported a total revenue of 4.881 billion yuan for the first half of 2025, a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders reached 36.25 million yuan, showing a significant year-on-year increase of 49.83% [1] - The company experienced a rise in short-term debt pressure, with a current ratio of 0.88 [1] Financial Performance - Total revenue for Q2 2025 was 2.503 billion yuan, up 5.18% year-on-year [1] - Q2 net profit attributable to shareholders was 10.63 million yuan, down 22.36% year-on-year [1] - Gross margin decreased to 26.3%, a decline of 5.59% year-on-year, while net margin improved to 0.63%, an increase of 87.89% [1] - Total expenses (selling, administrative, and financial) amounted to 1.23 billion yuan, accounting for 25.21% of revenue, a decrease of 4.41% year-on-year [1] Key Ratios and Metrics - Earnings per share (EPS) increased to 0.09 yuan, a rise of 50% year-on-year [1] - Operating cash flow per share surged to 0.34 yuan, a remarkable increase of 3456.44% year-on-year [1] - The company's return on invested capital (ROIC) has been historically low, with a median of 7.61% since its listing [3] - The company has faced a challenging financial history, including a negative ROIC of -1.26% in 2024 [3] Debt and Cash Flow Concerns - The company has a cash flow situation that warrants attention, with cash and cash equivalents covering only 30.86% of current liabilities [4] - The interest-bearing debt ratio stands at 36.64%, indicating a significant level of debt relative to assets [4] - The current ratio of 0.88 suggests potential liquidity issues [4]

Group 1: Report Overview - The report is about a research on Shuyu Pingmin in the pharmaceutical commerce industry on August 29, 2025 [1][2] Group 2: Research Participants - Participating research institutions include Northeast Securities, CITIC Securities, China Merchants Securities, Guojin Securities, CITIC Construction, etc [2] Group 3: Company Performance in H1 2025 - The company's cumulative operating income from January to June 2025 was 4.881 billion yuan, a year - on - year increase of 1.30%; the net profit attributable to the parent company's shareholders was 36.2509 million yuan, a year - on - year increase of 49.83% [24] - Affected by industry policies and regulatory environment changes, the company's overall operating income growth slowed down, and the gross profit margin decreased by 1.56% year - on - year. However, the gross profit margin increased by 3.45% quarter - on - quarter compared to H2 2024 [24][25] - The company optimized the store network layout, adjusted the operating area, and optimized lease contract terms. The expense - to - sales ratio was optimized by 1.16% year - on - year [24] - As of the end of June 2025, the company had 9,042 stores in Shandong, Liaoning, Heilongjiang, Fujian, Henan, Gansu and other regions, including 5,072 direct - operated stores and 3,970 franchised stores [25] Group 4: Investor Q&A Impact of Prescription Out - dispensing Policy and Response - In Shandong, the tightening of the national policy has a relatively limited impact on the company. The company's coordinated business in Shandong has achieved a slight increase [25] Measures to Increase Market Share in Shandong - The company uses three core measures: mergers and acquisitions (3 M&A projects with 754 stores in Shandong in H1 2025), franchise upgrade (transforming some franchise stores to quasi - direct - operated franchise mode), and store optimization (closing loss - making stores, adjusting to meet diversified service needs, and piloting 4 "store + outpatient department" model drug - diagnosis stores) [26] Diversified Business Layout - Traditional non - drug categories include health foods, medical devices, and Chinese herbal health teas. Non - traditional categories include the growing health and beauty sector and lifestyle convenience products. The company also has industrial synergy through medical services and cross - border business, and focuses on private domain operations [26] Shandong - Outside M&A Expansion Plan - The company will moderately slow down the pace of M&A outside Shandong, while continuing the M&A plan in Shandong steadily. The current core task is to deepen the local business in Shandong [27] Sales of Self - owned Products - In H1 2025, the sales of self - owned products accounted for about 14%, a year - on - year increase of about 4%. The company expects the proportion to further increase [27] Long - and Medium - Term Online Business Strategy - The company's online business includes B2C, O2O, and private domain operations. B2C maintains stable profitability, O2O is profitable in Shandong and will develop steadily, and private domain operations are the key focus for future development [28] Outlook on Industry Clearance - The number of pharmacies will be gradually streamlined and optimized. With the deepening of the separation of pharmacy and medicine policy, industry concentration will increase, and inefficient pharmacies will be eliminated [29]

Financial Performance - In the first half of 2025, the company achieved a total revenue of 1.30 billion yuan, representing a year-on-year increase of 48.81% [3] - The net profit attributable to shareholders was 36.25 million yuan, with a year-on-year growth of 49.83% [3] - The gross profit margin decreased by 1.56% compared to the previous year [3] - The expense-to-revenue ratio improved by 1.16% during the reporting period [3] Store Network and Market Strategy - As of June 30, 2025, the company operated a total of 9,042 stores across several provinces, including Shandong, Liaoning, Heilongjiang, Fujian, Henan, and Gansu [3] - The company has 5,072 directly operated stores and 3,970 franchise stores [3] - Three core strategies to increase market share in Shandong include: 1. Mergers and acquisitions, with 754 stores acquired in the first half of 2025 [5] 2. Upgrading franchise operations to improve management efficiency [5] 3. Optimizing existing stores and introducing new service models [5] Diversification and Product Development - The company has diversified its product offerings, including health foods, medical devices, and traditional Chinese herbal teas, with a notable increase in sales from non-traditional categories [6] - Self-owned product sales accounted for approximately 14% of total sales, with a year-on-year growth of around 4% [8] Online Business Strategy - The online business strategy focuses on B2C, O2O, and private domain operations, with a strong emphasis on private domain operations as a key growth area [9] - The company has established an innovation business development department to support the expansion of private domain operations [9] Industry Outlook - The retail pharmacy industry is expected to undergo a consolidation phase, with a gradual reduction in the number of stores as the market evolves [10] - The trend indicates that resources will increasingly concentrate on leading chain brands with scale effects and professional service capabilities [11]

证券代码：301017 证券简称：漱玉平民 公告编号：2025-073 债券代码：123172 债券简称：漱玉转债 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 注：截至本报告期末，公司存在回购专户"漱玉平民大药房连锁股份有限公司回购专用证券账户"，持股 数量为2,988,788股，占总股本的0.74%，在前十名股东位居第7名。由于回购专户不纳入前10名股东列 示，所以前10名股东排名顺延至第11位。 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前1 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Shuyupingmin, indicating a modest increase in revenue and a significant rise in net profit for the first half of 2025 [1] - The company's revenue for the first half of 2025 is approximately 4.881 billion yuan, reflecting a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders is around 36.25 million yuan, showing a substantial year-on-year increase of 49.83% [1] - Basic earnings per share are reported at 0.09 yuan, which is a 50% increase compared to the previous year [1] Group 2 - As of the report, the market capitalization of Shuyupingmin stands at 4.9 billion yuan [2]

| 证券代码：301017 | 证券简称：漱玉平民 | 公告编号：2025-070 | | --- | --- | --- | | 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 第四届董事会第九次会议决议公告 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。 一、董事会会议召开情况 漱玉平民大药房连锁股份有限公司（以下简称"公司"）第四届董事会第九次会议于 2025 年 8 月 27 日在公司会议室以现场结合通讯表决的方式召开。会议通知已于 2025 年 8 月 16 日以书面、电子邮件等方式送达各位董事，会议应到董事 9 人，实到董事 9 人，其中董事 隋熠先生、杨策先生、独立董事赵振基先生、李文明先生以通讯表决方式出席。公司监事 和高级管理人员列席了本次会议。会议由公司董事长李文杰先生主持，本次会议召开符合 《中华人民共和国公司法》及《漱玉平民大药房连锁股份有限公司章程》等有关规定。 二、董事会会议审议情况 1、审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 国证券报》《上海证券报》《证券日报》上。 ...

东兴证券股份有限公司 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制度、 | 是 | | 内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6 次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 次 0 | | （2）列席公司董事会次数 | 1 次 | | （3）列席公司监事会次数 | 次 1 | | 5.现场检查情况 | | | （1）现场检查次数 | 无，拟于下半年开展 | | （2）现场检查报告是否按照本所规定报送 | 不适用 | | （3）现场检查发现的 ...

Core Viewpoint - The company reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating positive financial performance despite modest revenue growth [1] Financial Performance - The company achieved an operating revenue of 4.881 billion yuan, representing a year-on-year growth of 1.30% [1] - The net profit attributable to shareholders was 36.2509 million yuan, showing a year-on-year increase of 49.83% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 31.5454 million yuan, reflecting a year-on-year growth of 24.63% [1] - The basic earnings per share were reported at 0.09 yuan [1]