| | | 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 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日。 2、业绩预告情况：预计净利润为正值且属于扭亏为盈情形 （1）以区间数进行业绩预告的 司整体运营周转效率与精细化管理水平显著提升。 2、报告期内，依据前期签署的业绩承诺相关协议，公司确认青岛春天之星医药连锁有 限公司标的业绩承诺补偿款合计金额1.27亿元，该事项增加了公司非经常性损益，对利润 产生正向影响。 四、其他相关说明 本次业绩预告是公司财务部门初步测算的结果，未经会计师事务所审计。具体财务数 据将在本公司2025年年度报告中详细披露，敬请广大投资者谨慎决策，注意投资风险。 单位：万元 | 项 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | | 8,000 | ～ | 12,000 | -18,881. ...

Core Viewpoint - The A-share pharmaceutical retail sector is experiencing a significant rebound, driven by a new policy aimed at promoting high-quality development in the industry, which is expected to help around 700,000 pharmacies currently facing challenges [2][3]. Group 1: Industry Trends - The pharmaceutical retail industry is undergoing a wave of closures, with a projected net closure of 39,000 stores in 2024, significantly higher than the 3.8% closure rate in 2023 [5][6]. - The market is witnessing a shift from passive closures to proactive consolidation, as the new policy addresses industry pain points and encourages mergers and acquisitions [2][3][9]. - The concentration of the market is increasing, with the top 10 companies expected to reach a market share of over 35% by 2026, moving towards the levels seen in mature markets [9]. Group 2: Financial Performance - Major players in the industry are facing declining revenues and profits, with companies like YaoYao and GuoDa Pharmacy reporting significant drops in net profits, highlighting the financial strain on the sector [4][5]. - Only one out of six major private listed chains, Yifeng Pharmacy, is expected to achieve positive net profit growth in 2024, indicating a narrowing profitability landscape [5][6]. Group 3: Policy Impact - The new policy aims to standardize and optimize the merger and acquisition process, reducing costs and time for major chains, thus facilitating industry consolidation [7][9]. - The policy encourages a shift from a focus on drug sales to a broader health service model, aligning with changing consumer demands and promoting diversification in product offerings [8][9]. Group 4: Future Outlook - The industry is expected to evolve from merely selling drugs to becoming comprehensive health service providers, enhancing efficiency and better meeting consumer needs [10][11]. - The ongoing transformation is anticipated to eliminate inefficient capacities and elevate industry standards, marking a transition to a new phase of value growth [11].

证券之星消息，1月27日医药商业板块较上一交易日下跌1.77%，漱玉平民领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。医药商业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600829 | 人民同泰 | 12.99 | 6.04% | 66.72万 | 8.39亿 | | 603122 | 合富中国 | 18.62 | 3.62% | 41.00万 | 7.51亿 | | 000028 | 国药一致 | 26.91 | 1.62% | 15.37万 | 4.11亿 | | 002727 | 一心堂 > | 14.00 | 0.79% | 1 23.04万 | 3.24亿 | | 600538 | 国发股份 | 7.19 | -0.28% | 17.21万 | 1.23亿 | | 002788 | 鹭苑医药 | 16.71 | -0.65% | 46.31万 | 7.72亿 | | 600511 | 国药股份 | 2 ...

Market Overview - On January 27, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.18%, the Shenzhen Component Index up by 0.09%, and the ChiNext Index up by 0.71%. The Sci-Tech Innovation Board Index increased by 1.72% [1][2]. Sector Performance - The gold sector experienced gains, while the semiconductor and AI computing industry chains showed strength, particularly in memory and CPO directions [4]. - The semiconductor sector saw significant increases, with stocks such as Dongxin Co., Shengke Communication-U, and Kangqiang Electronics hitting the daily limit [5]. Notable Stock Movements - Specific stocks that performed well include: - Dongxin Co. (688110) +20.00% at 153.23 - Shengke Communication-U (688702) +20.00% at 162.53 - Mingwei Electronics (688699) +16.67% at 63.68 - Nongsun Co. (688766) +14.85% at 255.23 - Hengle Co. (688416) +14.37% at 93.60 [6]. Declines in Other Sectors - The pharmaceutical retail sector faced adjustments, with stocks such as Shuyupingmin down over 8%, Dajia Weikang down over 8%, and Huaren Health down over 8% [7]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets was 2.89 trillion yuan, a decrease of 353.3 billion yuan from the previous trading day, with over 3,400 stocks declining [8]. Capital Flow - Main capital inflows were observed in sectors such as electronics, communications, machinery equipment, national defense, and non-ferrous metals, while there were outflows from power equipment, non-bank financials, pharmaceutical biology, food and beverage, and public utilities [9]. - Notable net inflows included: - Zhongji Xuchuang +3.413 billion yuan - Tianfu Communication +2.088 billion yuan - Dongxin Co. +2.005 billion yuan [10]. Analyst Insights - Huaxi Securities suggests that the "slow bull" trend in A-shares is likely to continue - CITIC Securities maintains a positive outlook on the AI industry trend, particularly in the optical communication sector - Huatai Securities indicates that oil prices may have entered a bottoming phase [11].

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.89 trillion yuan, a decrease of 353.3 billion yuan compared to the previous trading day [4]. - On January 27, all three major A-share indices closed higher, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index by 0.09%, and the ChiNext Index by 0.71% [1]. Sector Performance - The semiconductor sector showed significant strength, with stocks like Dongxin Technology and Shengke Communication hitting the daily limit, both up by 20% [3]. - The AI computing industry chain also performed well, alongside gains in the storage and CPO sectors [2]. - Conversely, the coal, pharmaceutical retail, and commercial sectors experienced notable declines [2]. Individual Stock Movements - Notable gainers included Dongxin Technology (+20.00% to 153.23 yuan) and Shengke Communication (+20.00% to 162.53 yuan) [3]. - In the pharmaceutical sector, stocks such as Shuyuan Pingmin and Dajia Weikang saw declines exceeding 8% [4]. Fund Flow - Main funds saw a net inflow into sectors such as electronics, communications, machinery, defense, and non-ferrous metals, while experiencing net outflows from power equipment, non-bank financials, pharmaceuticals, food and beverage, and public utilities [6]. - Specific stocks with significant net inflows included Zhongji Xuchuang (34.13 billion yuan), Tianfu Communication (20.88 billion yuan), and Dongxin Technology (20.05 billion yuan) [7]. - Conversely, stocks like Ningde Times, Kweichow Moutai, and Cambrian Technologies faced net outflows of 10.11 billion yuan, 9.65 billion yuan, and 8.95 billion yuan, respectively [8]. Analyst Insights - Huaxi Securities suggests that the "slow bull" trend in A-shares is likely to continue [10]. - CITIC Securities expresses a clear outlook on the AI industry trend, maintaining a positive view on the optical communication sector [10]. - Huatai Securities indicates that oil prices may have entered a phase of bottoming and rebound [10].

Core Viewpoint - The joint issuance of the "Opinions on Promoting High-Quality Development of the Pharmaceutical Retail Industry" by nine departments aims to enhance the industry through 18 measures focusing on mergers and acquisitions, service transformation, and regulatory optimization [1] Group 1: Industry Impact - The "Opinions" are expected to accelerate the outflow of hospital prescriptions, contributing to growth in the pharmaceutical retail sector [1] - The document encourages horizontal mergers and acquisitions among retail pharmaceutical companies, aiming to optimize the business environment and streamline the licensing process for integrated stores [1][2] - The number of pharmacies in China is projected to decline, with a total of 686,426 stores by the end of Q3 2025, marking a reduction of nearly 20,000 stores since Q4 2024 [2] Group 2: Market Opportunities - The rapid exit of small and medium-sized pharmacies creates market opportunities for leading companies to consolidate and expand their market share through mergers and acquisitions [2] - The "Opinions" promote the transformation of pharmacies from mere sales points to health service hubs, providing new growth avenues for listed pharmacies facing revenue stagnation [2] Group 3: Compliance and Management - Regulatory changes are pushing for a shift towards digital and preventive oversight, enhancing compliance advantages for listed pharmacies compared to smaller competitors [3] - Companies like Yifeng Pharmacy have demonstrated significant profit growth through refined management and compliance, with a 10.27% increase in net profit year-on-year for the first three quarters of 2025 [3] - The core competitiveness of retail pharmacies is increasingly seen in their professional capabilities, with companies developing comprehensive pharmaceutical service systems [3][4]

Core Viewpoint - The A-share market for pharmaceutical retail stocks experienced a collective rise, driven by new government measures aimed at enhancing pharmaceutical services and encouraging retail drug sales [1] Group 1: Market Performance - Pharmaceutical retail stocks such as Renmin Tongtai and Yifeng Pharmacy hit the daily limit up, while Luyuan Pharmaceutical rose over 7%, Daclin increased over 6%, and Jiuzhoutong gained over 5% [1] - Other notable performers included Zhongyao Holdings, Yaoyigou, Haiwang Biological, Hefuchina, and Shuyupingmin, all rising over 4% [1] Group 2: Government Measures - The Ministry of Commerce and nine other departments issued a document proposing improvements in pharmaceutical services, enhancing pharmacy service capabilities, and promoting prescription circulation to improve the purchasing experience [1] - Measures include optimizing outpatient service coordination for designated retail pharmacies and encouraging retail drug companies to participate in centralized drug procurement [1] - The government is promoting horizontal mergers and acquisitions among retail drug companies and encouraging the sale of innovative drugs and reference preparations through retail channels [1] - There is an emphasis on encouraging e-pharmacy platforms to open data interfaces and strengthen the monitoring of price linkages between online and offline drug retail prices and provincial procurement platform prices [1]

Group 1 - The core viewpoint of the article highlights a collective rise in A-share pharmaceutical commercial stocks, driven by government initiatives to enhance pharmaceutical services and retail drug sales [1] - The Ministry of Commerce and nine other departments issued a document proposing measures to improve pharmaceutical services, enhance pharmacy service capabilities, and promote prescription circulation to improve the purchasing experience [1] - The document encourages pharmaceutical retail companies to engage in horizontal mergers and acquisitions, and to innovate in drug sales channels, including the sale of innovative drugs and reference preparations through retail pharmacies [1] Group 2 - Notable stock performances include: - Renmin Tongtai (人民同泰) with a rise of 10.04% and a total market value of 72.43 billion [2] - Yifeng Pharmacy (益丰药房) increasing by 10.02% with a market cap of 301 billion [2] - Luyuan Pharmaceutical (鹭燕医药) up by 7.76% with a market value of 70.13 billion [2] - Dacelin (大参林) rising by 6.63% with a market cap of 242 billion [2] - Jiuzhoutong (九州通) increasing by 5.27% with a market value of 282 billion [2] - Other companies showing significant gains include Zhongyao Holdings (重药控股) up by 4.89%, Yaoyigou (药易购) up by 4.42%, and Haiwang Biological (海王生物) up by 4.41% [2]

Group 1 - The company, Shuyu Pingmin, announced that its fourth board meeting for the year 2026 was held on January 20, 2026, combining in-person and remote voting methods [1] - The meeting reviewed proposals regarding the application for comprehensive credit limits and guarantees from banks and other institutions for the year 2026 [1]

| 证券代码：301017 | 证券简称：漱玉平民 | 公告编号：2026-006 | | --- | --- | --- | | 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 关于召开 2026 年第一次临时股东会的通知 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。 漱玉平民大药房连锁股份有限公司（以下简称"公司"）于2026年1月20日召开第四届 董事会第十六次会议，审议通过了《关于提请召开公司2026年第一次临时股东会的议案》， 决定于2026年2月5日（星期四）14:45以现场表决与网络投票相结合的方式召开公司2026年 第一次临时股东会，现将本次股东会的有关事项公告如下： 一、召开会议的基本情况 1、会议届次：2026年第一次临时股东会 2、会议的召集人：董事会 3、会议召开的合法、合规性：本次会议的召集、召开符合《中华人民共和国公司法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号— 创业板上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的 有关规 ...