近日，湖南达嘉维康医药产业股份有限公司发布2025年度业绩预告，预计全年营收55亿至60亿元，而归 属于上市公司股东的净利润则预计巨亏2.5亿至3亿元。与2024年扣非净利润2560.61万元相比，其2025年 扣非净利润预计同比暴跌超过1076%。 从"增收不增利"到直接坠入亏损深渊，这家四年前登陆创业板的区域性医药流通企业，其激进扩张战略 的反噬效应已全面暴露。 一、四年狂飙：从湖南一隅到全国布局 2021年上市之初，达嘉维康还只是一家深耕湖南的区域性企业，门店仅121家。上市后的四年间，公司 以"直营+并购+加盟"的组合拳高速扩张，门店数量从121家猛增至2025年上半年末的1505家，增长超11 倍。 其并购步伐可谓密集且跨区域：2022年走出湖南，收购宁夏德立信医药；2023年加快节奏，拿下银川美 合泰医药、山西思迈乐药业；2024年进军海南、北京；2025年又将触角伸向安徽。业务版图迅速铺开， 但激进的并购也为后续经营埋下隐患。 二、扩张代价：高商誉、高负债与现金流危机 激进的现金收购给达嘉维康带来沉重的财务负担。截至2025年三季度末，公司累计收购成本达13.15亿 元，其中10.96亿元计入商 ...

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].

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 - Despite goodwill impairment in subsidiaries due to industry conditions, the company is committed to advancing its diversification strategy, effectively mitigating concentration risks and opening broader market opportunities for future growth [2][9]. Financial Performance - The company forecasts revenue of 5.5 billion to 6 billion yuan for 2025, with a projected net profit attributable to shareholders of -250 million to -300 million yuan [2][9]. - The chain pharmacy sector is expected to experience a temporary decline in performance due to macroeconomic changes, intensified competition, policy adjustments, and shifts in consumer habits [2][9]. Professional Pharmacy Advantages - The company has established a solid operational management system and high pharmaceutical service capabilities over its 20 years in the professional pharmacy sector [3][10]. - As a national 4A-level pharmaceutical logistics enterprise, the company enhances its retail business through effective logistics and supply chain management [3][10]. - The company operates 1,505 pharmacies nationwide, covering multiple provinces and cities, and continues to expand its network through a "direct + acquisition + franchise" model [3][10]. Diversification Strategy - The company is deepening industry chain cooperation and plans to diversify its pharmacy offerings, focusing on health food and personal care products to create patient-centered "health service hubs" [4][11]. - The company is actively pursuing diversification in the health industry, achieving progress in pharmaceutical manufacturing and regenerative medicine [5][12]. Regenerative Medicine Initiatives - In 2025, the company will collaborate with several institutions to establish a clinical research center for regenerative medicine, aiming to translate research outcomes into clinical applications and accelerate the development of Hunan's biopharmaceutical industry [5][12]. - The establishment of the center is supported by a 1 billion yuan special fund from Hunan Province to facilitate technology transfer and research breakthroughs [5][12]. Pharmaceutical Manufacturing - The company owns two pharmaceutical enterprises with a total of 63 drug approvals and 21 drug registration certificates, with 46 products included in the national medical insurance directory [6][13]. - The company is focusing on the development of innovative drugs, including original chemical drugs and traditional Chinese medicine, and has established key laboratories and technology centers [6][13]. Hospital Sector Developments - The company’s hospital, Dajia Jiacheng Hospital, has entered the medical beauty sector, which is expected to improve operational performance [6][13]. - The hospital has launched various beauty treatment projects and is poised to benefit from upcoming policies that relax market access for high-end medical services [6][13]. Strategic Goals - The company aims to strengthen its core competitiveness and profitability by enhancing management practices, talent development, and leveraging existing business synergies to seize opportunities in the healthcare industry [7][14].

格隆汇1月26日丨达嘉维康(301126.SZ)公布，预计2025年营业收入550,000.00万元~600,000.00万元，归 属于上市公司股东的净利润-25,000.00万元~-30,000.00万元，扣除非经常性损益后的净利润-25,000.00万 元~-30,000.00万元。 1、报告期内，连锁药房行业整体面临宏观市场环境变化及竞争压力加剧，叠加行业政策调整、消费习 惯变迁等多重因素，公司连锁药房板块业绩出现阶段性下滑；2、报告期内，前期收购的子公司受上述 行业环境、自身经营及业务整合等因素影响，实际经营业绩未达收购时预期，基于审慎性财务评估原 则，公司对相关子公司收购形成的商誉进行减值测试，并计提相应商誉减值准备，导致本期资产减值损 失金额较大， 对当期利润构成显著影响。 ...

Group 1 - The company Dajia Weikang (301126.SZ) has disclosed its performance forecast for the year 2025, expecting a net loss attributable to shareholders of between 250 million yuan and 300 million yuan [1] - The net loss after deducting non-recurring gains and losses is also projected to be between 250 million yuan and 300 million yuan [1]

（记者 王晓波） 每经AI快讯，达嘉维康1月26日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损2.5亿 元~3亿元，同比由盈转亏。业绩变动主要原因是，报告期内，连锁药房行业整体面临宏观市场环境变 化及竞争压力加剧，叠加行业政策调整、消费习惯变迁等多重因素，公司连锁药房板块业绩出现阶段性 下滑；报告期内，前期收购的子公司受上述行业环境、自身经营及业务整合等因素影响，实际经营业绩 未达收购时预期，基于审慎性财务评估原则，公司对相关子公司收购形成的商誉进行减值测试，并计提 相应商誉减值准备，导致本期资产减值损失金额较大，对当期利润构成显著影响。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 ...

达嘉维康公告，预计2025年度净利润亏损2.5亿元-3亿元，上年同期净利润2657.49万元。报告期内，连 锁药房行业整体面临宏观市场环境变化及竞争压力加剧，叠加行业政策调整、消费习惯变迁等多重因 素，公司连锁药房板块业绩出现阶段性下滑；前期收购的子公司受上述行业环境、自身经营及业务整合 等因素影响，实际经营业绩未达收购时预期，基于审慎性财务评估原则，公司对相关子公司收购形成的 商誉进行减值测试，并计提相应商誉减值准备，导致本期资产减值损失金额较大，对当期利润构成显著 影响。 ...

一、本期业绩预计情况 证券代码：301126 证券简称：达嘉维康 公告编号：2026-001 湖南达嘉维康医药产业股份有限公司 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、误导性陈述或重大遗漏。 1、2025 年 1 月 1 日至 2025 年 12 月 31 日 2、业绩预告情况：预计净利润为负值 | 项 | 目 | | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | | 550,000.00 万元 | ~ | 600,000.00 | 万元 | 523,342.08 | 万元 | | 归属于上市公司 股东的净利润 | | 万元 -25,000.00 | ~ | -30,000.00 | 万元 | 2,657.49 | 万元 | | 扣除非经常性损 益后的净利润 | | -25,000.00 万元 | ~ | -30,000.00 | 万元 | 2,560.61 | 万元 | 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经注册会计师审 ...