Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will exceed the benchmark index by more than 20% in the next 6-12 months [3][5]. Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company's store count continues to grow steadily. The established membership system and online business provide certain advantages, leading to a positive outlook for future development [3][5][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of RMB 9.283 billion, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08%. In Q1 2025, total revenue was RMB 2.294 billion, down 0.85%, with a net profit of RMB 34 million, down 35.85% [3][5][8]. Store Growth and Market Position - The company had a total of 5,486 stores by the end of 2024, with a net increase of 370 stores during the year. The membership base exceeded 26 million, with member consumption accounting for nearly 70% of total sales, supporting stable growth [8]. Industry Outlook - The report highlights that the domestic pharmacy retail industry still has significant room for improvement in concentration, with the current chain rate at 57.81% and a target of 70% by 2025. The top 100 pharmacy retailers accounted for 37.8% of the total retail market, indicating potential for further consolidation [8]. Online Business Development - The company's online business generated RMB 2.586 billion in revenue in 2024, representing 27.85% of total revenue and a year-on-year growth of 19.47%. The third-party O2O platform business contributed RMB 1.106 billion, growing by 33.37% year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" [3][5] - The market price is reported at RMB 23.01 [3] Core Views - The company has faced short-term pressure on performance due to adjustments in medical insurance and tax issues, but there is potential for industry concentration to increase, and the company continues to grow its store count and has established a strong membership system and online business [3][5][8] - The company reported total revenue of RMB 9.283 billion in 2024, a year-on-year increase of 2.23%, and a net profit attributable to shareholders of RMB 128 million, a decrease of 69.08% [3][5] - For Q1 2025, total revenue was RMB 22.94 billion, a decrease of 0.85%, with a net profit of RMB 34 million, down 35.85% year-on-year [3][5] Summary by Relevant Sections Financial Performance - The company’s total revenue for 2024 is projected at RMB 10.32 billion, with a growth rate of 11.2% [7] - The net profit for 2025 is estimated at RMB 263 million, showing a significant recovery from the previous year [7] - The earnings per share (EPS) for 2025 is projected to be RMB 1.70, with a corresponding price-to-earnings (P/E) ratio of 13.5 [5][7] Market Position and Growth Potential - The company has a stable growth in store count, reaching 5,486 stores by 2024, with a net increase of 370 stores [8] - The membership base has exceeded 26 million, with member consumption accounting for nearly 70% of total sales, providing a solid foundation for future growth [8] - The online business generated RMB 25.86 billion in revenue in 2024, representing 27.85% of total revenue, with a year-on-year growth of 19.47% [8] Industry Outlook - The overall concentration in the pharmacy retail industry is expected to increase, with the current chain rate at 57.81%, indicating room for growth towards the 70% target set for 2025 [8] - The top 100 pharmaceutical retailers accounted for 37.8% of the total retail market, suggesting significant potential for market share expansion [8]

地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 基础化工 | 证券研究报告 — 行业周报 2025 年 5 月 26 日 强于大市 化工行业周报 20250525 TDI 价格上涨，国际油价、丁二烯价格下跌 五月份，行业受原油价格大幅波动等因素影响较大，建议整体均衡配置，关注自主可控日益关 键的电子材料公司，以及分红派息政策稳健的能源企业等。 行业动态 投资建议 风险提示 《化工行业 2025 年一季报综述》20250522 《化工行业周报 20250518》20250520 《化工行业 2024 年年报综述》20250519 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 本周（05.19-05.25）均价跟踪的 100 个化工品种中，共有 29 个品种价格上涨，38 个品种价 格下跌，33 个品种价格稳 ...

策略研究 | 证券研究报告 — 总量深度 2025 年 5 月 26 日 三阶段投资框架 人形机器人行至何处 人形机器人行业当前处于产业趋势前期，关注价值量较大的相关细分方向。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 从统一性指标及股价驱动力拆解角度，将一个细分行业从孕育期到成长 期对应的投资方法顺序归纳为主题投资→产业趋势投资（前期及加速阶 段）→景气周期投资三个阶段。 主题投资，主题投资阶段，对应的表观规律是板块的近端估值明显抬升， 背后逻辑是投资者买入其远端 EPS 改善的预期。主题可以分为两种，从 结果出发：一是"未走出"型主题，二是"可走出"型主题。产业趋势 投资，需要多个指标同时观察。如 1）机构配置比例。2）成交额占比中 枢提升。3）渗透率指标环比启动。4）"奇点"时刻得到关注及认可。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

证券研究报告——晨会聚焦 2025 年 5 月 26 日 资料来源：万得，中银证券 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 | 中银晨会聚焦-20250526 | | --- | ■重点关注 【社会服务】社服行业 24 年年度&25Q1 业绩综述*李小民 宋环翔 纠泰民。板 块整体营收稳步增长，业绩端恢复较慢，子板块之间分化较大。一方面建议关 注顺周期下人服会展等板块的表现；另一方面建议关注韧性较强的旅游景区等 快乐消费。 【通信】云厂商加码资本开支，算力产业链迎发展机遇*庄宇 袁妲。2025 年， 腾讯与阿里巴巴纷纷加大资本开支，有力推动国内算力发展。腾讯 2025 年第一季度资 本开支达 275 亿元，同比增长 91%。阿里巴巴 2025年一季度资本开支为 246 亿元，虽 环比下降但公司 2025年 Q1资本开支承诺大幅增长，我们认为其云与 AI 基础设施投入 将持续增加。算力租赁、IDC 及配套等相关产业链方向值得关注，有望迎来新的发展契 机。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 ...

Market Performance - A-shares experienced a pullback after an initial rise, with the Shanghai Composite Index down 0.2% and the Shenzhen Component down 0.5% for the week[3] - The Hang Seng Index rose by 1.1%, while the Hang Seng Tech Index fell by 0.7%[3] - The S&P 500 and Nasdaq 100 dropped by 2.6% and 2.4%, respectively, amid rising trade tensions and tariff threats[3] Trading Volume and Activity - Average daily trading volume decreased to CNY 1.17 trillion, a 7% decline from the previous week[3] - Small-cap stocks accounted for 50.6% of A-share trading volume, the highest level since 2014[3] - The turnover rate for the A-share market was 1.4%, with a Z-score of 0.4, indicating a slight decrease in trading activity compared to historical averages[3] Sector Performance - The healthcare, comprehensive, and non-ferrous metals sectors led gains, while the technology sector faced the largest declines[3] - The beauty and personal care sector, which had seen five consecutive weeks of gains, experienced a pullback this week[3] Bond Market - U.S. Treasury yields continued to rise, with the 10-year yield increasing by 8 basis points to 4.51% and the 30-year yield rising by 15 basis points to 5.04%[3] - Domestic bond yields showed narrow fluctuations, with the market reacting to changes in liquidity and economic data releases[3] Currency and Commodity Trends - The U.S. dollar index fell by 1.8%, while the offshore RMB appreciated by 0.5% against the dollar, closing at 7.17[3] - Gold prices surged by 4.9% to USD 3,358 per ounce, marking the largest weekly increase since April 12[3] - WTI crude oil prices decreased by 1.2% to USD 61.8 per barrel, influenced by geopolitical tensions and OPEC+ production reports[3]

Core Insights - The report indicates that the A-share market is currently in a consolidation phase, but its resilience remains intact. Short-term positioning is shifting towards defensive attributes due to concerns over rising US Treasury yields and their impact on liquidity [3][4][15] - The report highlights a significant change in the driving logic of small-cap stocks over the past two years, suggesting that the downward space for small-cap indices has been substantially narrowed due to the supportive liquidity from broad-based ETFs [32][30] - The AI industry configuration model has shown a clear trend towards dividend transfer, with a focus on sectors such as public utilities, non-bank financials, and essential consumer goods [40][41] Market Overview - The report notes that the recent rise in US Treasury yields has raised long-term concerns and short-term risks, but it has not yet triggered a global liquidity crisis. The focus remains on the actions and statements from fiscal and monetary authorities [13][14] - The A-share market is characterized by a box-shaped oscillation pattern, with ample policy reserves and low economic downturn risks. The market's upward potential is contingent on the strength of economic recovery [15][4] - The report emphasizes that the market's style may experience a phase reversal, with small-cap stocks facing potential adjustments while high valuations may see a recovery [15][4] Industry Insights - The innovative pharmaceutical sector has shown strong performance, driven by significant collaborations such as the partnership between 3SBio and Pfizer, which is expected to stimulate market sentiment [30] - The report indicates that the Chinese innovative drug industry is rapidly developing, with a notable increase in license-out transactions, suggesting a robust pathway for international expansion [30] - The report also highlights the performance of various sectors, with the automotive industry receiving significant capital inflows, while the TMT sector and small-cap financials faced notable declines [45][30]

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电力设备 | 证券研究报告 — 行业周报 2025 年 5 月 25 日 强于大市 电力设备与新能源行业 5月 第 3 周周报 固态电池催化不断， 4 月光伏新增装机同比高增 光伏方面，我国一季度光伏装机实现较高速增长，对美国及全球新兴经济体 光伏需求增速保持乐观。中央经济工作会议明确提出综合整治"内卷式"竞 争，光伏供给侧改革力度有望加强。光伏制造降本增效仍为主线，重点关注 硅料、电池片头部企业格局优化、盈利提升以及金属化新技术渗透率提升。 风电方面，国内海陆风招标及建设有望稳步推进，2025 年需求向好或带动整 机与零部件环节盈利修复；同时伴随国内项目招标动工、海外利率下行及项 目规划推进，海外及出海需求亦相对旺盛。建议优先配置盈利有望改善的整 机及锻铸件环节，受益于海风、出海逻辑的整机、桩基、海缆环节。新能源 车方面，政府工作报告提出大力发展智能网联新能源汽车，全年销量有望保 持高增，带动电池和材料需求增长。近期受供需影响，部分材料环节出现涨 价，有望带动盈利回升，2025 年或迎来量利齐升。新技术方面，固态电池产 业化持续发酵，2027 年或实现量产，在相关领域有布局的电池、材料和设备 企业有望受益。 ...