Core Viewpoint - The credit rating for Yifeng Pharmacy's convertible bonds remains stable at "AA," with no changes from the previous rating [1]. Group 1 - The previous rating for the convertible bonds was "AA," and the issuer's rating was also "AA," with a stable outlook [1]. - The current rating results for both the issuer and the convertible bonds are unchanged from the last assessment [1]. - The credit rating agency, United Credit Ratings Co., conducted a comprehensive analysis of the company's operational status and industry conditions for this tracking rating [1]. Group 2 - The tracking credit rating report for the convertible bonds can be found on the Shanghai Stock Exchange website [2]. - The announcement is made by the board of directors of Yifeng Pharmacy [3].

Core Viewpoint - Yifeng Pharmacy Chain Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, reflecting its strong market position and financial performance despite industry challenges [1][3][4]. Company Overview - Yifeng Pharmacy, established in June 2008, transitioned to a joint-stock company in August 2011 and was listed on the Shanghai Stock Exchange in February 2015 [11]. - As of March 2025, the company has a total share capital of 1.212 billion shares, with the largest shareholder holding 21.65% [11]. Financial Performance - In 2024, the company achieved a total revenue of 24.062 billion yuan, a year-on-year increase of 6.53%, and a profit of 2.182 billion yuan, up 7.11% [7][10]. - The net cash flow from operating activities was 4.221 billion yuan, fully covering the cash outflow from investment activities [7][10]. - As of the end of 2024, the company's total assets were 27.975 billion yuan, with total liabilities of 12.819 billion yuan, reflecting a debt increase of 28.02% from the previous year [8][10]. Market Position and Competitive Advantage - Yifeng Pharmacy is recognized as one of the leading pharmaceutical retail enterprises in China, ranking second in the "2024-2025 China Pharmacy Value List" [6][18]. - The company operates 14,684 retail chain stores, with 10,872 being directly operated, and has a strong presence in economically developed regions [6][18]. - The company has established a comprehensive supply chain and logistics system, ensuring efficient operations and store expansion [6][19]. Industry Analysis - The pharmaceutical retail industry in China is characterized by intense competition and a low concentration ratio, with significant room for growth in market share among leading companies [16][17]. - The industry is experiencing pressure from policies aimed at controlling medical insurance costs, which impacts profit margins [5][16]. - The demand for pharmaceutical products remains stable, with a notable increase in chronic disease management and health services [16][17]. Future Outlook - The company is expected to continue expanding its retail network and improve operational efficiency, which may enhance its overall strength in the market [4][5]. - Potential factors for rating upgrades include significant revenue and profit growth while maintaining reasonable financial leverage [4][5]. - Conversely, risks include adverse changes in industry policies and intensified competition, which could negatively impact profitability [5][6].

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：113682 | 转债简称：益丰转债 | | 益丰大药房连锁股份有限公司 关于可转换公司债券跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《公司债券发行与交易管理办法》《上海证券交易所股票交易规则》和 《上市公司证券发行管理办法》等有关规定，益丰大药房连锁股份有限公司（以 下简称"公司"）委托信用评级机构联合资信评估股份有限公司（以下简称"联 合资信"）对 2022 年向不特定对象发行的可转换公司债（以下简称"益丰转债"） 进行了跟踪信用评级。 公司前次主体信用评级结果为"AA"，"益丰转债"前次评级结果为"AA"， 前次评级展望为"稳定"；评级机构为联合资信，评级时间为 2024 年 6 月 21 日。 联合资信在对公司经营状况、行业情况进行综合分析与评估的基础上，于 2025 年 6 月 25 日出具了《益丰大药房连锁股份有限公司向不特定对象 ...

益丰大药房连锁股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕5314 号 联合资信评估股份有限公司通过对益丰大药房连锁股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持益 丰大药房连锁股份有限公司主体长期信用等级为 AA，维持"益丰转 债"信用等级为 AA，评级展望为稳定。 四、本次跟踪评级结果自本报告出具之日起至相应债券到期兑付日有 效；根据跟踪评级的结论，在有效期内评级结果有可能发生变化。联合资信 保留对评级结果予以调整、更新、终止与撤销的权利。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预 ...

Core Viewpoint - The company is responding to an inquiry regarding its 2024 annual report, addressing concerns about revenue growth slowdown, net profit decline, and the stability of gross profit margins amidst industry challenges and regulatory changes [1][2]. Group 1: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year growth rates of 28.54%, 11.21%, and -0.36% respectively [2]. - The net profit attributable to shareholders for the same years was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with year-on-year changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin has shown stable growth, with the gross profit margin for 2024 at 41.4% compared to 39.6% in 2023 and 40.4% in 2022 [5]. Group 2: Industry Challenges - The pharmaceutical retail industry is experiencing revenue stagnation and profit pressure due to ongoing medical reforms, stricter insurance regulations, and increased market competition [3][4]. - The number of retail pharmacies in China reached 675,000 by the end of 2024, reflecting a growth of 1.21% from the previous year, indicating intensified competition in the market [4]. Group 3: Strategic Adjustments - In response to market conditions, the company has increased the number of self-built and franchised stores to enhance market share, with the total number of stores reaching 14,684 in 2024, up from 10,268 in 2022 [4]. - The company is shifting its product strategy towards traditional Chinese and Western medicines, with sales of these products accounting for 79.1% of total revenue in 2024 [5]. - The company has implemented measures to optimize its supply chain and improve operational efficiency, including a focus on private label products, which generated sales of 3.54 billion RMB in 2024, accounting for 22% of total sales [5][6]. Group 4: Goodwill and Asset Management - The company has a significant goodwill balance of 5.756 billion RMB as of the end of 2024, representing 27.35% of total assets, necessitating careful management and impairment testing of goodwill [2][3]. - The company conducts goodwill impairment tests based on asset groups defined by operational units, ensuring compliance with accounting standards [6][8].

Core Viewpoint - The company, Lao Bai Xing Pharmacy, has experienced significant fluctuations in performance over recent years, with stable growth in gross profit margin despite a decline in net profit and revenue growth slowdown. The company faces challenges from industry competition and regulatory changes in the healthcare sector [2][4]. Financial Performance - Revenue for the years 2022 to 2024 was reported as follows: 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year changes of 28.54%, 11.21%, and -0.36% respectively. Net profit for the same period was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin for the years was 31.88%, 32.56%, and 32.50% [2]. Business Strategy and Market Conditions - The company has been increasing the number of self-built and franchised stores to enhance market share, with total store numbers reaching 15,277 in 2024, up from 13,574 in 2023 and 10,783 in 2022 [6]. - The company is also focusing on online sales channels, with public domain B2C and O2O sales accounting for 10.3% of total revenue in 2024, up from 9.3% in 2023 and 6.6% in 2022 [6]. - The company has adjusted its product strategy to focus more on traditional Chinese and Western medicine, with sales of traditional Chinese and Western medicine accounting for 77.5% of total revenue in 2024 [7]. Industry Challenges - The retail pharmacy market is facing a slowdown in growth, with the total retail pharmacy market sales reaching 528.2 billion RMB in 2024, a year-on-year decline of 2.2% [5]. - The industry is experiencing increased competition, with a total of 675,000 pharmacies in China as of the end of 2024, serving an average of 2,000 people per pharmacy, compared to 5,000 in the United States [5]. Goodwill and Impairment - As of the end of 2024, the company's goodwill balance was 5.756 billion RMB, accounting for 27.35% of total assets. The company recognized a goodwill impairment provision of approximately 0.108 billion RMB for the year [2]. - The company classifies its goodwill based on regional divisions, and the impairment testing process is conducted in accordance with accounting standards [8][10]. Operational Efficiency - The company has implemented measures to improve operational efficiency, including restructuring product selection strategies, enhancing digital product introductions, and optimizing supply chain costs [7]. - The company’s gross profit margin has shown a continuous increase, with a comprehensive gross profit margin of 36.4% in 2024, up from 35.7% in 2023 [7].

证券代码：603939 证券简称：益丰药房 公告编号：2025-059 债券代码：113682 债券简称：益丰转债 益丰大药房连锁股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 益丰大药房连锁股份有限公司（以下简称"公司"）第五届董事会第十六次 会议与 2024 年年度股东会审议通过了《关于增加经营范围并修订 <公司章程> 的 议案》,详见在法定披露媒体刊登的《关于增加经营范围并修订 <公司章程> 的公 告》（公告编号：2025-043）。 近日，公司已完成工商变更登记相关手续，并取得了常德市市场监督管理局 换发的营业执照。本次工商变更登记后，公司的基本登记信息如下： 统一社会信用代码：9143070067558223X2 名 称：益丰大药房连锁股份有限公司 益丰大药房连锁股份有限公司 类 型：股份有限公司（港澳台投资、上市） 住 所：湖南省常德市武陵区白马湖街道富强社区人民路 2638 号 法定代表人：高毅 注册资本：121,243.2297 万人民币 成立日期：2008 年 ...

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 法定代表人：高毅 注册资本：121,243.2297 万人民币 益丰大药房连锁股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 益丰大药房连锁股份有限公司（以下简称"公司"）第五届董事会第十六次 会议与 2024 年年度股东会审议通过了《关于增加经营范围并修订<公司章程>的 议案》,详见在法定披露媒体刊登的《关于增加经营范围并修订<公司章程>的公 告》（公告编号：2025-043）。 近日，公司已完成工商变更登记相关手续，并取得了常德市市场监督管理局 换发的营业执照。本次工商变更登记后，公司的基本登记信息如下： 统一社会信用代码：9143070067558223X2 名 称：益丰大药房连锁股份有限公司 类 型：股份有限公司（港澳台投资、上市） 住 所：湖南省常德市武陵区白马湖街道富强社区人民路 2 ...

Core Viewpoint - The BoShi Healthcare Industry Mixed A Fund has experienced a decline of 0.92% on June 19, with a cumulative drop of 5.29% over the last five trading days, indicating a challenging market environment for the fund [1]. Group 1: Fund Performance - As of June 19, the latest net value of BoShi Healthcare Industry Mixed A is 2.36 yuan, marking a continuous decline over five trading days [1]. - The fund was established in August 2012, with a total fund size of 2.093 billion yuan and a cumulative return of 164.39% since inception [1]. Group 2: Investor Composition - By the end of 2024, institutional investors hold 0.02 million shares, accounting for 0.24% of the total shares, while individual investors hold 9.34 million shares, making up 99.76% of the total shares [1]. Group 3: Fund Management - The current fund manager, Ms. Chen Ximing, has been with BoShi Fund Management Company since 2016, serving in various roles including researcher and senior researcher [1]. - Ms. Chen has been managing the BoShi Healthcare Industry Mixed A Fund since March 14, 2023, and also manages the BoShi Health Growth Theme Biweekly Redeemable Mixed Securities Investment Fund [1]. Group 4: Top Holdings - As of March 31, 2025, the top ten holdings of BoShi Healthcare Industry Mixed A account for a total of 38.71%, with the largest positions in Zai Lab (7.09%), Kelun Pharmaceutical (5.41%), and Dabo Medical (4.79%) [2].

Group 1 - The core index of the China Securities Index for Food and Major Consumer Goods Retail has shown a decline of 2.40% over the past month, 6.58% over the past three months, and 6.48% year-to-date [1] - The index is composed of listed companies in the food and drug retail sector, reflecting the overall performance of these companies, with a base date of December 31, 2004, set at 1000.0 points [1] - The top ten weighted companies in the index include Yonghui Supermarket (6.61%), Digital China (6.21%), Wancheng Group (4.68%), Shanghai Pharmaceuticals (4.41%), Yifeng Pharmacy (4.32%), Jiuzhoutong (3.86%), Kidswant (3.41%), Sinopharm (3.25%), Wangfujing (3.17%), and TianKang (3.09%) [1] Group 2 - The market segments represented in the index include 43.94% in pharmaceutical commerce, 21.32% in supermarkets and convenience stores, 20.29% in specialty retail, and 14.46% in department stores [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]