益丰大药房连锁股份有限公司 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 关于使用闲置募集资金进行现金管理的公告 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： 已履行的审议程序：公司于 2025 年 4 月 15 日召开的第五届董事会第 十五次会议审议通过了《关于使用部分闲置募集资金委托理财的议案》，同 意在确保不变相改变募集资金用途与不影响募集资金投资项目正常运行的情 况下，使用最高额度不超过 30,000 万元募集资金进行委托理财，用于购买安 全性高、流动性好的理财产品，自董事会审议通过起 12 个月有效，在上述额 度与有效期限内，购买理财产品资金可循环滚动使用。公司监事会发表了同 意意见，保荐机构对该事项发表了核查意见。具体内容详见公司 2025 年 4 月 16 日披露于上海证券交易所官网（www.sse.com.cn）的《关于使用部分闲置 募集资金委托理财的公 ...

证 券 研 究 报 告 行业周报 医药供给端变量增加 医药行业周报 投资评级： 报告日期： 推荐 （ 维持 ） 2026年03月01日 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1.供给端变量增加，提价范围进一步扩大 受反内卷、两用物项管理、反倾销等一系列政策影响，医药供给端变量增加，促进价格周期的转变。首先原料药产业供给 端变化最为敏感，青霉素产业链已开始价格的反弹。2026年1月末，印度商工部外贸总局（DGFT）发布对青霉素工业盐、 6-APA和阿莫西林的进口限价，其中6-APA限价为3405 印度卢比/公斤，截止日期至 2027-01-28。按照印度的限价标准，6- APA折合人民币约260元/kg，高于目前出口报价，国内企业已开始逐步提高报价。2月25日起星湖伊品计划对赖氨酸、苏氨 酸及小品种氨基酸上调50-300元/吨，同日，象屿生化苏氨酸报价上调300元/吨。从产能供给来看，包括赖氨酸、苏氨酸和 蛋氨酸在内的饲用氨基酸添加剂供给都过剩，但2025年下半年以来价格普遍处于低位，行业开工率普遍不足，产量的 ...

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月25日，益丰药房跌0.37%，成交额2.14亿元。两融数据显示，当日益丰药房获融资买入额760.34万 元，融资偿还716.67万元，融资净买入43.67万元。截至2月25日，益丰药房融资融券余额合计8365.55万 元。 融资方面，益丰药房当日融资买入760.34万元。当前融资余额8259.75万元，占流通市值的0.28%，融资 余额低于近一年30%分位水平，处于低位。 分红方面，益丰药房A股上市后累计派现28.52亿元。近三年，累计派现19.46亿元。 机构持仓方面，截止2025年9月30日，益丰药房十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.99亿股，相比上期减少3819.35万股。南方中证500ETF（510500）位居第七大流通股 东，持股881.27万股，相比上期减少17.31万股。交银新成长混合（519736）位居第八大流通股东，持股 845.41 ...

Group 1 - The company will start paying interest on its convertible bonds issued on March 4, 2024, from March 4, 2025, to March 3, 2026 [2] - The total issuance scale of the convertible bonds is RMB 1,797.43 million, with 17,974,320 bonds issued at a face value of RMB 100 each [5] - The bond has a six-year term, maturing on March 3, 2030, with an annual interest rate that increases from 0.30% in the first year to 2.00% in the sixth year [2][10] Group 2 - The interest payment will be made annually, with the first payment scheduled for March 4, 2026, and the interest amount for the second year set at RMB 0.50 per bond [15][21] - The bondholders must be registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch by March 3, 2026, to receive the interest [17][21] - The initial conversion price for the bonds is set at RMB 39.85 per share, which has been adjusted to RMB 31.84 due to corporate actions [10] Group 3 - The company has a credit rating of AA, and the bonds also carry the same rating with a stable outlook [11] - The bonds will be listed on the Shanghai Stock Exchange on March 27, 2024 [14] - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch for bond custody and interest payment services [18]

Summary of Conference Call on Healthcare Services and Pharmacy Sector Industry Overview - The focus is on the healthcare services and pharmacy sectors within the pharmaceutical industry, particularly consumer-oriented segments, which are currently viewed positively due to historical low valuations after a prolonged adjustment period [1][2]. Key Points and Arguments Healthcare Services - The healthcare services sector has experienced significant declines, with current valuations at historical lows, indicating a potential for recovery by 2026 [1]. - Specific companies highlighted for their optimistic 2026 guidance include Tongce Medical, Gushengtang, and Aier Eye Hospital, all expected to show double-digit growth [1][2]. - The recovery in the sector is anticipated to be driven by improvements in supply structure and consumer environment, leading to a business rebound [2]. - Aier Eye Hospital is introducing new consumer-oriented surgical procedures, which may increase average transaction values despite stable surgical volumes [2]. Market Trends - Data from October 2025 shows positive growth in outpatient services in cities like Chongqing and Tianjin, with increases of 5-6% and 13-14% respectively [3]. - The overall trend indicates a recovery in both service volume and pricing, particularly in consumer-oriented medical fields like ophthalmology [3][4]. AI Integration - AI is expected to empower healthcare service companies, with applications like Ant Group's AI health app showing significant user growth, indicating a new growth driver for leading healthcare service firms [4][5]. Pharmacy Sector - The pharmacy sector is experiencing notable improvements in performance since Q3 2025, with leading companies showing consistent same-store sales growth [6]. - The sector is supported by government policies aimed at increasing industry concentration and chain store rates, which are expected to drive medium-term performance [6][7]. - Companies like Yifeng Pharmacy and Dazhong Pharmacy are highlighted for their strong cash flow and dividend yields, with Dazhong reporting a 60% dividend payout ratio [6][7]. Online vs. Offline Dynamics - The online pharmacy market is growing rapidly, but it serves a different demographic compared to traditional pharmacies, which cater more to older consumers [7][8]. - The online pharmacy market is projected to grow significantly, driven by products like GLP-1, but the overall growth rate may stabilize as both online and offline markets adjust [9][10]. Regulatory Environment - Recent government policies emphasize enhancing pharmacy service capabilities and supporting prescription outsourcing, which could lead to increased revenue opportunities for pharmacies [13][14]. - The focus on compliance and competition is expected to benefit larger pharmacy chains with established networks and resources for mergers and acquisitions [17]. Home Medical Devices - The home medical device sector is poised for growth due to an aging population and increasing health awareness, with significant potential in health monitoring devices like blood pressure monitors and glucose meters [18][19]. - Companies such as Yuyue Medical and Sanofi are recommended for their strong growth prospects in this segment [21]. Conclusion - The healthcare services, pharmacy, and home medical device sectors are expected to experience a bottom reversal, driven by improving fundamentals and supportive government policies. Key players in these sectors are well-positioned to capitalize on these trends, making them attractive investment opportunities moving forward [1][21].

重要内容提示： 益丰大药房连锁股份有限公司（以下简称"公司"）于 2024 年 3 月 4 日发 行的可转换公司债券将于 2026 年 3 月 4 日开始支付自 2025 年 3 月 4 日至 2026 年 3 月 3 日期间的利息。根据本公司《益丰药房向不特定对象发行可转换公司 债券募集说明书》有关条款的规定，现将有关事项公告如下： 一、益丰转债发行上市的概况 7、票面金额跟发行价格：本次发行的可转换公司债券每张面值为人民币 100 元，按面值发行。 | 证券代码：603939 | 证券简称：益丰药房 公告编号：2026-006 | | --- | --- | | 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 关于可转换公司债券付息的公告 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。 可转债付息债权登记日：2026 年 3 月 3 日 可转债除息日：2026 年 3 月 4 日 可转债兑息日: 2026 年 3 月 4 日 1、债券名称：益丰大药房连锁股份有限公司 2024 年可转换 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5][41]. Core Insights - The medical services and pharmacy sectors have undergone significant adjustments since 2021, with valuations and performance returning to historically low levels. For instance, leading companies like Aier Eye Hospital, Tongce Medical, and Yifeng Pharmacy have seen their total market values decline by 73.5%, 81.9%, and 45.9% respectively since the Spring Festival of 2021 [1][16]. - The consumer medical industry is experiencing an improvement in competition and safety margins, aided by the implementation of relevant policies and a potential recovery in consumer willingness to spend [2]. - The offline pharmacy sector is benefiting from policy incentives and an improved competitive landscape, with significant support for prescription outflow and industry restructuring [3][32]. Summary by Sections 1. Valuation Bottoming and Low Holdings - The medical services and pharmacy sectors have faced prolonged adjustments, leading to valuations at historically low levels. The public fund holdings in these sectors have also decreased [10][11]. - The leading companies in the industry have seen substantial market value adjustments, indicating a low public fund holding ratio [16]. 2. Accumulating Reversal Momentum - The medical services and pharmacy sectors are expected to experience a dual recovery in performance and valuation, driven by improved competition and policy clarity [21]. - The medical services sector is witnessing a gradual recovery in income growth, particularly in the ophthalmology sector, which has seen a slowdown in revenue growth after a rapid recovery period [22]. - The pharmacy sector is experiencing a shift towards health service platforms, supported by policy changes that encourage pharmacies to expand their service offerings [33]. 3. Investment Views - Focus on leading companies in the medical services sector that have strong chain expansion capabilities and supply chain advantages, such as Aier Eye Hospital and Tongce Medical, which are expected to benefit from consumer upgrades and market demand [4][37]. - In the pharmacy sector, attention should be given to leading chains with strong supply chain advantages and management capabilities, such as Yifeng Pharmacy and Dazhenglin, which are well-positioned to capture market share and benefit from policy changes [4][37].

Core Viewpoint - The report highlights the financing, investment, logistics, and merger activities of China's chain pharmacy industry, emphasizing the importance of logistics center construction and the trend of expanding business scale and diversification among leading companies [1][8]. Financing Situation - The primary financing methods for listed companies in the chain pharmacy industry include private placements and convertible bonds, mainly aimed at constructing logistics centers, opening new pharmacies, and supplementing working capital [1]. - Key financing events since 2022 include: - Yifeng Pharmacy raised 2.547 billion yuan for logistics and digital platform upgrades [1]. - Yixin Tang raised up to 1.5 billion yuan for new pharmacies and logistics projects [1]. - Daclin raised 3.025 billion yuan for new chain pharmacies [1]. - Shuyupingmin raised up to 800 million yuan for modern logistics projects [1]. - Jianzhijia raised 410 million yuan for logistics center projects [1]. Investment Activities - From 2020 to 2025, major companies like Daclin, Yifeng Pharmacy, and Laobaixing have been actively investing, with Daclin leading with 36 investment events, followed by Yifeng Pharmacy with 14 and Laobaixing with 13 [5][6]. - The investment purposes include expanding business scale and diversifying operations, with companies investing in subsidiaries across different regions to enhance their market presence [8][10]. Merger and Acquisition Trends - Recent mergers and acquisitions in the chain pharmacy industry are primarily aimed at expanding the scale of midstream enterprises, often involving the acquisition of other pharmacy brands to increase store numbers and improve regional business layouts [11]. - Notable merger events include: - Huaren Health's acquisition of three pharmacy chains in Fujian and Zhejiang to expand its market presence [11]. - Yixin Tang's acquisition of multiple pharmacies in Sichuan to enhance competitiveness [11]. - Laobaixing's acquisition of a pharmacy chain in Anhui to strengthen market position [11]. Logistics Center Development - The construction of logistics centers is identified as a major purpose for financing, with companies focusing on enhancing their supply chain efficiency and operational capabilities [1][8].

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Core Viewpoint - The city of Changsha is actively addressing the needs of new employment groups, such as delivery workers and ride-hailing drivers, by establishing "Love Stations" to provide essential services and support, enhancing their sense of belonging and community [3][6][19] Group 1: Initiatives and Services - The "Love Stations" initiative was launched to help new employment groups with childcare during holidays, addressing the "care difficulty" faced by workers like delivery riders [2] - Changsha has established 1,606 "Love Stations" across the city, providing services to over 600,000 new employment group members, integrating resources from various sectors [6][14] - The city has implemented a "15-minute warm service circle" by coordinating over 1,067 union stations and 272 "Red Homes" to ensure accessible support for new employment groups [7] Group 2: Community Engagement and Support - The "Warm New Changsha" app has been launched to streamline services for new employment groups, including a direct line for service requests and a navigation feature for accessing "Love Stations" [14] - Community initiatives like "Warm New Day" and birthday celebrations for workers are regularly organized to foster a supportive environment [6] - New employment group members are encouraged to participate in community service, with many taking on roles as "mobile grid members" to report local issues [17] Group 3: Empowerment and Growth - Changsha is focused on empowering new employment groups by providing training and educational opportunities, including skill training sessions and financial support for further education [15] - Recognition programs for outstanding workers, such as "Most Beautiful Delivery Person," are in place to enhance the professional pride and sense of belonging among workers [15] - The city has seen numerous success stories of workers achieving personal growth and community involvement, contributing positively to local society [15][17]