本届展会汇集了覆盖全国等级医院、零售药店、医药电商、基层医疗终端等全渠道的专业资源与合作伙 伴，吸引了来自政府机构、行业组织、产业园区、医药工业及相关服务业等专业观众参观、洽谈。"专 区专展"的展出模式更是极大程度地凝聚目标观众，展会一大亮点即是创新设立了"高增长渠道专区"， 精准锚定基层医疗与医药新零售两大高潜力赛道，旨在为企业破解渠道拓展困局提供一个精准、高效、 系统化的解决方案。 展会同期举办超过30+场热点主题会议论坛，涵盖商业流通、市场营销、政策法规、中医药、国际化、 研发创新、零售、热点赛道等模块。贴近市场新机遇的10+场特备活动，包括高增长渠道系列活动、中 医药主题系列活动、首发经济系列活动等。在精心策划的一系列创新互动活动中，"新耀登场"新品首发 show作为展会倾力打造的年度新品首发阵地，为行业注入了创新活力。重磅会议与多彩活动成为焦 点，参与人员络绎不绝，彰显了中国医药健康产业的蓬勃活力。 11月19日至21日，第91届全国药品交易会（PHARMCHINA）、中医药博览会、中国药店采购供应博览 会携手2025中国国际健康营养博览会（NHNE）重磅亮相南京国际博览中心。 作为中国医药制剂与大 ...

Core Viewpoint - Yifeng Pharmacy is focusing on integrating online and offline operations through CRM and big data, aiming to innovate in internet healthcare and prescription circulation [1] Group 1: Business Strategy - The company has established over 10,000 direct-operated stores as part of its O2O strategy [1] - Yifeng Pharmacy has developed a shopping platform via mini-programs and an official e-commerce flagship store [1] - A comprehensive logistics service system has been created, including provincial warehouses, city center warehouses, and hospital-side stores to enhance fulfillment capabilities [1] Group 2: Market Positioning - The company is building a complete B2C, O2O, and third-party logistics system to improve service delivery [1]

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company's revenue is expected to return to growth in the second half of 2025, driven by strategic adjustments and improved profitability [8] - The company has demonstrated resilience in revenue despite a slight decline, attributed to strategic store closures and a slowdown in new store openings [8] - The company is focusing on steady regional expansion and optimizing its store network, with a net increase of 17 stores in the first half of 2025 [8] - The company is diversifying its operations, exploring new growth avenues through a new retail ecosystem based on membership, big data, and online healthcare [8] - Profitability is projected to improve, with net profit estimates for 2025-2027 at 17.24 billion, 19.89 billion, and 22.82 billion respectively, corresponding to PE ratios of 17, 15, and 13 [8] Financial Data and Valuation - In the first half of 2025, the company achieved revenue of 117.22 billion and a net profit of 8.80 billion, with year-on-year growth rates of -0.34% and 10.32% respectively [1] - The company’s total revenue is projected to grow from 225.88 billion in 2023 to 305.71 billion by 2027, with a compound annual growth rate of approximately 10% [3][10] - The gross profit margin is expected to stabilize around 40% from 2025 onwards, reflecting improved operational efficiency [11] - The company’s return on equity (ROE) is projected to increase from 14.4% in the latest period to 17.0% by 2027 [4][11] Stock Performance - The company's stock has shown a 24% increase over the past 12 months, although it has underperformed relative to the market index in the last 6 and 12 months [6]

Core Insights - The company, Jiuzhoutong, reported strong performance across all business segments in the first half of 2025, with significant growth in sales and revenue [1] Business Segment Performance - The core pharmaceutical distribution business achieved sales revenue of 67.634 billion yuan, representing a year-on-year growth of 6.04% [1] - The pharmaceutical manufacturing segment, including self-produced and OEM products, generated sales revenue of 1.593 billion yuan, with a year-on-year increase of 10.77% [1] - The new retail pharmaceutical business recorded sales revenue of 1.493 billion yuan, with a notable growth in franchise stores reaching 31,535, and sales to franchise stores amounting to 3.418 billion yuan, up 41.30% year-on-year [1] - The digital logistics and supply chain solutions segment achieved business revenue of 587 million yuan, reflecting a year-on-year growth of 24.66% [1] Additional Business Developments - The company’s brand promotion business (CSO) focused on introducing new products and increasing sales of existing products, reaching a sales scale of 9.591 billion yuan in the first half of the year [1] - The B2B e-commerce platform, Yaojiu Jiu, and retail e-commerce services for outpatient digital distribution experienced rapid growth, with revenue of 10.636 billion yuan, marking a year-on-year increase of 21.08% [1]

Investment Rating - The report has downgraded the investment rating to "Accumulate" [4] Core Views - The company reported a slight decline in revenue but a solid increase in net profit, indicating improved profitability despite challenges in the retail pharmacy sector [2][4] - The company is optimizing its store layout and slowing down the pace of new store openings, focusing on enhancing operational efficiency and profitability [3][4] - The online business is rapidly developing, with significant growth in membership and internet sales, contributing positively to overall revenue [3][4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved revenue of 117.22 billion and a net profit of 8.80 billion, with a year-on-year change of -0.34% and +10.32% respectively [1] - The operating cash flow for the same period was 15.70 billion, reflecting a decrease of 13.84% year-on-year [1] Store Network and Strategy - As of the first half of 2025, the total number of stores reached 14,701, with a net increase of only 17 stores, indicating a strategic shift towards optimizing existing locations rather than aggressive expansion [3] - The company has closed 272 stores while opening 81 new direct-operated stores and 208 new franchise stores [3] Online Business Development - The company has built a membership base of 110 million, a year-on-year increase of 14.59%, with membership sales accounting for approximately 84.93% of total sales [3] - Internet business revenue reached 13.55 billion, a year-on-year increase of 23.63%, representing 11.56% of total revenue [3] Profitability and Forecast - The report forecasts a decrease in net profit for 2025 and 2026, with estimates of 17.53 billion and 20.33 billion respectively, reflecting a downward adjustment of 20% and 25% from previous estimates [4] - The projected net profit for 2027 is 23.13 billion, with corresponding P/E ratios of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company has shown steady revenue growth with a slight decline in revenue for the first half of 2025, but a significant increase in net profit [1][4] - The company is strengthening its competitive advantage through a direct sales model and expanding its store network across key regions in China [2][3] - The company is actively embracing new retail strategies, focusing on member-based services and integrating online and offline health management solutions [3] Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.722 billion yuan, a year-on-year decrease of 0.3%, while net profit attributable to shareholders was 880 million yuan, an increase of 10.3% [1] - The gross margin for the first half of 2025 was 40.47%, up 0.42 percentage points year-on-year, and the net profit margin was 8.07%, up 0.76 percentage points year-on-year [2] - The company opened 81 self-owned stores and closed 272 stores in the first half of 2025, resulting in a total of 14,701 stores as of June 30, 2025 [2] Future Projections - The company’s net profit is projected to reach 1.783 billion yuan in 2025, with growth rates of 16.7%, 17.2%, and 18.7% expected for 2025, 2026, and 2027 respectively [4][5] - The report forecasts operating revenue to grow from 26.555 billion yuan in 2025 to 32.195 billion yuan in 2027, reflecting a compound annual growth rate of approximately 10% [5] Market Position - The company is focusing on consolidating its presence in central and eastern China while expanding its market reach nationwide [2] - The membership sales ratio reached 84.93%, indicating strong customer loyalty and engagement [3]

Core Viewpoint - Yifeng Pharmacy achieved a net profit attributable to the parent company of CNY 880,045,883.20 for the first half of 2025, with a total distributable profit of CNY 5,761,758,753.44 as of the end of the reporting period [2]. Company Overview - The company operates under the stock code 603939 on the Shanghai Stock Exchange, with a total asset value of CNY 26,318,216,437.33, reflecting a decrease of 5.92% compared to the previous year [3]. - The total revenue for the reporting period was CNY 11,721,819,634.46, showing a slight decline of 0.35% year-on-year [3]. - The total profit amounted to CNY 1,263,589,794.94, which is an increase of 11.67% compared to the same period last year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 857,117,299.17, representing a growth of 9.08% [3]. Store Network and Operations - As of June 30, 2025, the company had a total of 10,681 directly operated stores, with a net increase of 17 stores during the reporting period [7]. - The company has established a multi-tiered store network, including flagship stores, regional center stores, medium-sized community stores, and small community stores, focusing on expanding its presence in Central South, East China, and North China regions [7]. - The average daily sales per square meter across all store types was CNY 53.73, with flagship stores achieving the highest at CNY 131.51 [8]. Membership and Sales Performance - The total number of registered members reached 110 million, with member sales accounting for 84.93% of total sales [10]. - The company has implemented an O2O (Online to Offline) strategy, with over 10,000 stores participating, resulting in internet sales revenue of CNY 1,355 million, including CNY 944 million from O2O sales and CNY 411 million from B2C sales [10].

Core Viewpoint - The company reported a net profit of 880,045,883.20 yuan for the first half of 2025, with a proposed cash dividend of 0.30 yuan per share, amounting to a total distribution of 363,725,056.20 yuan, which represents 41.33% of the net profit attributable to shareholders [4][30]. Group 1: Financial Performance - The company achieved a net profit of 880,045,883.20 yuan for the first half of 2025 [4]. - The total profit available for distribution to shareholders at the end of the reporting period was 5,761,758,753.44 yuan [4]. - The proposed cash dividend is 0.30 yuan per share, with an estimated total payout of 363,725,056.20 yuan [4][30]. Group 2: Store Network and Operations - As of June 30, 2025, the company operated 10,681 directly managed stores, with 95.37% of these stores having obtained medical insurance qualification [6][9]. - The company continues to expand its store network, with a total of 14,701 stores (including 4,020 franchise stores) and a total operating area of 1,064,700 square meters [8]. - The company closed 272 stores during the reporting period, primarily due to location optimization and strategic adjustments [6]. Group 3: Online Business Development - The company has built a new retail ecosystem focusing on member services, big data, and online healthcare, achieving online sales revenue of 1,355 million yuan during the reporting period [7]. - The membership base reached 110 million, with member sales accounting for 84.93% of total sales [7]. Group 4: Fundraising and Usage - The company raised 1,797.432 million yuan through the issuance of convertible bonds, with a net amount of 1,780.026 million yuan after deducting fees [10][11]. - The company has established 22 special accounts for the management of raised funds, ensuring compliance with regulatory requirements [12].

Core Viewpoint - The conference hosted by Kangyuan Pharmaceutical focused on the theme of "Innovating Traditional Chinese Medicine to Empower New Retail," highlighting the transformation in the pharmaceutical industry from "incremental competition" to "value co-creation" [1] Group 1: Company Strategy - Kangyuan plans to invest 30 million yuan to focus on key products such as Jinzhen Oral Liquid and Compound Nanshing Pain Relief Plaster, aiming for extensive exposure through platforms like Douyin and Xiaohongshu [1] - The company aims to establish a closed-loop marketing model that includes "precise promotion → platform traffic → store fulfillment" [1] - Kangyuan has 59 exclusive innovative drugs, 26 exclusive medical insurance drugs, and 7 exclusive essential drugs, covering various fields such as anti-infection, gynecology, orthopedics, and cardiovascular health [3] Group 2: Market Trends - The O2O market is experiencing three major trends: accelerated integration of online and offline channels, increased demand for professional pharmaceutical services, and significant growth in innovative traditional Chinese medicine products [3] - Consumers are seeking seamless purchasing experiences that combine online and offline options [3] - There is a notable rise in demand for specialized pharmaceutical services, including medication consultation and disease management [3] Group 3: Partnership and Collaboration - Kangyuan introduced a "Joint Venture Cooperation Plan," committing 30 million yuan to support partners in digital marketing activities on mainstream online platforms [4] - The company aims to create tangible economic benefits for partners through targeted advertising and personalized promotional strategies [4] - Feedback from national chain pharmacy representatives indicates confidence in Kangyuan's products and the potential for mutually beneficial partnerships [6] Group 4: Expert Insights - Industry experts highlight the significance of Kangyuan's strategic layout, which aims to build a multi-channel marketing network and enhance brand youthfulness [6] - The strategy is expected to drive data-driven precise marketing and improve user experience [6] - The initiative also aims to promote the new dissemination of traditional Chinese medicine culture in modern society [6]

Core Insights - Sichuan Hezhong Yaoyigou Pharmaceutical Co., Ltd. (referred to as "Yaoyigou") reported a decline in both revenue and net profit in the first half of 2025 amid pressures on traditional business operations [1] - The company plans to focus on multiple business segments including new retail in pharmaceuticals, B2B e-commerce, supply chain, and digital intelligence empowerment to enhance overall performance [1] - Yaoyigou's business strategy is centered around full industry chain coverage, establishing a three-dimensional system of "upstream control, midstream empowerment, and downstream reach" [1] - The company aims to strengthen ecological collaboration through digital technology and capital tools, with industry experts optimistic about its future development based on clear strategic planning and gradual implementation [1]