益丰药房 20251225 摘要 益丰药房通过收并购和加盟门店扩展实现中期发展，当前行业不景气， 中型连锁药房面临生存挑战，为益丰提供了以较低 PS（0.4-0.5 倍）进 行并购的良好机会，同时，益丰精细化管理和运营能力为加盟业务的推 广奠定基础。 长期来看，医药行业处于出清阶段，处方外流趋势缓慢但持续，行业增 长速度相对较弱，但仍具发展潜力。目前线下药店数量减少，但出清速 度缓慢，线上销售增速较快，对线下市场形成一定冲击。 益丰药房 PE 估值位于历史低位，处于过去 10 年 1%左右的分位数，向 下空间有限，向上空间更大，是投资头部连锁药房的良好时机。整个药 房板块位于过去 10 年 20%左右的分位数。 益丰药房成立于 2001 年，通过内生扩张和并购成为领先连锁药房，门 店数量接近 1.5 万家，会员超过 1 亿。零售是主要收入来源，加盟及分 销业务毛利率相对较低。在中南、华东、华南等地区拥有较高市场份额。 司美格鲁肽在中国市场销售额快速增长，预计 2025 年上半年销售额约 为 4 亿美元，全年可能达到 70 亿元人民币，终端销售额可能达到百亿 级别，推动线上药品销售增长，但用于糖尿病和减重的具体 ...

Core Insights - The core focus of the articles is on Innovent Biologics' strategic moves in the biopharmaceutical industry, particularly its new weight-loss drug, the global partnership with Takeda Pharmaceutical, and the innovative sales strategies being employed. Group 1: Product Development and Approval - Innovent Biologics' new weight-loss drug, Xinermy (Mastideptin injection), received approval in June 2025, marking it as the first GCG/GLP-1 dual-target weight-loss and diabetes drug globally [1] - The company has shown confidence in its self-developed weight-loss drug and is exploring various clinical applications, including obesity in adolescents and fatty liver disease [7] Group 2: Strategic Partnerships - Innovent Biologics entered a global strategic partnership with Takeda Pharmaceutical, which includes an upfront payment of $1.2 billion (including $100 million in premium strategic equity investment) and potential milestone payments, with a total deal value up to $11.4 billion [3] - The partnership involves a co-development model for IBI363, with costs shared at a 40/60 ratio between Innovent and Takeda, allowing for greater control over the pipeline and potential commercial returns [3][4] Group 3: Sales and Marketing Strategies - Innovent Biologics is shifting its sales strategy towards online channels, launching Xinermy on JD Health shortly after its approval, with over one million searches for the drug on the platform within a month [9] - The collaboration with JD Health aims to leverage its comprehensive supply chain and digital marketing capabilities to enhance drug accessibility and efficiency in the biopharmaceutical sector [9][10] Group 4: Logistics and Distribution - JD Health has established a robust cold chain logistics system to ensure the proper storage and transportation of the temperature-sensitive drug, with over 90% of orders delivered the same or next day [13] - The logistics network includes specialized smart insulation boxes and a 24/7 emergency response mechanism to maintain compliance and ensure drug safety during transport [15]

Financial Performance - The company reported an impressive operating cash flow of 0.92 CNY per share, reflecting a year-on-year increase of 991.52% [2] - The net cash flow from operating activities increased by 993.71% due to optimized cash flow management and accelerated discounting of receivables [2][5] Sales and Marketing Strategy - The company has established a strong presence in both B2C and O2O channels, achieving rapid growth by collaborating with major platforms and expanding its online medical resources [3] - The O2O strategy focuses on differentiated operations based on consumer needs, enhancing exposure and conversion rates through targeted marketing [3] - The company’s pain relief patches have outperformed the industry growth rate due to their dual efficacy in pain relief and anti-inflammation [4] Research and Development - The company is concentrating its R&D efforts on key therapeutic areas such as external pain relief, respiratory, and neurological treatments, with a focus on unmet clinical needs [4][6] - The new drug "Xiaoer Relixin Granules" has received clinical trial approval, enhancing the pediatric product pipeline [5] - R&D investment reached 48.65 million CNY in the first half of the year, a 3.31% increase year-on-year, with a R&D expense ratio of 5.6%, below the industry average [6] Market Position and Competitive Advantage - The company has established itself as a leading brand in the Tibetan medicine market, particularly in external pain relief [6] - The competitive landscape has intensified due to increased demand for topical anti-inflammatory products, but the company maintains a unique advantage with its multi-target Tibetan medicine formulations [4] - The company’s strategic focus on brand recognition and product differentiation supports its market leadership [6] Future Outlook - The company plans to enhance its cash flow management through improved receivables management and expanded financing channels to support business growth and R&D investments [5] - The ongoing construction of the pharmaceutical industrial base is on track, with production licenses being obtained for various formulations [4]