投资逻辑： 复盘 2025 年，药店、中药板块整体行情都相对偏弱。 展望 2026 年，药店、中药板块都有望迎来触底回升的机会。 投资建议 药店：1）市占率提升，关注行业出清期，龙头公司的并购、加盟节奏。2）关注非药调改进展。相关公司如益丰药房、 大参林等。 中药：1）院外关注渠道库存管控良好、品牌力强的低估值优质资产，如华润三九等；2）院内关注基药目录更新的潜 在受益标的。3）稳健的高股息标的，如羚锐制药、济川药业、东阿阿胶等。 重点标的 益丰药房、华润三九、济川药业、羚锐制药、东阿阿胶、大参林等 风险提示 集采执行进展不及预期、院外复苏不及预期、研发进展不及预期、并购整合不及预期的风险等。 敬请参阅最后一页特别声明 1 药店：在政策促行业向更规范发展、整体消费景气度不足、终端需求偏弱等多重因素影响下，2018-2023 年快速 提升的行业门店数量带来的竞争压力被持续放大，行业同店增长明显放缓，行业迎来出清阶段，自 2024 年 Q4 开 始，连续多个季度关店多于开店。 中药：2025 年板块行情整体偏弱，主要系受业绩表现承压影响，尤其是药品零售环境相对疲软，院外 OTC 产品销 售有所波动，且流感发病率整 ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 7.446 billion CNY, a year-on-year increase of 5.19% [2][3] - The net profit attributable to shareholders reached 1.09 billion CNY, reflecting a significant year-on-year growth of 927.37% [3] - The net profit after deducting non-recurring gains and losses was 940.46 million CNY, up 160.23% compared to the previous year [3] Market Environment - The pharmaceutical retail market is entering a stable development phase due to changes in industry policies, regulatory environments, and consumer behavior [3] - Adjustments in medical insurance policies have altered consumer purchasing channels, leading to increased compliance costs and intensified competition [3] Operational Strategies - The company is optimizing its store network, reducing rental costs, and applying digital tools to enhance operational efficiency [3][4] - Measures taken include adjusting loss-making stores and improving inventory turnover efficiency, positively impacting profits [3] Store Network - As of September 2025, the company operates 8,617 stores across several provinces, including Shandong, Liaoning, and Henan, with 4,972 direct-operated and 3,645 franchised stores [3] Future Outlook - The company plans to focus on mergers and acquisitions in Shandong to increase market share and will slow down new regional developments [4][7] - The non-pharmaceutical segment is expected to grow, supported by ongoing adjustments and improvements in supply chain systems [4][7] Product Strategy - The company is enhancing its non-pharmaceutical offerings, including health products, medical devices, and beauty items, to increase revenue and profit contributions [3][4][6] - There is a focus on online sales for certain product categories, while recognizing the continued importance of offline sales for chronic disease medications [5][7] Investor Engagement - The management emphasizes the importance of investor support for the company's high-quality development and ongoing operational improvements [7]