2025.06. 23 本文字数：3933，阅读时长大约7分钟 作者 | 第一财 经 吴斯旻 执业药师"挂证"乱象正迎来新一轮全国性的强监管。 近期，国家医保局发布"关于对定点零售药店药师'挂证'等情况开展核查的公告"，要求相关医保部门 对统筹区内可能存在药师被假冒或"挂证"的定点零售药店进行认真核查。省级医保部门于2025年6月 30日前向国家医保局上报核查结果。 该公告还称，国家医保局将通过日常巡查、专项检查、智能监控、数据筛查等多种方式，不定期对定 点零售药店药师配备及在岗履职情况、医保基金使用情况等进行监督检查。 一种普遍存在的业界观点是，执业药师的数量缺口是一些药店频频违规使用"影子药师"的诱因。 但不可否认的是，近年来我国执业药师人数已连年增长。国家药监局执业药师资格认证中心最新数据 显示，截至今年5月底，全国拥有执业药师证845996人，较七年前已经翻了一翻。目前，平均每万 人口拥有执业药师6.0人。执业药师中，又有超九成流入了药品零售企业。 多名受访业界人士认为，除了总量缺口，时下还应该关注执业药师区域分布不均衡现象。此外，执业 药师"挂证"问题，不仅仅是因为人员供给侧存在缺口，更是因为零售药 ...

Core Insights - The Chinese pharmaceutical industry possesses advantages in population and domestic demand, manufacturing and supply chain, and rapidly improving innovation capabilities, while the number of Chinese assets going abroad continues to rise [1][2] - In the face of external challenges, the industry needs to focus on domestic stability and external expansion, emphasizing supply chain autonomy, innovation, and integration domestically, while accelerating internationalization to seize global opportunities [1][2] Domestic Focus - Policy outlook indicates that reforms are entering a deep-water zone, with high-quality growth becoming the norm; key areas of focus include optimization of drug and consumable procurement policies, diversified payment methods, and medical service price reforms by the second half of 2025 [3] - The pharmaceutical supply chain is undergoing optimization and active innovation transformation, with a focus on supply chain security [3] - There are positive prospects for import substitution and merger integration opportunities in medical devices, with attention to new technology directions such as AI and brain-machine interfaces [3] - The industry is observing a recovery rhythm and long-term transformation in traditional Chinese medicine, pharmacies, distribution, medical services, and vaccines [3] External Expansion - Chinese innovations in pharmaceuticals are gaining recognition on the international stage, with ongoing strengthening of industry trends [4] - The pharmaceutical upstream and life sciences sectors are actively exploring overseas markets to seek a second growth curve [4] - Short-term tariff disruptions in raw materials are limited, with a focus on industry transformation opportunities [4] - The trend of internationalization in medical devices is firmly supported, with attention to opportunities for independent sales and business development of certain innovative devices [4] - The introduction of immunoglobulin provides opportunities for blood products to go abroad, with ongoing progress in overseas registration [4] - The export of vaccines is becoming more diversified, with an expected acceleration in progress [4] Investment Outlook for Second Half of 2025 - The focus on innovation will center around innovative drugs and pharmaceutical companies (e.g., bispecific antibodies, T-cell engagers, nuclear medicine) and medical devices (e.g., AI, brain-machine interfaces) [5] - The export focus will highlight representative segments such as innovative drugs and medical device companies [5] - Marginal changes will be driven by policy improvements (including pharmaceutical distribution and medical equipment updates) and supply-demand relationship improvements in sectors like CXO, life sciences, and upstream biopharmaceuticals [5] - The integration focus will recommend attention to medical devices and traditional Chinese medicine sub-sectors, certain pharmaceutical companies, and state-owned enterprises [5]

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].

证券研究报告：医药生物|行业周报 发布时间：2025-06-16 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7895.79 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 推荐标的：英科医疗、迈普医学、怡和嘉业、微电生理、 拱东医疗、派林生物、益丰药房、大参林、康臣药业、佐力药 业、桂林三金、天士力、新里程、美年健康、国际医学。 《政策支持上市公司通过并购重组高 质量发展，行业整合持 ...

Core Viewpoint - The actual controller of Dazhenglin, Ke Jinlong, plans to reduce his holdings by up to 22.777 million shares, accounting for 2% of the total share capital, aiming to raise approximately 394 million yuan [1][3]. Group 1: Share Reduction Plan - The share reduction plan will officially start on June 27 and continue until September 26 [3]. - Dazhenglin stated that the purpose of this reduction is to adjust asset and financing structure, repay personal debts, and lower the stock pledge ratio [3]. - Ke Jinlong currently holds a 20.16% stake, making him the second-largest shareholder [3]. Group 2: Legal Issues and Penalties - Dazhenglin's wholly-owned subsidiary, Maoming Dazhenglin Chain Pharmacy, was fined 4 million yuan for unit bribery, while Ke Jinlong received a three-and-a-half-year prison sentence and a fine of 500,000 yuan for the same offense [3]. - The case originated from the subsidiary's historical wholesale business, with involved customer sales accounting for 0.25%, 0.20%, and 0.15% of total revenue from 2020 to 2022 [3]. - Ke Jinlong was placed under detention on July 14, 2023, and criminally detained on August 21, but Dazhenglin did not disclose this until March 1, 2024 [3]. Group 3: Regulatory Actions - The Guangdong Securities Regulatory Bureau took regulatory measures against Dazhenglin and related responsible persons [3]. - The Shanghai Stock Exchange imposed a six-month suspension on accepting issuance applications and publicly reprimanded the actual controllers, including Ke Jinlong [3]. - Ke Jinlong, along with his brothers, collectively controls 64.04% of the shares, forming a concerted action relationship [3].

Core Insights - The pharmaceutical retail industry is undergoing significant transformation driven by continuous policy adjustments, diverse consumer health needs, and deep penetration of digital technologies [1][2][6] - Major trends in the industry include accelerated layout of dual-channel pharmacies, continuous expansion of DTP (Direct to Patient) pharmacies, and gradual improvement of new retail health service ecosystems [1][6] Policy Support - Recent policy changes have facilitated the development of new retail in pharmacies, including the gradual relaxation of online prescription drug sales, allowing consumers easier access to prescription medications [2] - The expansion of online medical insurance payment trials and the promotion of electronic medical insurance credentials have laid a solid foundation for large-scale online drug purchases [2] Omnichannel Integration - The company has established deep cooperation with O2O platforms such as Meituan, Ele.me, JD Daojia, and Tmall, leveraging their user traffic and delivery systems to expand online sales channels [3] - As of the end of 2024, the O2O delivery service coverage rate reached 80.38%, with a focus on user-centered 24-hour delivery services [3] - The company operates a membership system with over 100 million members, enhancing customer engagement through personalized health information and exclusive offers [3] Digital Upgrade - The company is piloting a "smart pharmacy" project, equipping stores with self-service drug dispensing machines and remote consultation screens to enhance customer convenience [4] - Integration of online and offline inventory systems allows for seamless "online ordering and in-store pickup" experiences for consumers [4] Multi-Dimensional Expansion - The company employs a "self-built + acquisition + direct franchise" model for store expansion, with a total of 16,622 stores nationwide as of March 31, 2025, including a net increase of 2,479 stores in 2024 [5] - The company has actively developed DTP pharmacies and slow disease management outlets, with 248 DTP pharmacies and 2,822 various medical insurance coordination stores by the end of 2024 [5] - The company has achieved significant revenue growth in the Northeast, North China, Southwest, and Northwest regions, with a revenue growth rate of 34.42% in these areas in 2024 [5] Future Outlook - The pharmaceutical retail market holds substantial potential, and the company aims to explore a business model integrating "medicine + health + care + testing + insurance" to provide comprehensive health solutions [6] - The company is committed to leading the industry towards a more diversified, professional, and intelligent direction, contributing to the advancement of China's pharmaceutical retail sector [6]

地址：山东省济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 邮编：250102 网址：www.dehenglaw.com 电话：（86）531-8166 3606 北京德恒（济南）律师事务所 关于漱玉平民大药房连锁股份有限公司 2023 年限制性股票 激励计划作废部分已授予尚未归属的限制性股票的法律意见 北京德恒（济南）律师事务所 关于漱玉平民大药房连锁股份有限公司 作废部分已授予尚未归属的限制性股票的 法律意见 德恒 11G20230145-13 号 致：漱玉平民大药房连锁股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）接受漱玉平民大药房 连锁股份有限公司（以下简称"漱玉平民"或公司）的委托，作为公司 2023 年 限制性股票激励计划（以下简称"本激励计划"）的专项法律顾问，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）、《上市公司股权激励管理办法》（以下简称《管理 办法》）、《深圳证券交易所创业板股票上市规则》（以下简称《上市规则》） 等法律法规、规范性文件和《漱玉平民大药房连锁股份有限公司章程》（以下 简称《公司章程》）的规定， ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14]. - The pharmaceutical and biotechnology sector has shown a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18]. Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14]. - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15]. 2. Subsector Performance - The pharmaceutical sector's sub-indices all recorded gains, with the raw materials and blood products sectors leading with a 2.89% increase [7][22]. - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26]. 3. Recommended and Beneficiary Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihe Jiaye, among others [8]. - Beneficiary stocks identified are Shanhaishan, Yirui Technology, and Lianying Medical [27]. 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI applications in imaging and surgery [26]. - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29]. - **IVD Sector**: The report notes a 2.00% increase in the IVD sector, with a focus on AI-assisted diagnostics [30]. - **Blood Products**: The blood products sector is experiencing a 2.89% increase, with ongoing consolidation and product diversification [31]. - **Retail Pharmacy**: The offline pharmacy sector is expected to benefit from improved operational efficiencies through AI integration [34]. - **Healthcare Services**: The hospital sector has seen a 1.07% increase, with growth in specific medical fields like ophthalmology and reproductive health [36]. - **Traditional Chinese Medicine**: The sector is expected to recover as the impact of previous procurement policies diminishes [38]. - **CXO Sector**: The report indicates a positive outlook for the CXO sector, driven by increased demand for outsourcing in drug development [40].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14] - The pharmaceutical and biotechnology sector has seen a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18] Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14] - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15] 2. Subsector Performance - The pharmaceutical and biotechnology sector has shown positive performance across all sub-sectors, with the raw materials and blood products sectors leading with a 2.89% increase [7][22] - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26] 3. Recommended and Benefiting Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihua Jiaye, among others [8] - Benefiting stocks from the current trends include Shanhaishan, Yirui Technology, and Lianying Medical [8][27] 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI integration in imaging and surgical applications [26] - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29] - **IVD Sector**: The in vitro diagnostics sector is anticipated to recover as AI technologies enhance diagnostic capabilities [30] - **Blood Products**: The blood products sector is experiencing stable demand, with a projected 10.9% increase in plasma collection in 2024 [31] - **Retail Pharmacy**: The retail pharmacy sector is expected to see improved performance as market conditions stabilize and AI technologies enhance operational efficiency [34] - **Healthcare Services**: The healthcare services sector is showing signs of recovery, particularly in ophthalmology and reproductive health services [36] - **Traditional Chinese Medicine**: The sector is expected to benefit from improved consumer sentiment and demand for high-quality OTC products [38] - **CXO Sector**: The CXO sector is entering an upward cycle as companies report improved order growth and performance [40]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][7]. Core Views - The company's performance in 2024 was impacted by an increase in sales expense ratio, leading to a decline in net profit [4]. - The company achieved a total revenue of 9.283 billion yuan in 2024, representing a year-over-year growth of 2.23%, while the net profit decreased by 69.08% to 128 million yuan [4][10]. - The company continues to expand its store count, reaching a total of 5,486 stores by the end of 2024, with a net increase of 370 stores [5]. - The company has over 26 million effective members, with member consumption accounting for nearly 70% of total sales, supporting stable growth [5]. - The company is focusing on differentiated competition and multi-channel operations, with online channel revenue growing by 19.51% year-over-year, accounting for 27.9% of total revenue [6]. Financial Summary - The company forecasts revenues of 10.1 billion yuan, 11.05 billion yuan, and 12.003 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 8.80%, 9.41%, and 8.62% [7][10]. - The projected net profits for the same years are 196 million yuan, 242 million yuan, and 271 million yuan, with growth rates of 53.1%, 23.3%, and 12.2% [7][10]. - The company’s earnings per share (EPS) are expected to be 1.27 yuan, 1.56 yuan, and 1.76 yuan for 2025, 2026, and 2027, respectively [10].