故事来源：风物长宜 文章整理：落尘 2018年那个台风肆虐的夜晚，我浑身湿透地站在银行ATM机前，手里攥着被雨水泡皱的基金单子。屏幕上刺眼的绿光显示， 我送外卖攒下的两万多块钱， 在医疗基金里已经亏了快四成 。手机突然震动，租房群里弹出消息："902房月底再不交租就换锁"——那正是我住了三年的小单间。 在便利店啃着冷饭团时，我发现货架上的基金广告写着"年化收益30%"，和外卖平台"冲单奖500元"的标语一样闪着诱人的光。把基金亏损页面设成手机壁 纸时，水珠从屏幕滑落，把基金代码晕染得像急诊室的"ICU"指示灯。 住在城中村的五年里， 我的外卖箱成了移动书房 ： 有次给基金经理送沙拉，他翻着我箱子里折角的《指数基金指南》说：" 你知道这个医疗基金70%的钱都押在十家公司吗？ "见我发愣，他指着外卖箱打比 方：" 就像你同时接十个订单，七个都要送到同一栋没电梯的老楼。 " 那天夜里，我对照着基金持仓明细，发现重仓的某医药公司，正是上个月暴雨天给他们实验室送过二十杯咖啡的地方。嗦着猪脚粉时突然开窍： 这和外卖 平台把大雨天补贴从五块降到两块，不都是一个道理？ 箱盖上贴着" 今日目标：读完《小狗钱钱》第十章 " 夹层 ...

公 司 报 告 医药 2025年04月30日 益丰药房(603939.SH) 经营稳健，业绩持续增长 推荐 ( 维持) 股价:28元 行情走势图 相关研究报告 【平安证券】益丰药房（603939.SH）*季报点评*业 绩稳健增长，利润率持续提升*推荐20241101 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 王钰畅 投资咨询资格编号 S1060524090001 WANGYUCHANG804@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 22,588 | 24,062 | 27,626 | 31,736 | 36,180 | | YOY(%) | 13.6 | 6.5 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [13]. Core Insights - The long-acting interferon is expected to be approved by the end of 2025, which is seen as a significant growth opportunity for the company [9]. - The company has demonstrated confidence in its future development by launching an employee stock ownership plan, which involves repurchased shares and aims to incentivize performance based on revenue and profit growth targets [9]. - Despite a revenue decline in 2024 due to price reductions from procurement policies, the company is expected to recover as product coverage improves and sales strategies stabilize [8][9]. Financial Performance Summary - For 2024, the company reported revenues of 1.23 billion yuan, a decrease of 12.87% year-on-year, while net profit increased by 22.18% to 142 million yuan [3][9]. - The first quarter of 2025 showed a revenue increase of 8.90% year-on-year, reaching 232 million yuan, with net profit growing by 15.92% to 26 million yuan [3]. - The projected revenues for 2025 and 2026 are 1.54 billion yuan and 1.98 billion yuan, respectively, with expected growth rates of 25.5% and 28.6% [11]. Key Financial Ratios - The company maintains a healthy gross margin of approximately 81.9% for 2024, with a net profit margin of 11.6% [11]. - The return on equity (ROE) is projected to improve from 7.7% in 2024 to 11.6% by 2027, indicating increasing profitability [11]. - The price-to-earnings (P/E) ratio is expected to decrease from 29.5 in 2024 to 15.5 in 2027, suggesting that the stock may become more attractive as earnings grow [11].

Investment Rating - The report maintains a "Recommended" rating for the company [1][7][13] Core Views - The company reported a revenue of 22.36 billion yuan in 2024, a slight decrease of 0.36% year-on-year, with a net profit of 519 million yuan, down 44.13% year-on-year [3][4] - The gross margin is expected to improve to 33.17% in 2024, an increase of 0.62 percentage points, driven by the Torch Project which optimizes operations, procurement, and sales [6][7] - The company aims to enhance profitability through refined management practices, with net profit forecasts adjusted to 912 million yuan for 2025, 1.00 billion yuan for 2026, and 1.24 billion yuan for 2027 [6][7] Financial Performance Summary - Revenue projections for 2024 are 22.36 billion yuan, with expected growth of 14.9% in 2025 and 13.6% in 2026 [5][11] - The net profit is projected to recover to 912 million yuan in 2025, with a growth rate of 75.6% [5][11] - The gross margin is forecasted to increase gradually, reaching 35.0% by 2027 [5][11] - The company plans to continue expanding its store network, adding 1,703 stores in 2024, with a focus on key provinces to increase market share [6][7] Key Financial Ratios - The company’s return on equity (ROE) is expected to improve from 7.9% in 2024 to 14.7% by 2027 [5][11] - The price-to-earnings (P/E) ratio is projected to decrease from 26.8 in 2024 to 11.3 by 2027, indicating potential value for investors [5][11] - The debt-to-asset ratio is forecasted to decline from 66.0% in 2024 to 61.0% in 2027, suggesting improved financial stability [5][11]

| 排名 | 股票名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 常山北明 | 9.89 | 48.40 | | 2 | 瑞芯微 | 5.84 | 21.96 | | 3 | 探路者 | 3.39 | 20.86 | | ব | 塞力斯 | 3.26 | 12.59 | | 5 | 南方精工 | 3.23 | 19.72 | | 6 | 贵州茅台 | 3.10 | 9.25 | | 7 | 海南华铁 | 3.09 | 11.28 | | 8 | 川润股份 | 2.81 | 50.09 | | g | 兴森科技 | 2.37 | 18.83 | | 10 | 汇川技术 | 2.13 | 8.24 | | 排名 | 板块名称 | 主力资金净流出（亿元） | 主力资金净流出率(%) | | --- | --- | --- | --- | | ー | 银行 | -20.86 | -6.54 | | 2 | 基础化工 | -14.32 | -2.50 | | 3 | 有色金属 | -11.65 | -4.18 | | ব | 电新行业 | ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing a strong upward trend, with significant increases in key stocks and ETFs, driven by favorable policies and innovations in the industry [1][2][4]. Group 1: Market Performance - As of April 30, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index (930965) rose by 1.05%, with notable increases in stocks such as MicroPort Scientific Corporation-B (02252) up 11.12% and BeiGene (06160) up 5.97% [1]. - The Hong Kong Pharmaceutical ETF (159718) increased by 0.56%, with a recent price of 0.72 HKD, and has seen a 1.56% rise over the past week, ranking among the top in its category [1][2]. - The CSI Pharmaceutical and Medical Device Innovation Index (931484) rose by 0.81%, with stocks like Kelun Pharmaceutical (002422) up 5.83% and East China Pharmaceutical (000963) up 2.70% [4]. Group 2: Trading Activity - The Hong Kong Pharmaceutical ETF recorded a turnover rate of 28.85% during trading, with a total transaction volume of 74.15 million HKD, indicating active market participation [2]. - The ETF's average daily trading volume over the past week was 112 million HKD, and it has seen a significant growth in scale, increasing by 57.33 million HKD this month, leading its category [2]. Group 3: Regulatory and Policy Developments - The Hainan Provincial Government is promoting the rapid clinical use of innovative drugs and medical devices through policy guidance and inter-departmental collaboration, aiming for high-quality development in the biopharmaceutical industry [2]. - The National Medical Products Administration (NMPA) is conducting research to enhance regulatory efficiency and support innovation in drug development, emphasizing the need for comprehensive reforms in drug regulation [2]. Group 4: Investment Opportunities - The current market conditions, including the integration of "Artificial Intelligence +" in medical applications and the emergence of new healthcare business models, present potential investment opportunities in the pharmaceutical sector [2]. - The valuation of the Hong Kong Pharmaceutical ETF, with a price-to-earnings ratio (PE-TTM) of 23.91, is at a historical low, suggesting a favorable entry point for investors [4].

Group 1 - The core viewpoint indicates that the 中证500ETF has experienced significant growth in trading volume, scale, and shares, reflecting increased investor interest and liquidity in the market [3] - In terms of liquidity, the 中证500ETF recorded a trading volume of 57.4372 million yuan, with a scale increase of 56.2151 million yuan over the past two weeks [3] - The number of shares for 中证500ETF has grown by 129 million shares this month, indicating a strong upward trend [3] Group 2 - The data shows that there has been a net inflow of funds into 中证500ETF, with 6 out of the last 10 trading days seeing a total net inflow of 81.1992 million yuan [3] - Leverage funds are actively positioning in 中证500ETF, with a net financing purchase of 3.7492 million yuan on the previous trading day and a latest financing balance of 71.5498 million yuan [3] - The political bureau meeting in April emphasized a bottom-line thinking approach, suggesting that the market may enter a phase of adjustment and consolidation due to cautious investor behavior and the need for funds to re-anchor value [3] Group 3 - The top ten weighted stocks in the 中证小盘500指数 as of March 31, 2025, include 江淮汽车, 光启技术, and others, collectively accounting for 6.19% of the index [3] - Investors can also access A-share small and medium-sized investment opportunities through the 中证500ETF联接基金 (070039) [4]

4月份制造业采购经理指数有所回落 （四）预期指数保持扩张。生产经营活动预期指数为52.1%，继续位于扩张区间。部分行业企业对近期 发展信心较强，其中食品及酒饮料精制茶、汽车、铁路船舶航空航天设备等行业生产经营活动预期指数 均位于58.0%及以上较高景气区间。 非制造业商务活动指数继续保持扩张 ——国家统计局服务业调查中心高级统计师赵庆河解读2025年4月中国采购经理指数 2025年4月30日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 4月份，制造业采购经理指数为49.0%，比上月下降1.5个百分点；非制造业商务活动指数和综合PMI产 出指数分别为50.4%和50.2%，继续保持在扩张区间。 一、制造业采购经理指数有所回落 4月份，受前期制造业较快增长形成较高基数叠加外部环境急剧变化等因素影响，制造业PMI为49.0%， 回落至临界点以下。 （一）产需两端均有放缓。生产指数和新订单指数分别为49.8%和49.2%，比上月下降2.8和2.6个百分 点，制造业生产和市场需求均有所回落。从行业看，农副食品加工、食品及酒饮料精制茶、 ...

Group 1 - The company operates primarily in the pharmaceutical and health industry, focusing on pharmaceutical manufacturing, retail, research, and investment [3] - The company has approximately 128 drug production licenses, including 55 products listed in the national medical insurance directory [3] - The company has one new drug under research and five unique products or dosage forms nationwide [3] Group 2 - The company received a non-standard audit opinion from Beijing Dehao International Accounting Firm, indicating an inability to express an opinion on the financial report [2] - The company has not distributed cash dividends or bonus shares during the reporting period [2] - The company has initiated bankruptcy reorganization to address historical debt pressures and improve operational sustainability [6][7] Group 3 - The company is at risk of delisting due to its stock price being below 1 yuan for twenty consecutive trading days [8] - The Shenzhen Stock Exchange has issued a notice indicating the intention to terminate the company's stock listing [8]