健之佳医药连锁集团股份有限公司 健之佳医药连锁集团股份有限公司 JZJ Chain Drugstore Corporation 会议资料 股票代码：605266 股票简称：健之佳 中国 昆明 二〇二五年五月 健之佳医药连锁集团股份有限公司 健之佳医药连锁集团股份有限公司 关于公司及子公司向金融机构申请综合授信额度及为综合授信额度提供担保的 健之佳医药连锁集团股份有限公司 会议须知 为维护全体股东的合法权益，确保健之佳医药连锁集团股份有限公司（以下 简称"公司"）股东会的正常秩序和议事效率，保证股东会的顺利进行，根据《中 华人民共和国公司法》、《中华人民共和国证券法》、《健之佳医药连锁集团股 份有限公司章程》及《股东会议事规则》的规定，特制定本次股东会须知如下： 一、股东参加股东会，应当认真履行其法定义务，不得侵犯其他股东权益。 二、出席会议的股东（或股东代理人）须在会议召开前 15 分钟到达会议现 场办理签到手续，并请按规定出示本人身份证或其他能够表明其身份的有效证件 或证明、加盖法人公章的企业法人营业执照复印件（法人股东）、授权委托书（股 东代理人）、持股凭证等文件，经验证后领取会议资料，方可出席会议。 在 ...

Financial Performance - In 2024, the company's revenue reached CNY 4.532 billion, representing a growth of 19.34% compared to the previous year [2] - The net profit attributable to the parent company was CNY 138 million, marking a 20.09% increase year-on-year [2] R&D Investment Plans - Future R&D will focus on two main areas: 1. Digital empowerment and technology application, enhancing management efficiency and operational capabilities [3] 2. Drug research and capacity expansion, accelerating product development and leveraging advantages in fermentation technology [3] Store Expansion Strategy - In 2024, the company added 440 new stores through acquisitions, with plans to continue expanding its retail presence in the Anhui region and surrounding areas [3] Competitive Strategies - The company aims to strengthen its market position through: 1. Brand building and promotion to enhance market visibility [4] 2. Engaging in social responsibility initiatives to improve public perception [4] 3. Deepening member services to increase customer loyalty [4] 4. Implementing refined management practices to boost operational efficiency [5] 2025 Development Goals - The company plans to maintain a balanced development across its four core business segments: retail, agency, terminal procurement, and R&D [5] - It aims to enhance its brand market share and continue digital transformation efforts to support business growth [5] Response to Industry Policy Changes - The company is adapting to policy changes by: 1. Increasing R&D investment in high-potential products to enhance competitiveness [7] 2. Improving operational efficiency and cost management through digital transformation [7] 3. Strengthening brand and service value to maintain customer loyalty [7] 4. Actively participating in policy discussions to leverage market opportunities [7]

Core Viewpoint - Guangxi has officially implemented a "no code, no settlement" policy for designated retail pharmacies under the medical insurance system, requiring pharmacies to scan traceability codes for medical insurance drug sales to ensure safety and prevent counterfeit drugs [1][2] Group 1: Implementation Details - All designated retail pharmacies in Guangxi must scan traceability codes and upload information to the medical insurance information platform for drug settlement [1] - The traceability code acts as an "electronic ID" for each drug, assigned from production to sales, allowing for quick identification of counterfeit or substandard drugs [1] - As of now, Guangxi has collected 940 million traceability codes covering 19,000 medical institutions [1] Group 2: Consumer Protection Measures - The "no code, no settlement" policy will not affect the purchasing process for insured individuals or the normal reimbursement of medical insurance [1] - For drugs that have not yet been assigned codes, they can be temporarily included in a "no code library" for real-time data collection and review [1] - Consumers can verify their purchase information through the National Medical Insurance Bureau's official app by scanning the traceability code [2] Group 3: Impact on Drug Safety and Fraud Prevention - The implementation of this policy is expected to effectively curb the influx of counterfeit and "returned" drugs into the market, enhancing public safety [2] - It will also utilize big data analysis to combat various fraudulent activities related to medical insurance funds, ensuring safer and more efficient use of these funds [2]

Core Insights - JD Health and China National Pharmaceutical Group have signed a strategic cooperation agreement to enhance the accessibility of quality medical resources and promote health technology [1][2] - The partnership aims to launch innovative pharmaceutical products, including the first domestically approved tolvaptan patch and a sodium loxoprofen gel patch, through JD Health's online channels [1][2] Group 1: Strategic Partnership - JD Health and China National Pharmaceutical Group will collaborate in disease knowledge dissemination and new product launches [1] - The partnership is expected to leverage JD Health's online platform to improve public access to healthcare services [1][2] Group 2: Product Launches - JD Health will exclusively distribute the 2mg tolvaptan patch online, which is designed to alleviate symptoms of bronchial asthma and other obstructive airway diseases [1] - Another product, sodium loxoprofen gel patch, is the first in China to complete phase III clinical trials and is aimed at treating inflammation and pain from osteoarthritis and muscle injuries [1] Group 3: Market Trends - JD Health is positioned as the leading online health consumption platform, with e-commerce channels projected to account for 12.9% of the pharmaceutical retail market by 2024 [2] - The company employs a comprehensive "B2C + O2O + offline store" model to integrate supply chain, logistics, and medical resources effectively [2] Group 4: Future Collaboration - The partnership will expand to cover various disease areas, including oncology, rheumatology, and cardiovascular health, utilizing JD Health's internet hospital resources [2] - Both companies aim to transform authoritative medical knowledge into accessible content for the public, enhancing health education and chronic disease management [2]

Core Viewpoint - The financial reports of major chain pharmacy companies in A-shares indicate a challenging environment, with only one company, Yifeng Pharmacy, showing profit growth in 2024, while others faced declines, highlighting the difficulties of relying solely on store expansion for growth [1][3]. Financial Performance - In 2024, Yifeng Pharmacy achieved a revenue of 24.06 billion yuan, a year-on-year increase of 6.53%, and a net profit of 1.529 billion yuan, up 8.26% [4]. - In contrast, Shuyu Pingmin reported a revenue of 9.57 billion yuan, a 4.13% increase, but a net loss of 189 million yuan, marking a 241.9% decline compared to the previous year [3][4]. - Other companies like Laobaixing and Yixin Tang also experienced revenue declines, with Laobaixing's revenue at 22.358 billion yuan, down 0.36%, and a net profit decrease of 44.13% [4]. Store Expansion and Closure - Despite the financial struggles, the number of stores for the six major companies continued to grow in 2024, with Yifeng Pharmacy adding 2,512 stores, resulting in a total of 14,684 stores [5]. - Laobaixing reported a total of 15,277 stores, with a net increase of 1,703 stores during the year [6]. - However, the closure rate also increased, with Daclin closing 733 stores due to strategic adjustments [6]. Industry Challenges - The industry is facing significant challenges, including intensified competition, rising costs, and changing consumer purchasing habits, which are reflected in the declining net profits of listed chain pharmacies [4][8]. - The adjustment of medical insurance policies has also impacted the performance of chain pharmacies, leading to a shift in consumer purchasing behavior and a decrease in foot traffic to physical stores [8][9]. Future Directions - Experts suggest that the future development of chain pharmacies should focus on high-quality services rather than mere expansion, as the market becomes saturated [7]. - Companies are encouraged to enhance operational efficiency and improve service quality to remain competitive in a challenging environment [7][9].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [8][29]. Core Insights - The industry is experiencing a return to normal growth, with a notable performance in chemical pharmaceuticals, while the overall revenue growth for 2024 is projected to decline by 0.6% year-on-year, marking the first decline in recent years [12][14]. - The report highlights a significant disparity among sectors, with chemical pharmaceuticals showing a remarkable net profit growth of 97.7%, while biological products face substantial short-term performance pressure [17][18]. - The current low allocation and valuation levels present a high cost-performance ratio for investments in the pharmaceutical sector, suggesting it is an excellent time to allocate resources [19][28]. Summary by Sections 1. Innovation in the Pharmaceutical Chain - The report notes that the impact of national procurement and anti-corruption measures is gradually diminishing, leading to a normal release of rigid demand in hospitals [11]. - The overall revenue growth for the industry in 2024 is projected at -0.6%, with net profit and non-recurring net profit declining by 8.1% and 5.9% respectively [12][13]. 2. Investment Recommendations - The report suggests focusing on the innovation drug supply chain (Biotech + CXO + upstream) and certain overseas medical devices, recommending companies such as Aosaikang, Yifang Bio, and WuXi AppTec for investment [29]. - For in-hospital products (traditional Chinese medicine, chemical pharmaceuticals, and medical devices), companies like Hengrui Medicine and Mindray Medical are highlighted as having more certain growth prospects [29]. 3. Market Positioning - The report indicates that the allocation of public fund products in pharmaceutical stocks has decreased from 11.2% in Q1 2024 to 8.7% in Q4 2024, with a slight recovery to 9.1% by Q1 2025 [19][21]. - The pharmaceutical sector's price-to-earnings ratio is at a 10-year low, suggesting potential for growth as innovative products continue to emerge [22][24].

记者从广东省医保局获悉，近日，省医疗保障局、省卫生健康委员会、省药品监督管理局联合印发了 《广东省定点医药机构相关人员医保支付资格管理实施细则(试行)》(下称《实施细则》)，通过对定点 医药机构相关人员的违法违规行为进行"驾照式记分"管理，促进医疗保障基金规范合理使用。据《实施 细则》，一个自然年内累计记分达12分者会被终止医保支付资格。 【记1-3分情形】一是相关人员所在定点医药机构违反服务协议受到医保经办机构协议处理，协议处理 方式包括"要求定点医疗机构按照协议约定支付违约金""要求定点零售药店按照医保协议约定支付违约 金"，该相关人员负有责任的。二是执行药品耗材集中带量采购政策中，公立医疗机构相关人员无正当 理由超过规定要求使用高价非中选产品，被医保部门通报的。三是其他应记1-3分的情形。 【记4-6分情形】一是相关人员所在定点医药机构或科室涉及违反医疗保障相关法律法规，受到医疗保 障行政部门依据《医疗保障基金使用监督管理条例》第三十八条、第三十九条作出行政处罚，相关人员 负有责任的。二是其他应记4-6分的情形。 《实施细则》自5月21日起实施，有效期3年。 哪些人纳入记分管理？ 根据《实施细则》，医保 ...

Group 1 - The core viewpoint of the news is that the institutional ownership of Laobaixing (603883.SH) has increased, with 17 institutional investors holding a total of 423 million shares, representing 55.65% of the total share capital as of April 30, 2025 [1] - The top ten institutional investors collectively hold 55.05% of the shares, with an increase of 1.19 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 1.28% increase, while one fund saw a slight decrease in holdings [2] - Eight new public funds were disclosed during this period, including several focused on healthcare and medical sectors [2] - One insurance fund decreased its holdings slightly, while one pension fund was no longer disclosed [2]

Group 1: Retail Industry Overview - In 2024, five retail companies including YaoYigou, JianZhiJia, WuFangZhai, GuangMing Dairy, and HaiZiWang disclosed a total of 18.3756 million yuan in data resources, covering various sectors such as pharmaceutical retail, food and beverage, and maternal and child products [1][3] - YaoYigou and JianZhiJia reported significant declines in net profit, with JianZhiJia's net profit at 12.8 million yuan, down 69.08% year-on-year, and YaoYigou's net profit at 1.63582 million yuan, down 72.52% year-on-year [3][4] - The companies are actively investing in data assetization, with YaoYigou listing 22 pharmaceutical data products and integrating data resources with financial institutions to build a pharmaceutical supply chain finance system [3][4] Group 2: Pharmaceutical Retail Sector - YaoYigou's data resources included business data, industry knowledge data, and research data, with a total data storage of 99,098.39 GB by the end of 2024 [3][4] - YaoYigou has established a credit system for small and micro customers, with a total credit of 20.7248 million yuan granted to 5,100 customers [4] Group 3: Food Retail Sector - GuangMing Dairy and WuFangZhai disclosed their data resources for the first time in 2024, with GuangMing Dairy reporting 233,200 yuan in development expenses [6][8] - WuFangZhai introduced a BI data unified decision-making platform and confirmed its data asset worth 1.0004 million yuan, which is now available on the Zhejiang Big Data Trading Service Platform [8] Group 4: Maternal and Child Products Sector - HaiZiWang reported a total of 9.9519 million yuan in data resources for 2024, with 8.6310 million yuan classified as intangible assets [9] - HaiZiWang has developed an intelligent DTC system and the KidsGPT smart advisor, marking significant advancements in digitalization within the maternal and child product sector [9]

转自：智通财经 在当下竞争激烈且不断变革的医药零售市场中，大参林（维权）医药集团股份有限公司（603233.SH） 作为行业龙头，凭借稳健的经营策略与积极的创新探索，在 2024 年及 2025 年第一季度持续书写着业绩 增长的优异答卷，同时其在大健康产业的深度布局，更为长远的可持续发展筑牢根基。 2024年业绩回顾：营收稳健上扬 门店增速攀升 2024 年，大参林全年实现营业收入 264.97 亿元，较上一年度同比增长 8.01%，这一成绩的背后，是公 司在门店拓展、运营优化以及市场深耕等多方面协同发力的成果。秉持 "深耕华南，布局全国" 的核心 战略，大参林通过 "自建 + 并购 + 直营式加盟" 三驾马车齐驱并进，不断拓展市场版图。截至 2024 年 末，全国门店总数攀升至 16553 家，2024 年内净增门店高达 2479 家 ，密集的门店网络不仅提高了品牌 曝光度，更为营收增长源源不断地输送动力。 从区域维度剖析，2024 年公司在华南地区、华中地区、华东地区、东北、华北西南及西北地区营业收 入均实现同比增长。其中，东北、华北、西南及西北地区增速尤为亮眼，达 34.42%，成为公司营收增 长的新引 ...