药店板块短线走低，漱玉平民跌超6%，第一医药、大参林、一心堂、健之佳等跟跌。 ...

这篇社会观察，主要来聊聊全国医保基金有结余，药店、医院却遇资金难题，两相对比，核心症结出在结算和统筹上。 医保"不差钱"，可为啥我总觉得"卡壳"？ 你刷完医保码，在系统里这笔账是记上了，可钱并不会立马到药店账上。药店得等着医保局审核，审核通过了，这笔钱才算真正到手。听着是不是有点 像"打白条"？江浙沪那块儿，算是效率高的，大概45天内能到账。可到了河南、湖北这些地方，等上3个月那都是家常便饭。 你想想药店的日常开销：每个月房租压着，少说也占成本的四分之一，员工工资得发吧，药品从药厂拿货也得付钱吧。这些都是每天都要花出去的真金白 银。如果医保回款一拖就是好几个月，药店手里不就捏着一堆"欠条"，却换不来能周转的现金吗？ 这种情况下，可不就只能靠鼓励现金交易来续命了。更别提，药店接入医保系统，还得额外交3%的第三方手续费。本来卖药利润就薄，这一来二去，简直 是雪上加霜。难怪药店对现金支付"情有独钟"，这都是被逼出来的无奈。 医院的"寒冬"：大医院人满为患，基层医院却在倒闭 去药店买药，现金付比刷医保便宜，老家医院接连关门，报销还设每日限额。这些让人闹心的事儿，最近不少人都遇到过。可谁能想到，全国医保基金账户 里躺着 ...

根据大数据筛查线索，惠州市龙门县医疗保障局调查发现，惠州市龙门县龙城街道社区卫生服务中心存 在违反诊疗规范、过度开展诊疗行为，导致医保基金不当支出，造成医保基金损失。 依据《医疗保障基金使用监督管理条例》有关规定，龙门县医疗保障局责令该机构立即改正违法行为， 并依法处以行政处罚。目前，涉案医保基金已全部追回，龙门县纪委监委已对龙城街道社区卫生服务中 心的4名相关责任人进行立案处理。 近日，惠州市医疗保障局在官网公布2批共5例医保基金典型案例，涵盖参保人骗保、医疗机构违规诊 疗、药店重复收费等类型，旨在通过以案释法强化监管震慑，坚决守护医保基金 "救命钱"。 案例1 参保人隐瞒第三方责任骗保，获刑并退缴违法所得 根据部门联合数据比对线索，惠州市惠城区医疗保障局通过与惠城区检察机关、公安机关的协同核查发 现：参保人曾某某因交通事故受伤就医，在明知存在第三方责任的情况下，隐瞒事故事实，在医保报销 时故意填写"无第三方责任承诺书"，违规报销医保基金8115.9元，其中5681.13元依法应由第三方承担 （即骗取医保基金5681.13元），构成骗取医保基金行为。 经多次责令其退款未果后，医保部门依据《中华人民共和国行政 ...

在需求端，池陈森认为国内整体需求呈缓慢复苏态势，大的投资机会集中在具备新增增量需求的局部领 域，创新是核心驱动力。"创新既能够挖掘国内未被满足的需求，也能助力企业走向海外开拓市场，创 新药方向未来将持续释放潜力。"他强调。 专题：2025中国企业竞争力年会 "2025中国企业竞争力年会"于12月9日至10日在北京举行，安信基金成长投资部副总经理池陈森在演讲 中指出，从需求与供给两端切入分析，医药领域尤其是创新药与医疗器械出海板块，以及供给侧出清后 的传统医药细分领域，蕴藏着显著的投资机会。 "2025中国企业竞争力年会"于12月9日至10日在北京举行，安信基金成长投资部副总经理池陈森在演讲 中指出，从需求与供给两端切入分析，医药领域尤其是创新药与医疗器械出海板块，以及供给侧出清后 的传统医药细分领域，蕴藏着显著的投资机会。 在需求端，池陈森认为国内整体需求呈缓慢复苏态势，大的投资机会集中在具备新增增量需求的局部领 域，创新是核心驱动力。"创新既能够挖掘国内未被满足的需求，也能助力企业走向海外开拓市场，创 新药方向未来将持续释放潜力。"他强调。 医疗器械出海是另一大需求增量亮点。池陈森表示，国内优质器械企业的海 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-12-11 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 17.44 | | --- | --- | | 总股本/流通股本（亿股）11.39 | / 11.39 | | 总市值/流通市值（亿元）199 | / 199 | | 周内最高/最低价 52 | 19.41 / 13.57 | | 资产负债率(%) | 69.2% | | 市盈率 | 21.53 | | 第一大股东 | 柯云峰 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 大参林(603233) Q3 业绩高速增长，经营质量持续提升 l 业绩环比提速增长，盈利能力持续提升 公司发布 2025 年三季报：2025Q1-3 公司实现营业收入 200.68 亿 元（+1.71%），归母净利润 10.81 亿元（+25.97%），扣非净利润 10.73 亿 ...

证券日报网讯12月10日，大参林（603233）在互动平台回答投资者提问时表示，公司会持续关注并学习 国内外药店的发展新模式以及AI医学和AI检测的新趋势，积极探索创新服务方式，以提升客户体验和 满意度。 ...

益丰药房公告称，近日，公司全资子公司江苏益丰与中信银行南京分行签署《最高额保证合同》，公司 就其申请综合授信提供2亿元连带责任保证，无反担保。截至公告日，实际为其担保余额11.5亿元，在 前期预计额度内。公司及其控股子公司对外担保总额35.15亿元（含本次），占最近一期经审计净资产 的32.77%，无逾期担保。此次担保为满足公司及子公司资金需求，风险可控。 ...

Core Viewpoint - The company is leveraging its nationwide supply chain and store network to meet the increasing public health demand for essential medications and protective supplies, ensuring stable supply and pricing [1] Group 1: Company Operations - The company has proactively deployed resources to secure a stable supply of four categories of medications: antiviral, antipyretic, cough relief, and antibiotics, along with masks and other protective supplies [1] - As of November, the sales of the four categories of medications have shown a month-on-month increase [1] Group 2: Market Position - The company reports that its nationwide stores have sufficient reserves of related medications and supplies, indicating a strong market position to handle increased demand [1]

Summary of Conference Call on Pharmacy Sector Industry Overview - The pharmacy sector is showing signs of recovery, with positive signals from industry policies and adjustments made by pharmacies, particularly leading pharmacies like YaoXingTang, which have achieved same-store sales growth through adjustments [1][2] - The three main trends in the pharmacy industry are prescription outflow, increased industry concentration, and diversified operations [1][3] Key Points Recovery Indicators - The pharmacy sector has been consolidating at the bottom for about a year since 2024, with leading pharmacies currently at historical valuation lows [2] - Positive changes in industry policies and pharmacy operations are evident, indicating a clear upward trend [2] Major Trends 1. **Prescription Outflow**: This long-term trend significantly contributes to increased customer traffic and sales, although online prescription transfer remains slow [3] 2. **Industry Concentration**: The concentration of the top ten pharmacies in China is around 30%, compared to 80% in Japan and 70% in the US, indicating substantial room for growth [3] 3. **Diversified Operations**: Successful implementation of comprehensive adjustments by leading pharmacies in 2026 is expected to significantly boost profits [4] Company Performances - **Yifeng Pharmacy**: Designated as a "gold stock" for December, with a valuation offering good value. Same-store sales are expected to recover to over 1% growth starting Q3 2025, with projected revenue growth returning to double digits in 2026, corresponding to a PE ratio of less than 14 [5] - **Dafeng Pharmaceutical**: Achieved a profit growth of 26% in the first three quarters of 2025, with a net profit margin increasing from 3% to nearly 6%. The company plans to restart its acquisition strategy, which is expected to support future performance [6] - **Laobaixing Pharmacy**: Same-store sales turned positive starting Q3 2025, with significant contributions from acquisitions. The company is also making progress in store adjustments [7] Future Expectations - **Yifeng Pharmacy**: Expected to see improved performance in 2026, with revenue growth projected to exceed double digits and a PE ratio of less than 14, indicating a favorable investment position [5] - **Dafeng Pharmaceutical**: Anticipated to achieve over 30% net profit growth for the year, with a strong performance trend continuing into the future [6] - **Yifeng Pharmacy's Adjustments**: Plans to increase the non-pharmaceutical product ratio to 40% over the next three to five years, with significant profit contributions expected from store adjustments [7] Industry Adjustments and Projections - The pharmacy sector is expected to conduct pilot adjustments in 150 stores in 2025, with plans for comprehensive adjustments in 2026. Adjusted stores are projected to achieve a sales share of over 30%, with daily sales increasing by 1,200 yuan and gross margins improving by 18% [7] - If 70% of stores implement these adjustments, the net profit increase could exceed 500 million yuan [7] Investment Opportunities - The pharmacy sector has largely moved past policy disruptions, with ongoing improvements in same-store sales and increasing industry concentration. Leading pharmacies are now at attractive valuation levels, with growth certainty in performance [9] - Recommendations include focusing on opportunities within the pharmacy sector, particularly on stable-performing leading pharmacies like Yifeng and Dafeng [9] Data Evaluation - Data Evaluation is actively expanding and collaborating with Taiwan's Dashi Pharmacy for pilot projects in Shandong, showing optimism for future performance despite limited current data [10]

Investment Rating - The report maintains a positive outlook on the innovative drug sector, indicating a rebound and potential for further growth in the upcoming months [3][6]. Core Insights - The innovative drug sector is expected to see a rebound after previous adjustments, with significant catalysts anticipated in December and January. The results of the national medical insurance negotiations will be released in early December, which may impact the inclusion of domestic innovative drugs in the insurance catalog [3][14]. - The upcoming American Society of Hematology (ASH) conference from December 6-9 is highlighted as a key event, with multiple differentiated hematology products expected to present new data [3][4][42]. - The CXO sector shows a continuous upward trend, supported by the rapid growth of new orders and backlog, ensuring performance release in the next 1-2 years [4][53]. Summary by Sections Innovative Drugs - The report emphasizes the importance of focusing on dual/multi-target drugs for various cancers and chronic diseases, as well as opportunities in ADCs and small nucleic acid therapies [6][15]. - The report notes that the innovative drug financing data is showing marginal improvement, indicating a potential recovery in the sector [6][15]. Biologics - The report mentions positive preliminary results from the Phase II clinical trial of amycretin for Type 2 diabetes, suggesting continued monitoring of its clinical progress [4][46]. Medical Devices - The report highlights the emergence of innovative domestic medical devices, with expectations for profit margins to stabilize and improve as new products are approved [5]. Traditional Chinese Medicine & Pharmacies - The report suggests monitoring companies with strong brand power and good inventory management, such as China Resources Sanjiu and Jichuan Pharmaceutical, due to rising flu incidence [5]. Medical Services and Consumer Healthcare - The report discusses a collaboration between a traditional Chinese medicine group and a local health bureau to enhance the capabilities of grassroots medical services through technology [5]. Key Investment Targets - The report identifies key companies to watch, including Innovent Biologics, Kintor Pharmaceutical, and others in the innovative drug and medical device sectors [7].