Core Viewpoint - The retail pharmacy industry is experiencing accelerated closures, with a total of 39,228 stores shut down in 2024, leading to a potential recovery in customer traffic and profit margins for leading pharmacies post-industry consolidation [1][2]. Group 1: Industry Trends - The number of closed pharmacies in 2024 is reported as follows: Q1 - 6,778, Q2 - 8,791, Q3 - 9,545, Q4 - 11,414, indicating a significant acceleration in closures, with a net decrease of 3,395 stores in Q4 alone [1]. - The industry is facing a severe environment for small and medium-sized pharmacies due to weak consumer power, medical insurance cost control, and enhanced regulatory measures, leading to a consolidation trend [1]. Group 2: Market Opportunities - Leading retail pharmacies are expected to benefit from a "siphon effect" in customer traffic due to their first-mover advantage in local market outpatient coordination, which may enhance customer spending and overall performance [2]. - The implementation of outpatient coordination policies is anticipated to increase medical insurance spending and related product consumption, potentially raising average transaction values [2]. Group 3: Strategic Initiatives - Leading pharmacies are actively exploring diversified operations and innovative store management to enhance market competitiveness, such as transforming into service complexes and creating new store formats [3]. - Examples include Yifeng Pharmacy's transition towards service complexes and Yixin Hall's development of new store formats to attract more customers [3]. Group 4: Recommended Stocks - Companies that are expected to benefit from the industry cycle and demonstrate superior management capabilities include Yifeng Pharmacy (603939.SH) and Daclin (603233.SH) as recommended stocks, while beneficiaries include Laobaixing (603883.SH), Yixin Hall (002727.SZ), and Jianzhijia (605266.SH) [4].

证券研究报告：医药商业|点评报告 发布时间：2025-07-01 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4975.11 | | --- | --- | --- | | 52 | 周最高 | 5679.6 | | 52 | 周最低 | 4139.32 | 行业相对指数表现（相对值） 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 医药商业 沪深300 资料来源：聚源，中邮证券研究所 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 近期研究报告 《医药商业中报总结：集中度加速提 升，龙头企业有望率先触底反弹》 - 2024.09.10 行业持续出清，零售药店龙头探索新道路强者恒强 l 行业出清提速，25 年龙头药店客流量、利润率有望提升 24 年以来在消费力疲软 ...

Group 1 - The core viewpoint is that by 2025, domestic PFA brands are expected to enter a rapid commercialization phase, gradually replacing traditional radiofrequency and cryoablation technologies due to their non-thermal ablation characteristics, shorter operation times, lower complication risks, and better long-term efficacy [1] - Six domestic brands have already been approved, indicating a growing market presence [1] - The National Medical Products Administration has approved measures to optimize the lifecycle regulation to support the innovation and development of high-end medical devices, which includes ten initiatives aimed at promoting the development of medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [1] Group 2 - The medical device sector is currently valued at historical lows, with policy benefits expected to materialize starting from Q2 2025, particularly in the AI + imaging/surgery direction [1] - The innovative drug sector is experiencing short-term fluctuations but is viewed positively in the long term, driven by accelerated overseas expansion and changes in payment systems [1] - The traditional Chinese medicine sector is seeing reduced impacts from centralized procurement, with improved gross margins for OTC products; the blood products industry is experiencing increased concentration and favorable demand for immunoglobulin [1] Group 3 - The retail pharmacy industry is undergoing accelerated clearing, with AI empowerment enhancing operational efficiency and outpatient coordination creating incremental opportunities [1] - The CXO sector is gradually stabilizing in performance, with a recovery in overseas investment and financing driving industry growth [1] Group 4 - The ChiNext Medical ETF tracks the ChiNext Medical Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the medical and health industry from the ChiNext market to reflect the overall performance of the medical and biological sector [2] - This index focuses on high-growth and innovative sub-sectors such as biomedicine, medical devices, and medical services, effectively showcasing the investment value and development potential of the ChiNext medical industry [2]

微创外科行业专题 20260629 摘要 创新药板块是医药行业亮点，基本面强劲，标的扩散且行情持续。近期 回调属正常调整，受短期涨幅过快和市场谣言扰动影响，但长期发展趋 势不变，调整后或迎来第二次上涨。 医疗设备板块基本面持续环比改善，预计三季度同比显著改善。重点关 注高端医学影像设备、人工智能医疗器械、医用机器人等领域，推荐迈 瑞、联影、奥华、开利、祥生等公司。 原料药板块整体行情看好，存量品种价格触底，产能利用率提升。三大 成长点包括专利到期新品种、制剂一体化业务和成本领先型 CDMO。天 宇股份等公司业绩逐步验证超预期表现。 中药板块预计下半年环比向好，受益于业绩基数下降和中药材采购成本 下降。推荐华润三九、马应龙、康缘和天士力等企业，这些企业估值普 遍在 15 倍左右，与稳健增长预期相匹配。 线下零售药店关店速度或将提升，但头部集中度将提升。线上渠道对线 下替代率长期看仍会持续提升，由医保改革及巨头加码驱动。看好京东 健康，建议线下药房进行门店调整升级。 Q&A 今年医药行业的整体表现如何？哪些板块表现较好？ 今年医药行业整体表现不佳，在 31 个一级行业中排名第 23。相对表现较好的 主要集中在创新 ...

（五）债券期限 证券代码：603233 证券简称：大参林 转债代码：113605 转债简称：大参转债 大参林医药集团股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》 （以下简称《管理办法》）、 《公司债券 受托管理人执业行为准则》 （以下简称《执业行为准则》）、 《公司信用类债券信息披露管 理办法》《证券交易所公司债券上市规则》 （以下简称"上市规则"）或《证券交易所公 司债券挂牌转让规则》（以下简称"挂牌转让规则"）、 《可转换公司债券管理办法》（以 《大参林医药集团股份有限公司 2020 年公开发行可转换公司债券 下简称"管理办法"）、 之受托管理协议》 （以下简称"受托管理协议"）、 《大参林医药集团股份有限公司公开发 行可转换公司债券募集说明书》 （以下简称"募集说明书"）、 《大参林医药集团股份有限 公司 2024 年年度报告》及其它相关信息披露文件以及大参林医药集团股份有限公司（以 下简称"发行人"或"公司"）出具的相关说明文件和提供的相关资料等，由受托管理 人中信建投证券编制。中信建投证 ...

Group 1 - Walgreens reported Q3 profits exceeding Wall Street expectations, with revenue of $39 billion and adjusted EPS of $0.38, surpassing analyst forecasts of $36.8 billion and $0.31 respectively [1] - Walgreens is preparing to transition into a private company through a $10 billion acquisition by Sycamore Partners, expected to be completed by the end of the year [1] - The company has been facing challenges due to retail competition and reduced prescription drug payments from insurers, leading to a significant drop in market value [1] Group 2 - Walgreens withdrew its fiscal 2025 guidance and did not provide new guidance in its recent earnings report, marking a lack of communication with analysts since the acquisition announcement in March [2] - The company is divesting its medical clinic business, VillageMD, which is expected to yield up to $3 per share for shareholders upon sale [2] - Walgreens stock has seen a year-to-date increase of 21% as of the latest report [3]

以下文章来源于21新健康 ，作者唐唯珂 21新健康 . 作 者丨唐唯珂 编 辑丨季媛媛 图 源丨图虫 药店药师挂证核查进入倒计时。 根 据 此 前 国 家 医 保 局 发 布 公 告 ， 要 求 对 定 点 零 售 药 店 药 师 " 挂 证 " 等 情 况 开 展 核 查 ， 以 维 护 人 民 群 众 用 药 安 全 、 维 护 医 保 基 金 安 全 、 维 护 广 大 注 册 药 师 合 法 权 益。并 要求省级医保部门于2 0 2 5年6月3 0日前向国家医保局上报核查结果 。 对 检查中发现的问题，要依法依规分类处理。 近日，广东省药品监督管理局发布通告，撤销15人的《执业药师注册证》。 此外内蒙古正在 对自治区医保局下达的730家两定机构，涉及500多名药师"挂证"疑点核查，查实后，将依规 从严处理。无独有偶，新疆医保局同样也对定点零售药店药师"挂证"等情况开展核查发现，自 治区部分药师姓名（对应同一身份证号）出现在多家定点零售药店的药品费用明细中，可能存 在药师信息被假冒或药师"挂证"的违规情况，共涉及新疆14个统筹区、418名药师。 上月末，国家医保局发布《关于对定点零售药店药师 "挂证" ...

南都讯 为进一步规范药品经营秩序，保障公众用药安全，国家药品监督管理局持续深入开展药品经营 环节 "清源" 行动，严厉打击各类违法违规行为。近日，国家药监局公布 5 起药品经营环节 "清源" 行动 违法违规典型案例，其中广东省惠州市惠东县稔山镇燕记药店非法渠道购进药品案引发广泛关注。 广东省惠州市惠东县稔山镇燕记药店非法渠道购进药品案 2025年1月，广东省药品监督管理局根据有关线索，组织惠州市市场监督管理局和惠东县市场监督管理 局联合公安机关对广东省惠州市惠东县稔山镇燕记药店开展检查，发现该药店存在从非法渠道购进药 品、未经批准变更仓储许可事项开展药品经营活动、未遵守药品经营质量管理规范经营药品等行为。该 药店上述行为违反《中华人民共和国药品管理法》第五十三条、第五十五条，《药品经营和使用质量监 督管理办法》第二十三条规定。2025年5月，惠东县市场监督管理局依据《中华人民共和国药品管理 法》第一百二十六条、第一百二十九条，《药品经营和使用质量监督管理办法》第六十八条，《广东省 药品监督管理局药品监督管理行政处罚裁量适用规则实施细则》第十四条、第十五条规定，对该药店处 以没收涉案药品、罚款130万元、责令关 ...

业内专家表示，搭建医保药品线上追溯体系，是药品追溯制度建设过程中重要的一环，第三方线上买药 平台的数字化服务为药品智慧监管注入新动能。 （文章来源：广州日报） 据悉，建立药品追溯体系，是有效实现药品"来源可查、去向可追、责任可究"，保障公众用药安全的重 要手段。"年初起，我们便协同监管部门探索建设医保药品线上追溯体系，通过行业联动及大数据精准 识别，助力智慧监管。"美团医药健康医保业务负责人介绍，在实际走访调研中发现，药店数字化发展 水平不同，特别是中小药店，存在信息基础设施薄弱问题。 为助力药品追溯体系建设并减轻药店负担，美团医药健康推出了双轨制解决方案。一方面，针对大型连 锁药店，美团提供标准化API接口，支持一次对接全国复用。目前，该解决方案已与漱玉平民大药房、 海王星辰健康药房等头部连锁品牌完成总部对接。另一方面，针对中小连锁药店，美团医药健康在商家 后台开设了扫码功能，通过平台技术升级，前置封装20多项合规监管信息，在线上医保药品订单出库结 算时，可快速完成信息采集工作。"每个扫码动作减少1分钟，日积月累就意味着药店运营成本的释 放。"该负责人表示，希望通过免费开放技术服务，最大程度降低药店系统开发 ...

Core Viewpoint - The National Medical Products Administration (NMPA) has announced five typical cases of illegal activities in the pharmaceutical sector and issued compliance and consumer reminders [1] Group 1: Illegal Activities - Two cases involve illegal procurement of drugs through unauthorized channels, including a pharmacy in Guangdong that faced penalties of 1.3 million yuan and a pharmacy in Jiangxi that was fined 224,100 yuan for purchasing drugs from unqualified individuals [2] - A case in Zhejiang involved a pharmacy that failed to conduct proper prescription reviews when dispensing prescription drugs, resulting in a fine of 40,000 yuan [3] - An individual in Guangxi was penalized for selling unregistered medical products through WeChat, with fines totaling 17,400 yuan [3] - A clinic in Sichuan was found selling prohibited drugs online without permission, leading to a fine of 50,000 yuan [3] Group 2: Compliance and Consumer Reminders - The NMPA emphasizes that pharmaceutical businesses should purchase drugs from licensed manufacturers and maintain accurate sales records, adhering to quality management standards [4] - Consumers are advised to buy drugs from licensed pharmacies and to be cautious when purchasing online, ensuring that relevant licenses are displayed prominently [4] - It is recommended that consumers provide valid prescriptions when purchasing prescription drugs and report any illegal activities related to counterfeit or substandard drugs to regulatory authorities [4]