Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 26.497 billion yuan in 2024, representing an 8.01% year-on-year increase, while the net profit attributable to shareholders was 914.76 million yuan, a decrease of 21.58% year-on-year. The first quarter of 2025 saw a revenue of 6.956 billion yuan, up 3.02% year-on-year, and a net profit of 460 million yuan, an increase of 15.45% year-on-year, exceeding expectations [8] - The company has optimized its store structure, which is expected to drive profit growth. As of the first quarter of 2025, the company had 16,622 stores across 21 provinces, with a net increase of 69 stores in the quarter [8] - The report highlights a decline in various expense ratios in the first quarter of 2025, indicating effective cost control measures [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan, 2025E: 29.587 billion yuan, 2026E: 32.673 billion yuan, and 2027E: 35.861 billion yuan [1] - The net profit attributable to shareholders is projected to be 1.1665 billion yuan in 2023A, 914.76 million yuan in 2024A, 1.08432 billion yuan in 2025E, 1.25219 billion yuan in 2026E, and 1.44462 billion yuan in 2027E [1] - The earnings per share (EPS) are forecasted to be 1.02 yuan in 2023A, 0.80 yuan in 2024A, 0.95 yuan in 2025E, 1.10 yuan in 2026E, and 1.27 yuan in 2027E [1] Store Expansion and Structure Optimization - The company has been actively optimizing its store layout, with a total of 16,622 stores as of the first quarter of 2025, including 6,239 franchise stores. The company closed 174 stores during the quarter, which is part of its strategy to enhance profitability [8] - The report indicates that the company plans to continue its store expansion, albeit at a slower pace, with a total of 2,479 new stores added in 2024 [8] Profitability Metrics - The gross profit margin for 2024 was reported at 34.33%, a decrease of 1.57 percentage points year-on-year, while the net profit margin was 3.70%, down 1.32 percentage points year-on-year [8] - The company expects to achieve a net profit of 1.084 billion yuan in 2025, reflecting an 18.54% growth compared to the previous year [1]

Core Insights - Shanghai Pharmaceuticals reported a revenue of 70.763 billion yuan for Q1 2025, representing a year-on-year growth of 0.87% [1] - The company achieved a net profit attributable to shareholders of 1.333 billion yuan during the same period [1] Revenue Breakdown - The pharmaceutical manufacturing segment generated sales of 5.885 billion yuan [1] - The pharmaceutical commercial segment accounted for sales of 64.878 billion yuan [1] Business Growth Areas - The import agency business achieved sales of 8.6 billion yuan, reflecting a year-on-year increase of 9.0% [1] - The innovative drug business reported sales of 12.5 billion yuan, with a significant growth of 23.2% [1] - The CSO (Contract Sales Organization) business saw a revenue increase of 9.89% [2] - The health equipment segment generated sales of 10.9 billion yuan, marking a growth of 6.9% [2] Strategic Initiatives - Shanghai Pharmaceuticals launched the "Lingang New Area Medical Device Import and Export Service Center" to facilitate the import of urgently needed drugs and rare disease medications [1] - The company established strategic partnerships with firms like Ansell and Kangfang Biotech to enhance the commercialization of new drugs [1]

证券研究报告 医药生物 | 医药商业 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 梁裕 liangyu@huayuanstock.com | 基本数据 | 月 | | 年 | 04 | 25 | 日 | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 18.17 | | | | | | | 一 年 | | 高 | | | | | 最 | | / | 低 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 9,550.50 | | | | | | | 流通市值（百万元） | | | | | 9,549.28 | | | | | | | 总股本（百万股） | | | | | | | | | | | | 资产负债率（%） | | | | | 62.84 | | | | | ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.4536 | -0.6423 | 29.38 | -0.3905 | | 每股净资产（元） | 0.68 | 1.09 | -37.61 | 1.71 | | 每股公积金(元) | 0.8 | 0.82 | -2.44 | 0.81 | | 每股未分配利润(元) | -1.11 | -0.63 | -76.19 | -0.02 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 303.17 | 364.19 | -16.75 | 378.35 | | 净利润(亿元) | -11.93 | -16.9 | 29.41 | -10.27 | | 净资产收益率(%) | -50.71 | -43.94 | -15.41 | -19.35 | | 名称 | 持有数量(万股) | ...

2024年6月14日，因公司2023年年度权益分派方案实施完毕，激励计划限制性股票的授予价格由10.82 元/股调整为10.22元/股，并向58名激励对象授予42.07万股预留限制性股票。 本次终止及回购注销详情回购原因：除1名预留授予激励对象因个人原因离职不再具备激励对象资格 外，公司因宏观经济、市场及行业政策环境变化，预计无法达成剩余年度业绩考核指标，决定终止激励 计划。回购数量：拟回购注销181名激励对象已获授但尚未解除限售的1,692,050股限制性股票，加上因 个人离职的1名激励对象持有的3,000股，共计1,695,050股。回购价格：回购价格为调整后的授予价格 10.22元/股。资金来源：公司以自有资金支付回购资金。 若本次回购注销完成，公司总股本将由398,863,861股变更为397,168,811股（最终股本结构变动情况以回 购注销完成后中国证券登记结算有限责任公司上海分公司出具的股本结构表为准）。公司监事会认为， 本次终止和回购注销不会对公司日常生产经营和财务状况产生重大影响，也不会损害公司及全体股东利 益。 本次终止及因本次终止拟回购注销限制性股票事项尚需提请公司股东大会审议，并依法办 ...

4月24日，瑞康医药发布年报，2024年实现营业收入79.66亿元，同比下降0.85%；实现净利润2062.16万元，同比微增1.50%；实现扣非净利润-1.28亿元，同 比减亏38.84%；基本每股收益为0.01元/股。 业务方面，2024年瑞康医药药品配送收入为59.87亿元，占比75.16，同比下降1.9%；器械配送收入为18.00亿元，占比22.59%，同比增长1.57%。从销售模式 看，直销占比为88.34%，分销业务下降13.42%，仅为9.68%。 | | 2024 年 | 2023 年 | 本年比上年增减 | | --- | --- | --- | --- | | 营业收入(元) | 7.966.345.576.74 | 8,034,367,997.33 | -0.85% | | 归属于上市公司股东 | 20.621.581.94 | 20,317.689.35 | 1.50% | | 的净利润(元) | | | | | 归属于上市公司股东 的扣除非经常性损益 | -128.320.870.87 | -209,822,896.22 | 38.84% | | 的净利润(元) | | | | | ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.7000 | 0.8300 | -15.66 | 0.7200 | | 每股净资产（元） | 19.43 | 18.68 | 4.01 | 16.74 | | 每股公积金(元) | 5.78 | 5.42 | 6.64 | 5.47 | | 每股未分配利润(元) | 12.03 | 11.61 | 3.62 | 9.65 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 53.17 | 57.75 | -7.93 | 53.35 | | 净利润(亿元) | 2.77 | 3 | -7.67 | 2.61 | | 净资产收益率(%) | 3.57 | 4.44 | -19.59 | 4.28 | 三、分红送配方案情况 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 13730.86万股，累计占流通股比 ...

四川合纵药易购医药股份有限公司 2025 年 4 月 25 日投资者关系活动记录表 证券代码：300937 证券简称：药易购 编号：2025-001 | | ☑特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | | 类别 | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | | | | | 参与单位名称及 | 旭辉资本：郑志敏；壹泽投资：雍洲；君重资本：杨珂； | | | | | 人员姓名 | 盛笃投资：郭寒梅；中金财富：刘聪；华创证券：程近； | | | | | | 和君资本：雷晓君。 | | | | | 时间 | 2025 年 月 25 10:00-12:00 | 4 | 日 | | | 地点 | 成都市温江区金府路中段 51 号 | | | | | 上市公司接待人 | 增长办公室主任：王亚东 | | | | | 员姓名 | 证券事务部同事：梁椿季 | | | | | | 四川合纵药易购医药股份有限公司（简称"公司"或"药 | | | | ...

Core Viewpoint - The China Securities Index for the medical industry has shown a decline in performance over various time frames, indicating potential challenges within the sector [2]. Group 1: Index Performance - The China Securities Index for the medical industry has decreased by 5.99% over the past month, 1.12% over the past three months, and 6.26% year-to-date [2]. - The index was established with a base date of December 31, 2021, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Mindray Medical (14.15%) - Aier Eye Hospital (9.35%) - United Imaging (8.03%) - Aimeike (4.1%) - Huatai Medical (3.87%) - New Industry (3.16%) - Shanghai Pharmaceuticals (3.11%) - Yuyue Medical (3.06%) - Yifeng Pharmacy (2.49%) - Meinian Onehealth (2.45%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (56.76%) and the Shanghai Stock Exchange (43.24%) [2]. Group 3: Sector Allocation - The sector allocation within the index is as follows: - Medical Devices: 34.77% - Medical Consumables: 22.92% - Pharmaceutical Commerce: 15.73% - Medical Services: 14.44% - In Vitro Diagnostics: 12.14% [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

编号：2025-001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年4月28日 15:00-16:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事、总经理、财务总监 胡胜利女士 | | 上市公司接待人员姓名 | 独立董事 陈昊先生 | | | 董事会秘书 蒋茜女士 1.公司2024年营收创历史新高净利润为什么在下滑，公司对未 | | | 来的发展规划怎么提升价值？ | | 投资者关系活动主要内容 | 答：投资者您好，公司严格遵守上市公司信息披露规范及交易 | | 介绍 | 所相关法律法律要求，真实、准确、完整披露了2024年年度报告， | | | 基于公司财务健康、合理的审慎处理计提信用及存货减值。未来公 | | | 司将通过以下措施积极提升公司的 ...