2025.06. 23 本文字数：3933，阅读时长大约7分钟 作者 | 第一财 经 吴斯旻 执业药师"挂证"乱象正迎来新一轮全国性的强监管。 近期，国家医保局发布"关于对定点零售药店药师'挂证'等情况开展核查的公告"，要求相关医保部门 对统筹区内可能存在药师被假冒或"挂证"的定点零售药店进行认真核查。省级医保部门于2025年6月 30日前向国家医保局上报核查结果。 该公告还称，国家医保局将通过日常巡查、专项检查、智能监控、数据筛查等多种方式，不定期对定 点零售药店药师配备及在岗履职情况、医保基金使用情况等进行监督检查。 一种普遍存在的业界观点是，执业药师的数量缺口是一些药店频频违规使用"影子药师"的诱因。 但不可否认的是，近年来我国执业药师人数已连年增长。国家药监局执业药师资格认证中心最新数据 显示，截至今年5月底，全国拥有执业药师证845996人，较七年前已经翻了一翻。目前，平均每万 人口拥有执业药师6.0人。执业药师中，又有超九成流入了药品零售企业。 多名受访业界人士认为，除了总量缺口，时下还应该关注执业药师区域分布不均衡现象。此外，执业 药师"挂证"问题，不仅仅是因为人员供给侧存在缺口，更是因为零售药 ...

智通财经APP获悉，中信建投发布研报称，中国医药产业具备人口与内需优势、制造与供应链优势，同 时创新能力快速提升，中国资产出海数量也持续提升。在复杂的外部挑战下，中国医药行业需"立足于 内，开拓于外"，对内坚持供应链自主可控，拥抱创新和整合；对外加速国际化布局，捕捉全球医药产 业链变革机遇。展望2025年下半年，继续看好新增量（创新、出海、边际变化）和行业整合机会。 中信建投主要观点如下： 全球视角：外部挑战加剧，中国医药产业竞争力持续提升 从国际比较优势看，中国具备人口与内需优势、制造与供应链优势，同时创新能力快速提升，中国资产 出海数量也持续提升。美国在创新与早期研发方面优势明显，同时具有高定价的内需市场。虽然外部挑 战加大，但海外市场仍有很大机会，建议同时关注国内份额提升及出海的机会。 立足于内：稳住国内根基，拥抱创新与整合 ①政策展望：改革进入深水区，高质量增长成为常态。2025年下半年该行重点关注的是药品和耗材集采 政策优化、多元化支付及医疗服务价格改革。②制药产业链：集采优化、积极创新转型，关注供应链安 全。③器械：看好进口替代和并购整合机会，积极关注AI和脑机接口等新技术方向。④关注中药、药 店 ...

Core Viewpoint - The company is responding to an inquiry regarding its 2024 annual report, addressing concerns about revenue growth slowdown, net profit decline, and the stability of gross profit margins amidst industry challenges and regulatory changes [1][2]. Group 1: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year growth rates of 28.54%, 11.21%, and -0.36% respectively [2]. - The net profit attributable to shareholders for the same years was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with year-on-year changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin has shown stable growth, with the gross profit margin for 2024 at 41.4% compared to 39.6% in 2023 and 40.4% in 2022 [5]. Group 2: Industry Challenges - The pharmaceutical retail industry is experiencing revenue stagnation and profit pressure due to ongoing medical reforms, stricter insurance regulations, and increased market competition [3][4]. - The number of retail pharmacies in China reached 675,000 by the end of 2024, reflecting a growth of 1.21% from the previous year, indicating intensified competition in the market [4]. Group 3: Strategic Adjustments - In response to market conditions, the company has increased the number of self-built and franchised stores to enhance market share, with the total number of stores reaching 14,684 in 2024, up from 10,268 in 2022 [4]. - The company is shifting its product strategy towards traditional Chinese and Western medicines, with sales of these products accounting for 79.1% of total revenue in 2024 [5]. - The company has implemented measures to optimize its supply chain and improve operational efficiency, including a focus on private label products, which generated sales of 3.54 billion RMB in 2024, accounting for 22% of total sales [5][6]. Group 4: Goodwill and Asset Management - The company has a significant goodwill balance of 5.756 billion RMB as of the end of 2024, representing 27.35% of total assets, necessitating careful management and impairment testing of goodwill [2][3]. - The company conducts goodwill impairment tests based on asset groups defined by operational units, ensuring compliance with accounting standards [6][8].

Core Viewpoint - The company, Lao Bai Xing Pharmacy, has experienced significant fluctuations in performance over recent years, with stable growth in gross profit margin despite a decline in net profit and revenue growth slowdown. The company faces challenges from industry competition and regulatory changes in the healthcare sector [2][4]. Financial Performance - Revenue for the years 2022 to 2024 was reported as follows: 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year changes of 28.54%, 11.21%, and -0.36% respectively. Net profit for the same period was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin for the years was 31.88%, 32.56%, and 32.50% [2]. Business Strategy and Market Conditions - The company has been increasing the number of self-built and franchised stores to enhance market share, with total store numbers reaching 15,277 in 2024, up from 13,574 in 2023 and 10,783 in 2022 [6]. - The company is also focusing on online sales channels, with public domain B2C and O2O sales accounting for 10.3% of total revenue in 2024, up from 9.3% in 2023 and 6.6% in 2022 [6]. - The company has adjusted its product strategy to focus more on traditional Chinese and Western medicine, with sales of traditional Chinese and Western medicine accounting for 77.5% of total revenue in 2024 [7]. Industry Challenges - The retail pharmacy market is facing a slowdown in growth, with the total retail pharmacy market sales reaching 528.2 billion RMB in 2024, a year-on-year decline of 2.2% [5]. - The industry is experiencing increased competition, with a total of 675,000 pharmacies in China as of the end of 2024, serving an average of 2,000 people per pharmacy, compared to 5,000 in the United States [5]. Goodwill and Impairment - As of the end of 2024, the company's goodwill balance was 5.756 billion RMB, accounting for 27.35% of total assets. The company recognized a goodwill impairment provision of approximately 0.108 billion RMB for the year [2]. - The company classifies its goodwill based on regional divisions, and the impairment testing process is conducted in accordance with accounting standards [8][10]. Operational Efficiency - The company has implemented measures to improve operational efficiency, including restructuring product selection strategies, enhancing digital product introductions, and optimizing supply chain costs [7]. - The company’s gross profit margin has shown a continuous increase, with a comprehensive gross profit margin of 36.4% in 2024, up from 35.7% in 2023 [7].

证券研究报告：医药生物|行业周报 发布时间：2025-06-16 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7895.79 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 推荐标的：英科医疗、迈普医学、怡和嘉业、微电生理、 拱东医疗、派林生物、益丰药房、大参林、康臣药业、佐力药 业、桂林三金、天士力、新里程、美年健康、国际医学。 《政策支持上市公司通过并购重组高 质量发展，行业整合持 ...

公告显示，减持计划将于6月27日正式启动，持续至9月26日。大参林解释称，此举是为"调整资产和融资结构，偿还个人债务，降低股票质押率"。目前柯金 龙持股比例为20.16%，系第二大股东。 6月4日，大参林发布公告称，实际控制人之一柯金龙计划通过大宗交易减持不超过2277.7万股，占总股本的2%。按当天收盘价17.31元/股计算，预计套现约 3.94亿元。 该案源于子公司历史批发业务，据披露，2020-2022年，涉案客户销售额占总收入比例分别为0.25%、0.20%和0.15%。 而柯金龙实际于2023年7月14日被留置，8月21日被刑事拘留，但大参林直至2024年3月1日才对外披露。 大参林在减持计划中强调，此举是为了调整资产和融资结构，偿还个人债务，降低股票质押率，且不会导致上市公司控制权变更。 值得注意的是，2024年4月大参林全资子公司茂名大参林连锁药店犯单位行贿罪，被判处罚金400万元；柯金龙本人犯单位行贿罪，一审判处有期徒刑三年六 个月，并处罚金50万元。 对此，广东证监局曾对大参林及相关责任人采取监管谈话措施；上交所随后予以六个月不受理发行申请的纪律处分，并对柯云峰、柯康保、柯金龙等实控人 予以 ...

固收-底仓转债择券框架介绍 20250610 摘要 近期转债市场表现强劲，4 月底至 5 月初权重转债上行，5 月中旬至 6 月初双低策略、高息资产转债表现突出，如再生科技、华虹科技等。机 构偏好的利诺转债、强联转债等也推动了中国转债指数走强，整体市场 呈现企稳回暖态势。 构建指数分析显示，中高评级转债如粤平涨幅约 1.4%，股息率策略与 机构重仓策略配置标的优于中证转债。两波力量推动转债估值上行：一 是权重类资产在 4 月底至 5 月初推动；二是双低策略及高息资产在 5 月 中旬至 6 月初推动。 未来增量窄带资金流入受中美经贸磋商预期、长短期国债收益率影响。 FOF 基金及权益端资金已流入 ETF 和部分机构偏好的小型、中小型以及 低评级票据，这些因素将持续影响资金流向。 中证转债指数接近历史新高，但上涨动能可能趋缓。银行转债逐步进入 强赎期，双低转债估值较高，限制了进一步上涨动力。股票阿尔法驱动 的标的仍具备一定弹性，中证转债或相关 ETF 未来走势可能趋缓。 Q&A 当前股票市场的整体趋势如何，投资主线是什么？ 当前股票市场总体趋稳，没有很大的下降空间，但快速修复可能需要等待下半 年或更长时间。市场处 ...

深度合作 O2O 平台，大参林积极接入了美团、饿了么、京东到家、天猫等主流即时零售平台，借助这 些平台庞大的用户流量和成熟的配送体系，拓展线上销售渠道。在O2O业务上，大参林建立了以用户为 中心，24小时送药服务，截至2024年底，O2O送药服务覆盖门店上线率达到80.38%。与此同时，大参 林也积极开展B2C业务，利用中央仓+省仓+地区仓+门店的发货模式，覆盖全国。 在当下的医药零售领域，行业变革浪潮正汹涌袭来。医保政策的持续调整、消费者健康需求的日益多 元、数字化技术的深度渗透，都如同催化剂一般，推动着药店业态朝着更高层次迈进。目前，医药零售 行业转型呈现出三大趋势，包括双通道药房加速布局、DTP专业药房持续扩容，以及新零售健康服务生 态的逐步完善。 大参林（603233），作为国内连锁药店的领军企业之一，敏锐地捕捉到了药店新零售的发展趋势，积极 投身于多元化业务布局，全方位推动自身转型升级，在这场变革中抢占先机，把握新零售转型机遇。 政策利好为药店新零售拓宽道路 近年来，政策层面持续助力药店新零售的发展。处方药网售政策的逐步放开，使得消费者能够更加便捷 地在网上购买到所需的处方药，打破了以往只能在实体药 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14]. - The pharmaceutical and biotechnology sector has shown a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18]. Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14]. - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15]. 2. Subsector Performance - The pharmaceutical sector's sub-indices all recorded gains, with the raw materials and blood products sectors leading with a 2.89% increase [7][22]. - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26]. 3. Recommended and Beneficiary Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihe Jiaye, among others [8]. - Beneficiary stocks identified are Shanhaishan, Yirui Technology, and Lianying Medical [27]. 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI applications in imaging and surgery [26]. - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29]. - **IVD Sector**: The report notes a 2.00% increase in the IVD sector, with a focus on AI-assisted diagnostics [30]. - **Blood Products**: The blood products sector is experiencing a 2.89% increase, with ongoing consolidation and product diversification [31]. - **Retail Pharmacy**: The offline pharmacy sector is expected to benefit from improved operational efficiencies through AI integration [34]. - **Healthcare Services**: The hospital sector has seen a 1.07% increase, with growth in specific medical fields like ophthalmology and reproductive health [36]. - **Traditional Chinese Medicine**: The sector is expected to recover as the impact of previous procurement policies diminishes [38]. - **CXO Sector**: The report indicates a positive outlook for the CXO sector, driven by increased demand for outsourcing in drug development [40].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14] - The pharmaceutical and biotechnology sector has seen a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18] Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14] - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15] 2. Subsector Performance - The pharmaceutical and biotechnology sector has shown positive performance across all sub-sectors, with the raw materials and blood products sectors leading with a 2.89% increase [7][22] - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26] 3. Recommended and Benefiting Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihua Jiaye, among others [8] - Benefiting stocks from the current trends include Shanhaishan, Yirui Technology, and Lianying Medical [8][27] 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI integration in imaging and surgical applications [26] - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29] - **IVD Sector**: The in vitro diagnostics sector is anticipated to recover as AI technologies enhance diagnostic capabilities [30] - **Blood Products**: The blood products sector is experiencing stable demand, with a projected 10.9% increase in plasma collection in 2024 [31] - **Retail Pharmacy**: The retail pharmacy sector is expected to see improved performance as market conditions stabilize and AI technologies enhance operational efficiency [34] - **Healthcare Services**: The healthcare services sector is showing signs of recovery, particularly in ophthalmology and reproductive health services [36] - **Traditional Chinese Medicine**: The sector is expected to benefit from improved consumer sentiment and demand for high-quality OTC products [38] - **CXO Sector**: The CXO sector is entering an upward cycle as companies report improved order growth and performance [40]