5月9日，博时健康成长双周定期可赎回混合A（009468）下跌0.01%，最新净值0.85元，连续3个交易日 下跌，区间累计跌幅1.25%。 据了解，博时健康成长双周定期可赎回混合A成立于2020年6月，基金规模3.62亿元，成立来累计收益 率-14.96%。从持有人结构来看，截至2024年末，博时健康成长双周定期可赎回混合A的基金机构持有 0.11亿份，占总份额的2.35%，个人投资者持有4.44亿份，占总份额的97.65%。 公开信息显示，现任基金经理陈西铭女士:中国国籍,硕士,2016-至今博时基金管理有限公司/历任研究 员、高级研究员兼基金经理助理、资深研究员兼基金经理助理。现任博时健康成长主题双周定期可赎回 混合型证券投资基金的基金经理。2021年12月9日任博时健康成长主题双周定期可赎回混合型证券投资 基金基金经理。2023年3月14日任博时医疗保健行业混合型证券投资基金基金经理。现任博时健康生活 混合型证券投资基金的基金经理。 截止2025年3月31日，博时健康成长双周定期可赎回混合A前十持仓占比合计34.13%，分别为：泽璟制 药-U（7.08%）、科伦博泰生（4.68%）、科伦药业（4.00 ...

CVS表示，其保险子公司Aetna将在2026年全面终止在ACA市场的运营。Aetna于2018年被CVS以780亿 美元收购。公司指出，退出的主要原因是该业务板块在2025年保险年度预计将面临亏损，本季度在个体 医保产品线上计提了4.48亿美元的保费亏损准备金。 尽管如此，CVS健康保险业务一季度的表现仍有亮点。该业务所在的"健康福利"板块收入同比增长约 8%，达348亿美元，高于市场预期的332亿美元。其中，受益于Medicare医保计划表现超出预期，该板 块的医疗赔付率从去年同期的90.4%降至87.3%，显示盈利能力改善。 智通财经APP获悉，周四，美国医疗健康巨头西维斯健康(CVS.US)股价走高，截至发稿，该股涨超 7%，报71.56美元。该公司宣布将于2026年退出个人健康保险市场，也就是"奥巴马医保"计划(ACA个体 医保市场)。 在药房和消费者健康板块，CVS的表现同样强劲。该板块季度收入达到319亿美元，同比增长约11%， 高于市场预期。公司在季度内共处理了约4.355亿份处方订单，同比增长4.3%。 整体来看，该公司季度实现总营收946亿美元，超出市场预期12亿美元；调整后每股收益同比大 ...

Group 1: Financial Performance - In 2024, the company achieved a total revenue of 9.57 billion yuan, representing a year-on-year growth of 4.13% [2] - In Q1 2025, the company reported a revenue of 2.379 billion yuan, a decrease of 2.48% year-on-year [3] - The net profit attributable to shareholders in Q1 2025 was 25.62 million yuan, showing a significant increase of 143.85% compared to the previous year [3] Group 2: Cost Control and Efficiency Measures - The company implemented cost reduction and efficiency improvement measures, resulting in a year-on-year optimization of the expense-to-revenue ratio by 1.81% in Q1 2025 [3] - The optimization of loss-making stores has positively impacted profitability, indicating a recovery in overall profit margins [3] - The company plans to continue optimizing logistics through resource allocation strategies, which include merging warehouses and enhancing supply chain flexibility [4] Group 3: Business Diversification and Innovation - The company is actively pursuing product diversification by introducing high-frequency consumer goods such as dairy products and peanut oil [6] - A new store format, "Dazhu Shuyu," focusing on beauty and personal care products, is set to launch in collaboration with partners [7] - The company is enhancing its member management system to provide targeted medical services for chronic disease patients [7] Group 4: Online Business Strategy - In 2025, the company aims to strengthen its self-operated platform and reduce reliance on third-party platforms [8] - The company will implement unified pricing strategies for online and offline sales to enhance customer experience [8] Group 5: Logistics and Capital Expenditure - The company plans to upgrade its warehousing system, with projects in Qingdao and Jinan expected to be completed within the year [9] - Capital expenditure will focus on expanding franchise operations and acquiring quality targets within Shandong province [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated steady growth in revenue and profit, with 2024 revenue reaching 24.062 billion yuan, a 6.53% increase, and net profit attributable to shareholders at 1.529 billion yuan, up 8.26% [3][10]. - The gross profit margin for 2024 was 40.12%, reflecting a 1.91 percentage point increase, primarily due to improved margins in retail sales of traditional Chinese and Western medicines [4]. - The company has adopted a strategy of "regional focus and steady expansion," successfully increasing its store count to 14,684 by the end of 2024, with a net addition of 1,434 stores [6][9]. Financial Performance Summary - For 2024, the company reported a net operating cash flow of 4.221 billion yuan, a decrease of 8.70% year-on-year, while the investment cash flow was negative at -3.609 billion yuan, down 21% [5]. - The company expects revenue growth to continue, with projected revenues of 26.497 billion yuan, 29.168 billion yuan, and 32.131 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.762 billion yuan, 2.028 billion yuan, and 2.336 billion yuan for the same years [10][12]. - The company’s financial ratios indicate a healthy growth trajectory, with a projected PE ratio decreasing from 21.82 in 2024 to 14.28 by 2027, suggesting increasing valuation attractiveness [12][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company is focused on steady expansion while optimizing its store operations, resulting in a net increase of 1,434 stores in 2024, with a total of 14,694 stores by the end of Q1 2025 [3]. - The retail business generated revenue of 21.19 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points, and the company aims to enhance its franchise and distribution business in 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 240.62 billion RMB and a net profit of 15.29 billion RMB, with a non-recurring net profit of 14.97 billion RMB [2]. - For Q1 2025, the company reported a revenue of 60.09 billion RMB and a net profit of 4.49 billion RMB [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores [3]. - The retail business maintained a revenue of 52.6 billion RMB in Q1 2025, with a gross margin of 41.2% [3]. - The company reduced its selling expense ratio to 23.53% in Q1 2025, indicating initial success in cost reduction [3]. Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 15%, and 15% [4]. - The estimated EPS for the same years are 1.47 RMB, 1.70 RMB, and 1.95 RMB, with corresponding PE ratios of 19, 16, and 14 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company continues to expand its store network, adding 2,512 stores in 2024, with a net increase of 1,434 stores year-on-year [3]. - The retail business generated revenue of 21.9 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points [3]. - The company is expected to maintain steady growth, with projected net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 17%, 15%, and 15% [4]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 24.062 billion RMB, with a net profit of 1.529 billion RMB and a non-recurring net profit of 1.497 billion RMB, showing growth rates of 6.5%, 8.3%, and 10.0% respectively [2]. - For Q1 2025, the company achieved revenue of 6.009 billion RMB and a net profit of 449 million RMB, with year-on-year growth rates of 0.6% and 10.5% respectively [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores, resulting in a net increase of 1,434 stores [3]. - The retail business revenue for 2024 was 21.9 billion RMB, with a gross margin increase of 1.8 percentage points, and Q1 2025 retail revenue was 5.26 billion RMB, maintaining a stable gross margin of 41.2% [3]. - The franchise and distribution business saw a revenue increase of 13% in Q1 2025, indicating a focus area for stable growth [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, with corresponding EPS of 1.47 RMB, 1.70 RMB, and 1.95 RMB [4]. - The current price corresponds to P/E ratios of 19, 16, and 14 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4].

益丰药房（603939）公告，2024年度实现归属于母公司净利润15.29亿元，同比增长8.26%。公司拟向全 体股东每股派发现金红利0.4元(含税)，合计拟派发现金红利4.85亿元(含税)。 ...

Market Overview - The overall market sentiment for the pharmaceutical sector remains cautious, with the CITIC Pharmaceutical Index rising by 1.08%, underperforming the CSI 300 Index by 0.03 percentage points, ranking 18th among 30 CITIC first-level industry indices [4][7]. - The top ten stocks by weekly gain include Kanghui Pharmaceutical, *ST Jingfeng, and Rongchang Bio, while the biggest losers include Beiyikang and Wuxi Jinghai [3][4]. Investment Themes - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) showing low allocation to this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors such as the recovery of US Treasury yields and the driving effect of large categories on the industry [7]. - In the innovative drug segment, there is a shift from quantity to quality, emphasizing differentiated and internationalized pipelines. Companies like Heng Rui, Bai Ji, and Bei Da are recommended for investment [7]. - The medical device market is witnessing a recovery in bidding volumes, particularly in imaging equipment, with companies like Mindray and United Imaging being highlighted. The home medical device market is also expected to benefit from subsidy policies [7]. - The CXO and life sciences services sector is anticipated to see a rebound in investment, with a focus on companies that can deliver high profit elasticity as they enter the return phase [7]. Traditional Chinese Medicine (TCM) Market - The retail sales of TCM are projected to remain stable, with a slight decline expected in 2024. The total retail sales are expected to reach 168 billion yuan, down 3.6% year-on-year [9][10]. - The top categories in TCM retail sales for 2024 include cold medicine, health supplements, and cardiovascular drugs, with notable products like Ganmao Ling Granules and Ejiao experiencing varying growth rates [15][19][24]. Specific Drug Categories - **Cold Medicine**: The retail sales are expected to decline by 8.4% in 2024, with the top product, Ganmao Ling Granules, showing a growth of 5.4% [20][21]. - **Health Supplements**: Despite a high base, the market is expected to see a slight decline, with Ejiao projected to drop by 13.4% [19][21]. - **Cardiovascular Drugs**: This category is experiencing its first decline in recent years, with a projected drop of 5.9% in 2024 [24]. - **Cough and Phlegm Relief**: Retail sales are expected to decrease by 4.3%, with products like Mi Lian Chuan Bei Pi Pa Gao showing a slight increase [29]. - **Gastrointestinal Drugs**: The market remains stable, with a projected decline of 3.4% in 2024 [33]. - **Musculoskeletal Drugs**: This category is expected to continue its downward trend, with a projected decline of 3.7% [36]. - **Urological Drugs**: The market has seen a significant decline, with a projected drop in sales [46]. - **Nervous System Drugs**: This category is expected to maintain stability, with a slight decline of 0.3% [48]. Conclusion - The pharmaceutical sector is navigating a complex landscape with varying performance across different categories. While some areas show promise for recovery and growth, others are facing challenges that could impact overall market sentiment and investment strategies [7][9][20][24].

证券研究报告|医药生物|2025年3月15日 www.hczq.com ERA | 01 | 行情回顾 | | --- | --- | | 02 | 板块观点和投资组合 | | 03 | 行业和个股事件 | 神经介入行业近况更新 本周专题联系人：李婵娟 张良龙 | 华创医药团队: | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号：S0360523080008 邮箱：wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com ...