据招股书，融泰药业是中国领先的院外医药服务商，专注于数字化营销和供应链解决方案。根据弗若斯特 沙利文的资料，按2024年收入计，该公司是中国院外医药市场第四大营销和供应链解决方案提供商，以及 中国院外医药市场第一大面向个人客户的营销和供应链解决方案提供商。该公司自主开发了数字化精准营 销体系，并整合数字化业务及数据平台与智能物流基础设施，能为制药公司提供全流程全渠道医药销售解 决方案。该公司赋能上游制药公司在广阔而高度分散的院外医药市场中有效触达并服务终端客户，提高了 市场效率与可及性，驱动院外医药流通价值链扩展。 据港交所9月26日披露，广东融泰药业股份有限公司(简称：融泰药业)向港交所主板提交上市申请书，中信 证券为独家保荐人。 | 纂頂下的[編纂]數目 | … | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | | [编纂]股H股(可予[编纂]) | | [编纂]數目 | … | [編纂]股H股(可予[編纂]及視乎[編纂]行使與否而 | | | | 定) | | 最高[编纂] | ። | 每股H股[編纂]港元(須於申請時以港元繳足,另 | | ...

来源：新浪港股-好仓工作室 融泰药业冲刺港股IPO，其招股书披露多项关键信息。其中净利润波动幅度达1192.43%、毛利率下滑 21.05%，这两项数据变化显著，反映出公司经营与财务层面的状况，值得投资者重点关注。 业务聚焦院外医药，数字化驱动发展 数据 专注院外医药，提供多元服务 融泰药业主攻院外医药市场，为上游制药公司提供数字化营销和供应链解决方案。公司自主开发数字化 精准营销体系，整合数字化业务、数据平台与智能物流基础设施，通过多渠道将医药产品售予个人客 户、基层终端和大型连锁药店。 数字化赋能，创新盈利模式 凭借对医药行业的理解、营销经验及数字化能力，融泰药业为上游制药公司提供多渠道覆盖，为商业伙 伴提供数字化系统。其数字化赋能医药流通系统整合数据分析、供应链管理及营销方案，在医药流通价 值链中起关键枢纽作用。收入主要源于药品数字化销售，部分来自品牌推广等服务费用。 财务指标波动大，盈利稳定性待考 营收有起伏，增长面临挑战 数据 时间营业收入（人民币百万元）同比变化2022年2023年20.16%2024年-1.40%2025年上半年11.42%（较 2024年上半年） 解读：2022 - 2025年 ...

证券代码：600998 证券简称：九州通 公告编号：临2025-068 九州通医药集团股份有限公司 关于股东提前解除股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●公司股东上海弘康办理完成73,000,000股的股份提前解除质押手续，本次解除质押股份占其所持股份 的比例为6.71%，占公司总股本的比例为1.45%。 ●公司股东上海弘康持有公司股份1,088,326,782股，占公司总股本的比例为21.58%。本次股份提前解除 质押办理完成后，上海弘康累计质押公司股份466,571,892股，占其所持股份的比例为42.87%，占公司 总股本的比例为9.25%。 本次股份提前解除质押办理完成后，楚昌投资及其一致行动人质押本公司股份情况如下： ■ ●截至2025年9月25日，控股股东楚昌投资及其一致行动人合计持有公司股份2,290,962,690股，占公司总 股本的比例为45.43%。本次股份提前解除质押办理完成后，控股股东楚昌投资及其一致行动人所持公 司股份中已质押的股份总数为1,076,883, ...

证 券 研 究 报 告 老百姓（603883）2025 年半年报点评 推荐（维持） 多维度变革下，2Q 业绩有所转暖 目标价：18.3 元 事项： ❖ 剔除额外因素影响，2Q25 业绩环比改善。公司 1H25 收入 107.7 亿元（-1.5% yoy），1H25 归母净利 4.0 亿元（-20.9% yoy）、扣非净利 3.8 亿元（-20.9% yoy）。 2Q25 收入 53.4 亿元（-1.1% yoy）、归母净利 1.5 亿元（-18.9% yoy）、扣非净 利 1.4 亿元（-19.6% yoy），业绩环比降幅收窄。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,358 | 23,335 | 25,033 | 27,264 | | 同比增速(%) | -0.4% | 4.4% | 7.3% | 8.9% | | 归母净利润(百万) | 519 | 695 | 821 | 952 | | 同比增速(%) | - ...

Group 1 - On September 25, Dajia Weikang's stock price fell by 1.40%, with a trading volume of 29.55 million yuan [1] - The financing data on the same day showed a financing buy-in of 1.99 million yuan and a financing repayment of 4.18 million yuan, resulting in a net financing buy of -2.18 million yuan [1] - As of September 25, the total balance of margin trading for Dajia Weikang was 81.06 million yuan, which accounts for 3.50% of its market capitalization [1] Group 2 - As of September 19, the number of shareholders for Dajia Weikang was 16,000, a decrease of 2.90% from the previous period [2] - The average circulating shares per person increased by 2.99% to 8,629 shares [2] - For the first half of 2025, Dajia Weikang reported operating revenue of 2.708 billion yuan, a year-on-year increase of 4.16%, while the net profit attributable to the parent company was 893,500 yuan, a significant decrease of 97.19% [2] Group 3 - Since its A-share listing, Dajia Weikang has distributed a total of 38.07 million yuan in dividends, with 31.05 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders included Nu'an Multi-Strategy Mixed A (320016), which held 939,800 shares as a new shareholder [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 20.3 yuan [2][8]. Core Insights - The company demonstrated stable revenue growth with a 1.3% year-on-year increase in revenue to 13.52 billion yuan in the first half of 2025, while net profit attributable to shareholders rose by 21.4% to 800 million yuan [2][8]. - The growth in revenue is attributed to the performance of existing stores and contributions from newly opened and franchised stores, while profit growth is driven by revenue increase, improved management efficiency, and effective control of total operating costs [2][8]. - The company is focusing on high-quality development and expanding its presence in Southern China while dynamically optimizing its store network [2][8]. Financial Performance - In the first half of 2025, the company had a total of 16,833 stores, a 4.2% increase year-on-year, with a decrease in direct-operated stores by 3.7% and a 20.2% increase in franchised stores [2][8]. - The retail pharmacy business generated revenue of 11 billion yuan, a slight decline of 0.5% year-on-year, while the gross margin improved by 0.4 percentage points to 37.6% [2][8]. - The company’s net profit margin increased to 6.3%, up by 1.0 percentage points year-on-year, indicating effective cost control measures [2][8]. Future Projections - The report adjusts the company's net profit forecasts for 2025-2027 to 1.16 billion yuan, 1.33 billion yuan, and 1.53 billion yuan, respectively, with year-on-year growth rates of 27%, 15%, and 15% [2][8]. - The projected earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 20 times [2][8].

嘉事堂今年以来股价涨8.94%，近5个交易日涨0.22%，近20日跌1.42%，近60日涨3.43%。 分红方面，嘉事堂A股上市后累计派现8.74亿元。近三年，累计派现2.16亿元。 今年以来嘉事堂已经1次登上龙虎榜，最近一次登上龙虎榜为5月8日，当日龙虎榜净买入-5345.21万 元；买入总计3524.90万元 ，占总成交额比6.51%；卖出总计8870.11万元 ，占总成交额比16.37%。 9月25日，嘉事堂盘中上涨2.06%，截至13:32，报13.89元/股，成交4951.80万元，换手率1.24%，总市值 40.52亿元。 截至9月10日，嘉事堂股东户数2.20万，较上期减少8.40%；人均流通股13248股，较上期增加9.17%。 2025年1月-6月，嘉事堂实现营业收入96.99亿元，同比减少24.45%；归母净利润1.07亿元，同比减少 36.24%。 资金流向方面，主力资金净流入450.95万元，特大单买入480.36万元，占比9.70%，卖出108.23万元，占 比2.19%；大单买入883.12万元，占比17.83%，卖出804.30万元，占比16.24%。 资料显示，嘉事堂药业股份有 ...

Core Insights - The integration of traditional Chinese medicine (TCM) and digital health is creating significant opportunities in the healthcare sector, particularly for grassroots medical institutions [1][3] - The company, Sichuan Hezhong Yaoyigou Pharmaceutical Co., Ltd., has developed the Shangyi Cloud platform to empower clinics through digital solutions, enhancing operational efficiency and focusing on patient care [1][3] Company Overview - Shangyi Cloud offers a one-stop clinic empowerment platform that includes online pharmacies, traditional Chinese medicine (TCM) dispensing centers, and customized herbal granule services [1][2] - The platform aims to alleviate operational burdens such as procurement, inventory management, and quality control for clinics, allowing them to concentrate on improving medical services [1][2] Technological Innovations - The online pharmacy module supports real-time electronic prescription generation and transmission, ensuring data security and system stability through independent development and operation [2] - The TCM dispensing center utilizes AI and manual reviews to automate the preparation and cooking processes, enhancing the quality and consistency of herbal decoctions [2] - The granule pharmacy employs smart cabinets and precision dispensing machines to provide standardized and convenient herbal granules, catering to modern lifestyles [2] Service Integration - Shangyi Cloud integrates various services, including expert-prescribed formulas and specialized modules for chronic diseases, enhancing the medical capabilities of clinics [3] - The platform's resource integration and service innovation are driving the evolution of grassroots healthcare towards greater efficiency and sustainability [3] Market Outlook - The dual drivers of policy support and market demand are expected to elevate the role of platforms like Shangyi Cloud in transforming grassroots healthcare, ultimately improving patient access and service quality [3]

Core Viewpoint - The article highlights the serious threat posed by "reflow drugs," which are pharmaceuticals that re-enter the market through unofficial channels, jeopardizing consumer safety and undermining the integrity of the healthcare system [1][2]. Group 1: Impact on Consumer Safety and Market Integrity - Reflow drugs pose significant risks to public health, as they may be expired or stored improperly, leading to ineffective treatment or worsening of conditions [2]. - The presence of reflow drugs disrupts the legitimate pharmaceutical market, harming the interests of legitimate companies and eroding healthcare funds [2]. - The unique traceability codes on drug packages serve as a safeguard against counterfeit and reflow drugs, with multiple scans indicating potential fraud [2]. Group 2: Law Enforcement and Regulatory Actions - The National Healthcare Security Administration has initiated a special action to combat the sale of reflow drugs, uncovering over 30,000 suspicious traceability code leads across various institutions [2][7]. - Notable cases include a pharmacy in Hunan that sold drugs with traceability codes linked to multiple regions, raising concerns about the legitimacy of their inventory [2]. - The article details organized crime involving reflow drugs, with significant financial implications, including cases where criminal groups operated across regions with transactions exceeding 100 million yuan [3]. Group 3: Mechanisms of Reflow Drug Distribution - The article outlines the methods by which reflow drugs are sold, including individuals purchasing drugs through insurance and reselling them, as well as collusion between drug dealers and pharmacies [4]. - A specific case illustrates how an individual exploited insurance accounts to sell drugs at below-market prices, leading to legal consequences [4][11]. - The article also describes how some pharmaceutical companies engage in fraudulent practices, such as falsifying invoices to disguise reflow drugs as legitimate products [5][12]. Group 4: Regulatory Framework and Future Measures - The establishment of a comprehensive drug traceability system is underway, with all medical institutions required to upload traceability data by January 2026 [7]. - The article notes that as of August, over 661.51 billion traceability codes have been collected, indicating a tightening regulatory framework against reflow drugs [7]. - Experts suggest that a unified data standard and deeper integration of regulatory platforms are necessary to effectively combat the issue of reflow drugs [8]. Group 5: Public Awareness and Legal Consequences - The article emphasizes the importance of public engagement in monitoring drug sales through traceability codes to ensure safety and protect healthcare funds [9]. - Legal experts advocate for stricter definitions and penalties for those involved in the reflow drug trade, including potential inclusion on blacklists for offenders [9]. - The article concludes that the current regulatory environment presents low costs for offenders and high costs for enforcement, necessitating legal reforms to deter such activities [9].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 29.1 CNY, compared to the current price of 25.22 CNY [4][8]. Core Views - The company is facing revenue pressure but is focusing on cost reduction and efficiency improvements. In the first half of 2025, the company reported revenue of 11.72 billion CNY (down 0.3% year-on-year) and a net profit attributable to shareholders of 880 million CNY (up 10.3% year-on-year) [2][4]. - The revenue decline is attributed to the company's strategic decision to close low-efficiency stores and slow down the expansion of new stores, focusing instead on improving the quality of existing stores [2][4]. - The company has shown resilience in its operations despite industry pressures, with a projected net profit growth of 15% annually from 2025 to 2027 [2][4]. Financial Summary - Key financial indicators for the company are as follows: - Total revenue for 2024 is projected at 24.06 billion CNY, with a year-on-year growth rate of 6.5% - Net profit attributable to shareholders for 2024 is projected at 1.53 billion CNY, with a year-on-year growth rate of 8.3% - Earnings per share (EPS) for 2024 is expected to be 1.26 CNY, with a price-to-earnings (P/E) ratio of 20 [2][9]. - The company has a total market capitalization of 30.58 billion CNY and a debt-to-equity ratio of 54.84% [5][9]. Operational Insights - As of June 2025, the company operates a total of 14,701 stores, with 10,681 being directly operated (down 5.6% year-on-year) and 4,020 being franchise stores (up 17.3% year-on-year) [2][8]. - The company's retail business generated revenue of 10.20 billion CNY in the first half of 2025, with a gross margin of 42.0% [2][8]. - The company is also focusing on mergers and acquisitions, establishing a dedicated team for auditing and evaluating potential targets [2][8].