投资者关系活动记录表 | | □特定对象调研 | | | | □分析师会议 | | --- | --- | --- | --- | --- | --- | | | □媒体采访 | | | | 业绩说明会  | | 投资者关系活动类别 | □新闻发布会 | | | | 路演活动 | | | □现场参观 | | | | | | | □其他（电话会议） | | | | | | 参与单位名称及人员 | 全景网"投资者关系互动平台"（http://rs.p5w.net）参 | | | | | | 姓名 | 与本次年度业绩说明会的广大投资者 | | | | | | 时间 | 2025 5 日 | 年 | 月 | 13 | 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（http://rs.p5w.net） | | | | | | 公司接待人员姓名 | 董事长兼总裁阮鸿献先生、董事兼执行总裁张勇先生、独 立董事龙小海先生、副总裁兼董事会秘书李正红先生和财 | | | | | | | 务负责人肖冬磊先生 | | | | | | 投资者关系活动主要 | 公司 2024 | | | | 年度网上业绩说 ...

Core Viewpoint - The company is facing significant challenges in the pharmaceutical retail industry, including stagnant revenue growth and declining profits due to regulatory pressures and market competition. The company is adjusting its strategies to focus on operational efficiency and non-pharmaceutical revenue streams [5][6][21]. Company Overview - JZJ Chain Drugstore Corporation, also known as 健之佳医药连锁集团股份有限公司, is based in Kunming, China, and is listed under stock code 605266 [1]. Financial Performance - The company's net profit for 2024 was 128 million yuan, a decrease of 69.08% compared to 2023 [6]. - Total assets at the end of 2024 amounted to 1,062.33 million yuan, reflecting a 6.78% increase from the previous year [25]. - The company's revenue for 2024 was 928.28 million yuan, a slight increase of 2.23% from 2023 [26]. Operational Strategy - The company is slowing down its store expansion and focusing on improving the efficiency of existing stores to cope with industry competition [6][21]. - There is an emphasis on enhancing non-pharmaceutical product offerings to diversify revenue streams [6][21]. Governance and Compliance - The board of directors is committed to maintaining compliance with regulatory requirements and enhancing corporate governance practices [6][19]. - The company has established a management system for share repurchases, utilizing 145 million yuan to buy back shares, which represents 4.13% of its total shares [18]. Market Environment - The pharmaceutical retail industry is experiencing a downturn, with a significant drop in healthcare spending growth, which fell to 3.0% in early 2025, down from 16.0% the previous year [21]. - The company is navigating through a period of structural adjustment and transformation in response to regulatory changes and market dynamics [21].

Financial Performance - In 2024, the company's revenue reached CNY 4.532 billion, representing a growth of 19.34% compared to the previous year [2] - The net profit attributable to the parent company was CNY 138 million, marking a 20.09% increase year-on-year [2] R&D Investment Plans - Future R&D will focus on two main areas: 1. Digital empowerment and technology application, enhancing management efficiency and operational capabilities [3] 2. Drug research and capacity expansion, accelerating product development and leveraging advantages in fermentation technology [3] Store Expansion Strategy - In 2024, the company added 440 new stores through acquisitions, with plans to continue expanding its retail presence in the Anhui region and surrounding areas [3] Competitive Strategies - The company aims to strengthen its market position through: 1. Brand building and promotion to enhance market visibility [4] 2. Engaging in social responsibility initiatives to improve public perception [4] 3. Deepening member services to increase customer loyalty [4] 4. Implementing refined management practices to boost operational efficiency [5] 2025 Development Goals - The company plans to maintain a balanced development across its four core business segments: retail, agency, terminal procurement, and R&D [5] - It aims to enhance its brand market share and continue digital transformation efforts to support business growth [5] Response to Industry Policy Changes - The company is adapting to policy changes by: 1. Increasing R&D investment in high-potential products to enhance competitiveness [7] 2. Improving operational efficiency and cost management through digital transformation [7] 3. Strengthening brand and service value to maintain customer loyalty [7] 4. Actively participating in policy discussions to leverage market opportunities [7]

Core Viewpoint - Guangxi has officially implemented a "no code, no settlement" policy for designated retail pharmacies under the medical insurance system, requiring pharmacies to scan traceability codes for medical insurance drug sales to ensure safety and prevent counterfeit drugs [1][2] Group 1: Implementation Details - All designated retail pharmacies in Guangxi must scan traceability codes and upload information to the medical insurance information platform for drug settlement [1] - The traceability code acts as an "electronic ID" for each drug, assigned from production to sales, allowing for quick identification of counterfeit or substandard drugs [1] - As of now, Guangxi has collected 940 million traceability codes covering 19,000 medical institutions [1] Group 2: Consumer Protection Measures - The "no code, no settlement" policy will not affect the purchasing process for insured individuals or the normal reimbursement of medical insurance [1] - For drugs that have not yet been assigned codes, they can be temporarily included in a "no code library" for real-time data collection and review [1] - Consumers can verify their purchase information through the National Medical Insurance Bureau's official app by scanning the traceability code [2] Group 3: Impact on Drug Safety and Fraud Prevention - The implementation of this policy is expected to effectively curb the influx of counterfeit and "returned" drugs into the market, enhancing public safety [2] - It will also utilize big data analysis to combat various fraudulent activities related to medical insurance funds, ensuring safer and more efficient use of these funds [2]

Core Insights - JD Health and China National Pharmaceutical Group have signed a strategic cooperation agreement to enhance the accessibility of quality medical resources and promote health technology [1][2] - The partnership aims to launch innovative pharmaceutical products, including the first domestically approved tolvaptan patch and a sodium loxoprofen gel patch, through JD Health's online channels [1][2] Group 1: Strategic Partnership - JD Health and China National Pharmaceutical Group will collaborate in disease knowledge dissemination and new product launches [1] - The partnership is expected to leverage JD Health's online platform to improve public access to healthcare services [1][2] Group 2: Product Launches - JD Health will exclusively distribute the 2mg tolvaptan patch online, which is designed to alleviate symptoms of bronchial asthma and other obstructive airway diseases [1] - Another product, sodium loxoprofen gel patch, is the first in China to complete phase III clinical trials and is aimed at treating inflammation and pain from osteoarthritis and muscle injuries [1] Group 3: Market Trends - JD Health is positioned as the leading online health consumption platform, with e-commerce channels projected to account for 12.9% of the pharmaceutical retail market by 2024 [2] - The company employs a comprehensive "B2C + O2O + offline store" model to integrate supply chain, logistics, and medical resources effectively [2] Group 4: Future Collaboration - The partnership will expand to cover various disease areas, including oncology, rheumatology, and cardiovascular health, utilizing JD Health's internet hospital resources [2] - Both companies aim to transform authoritative medical knowledge into accessible content for the public, enhancing health education and chronic disease management [2]

Core Viewpoint - The financial reports of major chain pharmacy companies in A-shares indicate a challenging environment, with only one company, Yifeng Pharmacy, showing profit growth in 2024, while others faced declines, highlighting the difficulties of relying solely on store expansion for growth [1][3]. Financial Performance - In 2024, Yifeng Pharmacy achieved a revenue of 24.06 billion yuan, a year-on-year increase of 6.53%, and a net profit of 1.529 billion yuan, up 8.26% [4]. - In contrast, Shuyu Pingmin reported a revenue of 9.57 billion yuan, a 4.13% increase, but a net loss of 189 million yuan, marking a 241.9% decline compared to the previous year [3][4]. - Other companies like Laobaixing and Yixin Tang also experienced revenue declines, with Laobaixing's revenue at 22.358 billion yuan, down 0.36%, and a net profit decrease of 44.13% [4]. Store Expansion and Closure - Despite the financial struggles, the number of stores for the six major companies continued to grow in 2024, with Yifeng Pharmacy adding 2,512 stores, resulting in a total of 14,684 stores [5]. - Laobaixing reported a total of 15,277 stores, with a net increase of 1,703 stores during the year [6]. - However, the closure rate also increased, with Daclin closing 733 stores due to strategic adjustments [6]. Industry Challenges - The industry is facing significant challenges, including intensified competition, rising costs, and changing consumer purchasing habits, which are reflected in the declining net profits of listed chain pharmacies [4][8]. - The adjustment of medical insurance policies has also impacted the performance of chain pharmacies, leading to a shift in consumer purchasing behavior and a decrease in foot traffic to physical stores [8][9]. Future Directions - Experts suggest that the future development of chain pharmacies should focus on high-quality services rather than mere expansion, as the market becomes saturated [7]. - Companies are encouraged to enhance operational efficiency and improve service quality to remain competitive in a challenging environment [7][9].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [8][29]. Core Insights - The industry is experiencing a return to normal growth, with a notable performance in chemical pharmaceuticals, while the overall revenue growth for 2024 is projected to decline by 0.6% year-on-year, marking the first decline in recent years [12][14]. - The report highlights a significant disparity among sectors, with chemical pharmaceuticals showing a remarkable net profit growth of 97.7%, while biological products face substantial short-term performance pressure [17][18]. - The current low allocation and valuation levels present a high cost-performance ratio for investments in the pharmaceutical sector, suggesting it is an excellent time to allocate resources [19][28]. Summary by Sections 1. Innovation in the Pharmaceutical Chain - The report notes that the impact of national procurement and anti-corruption measures is gradually diminishing, leading to a normal release of rigid demand in hospitals [11]. - The overall revenue growth for the industry in 2024 is projected at -0.6%, with net profit and non-recurring net profit declining by 8.1% and 5.9% respectively [12][13]. 2. Investment Recommendations - The report suggests focusing on the innovation drug supply chain (Biotech + CXO + upstream) and certain overseas medical devices, recommending companies such as Aosaikang, Yifang Bio, and WuXi AppTec for investment [29]. - For in-hospital products (traditional Chinese medicine, chemical pharmaceuticals, and medical devices), companies like Hengrui Medicine and Mindray Medical are highlighted as having more certain growth prospects [29]. 3. Market Positioning - The report indicates that the allocation of public fund products in pharmaceutical stocks has decreased from 11.2% in Q1 2024 to 8.7% in Q4 2024, with a slight recovery to 9.1% by Q1 2025 [19][21]. - The pharmaceutical sector's price-to-earnings ratio is at a 10-year low, suggesting potential for growth as innovative products continue to emerge [22][24].

记者从广东省医保局获悉，近日，省医疗保障局、省卫生健康委员会、省药品监督管理局联合印发了 《广东省定点医药机构相关人员医保支付资格管理实施细则(试行)》(下称《实施细则》)，通过对定点 医药机构相关人员的违法违规行为进行"驾照式记分"管理，促进医疗保障基金规范合理使用。据《实施 细则》，一个自然年内累计记分达12分者会被终止医保支付资格。 【记1-3分情形】一是相关人员所在定点医药机构违反服务协议受到医保经办机构协议处理，协议处理 方式包括"要求定点医疗机构按照协议约定支付违约金""要求定点零售药店按照医保协议约定支付违约 金"，该相关人员负有责任的。二是执行药品耗材集中带量采购政策中，公立医疗机构相关人员无正当 理由超过规定要求使用高价非中选产品，被医保部门通报的。三是其他应记1-3分的情形。 【记4-6分情形】一是相关人员所在定点医药机构或科室涉及违反医疗保障相关法律法规，受到医疗保 障行政部门依据《医疗保障基金使用监督管理条例》第三十八条、第三十九条作出行政处罚，相关人员 负有责任的。二是其他应记4-6分的情形。 《实施细则》自5月21日起实施，有效期3年。 哪些人纳入记分管理？ 根据《实施细则》，医保 ...

Group 1 - The core viewpoint of the news is that the institutional ownership of Laobaixing (603883.SH) has increased, with 17 institutional investors holding a total of 423 million shares, representing 55.65% of the total share capital as of April 30, 2025 [1] - The top ten institutional investors collectively hold 55.05% of the shares, with an increase of 1.19 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 1.28% increase, while one fund saw a slight decrease in holdings [2] - Eight new public funds were disclosed during this period, including several focused on healthcare and medical sectors [2] - One insurance fund decreased its holdings slightly, while one pension fund was no longer disclosed [2]

Group 1: Retail Industry Overview - In 2024, five retail companies including YaoYigou, JianZhiJia, WuFangZhai, GuangMing Dairy, and HaiZiWang disclosed a total of 18.3756 million yuan in data resources, covering various sectors such as pharmaceutical retail, food and beverage, and maternal and child products [1][3] - YaoYigou and JianZhiJia reported significant declines in net profit, with JianZhiJia's net profit at 12.8 million yuan, down 69.08% year-on-year, and YaoYigou's net profit at 1.63582 million yuan, down 72.52% year-on-year [3][4] - The companies are actively investing in data assetization, with YaoYigou listing 22 pharmaceutical data products and integrating data resources with financial institutions to build a pharmaceutical supply chain finance system [3][4] Group 2: Pharmaceutical Retail Sector - YaoYigou's data resources included business data, industry knowledge data, and research data, with a total data storage of 99,098.39 GB by the end of 2024 [3][4] - YaoYigou has established a credit system for small and micro customers, with a total credit of 20.7248 million yuan granted to 5,100 customers [4] Group 3: Food Retail Sector - GuangMing Dairy and WuFangZhai disclosed their data resources for the first time in 2024, with GuangMing Dairy reporting 233,200 yuan in development expenses [6][8] - WuFangZhai introduced a BI data unified decision-making platform and confirmed its data asset worth 1.0004 million yuan, which is now available on the Zhejiang Big Data Trading Service Platform [8] Group 4: Maternal and Child Products Sector - HaiZiWang reported a total of 9.9519 million yuan in data resources for 2024, with 8.6310 million yuan classified as intangible assets [9] - HaiZiWang has developed an intelligent DTC system and the KidsGPT smart advisor, marking significant advancements in digitalization within the maternal and child product sector [9]