"嘉事堂（002462）以建设"国内一流医药流通和医疗健康特色综合服务商"为长期战略目标，以服务人 民群众医药医疗需求为主责，以医药及医疗器械流通与康养产品服务为主业，在服务国家战略中认真履 行央企职责。养老方面，目前在医养结合上有一定的探索和实践。" 5月15日下午，嘉事堂（002462.SZ）2024年度网上业绩说明会成功在全景路演举行。问及未来发展战略 以及在银发经济的布局，嘉事堂董事长徐曦如此强调道。 嘉事堂是中国光大集团旗下大健康产业的重要平台，自1997年创立以来，始终以"健康快乐陪伴美好生 活"为愿景，深耕医药流通与医疗健康服务领域，致力于成为国内领先的医药商业综合服务商。2018年 进入光大体系后，公司依托集团资源协同优势，积极融入国家"健康中国"战略，持续强化在医药产业链 中的枢纽作用。 谈及配送新质生产力情况，黄奕斌称，公司切实贯彻落实国家关于低空空域管理改革决策部署，积极探 索利用无人机在急救、公共卫生应急事件时医药物资配送保障实践，以突破地面交通瓶颈，实现实时快 速响应。 交流会中，嘉事堂总裁黄奕斌表示，2024年，公司凭借行业积累，在医疗新基建、国产替代背景下，积 极拓展业务。公司与 ...

Summary of Key Points Core Viewpoint - The company held a performance briefing on May 14, 2025, to discuss its 2024 annual and 2025 Q1 results, as well as cash dividends, addressing investor concerns about its business operations and financial performance [1]. Group 1: Company Performance - The company reported a revenue of 1,004,827.94 million yuan and a net profit attributable to shareholders of 21,327.23 million yuan for 2024 [3]. - The decline in gross margins for both wholesale and retail businesses was attributed to the impact of centralized procurement and medical insurance cost control policies, which have generally pressured industry performance [2][4]. Group 2: Future Growth Drivers - The company aims to establish a professional healthcare service platform in Heilongjiang Province, focusing on four main business areas: pharmaceutical distribution, retail, medical services, and logistics [2]. - The strategic plan includes targeting three major terminals and six key markets, with a structured approach to enhance market share and core competitiveness [2]. Group 3: Industry Challenges and Responses - The company is closely monitoring national pharmaceutical policies and adapting its strategies to mitigate the effects of policy changes on profitability and market share [4]. - Efforts include optimizing operational strategies, enhancing collaboration with upstream suppliers, and expanding the product range to address the challenges posed by declining gross margins [4].

Group 1: Company Performance and Financials - In Q1 2025, the company achieved a revenue of 84.37 billion, a year-on-year decrease of 1.87% [13] - For the year 2024, the company reported a revenue of 333.52 billion, a growth of 4.05%, and a net profit of 5.26 billion, increasing by 7.53% [18] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 5.10 billion, reflecting a growth of 25.74% [18] Group 2: Debt Management - The company is actively managing its debt structure, with a stable decrease in the asset-liability ratio [2][3] - There are 4 billion of the 6 billion convertible bonds yet to be converted, with plans for redemption or conversion as per regulations [2] Group 3: Market Strategy and Expansion - The company aims to enhance market share through scale, channel, and brand advantages, including mergers and acquisitions, and strategic partnerships [1] - New parks, such as the Yingte Pharmaceutical Valley Operations Center, are set to be operational this year, while the Shitang Pharmaceutical Industrial Park is still in planning [1] Group 4: Business Segments and Innovations - The company is focusing on enhancing the quality and efficiency of traditional Chinese medicine services through the establishment of additional decoction centers [4] - In the medical aesthetics sector, the company plans to improve revenue through refined operations and deeper collaborations with manufacturers [5] - The company is expanding its logistics capabilities with a comprehensive distribution network across Zhejiang province, enhancing efficiency through smart warehousing and automated sorting systems [17] Group 5: Investor Relations and Market Perception - The management emphasizes that stock prices are influenced by various factors, including company fundamentals and market trends, and currently has no plans for stock buybacks or increases [6][31] - The company is committed to improving investor relations and enhancing market value through high-quality business development and increased cash dividends [2]

Core Viewpoint - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025, discussing its business transformation plans and financial performance [1][2]. Group 1: Meeting Details - The performance briefing took place on May 13, 2025, from 11:00 to 12:00 via the Shanghai Stock Exchange Roadshow Center [1]. - Key attendees included the Chairman, CEO, CFO, and independent directors, who engaged with investors through an interactive online format [1]. Group 2: Business Transformation and Progress - The company is focusing on deepening its industrial layout and enhancing market competitiveness, particularly in the judicial IVD sector, with plans for independent R&D and market penetration of DNA testing products [2]. - In the pharmaceutical distribution sector, the company aims to optimize hospital channel management and expand its chain franchise business [2]. - The pharmaceutical manufacturing segment will enhance operational efficiency through organizational restructuring and brand building, with a focus on core products like eye drops [2]. Group 3: Revenue Structure and Performance - The company reported a total revenue of 78.61 million for Q1 2025, with a net profit of 3.14 million, marking a turnaround from losses [9]. - The revenue contributions from different business segments for 2024 were as follows: - Pharmaceutical distribution: 182 million, down 9.34% year-on-year - Judicial IVD: 119 million, up 1.6% year-on-year - Pharmaceutical manufacturing: 35.45 million, down 20% year-on-year [5][6]. Group 4: Future Growth and Market Strategy - The company plans to continue optimizing its business structure, focusing on high-tech development and core biotechnology [8]. - Future growth will be driven by expanding into the health and judicial IVD sectors, leveraging both internal and external growth strategies [10]. - The company is also addressing potential impacts from the US-China trade war by seeking non-US suppliers and promoting domestic product alternatives [12].

Industry Overview - The Chinese pharmaceutical distribution industry is undergoing significant transformation driven by policy and market demand, with increasing industry concentration as national wholesale leaders capture over half of the market share [1] - Policies such as volume-based procurement and two-invoice system have reduced profit margins across the industry, although the impact of these policies is gradually diminishing [2] Company Performance - Jiuzhoutong, as a leading private player, is leveraging flexible market strategies and channel advantages to capitalize on the trend of prescription drug outflow [3] - The company reported a stable financial performance with a revenue of 151.81 billion yuan in 2024, a year-on-year increase of 1.11%, and a net profit of 2.507 billion yuan, up 15.33% [9] - In Q1 2025, Jiuzhoutong's net profit surged by 80.38% year-on-year to 970 million yuan, indicating strong growth momentum [10] Strategic Initiatives - Jiuzhoutong is implementing a "Three New and Two Transformations" strategy, focusing on new products, new retail, new healthcare, digitalization, and real estate securitization (REITs) [6][8] - The company has established a mature new product promotion system, with over 2,200 product specifications and 52 products generating over 100 million yuan in sales [7] - The "Ten Thousand Store Franchise" plan has accelerated, with over 29,331 stores by March 2025, enhancing its retail presence [7] Digital Transformation - Jiuzhoutong is prioritizing digital and intelligent transformation, with 47 digital projects underway, 45 of which have been successfully launched [14] - The company has invested 346 million yuan in R&D in 2024, a 24.32% increase, focusing on digital platforms and supply chain innovations [12] Financial Optimization - The company has improved its financial structure through supply chain finance and REITs, with Pre-REITs contributing 576 million yuan to net profit in 2024 [16] - Jiuzhoutong's logistics network covers over 96% of the country, enhancing delivery efficiency and supporting integrated online and offline operations [16] Future Outlook - Jiuzhoutong's diversified layout and technological innovation are expected to drive future growth, with a focus on integrating upstream medical aesthetics and expanding its product offerings [18][22] - The company aims to transform from a traditional pharmaceutical distributor to a technology-driven comprehensive service provider in the pharmaceutical industry, creating an ecosystem that includes pharmaceuticals, medical aesthetics, finance, and technology [22][23]

Core Viewpoint - In 2024, Hunan Dajia Weikang Pharmaceutical Industry Co., Ltd. achieved a revenue of 5.233 billion yuan, representing a year-on-year growth of 34.07%, with a net profit attributable to shareholders of 26.57 million yuan [1] Group 1: Business Performance - The company has established a balanced structure across three major business segments: retail, distribution, and industrial, showcasing strong performance resilience [1] - In 2024, the retail business generated revenue of 2.692 billion yuan, a year-on-year increase of 78.83%, accounting for 51.44% of total revenue, surpassing the distribution segment for the first time [1] - The distribution segment achieved revenue of 2.214 billion yuan, representing 42.30% of total revenue, while the industrial segment saw a significant increase in revenue to 300 million yuan, up 295.52% year-on-year [1] Group 2: Strategic Initiatives - The company plans to enhance its digital service infrastructure in the retail segment, aiming to create a patient-centered "health service hub" [2] - In the distribution segment, the company will optimize its smart logistics system to accelerate the integration of "zero wholesale and retail" advantages [2] - The industrial segment will see increased R&D investment to develop specialized teams for traditional Chinese medicine and innovative drugs, enhancing research capabilities and product variety [2] Group 3: Future Growth Areas - The establishment of the Dajia Weikang Regenerative Medicine Research Institute aims to focus on product and technology development in key areas of regenerative medicine, enhancing the overall system [2] - The company will concentrate on cell storage preparation technology, cell quality testing technology, and the development of health products to translate research findings into pharmaceuticals, intermediates, and medical devices [2] - By extending value-added services along the supply chain, the company enhances cooperation with upstream suppliers and downstream customers, increasing core competitiveness [3]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that the pharmaceutical distribution sector is under pressure but is expected to see a recovery in profitability [3][6] - The report emphasizes the importance of new business models such as CSO and health device distribution, which are anticipated to support revenue growth [7] Summary by Sections Market Review - From January 1, 2025, to May 8, 2025, the pharmaceutical distribution index declined by 2.44%, underperforming the pharmaceutical and biotechnology index by 3.73 percentage points [4] - The market capitalization of pharmaceutical distribution in Q1 2025 was 1.5 billion, accounting for 0.05% of the total A-share fund holdings, showing a decrease from the previous quarter [4][20] Financial Analysis - Revenue growth for 2024 is projected at an average of 0.52%, a significant decline of 9.04 percentage points year-on-year. Major companies like China National Pharmaceutical and China Medicine are expected to experience negative growth [5][24] - In Q1 2025, the average revenue growth rate for key companies in pharmaceutical distribution was -0.11%, but this represents an improvement of 1.31 percentage points year-on-year [5][24] - The average net profit growth rate for key companies in Q1 2025 was 4.83%, an increase of 13.95 percentage points compared to the previous year [29][40] - The average gross profit margin for Q1 2025 was 8.33%, down 0.32 percentage points year-on-year, continuing a downward trend influenced by centralized procurement and drug pricing policies [32][40] Investment Recommendations - The report recommends focusing on leading companies in the pharmaceutical distribution sector, particularly those with strong capabilities in hospital payment recovery and innovative distribution channels. Key recommendations include Shanghai Pharmaceuticals, Jiuzhoutong, Baiyang Pharmaceuticals, and Zhongyao Holdings, with a watch on China National Pharmaceutical, Guoyao Holdings, and Liuyao Group [7][55]

| 证券代码：600713 | 证券简称：南京医药 | | --- | --- | | 债券代码：110098 | 债券简称：南药转债 | | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 关于 | | 南京医药股份有限公司 | | | 首次授予及调整相关事项 | | | | 之 | | 独立财务顾问报告 | | | | 目 录 | | 一、释义 | | | 以下词语如无特殊说明，在本文中具有如下含义： | | | 南京医药、本公 | | | 司、公司、上市公 | 指 南京医药股份有限公司 | | 司 | | | 股权激励计划、本 | | | 指 | 南京医药股份有限公司 2025 年限制性股票激励计划 | | 激励计划 | | | | 公司根据本激励计划规定的条件和价格，授予激励对象一 | | | 定数量的公司股票，该等股票设置一定期限的限售期，在 | | 限制性股票 指 | | | | 达到本激励计划规定的解除限售条件后，方可解除限售流 | | 通 | | | | 按照本激励计划规定，获得限制性股票的公司董事、高级 | | 激励对象 指 | | | | 管理人员、公司及控股子公司核心管理/骨干 ...

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][14]. Core Insights - The company has shown stable growth in its core pharmaceutical distribution business, achieving a revenue of 151.81 billion yuan in 2024, reflecting a year-on-year increase of 1.11%. The net profit attributable to shareholders reached 2.507 billion yuan, up by 15.33% [3][6]. - The successful issuance of public REITs has significantly contributed to the company's net profit, adding 576 million yuan in 2024 and 438 million yuan in Q1 2025 [4][9]. - The company is pioneering a dual listing platform in the pharmaceutical industry, combining equity and asset listings, which enhances its asset liquidity and sets a benchmark for the industry [7][9]. Financial Performance Summary - For 2024, the company reported an operating income of 151.81 billion yuan, with a net profit of 2.507 billion yuan. The operating cash flow was 3.083 billion yuan, although it saw a decline of 35.07% year-on-year [3][5]. - In Q1 2025, the company achieved an operating income of 42.016 billion yuan, a 3.82% increase, and a net profit of 970 million yuan, which is an impressive growth of 80.38% compared to the previous year [4][10]. - The company’s gross margin for 2024 was 7.80%, with a net profit margin of 1.65%. In Q1 2025, the gross margin slightly decreased to 7.33%, while the net profit margin improved to 2.31% [4][5]. Growth Projections - The company is expected to continue its growth trajectory, with projected revenues of 162.65 billion yuan, 174.30 billion yuan, and 186.62 billion yuan for 2025, 2026, and 2027 respectively. The net profit is forecasted to reach 3.010 billion yuan in 2025, growing to 3.458 billion yuan by 2027 [10][12].

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][14]. Core Insights - The company has shown stable growth in its core pharmaceutical distribution business, achieving a revenue of 151.81 billion yuan in 2024, reflecting a year-on-year increase of 1.11%. The net profit attributable to shareholders reached 2.507 billion yuan, up by 15.33% [3][6]. - The successful issuance of public REITs has significantly contributed to the company's net profit, adding 576 million yuan in 2024 and 438 million yuan in Q1 2025 [4][9]. - The company is pioneering a dual listing platform in the pharmaceutical industry, combining equity and asset listings, which enhances its asset liquidity and sets a benchmark for the industry [7][9]. Financial Performance Summary - For 2024, the company reported an operating income of 151.81 billion yuan, with a net profit of 2.507 billion yuan. The operating cash flow was 3.083 billion yuan, showing a decline of 35% year-on-year due to increased payments to core suppliers [3][5][10]. - The first quarter of 2025 saw an operating income of 42.016 billion yuan, a 3.82% increase, and a net profit of 970 million yuan, marking an 80.38% rise compared to the previous year [4][10]. - The company’s gross margin for 2024 was 7.80%, with a net profit margin of 1.65%. In Q1 2025, the gross margin slightly decreased to 7.33%, while the net profit margin improved to 2.31% [4][5]. Growth Projections - The company is expected to achieve revenues of 162.65 billion yuan, 174.30 billion yuan, and 186.62 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 3.010 billion yuan, 3.212 billion yuan, and 3.458 billion yuan for the same years [10][12]. - The report anticipates a steady growth rate of approximately 7% for the upcoming years, with a corresponding increase in earnings per share [10][12].