Core Insights - The company reported a revenue of 151.81 billion yuan for 2024, a year-on-year increase of 1.11%, and a net profit of 2.507 billion yuan, up 15.33% from the previous year [2] - In Q1 2025, the company achieved a revenue of 42.016 billion yuan, representing a 3.82% increase year-on-year, and a net profit of approximately 970 million yuan, which is an 80.38% increase compared to the same period last year [2] - The company is implementing a "New Medical Strategy" to address challenges faced by clinics, such as high supply costs and low levels of information technology [2][3] Company Developments - The company is providing one-stop solutions for clinics, including supply of products, IT systems, and operational value-added services [2] - The "Clinic Manager System" has been developed to enhance operational efficiency, featuring functions like patient record creation, intelligent reception, inventory alerts, and more, achieving over 90% satisfaction among member stores [3] - A partnership with Tencent Cloud has led to the development of an AI-assisted diagnostic platform, covering nearly 3,000 diseases and over 110,000 drug knowledge, aimed at improving prescription safety and patient experience [3] Market Positioning - The company has expanded its "Nine Medical Clinics" membership stores to 1,377 by the end of March 2025, with a target of reaching approximately 2,000 by the end of the year [3] - The Internet Medical Division is focused on the comprehensive development of digital pharmacy services, prescription transfer platforms, and medical information construction, with projected sales revenue of about 200 million yuan in 2024 [4] - The company is leveraging digital technologies to provide a range of services, including electronic prescription transfer, online medication purchase, and health management, to meet patient needs [4]

尽管主营业务疲软，药易购2025年一季度经营活动现金流实现转正，为3061.96万元，较去年同期增长 超过1亿元。这一转变主要得益于公司通过提高运营资本管理效率所取得的阶段性成果，包括优化应收 账款周期、压缩库存周转天数，以及费用管控收紧。 在投资活动方面，公司新增对伟哥（海南）健康产业有限公司的投资，体现出其在健康赛道的长期战略 布局，但短期内使得投资现金流仍为负值。与此同时，公司在筹资活动上则集中偿还流动资金贷款，导 致筹资现金流净额为负。 尽管经营性现金流改善，整体现金结构仍面临压力。货币资金较年初下降9.24%，应收款项融资同比减 少26.09%。资产周转能力和资金回收效率仍需持续跟进。 主营业务承压，转型路径仍在探索中 作为一家长期聚焦于院外医药流通的企业，药易购近年来持续推动"B转C"战略，但从财务表现看，转 型成效仍未能有效对冲主营业务下滑带来的压力。 2024年，公司医药电商业务营收为14.41亿元，同比下滑15.6%。平台月活用户下降3%，客单价下降 18.2%，流量转化能力下降。尽管线上B2C业务同比增长225.87%，实现收入5696.94万元，但在全年营 近日，四川合纵药易购医药股份有 ...

Core Viewpoint - The pharmaceutical distribution giant Jiuzhoutong announced its acquisition of a 20% stake in Aoyuan Meigu for 673 million yuan, aiming to become a potential controlling shareholder post-restructuring, marking a strategic shift from a medical beauty supply chain service provider to an operator of terminal medical institutions [1][2]. Group 1: Acquisition Details - Jiuzhoutong's wholly-owned subsidiary signed an investment agreement to acquire 360 million shares of Aoyuan Meigu, which is undergoing restructuring [2]. - Aoyuan Meigu, despite having well-known medical beauty resources, has faced continuous losses and is in a state of insolvency, prompting Jiuzhoutong to leverage its experience in the medical beauty industry to revitalize this asset [1][6]. Group 2: Industry Context - Aoyuan Meigu, originally listed as Hubei Jinhui in 1996, has undergone multiple ownership changes and business transformations, entering the medical beauty sector in 2020 under Aoyuan Group [6]. - The company has struggled financially, with projected losses of 320 million to 450 million yuan for 2024, leading to its restructuring application in November 2024 [6]. Group 3: Jiuzhoutong's Strategy - Jiuzhoutong has been active in the medical beauty sector since 2016, investing in companies like Aimeike and forming strategic partnerships with major players like Huaxi Biological and Langzi Medical [7][8]. - The company has seen its medical beauty segment revenue double to 342 million yuan in 2023, indicating significant growth potential despite challenges in its core pharmaceutical distribution business [9][11]. Group 4: Financial Performance - Jiuzhoutong's revenue increased from 118.06 billion yuan in 2020 to 150.14 billion yuan in 2023, but net profit declined from 3.075 billion yuan to 2.174 billion yuan during the same period, highlighting the pressures on its traditional business [9][11]. - The company has raised over 6 billion yuan through various financing methods since its listing in 2010, demonstrating its financial flexibility to support new ventures [11]. Group 5: Future Outlook - The successful restructuring of Aoyuan Meigu could allow Jiuzhoutong to transition from a supplier to a terminal service operator, leveraging its supply chain advantages and Aoyuan Meigu's member resources for enhanced product penetration [12]. - The strategic shift into the medical beauty sector is critical for Jiuzhoutong's future growth trajectory and market positioning, as it seeks to establish a second growth curve amid slowing traditional business growth [12].

近日，重药控股（000950）公告，公司及董事长、总经理、财总收到中国证证监会重庆监管局下发《关于对重药控股股份 有限公司采取责令改正并出具警示函措施的决定》。 业内人士评价称，上述调查直指"业绩存在造假"嫌疑。到底是有意为之，还是财务统计差错，通告中并没明示。 基于上述调查结果，重庆证监局对重药控股下达了责令改正并出具警示函的行政监管措施，同时将相关情况如实记入证券 期货市场诚信档案。公司董事长袁泉、总经理刘伟、财务总监兼董秘邱天，由于未能切实履行勤勉尽责义务，对这些问题 负有主要责任，被采取了监管谈话措施。 重药控股表示，公司及相关责任人员高度重视决定书中所涉问题，已积极按照相关法律法规要求认真总结、整改。公司及 相关人员将吸取教训，加强对上市公司相关法律法规、规范性文件的学习，强化内部治理的规范性，不断提高信息披露质 量，杜绝此类事件的再次发生。本次行政监管措施不会影响公司正常的生产经营活动，公司将继续努力做好经营管理和规 范治理工作。 高管被警示 经查，重庆监管局发现重药控股2023年存在以下问题，导致公司2023年年度报告财务信息披露不准确。具体在于，2023年 公司部分收入未实质取得货物控制权，错 ...

Group 1 - The company's revenue for Q1 2025 was 12.713 billion yuan, with a year-on-year growth of 4.9%, while net profit attributable to the parent company was 459 million yuan, showing a slight decline of 0.1% [1] - Investment income from joint ventures was stable, amounting to 103 million yuan, reflecting a year-on-year increase of 0.9%, while the parent company's revenue reached 5.938 billion yuan, up 16.3% year-on-year [1] - The company maintained a buy rating despite short-term fluctuations in net profit, indicating a solid long-term growth logic [1][3] Group 2 - The sales expense ratio decreased year-on-year to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points, primarily due to a decline in the proportion of high-margin industrial product revenue [2] - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.1 billion, 2.21 billion, and 2.31 billion yuan, respectively, with corresponding EPS of 2.78, 2.92, and 3.07 yuan [3] - The company is valued at a 15x PE for 2025, compared to the industry average of 11x, with a target price set at 41.76 yuan [3]

药易购（300937）公告，2025年第一季度营收为11.38亿元，同比下降8.06%；净利润为418.37万元，同 比下降54.65%。 ...

Core Viewpoint - 九州通, a leading company in the pharmaceutical distribution industry, has announced its participation in the restructuring of Aoyuan Meigu (ST Meigu), aiming to become its controlling shareholder by investing 673 million yuan for 360 million shares post-restructuring [1][5]. Group 1: 九州通 Overview - 九州通's main business includes pharmaceutical distribution, CSO, pharmaceutical manufacturing, and new retail, with a focus on the medical aesthetics sector [5]. - In 2023, 九州通's medical aesthetics business achieved sales revenue of 342 million yuan, a year-on-year increase of 103.06% [5]. - The company reported a total revenue exceeding 150 billion yuan in 2023, with the medical aesthetics segment contributing a relatively small portion [5]. Group 2: Aoyuan Meigu Overview - Aoyuan Meigu's main businesses are bio-based fiber and medical beauty services, previously a regional leader in the medical aesthetics industry [1]. - Aoyuan Meigu has developed well in the medical aesthetics sector, operating several medical beauty hospitals and health management consulting companies [5]. Group 3: Strategic Implications - 九州通 believes that Aoyuan Meigu's medical beauty services will synergize well with its own medical aesthetics business, enhancing overall competitiveness in the beauty and health industry [5]. - The company plans to leverage its supply chain system, operational management experience, and digital capabilities to collaborate with Aoyuan Meigu in various areas, including supply chain integration and core product development [5]. Group 4: Financial Performance - 九州通's financial performance for the first three quarters of 2024 showed a slight decline, with revenue of approximately 113.4 billion yuan, down 0.82% year-on-year, and a net profit of about 1.696 billion yuan, down 6.99% year-on-year [8]. - The implementation of the restructuring investment agreement is subject to the court's approval of Aoyuan Meigu's restructuring plan, indicating uncertainty in the investment's outcome [8].

Group 1 - The core point of the news is that Jiuzhoutong plans to invest 673 million yuan to acquire 360 million shares of Aoyuan Meigu, which is undergoing restructuring, indicating a strategic move into the beauty and health sector [1][2] - The investment is expected to positively impact Jiuzhoutong's medical beauty business and aligns with the company's long-term strategic development plan, enhancing its core competitiveness [2] - The collaboration between Jiuzhoutong and Aoyuan Meigu is anticipated to leverage Jiuzhoutong's strong pharmaceutical supply chain, operational management experience, and digital capabilities to expand the beauty and health industry [2][3] Group 2 - Jiuzhoutong's stock price is reported at 4.89 yuan per share, with a market capitalization of 24.658 billion yuan as of April 23 [2] - The investment is viewed positively by the market, as it aligns with the trend of the health industry, although there are uncertainties regarding Aoyuan Meigu's restructuring and potential challenges in business integration [3]

此刻摆在重药控股面前的，不仅是财务洗澡的阵痛，更是如何将千亿规模转化为真实价值的终极命题。 当潮水退去，唯有真正穿上"效率救生衣"的企业，才能穿越行业周期。 本文结合AI工具生成 市值管理考核下的业绩迷途 此次财务造假风波，恰逢国资委将市值管理纳入央企考核的关键节点。2023年报显示，重药控股管理层 股权激励行权条件要求净利润年复合增长率不低于10%，而实际业绩已连续三年负增长。 这种现象并非孤例。2023年白云山第四季度突然计提3亿元亏损，被指是为新任管理层卸下历史包袱； 九州通2022年也曾因提前确认收入被问询。这些案例折射出流通企业在规模扩张与质量提升间的集体迷 失——商务部数据显示，TOP5企业已占据医药流通市场52%份额，但行业平均净利率从2018年的1.8% 下滑至2023年的1.2%。 4月18日深夜，重药控股连收重庆证监局行政监管措施与深交所监管函，直指其2023年年报存在四类财 务确认违规：未实质取得货权却确认收入、无商业实质交易入账、期后大额异常退货、收入确认时点与 会计政策不符。值得关注的是，此次暴雷恰逢公司实控权由重庆国资委转至国务院国资委不足百日，业 内猜测这或是新任控股方主动"挤水 ...

所有董事均已出席了审议本报告的董事会会议。 天健会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为天健会计师事务所（特殊普通合 伙）。 非标准审计意见提示 证券代码：301126 证券简称：达嘉维康 公告编号：2025-021 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 公司经本次董事会审议通过的利润分配预案为：以205,403,200为基数，向全体股东每10股派发现金红利 0.818元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 2、报告期主要业务或产品简介 详见2024年度报告"第三节 管理层讨论与分析"之"二、报告期内公司所处行业情况及报告期内公司从事 的主要业务"的相关部分。 3、主要会计数据和财务指 ...