Core Viewpoint - The company is experiencing significant challenges during its transformation period, with a notable decline in revenue and profit amid a rapidly changing pharmaceutical distribution industry [1][6]. Financial Performance - The company's total revenue for 2024 was 4.38 billion yuan, a year-on-year decrease of 1.1% [1]. - The net profit attributable to shareholders was only 16.36 million yuan, representing a dramatic year-on-year drop of 72.5% [1]. - The increase in expenses, particularly in sales, management, and financial costs, has severely impacted profit margins [2]. Expense Analysis - Sales expenses surged to over 251 million yuan, a year-on-year increase of 31.9%, primarily due to heightened online promotion for e-commerce [2]. - Management expenses rose by 23.5% to 70.98 million yuan, driven by increased personnel salaries and strategic consulting fees [2]. - Financial expenses increased by 27.16% due to expanded borrowing, leading to higher interest payments [2]. - Asset impairment losses reached 17.82 million yuan, with bad debt provisions for accounts receivable at 22.14 million yuan and inventory write-downs at 9.62 million yuan [2]. E-commerce and Market Strategy - The company's e-commerce segment faced a significant downturn, with revenue falling to 1.441 billion yuan, a decline of 15.6% year-on-year [3]. - Monthly active users and average transaction value decreased by 3% and 18.2%, respectively, indicating weakened platform monetization capabilities [3]. - The company is shifting its strategic focus towards the consumer market, with a total of 1,508 chain pharmacies, although the net increase in stores has decreased by 161 year-on-year [4]. Investment and Strategic Moves - The company made an aggressive move by acquiring a 5% stake in Chongqing Xinhuh Pharmacy for 15 million yuan, which employs a disruptive pricing model [5]. - Despite skepticism regarding the impact on the value chain, the company is betting on a "new industrial profit model" to navigate the challenges [5]. - The competitive landscape in the pharmacy sector is intensifying, with price wars affecting profitability and supply chain dynamics [5]. Industry Outlook - The overall retail scale of pharmacies in China declined by 1.8% in 2024, with decreasing average transaction values [6]. - The company’s transformation efforts in the consumer market are still in the validation phase, facing pressures from declining margins and high expenses [6]. - Analysts suggest that without achieving scale effects in consumer outreach, the company may enter a detrimental cycle of low-margin expansion and cash flow constraints [6].

Core Insights - The Hubei Provincial Conference on the Development of the Private Economy highlighted the growth of Jiuzhoutong Pharmaceutical Group, which has nearly 30,000 franchise pharmacies and expects sales to exceed 7 billion yuan in 2024, representing a 50% year-on-year increase [1][2] Company Overview - Jiuzhoutong was listed on the Shanghai Stock Exchange in 2010 and currently has 682 holding companies and over 30,000 employees [1] - For the first three quarters of 2024, the company achieved a revenue of 113.4 billion yuan, ranking 176th among China's top 500 companies and 55th among private enterprises [1] Strategic Initiatives - The company is advancing its "Three New and Two Transformations" strategy, focusing on new products, new retail, new medical services, digitalization, and real estate securitization [2] - In the new product segment, Jiuzhoutong has established four R&D institutions and collaborates with several research institutes, with an annual R&D expenditure of 200-300 million yuan [2] - The new retail initiative has seen nearly 30,000 franchise pharmacies, with projected sales of over 7 billion yuan in 2024, marking a 50% increase [2] - In the new medical sector, the company has developed a "digital + supply chain" system, with 1,366 franchise clinics and plans to exceed 10,000 clinics in the next five years [2] - The digitalization effort includes a dedicated leadership team and over 1,400 IT engineers, completing more than 100 digital projects [2] - Jiuzhoutong successfully issued the first public REITs for pharmaceutical warehousing and logistics assets in the industry, raising 1.158 billion yuan [2] Corporate Governance - In 2020, Jiuzhoutong transitioned from founder-led management to a professional management team, which is currently functioning well [2] - The company aims to optimize its institutional mechanisms to establish a modern corporate governance system and contribute to the construction of Hubei's economic framework [2]

2024年，药易购经营的医药类产品数量约2万余余种，覆盖西药、中成药、中药饮片和中药材、食品和 保健食品、医疗器械及非药品及其他等多个类别。上游供应商渠道方面，公司取得1,800多家制药企业 12,000余个医药品种的全国或区域代理、经销资格，其中，包括400余家制药企业1,000余个品种的独家 代理资格，成为800多家制药企业4,700余个品种的指定二级分销商。下游渠道建设方面，公司通过首营 企业资质认证的客户数量达8.07万家，公司客户分布遍及全国除港澳台之外的31省、市、自治区，其中 覆盖了约1千多家医药连锁企业、4万多家零售药店、1万多家诊所及1万多家基层医疗机构，并形成4千 多家下级分销商的医药分销体系。 在供应链方面，其参股公司四川神鸟世纪成功布局了"药聚力"互联网第三方私域供应链平台，帮助中小 商业及连锁公司更为有序地进行供应链管理，并将公司具备优势的产品和差异化供应链能力提供给终端 门店，在赋能中小商业、连锁及其客户的同时带动公司业务增长；针对对下游连锁、药店，药易购正通 过产品供应链、线上流量品线下分发、新零售模式赋能等方式，协助下游中小连锁和单体药店信息化智 能化升级、搭建及运营AI新零售 ...

证券代码：300937 证券简称：药易购 公告编号：2025-005 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。 所有董事均已出席了审议本报告的董事会会议。 立信会计师事务所（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未发生变更。 非标准审计意见提示 □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 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以95,666,682股为基数，向全体股东每10股派发现金红 利1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 在此基础上，公司过去三年利用深耕院外市场的医药流通服务形成的流量入口，进行业务团队组建、管 理体系升级、人才培养建设、研发布局等众多投入布局，逐步向上下游拓展并搭建大健康生态平台。向 产业链上游拓展方面，公司通过OEM/M ...

Core Viewpoint - In 2024, Chuangmei Pharmaceutical achieved significant growth in revenue and net profit, driven by the dual forces of policy deepening and digital transformation in the Chinese pharmaceutical distribution industry, alongside an expanding retail market and diversified services [1][2]. Financial Performance - For the year ending December 31, 2024, Chuangmei Pharmaceutical reported a revenue of RMB 4.435 billion and a net profit of RMB 53.28 million, both showing year-on-year growth compared to 2023 [1]. - The basic and diluted earnings per share increased to RMB 0.4934, with a proposed final dividend of RMB 0.45 per share, representing a high payout ratio of 91% [1]. Business Development - The company established a comprehensive industrial chain and commercial ecosystem by collaborating with well-known pharmaceutical companies such as China Resources Sanjiu, Helion, and Guangzhou Pharmaceutical Baiyunshan [2]. - As of December 31, 2024, Chuangmei Pharmaceutical distributed 12,810 products through a network covering 14,429 customers, with 1,206 suppliers, all showing stable growth from 2023 [2]. Logistics and Supply Chain - The company launched a new pharmaceutical logistics center in Shenzhen, enhancing multi-warehouse collaboration and cross-regional distribution, which reduced logistics costs and ensured drug quality [3]. - Chuangmei Pharmaceutical's third-party logistics business saw a 30% increase in customer numbers and over 55% growth in related revenue, marking a significant milestone in its logistics operations [3]. Technological Innovation - The company is exploring AI applications in business processes, achieving partial automation and establishing an intelligent workflow engine to enhance operational efficiency [4]. - Future plans include a comprehensive digital integration of processes, leveraging AI for resource optimization and decision-making, thereby enhancing overall operational effectiveness and core competitiveness [4]. Strategic Outlook - Chuangmei Pharmaceutical aims to deepen its market presence in Guangdong and surrounding areas, aspiring to become a leading competitive player in the pharmaceutical health services sector in China [4]. - The company plans to capitalize on digital and intelligent transformation opportunities in the pharmaceutical industry, focusing on AI technology integration and expanding its product offerings through strategic partnerships [4].

Core Viewpoint - The company, China National Pharmaceutical Group (Sinopharm), reported its first decline in both revenue and net profit since its listing in Hong Kong 15 years ago, with a significant drop in net profit exceeding 20% in 2024 due to a slowdown in its high-margin medical device distribution business [1] Financial Performance - In 2024, the total revenue was approximately 458.45 billion, a decrease from 596.57 billion in 2023, marking a decline of about 2.5% [2] - The gross profit for 2024 was 44.26 billion, down from 48.51 billion in 2023, indicating a decrease of approximately 8.5% [2] - The operating profit fell to 16.19 billion from 20.21 billion, a decline of about 20% [2] - The net profit attributable to the parent company was 7.05 billion, down from 9.05 billion, reflecting a decrease of approximately 22% [3] Business Segment Analysis - The pharmaceutical distribution segment generated revenue of approximately 444.37 billion, accounting for about 73.16% of total revenue, with growth driven by an increase in procurement variety [3] - The medical device distribution segment saw revenue of approximately 117.91 billion, a year-on-year decline of 9.44%, primarily due to changes in end-user demand and a decrease in sales of high-margin device categories [3] - The retail segment achieved revenue of 35.98 billion, a slight increase of 0.82%, but the operating profit margin decreased by 2.31 percentage points to 0.90% [4] Subsidiary Performance - Sinopharm's subsidiary, Sinopharm Holding GuoDa Drugstores, experienced a revenue decline of about 8%, while its net profit dropped by 110.36% [4] - Sinopharm's other subsidiary, Sinopharm Weiye, reported a revenue decrease of 7.75% and a net profit decline of 60.88%, with a significant drop in cash flow from operating activities by 285.26% [5]

行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.77%, outperforming the Wind All A index (1.49%) and the CSI 300 index (1.59%) [3][8] - Offline pharmacies and pharmaceutical distribution significantly outperformed the index with increases of 10.38% and 4.91% respectively, while in vitro diagnostics (0.77%), raw materials (0.83%), and other biological products (0.89%) lagged behind [3][9] - The report highlights the ongoing "Weight Management Year" initiative launched by the National Health Commission, emphasizing the need for continuous efforts in managing obesity and related chronic diseases [3][12] - The introduction of a pricing guide for brain-computer interface services by the National Medical Insurance Administration aims to accelerate the clinical application of new technologies [3][12] Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.77%, outperforming the Wind All A index (1.49%) and the CSI 300 index (1.59%) [3][8] - Key performers included offline pharmacies (10.38%) and pharmaceutical distribution (4.91%), while in vitro diagnostics (0.77%) and raw materials (0.83%) underperformed [3][9] - Top gainers included Kingmed Diagnostics (42.43%), Sanyou Medical (34.47%), and Dongfang Ocean (25%), while the largest declines were seen in Shuangcheng Pharmaceutical (-16.56%), Haichuang Pharmaceutical-U (-12.21%), and Ailis (-11.09%) [3][10] Industry News and Key Company Announcements - The National Health Commission's initiative on weight management aims to address obesity and its associated health risks, with a focus on chronic disease prevention [3][12] - The National Medical Insurance Administration has established pricing for brain-computer interface services, facilitating the transition of innovative technologies to clinical use [3][12] - Roche announced a collaboration with Zealand Pharma to develop a long-acting insulin analog, with a total transaction value of $5.3 billion [3][12] - Clinical trials for various drugs, including those for obesity and hypertension, have shown promising results, indicating potential market opportunities [3][14][16][18]

Core Viewpoint - The medical industry must embrace and lead technological advancements, particularly in the context of artificial intelligence like DeepSeek, while also addressing the challenges it presents [1] Group 1: Impact of Artificial Intelligence - Artificial intelligence offers limitless possibilities for the medical sector but also introduces significant challenges that require thoughtful solutions from society [1] - The requirement for licensed pharmacists in drug retailing increases operational costs, which may be alleviated by the potential replacement of these roles through AI applications [1] Group 2: Future Outlook - As artificial intelligence technology matures, its adoption is expected to become more widespread, particularly in areas such as health services, medication guidance, and elderly care [1]

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating that the industry is expected to outperform the benchmark index over the next 12 months [33]. Core Insights - The pharmaceutical sector is experiencing a recovery, with significant growth in sub-sectors such as internet healthcare, biotechnology, and medical devices, which saw increases of 36%, 34%, and 24% respectively in February 2025 [3][6]. - The report highlights the government's encouragement of innovative drug development, including discussions on expanding payment channels for innovative drugs and the potential establishment of a category for innovative drugs in the insurance framework [4][24]. - The medical device market is showing signs of recovery, with the domestic medical imaging equipment market growing over 47% year-on-year in January 2025, and an increase in the number of CT devices awarded contracts by 4.2% compared to the previous year [4][30]. Market Review - In February 2025, the Hang Seng Composite Industry Index rose by 12.8%, while the Hang Seng Healthcare Index increased by 16.3%, outperforming the market by 3.5 percentage points [3][6]. - The A-share market saw the Shanghai and Shenzhen 300 Index decline by 3% in January, with the pharmaceutical and biotechnology index dropping by 3.8%, but rebounding in February with a 5.1% increase [14]. - The report notes that all 13 sub-sectors in the pharmaceutical industry experienced declines in January, but several sub-sectors, including hospitals and medical devices, showed significant gains in February [14]. Industry Data Update - The report indicates that the basic medical insurance revenue for January 2025 reached 314.3 billion yuan, a year-on-year increase of 10.4%, with expenditures growing by 8.5% [17]. - The commercial health insurance sector is also expanding, with original premium income reaching 977.3 billion yuan in 2024, reflecting an 8.2% year-on-year growth [20]. - Medical device exports, particularly for ECG recorders, ultrasound diagnostic devices, and CT machines, have accelerated in both quantity and value since the second half of 2024 [21]. Industry News Summary - The National Healthcare Security Administration held a meeting to support innovative drug development, engaging with major pharmaceutical companies to discuss strategies for enhancing the market for innovative drugs [23][24]. - A draft opinion on improving the drug pricing mechanism has circulated, proposing measures to support innovative drug development and enhance drug accessibility [28]. - The report mentions ongoing efforts to regulate prices in the healthcare sector, including a comprehensive governance initiative for central venous catheter pricing, which has led to significant price reductions for related medical services [29][30].