投资者关系活动记录表 编号：2025-001 投资者关系活动类别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐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 员姓名 东北证券 刘宇腾、文将儒 中信证券 魏通 中信建投证券 徐乐 国泰海通 张拓 长江证券 盛夏 华融证券 毛晓光 国信证券 余方升 中金资管 王琛 永安国富 李勇 龙航资产 施旭健 正心谷投资 李逸思 禾永投资 杨正陶 尚诚资产 黄向前 金百镕投资 马学进 华能贵诚信托 祝琳琪 国融基金 宗楚昀 前海开源基金 易千 金建投资 张宇滨 嘉实基金 程佳 牧鑫私募基金 王童宇 海富通基金 钟舒文 | 时间 | 2025年4月29日15:00-16:00 | | --- | --- | | 地点 | 公司6楼会议室及电话会 | | | 董事长、总经理 何家乐先生 | | 上市公司接待人员姓 | 董事、副总经理 何家伦先生 | | 名 | 董事、副总经理 赵春水先生 | | | 董事会秘书、财务总监 李梅女士 | | | 公司于2025年4月29日通过线上形式召开投资者电话交流活动，公司管理 | | | 层与投资者交流内容 ...

老百姓（603883）公告，2025年第一季度营收为54.35亿元，同比下降1.88%；净利润为2.51亿元，同比 下降21.98%。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has optimized its store network by closing 733 stores in 2024, which is expected to enhance profitability despite short-term revenue pressure [7] - The company is embracing AI opportunities, launching "AI Xiaosan" to improve operational efficiency [7] - The company continues to expand its store network, with a total of 16,622 stores as of Q1 2025, including 6,239 franchise stores [7] - The company has made progress in obtaining professional pharmacy qualifications, with 248 DTP pharmacies and over 10,000 insurance designated stores by the end of 2024 [7] - The company is expected to see a profit growth that outpaces revenue growth in 2025, with projected net profits of 10.7 billion, 12.3 billion, and 14.0 billion for 2025-2027 [7] Financial Data Summary - In 2024, the company reported total revenue of 26,497 million, with a net profit of 915 million, reflecting a year-on-year growth of 8.01% and a decline in net profit of 21.58% [1][3] - The company’s revenue for Q1 2025 was 69,560 million, with a net profit of 4,600 million, showing a year-on-year growth of 3.02% and 15.45% respectively [1] - The company’s projected revenue growth rates for 2025-2027 are 10%, 12%, and 13% respectively [3] - The company’s PE ratio is projected to decrease from 21.0 in 2024 to 13.7 in 2027, indicating an improving valuation [3][10] Store Expansion and Performance - The company added 2,479 stores in 2024, with a net increase of 69 stores in Q1 2025 [7] - Franchise and distribution revenue reached 39.40 billion in 2024, growing by 15.12%, and 11.30 billion in Q1 2025, growing by 25.34% [7] Profitability and Financial Ratios - The company’s net profit margin is projected to improve from 3.5% in 2024 to 3.8% in 2027 [10] - The return on equity (ROE) is expected to increase from 13.3% in 2024 to 16.1% in 2027 [10] - The company’s asset-liability ratio is projected to decrease from 69.2% in 2024 to 65.4% in 2027, indicating improved financial stability [10]

证券代码：600833 证券简称：第一医药 公告编号：临 2025-018 上海第一医药股份有限公司 2025 年第一季度经营数据公告 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。 上海第一医药股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司自 律监管指引第 3 号——行业信息披露（第四号——零售）》的相关要求，现将公司 2025 年第一季度主要经营数据披露如下： | 青浦区 | 2 | 0 | 2 | 0 | | --- | --- | --- | --- | --- | | 崇明区 | 16 | 0 | 16 | 0 | | 合计 | 164 | 38 | 167 | 39 | 截至 2025 年 3 月 31 日，公司直营门店共 164 家，已取"医疗保险定点零售药 店"资格的 119 家，占公司直营门店总数比例为 72.56%，较上年末增长 4.9 个百分 点。 二、报告期末主要经营数据 | 分地 | 营业收入（元） | 营业收入比同 | 营业成本（元） | 营业成本比 | 毛利 | 毛利率比同 | | ...

4月28日，一心堂（002727）药业集团股份有限公司（以下简称"一心堂"）发布2024年年报和2025年第 一季度报告。报告显示，一心堂业绩持续承压，2024年增收不增利，2025年第一季度营收、净利润双 降。"跑马圈地"带来的成本压力直观反映在业绩上，截至2024年12月31日，一心堂及其全资子公司共拥 有直营连锁门店11498家，2024年新开门店1867家，净增加1243家。面对持续承压的业绩，一心堂的扩 张之路将何去何从？ "跑马圈地"增加成本与风险 资料显示，一心堂成立于2000年11月8日，2014年7月2日登陆深交所，主营业务为医药零售连锁和医药 配送业务，其中医药零售连锁是公司的核心业务，主要以中西成药为主，其次包含中药、医疗器械、保 健品及其他个护美妆业务。 自2014年上市至2022年，一心堂业绩一直保持着稳定增长态势，其中营业收入由44.28亿元持续增长至 174.32亿元，归母净利润从2.97亿元逐年增长至10.10亿元。2023年，一心堂遭遇上市以来首次业绩下 滑，实现营收173.80亿元，同比下降0.29%；实现归母净利润5.49亿元，同比下降45.60%。 此后，一心堂业绩持续 ...

Core Viewpoint - The company is facing challenges due to ongoing pharmaceutical reforms and a decline in healthcare spending, leading to stagnant revenue growth and pressure on profits. However, it is adapting by accelerating business transformation and focusing on non-pharmaceutical revenue streams to mitigate the impact of policy changes [4][11]. Financial Performance - In Q1 2025, the company's main business revenue grew by 0.9% year-on-year, with a comprehensive gross margin of 35%, an increase of 0.63% compared to the previous year [8]. - The company's cash dividend distribution and capital reserve conversion led to a decrease in equity attributable to shareholders and an increase in the number of shares [3]. Market Environment - The retail sales of social consumer goods in March increased by 4.6% year-on-year, while the growth of the pharmaceutical sector was only 2.1%. The CPI and PPI both saw declines of 0.1% and 2.3%, respectively [4]. - The healthcare expenditure per capita grew by 3.0% year-on-year, down from 3.6% in 2024, indicating a decrease in consumer spending on healthcare [4]. Business Strategy - The company is focusing on enhancing operational efficiency and profitability by slowing down store expansion and optimizing existing store structures. It aims to improve store performance and employee efficiency [12][13]. - The company is actively exploring new sales channels, including live streaming and cross-border e-commerce, which contributed to a 22.13% increase in online revenue in Q1 2025 [9]. Regulatory Environment - New policies from the National Medical Security Administration aim to strengthen the regulation of medical insurance fund usage, which is expected to enhance market order and support the development of well-established listed companies [10]. - The company is committed to compliance and is working with regulatory bodies to implement policies effectively, including the deployment of drug traceability codes [14]. Shareholder Information - As of March 31, 2025, the top ten shareholders included the company's repurchase accounts, holding a total of 6,384,860 shares, representing 4.08% of the total shares [5]. Operational Adjustments - The company opened 20 new stores and closed 16, resulting in a total of 5,490 stores by the end of Q1 2025, reflecting a year-on-year growth of 4.31% [6]. - The company is adjusting its product categories and supply chain capabilities to support its transformation and improve inventory turnover efficiency [16]. Innovation and Development - The company is focusing on high-quality innovative development, enhancing operational capabilities, product offerings, and professional services to improve management efficiency and cost control [17].

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0600 | 0.0300 | 100 | 0.1600 | | 每股净资产（元） | 4.75 | 5.24 | -9.35 | 5.32 | | 每股公积金(元) | 2.06 | 2.06 | 0 | 2.12 | | 每股未分配利润(元) | 1.62 | 2.11 | -23.22 | 2.06 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 23.79 | 24.39 | -2.46 | 20.72 | | 净利润(亿元) | 0.26 | 0.11 | 136.36 | 0.65 | | 净资产收益率(%) | 1.34 | 0.49 | 173.47 | 3.04 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 17421.12万股，累计占流通股比： 71.59%， ...

不分配不转增 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 济南漱玉锦云投资合伙企业(有限合伙) | 4560.00 | 18.74 | 不变 | | 李文杰 | 3564.00 | 14.65 | 不变 | | 济南漱玉通成投资合伙企业(有限合伙) | 3280.14 | 13.48 | -559.86 | | 阿里健康科技(中国)有限公司 | 2703.91 | 11.11 | -704.09 | | 秦光霞 | 1836.00 | 7.54 | 不变 | | 济南漱玉锦阳投资合伙企业(有限合伙) | 1242.45 | 5.11 | -197.55 | | 香港中央结算有限公司 | 106.58 | 0.44 | -89.11 | | 王红波 | 100.63 | 0.41 | 新进 | | 高盛国际-自有资金 | 100.00 | 0.41 | 新进 | | 法国巴黎银行-自有资金 | 95.20 | 0.39 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 国泰君安证券股份有限公司 | 5 ...

Core Viewpoint - Guangzhou has launched a home aging transformation "Renewal" initiative to support consumers in upgrading their homes and stimulate market consumption potential [1][2]. Group 1: Initiative Details - The initiative includes a subsidy program where consumers can receive a 30% discount on eligible products, with a maximum subsidy limit of 10,000 yuan per person [1][2]. - The program features 54 types of products across 7 categories, including bedroom modifications, smart assistive devices, health monitoring equipment, rehabilitation devices, ground modifications, and cultural entertainment products for the elderly [1][2]. Group 2: Consumer Participation - Consumers can apply for the subsidy through the "Old for New" section on the Cloud Flash Payment app, and must provide personal information for qualification verification [2]. - The subsidy is available on a first-come, first-served basis, and once the quota is reached, no further applications will be accepted [2]. Group 3: Popular Products - Blood pressure monitors and wheelchairs are among the most purchased items, with consumers showing a preference for purchasing medical devices in physical stores to understand their usage better [1][3]. - The initiative has led to significant discounts on various products, such as electric wheelchairs priced at 2,841 yuan reduced to 1,988.7 yuan after subsidy, and blood pressure monitors available for as low as 245 yuan [3].

投资者关系活动记录表 证券代码：002727 证券简称：一心堂 | 44 | 谢淑静 | 雪石资产 | 95 | 孙威 | 申万宏源证券有限公司 | | --- | --- | --- | --- | --- | --- | | 45 | 张鹏 | 阳光资产 | 96 | 胡昂 | 深圳市青禾投资管理有限公司 | | 46 | 米永峰 | 颐和久富 | 97 | 黄向前 | 深圳市尚诚资产管理有限责任公司 | | 47 | 穆森 | 银华基金 | 98 | Eric | JPMorgan | | 48 | 李勇 | 永安国富 | 99 | 孙鹏 | Nomura | | 49 | 毛卫文 | 涌金资产 | 100 | Emma | UBS | | 50 | 姜悦 | 长城财富 | 101 | Henry Liu | UBS | | 51 | 戴颖 | 长江养老保险 | | | | 3 一心堂药业集团股份有限公司投资者关系活动记录表 编号：TG202504-001 | 投资者关系活动类别 | ■特定对象调研 □分析师会议 | | | | | | | --- | --- | --- | --- | --- | - ...