Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company is focused on steady expansion while optimizing its store operations, resulting in a net increase of 1,434 stores in 2024, with a total of 14,694 stores by the end of Q1 2025 [3]. - The retail business generated revenue of 21.19 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points, and the company aims to enhance its franchise and distribution business in 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 240.62 billion RMB and a net profit of 15.29 billion RMB, with a non-recurring net profit of 14.97 billion RMB [2]. - For Q1 2025, the company reported a revenue of 60.09 billion RMB and a net profit of 4.49 billion RMB [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores [3]. - The retail business maintained a revenue of 52.6 billion RMB in Q1 2025, with a gross margin of 41.2% [3]. - The company reduced its selling expense ratio to 23.53% in Q1 2025, indicating initial success in cost reduction [3]. Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 15%, and 15% [4]. - The estimated EPS for the same years are 1.47 RMB, 1.70 RMB, and 1.95 RMB, with corresponding PE ratios of 19, 16, and 14 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company continues to expand its store network, adding 2,512 stores in 2024, with a net increase of 1,434 stores year-on-year [3]. - The retail business generated revenue of 21.9 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points [3]. - The company is expected to maintain steady growth, with projected net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 17%, 15%, and 15% [4]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 24.062 billion RMB, with a net profit of 1.529 billion RMB and a non-recurring net profit of 1.497 billion RMB, showing growth rates of 6.5%, 8.3%, and 10.0% respectively [2]. - For Q1 2025, the company achieved revenue of 6.009 billion RMB and a net profit of 449 million RMB, with year-on-year growth rates of 0.6% and 10.5% respectively [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores, resulting in a net increase of 1,434 stores [3]. - The retail business revenue for 2024 was 21.9 billion RMB, with a gross margin increase of 1.8 percentage points, and Q1 2025 retail revenue was 5.26 billion RMB, maintaining a stable gross margin of 41.2% [3]. - The franchise and distribution business saw a revenue increase of 13% in Q1 2025, indicating a focus area for stable growth [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, with corresponding EPS of 1.47 RMB, 1.70 RMB, and 1.95 RMB [4]. - The current price corresponds to P/E ratios of 19, 16, and 14 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4].

益丰药房（603939）公告，2024年度实现归属于母公司净利润15.29亿元，同比增长8.26%。公司拟向全 体股东每股派发现金红利0.4元(含税)，合计拟派发现金红利4.85亿元(含税)。 ...

Group 1 - The core point of the article highlights the performance and management of the CICC Select Stock A fund, which reported a net asset of 269 million yuan as of March 31, 2025, reflecting a 7.61% increase from the previous period [1][2] - The fund manager, Zhu Jiansheng, has a background in finance with experience at CICC and HSBC Jintrust Fund Management, indicating a strong expertise in stock research and investment [1][2] - Recent changes in the fund's share scale show a total share of 0.02 billion with a net asset change rate of -2.54% as of March 31, 2025, and a significant redemption activity in previous periods [2] Group 2 - The fund's recent performance metrics include a 5.33% return over the last three months and a 2.34% return over the past year, while the cumulative return since inception stands at -14.23% [2] - The top ten stock holdings of the fund account for a combined 35.52%, with notable companies such as Ningde Times and Yifeng Pharmacy among them [2] - CICC, established in July 1995, is primarily engaged in other financial services and has a registered capital of approximately 48.27 billion yuan [2]

关于贯彻落实"提质增效重回报" 专项行动暨控股股东提议实施 益丰大药房连锁股份有限公司 2024年度现金分红的公告 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个别及连带责任。 证券代码：603939 证券简称：益丰药房 公告编号：2025-027 债券代码：113682 债券简称：益丰转债 董事会 2025年4月8日 特此公告。 益丰大药房连锁股份有限公司 益丰大药房连锁股份有限公司（以下简称"本公司"或"公司"）于2025年4月8日收到公司控股股东宁波梅 山保税港区厚信创业投资合伙企业（有限合伙）（以下简称"厚信创投"）出具的《关于2024年度现金分 红提议的函》，现将相关情况公告如下。 基于对本公司未来发展前景的信心，为推动公司积极响应新"国九条"并落实"提质增效重回报"专项行 动，切实维护广大投资者利益，促进公司内在价值合理回归，公司控股股东厚信创投提议：以实施2024 年度权益分派的股权登记日登记的总股本为基数，向全体股东派发现金红利，2024年度派发现金红利的 总额（含2024年半年度已实施的现金分红）不低于经审计的公司2 ...

Market Overview - The overall market sentiment for the pharmaceutical sector remains cautious, with the CITIC Pharmaceutical Index rising by 1.08%, underperforming the CSI 300 Index by 0.03 percentage points, ranking 18th among 30 CITIC first-level industry indices [4][7]. - The top ten stocks by weekly gain include Kanghui Pharmaceutical, *ST Jingfeng, and Rongchang Bio, while the biggest losers include Beiyikang and Wuxi Jinghai [3][4]. Investment Themes - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) showing low allocation to this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors such as the recovery of US Treasury yields and the driving effect of large categories on the industry [7]. - In the innovative drug segment, there is a shift from quantity to quality, emphasizing differentiated and internationalized pipelines. Companies like Heng Rui, Bai Ji, and Bei Da are recommended for investment [7]. - The medical device market is witnessing a recovery in bidding volumes, particularly in imaging equipment, with companies like Mindray and United Imaging being highlighted. The home medical device market is also expected to benefit from subsidy policies [7]. - The CXO and life sciences services sector is anticipated to see a rebound in investment, with a focus on companies that can deliver high profit elasticity as they enter the return phase [7]. Traditional Chinese Medicine (TCM) Market - The retail sales of TCM are projected to remain stable, with a slight decline expected in 2024. The total retail sales are expected to reach 168 billion yuan, down 3.6% year-on-year [9][10]. - The top categories in TCM retail sales for 2024 include cold medicine, health supplements, and cardiovascular drugs, with notable products like Ganmao Ling Granules and Ejiao experiencing varying growth rates [15][19][24]. Specific Drug Categories - **Cold Medicine**: The retail sales are expected to decline by 8.4% in 2024, with the top product, Ganmao Ling Granules, showing a growth of 5.4% [20][21]. - **Health Supplements**: Despite a high base, the market is expected to see a slight decline, with Ejiao projected to drop by 13.4% [19][21]. - **Cardiovascular Drugs**: This category is experiencing its first decline in recent years, with a projected drop of 5.9% in 2024 [24]. - **Cough and Phlegm Relief**: Retail sales are expected to decrease by 4.3%, with products like Mi Lian Chuan Bei Pi Pa Gao showing a slight increase [29]. - **Gastrointestinal Drugs**: The market remains stable, with a projected decline of 3.4% in 2024 [33]. - **Musculoskeletal Drugs**: This category is expected to continue its downward trend, with a projected decline of 3.7% [36]. - **Urological Drugs**: The market has seen a significant decline, with a projected drop in sales [46]. - **Nervous System Drugs**: This category is expected to maintain stability, with a slight decline of 0.3% [48]. Conclusion - The pharmaceutical sector is navigating a complex landscape with varying performance across different categories. While some areas show promise for recovery and growth, others are facing challenges that could impact overall market sentiment and investment strategies [7][9][20][24].

证券研究报告|医药生物|2025年3月15日 www.hczq.com ERA | 01 | 行情回顾 | | --- | --- | | 02 | 板块观点和投资组合 | | 03 | 行业和个股事件 | 神经介入行业近况更新 本周专题联系人：李婵娟 张良龙 | 华创医药团队: | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号：S0360523080008 邮箱：wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com ...

Market Review - The overall market sentiment for the pharmaceutical sector remains cautious, with the CITIC Pharmaceutical Index declining by 2.78%, underperforming the CSI 300 Index by 0.56 percentage points, ranking 21st among 30 primary industries [4] - The top ten stocks by growth this week include Nuo Cheng Jian Hua-U, Chang Yao Holding, and Shanghai Yi Zhong, with growth rates of 20.98%, 20.96%, and 18.78% respectively [3][4] - Conversely, the bottom ten stocks include Jiangsu Wu Zhong and Xin Gan Jiang, with declines of 4% and 6% respectively [4] Industry and Stock Events - The pharmaceutical sector's valuation is currently low, with public funds (excluding pharmaceutical funds) also underweight in this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors such as the recovery of US Treasury yields and the driving effect of large categories and products [7] - In the innovative drug segment, there is a shift from quantity logic to quality logic, emphasizing the importance of product differentiation and internationalization. Companies to watch include Heng Rui, Bai Ji, and Nuo Cheng Jian Hua [7] - The medical device sector is expected to benefit from the acceleration of equipment renewal policies, with key companies like Mai Rui Medical and Xin Hua Medical positioned to gain from increased orders [7] - The IVD market is anticipated to return to high growth, with a focus on companies like An Tu Biology and Di Rui Medical, as domestic market penetration continues to expand [7] - The blood products sector is set for growth, with a favorable regulatory environment for plasma collection and increasing demand post-pandemic. Companies such as Tian Tan Biology and Bo Ya Biology are recommended [12] Antibiotics Industry Update - The global antibiotic market is projected to grow steadily, with a market size of approximately 98 billion yuan in China from 2017 to the third quarter of 2024. The top three hospital antibiotics in 2024 are expected to be injectable formulations of Piperacillin and Tazobactam, with sales of 4.94 billion yuan [15][16] - The production capacity for key antibiotic intermediates is under strict regulatory control, with the latest guidelines from the National Development and Reform Commission continuing to restrict new capacity in antibiotic intermediates [17] - The price trends for key antibiotic products such as Penicillin and 6-APA have shown fluctuations, with 6-APA's price reaching 320 yuan per kilogram by January 2025 [24][25]