证券日报网讯2月27日，一心堂（002727）在互动平台回答投资者提问时表示，公司主营业务为药品零 售连锁，并发展中药产业与医养业务，构建康养生态圈，满足市场需求，为顾客提供更优质便捷的服 务。目前经营模式还在不断优化中，经营质量也在持续改善。 ...

证券日报网讯2月26日，一心堂（002727）在互动平台回答投资者提问时表示，海南免税政策，可推动 药店多元化服务和向国际化发展，公司将把握市场机遇，拓展业务边界，实现医药+消费融合。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5][41]. Core Insights - The medical services and pharmacy sectors have undergone significant adjustments since 2021, with valuations and performance returning to historically low levels. For instance, leading companies like Aier Eye Hospital, Tongce Medical, and Yifeng Pharmacy have seen their total market values decline by 73.5%, 81.9%, and 45.9% respectively since the Spring Festival of 2021 [1][16]. - The consumer medical industry is experiencing an improvement in competition and safety margins, aided by the implementation of relevant policies and a potential recovery in consumer willingness to spend [2]. - The offline pharmacy sector is benefiting from policy incentives and an improved competitive landscape, with significant support for prescription outflow and industry restructuring [3][32]. Summary by Sections 1. Valuation Bottoming and Low Holdings - The medical services and pharmacy sectors have faced prolonged adjustments, leading to valuations at historically low levels. The public fund holdings in these sectors have also decreased [10][11]. - The leading companies in the industry have seen substantial market value adjustments, indicating a low public fund holding ratio [16]. 2. Accumulating Reversal Momentum - The medical services and pharmacy sectors are expected to experience a dual recovery in performance and valuation, driven by improved competition and policy clarity [21]. - The medical services sector is witnessing a gradual recovery in income growth, particularly in the ophthalmology sector, which has seen a slowdown in revenue growth after a rapid recovery period [22]. - The pharmacy sector is experiencing a shift towards health service platforms, supported by policy changes that encourage pharmacies to expand their service offerings [33]. 3. Investment Views - Focus on leading companies in the medical services sector that have strong chain expansion capabilities and supply chain advantages, such as Aier Eye Hospital and Tongce Medical, which are expected to benefit from consumer upgrades and market demand [4][37]. - In the pharmacy sector, attention should be given to leading chains with strong supply chain advantages and management capabilities, such as Yifeng Pharmacy and Dazhenglin, which are well-positioned to capture market share and benefit from policy changes [4][37].

Group 1 - The article highlights the dedication of pharmacy staff and regulatory personnel in Zhejiang province during the Spring Festival, ensuring continuous service and oversight in the pharmaceutical sector [1][3][6] - In Jiaxing, a pharmacy operated 24/7 during the holiday, providing essential services such as medication guidance and health monitoring, which reflects the commitment to community health [1][3] - In Quzhou, local regulatory staff maintained vigilance during the holiday, handling various drug safety incidents and ensuring compliance with regulations [3][4] Group 2 - In Zhoushan, a community initiative focused on drug education was organized, helping local residents understand medication usage and safety, which underscores the importance of public health education [6] - The article emphasizes that the pharmaceutical industry in Zhejiang is proactive in ensuring drug safety through inspections and community engagement, demonstrating a commitment to public health beyond mere regulatory compliance [6]

Core Insights - The retail pharmacy industry in China, once perceived as highly profitable, is facing significant challenges as the number of closures increases rapidly, with 8,792 pharmacies shutting down in Q2 2024 alone [1][3] - The reform of the medical insurance personal account system, initiated in 2021, has led to a substantial reduction in available funds for consumers, negatively impacting pharmacy revenues [3][5] - Consumer behavior is shifting towards more price-sensitive purchasing, with many opting to visit hospitals for treatments instead of using their limited insurance funds at pharmacies [5][8] Summary by Sections Industry Overview - As of Q2 2023, there are 701,000 pharmacies in China, with an average of 2,000 people served per pharmacy, indicating potential market growth compared to developed countries [1] - The number of pharmacy closures has surged, with 6,778 closures in Q1 2024 and 8,792 in Q2 2024, highlighting a severe industry crisis [1] Impact of Medical Insurance Reform - The medical insurance reform aims to transition funding from a per capita distribution to a disease-based payment system, which has resulted in a decrease in personal account funds [3] - In 2023, the total income of medical insurance personal accounts dropped from 763.3 billion yuan in 2022 to 635.1 billion yuan, representing a significant decline [3] Consumer Behavior Changes - The reduction in personal account funds has led to a 9% year-on-year decrease in spending from these accounts on medications in 2023 [5] - Consumers are becoming more budget-conscious, often choosing to compare prices and select cheaper medications, reflecting a shift in purchasing behavior due to financial constraints [5][8] Market Saturation and Competition - The market is experiencing over-saturation, with many areas having multiple pharmacies within close proximity, leading to intensified competition and reduced market share for individual pharmacies [8] - The combination of insurance reform and market saturation is creating unprecedented survival challenges for retail pharmacies, diminishing their previous reputation as a lucrative industry [8]

（文章来源：广州日报） 春节期间，人员跨区域流动频繁，聚会访友活动增多，往往伴随一系列健康挑战：流感等呼吸道传染病 存在传播风险，饮食作息变化易引发肠胃不适，饮酒增多也可能导致消化系统负担加重。部分线下药店 选择在假期歇业，市民购药、咨询就医的需求难以得到及时满足。 记者走访发现，为保障广大市民与宠物在长假期间的健康需求，部分平台、企业探索解决这一市场痛 点，纷纷开启了马年春节不打烊活动。以叮当健康为例，其自除夕至大年初八共9天假期期间，包括大 年三十和正月初一在内，其专业医生、药师、客服团队、配送员及药房店员等将坚守岗位，持续为用户 提供药品、营养保健品配送上门服务，并同步提供在线健康咨询、用药指导等支持。 有了24小时在线问诊、用药指导以及即时配送网络的药房，市场节假日健康服务缺口或能获得一定程度 有效填补，突发不适、慢性病用药、家庭常备药补给等场景也有了多一层保障。 ...

为了让企业少走弯路，丰台区市场监管局主动帮办代办，通过"预审+指导"服务模式，对企业提交的变 更材料进行预审，并同步提出精准修改意见，帮助企业完善申请，从源头上避免因材料瑕疵导致审批延 误。同时，开启"现场审查绿色通道"，工作人员赶赴新址开展全流程实地核查，针对药品陈列储存条 件、设施设备配置、人员资质合规性等关键环节逐一把关，当场提出整改建议并指导企业即时完善，实 现"审查—整改—许可"全流程当天闭环办结。 新址许可快速落地后，为了确保企业能够彻底放下包袱、轻装入驻新址，丰台区市场监管局将服务延 伸，主动协助企业快速办理原经营地址食品经营许可证的注销手续，解决了企业搬迁的后顾之忧。这种 全流程跟踪服务真正实现了药店"迁得走、接得上、管得好"，保障企业经营不中断、发展不受阻，满足 群众用药需求。 一家药店的顺利搬迁，守护的是一方群众的健康便利；一项高效的政务服务，照亮的是经营主体的发展 之路。这场"迁址护航"是一枚清晰烙印，以"帮办代办"的速度暖企惠企，以"丰宜服务"的温度生动诠释 丰台区推动经营主体高质量发展、全力优化营商环境的坚定决心。（来源：丰台市场监管） 中国质量新闻网讯 "原本以为至少要等两周，没想 ...

Group 1 - The company held its 13th meeting of the 5th Board of Directors on February 5, 2026, with all 9 directors present [2][4] - The board approved the proposal to permanently supplement working capital with surplus funds from a non-public stock issuance project, totaling 113.08 million yuan [3][13][24] - The surplus funds represent 6.55% of the net amount raised from the 2021 non-public stock issuance, which does not exceed the 10% threshold requiring shareholder approval [13][27] Group 2 - The board also approved the appointment of three new vice presidents: Wang Zhongxin, Chen Lishan, and Feng Shini, effective immediately [5][9] - Wang Zhongxin has extensive experience in the pharmaceutical industry, having held various managerial positions within the company since 2005 [10] - Chen Lishan and Feng Shini continue their roles as the company's financial director and board secretary, respectively [11]

会后，执法人员组织参会人员分别签署《零售药店药品经营质量管理承诺书》《行政合规建议书》，并 督促相关负责人对《零售药店药械经营质量管理"十个不"》进行张贴公示，接受社会监督。 中国质量新闻网讯 近期，江苏省扬州市江都区市场监管局丁沟分局组织辖区零售药店负责人和质量管 理人员召开专题培训，并针对常见问题开展行政约谈。 培训明确多项要求：一是执业药师必须真实在岗，药店营业期间必须保证有执业药师在岗，负责审核处 方、指导用药，禁止"挂证"或药师不在岗时销售处方药；二是严把药品进出库关口，严格落实药品药械 的进货查验制度，建立并实施药品追溯制度，按照规定提供追溯信息，保证药品可追溯性，坚决杜绝医 保追溯码"一码多刷"乱象；三是规范日常经营流程，从采购到销售全程需按标准操作，药品须从正规渠 道进货，储存需符合温度、湿度等要求，处方药必须凭医生处方并经药师审核后才能销售，遵守国家处 方药与非处方药分类管理制度，按照规定凭处方销售；四是过期药品专人专管，临近效期的药品需提前 预警并单独管理，过期药品要立即下架，登记后由专业机构统一销毁，不得私自处理或重新销售，鼓励 药店设置过期药回收点。 下一步，丁沟分局将持续深化药店规范 ...

随着健康消费理念的持续升温，一个融合了中医药智慧与现代生活方式的消费新场景正在悄然崛起。多 家知名药店不约而同地跨界开设茶饮店，将"药食同源"理念植入新式茶饮与糖水之中，试图在火热的新 消费赛道中开辟一条差异化路径。 开设"一心手作"餐饮实体店，或是一心堂催化"药店专业性"与"消费娱乐性"的跨界试水之作。一心堂 2025年第三季度报告也显示，公司大力发展药食同源领域，依托传统中医药理论，开发兼具营养与保健 功能的创新产品，满足现代消费者对健康饮食的需求。 当"专业选手"入场药食同源新茶饮赛道，如何与全国超40万家茶饮店(窄门餐眼数据)跑出差异化发展路 径，成为其重要课题。 药食同源赛道成"香饽饽" "我们一天要熬制十几锅这样的桃胶原料。"一心手作店长温涛向《证券日报》记者展示着浓稠的羹 体，"消费者，尤其是年轻客群，对这类'轻养生'型产品的接受度很高。" 1月28日，《证券日报》记者探店一心堂（002727）新开的"一心手作"茶饮甜品店。该店面主打"手作温 度""药食同源"，售卖中式糖水、新式茶饮、甜品，以及茶包茶叶、香薰等周边，以城市驿站休闲风 格，吸引不少消费者打卡。 无独有偶，2025年12月份，第一医 ...