第二增长曲线浮现价值重估箭在弦上 作为一家在日本市场深耕逾33年历史的"老字号"，此次优趣汇"相中"的あかひげ薬局共拥有近10家药 房，运营网络遍及北海道、本州及九州地区，在该国拥有极高的品牌认可度。不同于国内常见的综合性 大药房，あかひげ薬局聚焦于性健康与保健领域，以中老年男性健康管理为核心业务，通过"药剂师一 对一咨询"模式为中老年男性提供药品与健康个性化解决方案，年均服务超百万人次。而除了销售非处 方药品外，あかひげ薬局还开发了包括"壮阳皇"、"强力飞弹"在内的多款专利品牌性保健品。 回顾一直以来优趣汇在日本市场的长期投入，大概便不会对如今优趣汇战略收购あかひげ薬局感到意 外。翻阅优趣汇的合作品牌名单，里面不乏小林制药、大正制药、第一三共、太田胃散等多家日本百年 药企。联系起来看，笔者认为这最新的收购动作可被视为优趣汇长期能力沉淀后的战略延伸与自然选 择。 在多年服务日本头部药企的过程中，优趣汇不仅深刻洞察了大健康赛道的消费特性与运营逻辑，更构建 了针对医药健康产品的专业运营体系与合规管理能力。这些深厚的行业专业知识与资源网络，为其后续 整合并亲自操刀あかひげ薬局这一线下专业品牌，提供了至关重要的认知基 ...

益丰药房 20251225 摘要 益丰药房通过收并购和加盟门店扩展实现中期发展，当前行业不景气， 中型连锁药房面临生存挑战，为益丰提供了以较低 PS（0.4-0.5 倍）进 行并购的良好机会，同时，益丰精细化管理和运营能力为加盟业务的推 广奠定基础。 长期来看，医药行业处于出清阶段，处方外流趋势缓慢但持续，行业增 长速度相对较弱，但仍具发展潜力。目前线下药店数量减少，但出清速 度缓慢，线上销售增速较快，对线下市场形成一定冲击。 益丰药房 PE 估值位于历史低位，处于过去 10 年 1%左右的分位数，向 下空间有限，向上空间更大，是投资头部连锁药房的良好时机。整个药 房板块位于过去 10 年 20%左右的分位数。 益丰药房成立于 2001 年，通过内生扩张和并购成为领先连锁药房，门 店数量接近 1.5 万家，会员超过 1 亿。零售是主要收入来源，加盟及分 销业务毛利率相对较低。在中南、华东、华南等地区拥有较高市场份额。 司美格鲁肽在中国市场销售额快速增长，预计 2025 年上半年销售额约 为 4 亿美元，全年可能达到 70 亿元人民币，终端销售额可能达到百亿 级别，推动线上药品销售增长，但用于糖尿病和减重的具体 ...

格隆汇12月15日丨优趣汇控股(02177.HK)宣布，于2025年12月15日，买方UNQ Japan Co., Ltd.*(为公司 全资附属公司)与卖方Uchihara Shigeki及Harmony Ltd.*已订立SPA。据此，卖方已有条件同意出售，而 买方已有条件同意购买销售股份(占目标公司One Two Co., Ltd. *已发行股份约90%)，总代价为 2,701,000,000日圆(约相当于135,050,000港元)。于完成后，目标公司将由公司间接持有约90%权益，因 此将成为公司间接非全资附属公司。目标公司的财务业绩将于集团的财务报表综合入账。 目标公司为一家于日本注册成立的有限公司。该公司拥有并主要经营日本领先的谘询式药房连锁品牌赤 ひげ药局(Akahige Pharmacy)，专精于性健康与保健领域。该品牌于日本市场深耕逾33年，营运网络遍 及北海道、本州及九州地区，拥有超过9间药房据点。其药房业务尤以针对中老年男性提供个性化解决 方案为核心，专攻勃起功能障碍、早泄及男性更年期等关键性健康议题。除于药房提供非处方药品外， 亦开发多款专利品牌性保健品，旨在支持中老年男性的健康与活力，包 ...

Group 1 - The current A-share bull market is part of a six-year global liquidity expansion driven by post-2020 monetary easing, with systemic revaluation of key assets such as gold, US tech stocks, and European/Japanese manufacturing [1][11] - The return of cross-border capital to China is expected to systematically reassess the competitive advantages of Chinese manufacturing, particularly in sectors like new energy, chemicals, and medical devices [2][12] - The A-share market is likely to experience volatility in 2026, with either a stagnation of the bull market or a "Davis Double Play" in consumer sectors, as external exports may not drive profits due to high base effects [3][13] Group 2 - The industrialization maturity phase in China has led to a bull market for core assets, driven by improved domestic consumption and the ability of manufacturing to generate national wealth through exports [4][14] - The recommendation for industry allocation focuses on a combination of "existing," "new," and "high" sectors, emphasizing non-ferrous metals, new consumption trends, and high-end manufacturing [5][14] Group 3 - The investment logic for China Hongqiao includes short-term price increases in electrolytic aluminum and long-term growth driven by integrated operations and high dividends [17][19] - For Luoyang Molybdenum, the investment rationale is based on the rising copper cycle and diversified product offerings, with a focus on sustainable growth [20][22] - Huafeng Aluminum is positioned for growth through high-end aluminum processing and international expansion, capitalizing on trends in the automotive sector [25][28] Group 4 - Nanjing Steel's strategy involves creating a fully integrated supply chain and exploring new growth points to stabilize returns on equity [29][32] - Dongfang Tower's investment logic is driven by rising prices of potassium chloride and phosphate rock, with ongoing capacity expansion [33][36] - Luxshare Precision is transitioning to an AI hardware manufacturer, benefiting from increased demand for computing power and AI models [37][40] Group 5 - Great Wall Motors is focusing on high-end SUVs and global expansion, with new model launches expected to drive sales [41][44] - Leap Motor is leveraging competitive pricing and differentiation in the domestic and overseas markets, with new models and subsidies supporting growth [45][48] - Heng Rui Pharmaceutical is advancing its clinical pipeline with over 100 innovative products, aiming for significant growth through international collaborations and new product approvals [49][51] Group 6 - Yifeng Pharmacy is expected to improve its market share through enhanced operational efficiency and strategic store adjustments [54][59] - Dongfang Electric is positioned to benefit from rising global demand for gas turbines, driven by AI-related power needs [60][63]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603939 证券简称：益丰药房 公告编号：2025-106 债券代码：113682 债券简称：益丰转债 益丰大药房连锁股份有限公司 关于2022年限制性股票激励计划 ■ 一、本次限制性股票回购注销的决策与信息披露 1、2025年9月30日，公司召开的第五届董事会第二十二次会议审议通过了《关于回购注销2022年限制性 股票激励计划部分限制性股票的议案》，同意对因离职、降级或绩效不达标的5名激励对象的25,516股 股份进行回购并注销，湖南启元律师事务所出具了相应的法律意见书。具体内容详见公司于2025年10月 1日在法定信息披露媒体披露的《关于回购注销2022年限制性股票激励计划部分限制性股票的公告》 （2025-094）。 2、公司根据《上市公司股权激励管理办法》等相关规定就本次股份回购注销事项履行了通知债权人程 序，具体内容详见公司于2025年10月1日在法定信息披露媒体披露的《关于回购注销部分限制性股票通 知债权人的公告》（公告编号：2025-095）。截至申报期间届满之日，公司未收到任何债权人对此项议 案提出书面异议的情况，也未收到任何债权人 ...

Core Insights - Yifeng Pharmacy's stock price decreased by 1.17% on November 20, with a trading volume of 84.52 million yuan [1] - The company reported a financing net buy of -4.18 million yuan on the same day, indicating more financing repayment than new purchases [1] - As of November 20, the total financing and securities lending balance for Yifeng Pharmacy was 109 million yuan [1] Financing Summary - On November 20, Yifeng Pharmacy had a financing buy amount of 6.80 million yuan, with a current financing balance of 107 million yuan, representing 0.37% of the circulating market value [1] - The financing balance is above the 60th percentile level over the past year, indicating a relatively high position [1] - In terms of securities lending, Yifeng Pharmacy repaid 1,900 shares and sold 3,000 shares on November 20, with a selling amount of 71,200 yuan [1] - The securities lending balance was 2.22 million yuan, which is below the 10th percentile level over the past year, indicating a low position [1] Company Performance - As of September 30, Yifeng Pharmacy had 20,200 shareholders, a decrease of 6.41% from the previous period [2] - The company achieved a revenue of 17.29 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 0.39% [2] - The net profit attributable to the parent company was 1.23 billion yuan, showing a year-on-year increase of 10.27% [2] - Since its A-share listing, Yifeng Pharmacy has distributed a total of 2.85 billion yuan in dividends, with 1.95 billion yuan distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 199 million shares, a decrease of 38.19 million shares from the previous period [2] - Southern CSI 500 ETF ranked as the seventh-largest circulating shareholder with 8.81 million shares, down by 173,100 shares [2] -交银新成长混合 (Jiaoyin New Growth Mixed) entered the top ten circulating shareholders with 8.45 million shares, while 中欧医疗健康混合A (Zhongou Medical Health Mixed A) exited the list [2]

Core Viewpoint - Yifeng Pharmacy (603939) announced a share reduction plan by senior management, indicating potential liquidity needs among executives [1] Group 1: Management Share Reduction - Vice Presidents Wang Yonghui and Xiao Zaixiang plan to reduce their holdings by a total of no more than 213,900 shares through centralized bidding [1] - As of now, Wang Yonghui holds 601,440 shares and Xiao Zaixiang holds 254,760 shares [1] Group 2: Previous Reductions - The controlling shareholder and three senior executives have already completed share reduction plans this year [1] - From August 5 to August 6, 2025, the controlling shareholder, Houxin Chuangtou, and its concerted parties reduced their holdings by 24,248,200 shares, accounting for 2.00% of the total share capital [1] - Executives Gao Youcheng and Yan Jun reduced their holdings by 50,400 shares and 22,900 shares respectively between February 24 and May 23, 2025 [1] - Vice President Zhang Zhaoxu reduced his holdings by 20,200 shares through centralized bidding on January 2, 2025 [1] Group 3: Share Price Range - The reduction prices for the aforementioned shareholders and executives ranged from 22 yuan to 25 yuan [1]

Core Points - The company is holding its first extraordinary general meeting of shareholders on November 28, 2025, to discuss several important resolutions [20][21] - The meeting will adopt a combination of on-site and online voting methods, utilizing the Shanghai Stock Exchange's online voting system [21][20] - Key agenda items include amendments to the company's articles of association and the management rules, as well as changes in the company's registered capital [9][11][10] Meeting Details - The meeting will take place at 15:30 on November 28, 2025, at the company's headquarters in Changsha, Hunan Province [21][6] - Shareholders must register by November 24, 2025, to attend the meeting, providing necessary identification and authorization documents [2][29] - The network voting will be available from 9:15 to 15:00 on the day of the meeting [21][6] Resolutions to be Discussed - Resolution 1 involves the abolition of the supervisory board, transferring its powers to the audit committee of the board of directors [9] - Resolution 2 pertains to the amendment of the company's registered capital, which has been adjusted following the repurchase and cancellation of restricted stocks [10] - Resolutions 3 to 7 include amendments to various management rules, such as the rules for shareholder meetings and investment management [13][14][15][17][18] Voting Procedures - Shareholders can vote either in person or online, but must choose one method to avoid duplicate voting [4][23] - The voting process will require shareholders to fill out ballots clearly, as any unclear or unmarked ballots will be considered abstentions [3][4] - The results of the voting will be announced after all resolutions have been voted on [4][8] Contact Information - Shareholders can contact the company for any inquiries regarding the meeting through specified email and phone contacts [31]

Core Viewpoint - The company, Dajiahui Kang, has provided information regarding the distribution of its subsidiaries' pharmacies in Hainan province, specifically in cities such as Haikou, Wenchang, Qionghai, and Ding'an [1] Company Summary - Dajiahui Kang operates two main subsidiaries: Hainan Dajiahui Kang Pharmacy Chain Co., Ltd. and Hainan Dajiahui Kang Hongchuntang Pharmacy Chain Co., Ltd. [1] - The pharmacies are primarily located in Haikou, Wenchang, Qionghai, and Ding'an, indicating a focused regional presence in Hainan [1]

Core Viewpoint - Yifeng Pharmacy achieved a net profit attributable to shareholders of 1.225 billion yuan (+10.27%) in Q1-Q3 2025, with a net operating cash flow of 2.267 billion yuan (-32.16%), indicating stable growth and improved profitability, aligning with expectations [1] Company Performance - The company has strategically adjusted its store expansion strategy in response to industry clearing, leveraging strong management capabilities to enhance its multi-tiered store network, including flagship stores, regional center stores, medium-sized community stores, and small community stores [1] - Yifeng Pharmacy is deepening its regional market presence through both the breadth and depth of its store network, which is expected to enhance brand penetration [1] Market Strategy - The company is actively exploring the potential for category structure adjustments to continuously tap into market demand, which is likely to maintain its leading profitability in the industry [1] - The company maintains a "Buy" rating, reflecting confidence in its ongoing strategic initiatives and market positioning [1]