事件概述 投资建议 我们预计公司2025-2027 年营收分别为224.3、237.1、251.7亿元，对应增速分别为0.3%、5.7%、6.2%； 归母净利润为6.9、7.5、8.5 亿元，对应增速分别为33.3%、9.0%、12.5%，EPS 为0.91、0.99、1.12 元， 对应2025 年8 月26 日18.64 元/股收盘价，PE 分别为20/19/17X；维持"买入"评级。 风险提示 门店扩张加速，线上销售增长显著 截止2025H1，公司全国门店总数达15,385 家（直营9,784家，加盟5,601 家），较期初净增108 家，其中 加盟门店净增305 家成为扩张主力，形成直营、加盟、联盟多模式协同的立体网络。医药零售业务呈现 季度性改善，Q2 收入同比增速转正至0.20%，较Q1 显著回升（-4.62%）。公司"门诊慢特病"定点资格 的门店达到1,729 家，占直营门店数量的17.67%；具有双通道资格的门店达到328 家。公司在全国14 省、55 个城市布局176 家DTP 药房。 2025H1 公司线上渠道销售总额（含加盟）约为14.9 亿元，同比增长32%；公司O2O 外卖服务门店达 ...

Group 1 - The controlling shareholder, Yao Baixing Pharmaceutical Group Co., Ltd., held 198,564,175 shares before the reduction plan, accounting for 26.12% of the total share capital of the company [2] - The reduction plan announced on May 7, 2025, allowed for a maximum reduction of 22,802,868 shares, which is 3% of the total share capital, with a maximum of 1% through centralized bidding and 2% through block trading [3] - As of the announcement date, the controlling shareholder had reduced its holdings by 18,110,700 shares, representing 2.38% of the total share capital, bringing its total holdings to 180,453,475 shares, or 23.74% of the total share capital [3][4] Group 2 - The reduction plan was terminated early, with the actual reduction meeting the planned minimum reduction quantity [4] - The shareholding ratio of the controlling shareholder and its concerted parties decreased from 27.91% to 25.53% following the reduction [3][4]

Financial Performance - CVS Health's second quarter earnings exceeded expectations, with shares surging 7% [1][3] - Earnings per share (EPS) came in at A$181, approximately 19% above estimates [1] - Revenues reached 9892 billion, surpassing expectations across all three business segments [1] - The company is raising its 2025 guidance [1] Business Segment Performance - Pharmacy and consumer wellness segments were standouts [2] - CVS stores experienced a 154% increase in same-store sales, driven by gains in old Wraid customers and positive front-end comps [2] - Front-end comps were up 34%, marking the first positive result in 10 quarters [2] Healthcare Benefits (Aetna) - Aetna membership stood at 267 million, lower across Medicare, Medicaid, and exchange plans [2] - Employer enrollment increased [2] - The medical benefit ratio, slightly below 90%, was better than anticipated [2] - Aetna is facing higher costs, particularly in group Medicare Advantage plans, leading to reserve allocation [2] - Approximately half of these plans are slated for repricing in 2026 [2] Future Outlook - CVS feels confident about its pricing for the upcoming year [3] - Turnaround efforts at Aetna over the past 18-24 months have helped the company navigate Medicare reimbursement headwinds [3]

Mergers & Acquisitions - Walgreens shareholders approve a $10 billion private equity buyout [1]