公司药品、器械、中药、专业药房、新兴业务等业务持续发展，不断完善网络布局，营业收入实现稳步 增长；通过精细化管理，提升经营管理效率，实现降本增效。 格隆汇10月10日丨重药控股(000950.SZ)公布，预计前三季度归属于上市公司股东的净利润35,800万元— 40,000万元，比上年同期增长22.51%—36.88%，扣除非经常性损益后的净利润34,800万元—39,000万 元，比上年同期增长25.48%—40.62%。 ...

北京商报讯（记者 丁宁）10月10日晚间，重药控股（000950）发布2025年前三季度业绩预告显示，公 司预计前三季度实现归属净利润约为3.58亿元至4亿元，比上年同期增长22.51%至36.88%。 针对业绩变动原因，重药控股表示，公司药品、器械、中药、专业药房、新兴业务等业务持续发展，不 断完善网络布局，营业收入实现稳步增长；通过精细化管理，提升经营管理效率，实现降本增效。 ...

重药控股公告，预计2025年前三季度净利润为3.58亿元，同比增长22.51%-36.88%，上年同期为2.92亿 元。扣除非经常性损益后的净利润预计为3.48亿元，同比增长25.48%-40.62%，上年同期为2.77亿元。基 本每股收益预计为0.2元/股，上年同期为0.17元/股。公司药品、器械、中药、专业药房、新兴业务等业 务持续发展，不断完善网络布局，营业收入实现稳步增长。 ...

资料图为社区工作人员为辖区老人提供康复服务。李隽 摄 围绕老年人福祉和婴幼儿照护，青海持续完善服务体系建设，政策效应逐步显现。截至8月底，该省办 理税务登记的养老服务机构达172户，同比增长17.8%，各类养老照护服务经营主体开票销售收入同比 增长5.5%，呈现稳定增长态势。 另一方面，该省托育服务特别是幼儿托管需求快速增长，同期托儿所服务业开票销售收入同比增长 23.2%，其中托管服务增速尤为显著，同比达1.9倍，普惠托育体系正在加快形成。 税收数据显示："一老一小"与健康服务"驱动"青海消费新活力 中新网西宁10月9日电 (李隽 常红 林浩)9日，记者从国家税务总局青海省税务局获悉，增值税发票数据 显示，今年1至8月，该省包括"一老一小"服务、文体健身、健康保健等在内的健康消费相关行业开票销 售收入同比增长16.3%，显示出居民健康意识增强和消费结构优化同步推进。 据悉，在国家大力推进健康中国建设、积极扩大内需的背景下，青海省健康类消费呈现蓬勃发展的新态 势。 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个 ...

来源：新浪证券-红岸工作室 9月30日，白云山涨0.24%，成交额2.19亿元。两融数据显示，当日白云山获融资买入额2235.80万元， 融资偿还4527.56万元，融资净买入-2291.76万元。截至9月30日，白云山融资融券余额合计10.15亿元。 融资方面，白云山当日融资买入2235.80万元。当前融资余额10.13亿元，占流通市值的2.82%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，白云山9月30日融券偿还2.12万股，融券卖出500.00股，按当日收盘价计算，卖出金额1.28万 元；融券余量7.80万股，融券余额199.29万元，超过近一年60%分位水平，处于较高位。 资料显示，广州白云山医药集团股份有限公司位于广东省广州市荔湾区沙面北街45号,香港金钟道89号 力宝中心第2座20楼2005室，成立日期1997年9月1日，上市日期2001年2月6日，公司主营业务涉及中西 成药、化学原料药、天然药物、生物医药、化学原料药中间体的研究开发、制造与销售;西药、中药和 医疗器械的批发、零售和进出口业务;大健康产品的研发、生产与销售;及医疗服务、健康管理、养生养 老等健康产业投资等。主营业务 ...

9月29日，益丰药房举办2025年半年度业绩说明会。会上管理层提到，公司的主营业务分为中西成药、 中药以及非药品三大类，公司将持续保持主要业务的稳定。在非药品方面，2025 年 4 月国家发布《促 进健康消费专项行动方案》之后，各地逐步落地鼓励药店多元化发展的国家政策，未来相关板块将持续 增长。 公司目前已成立了非药创新事业部，商品创新方向包括：功能性与非功能性食品及用品，如医美护肤、 个人护理、家居清洁等。药店作为社区健康流量入口，具备消费者信任度高、边际运营成本低的天然优 势，目前已通过主流品牌标品完成初步市场验证，后续将结合健康维度、品质筛选及性价比策略深化选 品，并逐步拓展自营品牌。 根据第三方的公开统计数据，我国在2024年药店数量已达临界点，单店销售和盈利能力持续下降，2025 - 2026年开店与关店将成为常态，预计行业整合将提速。对于头部连锁而言，通过紧跟时代与政策变 化，辅之以数字化转型、供应链优化以及线上线下全生命周期健康管理生态的服务模式创新等核心竞争 力打造，部分具有优势的企业将优先于行业先行进入良性发展轨道。 （上证路演） (编辑：林辰)关键字： 医药 ...

证 券 研 究 报 告 老百姓（603883）2025 年半年报点评 推荐（维持） 多维度变革下，2Q 业绩有所转暖 目标价：18.3 元 事项： ❖ 剔除额外因素影响，2Q25 业绩环比改善。公司 1H25 收入 107.7 亿元（-1.5% yoy），1H25 归母净利 4.0 亿元（-20.9% yoy）、扣非净利 3.8 亿元（-20.9% yoy）。 2Q25 收入 53.4 亿元（-1.1% yoy）、归母净利 1.5 亿元（-18.9% yoy）、扣非净 利 1.4 亿元（-19.6% yoy），业绩环比降幅收窄。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 22,358 | 23,335 | 25,033 | 27,264 | | 同比增速(%) | -0.4% | 4.4% | 7.3% | 8.9% | | 归母净利润(百万) | 519 | 695 | 821 | 952 | | 同比增速(%) | - ...

Investment Rating - The report maintains a "Buy" rating for Yifeng Pharmacy with a target price of 36.00 CNY [6][13]. Core Views - The report highlights that the overall off-hospital pharmaceutical retail industry remains under pressure, but Yifeng Pharmacy, as a leading player in the pharmacy sector, maintains a steady operational rhythm and continues to enhance its profitability. There is optimism for a recovery in performance growth in the second half of the year [2][13]. Financial Summary - Total revenue for 2023 is projected at 22,588 million CNY, with a year-on-year growth of 13.6%. By 2025, revenue is expected to reach 24,690 million CNY, reflecting a growth rate of 2.6% [4]. - Net profit attributable to the parent company is forecasted to be 1,412 million CNY in 2023, increasing to 1,749 million CNY by 2025, which represents a growth of 14.4% [4]. - Earnings per share (EPS) is expected to rise from 1.16 CNY in 2023 to 1.44 CNY in 2025 [4]. - The return on equity (ROE) is projected to be 14.4% in 2023, slightly increasing to 14.8% by 2025 [4]. Operational Insights - As of the first half of 2025, Yifeng Pharmacy operates 14,701 stores, with 10,681 being directly operated and 4,070 franchised. The pace of store expansion has slowed, with 81 new stores opened and 272 closed in the first half of the year [13]. - Retail business revenue for the first half of 2025 is reported at 101.99 billion CNY, showing a decline of 1.91% year-on-year, while the gross margin improved by 1.04 percentage points to 41.99% [13]. Product Performance - Revenue from traditional Chinese and Western medicine is reported at 88.99 billion CNY, with a slight year-on-year increase of 0.24%. The gross margin for this segment increased by 0.77 percentage points to 35.62% [13]. - Non-pharmaceutical revenue has faced challenges, with a reported decline of 2.44% year-on-year [13].

Core Viewpoint - 九州通 is strategically enhancing its layout in the health industry through investments in various funds and incubators, aiming for sustainable growth and innovation in the medical sector [1][2][3]. Group 1: Strategic Investments - 九州通's subsidiary, 九州众创孵化器, has committed 10 million yuan to establish the Wuhan Chuchang Tongda Industrial Investment Fund, holding a 7.14% stake in the fund [1][2]. - The total investment for the Chuchang Tongda Fund is 140 million yuan, with 九州众创孵化器 contributing 10 million yuan, while other partners include 武汉光创基金 and 北京点金, with respective contributions of 40 million yuan and 88 million yuan [2]. - The focus of these investments is on innovative medical devices, consumer healthcare, life sciences services, and biopharmaceuticals, aligning with the company's strategic goals [2][3]. Group 2: Financial Performance - In the first half of 2025, 九州通 reported revenue of 81.106 billion yuan, a year-on-year increase of 5.10%, and a net profit attributable to shareholders of 1.446 billion yuan, up 19.70% [5][6]. - The company achieved strong growth across various business segments, with pharmaceutical distribution generating 67.634 billion yuan in sales, a 6.04% increase, and digital logistics revenue rising by 24.66% to 5.87 billion yuan [6]. - The cash flow from operating activities increased by 380 million yuan compared to the previous year, indicating a positive outlook for the company's financial health [5][6]. Group 3: Industry Position - 九州通 is recognized as the largest private pharmaceutical enterprise in China and has been listed among the top 500 Chinese enterprises, ranking 181st in the 2025 list with a revenue of 151.8 billion yuan [1][4]. - The company has been focusing on its core business while exploring new retail and digitalization strategies, contributing to its stable growth in a challenging industry environment [5][6].

Group 1: Pharmaceutical and Medical Device Sector - The pharmaceutical and medical device sector experienced an overall decline of 2.07% from September 15 to September 19, 2025, ranking 23rd among 31 industries, underperforming the CSI 300 index by 1.63 percentage points. Year-to-date, the sector has risen by 24.17%, ranking 10th among 31 industries and outperforming the CSI 300 index by 9.76 percentage points. The current PE valuation for the sector is 31.18 times, at the historical median level, with a 136% premium over the CSI 300 valuation [5][6][7]. - The National Medical Insurance Administration has completed the review of the 2025 National Basic Medical Insurance Directory and the commercial insurance innovative drug directory, moving into the core negotiation and price consultation phase. The 11th batch of national procurement has officially included 55 major varieties, with optimizations in application requirements, volume, and rules, indicating a potential turning point for the industry [6][7]. - The Shanghai government has issued a comprehensive action plan to promote the high-end medical device industry, focusing on innovation, clinical empowerment, regulatory approval, market application, enterprise cultivation, and international development, with 20 key tasks outlined to support industry growth [6][7]. Group 2: Non-Bank Financial Sector - The non-bank financial index fell by 3.7% last week, underperforming the CSI 300 index by 3.3 percentage points, with both brokerage and insurance indices showing synchronized declines of -3.5% and -4.8%, respectively. The average daily trading volume for stock funds was 29,885 billion yuan, an 8% increase from the previous week [9][10]. - Market enthusiasm and activity remain high, with a focus on the performance catalysts from the upcoming third-quarter reports. The average daily trading volume for stock funds has increased by 108% year-on-year as of September 19, 2025, positively impacting brokerage, credit, and proprietary trading sectors [10][12]. - The establishment of a health management company by PICC and the continued increase of holdings in China Pacific Insurance by Ping An Life indicate a trend towards integrating health management with health insurance, enhancing operational efficiency and profitability [11][12]. Group 3: Economic and Market Overview - The LPR for both the 5-year and 1-year terms remained unchanged at 3.5% and 3%, respectively, as of September 2025, indicating stable lending rates [14]. - The steel industry has set a target for an average annual growth of 4% over the next two years, with a strict prohibition on new capacity additions, reflecting a focus on structural adjustment and high-quality development [16]. - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 3,828 points, up 0.22%, while the Shenzhen Component and ChiNext indices also saw gains, indicating a cautious recovery amid ongoing market volatility [17][18].