融券方面，漱玉平民10月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年80%分位水平，处于高位。 责任编辑：小浪快报 10月9日，漱玉平民跌0.18%，成交额2857.10万元。两融数据显示，当日漱玉平民获融资买入额276.20 万元，融资偿还484.57万元，融资净买入-208.37万元。截至10月9日，漱玉平民融资融券余额合计 7155.49万元。 分红方面，漱玉平民A股上市后累计派现1.41亿元。近三年，累计派现6673.17万元。 融资方面，漱玉平民当日融资买入276.20万元。当前融资余额7155.49万元，占流通市值的1.60%，融资 余额超过近一年70%分位水平，处于较高位。 机构持仓方面，截止2025年6月30日，漱玉平民十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股126.25万股，为新进股东。 资料显示，漱玉平民大药房连锁股份有限公司位于山东省济南市历城区山大北路56号，成立日期1999年 1月21日，上市日期2021年7月5日，公司主营业务涉及医药零售连锁业务。主营业务收入构成为：中西 ...

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 ...

分红方面，白云山A股上市后累计派现109.06亿元。近三年，累计派现43.59亿元。 机构持仓方面，截止2025年6月30日，白云山十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股4044.81万股，相比上期增加936.01万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股1263.59万股，相比上期增加107.81万股。易方达沪深300医药ETF（512010）位居第八大流 通股东，持股1152.43万股，相比上期减少92.48万股。易方达沪深300ETF（510310）位居第九大流通股 东，持股893.66万股，为新进股东。 融券方面，白云山9月26日融券偿还7100.00股，融券卖出2.00万股，按当日收盘价计算，卖出金额50.76 万元；融券余量10.45万股，融券余额265.22万元，超过近一年90%分位水平，处于高位。 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 ...

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 "Recommended" rating for the company with a target price of 20.3 yuan [2][8]. Core Insights - The company demonstrated stable revenue growth with a 1.3% year-on-year increase in revenue to 13.52 billion yuan in the first half of 2025, while net profit attributable to shareholders rose by 21.4% to 800 million yuan [2][8]. - The growth in revenue is attributed to the performance of existing stores and contributions from newly opened and franchised stores, while profit growth is driven by revenue increase, improved management efficiency, and effective control of total operating costs [2][8]. - The company is focusing on high-quality development and expanding its presence in Southern China while dynamically optimizing its store network [2][8]. Financial Performance - In the first half of 2025, the company had a total of 16,833 stores, a 4.2% increase year-on-year, with a decrease in direct-operated stores by 3.7% and a 20.2% increase in franchised stores [2][8]. - The retail pharmacy business generated revenue of 11 billion yuan, a slight decline of 0.5% year-on-year, while the gross margin improved by 0.4 percentage points to 37.6% [2][8]. - The company’s net profit margin increased to 6.3%, up by 1.0 percentage points year-on-year, indicating effective cost control measures [2][8]. Future Projections - The report adjusts the company's net profit forecasts for 2025-2027 to 1.16 billion yuan, 1.33 billion yuan, and 1.53 billion yuan, respectively, with year-on-year growth rates of 27%, 15%, and 15% [2][8]. - The projected earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 20 times [2][8].

Group 1: Strategy Observation - The report highlights a recovery in the prices of domestic cyclical goods and an improvement in service consumption, particularly in first-tier cities where real estate sales have shown significant growth [1][11] - The construction demand has marginally improved, supported by ongoing anti-involution policies in industries like steel and coal, leading to price increases in coal, steel, and glass [1][11] - Service consumption has seen a month-on-month increase, with tourism in Hainan showing signs of recovery and a substantial rebound in movie box office revenues due to new film releases [1][11] Group 2: Downstream Consumption - Real estate sales in 30 major cities increased by 20.3% year-on-year, with first-tier cities seeing a 68.8% increase in transaction area [2][12] - Retail sales of passenger vehicles grew by 1.0% year-on-year, with a slight easing of price pressures in the car market [2][12] - The service consumption index in Hainan rose by 1.3% month-on-month, and movie box office revenues surged by 364.6% month-on-month and 149.0% year-on-year [2][12] Group 3: Midstream Manufacturing - Construction demand has shown slight improvement, with policies supporting steady growth in the steel industry leading to minor price increases [3][13] - Manufacturing activity has generally improved, with increased operating rates in sectors like automotive and chemicals [3][13] - Long-distance passenger transport demand has improved, with logistics activity also showing a month-on-month increase [3][13] Group 4: Upstream Resources - Coal prices have risen by 3.5% due to tight supply and pre-holiday stockpiling needs [3][13] - Industrial metal prices are under pressure due to weak domestic demand and hawkish signals from the U.S. Federal Reserve [3][13] Group 5: Company-Specific Insights on Supermicro - Supermicro is positioned uniquely in the market, combining independent product development with custom manufacturing capabilities, distinguishing it from traditional OEM and ODM models [5][26] - The company is expected to see significant revenue growth, with projected total revenues of $31.82 billion, $38.44 billion, and $49.55 billion for 2026E to 2028E [5][25] - Supermicro's product performance is notable, with its AI server product line keeping pace with chip updates, and it actively collaborates with the open-source community to optimize AI cluster software [5][27]

Core Viewpoint - The company, Huaren Health, has shown a positive performance in terms of stock price and financial metrics, indicating potential growth opportunities in the healthcare sector [1][2]. Group 1: Stock Performance - On September 24, Huaren Health's stock increased by 1.10%, with a trading volume of 42.60 million yuan [1]. - The financing buy-in amount for Huaren Health on the same day was 4.04 million yuan, while the financing repayment was 4.55 million yuan, resulting in a net financing buy of -0.51 million yuan [1]. - As of September 24, the total financing and securities balance for Huaren Health was 138 million yuan, which accounts for 7.20% of its market capitalization [1]. Group 2: Financial Performance - For the first half of 2025, Huaren Health reported a revenue of 2.50 billion yuan, representing a year-on-year growth of 15.52% [2]. - The net profit attributable to the parent company for the same period was 104 million yuan, showing a year-on-year increase of 42.17% [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Huaren Health was 26,100, an increase of 45.15% compared to the previous period [2]. - The average number of circulating shares per shareholder was 5,725, which decreased by 31.10% from the previous period [2]. - After its A-share listing, Huaren Health has distributed a total of 80.02 million yuan in dividends [3].

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].

Group 1 - The core viewpoint of the news is that Huaren Health's stock performance and financing activities indicate a mixed market sentiment, with a slight decline in stock price but notable financing activity [1] - On September 22, Huaren Health's stock price fell by 0.54%, with a trading volume of 43.36 million yuan, and a net financing purchase of 26.49 million yuan [1] - As of September 22, the total margin balance for Huaren Health was 142 million yuan, accounting for 7.32% of its market capitalization, indicating a high level of financing compared to the past year [1] Group 2 - As of June 30, Huaren Health had 26,100 shareholders, an increase of 45.15% from the previous period, while the average number of circulating shares per person decreased by 31.10% to 5,725 shares [2] - For the first half of 2025, Huaren Health reported a revenue of 2.504 billion yuan, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 104 million yuan, up 42.17% year-on-year [2] - Since its A-share listing, Huaren Health has distributed a total of 80.02 million yuan in dividends [3]