□周海勋 齐心 宇珩 （图片由中国人寿寿险四川省分公司提供）在巴蜀大地的城乡之间，中国人寿 保险股份有限公司四川省分公司（以下简称中国人寿寿险四川省分公司）正以"诚实守信、以义取 利、稳健审慎、守正创新、依法合规"的金融文化为底色，书写着金融为民的故事。故事的背后是 保险代理人真诚与专业的服务，是理赔团队及时与认真的响应，是深入乡村推广保险、培育产业 的执着，更是灾害来临时与时间赛跑的救援速度。多年来，中国人寿寿险四川省分公司以文化铸 魂，用行动践行初心，将金融工作的"人民性"深刻诠释为脚踩泥土的走访、分秒必争的理赔、困 境中的守望相助，融入企业发展的血脉基因。如今，这份金融文化已深深扎根于每一名中国人寿 寿险四川省分公司员工的心中，化作服务城乡的坚实力量。未来，公司将继续以文化凝聚共识， 用专业守护万家，在金融为民的征途上续写更多有温度、有担当的动人篇章。诚信筑基 筑牢服务 全链条的价值底线诚信，是金融行业的立身之本，更是中国人寿寿险四川省分公司金融文化的重 要基石。公司将"诚实守信，不逾越底线"融入服务全流程，让真诚与专业成为连接客户的情感纽 带。"有所不为"，是中国人寿寿险四川省分公司员工的职业坚守。资 ...

一心堂药业集团股份有限公司 投资者交流活动会议记录 时间：2025 年 5 月 21 日 10:30-12:00 地点：一心堂药业集团股份有限公司总部 召开方式：现场交流 投资者：交银基金周章庆、中海基金 易小金、国投瑞银 张宇初、巨 彬资产 何川、景顺长城 王玉、泉果基金 夏若瑜、东北证券 文将儒、 中信建投 沈兴熙、诚域基金 莫景全 黄登峰等投资者共 16 人。 接待人：集团董事兼执行总裁张勇先生、董事郭春丽女士、董事兼副 总裁阮国伟先生、副总裁兼董事会秘书李正红先生、集团非药品事业 部总经理肖勇先生、集团非药品事业部非药推广部总监刘骏先生、云 南公司副总经理谢建兵先生、证券事务代表阴贯香女士 一心堂药业集团股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日（星 期三）上午 10:30-12:00 在公司总部进行投资者现场交流活动，公司管理层就投 资者关心的问题进行交流，内容如下： 2025 年，公司以提升存量门店经营质量为主，并按市场动态去优化门店的 布局，主要是搬迁和改造，不会大幅度增加门店数量。同时，大力在内部推进药 店分类分级管理，将药店分为以药品销售为主的专业药房和全品类的泛健康 ...

Q6：公司去年海外业务做得怎么样？对业绩贡献如何？ A6：目前，公司海外业务仍处于探索、培育阶段，未来，公司将继续拓展海 外市场，增加海外销售渠道和销售规模。 Q7：公司在燕麦行业处于什么地位？ | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 ☑业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（线上交流会） | | 参与单位名 | 网络投资者 | | 称及人员 | | | 时间 | 2025 年 5 月 20 日 15：00-16：00 | | 地点 | 深圳证券交易所"互动易"平台（http://irm.cninfo.com.cn）"云访谈"栏 | | 形式 | 网络调研 | | 上市公司 | 总经理：孟祥胜 董事、董秘、副总经理：谢金菱 财务总监：张志雄 独立董 | | 接待人员 | 事：董舟江 | | | Q1：公司目前还有哪些比较有潜力的产品？ | | | A1：第一，燕麦+复合类的产品，公司会持续进行产品更新迭代。目前从数据 | | | 上看较符合公司预期，燕麦+过去几年持续保持了比较高的增长，从销售数据 ...

Group 1 - The core point of the news is that Shiyao Group has signed an exclusive licensing agreement with Cipla USA, Inc. for the commercialization of Irinotecan liposome injection in the U.S., indicating significant commercial potential in the U.S. market [1] - The agreement includes an upfront payment of $15 million, potential milestone payments of up to $25 million for initial commercial sales and regulatory milestones, and up to $1.025 billion in additional commercial sales milestone payments, along with double-digit sales royalties based on annual net sales in the region [1] - This partnership represents a major breakthrough in the company's international strategy, enhancing its global market influence and investor confidence in future profitability [1] Group 2 - The first enzyme replacement therapy for Gaucher disease in China, β-CAN103, has been approved for long-term treatment in adolescents and adults aged 12 and above, filling a gap in the rare disease treatment field [2] - The therapy specifically supplements the enzyme glucocerebrosidase that is deficient in Gaucher disease patients, showcasing the company's research capabilities in rare diseases [2] - The market entry of β-CAN103 is expected to provide a new growth point for the company and enhance its competitiveness and market value in the biopharmaceutical sector [2] Group 3 - Xuanzhu Bio's CDK4/6 inhibitor, Pyrotinib tablets, have received approval for two indications, targeting HR+/HER2- advanced or metastatic breast cancer patients who have progressed after prior endocrine therapy and chemotherapy [3] - This approval marks a significant breakthrough in the company's oncology treatment portfolio, indicating substantial market potential [3] - The new drug approval is anticipated to enhance the company's competitiveness in innovative drugs and provide new performance growth points, boosting investor confidence in its research capabilities and future development [3] Group 4 - WuXi AppTec has entered into a licensing agreement with its major shareholder, Juno, granting non-exclusive rights to develop and commercialize cell therapy products using the JW sLVV production process and related technologies [4] - The total consideration for this agreement is capped at $10 million, which includes non-refundable upfront payments and additional payments [4] - This move not only generates revenue for the company but also strengthens its collaboration with a key shareholder, enhancing investor confidence in its future development [4] Group 5 - Hainan Haiyao has signed a strategic cooperation framework agreement with Malaysia's Aikang International Group, becoming the exclusive agent for Aikang's health products in China [6] - The company will be responsible for promoting, selling, and providing after-sales service for Aikang's high-quality health products in the Chinese market [6] - This partnership is a significant step in expanding the company's business footprint in the health sector, potentially increasing market share and profitability while enhancing investor confidence in its growth potential [6]

资料显示，海南海药前身海口市制药厂创立于1965年，1994年在深交所挂牌上市，是海南省医药行业龙 头企业，2020年3月24日，新兴际华医药与海南海药完成战略重组，新海药成为中央企业控股的混合所 有制企业，开启了海药发展新征程，目前该公司主要产品涵盖中间体、原料药、化学创新药、现代中 药、生物药、细胞免疫、高端医疗器械等领域。 5月15日晚，海南海药（000566）公告，为积极响应国家"一带一路"倡议，深化区域经济合作，推动海 南自由贸易港建设，深化在医药健康领域的合作， 近日，公司与马来西亚爱康国际集团(简称"爱康集团")签订战略合作框架协议。 根据协议，海南海药将作为爱康集团大健康类产品在中国大陆的独家代理，负责爱康集团高品质大健康 类产品在中国市场的推广、销售及售后服务，海南海药将建立销售网络，为爱康集团大健康类产品打开 中国市场开创销售新局面。双方将共同制定市场推广策略，利用海南自贸港的政策优势，优化产品进口 流程，降低物流成本，提升产品竞争力。 在市场开拓方面，爱康集团作为海南海药中药产品在马来西亚的独家代理，负责海南海药传统中药产品 在马来西亚市场的推广、销售及售后服务，将推动海南海药中药产品进 ...

海南海药（000566）公告，公司与马来西亚爱康国际集团签订战略合作框架协议。协议内容包括代理合 作，海南海药作为爱康集团大健康类产品在中国大陆的独家代理；市场开拓，推动海南海药中药产品进 入马来西亚市场；品牌共建与市场推广，提升双方产品品牌影响力；以及建立合作机制，包括会晤机制 和联合工作小组等。本协议自签字盖章之日起生效，有效期五年。 ...

行业估值方面，专业零售行业市盈率（TTM）平均值为5.57倍，行业中值-0.25倍。傲基股份市盈率6.26 倍，行业排名第5位；其他宝光实业（00084.HK）为0.17倍、陈唱国际（00693.HK）为4.49倍、ASIA COMM HOLD（00104.HK）为5.49倍、宝胜国际（03813.HK）为5.67倍、周生生（00116.HK）为6.32 倍。 资料显示，傲基(深圳)跨境商务股份有限公司作为互联网品牌运营商,公司以"连接世界,创造美好"为自 身使命,依托多品牌体系化运营能力、全业务链数字化支撑能力、供应链管理能力和灵活的组织架构,有 效切入"家与生活"的各个场景,精心打造了设计美观、品质优良、功能先进的家具家居类、电动工具 类、家电类、消费电子类及运动健康类等系列品牌类产品,主要通过Amazon等第三方线上平台从事跨境 B2C业务。科技创新方面,公司高度重视技术沉淀,截止2023年12月,累计拥有发明、实用新型和外观专利 数百项,并多次获评为国家高新技术企业、国家级电子商务示范企业,广东省工程技术研究中心,并于2019 年、2020年共两次获得深圳企业创新纪录。产品及品牌方面,为满足终端客户的 ...

丨证券研究报告丨 公司研究丨点评报告丨德尔玛（301332.SZ） [Table_Title] 外销持续深化、内销国补助力，经营性利润增长 亮眼 报告要点 [Table_Summary] 2024 年公司实现营业收入 35.31 亿元，同比增长 11.98%，实现归母净利润 1.42 亿元，同比增 长 30.95%，实现扣非归母净利润 1.30 亿元，同比增长 29.94%；其中，2024Q4 公司实现营业 收入 11.32 亿元，同比增长 28.24%，实现归母净利润 3841.47 万元，同比增长 333.24%，实 现扣非归母净利润 3456.93 万元，同比增长 272.43%。此外，2025Q1 公司实现营业收入 7.78 亿元，同比增长 8.61%，实现归母净利润 2362.32 万元，同比增长 1.15%，实现扣非归母净利 润 2085.97 万元，同比下滑 1.98%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 德尔玛（30133 ...

Core Viewpoint - The retail pharmaceutical industry is undergoing significant adjustments due to deepening medical reform policies, increased competition, and the impact of e-commerce, leading to a decline in customer traffic and a challenging environment for store openings and closures [1][2]. Group 1: Industry Performance - The performance of listed chain pharmacies in 2024 shows a polarization, with Yifeng Pharmacy achieving revenue and net profit growth, while Lao Bai Xing experienced declines in both metrics [1][3]. - Shuyu Pingmin reported a substantial net profit decline of 241.90%, marking its first loss after years of profitability, while Yixin Tang's net profit fell to a ten-year low of 1.14 billion yuan, down 79.23% [1][3]. - The overall number of retail pharmacies is expected to decrease, with an estimated 39,000 closures in 2024, resulting in a closure rate of 5.7%, up from 3.8% in 2023 [4]. Group 2: Store Expansion and Strategy - Dacaren's expansion rate has slowed, with a net increase of 2,479 stores in 2024 compared to 4,029 in 2023, while other companies like Yifeng Pharmacy and Lao Bai Xing also reported slower store growth [1][4]. - Many companies are adjusting their store opening strategies, with Jianzhijia reducing its annual expansion plan to around 400 stores [4]. Group 3: Transformation and Innovation - Pharmaceutical retail enterprises are accelerating their transformation, with leading companies adopting the "pharmacy + clinic" model to create community health ecosystems [2][5]. - Companies are focusing on digital transformation and exploring synergies between e-commerce and physical stores to adapt to the changing market landscape [2][5]. Group 4: Financial Performance and Challenges - Shuyu Pingmin's revenue reached 9.57 billion yuan in 2024, a 4.13% increase, but its net profit turned negative due to various operational challenges [3]. - The decline in net profit for many companies is attributed to increased operational costs and the impact of new store openings, which, while contributing to revenue, also lead to higher expenses during their cultivation period [3][5]. Group 5: Market Trends and Consumer Behavior - The retail pharmacy industry is witnessing a shift towards diversified product offerings and a focus on patient-centered health services, moving away from reliance solely on pharmaceutical sales [5][6]. - The proportion of income from medical insurance settlements is decreasing for many companies, indicating a shift towards non-insurance revenue streams [8]. Group 6: O2O and Membership Growth - The O2O (Online to Offline) retail model is becoming a key growth driver, with significant increases in sales through this channel expected in 2024 [8][9]. - Membership numbers are growing across various companies, with Yifeng Pharmacy reporting a membership increase of 19.50% and a membership sales ratio of 82.03% [11].

Group 1 - E-commerce platforms including Shein, Temu, and Amazon have raised prices significantly, with some products seeing price increases over 100% [1] - Shein's price adjustments began on April 25, with beauty and health products experiencing an average price increase of 51%, while home, kitchen, and toy categories saw over 30% increases [1] - Temu has introduced separate import fees for U.S. consumers, covering customs processes and costs associated with imported goods [1] Group 2 - Shein announced price adjustments due to increased operational costs from global trade rules and tariffs, effective from April 25 [2] - The U.S. luxury designer Vivienne Hu highlighted that China is the largest producer of fashion products, supplying at least 20% of the U.S. market, and emphasized the challenges of rebuilding the domestic industrial system in the U.S. [2] - Despite the impact of tariffs on Chinese sellers in the U.S. market, top sellers are prepared and will continue to operate in the U.S. due to the lack of immediate alternatives [2]