益丰药房《2024年ESG报告》显示，2024年公司通过实施一系列节能措施，在减少碳排放、助力节能减 排目标实现上成效显著。同时，大力推动绿色电力的医药产业应用，持续提升各地园区光伏发电设施覆 盖率。公司还制定了系统性的碳减排战略规划，并将碳排放绩效纳入供应商评估与筛选的关键指标体 系，全方位构建绿色供应链管理体系，为行业低碳转型提供了可复制、可推广的"样本"。 长沙晚报掌上长沙9月30日讯（全媒体记者 曹开阳）近日，国际权威机构摩根士丹利资本国际公司 （MSCI）发布2024年度全球企业最新ESG评级报告，湖南A股上市公司益丰药房获评AAA级（最高 级）。在本次评级中，全球医疗服务提供商细分行业中仅191家企业有资格参评，益丰药房是唯一获得 AAA评级的中国企业。 在履行社会责任进程中，益丰大药房高度重视员工职业发展、安全与健康管理，以及对顾客会员的服务 质量，让员工获得个人职业发展的同时，切实感受到来自企业的归属感与尊重。而在顾客层面，通过数 字化技术支撑的服务升级与分层权益体系的深度落地，致力于破解医药服务"千人一面"的痛点。通过用 户画像分析与分类分级管理，益丰药房为不同健康需求的会员匹配个性化服务方 ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" [4] Core Views - The company reported a slight decline in revenue but a solid increase in net profit, indicating improved profitability despite challenges in the retail pharmacy sector [2][4] - The company is optimizing its store layout and slowing down the pace of new store openings, focusing on enhancing operational efficiency and profitability [3][4] - The online business is rapidly developing, with significant growth in membership and internet sales, contributing positively to overall revenue [3][4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved revenue of 117.22 billion and a net profit of 8.80 billion, with a year-on-year change of -0.34% and +10.32% respectively [1] - The operating cash flow for the same period was 15.70 billion, reflecting a decrease of 13.84% year-on-year [1] Store Network and Strategy - As of the first half of 2025, the total number of stores reached 14,701, with a net increase of only 17 stores, indicating a strategic shift towards optimizing existing locations rather than aggressive expansion [3] - The company has closed 272 stores while opening 81 new direct-operated stores and 208 new franchise stores [3] Online Business Development - The company has built a membership base of 110 million, a year-on-year increase of 14.59%, with membership sales accounting for approximately 84.93% of total sales [3] - Internet business revenue reached 13.55 billion, a year-on-year increase of 23.63%, representing 11.56% of total revenue [3] Profitability and Forecast - The report forecasts a decrease in net profit for 2025 and 2026, with estimates of 17.53 billion and 20.33 billion respectively, reflecting a downward adjustment of 20% and 25% from previous estimates [4] - The projected net profit for 2027 is 23.13 billion, with corresponding P/E ratios of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][5]