来源：报告研究所 一、医药流通行业龙头，25Q3 单季度归母净利润增速达 17% 1.1 中国医药流通行业龙头，业务布局医药分销、器械分销及零售 从盈利能力上看，2018-2024 年间公司毛利率水平基本维持在 7%-10%之间，2024 年公司毛利 率下降约 0.56 个百分点，我们认为这主要与高毛利业务的器械分销业务和工业业务收入下降 相关。2018-2023 年 间公司净利率基本维持在 2.5%以上，2024 年公司净利率下降至 1.78%，这 主要公司对国大药房计提了 约 10 亿元的商誉和无形资产减值准备。在 ROE 方面，2018-2023 年公司 ROE 基本维持在 12%以上， 2024 年下降与净利润的波动相关。 在期间费用率方面，2018-2025Q3 公司的销售费用率、而管理费用 率和财务费用率基本呈现出 波动中下降的趋势。2024 年销售费用率约为 2.94%（2025Q3 为 2.75%）， 2024 年行政开支费用 率约为 1.44%（2025Q3 为 1.17%），2024 年财务费用率为 0.40%（2025Q3 为 0.36%）。 在资产负债率方面，自 2019 年起公司资产 ...

S1500523080002 S1500524030003 tangaijin@cindasc.com zhangzhongtao@cindasc.com [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 证券研究报告 公司研究 医药流通龙头行稳致远，"高股息&经营质量优化"或助力估值提升 [Table_CoverStock] —国药控股(1099.HK)公司深度报告 [Table_ReportDate] 2025 年 12 月 5 日 [公司Table_ReportType] 深度报告 [Table_StockAndRank] 国药控股(1099.HK) 投资评级 买入 上次评级 [Table_Chart] 资料来源：ifind，信达证券研发中心 | [Table_BaseData] 公司主要数据 | | | --- | --- | | 收盘价（港元） | 20.46 | | 52 周内股价波动区间 | 16.00-21.66 | | (港元) | | | 最近一月涨跌幅(％) | 5.41% | | 总股本(亿股) | 31.21 | | 流通 H 股比例(％) ...

Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health achieved a strong revenue growth of 17% in the first half of the fiscal year 2026, driven by structural changes in the Chinese pharmaceutical market and the comprehensive effects of real-time retail on Taobao [1] Revenue and Earnings Forecast - Morgan Stanley raised Alibaba Health's revenue and adjusted earnings per share forecasts for fiscal year 2026 by 3% and 9% respectively, reflecting better-than-expected performance in the first half of the year and high synergy effects from Alibaba's real-time retail [1] - For fiscal year 2027, revenue forecasts were also increased by 3%, while adjusted earnings per share are expected to remain roughly unchanged [1] Valuation and Rating - Based on the fiscal year 2026 forecast of a 2.5 times enterprise value/revenue multiple, Morgan Stanley maintains a target price of HKD 6.5 for December 2026 and retains a "Neutral" rating [1]

Group 1 - The core viewpoint of the articles highlights that Yifeng Pharmacy has been awarded the highest AAA rating in the 2024 ESG report by MSCI, making it the only Chinese company to achieve this in the global healthcare service sector [1] - Yifeng Pharmacy's 2024 ESG report indicates significant achievements in carbon emission reduction and energy-saving measures, contributing to the industry's low-carbon transition [1] - The company has implemented a systematic carbon reduction strategy and integrated carbon performance into its supplier evaluation criteria, establishing a comprehensive green supply chain management system [1] Group 2 - Yifeng Pharmacy places a strong emphasis on employee career development, safety, and health management, fostering a sense of belonging and respect among employees [2] - The company utilizes digital technology to enhance service quality for customers, addressing the issue of uniformity in pharmaceutical services through personalized service plans based on user profiling [2] - As of June 30, Yifeng Pharmacy has built a member database of 110 million individuals, significantly improving health management quality, especially for chronic disease patients [2]

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]