Core Points - The company announced a cash dividend distribution of 0.08 yuan per share for the fiscal year 2024, approved at the shareholders' meeting on June 30, 2025 [2][4] - The total cash dividend to be distributed amounts to approximately 60.81 million yuan, based on a total share capital of 760,095,613 shares [4] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [3] Distribution Plan - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5] - The distribution does not involve the issuance of bonus shares or capital increases [6] - Direct cash dividends will be issued to specific shareholders, including Lao Bai Xing Medical Group Co., Ltd., Zexing Investment Co., Ltd., and Chen Xiulan [9] Taxation Details - For individual shareholders and securities investment funds holding unrestricted circulating shares, no income tax will be withheld at the time of dividend distribution, with the actual cash dividend being 0.08 yuan per share [10] - Tax liabilities will be calculated based on the holding period of the shares, with different tax rates applicable: 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [10] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.072 yuan per share [11]

Core Points - The employee stock ownership plan (ESOP) of Dazhenglin Pharmaceutical Group Co., Ltd. will expire on December 3, 2025 [1][2] - The ESOP was approved at the fourth extraordinary general meeting of shareholders in 2020 and has a duration of 36 months [1] - The board of directors has approved an extension of the ESOP for an additional 12 months, now set to expire on December 3, 2025 [2] Summary of Employee Stock Ownership Plan - The ESOP currently holds 6,572,239 shares, representing 0.58% of the company's total share capital [2] - The company has adhered to market trading rules and regulations during the ESOP period, ensuring no insider trading occurred [2] - Upon expiration of the ESOP, it will terminate automatically, and the management committee will handle the disposal of remaining rights in accordance with relevant regulations [2]

14 May 2025 研究报告 Research Report 京东健康 JD Health International (6618 HK) 25Q1 业绩大幅超市场预期，建议关注后续大促季表现和即时零售布局展开 25Q1 beat, attention on upcoming promotional season and instant retail initiatives [Table_yemei 观点聚焦 1] Investment Focus 收入增长提速，同环比双增。25Q1 公司收入规模突破历史最好季 度表现，达到 166.5 亿元（YoY +25.5%，QoQ +0.8%），好于全年指 引（双位数增长，据 24 年公开业绩会）。据管理层，收入端提速 归因于，1）流感；2）"三高"原研药的增长；3）保健品的增长， 及品牌方广告投入的增加。 议价能力提升，规模效应下利润空间持续释放。25Q1 公司实现经 营利润 10.7 亿元（+119.8%），经营利润率 6.4%（+2.8pp），经营 利润率大幅提升带动净利润增长。公司实现经调整净利润 17.7 亿 元（+47.7%），对应净利率 10.6%（ ...

14 May 2025 京东健康 JD Health International (6618 HK) 25Q1 业绩大幅超市场预期，建议关注后续大促季表现和即时零售布局展开 25Q1 beat, attention on upcoming promotional season and instant retail initiatives 研究报告 Research Report [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$39.95 目标价 HK$42.90 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$127.83bn / US$16.40bn 日交易额 (3 个月均值) US$95.85mn 发行股票数目 3,200mn 自由流通股 (%) 32% 1 年股价最高最低值 HK$40.80-HK$19.82 注：现价 HK$ ...

Core Viewpoint - The pharmacy industry is experiencing a slowdown, but Dazhenglin has demonstrated resilience with strong revenue and profit growth, indicating its competitive advantage in a challenging market [1][3][11]. Group 1: Company Performance - In 2024, Dazhenglin achieved total revenue of 26.497 billion yuan, a year-on-year increase of 8.01% [3]. - For Q1 2024, the company reported total revenue of 6.956 billion yuan, up 3.02%, and a net profit of 460 million yuan, reflecting a 15.45% increase [1][3]. - The net cash flow from operating activities reached 1.768 billion yuan, a significant increase of 44.14% [3]. Group 2: Expansion and Efficiency - Dazhenglin's store count increased by 2,479 to a total of 16,553 stores by the end of 2024, marking a 17.61% year-on-year growth [3][4]. - The company is expanding its presence in key regions while entering new markets, having established a footprint in 15 provincial-level administrative regions since 2019 [4]. - Dazhenglin is the only listed pharmacy chain showing a decrease in combined expense ratios and inventory turnover days, indicating improved operational efficiency [4][6]. Group 3: Market Trends - Despite the overall pressure on the pharmacy sector, the proportion of retail pharmacies in total sales is increasing, with retail pharmacy sales expected to reach 574 billion yuan in 2024, a 3.7% increase [7][8]. - The market share of the top ten pharmacy chains in China remains relatively low, suggesting significant growth potential for leading players like Dazhenglin [8][9]. - The ongoing healthcare reforms and the shift of prescription drugs to outpatient settings present new growth opportunities for the retail pharmacy market [9][10]. Group 4: Strategic Initiatives - Dazhenglin is actively building a prescription transfer system and enhancing its professional service capabilities to capture the outpatient prescription market [10]. - The company has established a comprehensive health management model that integrates pharmaceuticals and insurance services, aiming to provide a one-stop solution for patients [10]. - The long-term outlook for the pharmacy industry remains positive due to ongoing reforms and increasing market concentration, benefiting large, compliant retail chains like Dazhenglin [11].