天目药业所属申万行业为：医药生物-中药Ⅱ-中药Ⅲ。所属概念板块包括：QFII持股、小盘、微盘股、 摘帽概念、养老产业等。 截至9月30日，天目药业股东户数9693.00，较上期减少6.91%；人均流通股12557股，较上期增加 7.42%。2025年1月-9月，天目药业实现营业收入1.59亿元，同比增长27.48%；归母净利润1420.88万元， 同比增长484.48%。 分红方面，天目药业A股上市后累计派现5963.13万元。近三年，累计派现0.00元。 责任编辑：小浪快报 1月15日，天目药业盘中上涨2.05%，截至13:59，报17.92元/股，成交2187.86万元，换手率1.02%，总市 值21.82亿元。 资金流向方面，主力资金净流入29.96万元，大单买入128.35万元，占比5.87%，卖出98.40万元，占比 4.50%。 天目药业今年以来股价涨3.52%，近5个交易日涨2.58%，近20日涨8.08%，近60日跌5.08%。 资料显示，杭州天目山药业股份有限公司位于浙江省杭州市萧山区博亚时代中心1803室，成立日期1992 年6月1日，上市日期1993年8月23日，公司主营业务涉及医药制造 ...

截至9月30日，白云山股东户数10.17万，较上期增加18.85%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，白云山实现营业收入616.06亿元，同比增长4.31%；归母净利润33.10亿元，同比增长 4.78%。 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9月30日，白云山十大流通股东中，中国证券金融股份有限公司位居第四大 流通股东，持股4727.80万股，持股数量较上期不变。香港中央结算有限公司位居第五大流通股东，持 股2001.09万股，相比上期减少2043.72万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股东，持 股1214.03万股，相比上期减少49.56万股。易方达沪深300医药ETF（512010）位居第八大流通股东，持 股881.01万股，相比上期减少271.42万股。易方达沪深300ETF（510310）位居第十大流通股东，持股 865.06万股，相比上期减少28.60万股。 融资方面，白云山当日融资买入1.55亿元。当前融资余额10.64亿元，占流通市值的2.97%，融资余额超 过近 ...

报告导读： 药品流通行业是国家医疗卫生事业和健康产业的重要组成部分，是关系人民健康和生命安全的重要行业。批发商在药品流通渠道中作为产品销售承上启下的 环节，是降低药品流通成本和降低药价的关键所在。随着"两票制"改革落实和国民医疗卫生意识地不断增强，我国医药流通市场规模保持增长趋势。2024年 我国药品流通行业销售额29470亿元，其中，药品批发销售额22970亿元，占77.94%；药品零售额6500亿元，占22.06%。从区域分布来看，华东36.3%，中南 27.0%，华北15.2%，西南13.4%，东北4.3%，西北3.8%。其中，华东、中南、华北三大区域销售额占全国销售总额的78.5%。从销售品类来看，西药类销售 额占据主要份额，占比高达70.8%，其次是中成药类，销售额占14.6%，医疗器材类销售额占7.7%，中药材类销售额占2.4%，化学试剂类销售额占0.6%，玻 璃仪器类销售额占比不到0.1%，其他类销售额占3.9%。 为探究药品流通行业变化趋势（怎么变）、用户需求（要什么）、投放选择（投向哪）、运营方法（如何投）及实践案例（看一看），智研咨询发布了 《2026-2032年中国药品流通行业市场竞争策 ...

Core Insights - The pharmaceutical distribution industry is a crucial component of the national healthcare system and health industry, significantly impacting public health and safety [1][7] - The industry is experiencing growth due to the implementation of the "two-invoice system" reform and increasing public awareness of healthcare [1][7] Industry Overview - The pharmaceutical distribution market in China is projected to reach a sales volume of 29,470 billion yuan in 2024, with wholesale sales accounting for 22,970 billion yuan (77.94%) and retail sales for 6,500 billion yuan (22.06%) [1][7] - The regional distribution of sales shows that East China accounts for 36.3%, Central South 27.0%, North China 15.2%, Southwest 13.4%, Northeast 4.3%, and Northwest 3.8%, with the top three regions contributing to 78.5% of total sales [9][10] Sales Structure - The sales composition indicates that Western medicine accounts for 70.8% of total sales, followed by traditional Chinese medicine at 14.6%, medical devices at 7.7%, and other categories [9][10] Current State of the Industry - As of the end of 2024, there are 705,400 licensed pharmaceutical businesses in China, including 15,100 wholesale companies and 66,070 retail chain enterprises [3][5] - The total number of retail pharmacies has increased to 683,700, with a notable rise in single retail pharmacies [3][5] Financial Performance - In 2024, the main business income of reported pharmaceutical distribution enterprises reached 22,431 billion yuan, reflecting a 0.8% increase from 2023, while the profit totaled 468 billion yuan with an average gross margin of 7.2% [5][6] Industry Chain - The pharmaceutical distribution industry serves as a critical link in the pharmaceutical supply chain, connecting manufacturers with end-users, including hospitals and pharmacies [11][12] Competitive Landscape - Major players in the pharmaceutical distribution sector include East China Pharmaceutical, Shanghai Pharmaceutical, China National Pharmaceutical Group, and others, with significant revenue contributions from these companies [14][15] Future Development Directions - The industry aims to enhance operational efficiency and inventory management to ensure a stable supply of pharmaceuticals while minimizing financial risks [18][19]

龙丰集团的资产负债表显示，公司资产结构正在经历显著调整。非流动资产从2023年的8.91亿港元持续下降至2025上半年的5.77亿港元，降幅达35.2%。与 此同时，流动资产则从2.88亿港元大幅增长至7.35亿港元，增幅达155.2%。 11月28日，扎根香港30年的龙丰集团控股有限公司（简称"龙丰集团"）正式向香港联合交易所递交主板上市申请，星展亚洲融资担任独家保荐人。 根据弗若斯特沙利文的报告，龙丰集团以5.2%的市场份额成为香港最大药品零售商，按平均单店SKU计算亦为香港最大药妆零售商。这一双重"最大"的头衔 背后，是其对香港消费者需求的深刻理解和长达三十年的精准布局。 三年从亏损到盈利的逆袭背后 招股书显示，作为以"龙丰"品牌营运的连锁零售药妆百货营运商，该公司通过29间香港零售店铺及多平台线上渠道开展业务，根据弗若斯特沙利文报告，其 2024年以5.2%市场份额成为香港最大药品零售商，按平均单店SKU计亦为香港最大药妆零售商。 业务布局方面，龙丰集团线下门店网络覆盖香港战略位置，5间位于香港岛、10间位于九龙、14间位于新界，多数为街铺形式。其中旺角家乐坊旗舰店总楼 面面积约17,500平方呎，为 ...

11月28日，扎根香港30年的龙丰集团控股有限公司(简称"龙丰集团")正式向香港联合交易所递交主板上市申请，星展亚洲融资担任独家保荐人。 根据弗若斯特沙利文的报告，龙丰集团以5.2%的市场份额成为香港最大药品零售商，按平均单店SKU计算亦为香港最大药妆零售商。这一双重"最大"的头衔 背后，是其对香港消费者需求的深刻理解和长达三十年的精准布局。 三年从亏损到盈利的逆袭背后 盈利方面，2023财年，公司尚处于亏损状态，税前溢利为负2520.7万港元；而到了2025财年，税前溢利已达2.18亿港元，实现了惊人的逆转。2026财年第一 季延续了这一良好势头，税前溢利5993.2万港元，同比增长超过100%。 龙丰集团的资产负债表显示，公司资产结构正在经历显著调整。非流动资产从2023年的8.91亿港元持续下降至2025上半年的5.77亿港元，降幅达35.2%。与 此同时，流动资产则从2.88亿港元大幅增长至7.35亿港元，增幅达155.2%。 值得关注的是，报告期内，龙丰集团的流动负债净额持续为负，分别为-7.94亿元、-6.74亿元、-6.44亿元及-3.32亿港元。这意味这公司存在短期偿债风险。 即流动资产长期无 ...

Core Viewpoint - Long Fung Group Holdings Limited, based in Hong Kong, has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, positioning itself as a leading retail pharmacy and drugstore operator in Hong Kong with a significant market share in the sector [1] Group 1: Company Overview - Long Fung Group operates under the "Long Fung" brand with 29 retail stores and various online sales platforms, offering a wide range of drugstore products and consumer goods [1] - The company is projected to be the largest pharmacy retailer in Hong Kong by retail sales in 2024, holding a market share of 5.2%, and is also the largest drugstore retailer by average SKU per store, with approximately 6,500 SKUs available [1] - The flagship store located in Mong Kok has a total floor area of about 17,500 square feet, making it the largest drugstore retail store in Hong Kong by floor area in 2024 [1] Group 2: Product Offering and Supplier Relationships - Long Fung Group's product range includes 11 categories such as traditional Chinese medicine, Western medicine, health supplements, skincare, cosmetics, personal care, baby products, food, pet food, and household items, with over 46,000 product SKUs sold during the reporting period [2] - The company collaborates with over 600 suppliers, including local distributors in Hong Kong and major overseas suppliers from Japan, South Korea, Southeast Asia, Europe, and the United States, with a supply chain office established in Fukuoka, Japan [2] - Long Fung Group maintains long-term partnerships with well-known brands, being the largest purchaser of certain products like infant formula from Meiji and specific cold medicine products from Heping Pharmaceutical in Hong Kong [2] Group 3: Financial Performance and Growth - For the fiscal years 2023 to 2025, Long Fung Group's total revenue is projected to be HKD 1.094 billion, HKD 2.021 billion, and HKD 2.461 billion, respectively, reflecting a strong compound annual growth rate (CAGR) of 50.0% over three years [3] - In contrast, the CAGR for Hong Kong's consumer goods retail sales from 2020 to 2024 is only 3.6%, indicating that Long Fung Group significantly outperforms the market [3] - The net profit is expected to increase from approximately HKD 145 million in the fiscal year 2024 to about HKD 170 million in the fiscal year 2025, representing a growth of 17.9% [3] Group 4: IPO Fund Utilization - The funds raised from the IPO are intended for expanding and optimizing the company's physical and online sales networks, enhancing supply chain capabilities through the expansion of overseas procurement offices in Japan and South Korea, and upgrading IT systems including warehouse management and point-of-sale systems [3] - The company also plans to seek selective strategic investments and acquisition opportunities to further develop its business scale and geographic coverage [3]

Core Viewpoint - Lung Fung Group Holdings Limited has submitted an application for listing on the Hong Kong Stock Exchange, with DBS acting as the sole sponsor. The company is a leading retail pharmacy and cosmetics operator in Hong Kong, aiming to expand its market presence and product offerings. Group 1: Company Overview - Lung Fung operates under the "Lung Fung" brand and is the largest pharmacy retailer in Hong Kong by retail sales, holding a market share of 5.2% as of 2024 [3] - The company has 29 retail stores in Hong Kong and various online sales platforms, providing a wide range of products [3][4] - Lung Fung's flagship store in Mong Kok is the largest cosmetics retail store in Hong Kong by total floor area, measuring approximately 17,500 square feet [3] Group 2: Product Range and Supply Chain - The company offers a diverse range of products across 11 categories, including traditional Chinese medicine, Western medicine, health supplements, skincare, cosmetics, and pet products [4] - Lung Fung has established over 40 private label brands and offers more than 700 SKUs under these brands as of Q1 2026 [5] - The company sources products from over 600 suppliers globally, including local distributors and major suppliers from Japan, Korea, Southeast Asia, Europe, and the United States [5] Group 3: Financial Performance - Lung Fung's revenue grew significantly from HKD 1.094 billion in FY2023 to HKD 2.461 billion in FY2025, with a compound annual growth rate (CAGR) of 50.0% [8] - The company recorded a net profit of HKD 145 million in FY2024, with a net profit margin of 7.2%, and further increased to HKD 170 million in FY2025 [8] - For Q1 FY2026, the profit reached HKD 47.8 million, a 130.7% increase from Q1 FY2025, with a profit margin of 6.8% [9] Group 4: IPO Fund Utilization - The funds raised from the IPO are intended for expanding and optimizing both physical and online sales networks, including opening up to 11 new retail stores in Hong Kong by March 31, 2029 [9][10] - The company plans to invest in brand management and marketing to enhance public awareness and effectiveness of promotional activities [9] - Additional funds will be allocated for upgrading IT systems, enhancing supply chain capabilities, and seeking strategic investment opportunities [10]

Core Viewpoint - Long Fung Group Holdings Limited has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to leverage its market position as the largest pharmaceutical retailer in Hong Kong by 2024 with a market share of 5.2% [1] Business Layout - Long Fung Group operates a network of 29 retail stores across Hong Kong, strategically located with 5 on Hong Kong Island, 10 in Kowloon, and 14 in the New Territories, primarily in street shop formats [3] - The flagship store in Mong Kok, with a total area of approximately 17,500 square feet, is projected to be the largest drugstore in Hong Kong by 2024, while the average store size is 4,254 square feet [3] - The company utilizes multiple online channels, including its official website and platforms like Tmall and JD.com, creating an omnichannel retail matrix [3] - The product range includes 11 categories such as traditional Chinese medicine, Western medicine, health supplements, and beauty products, with over 46,000 SKUs sold during the reporting period [3] Financial Performance - Revenue is projected to grow from HKD 1.094 billion in the 2023 fiscal year to HKD 2.461 billion in the 2025 fiscal year, reflecting a compound annual growth rate (CAGR) of 50% [4] - Gross margin is expected to increase from 24.9% to 31.6% over the same period [4] - The company recorded a loss of HKD 27.1 million in the 2023 fiscal year but is forecasted to achieve a net profit of HKD 145 million in 2024 and further increase to HKD 170 million in 2025 [4] - In the first quarter of the 2026 fiscal year, revenue reached HKD 697 million, a year-on-year increase of 42.5%, with net profit soaring by 130.7% to HKD 47.8 million [4] Use of IPO Proceeds - The IPO proceeds are intended for various purposes, including opening up to 11 new stores in Hong Kong by 2029, inventory procurement, employee training, and enhancing brand marketing through celebrity endorsements [5] - Additional plans include upgrading procurement offices in Japan and South Korea, improving IT systems, repaying loans, and seeking strategic investment opportunities [5]

Core Viewpoint - Long Fung Group Holdings Limited, Hong Kong's largest drugstore retailer, has submitted its main board listing application to the Hong Kong Stock Exchange, with DBS Asia Capital as the sole sponsor [3]. Financial Performance - Long Fung Group's revenue is projected to grow from approximately HKD 1.094 billion in FY2023 to about HKD 2.461 billion in FY2025, reflecting a compound annual growth rate (CAGR) of 50.0%, significantly outpacing the Hong Kong retail sector's CAGR of 3.6% from 2020 to 2024 [4]. - The company's gross profit margins have shown consistent improvement over the past three fiscal years, recorded at 24.9%, 29.3%, and 31.6%, with net profit expected to rise from approximately HKD 145 million in FY2024 to about HKD 170 million in FY2025, marking a 17.9% increase [4]. Market Position and Strategy - Long Fung Group has established a comprehensive retail ecosystem in Hong Kong's health, pharmaceutical, and beauty product market, leveraging a three-dimensional strategy of "brand uniqueness, product diversity, and immersive experience" to surpass traditional drugstore retail models [5]. - The average store size exceeds 4,250 square feet, with the flagship store in Mong Kok being the largest drugstore in Hong Kong at approximately 17,500 square feet, featuring 15 registered pharmacists and over 38 professional beauty consultants [5]. Supply Chain and Management - The company's competitive edge is supported by a flexible supply chain and an experienced management team, with long-term partnerships with key suppliers and a procurement office in Japan to stay aligned with emerging product trends [6]. - The founder, Mr. Hsieh Shao-Hai, has over 35 years of experience in the Hong Kong retail drugstore industry, and the core team includes talents from internationally renowned retail groups, combining global perspectives with local consumer insights [6].