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Summary of Conference Call on Pharmacy Sector Industry Overview - The pharmacy sector is showing signs of recovery, with positive signals from industry policies and adjustments made by pharmacies, particularly leading pharmacies like YaoXingTang, which have achieved same-store sales growth through adjustments [1][2] - The three main trends in the pharmacy industry are prescription outflow, increased industry concentration, and diversified operations [1][3] Key Points Recovery Indicators - The pharmacy sector has been consolidating at the bottom for about a year since 2024, with leading pharmacies currently at historical valuation lows [2] - Positive changes in industry policies and pharmacy operations are evident, indicating a clear upward trend [2] Major Trends 1. Prescription Outflow: This long-term trend significantly contributes to increased customer traffic and sales, although online prescription transfer remains slow [3] 2. Industry Concentration: The concentration of the top ten pharmacies in China is around 30%, compared to 80% in Japan and 70% in the US, indicating substantial room for growth [3] 3. Diversified Operations: Successful implementation of comprehensive adjustments by leading pharmacies in 2026 is expected to significantly boost profits [4] Company Performances - Yifeng Pharmacy: Designated as a "gold stock" for December, with a valuation offering good value. Same-store sales are expected to recover to over 1% growth starting Q3 2025, with projected revenue growth returning to double digits in 2026, corresponding to a PE ratio of less than 14 [5] - Dafeng Pharmaceutical: Achieved a profit growth of 26% in the first three quarters of 2025, with a net profit margin increasing from 3% to nearly 6%. The company plans to restart its acquisition strategy, which is expected to support future performance [6] - Laobaixing Pharmacy: Same-store sales turned positive starting Q3 2025, with significant contributions from acquisitions. The company is also making progress in store adjustments [7] Future Expectations - Yifeng Pharmacy: Expected to see improved performance in 2026, with revenue growth projected to exceed double digits and a PE ratio of less than 14, indicating a favorable investment position [5] - Dafeng Pharmaceutical: Anticipated to achieve over 30% net profit growth for the year, with a strong performance trend continuing into the future [6] - Yifeng Pharmacy's Adjustments: Plans to increase the non-pharmaceutical product ratio to 40% over the next three to five years, with significant profit contributions expected from store adjustments [7] Industry Adjustments and Projections - The pharmacy sector is expected to conduct pilot adjustments in 150 stores in 2025, with plans for comprehensive adjustments in 2026. Adjusted stores are projected to achieve a sales share of over 30%, with daily sales increasing by 1,200 yuan and gross margins improving by 18% [7] - If 70% of stores implement these adjustments, the net profit increase could exceed 500 million yuan [7] Investment Opportunities - The pharmacy sector has largely moved past policy disruptions, with ongoing improvements in same-store sales and increasing industry concentration. Leading pharmacies are now at attractive valuation levels, with growth certainty in performance [9] - Recommendations include focusing on opportunities within the pharmacy sector, particularly on stable-performing leading pharmacies like Yifeng and Dafeng [9] Data Evaluation - Data Evaluation is actively expanding and collaborating with Taiwan's Dashi Pharmacy for pilot projects in Shandong, showing optimism for future performance despite limited current data [10]