Market Overview - The pharmaceutical commercial sector declined by 1.0% on January 28, with Renmin Tongtai leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Notable gainers in the pharmaceutical sector included: - China Medicine (600056) with a closing price of 11.21, up 2.28% and a trading volume of 531,600 shares, totaling 593 million yuan [1] - Yixin Pharmacy (002727) closed at 14.09, up 0.64% with a trading volume of 220,100 shares, totaling 311 million yuan [1] - Major decliners included: - Renmin Tongtai (600829) closed at 12.35, down 4.93% with a trading volume of 432,700 shares, totaling 537 million yuan [2] - Saili Medical (603716) closed at 23.29, down 4.71% with a trading volume of 157,600 shares, totaling 374 million yuan [2] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 528 million yuan from institutional investors, while retail investors saw a net inflow of 603 million yuan [2] - The capital flow for key stocks showed: - China Medicine had a net inflow of 32.15 million yuan from institutional investors, but a net outflow of 15.57 million yuan from retail investors [3] - Shanghai Pharmaceutical (601607) had a net inflow of 9.01 million yuan from institutional investors, with a significant net outflow of 32.51 million yuan from retail investors [3]

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Pharmaceutical Retail Sector - **Key Development**: Nine ministries, including the Ministry of Commerce and the National Health Commission, issued policies to support the high-quality development of the pharmaceutical retail sector on January 22, 2026, aiming for professional, sustainable, digital, and compliant growth [2][5]. Core Insights - **Market Dynamics**: Despite ongoing store closures, industry leaders like Yifeng and Dashenlin are poised for expansion after completing internal adjustments. The sector has significant consolidation potential, with market shares of leading pharmacies in provinces often below 20% [3][5]. - **Sales Growth Potential**: The increasing outflow of prescriptions and pharmacies' efforts to diversify products could enhance same-store sales growth (SSSG). Currently, pharmacies account for approximately 30% of China's drug market [3][5]. - **Company Guidance**: Yifeng and Dashenlin provided optimistic guidance for 2026, with expansion plans and earnings outlook surpassing market expectations. Their valuations are considered attractive, estimated at around 14-15x 2026E PE [3][5]. Regulatory Environment - **Consolidation Encouragement**: The government is promoting horizontal mergers and acquisitions (M&As) and restructuring among drug retailers [5]. - **Regulatory Adjustments**: Policies include optimizing inspection frequencies for compliant drug retailers and addressing violations related to internet hospitals and physician licenses [5]. - **Prescription Mechanism Improvements**: Enhancements to the prescription outflow mechanism and e-prescription platforms are being implemented, along with equal reimbursement standards for pharmacies and primary-level hospitals [5]. Risks Identified - **Policy Risks**: Changes in state medical insurance policies could impact drugstore traffic and margins. Regulatory requirements may also affect expansion plans and operational costs [7]. - **Operational Risks**: Non-compliance with regulations could lead to severe consequences, including disqualification from state insurance payments and revocation of operating licenses [7]. - **Competitive Landscape**: Accelerating consolidation may lead to the emergence of regional leaders, which could hinder the expansion of cross-regional chains and intensify competition among leading chains [7]. - **Shift to E-commerce**: The rise of pharmaceutical e-commerce, often offering lower prices, may divert traffic from offline drugstores as consumer purchasing habits evolve [7]. Company Valuation - **Valuation Methodology**: Price targets for Yifeng and Dashenlin are derived using Discounted Cash Flow (DCF) methodology [6]. Company Ratings - **Dashenlin Pharmaceutical**: Rated "Buy" with a price of Rmb19.90 as of January 22, 2026 [19]. - **Yifeng Pharmacy Chain**: Rated "Buy" with a price of Rmb22.55 as of January 22, 2026 [19]. This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of the China pharmaceutical retail sector, along with specific insights into leading companies and associated risks.

Group 1 - The pharmaceutical commercial sector increased by 0.21% on January 26, with Haiwang Biological leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Haiwang Biological's stock price rose by 9.95% to 4.20, with a trading volume of 2.84 million shares and a transaction value of 1.12 billion [1] Group 2 - The pharmaceutical commercial sector saw a net inflow of 6.12 million from institutional investors, while retail investors had a net inflow of 11 million [2] - Major stocks in the sector experienced varied performance, with some stocks like Hainan Biological and Ruikang Pharmaceutical showing significant gains, while others like Hefo China and Luhua Pharmaceutical faced declines [2][3] - The net inflow and outflow of funds indicate a mixed sentiment among different types of investors in the pharmaceutical sector [2][3]

23 January 2026 | 2:20PM CST Equity Research China Healthcare Services: Drug Chains: Policy supportive, fundamentals bottoming out in 4Q25; Reiterate Buy on 3 pharmacies Made public on Jan 22, nine departments including the Ministry of Commerce of China issued the Opinions on Promoting the High-Quality Development of the Pharmaceutical Retail Industry. Article 13 stated that it will support the consolidation and restructuring of retail pharmacies, and encourage pharmaceutical retail companies to conduct hor ...

Group 1 - The core viewpoint of the articles highlights the Chinese government's initiatives to promote high-quality development in the pharmaceutical retail industry, including encouraging participation in centralized procurement and supporting mergers and acquisitions among retail pharmacies [1] - The Chinese pharmaceutical export value reached $100.895 billion in the first 11 months of 2025, indicating a continuous optimization of product structure [1] - Traditional products such as traditional Chinese medicine and chemical active pharmaceutical ingredients maintain a strong global market share, with export scales continuing to grow [4] Group 2 - Chinese pharmaceutical companies set a record of $135.7 billion through multinational licensing agreements in 2025, showing significant year-on-year growth and increasing global recognition of Chinese pharmaceutical innovation [4] - Strengthened cooperation between China and ASEAN has led to the establishment of a pharmaceutical trade regional platform, with transaction volumes exceeding 10 million RMB and attracting 224 companies, thereby promoting regional trade [4] - The platform is built on transparency, regulatory credibility, and public health commitments, serving as a valuable bridge of trust between ASEAN countries and China [4]

独立董事候选人声明与承诺 本人闫永红，已充分了解并同意由提名人中国医药健康产业 股份有限公司董事会提名为中国医药健康产业股份有限公司第 十届董事会独立董事候选人。本人公开声明，本人具备独立董事 任职资格，保证不存在任何影响本人担任中国医药健康产业股份 有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （九）《银行业金融机构董事（理事）和高级管理人员任职 资格管理办法》《保险公司董事、监事和高级管理人员任职资格 管理规定》《保险机构独立董事管理办法》等的 ...

本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； 独立董事候选人声明与承诺 本人李志勇，已充分了解并同意由提名人中国医药健康产业 股份有限公司董事会提名为中国医药健康产业股份有限公司第 十届董事会独立董事候选人。本人公开声明，本人具备独立董事 任职资格，保证不存在任何影响本人担任中国医药健康产业股份 有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 （三）在直接或者间接持有上市公司已发行股份 5%以上的 股东或者在上市公司前五名股东任职的人员及其配偶、父母、子 女； （四）中共中央纪委、中共中央组织部 ...

（二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企 独立董事候选人声明与承诺 本人王瑞华，已充分了解并同意由提名人中国医药健康产业 股份有限公司董事会提名为中国医药健康产业股份有限公司第 十届董事会独立董事候选人。本人公开声明，本人具备独立董事 任职资格，保证不存在任何影响本人担任中国医药健康产业股份 有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一 ...

一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 独立董事提名人声明与承诺 提名人中国医药健康产业股份有限公司董事会，现提名王瑞 华先生、闫永红女士、李志勇先生为中国医药健康产业股份有限 公司第十届董事会独立董事候选人，并已充分了解被提名人职业、 学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况。被提名人已同意出任国医药健康产业股份有限公司 第十届董事会独立董事候选人（参见上述独立董事候选人声明）。 提名人认为，被提名人具备独立董事任 ...

证券代码：600056 证券简称：中国医药 公告编号：临 2026-009 号 中国医药健康产业股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 9 日 至2026 年 2 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 1 股东会召开日期：2026年2月9日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票 ...