Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by a major shareholder of Dacianlin Pharmaceutical Group Co., Ltd., which has resulted in a decrease in the shareholding percentage of the controlling shareholder and its concerted parties. Group 1: Shareholding Before Reduction - Before the implementation of the reduction plan, the controlling shareholder and its concerted parties held a total of 729,368,982 shares, accounting for 64.04% of the total share capital of the company, with Ke Jinlong holding 229,631,849 shares, representing 20.16% of the total share capital [2]. Group 2: Implementation of Reduction Plan - On June 5, 2025, the company disclosed a share reduction plan, where Ke Jinlong intended to reduce his holdings by up to 22,776,957 shares, or 2% of the total share capital, through block trading to adjust asset and financing structures, repay personal debts, and lower stock pledge rates [3]. - As of September 9, 2025, Ke Jinlong successfully reduced his holdings by 22,700,000 shares, which is 1.99% of the total share capital. Following this reduction, the total shares held by the controlling shareholder and concerted parties decreased to 706,668,982 shares, resulting in a new holding percentage of 62.05% [3][4]. Group 3: Post-Reduction Shareholding and Compliance - The completion of the reduction plan does not trigger a mandatory tender offer and does not lead to any changes in the controlling shareholder or actual controller of the company. The company will continue to ensure compliance with relevant disclosure obligations by the information disclosure obligors [5].

证券代码：603233 证券简称：大参林 公告编号：2025-056 大参林医药集团股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度暨减持计划实施 完毕的公告 本公司董事会、全体董事及相关股东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： 减持计划实施前股东持股的基本情况 本次减持计划实施前，大参林医药集团股份有限公司（以下简称"公 司"）控股股东及其一致行动人合计持有公司股份 729,368,982 股，占公司 总股本的 64.04%，其中，柯金龙持有公司股份 229,631,849 股，占公司总 股本比例为 20.16%。 减持计划的实施结果情况 2025 年 6 月 5 日，公司在上海证券交易所披露了《持股 5%以上股东减 持股份计划公告》（公告编号：2025-036），为调整资产和融资结构，偿还 个人债务，降低股票质押率，股东柯金龙拟通过大宗交易减持其持有的公 司股份不超过 22,776,957 股，即不超过公司总股本的 2%。 截至 2025 年 9 月 9 日，柯金龙已通过大宗交易方式减持 22,700,000 ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.29% on September 10, with Dazhenglin leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) rising by 3.99% to a closing price of 28.70, and Dazhenglin (603233) falling by 2.37% to 17.30 [1][2] - Other notable gainers included Guofa Co. (600538) with a 1.65% increase and Dazhangzhang (002462) with a 1.22% increase [1] Trading Volume and Value - Seer Medical had a trading volume of 250,500 shares and a transaction value of 719 million yuan, while Dazhenglin had a trading volume of 77,200 shares and a transaction value of 134 million yuan [1][2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 11.87 million yuan from institutional investors and 50.86 million yuan from speculative funds, while retail investors contributed a net inflow of 62.74 million yuan [2] - Specific stocks like Seer Medical and Jiuzhoutong (600998) had significant net inflows from institutional investors, while others like Yifeng Pharmacy (603939) experienced net outflows from both institutional and speculative funds [3]

证券时报·数据宝统计显示，大参林今日收盘价为17.72元，上涨0.11%，日换手率为0.69%，成交额为 1.38亿元，全天主力资金净流出634.89万元，近5日该股累计上涨2.78%，近5日资金合计净流出1765.75 万元。 大参林9月9日大宗交易平台共发生8笔成交，合计成交量2270.00万股，成交金额3.74亿元。成交价格均 为16.48元，相对今日收盘价折价7.00%。从参与大宗交易营业部来看，机构专用席位共出现在8笔成交 的买方或卖方营业部中，合计成交金额为3.74亿元，净买入3.74亿元。 两融数据显示，该股最新融资余额为2.25亿元，近5日减少1025.80万元，降幅为4.36%。 机构评级来看，近5日共有4家机构给予该股评级，预计目标价最高的是东方证券，9月8日东方证券发布 的研报预计公司目标价为20.16元。（数据宝） 9月9日大参林大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月9日，大参林（维权）收涨0.11%，收盘价为17.72元，发生8笔大宗交易，合计成交量2270万股，成 交金额3.74亿元。 第1笔成交价格为16.48元，成交600.00万股，成交金额9,888.00万元，溢价率为-7.00%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司深圳深南中路中信大厦证券营业部。 第2笔成交价格为16.48元，成交454.00万股，成交金额7,481.92万元，溢价率为-7.00%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司深圳深南中路中信大厦证券营业部。 第5笔成交价格为16.48元，成交300.00万股，成交金额4,944.00万元，溢价率为-7.00%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司深圳深南中路中信大厦证券营业部。 第6笔成交价格为16.48元，成交243.00万股，成交金额4,004.64万元，溢价率为-7.00%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司深圳深南中路中信大厦证券营业部。 第7笔成交价格为16.48元，成交22.00 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 20.16 CNY [1][6] Core Views - The company has shown steady revenue growth and a turning point in profits, with a focus on improving efficiency and performance [5][10] - The retail business experienced a slight decline, while the franchise and distribution business performed well, indicating a shift in revenue sources [10] - The company is actively optimizing its store network and expanding its new retail business, achieving significant growth in online sales [10] Financial Performance Summary - Revenue for 2025 is projected to be 29.649 billion CNY, with a year-on-year growth of 11.9% [8] - The net profit attributable to the parent company is forecasted to be 1.096 billion CNY in 2025, reflecting a year-on-year increase of 19.8% [8] - The company achieved a gross margin of 35.0% and a net margin of 3.7% in 2025 [8] - The earnings per share (EPS) is expected to be 0.96 CNY in 2025, with a projected increase to 1.37 CNY by 2027 [8] Market Performance - The company's stock has shown a 37.33% increase over the past 12 months, outperforming the market index [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 earnings exceeded expectations, demonstrating significant results from refined management practices [8] - The company achieved a revenue of 13.523 billion yuan in H1 2025, with a year-on-year growth of 1.33%, and a net profit of 798 million yuan, reflecting a year-on-year increase of 21.38% [8] - The report highlights a notable improvement in cost reduction and efficiency enhancement, with a sales net profit margin of 6.34%, up by 1.09 percentage points [8] - The company has optimized its store layout and is actively capturing prescription outflow, with a total of 16,833 stores across 21 provinces as of H1 2025 [8] - The profit forecast for 2025-2027 has been adjusted upwards, with net profits projected at 11.11 billion yuan, 13.31 billion yuan, and 15.35 billion yuan respectively, corresponding to a PE ratio of 18, 15, and 13 times [8] Financial Summary - Total revenue for 2023 is projected at 24.531 billion yuan, with a year-on-year growth of 15.45% [1] - The net profit attributable to the parent company for 2023 is estimated at 1.1665 billion yuan, reflecting a year-on-year increase of 12.63% [1] - The latest diluted EPS for 2023 is expected to be 1.02 yuan per share [1] - The company’s total assets are projected to reach 28.061 billion yuan by 2025, with total liabilities of 18.753 billion yuan [9] - The company’s cash flow from operating activities is expected to be negative at 353 million yuan in 2025 [9]

Group 1 - The meeting of Dazhenglin Pharmaceutical Group Co., Ltd. is scheduled for September 15, 2025, at 10:30 AM, combining on-site and online voting methods [2][3] - The meeting will take place at the company's headquarters in Guangzhou, China, with attendance from shareholders, directors, supervisors, and senior management [2][3] - The agenda includes the election of monitors, reading of meeting notices, and voting on various proposals, including a profit distribution plan [2][5] Group 2 - The proposed profit distribution plan for the first half of 2025 includes a cash dividend of approximately 384.92 million yuan (after tax), which represents 48.23% of the net profit attributable to shareholders [5][6] - The distribution will be based on the total share capital after accounting for any share buybacks and will maintain the per-share distribution ratio despite changes in total share capital due to convertible bonds [5][6]

2025 年第二次临时股东大会会议材料 大参林医药集团股份有限公司 2025 年第二次临时股东大会 会议材料 二○二五年九月 2025 年第二次临时股东大会会议材料 目 录 | 2025 年第二次临时股东大会会议议程 | | 1 | | --- | --- | --- | | 2025 年第二次临时股东大会会议须知 | | 3 | | 2025 年第二次临时股东大会会议议案 | | 4 | | 议案一：关于 2025 | 年半年度利润分配方案的议案 | 4 | 2025 年第二次临时股东大会会议材料 大参林医药集团股份有限公司 2025 年第二次临时股东大会会议议程 会议表决方式：现场投票与网络投票相结合的方式 会议时间：2025 年 9 月 15 日上午 10 点 30 分 网络投票：2025 年 9 月 15 日 网络投票起止时间：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大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大会召开当日的 9:15-15:00。 会议地点：广东省广州市荔湾区龙溪大道 ...

Core Insights - The retail pharmacy industry is experiencing a significant transformation, with a shift from expansion to rapid contraction due to competition from online platforms like JD.com and Meituan [1][6][11] Industry Overview - In the first half of 2025, the retail pharmacy sector faced severe challenges, with four out of seven major chain pharmacies reporting revenue declines, while three maintained growth [1][3] - The overall growth of the retail pharmacy industry is slowing down, with a notable divergence in profitability among companies [4][5] Financial Performance - Major players include: - Dazhonglin: Revenue of 135.22 billion yuan, up 1.3%, net profit of 7.98 billion yuan, up 21.4% [3][4] - Yifeng Pharmacy: Revenue of 117.22 billion yuan, down 0.35%, net profit of 8.8 billion yuan, up 10.32% [3][4] - Laobaixing: Revenue of 107.74 billion yuan, down 1.51%, net profit of 3.98 billion yuan, down 20.86% [3][4] - Yixin Hall: Revenue of 89.14 billion yuan, down 4.20%, net profit of 2.50 billion yuan, down 11.44% [3][4] - Huaren Health: Revenue of 25.04 billion yuan, up 15.52%, net profit of 1.04 billion yuan, up 42.17% [3][4] Store Expansion and Market Dynamics - The industry is witnessing a trend of store closures, with major chains like Laobaixing, Yifeng, and Yixin Hall reducing their store counts significantly [6][11] - Approximately 3,000 pharmacies closed in the first quarter of 2025, indicating a significant market reshuffle [6] Competitive Pressures - The rise of online platforms has intensified competition, leading to price disparities in non-prescription drugs and health products, which has negatively impacted the average transaction value and gross margins of physical pharmacies [6][7] Regulatory and Cost Challenges - Recent policy changes, including healthcare reforms and procurement expansions, have severely impacted traditional profit models of pharmacies [7] - Rising operational costs, including rent and labor, along with expenses related to digital transformation, are increasing the financial burden on retail pharmacies [7] Strategic Responses - In response to online competition, pharmacies are diversifying their business models beyond just selling medications, venturing into health management and beauty products [9][10] - Initiatives include providing personalized medication guidance, health management services, and expanding into non-pharmaceutical product sales [10] Future Outlook - The retail pharmacy industry is expected to face more challenges and opportunities in the second half of 2025, with ongoing impacts from procurement policies and healthcare reforms [11]