Market Performance - The pharmaceutical commercial sector increased by 1.77% compared to the previous trading day, with Jia Shitang leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Individual Stock Performance - Jia Shitang (002462) closed at 15.80, up 10.03% with a trading volume of 224,800 shares [1] - Saily Medical (603716) closed at 22.61, up 10.02% with a trading volume of 133,500 shares [1] - Baiyang Pharmaceutical (301015) closed at 25.23, up 6.91% with a trading volume of 83,200 shares [1] - Other notable performers include Dajia Weikang (301126) up 6.51%, and Run Da Medical (603108) up 5.82% [1] Capital Flow Analysis - The pharmaceutical commercial sector saw a net inflow of 231 million yuan from institutional investors, while retail investors contributed a net inflow of 71.88 million yuan [2] - However, there was a net outflow of 303 million yuan from speculative funds [2] Detailed Capital Flow for Key Stocks - Saily Medical (603716) had a net inflow of 1.59 billion yuan from institutional investors, but a net outflow of 71.84 million yuan from speculative funds [3] - Jia Shitang (002462) experienced a net inflow of 86.98 million yuan from institutional investors, with a net outflow of 45.96 million yuan from speculative funds [3] - Hua Ren Health (301408) had a net inflow of 45.75 million yuan from institutional investors, but a significant net outflow of 65.32 million yuan from retail investors [3]

未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的"益丰转债"面值 为人民币 1,797,249,000 元，占"益丰转债"发行总量的比例为 99.9898%。 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个别及连带责任。 重要内容提示： 累计转股情况：截至 2025 年 12 月 31 日，累计已有面值 183,000 元"益丰转 债"转为公司 A 股普通股，累计转股股数为 5,571 股，占"益丰转债"转股前 公司已发行普通股股份总额的 0.0005%。 | 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 益丰大药房连锁股份有限公司 关于可转债转股结果暨股份变动公告 的"益丰转债"自2024年9月9日起可转换为公司股份。 本季度转股情况："益丰转债"自 2024 年 9 月 9 日起可转换为公司股份，2025 年 10 月 1 日至 2025 年 12 月 31 日共有面值 2, ...

Core Viewpoint - Yifeng Pharmacy has indicated that due to multiple factors such as the economic environment and industry cycles, the company will focus on improving operational quality, leading to a reduction in store openings and acquisition plans, resulting in a slowdown in revenue growth compared to previous periods [1] Group 1: Company Performance - For the period from January to September 2025, Yifeng Pharmacy achieved revenue of 17.286 billion yuan, representing a year-on-year growth of 0.39% [1] - The company reported a net profit attributable to shareholders of 1.225 billion yuan, which is a year-on-year increase of 10.27% [1] Group 2: Industry Outlook - The fundamental development logic of the industry remains unchanged, driven by factors such as accelerated population aging, medical reform separating medicine from medical services, and increased industry concentration [1] - Retail pharmacies are expected to continue to enhance their channel and social value as important entry points for community health [1] - The retail pharmacy industry is anticipated to experience new development opportunities with the ongoing innovation in diversified operations and the maturation of new retail models both online and offline [1]

Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

Market Overview - The pharmaceutical commercial sector declined by 0.69% on December 31, with Luyuan Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Baiyang Pharmaceutical (301015) closed at 23.60, up 2.61% with a trading volume of 41,600 shares and a transaction value of 97.15 million [1] - Nanjing Pharmaceutical (600713) closed at 5.46, up 1.49% with a trading volume of 197,800 shares and a transaction value of 107 million [1] - Run Da Medical (603108) closed at 14.95, up 0.88% with a trading volume of 103,700 shares and a transaction value of 155 million [1] - Other notable stocks include Liuyuan Group (603368) at 17.82, up 0.62%, and China Pharmaceutical (600056) at 10.33, up 0.29% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 781 million from institutional investors, while retail investors saw a net inflow of 762 million [2] - The main capital inflow and outflow for selected stocks include: - Huaren Health (301408) with a net inflow of 83.36 million from institutional investors [3] - Shanghai Pharmaceutical (601607) with a net inflow of 22.40 million from institutional investors [3] - Yifeng Pharmacy (603939) with a net inflow of 19.37 million from institutional investors [3]

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Investment Rating - The report suggests a positive outlook for the pharmacy and traditional Chinese medicine sectors, anticipating a recovery in 2026 after a weak performance in 2025 [2][5]. Core Insights - The pharmacy sector is expected to benefit from market consolidation, with leading companies likely to increase their market share through mergers and acquisitions during the industry clearing phase [3][11]. - The traditional Chinese medicine sector is projected to stabilize and potentially recover, driven by an increase in flu incidence and the upcoming update of the essential drug list [57][60]. Summary by Sections Pharmacy Sector - **Market Review**: The pharmacy sector faced significant challenges in 2025, with a decline in same-store sales and an overall reduction in the number of operating stores since Q4 2024 [5][20]. - **Policy Environment**: Regulatory measures are promoting a more compliant and healthier industry ecosystem, which is expected to benefit leading companies [14][15]. - **Market Size**: In the first ten months of 2025, the sales scale of physical pharmacies was 501.3 billion yuan, a year-on-year decrease of 1.6%, primarily due to a decline in non-pharmaceutical sales [16][21]. - **Competitive Landscape**: The number of pharmacies in China reached approximately 684,000 by the end of 2024, with a notable increase in store closures, particularly among smaller chains [20][24]. - **Marginal Performance**: There has been a slight recovery in retail sales data, with leading companies showing improved performance through cost reduction and efficiency measures [32][34]. - **Outlook for 2026**: Focus on market consolidation and the development of non-pharmaceutical products is recommended, as leading companies are expected to enhance their market share [44][52]. Traditional Chinese Medicine Sector - **Market Review**: The traditional Chinese medicine sector experienced overall weak performance in 2025, with some companies seeing temporary valuation increases due to innovative pipelines [57][58]. - **In-Hospital Opportunities**: The upcoming update of the essential drug list is expected to benefit companies with products that have the potential to be included [60]. - **Out-of-Hospital Opportunities**: An increase in flu incidence in Q4 2025 is anticipated to aid in inventory digestion, with some companies expected to see improved performance [60]. - **High Dividend Stocks**: Companies such as Lingrui Pharmaceutical, Jichuan Pharmaceutical, and Dong'e Ejiao are highlighted as stable high-dividend investment opportunities [60].

Summary of Yifeng Pharmacy Conference Call Company Overview - Yifeng Pharmacy was established in 2001 and has grown to become a leading chain pharmacy in China through organic growth and acquisitions, with nearly 15,000 stores and over 100 million members as of Q3 this year [7][4] - The primary revenue source is retail, while the franchise and distribution business has relatively lower gross margins [7] Industry Insights - The pharmaceutical industry is currently in a clearing phase, with a slow but ongoing trend of prescription outflow, leading to relatively weak growth rates but still possessing development potential [2][5] - The number of offline pharmacies has decreased, but the pace of this clearing is slow, partly due to operators not promptly deregistering after closing stores [8] - Online sales are growing rapidly, impacting the offline market, but a balance between online and offline sales is expected in the long term [11] Key Financial Metrics - Yifeng Pharmacy's PE valuation is at historical lows, around the 1st percentile over the past 10 years, indicating limited downside and greater upside potential [6] - The overall pharmacy sector is at approximately the 20th percentile over the past decade [6] Growth Strategies - Short-term growth is supported by strong same-store sales due to flu season, expected to continue until early next year [4] - Medium-term strategies include acquisitions of mid-sized chain pharmacies at low prices (0.4-0.5 times PS) and expanding franchise operations, which currently have a low presence [4][2] - Long-term growth is anticipated through optimizing store layouts, improving operational efficiency, and expanding non-pharmaceutical business lines [12][13] Market Dynamics - The sales of Semaglutide in China are projected to reach approximately $400 million in the first half of 2025, with annual sales potentially hitting 7 billion RMB, contributing to online sales growth [10] - The current outpatient prescription ratio in China is significantly lower than in developed countries, indicating substantial room for growth [11] Investment Recommendation - Yifeng Pharmacy is recommended for investment due to its strong performance in a consolidating industry, effective management capabilities, and potential for market share growth in new regions [14]

| 证券代码：603939 | 证券简称：益丰药房 | 公告编号：2025-109 | | --- | --- | --- | | 债券代码：113682 | 债券简称：益丰转债 | | 益丰大药房连锁股份有限公司 关于募集资金委托理财进展的公告 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： 本次赎回产品基本情况 | 产品名称 | 点金系列看涨两层区间 天结构性存款 73 | | | --- | --- | --- | | 受托方名称 | 招商银行股份有限公司 | | | 购买金额 | 2,000.00 | 万元 | | 产品期限 | 73 天 | | 本次购买产品基本情况 金额单位：万元人民币 产品名称 受托方名称 产品类型 产品起始日- 产品到期日 投资金额 是否 存在 受限 情形 收益 类型 资金 来源 预期年化 收益率 实际收益 或损失 未到期 金额 逾期未 收回金 额 点金系列看涨 两层区间73天 结构性存款 招商银行股 份有限公司 其他：银行 结构性存款 2025/10/10- 2025/12/2 ...

Core Viewpoint - The domestic chain pharmacy industry is entering a period of negative growth, with a significant reduction in the number of pharmacies and a shift from rapid expansion to a focus on value enhancement and health services [2][3][11] Industry Overview - By Q1 2025, the total number of pharmacies in China is expected to fall below 700,000, with a net decrease of approximately 3,000 stores in a single quarter, indicating a widespread "store closure wave" [2] - The overall market size for pharmaceuticals is projected to reach 2.03 trillion yuan in 2024, but the growth rate is only 0.9%, with a forecasted decline to 1.97 trillion yuan in 2025 [2] Company Performance - Major chain pharmacies are experiencing divergent performance: Dazhenglin reported a net profit of 1.081 billion yuan in the first three quarters of 2025, up 25.97% year-on-year; Yifeng Pharmacy's net profit reached 1.225 billion yuan, a 10.27% increase; while Yixintang faced a decline with a net profit of 269 million yuan, down 8.17% [2] Store Closure Trends - Predictions indicate that the number of pharmacy closures in 2025 could reach between 50,000 and 100,000, marking a shift from the previous era of aggressive expansion to a focus on operational efficiency [3][4] - The industry is expected to return to a more reasonable scale of around 500,000 pharmacies, similar to levels seen in 2018 [4] Market Dynamics - The closure wave is driven by oversupply and increased regulatory pressures, with a significant rise in the proportion of non-pharmaceutical sales, which reached 34.6% in 2025, up 5.2 percentage points from 2024 [5] - The market share of the top ten pharmacy brands increased to 58% in Q3 2025, reflecting a growing concentration in the industry as smaller players exit [5] Business Model Evolution - The franchise model is becoming a key strategy for leading pharmacy chains to expand market share, with significant increases in franchise store openings reported [6] - The industry is transitioning from a focus on selling drugs to providing health services, with a notable shift towards a "sell health" approach [6][7] Professionalization and Service Enhancement - Professionalization is identified as a core development direction, with leading companies adopting innovative drug and DTP pharmacy models to enhance service delivery [7] - Community pharmacies are increasingly focusing on chronic disease management, with a significant percentage of patients expressing a desire for medication guidance and health management services [8] Diversification and Digital Transformation - Leading pharmacies are diversifying their offerings to include health-related products and services, transforming into comprehensive health experience hubs [9] - The integration of online and offline channels is accelerating, with significant growth in new retail segments and contributions from O2O channels [9] Future Outlook - Despite current challenges, industry experts believe that the long-term trend for the chain pharmacy sector remains positive, driven by supply-side adjustments and demand recovery [10] - The future of pharmacies is expected to focus on building a diversified health service ecosystem, aligning with national health strategies and enhancing both social and economic benefits [10][11]