一心堂药业集团股份有限公司 投资者交流活动会议记录 时间：2025 年 6 月 4 日 14:00-15:00 地点：一心堂药业集团股份有限公司总部 召开方式：现场交流 投资者：中泰证券 祝嘉琦 孙宇瑶、中信证券 张斌斌 魏通、国海证 券 年庆功、招商信诺 詹孝颖、广发证券 李桠桐、国信自营 曹嘉诚、 摩根基金 蔡云翔等投资者共 23 人。 接待人：董事郭春丽女士、集团非药品事业部非药推广部总监刘骏先 生、云南公司副总经理谢建兵先生、证券事务代表阴贯香女士。 一心堂药业集团股份有限公司（以下简称"公司"）于 2025 年 6 月 4 日（星 期三）下午 14:00-15:00 在公司总部进行投资者现场交流活动，公司管理层就投 资者关心的问题进行交流，内容如下： 问题一：存量门店选址是针对药品销售来开展的吗？转型门店选址的依据是什 么？ 答：存量门店选址是依据各个区域目标人群来展开，目前改造门店主要是针 对存量的门店的改造，从存量门店中拿出一部分适合的门店进行改造。如开展谷 子类产品业务并不适合所有门店，我们会挑选部分门店进行改造，并开展此类业 务。 问题二：调改门店的非药占比是多少？会不会影响药品类的销量？ ...

投资者关系活动记录表 证券代码：002727 证券简称：一心堂 一心堂药业集团股份有限公司投资者关系活动记录表 编号：TG202506-001 | | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | | □媒体采访 业绩说明会 | | | | | 投资者关系活动类别 | □新闻发布会 路演活动 | | | | | | ☑现场参观 | | | | | | □其他（电话会议） | | | | | 参与单位名称及人员 | 中泰证券 祝嘉琦 孙宇瑶、中信证券 张斌斌 魏通、国海 | | | | | | 证券 年庆功、招商信诺 詹孝颖、广发证券 李桠桐、国信 | | | | | 姓名 | 自营 曹嘉诚、摩根基金 蔡云翔等投资者共 23 人。 | | | | | 时间 | 2025 6 4 14:00-15:00 | 年 | 月 | 日 | | 地点 | 一心堂药业集团股份有限公司总部 | | | | | | 董事郭春丽女士、集团非药品事业部非药推广部总监刘骏 | | | | | 公司接待人员姓名 | 先生、云南公司副总经理谢建兵先生、证券事务代表阴贯 ...

一心为民 全心服务 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 一心堂药业集团股份有限公司(以下简称"公司")本次为全资子公司山西鸿翔一心堂药业 有限公司(以下简称"山西一心堂"或"债务人")和云南鸿云医药供应链有限公司(以下简称 "鸿云医药"或"债务人")提供连带责任保证方式的担保，被担保企业山西一心堂和鸿云医药 最近一期的资产负债率超过70%，敬请投资者充分关注担保风险。 一、担保情况概述 公司于 2024 年 11 月 26 日召开第六届董事会第十二次会议，于 2024 年 12 月 13 日召开 2024 年度第三次临时股东大会，审议通过《关于同意子公司向相关银行申请综合授信额度并为其提 供担保的议案》，同意公司担保全资子公司山西一心堂向兴业银行股份有限公司太原分行申请 综合授信 8,000 万元；于 2025 年 4 月 25 日召开第六届董事会第十四次会议，于 2025 年 5 月 21 日召开 2024 年年度股东会，审议通过《关于同意子公司向相关银行申请综合授信额度并为 其提供担保的议案》，同意公司担保全资子公司鸿云医药向银行申 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 根据《公司法》《上市公司股份回购规则》等相关规定，一心堂药业集团股份有限公司（以下简称"公 司"或"本公司"）通过股份回购专用证券账户持有的本公司股份11,475,900股不享有参与权益分派的权 利。本次权益分派以2024年度权益分派方案实施时股权登记日的总股本585,604,125股扣除公司股份回购 专用证券账户股份数11,475,900股后的574,128,225股为基数，向全体股东每10股派发现金红利3元(含 税)，不送红股，不以资本公积金转增股本，本次预计现金分红总额为172,238,467.50元（含税)。 公司2024年年度权益分派方案已获2025年5月21日召开的2024年年度股东会审议通过，现将权益分派事 宜公告如下： 一、股东会审议通过的权益分派方案情况 1、公司2024年年度股东会审议通过的利润分配方案为：公司决定以2024年度权益分派方案实施时股权 登记日的总股本扣除公司回购专用账户股份数（截至公告披露日，公司股份回购专用证券账户 ...

一心为民 全心服务 股票代码：002727 股票简称：一心堂 公告编号：2025-040 号 一心堂药业集团股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 根据《公司法》《上市公司股份回购规则》等相关规定，一心堂药业集团股份有限公司（以 下简称"公司"或"本公司"）通过股份回购专用证券账户持有的本公司股份11,475,900股不 享有参与权益分派的权利。本次权益分派以2024年度权益分派方案实施时股权登记日的总股本 585,604,125股扣除公司股份回购专用证券账户股份数11,475,900股后的574,128,225股为基数， 向全体股东每10股派发现金红利3元(含税)，不送红股，不以资本公积金转增股本，本次预计现 金分红总额为172,238,467.50元（含税)。 公司2024年年度权益分派方案已获2025年5月21日召开的2024年年度股东会审议通过，现将 权益分派事宜公告如下： 一、 股东会审议通过的权益分派方案情况 1、公司 2024 年年度股东会审议通过的利润分配方案为：公司决定以 2 ...

5月23日，上证指数下跌0.94%，深证成指下跌0.85%，创业板指下跌1.18%。盘后龙虎榜数据显示，共 有49只个股因当日异动登上龙虎榜，资金净流入最多的是慧博云通（301316.SZ），达3.34亿元。 据21投资通智能监测，21只个股龙虎榜出现了机构的身影，北向资金参与龙虎榜中的个股共涉及9只。 3.34亿资金抢筹慧博云通，1.48亿资金出逃王子新材 49只上榜的龙虎榜个股中，22只个股被净买入，27只个股被净卖出。其中，资金净买入最多的是慧博云 通，达3.34亿元，占总成交金额的5.5%。慧博云通当日收盘下跌2.2%，换手率为46.19%。 | 名称 | 涨跌幅 | 戊虎榜净买 | 净买额占 | 换手率 | 解读 | | --- | --- | --- | --- | --- | --- | | | | 额(万元 | 息成交比 | | | | 慧博云通 | -2.2% | 33411 | 5.5% | 46.19% | 主力做T,成功率4 | | | | | | | 3.16% | | 雪人股份 | 10.04% | 17578 | 10.91% | 27.22% | 普通席位买入,成功 | | | ...

暗盘资金流向曝光！提前捕捉庄家建仓信号>> 医药商业板块直线拉升，一心堂（002727）涨停，漱玉平民（301017）、健之佳（605266）、第一医药 （600833）、益丰药房（603939）、老百姓（603883）等纷纷走高。 ...

——一心堂 24 年报及 25 年一季报点评 核心观点 盈利预测与投资建议 行业管理政策变化风险；市场竞争加剧风险；门店扩张带来的盈利能力下滑风险；商誉 占比过高风险等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 17,380 | 18,000 | 19,512 | 21,476 | 23,919 | | 同比增长 (%) | -0.3% | 3.6% | 8.4% | 10.1% | 11.4% | | 营业利润(百万元) | 786 | 278 | 764 | 980 | 1,105 | | 同比增长 (%) | -36.7% | -64.6% | 174.9% | 28.3% | 12.7% | | 归属母公司净利润(百万元) | 549 | 114 | 594 | 748 | 811 | | 同比增长 (%) | -45.6% | -79.2% | 420.4% | 25.9% | 8.5% | | 每股收益（元） | 0.94 | 0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 18.18 CNY [3]. Core Views - The company is experiencing short-term profit pressure due to rapid store expansion and integration, with a focus on expanding into provinces outside its traditional markets and into county-level cities [7]. - The company reported a revenue of 18.00 billion CNY in 2024, a year-on-year increase of 3.57%, but a significant decline in net profit attributable to the parent company, which was 114 million CNY, down 79.23% year-on-year [7]. - The company aims to enhance its operational efficiency as it expands its store network, which totaled 11,498 stores by the end of 2024, with a net increase of 1,243 stores during the year [7]. Financial Information Summary - **Revenue Forecast**: - 2023A: 17,380 million CNY - 2024A: 18,000 million CNY (3.6% growth) - 2025E: 19,512 million CNY (8.4% growth) - 2026E: 21,476 million CNY (10.1% growth) - 2027E: 23,919 million CNY (11.4% growth) [2][9] - **Net Profit Forecast**: - 2023A: 549 million CNY - 2024A: 114 million CNY (-79.2% growth) - 2025E: 594 million CNY (420.4% growth) - 2026E: 748 million CNY (25.9% growth) - 2027E: 811 million CNY (8.5% growth) [2][9] - **Earnings Per Share (EPS)**: - 2023A: 0.94 CNY - 2024A: 0.19 CNY - 2025E: 1.01 CNY - 2026E: 1.28 CNY - 2027E: 1.39 CNY [2][9] - **Profitability Ratios**: - Gross Margin: 33.0% in 2023A, expected to decline to 31.8% in 2024A, then gradually recover to 33.0% by 2027E [2][9]. - Net Margin: 3.2% in 2023A, dropping to 0.6% in 2024A, then recovering to 3.4% by 2027E [2][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) Ratio: 18.3 in 2023A, expected to rise to 88.2 in 2024A, then decrease to 12.4 by 2027E [2][9]. - Price-to-Book (P/B) Ratio: 1.3 in 2023A, remaining stable at 1.1 by 2027E [2][9].

Summary of YXTT Conference Call Company Overview - **Company**: YXTT (Yunnan Yixintang Co., Ltd.) - **Industry**: Pharmaceutical and Health Products Retail Key Points and Arguments Business Transformation and Market Expansion - YXTT is actively transforming and expanding its market beyond Yunnan, with over 50% of its direct retail stores located outside Yunnan and accounting for approximately 40% of sales [2][3] - The company aims to reduce reliance on medical insurance payments by increasing sales of non-insured products to enhance profitability [2][3] - YXTT is diversifying its product lines to include family health products, covering areas such as health management, prevention, and beauty [2][4] Store Upgrades and Professionalization - In the next two to three years, YXTT plans to upgrade 20%-30% of its stores to professional pharmacies staffed with licensed pharmacists and healthcare professionals, while the remaining stores will transition to health and beauty shops [4][5] - The company is implementing a data-driven approach to tailor product offerings in health and beauty stores to attract younger customers and increase store visit duration and repurchase rates [2][10] Collaboration with Elderly Care Services - YXTT is exploring synergies between pharmacy services and elderly care, providing centralized and home-based elderly care services through its health management company [2][12] Financial Goals and Profitability - The company anticipates achieving a gross margin of around 40% by increasing the proportion of non-prescription drug sales and reducing the share of medical insurance payments to 25% [2][18] - Currently, the average gross margin is between 20%-26%, with a goal to increase sales by at least 20% to reach the desired margin [18] Challenges and Strategic Responses - YXTT faces challenges from macroeconomic changes and healthcare policy reforms, including aging population issues and medical insurance fund management [6] - The company is expanding its business outside Yunnan, increasing non-insured product sales, and reducing reliance on core pharmaceuticals to mitigate risks from policy changes [6][5] Customer Base and Product Strategy - The expected future customer base includes newborns, children, students, and young adults, with a focus on introducing products suitable for these demographics [9] - YXTT plans to enhance its product structure to cover the entire lifecycle, including supplements for pregnant women and baby care products [9] Store Renovation and Product Offering Adjustments - The renovation of stores is ongoing, with plans to upgrade 10 stores by June 30 and 500 stores in Yunnan by the fourth quarter [15] - The ideal model for health and beauty stores aims for non-pharmaceutical products to account for over 40% of sales, expanding the health consumption space [15][17] Employee Management and Training - Store renovations will not significantly increase employee numbers, but salaries are expected to rise due to the need for specialized staff [19][20] - YXTT has a dedicated training school to enhance employee knowledge and skills in pharmaceuticals and cosmetics [20] Marketing and Customer Engagement - The most effective products for attracting customers include cosmetics, lottery tickets, and blind box toys, with cosmetics showing the highest growth due to high repurchase rates [21] - Different store types target specific customer groups, such as students and elderly communities, to maximize sales and customer retention [24] Future Performance Expectations - YXTT is transitioning from traditional pharmacies to health consumption hubs, aiming for 70% of stores to achieve a non-pharmaceutical sales target of 40% within two to three years [30] - The company plans to expand its operations in cities like Kunming, Chongqing, and Chengdu to enhance consumer recognition and market presence [30]