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]

Group 1 - The core announcement is about the early repayment and release of stock pledge by shareholder Mr. Huan Hongxian, involving 3.72 million shares pledged to Huatai Securities [1][2] - As of the announcement date, Mr. Huan's total pledged shares amount to 3.72 million, which are now fully released [1][2] - Mr. Huan retains 152.65529 million shares that are unpledged, and there are no current margin call situations for his pledged shares [3] Group 2 - The company will continue to monitor Mr. Huan's stock pledge situation and will announce any changes promptly [3] - Relevant documents related to the shareholding changes have been filed, including daily changes in shareholding for shareholders owning more than 5% [3]

一心为民 全心服务 1、股份质押解除情况 | 股东名称 | 是否为控股 股东或第一 | 本次解除质 | 占其所持 | 占公司 | | | 质权人/申 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 押股份数量 | | 总股本 | 起始日 | 解除日期 | | | | | 大股东及其 | （万股） | 股份比例 | 比例 | | | 请人等 | | | | 一致行动人 | | | | | | | | | 阮鸿献 | 是 | 372 | 2.04% | 0.64% | 2024-06-06 | 2025-11-27 | 华泰证券 | 提前还款 | 根据相关资料，阮鸿献先生与华泰证券协商对上述 372 万股股票质押融资进行提前还款并 解除质押。以上质押业务原质押股数 372 万股，本次解除质押 372 万股。 2、股份累计被质押情况 股票代码：002727 股票简称：一心堂 公告编号：2025-137 号 一心堂药业集团股份有限公司 关于公司股东阮鸿献先生部分股票质押融资 提前还款解除质押的公告 本公司及董事会全体成员保证信息 ...

Group 1 - The company, Yixin Tang (002727), enhances efficiency in its supply chain through various methods including information connectivity, data analysis, mobile applications, modern warehousing construction, and logistics monitoring [1]

Core Viewpoint - Yixin Tang (002727) stated that its stores in Hainan are operating normally and there are currently no significant changes, with plans to dynamically adjust its management model based on market conditions [1] Company Operations - The company confirmed that its Hainan stores are functioning without major issues [1] - Future adjustments to the company's management model will be made in response to market conditions [1]

一心为民 全心服务 股票代码：002727 股票简称：一心堂 公告编号：2025-136 号 一心堂药业集团股份有限公司 关于公司股东阮鸿献先生进行股票质押登记的公告 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。 一心堂药业集团股份有限公司（以下简称"公司"）近日接到公司股东阮鸿献先生通知， 获悉阮鸿献先生与华泰证券股份有限公司（以下简称"华泰证券"）达成协议，阮鸿献先生将 所持公司股票部分质押给华泰证券进行股票质押式回购交易融资，具体事项如下： 一、股东股份质押情况 2、股份累计被质押情况 截至公告披露日,上述股东及其一致行动人所持质押股份情况如下: | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质 | 本次质 | | | | | （注 | 1） | | 股东名 | 持股数量（万 | 持股比 | 押前质 | 押后质 | 占所持股 | 占公司 | 已质押股 | 占已 | ...

Group 1 - The company, Yixin Tang, stated on November 26 that it will introduce new technologies in its management processes to enhance operational efficiency [2]

Core Viewpoint - The company aims to enhance its overall competitiveness by strengthening its existing retail, distribution, traditional Chinese medicine, and healthcare services, ultimately improving the quality of its operations [2] Group 1 - The company is focused on improving its comprehensive competitiveness [2] - The company is reinforcing its existing retail and distribution businesses [2] - The company is committed to enhancing service and competitive capabilities in regions where retail stores are already established [2]

Group 1 - The company, Yixin Tang (002727), is currently undergoing store renovations [1] - 70% of the stores will expand their product categories to include personal care beauty products, cleaning and washing products, functional foods, and children's trendy toys [1] - This expansion aims to create new growth opportunities for the stores [1]

Core Viewpoint - Yixin Tang (002727.SZ) has introduced new product categories such as beauty, personal care, blind boxes, and trading cards in some of its stores to enhance operational performance [1] Group 1 - The company is expanding its product offerings in select stores [1] - The new categories aim to improve the operational situation of these stores [1]