Yifeng Pharmacy 2Q26F preview and FY26F forecast revisions

研报英文原文证据摘录

Yifeng Pharmacy 2Q26F preview and FY26F forecast revisions

Global Markets Research

Yifeng Pharmacy 603939.SS 603939 CH 31 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating2Q26F preview and FY26F forecast revisions Remains Buy

Target priceWe expect stable operation in 2Q26F despite some policy Reduced from CNY 33.97headwinds CNY 35.50

We estimate 2Q26F sales/net profit edged up 6%/2% y-y Closing30 July 2026price CNY 22.70

We estimate Yifeng’s 2Q26F revenue rose 6% y-y (vs 1% y-y in 1Q26) to CNY6.0bn

(lower than the Bloomberg consensus estimate of CNY6.5bn), on the assumption of store Implied upside +49.6%

addition pick up: opened 217 pharmacy stores (56/161 through self-build/franchise, vs

28/114 in 1Q26), but closed 38 (vs 30 in 1Q26) stores. By segment, we estimate Market Cap (USD mn) 4,072.9

retail/wholesale revenue recorded 4%/15% y-y growth to CNY5.2bn/686mn in 2Q26F. ADT (USD mn) 40.8

For margins in 2Q26F, we forecast gross margin of 39.9% (-1.4pp y-y, yet on par with

Relative performance chart1Q26’s) and a lower opex ratio of 28.9% (-1.4pp y-y), led by enhanced operating

efficiency. Together with a lower other income and higher minority interest, we expect that

2Q26F net profit to shareholders came in at CNY439mn (+2% y-y).

For 2H26F, we forecast Yifeng’s topline registered growth of 10% y-y to CNY14bn, of

which retail/wholesale revenue book 11%/5% y-y growth to CNY12.3bn/1.3bn, on the

back of stable store expansion. Together with our higher gross margin and flat opex ratio

estimates, we estimate net profit to shareholders rose 20% y-y to CNY959mn in 2H26F,

from a low 2H25 base.

Retail sales of pharmaceutical products rose 3.3% y-y in 1H26

According to the National Bureau of Statistics, pharmaceutical products rose 3.3% y-y in

1H26.