证券代码：603883 证券简称：老百姓 公告编号：2025-027 老百姓大药房连锁股份有限公司 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。 ●老百姓大药房连锁股份有限公司（以下简称"公司"）控股股东老百姓医药集 团有限公司（以下简称"医药集团"）持有公司股份数量为 198,564,175 股，占公司 总股本比例为 26.12%；累计质押股份数量为 137,950,000 股（含本次质押），占其所 持股份比例为 69.47%，占公司总股本比例为 18.15%。控股股东及一致行动人（医药集 团与陈秀兰）合计持有公司股份数量为 212,129,873 股，占公司总股本比例为 27.91%； 累计质押股份数量为 137,950,000 股（含本次质押），占其所持股份比例为 65.03%， 占公司总股本比例为 18.15%。 一、上市公司股份质押 重要内容提示： 公司于 2025 年 6 月 5 日获悉控股股东医药集团所持有的部分公司股份被质押，质 权人为中银国际证券股份有限公司（以下简称"中银证券"），具体事项如下： | | ...

老百姓大药房连锁股份有限公司 1、本次股份质押基本情况 证券代码：603883 证券简称：老百姓 公告编号：2025-027 关于控股股东股票质押的公告 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： ●老百姓大药房连锁股份有限公司（以下简称"公司"）控股股东老百姓医药集 团有限公司（以下简称"医药集团"）持有公司股份数量为 198,564,175 股，占公司 总股本比例为 26.12%；累计质押股份数量为 137,950,000 股（含本次质押），占其所 持股份比例为 69.47%，占公司总股本比例为 18.15%。控股股东及一致行动人（医药集 团与陈秀兰）合计持有公司股份数量为 212,129,873 股，占公司总股本比例为 27.91%； 累计质押股份数量为 137,950,000 股（含本次质押），占其所持股份比例为 65.03%， 占公司总股本比例为 18.15%。 一、上市公司股份质押 公司于 2025 年 6 月 5 日获悉控股股东医药集团所持有的部分公司股份被质押，质 权人为中银国际证券股份有 ...

我们村是《团结就是力量》这首歌的诞生地。团结是我们的"传家宝"，也是制胜的"法宝"。昔日一穷二 白的小山村，如今已是远近闻名的幸福村，村集体年收入从6万多元增长到了100多万元。 我至今还记得当年大伙给习近平总书记写信报喜时的激动心情。2021年2月，我们收到了习近平总书记 给北庄村全体党员的回信，这给了我们莫大的鼓舞！ 我今年68岁了。小时候，我的姥爷常同我讲起80多年前《团结就是力量》在我们村首场公演的场景。演 出时，我的姥爷是北庄村村长，他组织村民观看了这部歌剧。"团结就是力量，团结就是力量……"当歌 剧接近尾声，幕终曲《团结就是力量》响起时，表演人员都跑到场地中间，互相挽着手，共同唱了起 来！大家越唱越振奋，演出结束，有些村民还迟迟不愿离去。 6月的河北平山县北庄村，山清水秀。打谷场上，人们高唱《团结就是力量》；幸福果园里，采摘的游 客络绎不绝。如今，村里有了露营地，晚上都热闹得很。 2008年，我卸任村党支部书记，新的村党支部书记实现了我以前想都不敢想的事。尤其是脱贫攻坚工作 开展后，在党和国家的帮扶支持下，我们村发展起红色旅游、乡村旅游，还发展了特色种植。 北庄村村民在"团结就是力量"广场上表演节 ...

Group 1 - The article emphasizes the importance of grassroots governance and the need for local officials to engage with community members to address their concerns and improve service delivery [1][2] - It highlights the shift in the relationship between the party and the people, moving from requiring citizens to take action to providing services and support to the community [1][3] - The narrative showcases successful community meetings where residents actively participate in discussions about local infrastructure improvements, such as road repairs, demonstrating effective communication between officials and citizens [2][3] Group 2 - The article discusses the transformation of government services in Chongqing's Liangjiang New Area, where officials proactively reach out to businesses to provide assistance, enhancing efficiency and service quality [4][5] - It illustrates the positive feedback from entrepreneurs who have experienced improved service delivery, highlighting the shift from a reactive to a proactive approach in government interactions [4][5] - The narrative emphasizes the ongoing reforms aimed at streamlining administrative processes and making it easier for citizens and businesses to access services [5] Group 3 - The article recounts a citizen's initiative in Shanghai that led to the modification of a tunnel to accommodate non-motorized vehicles, showcasing the impact of public suggestions on urban planning [7][9] - It underscores the role of local government in responding to citizen feedback and implementing changes that enhance urban mobility and accessibility [8][9] - The narrative reflects a broader trend of integrating citizen input into governance, with officials actively seeking and valuing public suggestions as a means to improve city management [9]

Core Viewpoint - The article discusses the challenges and responsibilities of creating biographical dramas, particularly focusing on the series "I Am Zhang Side," highlighting the importance of historical accuracy in storytelling [1][5][9]. Group 1: Director's Background and Works - Director Cheng Lidong, born in 1968, has a diverse background in the film industry, serving as a producer, screenwriter, director, and actor, with a solid educational foundation from Zhejiang Media College [1]. - Cheng has directed several historical and costume dramas, including "The Investiture of the Gods" and the 2010 version of "Journey to the West," showcasing his unique artistic vision [3]. Group 2: Historical Context and Accuracy - The series is set in 1933 in Sichuan, a period marked by turmoil and hardship, which raises questions about the historical accuracy of the depicted food items, such as cornmeal and fine wheat noodles, that seem inconsistent with the reality of that time [5][7]. - The article highlights a significant earthquake in 1933 that devastated the region, emphasizing the need for creators to respect historical facts while crafting their narratives [7]. Group 3: Reflection on Artistic Responsibility - The article calls for a balance between artistic expression and historical truth, urging creators to take responsibility for accurately representing history in their works [9]. - It expresses hope for future productions to better connect history with art, ensuring that they reflect the essence of life and contribute to cultural heritage [9].

Group 1 - Experts' opinions are considered important references for policy-making in China's modernization process, but not all suggestions withstand scrutiny and some may lead to serious consequences [1] - Zhang Weiying, a prominent economist, proposed the abolition of minimum wage standards in 2019, arguing that market forces should determine wages to reduce costs for businesses and increase employment opportunities [5][27] - This suggestion sparked intense debate, with critics arguing it overlooks the basic rights of workers and could lead to significant wage reductions, impacting their livelihoods [17][27] Group 2 - Lang Xianping advocated for a fairer income distribution system in 2020, highlighting China's high Gini coefficient of 0.47, which exceeds the international warning line of 0.4 [19] - He suggested policy adjustments, such as increasing taxes on high-income groups and subsidizing low-income earners, but this could undermine market incentives and innovation [19][29] - The average income distribution could lead to inefficiencies, as seen in historical examples like the Soviet Union's planned economy [21] Group 3 - He Weifang called for the abolition of the death penalty in 2021, emphasizing the sanctity of life and the irreversible risks of judicial errors [11][21] - His views faced criticism for being out of touch with public sentiment, as over 70% of respondents in a 2019 survey believed the death penalty deters serious crimes [23][31] - The Chinese government has maintained the death penalty, citing its role in crime deterrence and public safety [23][31] Group 4 - Han Han proposed reforms to the college entrance examination system in 2022, advocating for a shift towards quality education and personalized development for students [13][25] - His suggestions received mixed reactions, with concerns that abolishing the exam could exacerbate educational inequality, particularly for rural students [25][29] - The current examination system is viewed as one of the fairest selection mechanisms, providing opportunities for students from various backgrounds [25] Group 5 - Wang Xiaobo's idea of direct democracy, suggesting the elimination of representative systems, has been debated posthumously, with scholars noting the impracticality in a populous nation like China [27][33] - The Chinese government continues to uphold a representative system, emphasizing efficiency in responding to social needs [33] - The discussions surrounding these experts' suggestions highlight the need for policies that consider China's complex realities, balancing theoretical ideals with practical implications [33][35]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is exploring a second growth curve through diversified strategies and deep integration of digital intelligence systems [1][9] - The company has faced short-term performance pressure due to multiple factors, but the Torch project has improved gross margins [6] - The company is focusing on expanding its store network and optimizing its layout, with steady growth in its franchise business [7] Financial Performance Summary - For the year 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 22.36 billion, 519 million, and 496 million yuan respectively, showing a year-on-year change of -0.36%, -44.13%, and -41.18% [5] - The company announced a profit distribution plan, proposing a cash dividend of 0.8 yuan per 10 shares [5] - In Q1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 5.43 billion, 251 million, and 243 million yuan respectively, with year-on-year changes of -1.88%, -21.98%, and -21.59% [5] Operational Insights - The company has increased its store count to 15,277 by the end of 2024, with a focus on expanding in 11 key provinces [7] - The company has optimized its store layout by closing underperforming stores and increasing the proportion of franchise operations [7] - The company is enhancing its digital intelligence system to improve operational efficiency and cost optimization [8] Growth Projections - The company is expected to achieve long-term stable growth driven by its franchise business and the Torch project, which has effectively improved gross margins [9] - The revenue forecast for 2025 is set at 23.81 billion yuan, with a growth rate of 6.50% [10] - The net profit forecast for 2025 is 702 million yuan, reflecting a growth rate of 35.29% compared to 2024 [10] Valuation Metrics - The current price corresponds to a P/E ratio of 20 for 2025, 17 for 2026, and 15 for 2027 [9] - The company’s estimated P/B ratio is projected to be 2.0 in 2025, 1.9 in 2026, and 1.8 in 2027 [10]

Core Viewpoint - The revised "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" aims to reduce fiscal waste and allocate more funds for public welfare, ensuring that citizens can lead better lives [1][5]. Group 1: Impact on Government Spending - The regulations tighten control over "three public consumptions," including restrictions on high-end meals and alcohol during official events, and encourage online meetings to reduce costs [1][2]. - Despite concerns about reduced business opportunities for vendors, the overall fiscal expenditure remains stable and is directed towards education, healthcare, and major projects, potentially increasing business for these sectors [2][3]. - The government has been gradually implementing these measures over the past decade, with the current regulations formalizing existing practices rather than introducing new restrictions [1][4]. Group 2: Fiscal Policy and Budget Allocation - National public budget expenditures are projected to grow steadily, with increases of 2.8%, 0.3%, 6.1%, 5.4%, and 3.6% from 2020 to 2024, indicating a commitment to public welfare despite economic challenges [2][3]. - The central government's budget for 2025 includes approximately 479.3 billion yuan for salaries and benefits, reflecting an 8% increase from the previous year, ensuring that essential public service salaries are not affected by spending cuts [3][4]. Group 3: Governance and Accountability - The new regulations emphasize the importance of preventing waste due to poor decision-making by government officials, aiming to eliminate ineffective projects that drain public resources [5]. - The regulations also call for optimizing government investment strategies and enhancing management throughout the investment lifecycle to ensure sustainable fiscal practices [5].

Group 1 - The core idea emphasizes the importance of a practical approach in addressing people's needs, highlighting that policies must be effective and grounded in reality [1][2][3] - The concept of "practicality" is linked to the responsibility of ensuring commitments are fulfilled and addressing urgent public concerns with a sense of urgency [3] - The article discusses the necessity of a methodical approach to social issues, advocating for precise and tailored solutions to meet diverse community needs [2][3] Group 2 - The article illustrates the significance of understanding and connecting with the public to identify their real needs, as demonstrated by various local initiatives [1][2] - It stresses the need for a problem-oriented approach in policy-making, where public grievances serve as the basis for reform efforts [2] - The narrative underscores the continuous nature of improving living standards, advocating for persistent efforts rather than one-time solutions [3]

Core Viewpoint - The chain pharmacy industry is undergoing unprecedented changes, marked by a significant reduction in store openings and a decline in profitability, as exemplified by the major player, Lao Bai Xing, which has announced a share reduction plan amid industry turmoil [1][2]. Group 1: Industry Changes - The announcement of a 3% share reduction by Lao Bai Xing's controlling shareholder has raised concerns about the industry's future, interpreted as a sign of lack of confidence amid severe market fluctuations [1]. - In 2024, the number of closed pharmacies nationwide is projected to reach 39,000, with a closure rate of 5.7%, marking a historical peak in the fourth quarter with 14,000 closures [1]. - Six major chain pharmacies are experiencing a collective slowdown in revenue growth, with the highest increase at only 8.01%, while Lao Bai Xing is the only company reporting a revenue decline [1]. Group 2: Financial Performance - Lao Bai Xing's net profit for 2024 has plummeted by 44.13%, with a 41.18% drop in net profit excluding non-recurring items, and cash flow has shrunk by 25.77% [1]. - The company has opened 211 new stores while closing 236, resulting in a net decrease for the first time [2]. Group 3: Challenges and Strategies - New stores are described as "profit black holes," with long cultivation periods of 3-5 years and ongoing costs eroding profits, compounded by goodwill impairment losses [2]. - The tightening of medical insurance policies has intensified survival pressures, with many regions halting the approval of new insurance-designated pharmacies, leading to fierce competition for existing resources [2]. - Despite 93% of Lao Bai Xing's direct stores having medical insurance qualifications, the potential for growth in this area is nearly exhausted [2]. Group 4: Transformation and Future Outlook - Lao Bai Xing's transformation strategy includes a "light asset" franchise model, aiming to open 1,000 new stores by 2025, with over 80% being franchise stores to mitigate risks associated with direct expansion [3]. - The company is focusing on county-level markets and has established 176 DTP pharmacies to fill service gaps in specialty medications [3]. - The industry is shifting from rapid growth to refined operations, with future competition focusing on three key capabilities: operational efficiency of existing medical insurance stores, specialized service capabilities, and cost control systems [4]. Group 5: Conclusion - The current phase in the chain pharmacy industry is characterized by a "survival of the fittest" mentality, where only companies with refined operational capabilities are likely to endure and thrive in the upcoming cycles [6].