平安证券研报指出，老百姓上半年实现归母净利润3.98亿元，同比下降20.86%，单Q2归母净利润1.47亿 元，同比下降18.86%。单Q2业绩降幅收窄，公司经营向好。2025年上半年新增门店504家，其中直营门 店47家，加盟门店457家，调整及关闭门店396家，门店网络布局持续优化。公司积极拓展下沉市场，截 至报告期末，公司地级市及以下门店占比为77%；2025年上半年新增门店中，地级市及以下门店占比为 87%。考虑到公司Q2业绩降幅较Q1收窄，业绩逐渐企稳，同时公司积极开拓下沉市场，门店布局广 阔，及时调整及关闭门店，门店网络持续优化，利润率有望回升。维持"推荐"评级。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][9]. Core Views - The company's Q2 performance shows a narrowing decline, with revenue of 5.339 billion yuan, down 1.14% year-on-year, and a net profit of 147 million yuan, down 18.86% year-on-year [5][9]. - The company is actively optimizing its store layout, with a total of 15,385 stores across 18 provinces and over 150 cities, including 9,784 direct-operated stores and 5,601 franchised stores [9]. - The company is focusing on expanding into lower-tier markets, with 77% of its stores located in cities at or below the prefecture level [9]. Financial Performance Summary - For the first half of 2025, the company reported a revenue of 10.774 billion yuan, a decrease of 1.51% year-on-year, and a net profit of 398 million yuan, down 20.86% year-on-year [5][9]. - The gross margin for H1 2025 was 33.08%, a decrease of 1.24 percentage points year-on-year, with traditional Chinese medicine showing a gross margin of 48.71%, up 2.98 percentage points [9]. - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 740 million, 868 million, and 997 million yuan respectively [9]. Financial Projections - Revenue projections for 2025 are set at 23.14 billion yuan, with a year-on-year growth of 3.5% [7][12]. - The net profit for 2025 is projected to be 740 million yuan, reflecting a significant recovery from a previous decline of 44.1% in 2024 [7][12]. - The company’s gross margin is expected to stabilize around 33% from 2025 onwards [12].

Group 1 - The core viewpoint of the article is the implementation of a personal consumption loan interest subsidy policy by the Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration, aimed at reducing the interest burden on consumers from September 1, 2025, to August 31, 2026 [1] - The policy allows consumers to receive interest subsidies on personal consumption loans for various expenditures, with a maximum subsidy of 500 yuan per loan, and multiple loans can be combined for subsidies [1] - The interest subsidy rate is set at an annualized 1%, with specific limitations such as a maximum subsidy of 3000 yuan per person at one bank and a maximum of 1000 yuan for small loans under 50,000 yuan [2] Group 2 - The application process for the subsidy is streamlined, requiring consumers to apply for loans through banks without needing to go through government departments, and banks will directly apply the subsidy to the interest owed [3] - There are no additional credit requirements for the subsidy itself, but banks will still assess credit history when approving loans, with specific criteria regarding repayment history [4] - Key considerations for consumers include ensuring the necessity of borrowing, proper use of loan funds strictly for consumption, and maintaining a good credit history to qualify for the subsidy [5]

Core Insights - The company reported a decline in both revenue and net profit for the first half of 2025, marking the first dual decline in nearly a decade [3][5]. - The decrease in net profit is attributed to an increase in the sales proportion of new retail business, which led to a decline in gross margin, alongside rising R&D expenses [5][6]. Financial Performance - For the first half of 2025, the company achieved revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year [1][3]. - The gross margin for the first half of 2025 was 33.08%, a decrease of 1.24 percentage points compared to the previous year [5]. - The company’s operating cash flow net amount was 163 million yuan, an increase of 165.92% year-on-year, attributed to reduced cash payments for procurement and cost-cutting measures [5]. Store Expansion - The company continues to expand its store network, adding 108 new stores in the first half of 2025, bringing the total to 15,385 stores across 18 provinces and over 150 cities [2][6]. - The breakdown of new stores includes a net increase of 305 franchise stores and a net decrease of 197 directly operated stores [6]. Shareholder Activity - The controlling shareholder, Lao Bai Xing Group, has been actively reducing its stake, having cashed out approximately 1.432 billion yuan through multiple share reductions, including a recent sale of 2.38% of shares for about 341 million yuan [2][11]. - The group’s shareholding has decreased to 25.53% following these transactions [9].

Core Viewpoint - The well-known retail pharmacy chain, Lao Bai Xing, is experiencing increasing losses despite expanding its store network, raising concerns about its profitability and future strategies [2][3]. Financial Performance - In the first half of 2025, Lao Bai Xing reported a revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year [2]. - The gross profit margin for the first half of 2025 was 33.08%, a decline of 1.24% compared to the previous year [3]. - The company added 108 new stores, with a net increase of 305 franchise stores and a net decrease of 197 self-operated stores [3]. Market Competition - The decline in net profit is attributed to a drop in single-store revenue and intensified competition among pharmacies, leading to frequent promotions and price wars that compress profit margins [3]. - In the first quarter of 2025, the number of retail pharmacies in China continued to decrease, with a net reduction of approximately 3,000 stores, bringing the total below 700,000 [3]. Industry Trends - Major retail pharmacy companies, including Lao Bai Xing, have reported significant declines in net profit for 2024, with year-on-year decreases of 44.13% for Lao Bai Xing and 59.83% for Guoyao Yizhi [4]. - The trend of declining profits has persisted into the first quarter of 2025, with Lao Bai Xing's net profit down 21.98% [4]. Financial Risks - Lao Bai Xing's financial pressure is increasing, with short-term non-current liabilities amounting to 1.093 billion yuan and long-term borrowings of 1.321 billion yuan as of the first half of 2025 [6]. - The company's goodwill has surged to 5.763 billion yuan, while its net assets stand at only 6.733 billion yuan, raising concerns about potential goodwill impairment risks [6]. Management Insights - The decline in net profit is primarily due to the increase in new store numbers, the performance of new stores still in the growth phase, and the company's recognition of goodwill impairment losses [7]. Shareholder Actions - Following the release of poor financial results, Lao Bai Xing's controlling shareholder, Yao Yi Group, announced a plan to reduce its stake by up to 22.8029 million shares, approximately 3% of the total share capital, aiming to adjust its asset and financing structure [9]. - The group has engaged in multiple rounds of share pledging, with 62.04% of its shares pledged as of June 30, 2025, indicating a reliance on this financing method to alleviate short-term financial pressures [10].

Core Viewpoint - The well-known retail pharmacy chain, Lao Bai Xing, is experiencing increasing losses despite expanding its store network, raising concerns about its profitability and future strategies [2][3]. Financial Performance - In the first half of 2025, Lao Bai Xing reported revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year [2]. - The company's gross margin for the same period was 33.08%, a decline of 1.24% compared to the previous year [3]. - The retail revenue from pharmaceuticals decreased by 2.30% year-on-year, with a gross margin drop of 1.07% [3]. Store Expansion and Market Competition - Lao Bai Xing added 108 new stores in the first half of 2025, with a net increase of 305 franchise stores and a decrease of 197 direct-operated stores [3]. - The competitive landscape among pharmacies is intensifying, leading to frequent promotions and price wars that compress profit margins [3]. - The total number of retail pharmacies in China has been declining, with a net reduction of approximately 3,000 stores in the first quarter of 2025, bringing the total below 700,000 [3]. Debt and Goodwill Concerns - Lao Bai Xing's short-term non-current liabilities reached 1.093 billion yuan, and long-term borrowings amounted to 1.321 billion yuan in the first half of 2025 [6]. - The company's goodwill has surged to 5.763 billion yuan, while its net assets stood at 6.733 billion yuan, raising concerns about potential goodwill impairment risks if future acquisitions underperform [6]. Shareholder Actions - Following the release of disappointing financial results, Lao Bai Xing's controlling shareholder, the Pharmaceutical Group, announced a plan to reduce its stake by up to 22.8029 million shares, representing 3% of the total share capital, potentially raising around 451 million yuan [8]. - The Pharmaceutical Group has engaged in multiple rounds of share pledging and unpledging, with 62.04% of its shares pledged as of June 30, 2025, indicating a strategy to manage short-term liquidity pressures [9].

Core Viewpoint - The performance of listed chain pharmacies remains challenging in the first half of 2025, with signs of improvement emerging, particularly for the company "老百姓" which reported a slight recovery in revenue in the second quarter compared to the first quarter [2][3]. Financial Performance - "老百姓" achieved revenue of 10.774 billion yuan in the first half of 2025, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year [2][3]. - The decline in net profit is attributed to an increase in the proportion of new retail business sales, which led to a decrease in gross margin and an increase in R&D expenses [3]. - In the second quarter of 2025, revenue showed improvement, with a year-on-year decline of 1.14%, compared to a 1.88% decline in the first quarter [3]. Market Trends - The retail pharmacy market in China is under pressure, with a reported market size decline of 2.2% in 2024 and a 0.6% decrease in sales scale for physical retail pharmacies in the first half of 2025 [3]. - The industry is transitioning from rapid expansion to structural growth, focusing on quality rather than quantity [5]. Store Expansion Strategy - As of June 30, 2025, "老百姓" had a total of 15,385 stores, with a net increase of only 108 stores in the first half of 2025, marking a significant slowdown in expansion compared to previous years [5][6]. - The company is shifting its focus from direct store expansion to a mixed model of direct, franchise, and acquisition strategies, with a notable increase in franchise stores [5][6]. Cost Reduction and Efficiency Improvement - The company is emphasizing cost reduction and efficiency improvement, achieving a 165.92% year-on-year increase in net cash flow from operating activities [8]. - The application of big data and AI technologies is being prioritized to enhance operational efficiency and customer service [8][10]. R&D and Technological Advancements - R&D expenses surged by 8686.48% year-on-year to 36.89 million yuan, primarily due to the capitalization of R&D expenditures [10]. - The company is developing AI applications to optimize operations and improve customer service, including partnerships with external companies like Tencent Health [10]. Industry Outlook - The retail pharmacy industry is expected to face ongoing challenges, with a shift towards a more diversified and integrated service model, moving from merely dispensing medications to providing comprehensive health solutions [10].

Core Viewpoint - The performance of listed chain pharmacies remains challenging in the first half of 2025, with some signs of improvement, as companies adapt to a new phase of structural growth in the pharmaceutical retail industry [1][2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% [1][2]. - The decline in net profit is attributed to an increase in the proportion of new retail business sales, which led to a decrease in gross margin, as well as rising R&D expenses [2]. - Compared to the first quarter, the second quarter showed improvement, with revenue decline narrowing to 1.14% from 1.88% in the first quarter, and retail revenue growing by 0.20% [2]. Store Expansion and Business Model - The company has shifted its focus from rapid store expansion to structural adjustments for high-quality growth, with a net increase of only 108 stores in the first half of 2025, including a rare net decrease in direct stores [3][5]. - As of June 30, 2025, the company operated 15,385 stores, with 9,784 direct stores and 5,601 franchise stores [3]. Diversification and Cost Efficiency - The company is emphasizing diversification, particularly in non-pharmaceutical products, with a focus on health services and a significant increase in the proportion of franchise stores [5][6]. - The company aims to reduce costs and improve efficiency, achieving a 165.92% year-on-year increase in net cash flow from operating activities, primarily due to reduced procurement payments and lower wage expenses [7][8]. Technological Integration - The company is investing heavily in AI and big data to enhance operational efficiency and customer service, with R&D expenses surging by 8686.48% to 36.89 million yuan in the first half of 2025 [8]. - The company has developed multiple AI dialogue assistants to optimize various business operations and improve customer service [8]. Industry Outlook - The retail pharmacy industry is entering a new phase of structural growth, moving away from broad-based expansion to identifying specific growth opportunities in niche markets [1][3]. - The industry is expected to experience a "Matthew Effect," where stronger players will continue to dominate, necessitating a shift in value positioning from mere product sales to comprehensive health solutions [9].

Core Viewpoint - The financial performance of the leading chain pharmacy, Lao Bai Xing, has shown a decline in both revenue and net profit for the first half of 2025, indicating challenges in the retail pharmacy sector amid increased competition and operational changes [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 10.774 billion yuan, a year-on-year decrease of 1.51% [1]. - The net profit attributable to shareholders was 398 million yuan, down 20.86% compared to the previous year [1]. - The gross profit margin for the main business was 33.08%, a decline of 1.24 percentage points year-on-year [1]. Store Expansion and Market Strategy - The company is actively expanding into lower-tier markets, with 87% of new stores opened in cities below the prefecture level during the first half of 2025 [2]. - As of the end of the reporting period, stores in cities below the prefecture level accounted for 77% of the total store count [2]. - The number of franchise stores increased by 457, reaching a total of 5,601 [2]. Management Changes - The company experienced significant management turnover in 2025, with both the president and vice president resigning [2]. - The founder, Xie Zilong, has taken on the roles of both chairman and president following these departures [2]. - The high turnover rate in the executive team has raised concerns about stability, with multiple resignations noted in recent years [2]. Overall Industry Context - The overall performance of major listed chain pharmacies, including Lao Bai Xing, has been declining, with a notable drop in revenue and net profit for the year 2024 [3]. - The company’s major shareholder announced a significant share reduction plan, which was partially executed before being terminated [3]. - From June 20 to July 30, 2025, the major shareholder reduced their holdings by 18.11 million shares, amounting to 2.38% of the total shares, generating over 340 million yuan in cash [3].

公募基金方面，本期较上一期持股增加的公募基金共计2个，包括泰康丰盈债券A、路博迈中国医疗健 康股票发起A，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计3个，包括国泰医药 健康股票A、国泰大健康股票A、泰康医疗健康股票发起A，持股减少占比达0.24%。本期较上一季度新 披露的公募基金共计4个，包括南方中证1000ETF、鑫元聚鑫收益增强A、鑫元鑫领航混合A、红塔红土 盛商一年定期开放债券A。本期较上一季未再披露的公募基金共计7个，主要包括中欧医疗健康混合A、 南方 中证500 ETF、汇丰晋信新动力混合A、财通资管健康产业混合A、汇添富中证 互联网 医疗指数 (LOF)A等。 险资方向，本期较上一季度持股减少的险资共计1个，即中国人寿保险股份有限公司-传统-普通保险产 品-005L-CT001沪，持股减少占比小幅下跌。 2025年8月26日， 老百姓 (603883.SH)发布2025年半年度报告。截至2025年8月25日，共有14个机构投资 者披露持有老百姓A股股份，合计持股量达3.94亿股，占老百姓总股本的51.87%。其中，前十大机构投 资者包括老百姓医药集团有限公司、泽星投资有限公司、香港 ...