Core Viewpoint - The pharmaceutical retail industry is undergoing a structural transformation, moving from extensive growth driven by scale expansion to a focus on quality optimization and efficiency enhancement. Major chain pharmacies are adjusting their strategies to improve existing store performance rather than aggressively expanding their number of stores [1][4]. Financial Performance - In the first half of 2025, six major listed chain pharmacies showed a polarized performance, with Dazhenlin and Shuyupingmin achieving growth in both revenue and net profit, while Laobaixing and Yixintang experienced declines [1][5]. - Dazhenlin reported revenue of 135.22 billion yuan, a year-on-year increase of 1.33%, and a net profit of 7.98 billion yuan, up 21.38% [2][5]. - Shuyupingmin's revenue and net profit were 48.81 billion yuan and 3625.09 million yuan, respectively, reflecting increases of 1.30% and 49.83% [5][6]. - Conversely, Laobaixing's revenue decreased by 1.51% to 107.74 billion yuan, with a net profit drop of 20.86% to 3.98 billion yuan [2][6]. Store Expansion Trends - Dazhenlin continued to expand its store count, adding 280 stores, although this growth rate has significantly slowed compared to previous years. Yixintang and Jianzhijia saw a net decrease in store numbers [1][9]. - The overall trend indicates a shift towards optimizing existing stores rather than aggressive new openings, with many companies reporting a reduction in the pace of store expansion [9][10]. Market Dynamics - The pharmaceutical retail market is currently experiencing a profound transformation, with a slight decline in overall market size. From January to May 2025, the market size was approximately 215.2 billion yuan, down 1.3% year-on-year [7]. - The market is characterized by significant disparities in store growth, with only 35% of stores achieving positive growth and about one-third experiencing declines of over 15% [7]. Strategic Adjustments - Companies are focusing on enhancing supply chain efficiency, strengthening professional pharmaceutical services, and optimizing digital operations to improve competitiveness [4][11]. - The shift towards diversified services and professional capabilities is becoming a key growth driver in the industry [4][11]. Digital Transformation - The integration of digital technologies is reshaping the pharmaceutical retail landscape, with O2O (Online to Offline) sales becoming a significant growth engine. In the first half of 2025, major chain pharmacies reported substantial increases in O2O sales [13][15]. - Companies like Laobaixing and Dazhenlin are leveraging AI technologies to enhance customer service and operational efficiency, with Laobaixing emphasizing AI as a strategic priority [15][16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's online retail business is experiencing rapid growth, leading to stabilization in retail operations for Q2 2025 [6] - In H1 2025, the company reported revenue of 10.774 billion yuan (down 1.51% year-on-year) and a net profit attributable to shareholders of 398 million yuan (down 20.86% year-on-year) [4][12] - The increase in online business proportion has resulted in changes in overall gross margin [12] Financial Performance Summary - For H1 2025, the gross margin was 33.08% (down 1.24 percentage points year-on-year), with a net profit margin of 3.69% (down 0.90 percentage points year-on-year) [12] - In Q2 2025, the gross margin was 31.91% (down 1.50 percentage points year-on-year), with a net profit margin of 2.76% (down 0.60 percentage points year-on-year) [12] - The company's revenue from pharmaceutical retail in H1 2025 was 8.815 billion yuan (down 2.30% year-on-year), with a corresponding gross margin of 37.34% (down 1.07 percentage points year-on-year) [12] - The company expects revenues of 24.213 billion yuan, 26.867 billion yuan, and 30.323 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.30%, 10.96%, and 12.86% [12][15] Cost Structure and Efficiency - The overall expense ratio has shown a declining trend under refined management, with a sales expense ratio of 21.88% (up 0.07 percentage points year-on-year) and a management expense ratio of 4.62% (down 0.29 percentage points year-on-year) for H1 2025 [13] - The total expense ratio for the period was 27.49% (down 0.04 percentage points year-on-year) [13] Market Position and Future Outlook - The company is focusing on enhancing its market position by leveraging its strengths in the pharmaceutical retail ecosystem [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.93 yuan, 1.09 yuan, and 1.36 yuan respectively [12][15]

Key Insights - The report highlights significant growth in the performance of several companies, including Cambrian (688256), Zhejiang Dingli (603338), Juhua (600160), and Laobaixing (603883), with each company showing strong revenue and profit increases in the second quarter of 2025 [3][6][13][18][22]. Group 1: Cambrian (688256) - Cambrian reported a substantial increase in revenue for the first half of 2025, achieving 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a return to profitability [6][7]. - In Q2 2025, Cambrian's revenue reached 1.769 billion yuan, up 4425.01% year-on-year and 59.19% quarter-on-quarter, with a net profit of 683 million yuan, reflecting a year-on-year increase of 324.97% and a quarter-on-quarter increase of 92.03% [6][7]. - The company plans to raise 3.985 billion yuan through a private placement to invest in software and hardware platform projects, which is expected to enhance its R&D capabilities and product upgrades [9][11]. Group 2: Zhejiang Dingli (603338) - Zhejiang Dingli achieved a revenue of 4.336 billion yuan in the first half of 2025, a year-on-year increase of 12.35%, and a net profit of 1.052 billion yuan, up 27.63% [13][14]. - The company experienced growth in overseas revenue, with a 21.25% increase in its main business income from international markets, despite a decline in overall exports in the industry [14][15]. - R&D investment reached 144 million yuan, a year-on-year increase of 21.82%, focusing on innovative technologies in electric, green, digital, and unmanned developments [15][16]. Group 3: Juhua (600160) - Juhua reported a revenue of 13.331 billion yuan in the first half of 2025, a 10.36% increase year-on-year, and a net profit of 2.051 billion yuan, up 146.97% [18][19]. - The company benefited from rising refrigerant prices, with significant price increases for various products, including R22 and R32, which saw year-on-year increases of 18.33% and 66.20%, respectively [19][20]. - Juhua's production quotas for refrigerants are highly concentrated, positioning the company to benefit from ongoing industry demand and supply tightening [20][21]. Group 4: Laobaixing (603883) - Laobaixing's revenue for the first half of 2025 was 10.774 billion yuan, a slight decrease of 1.51% year-on-year, with a net profit of 398 million yuan, down 20.86% [22][23]. - The company is expanding its franchise business and focusing on new retail strategies, with online sales growing by approximately 32% year-on-year [23][24]. - Laobaixing's store network optimization includes a net increase of 305 franchise stores, while reducing the number of direct stores, indicating a strategic shift towards a franchise model [24].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on operating performance but is expected to show a long-term stable growth trend, hence the "Buy" rating is maintained [5] - For the first half of 2025, the company achieved revenue of 10.774 billion yuan (down 1.51% year-on-year) and a net profit attributable to shareholders of 398 million yuan (down 20.86% year-on-year) [5] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 714 million yuan, 806 million yuan, and 918 million yuan for 2025, 2026, and 2027 respectively [5] Financial Performance Summary - In H1 2025, the company's gross margin was 33.08% (down 1.24 percentage points), and the net profit margin was 4.42% (down 0.96 percentage points) [5] - The sales expense ratio for H1 2025 was 21.88% (up 0.07 percentage points), while the management expense ratio was 4.62% (down 0.29 percentage points) [5] - The company’s revenue from pharmaceutical retail in H1 2025 was 8.815 billion yuan (down 2.30%), with a gross margin of 37.34% (down 1.07 percentage points) [6] Store Expansion and Market Strategy - As of H1 2025, the company operated a total of 15,385 stores, with 9,784 being direct-operated and 5,601 being franchised [7] - The company added 504 new stores during the reporting period, with 87% of the new stores located in lower-tier cities, indicating strong momentum in market expansion [7] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are 22.76 billion yuan, 23.63 billion yuan, and 24.92 billion yuan respectively, with year-on-year growth rates of 1.8%, 3.8%, and 5.4% [8] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.94 yuan, 1.06 yuan, and 1.21 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.3, 17.2, and 15.0 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6]. Core Views - The company is optimizing its store network and continuously advancing in the new retail sector, which is expected to improve its performance gradually [2][6]. - The company reported a revenue of 10.774 billion yuan in H1 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. However, the decline in revenue and profit has narrowed compared to Q1 [6]. - The company is expanding its franchise business steadily, with a focus on new retail ecosystems. In H1 2025, the pharmaceutical retail business generated 8.815 billion yuan in revenue, a decrease of 2.30% year-on-year, while franchise and alliance businesses achieved 1.860 billion yuan, an increase of 1.16% year-on-year [6]. - The company is optimizing its direct store network while focusing on franchise market expansion. As of H1 2025, the total number of stores reached 15,385, with a net increase of 108 stores in the first half of the year [6]. - The company is expected to see a gradual improvement in performance, with projected net profits for 2025-2027 being 6.92 billion yuan, 7.99 billion yuan, and 9.09 billion yuan, respectively [6]. Summary by Relevant Sections Financial Performance - In 2022, the company's main revenue was 20.176 billion yuan, with a year-on-year growth of 28.5%. For 2023, the revenue is projected at 22.437 billion yuan, reflecting an 11.2% growth. However, a slight decline of 0.4% is expected in 2024 [4]. - The net profit attributable to shareholders was 785 million yuan in 2022, with a growth of 17.3%. The profit is expected to drop to 519 million yuan in 2024, a decrease of 44.1%, before recovering to 692 million yuan in 2025 [4]. - The gross profit margin is projected to be 32.98% in 2025, slightly decreasing from 33.17% in 2024 [4]. Market Strategy - The company is focusing on enhancing its professional pharmaceutical services, with 94.23% of its direct stores being traditional Chinese medicine stores and 42.32% being outpatient coordination stores [6]. - The company aims to capture market opportunities through a franchise model, which allows for market share expansion while reducing asset-heavy risks [6]. Future Outlook - The company is expected to maintain a steady growth trajectory in the new retail sector, with significant improvements anticipated in its operational reforms [6]. - The earnings per share (EPS) are projected to be 0.91 yuan in 2025, increasing to 1.20 yuan by 2027 [4].

Summary of Key Points Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on expanding its store network and enhancing online sales capabilities to drive future growth [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 10.77 billion yuan, a year-over-year decrease of 1.5%, and a net profit attributable to shareholders of 400 million yuan, down 20.9% year-over-year [1]. - The gross margin for H1 2025 was 33.1%, a decline of 1.2 percentage points, attributed to the increased sales proportion of new retail business [1]. - The company’s Q2 2025 revenue was 5.34 billion yuan, with a net profit of 150 million yuan, reflecting a year-over-year decrease of 18.9% [1]. Group 2: Store Expansion and Online Sales - As of H1 2025, the company had a total of 15,385 stores nationwide, with a net increase of 108 stores, primarily driven by a net increase of 305 franchise stores [2]. - Online sales reached approximately 1.49 billion yuan in H1 2025, representing a year-over-year growth of 32% [2]. - The company’s O2O and B2C sales ranked fourth and third in the market, respectively, showcasing its competitive strength in the new retail sector [2]. Group 3: Brand Innovation and Product Strategy - The company continues to innovate its private label brands, focusing on optimizing product categories and enhancing cost-performance [3]. - In H1 2025, sales from self-owned brand stores (excluding DTP) amounted to 1.76 billion yuan, accounting for approximately 23% of total sales, an increase of 1.5 percentage points [3]. Group 4: Investment Outlook - Revenue projections for 2025-2027 are estimated at 22.43 billion, 23.71 billion, and 25.17 billion yuan, with corresponding growth rates of 0.3%, 5.7%, and 6.2% [4]. - The expected net profit for the same period is 690 million, 750 million, and 850 million yuan, with growth rates of 33.3%, 9.0%, and 12.5% [4].

证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 27 日 [Table_Title] 药品零售业务承压，区域深耕与新零售布局成 效显著 [Table_Title2] 老百姓(603883) [Table_Summary] 事件概述 2025H1 公司实现营收 107.7 亿元（yoy-1.5%），归母净利润 4.0 亿元（yoy -20.9% ），扣非 归母净利 润 3.8 亿 元（yoy - 20.9%）。单 Q2 营收 53.4 亿元（yoy-1.1%），归母净利润 1.5 亿 元（yoy-18.9%），扣非归母净利润 1.4 亿元（yoy-19.6%）。 盈利能力方面，2025H1 公司毛利率 33.1%（-1.2pcts），下滑系 新零售业务销售占比增加，归母净利率 3.7%（-0.9pcts），扣 非归母净利率 3.5%（-0.9pcts）；单 Q2 毛利率 31.9%（- 1.5pcts），归母净利率 2.8%（-0.6pcts），扣非归母净利率 2.6 （-0.6pcts）。 费用率方面，2025H1 公司销售费用率 21.9%（+0.1pcts），管理 费用率 4 ...

老百姓大药房连锁股份有限公司 2025 年半年报解读会纪要（2025 年 8 月） 一、会议情况 （一）会议时间：2025 年 8 月 25 日 20:00-21:00 （二）会议形式：电话会议 （三）参会人员： 1. 公司参会人员： 董事长、总裁 谢子龙 董事长特别助理 黄勇军 副总裁 党娴 副总裁 林欢 副总裁 郭晓伟 副总裁 万鑫 财务负责人 陈立山 公域运营总监 王宁宁 董事会秘书 冯诗倪 2. 机构参会人员： 中信证券、中信建投、东吴证券、中金公司、东海证券、浙商证券、华创证券、国 盛证券、招商证券、开源证券、国泰海通、国金证券、国海证券、财信证券、广发证券、 民生证券、平安证券、东北证券、华创证券、兴业证券、中邮证券、中泰证券、信达证 券、西部证券、华福证券、华安证券、华泰证券、招银国际、光大证券、申万宏源、东 方证券、前海开源基金、富达基金、兴证全球基金、招银理财、安联资管、雪石资产、 东方证券资产、华泰资产、人保资产、精至资产、上海泾溪投资、君和立成投资、苏州 高新私募、大家资产、慎知资产、青榕资产、混沌天成资产、晨曦投资、新华资产、广 东德汇投资、成都火星资产、上海弘尚投资、混沌投资、上汽颀 ...

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].