《关于老百姓大药房连锁股份有限公司 股票交易异常波动情况的问询函》的回函 老百姓大药房连锁股份有限公司： 实际控制人:陈秀兰 2024 年 9 月 4 日 《关于老百姓大药房连锁股份有限公司股票交易异常波动情况 的问询函》已收悉，本人作为老百姓大药房连锁股份有限公司（以 下简称"上市公司"）实际控制人，经认真自查，现就相关事项回 复如下： 除已披露事项外，截止目前，本人不存在影响公司股票交易异 常波动的重大事项，不存在其他与上市公司有关的应披露而未披露 的重大信息，包括但不限于重大资产重组、发行股份、上市公司收 购、债务重组、业务重组、资产剥离和资产注入、股份回购、股权 激励、破产重组、重大业务合作、引进战略投资者等重大事项。本 人在上市公司本次股票交易异常波动期间，不存在买卖上市公司股 票的情况。 特此函复。 ...

《关于老百姓大药房连锁股份有限公司 股票交易异常波动情况的问询函》的回函 老百姓大药房连锁股份有限公司： 《关于老百姓大药房连锁股份有限公司股票交易异常波动情况 的问询函》已收悉，本公司作为老百姓大药房连锁股份有限公司 （以下简称"上市公司"）控股股东，经认真自查，现就相关事项 回复如下： 除已披露事项外，截止目前，本公司不存在影响公司股票交易 异常波动的重大事项，不存在其他与上市公司有关的应披露而未披 露的重大信息，包括但不限于重大资产重组、发行股份、上市公司 收购、债务重组、业务重组、资产剥离和资产注入、股份回购、股 权激励、破产重组、重大业务合作、引进战略投资者等重大事项。 本公司在上市公司本次股票交易异常波动期间，不存在买卖上市公 司股票的情况。 特此函复。 老百姓医药集团有限公司 2024 年 9 月 4 日 ...

F原证券 医药生物/医药商业 公 司 研 究 老百姓（603883.SH） 2024 年 09 月 04 日 2024H1 利润端短期承压，毛利率稳中有进 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 | --- | --- | |-------------------------|-------------| | 日期 | 2024/9/3 | | 当前股价 ( 元 ) | 13.46 | | 一年最高最低 ( 元 ) | 36.90/11.90 | | 总市值 ( 亿元 ) | 102.33 | | 流通市值 ( 亿元 ) | 102.02 | | 总股本 ( 亿股 ) | 7.60 | | 流通股本 ( 亿股 ) | 7.58 | | 近 3 个月换手率 (%) | 142.69 | 股价走势图 -48% -24% 0% 24% 48% 72% 2023-09 2024-01 2024-05 老百姓 沪深300 数据来源：聚源 相关研究报告 《业绩稳健增长，持续加深优势区域 布 局 — 公司信息更新报告》 -202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 10.94 billion yuan in H1 2024, representing a year-on-year increase of 1.19%, while the net profit attributable to shareholders was 503 million yuan, down 2.05% [3] - The Torch Project has shown significant effectiveness in improving gross margins, with a gross margin of 34.32% in H1 2024, an increase of 1.6 percentage points [3] - The company continues to expand its presence in advantageous provinces and deepen its penetration into lower-tier markets, with a total of 14,969 stores as of H1 2024, including 9,923 direct-operated stores [4] Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 20,176 in 2022 to 32,867 in 2026, with a CAGR of 18.46% [2] - Net profit attributable to shareholders is expected to increase from 784.96 million yuan in 2022 to 1,719.18 million yuan in 2026, reflecting a growth rate of 27.68% [2] - The latest diluted EPS is projected to rise from 1.03 yuan in 2022 to 2.26 yuan in 2026, indicating a strong upward trend [2] Business Segment Overview - Retail business revenue in H1 2024 was 9.022 billion yuan, with a gross margin of 38.41%, up 1.33 percentage points [3] - The revenue from Chinese and Western medicine reached 8.859 billion yuan, with a gross margin of 32.21%, while non-pharmaceutical revenue was 1.374 billion yuan, down 17.23% [3] Strategic Initiatives - The company is focusing on a multi-faceted growth strategy involving direct operations, acquisitions, franchises, and alliances to enhance market penetration [4] - As of H1 2024, 76% of the company's stores are located in prefecture-level cities and below, with 79% of newly opened stores in these areas [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1,043 million, 1,346 million, and 1,719 million yuan respectively, corresponding to PE valuations of 10, 8, and 6 times [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 10.94 billion yuan in the first half of 2024, a year-on-year increase of 1.19%, while the net profit attributable to shareholders was 503 million yuan, down 2.05% year-on-year [10][11] - The gross margin for the first half of 2024 was 34.32%, an increase of 1.59 percentage points year-on-year, with specific segments showing improvements: Western and Chinese medicine gross margin at 32.21% (up 2.18pp), Chinese medicine at 50.10% (up 0.81pp), and non-pharmaceuticals at 39.77% (up 1.18pp) [11][12] Financial Performance - The company achieved a revenue of 10.94 billion yuan in H1 2024, with a net profit of 503 million yuan [10] - The gross margin increased to 34.32% in H1 2024, compared to the previous year [11] - The company’s total shares are 760.23 million, with a circulating market value of approximately 10.23 billion yuan [6] Store Expansion and Management - As of June 2024, the company had 14,969 stores, including 9,923 direct-operated and 5,046 franchised stores, with 1,625 new stores added in H1 2024 [11] - The company is actively pursuing outpatient coordination qualifications for its stores, with 5,028 stores having obtained such qualifications by June 2024 [11] Business Model and Partnerships - The company is a leader in the franchise business within the industry, focusing on lower-tier markets, achieving a distribution sales volume of approximately 1.08 billion yuan in H1 2024 [11] - The alliance business has also seen significant growth, with a 92.4% year-on-year increase in distribution sales volume to approximately 18 million yuan [11] Earnings Forecast and Valuation - The company’s projected revenues for 2024-2026 are 23.36 billion, 25.70 billion, and 29.19 billion yuan, with corresponding growth rates of 4.10%, 10.05%, and 13.56% [12] - The net profit attributable to shareholders is expected to be 979 million, 1.13 billion, and 1.35 billion yuan for the same period, with growth rates of 5.35%, 15.92%, and 18.66% respectively [12]

Investment Rating - Maintains an "Overweight" rating [2][3] - Target price adjusted to CNY 17.50, down from CNY 30.08 [5] Core Views - Revenue growth slowed in 2024H1, with total revenue reaching CNY 10.94 billion (+1.19%) and net profit attributable to shareholders at CNY 503 million (-2.05%) [3] - Retail and wholesale growth in 2024Q2 was +0.59% and +2.62%, respectively, with Western and Chinese patent medicines growing by +3.7% [3] - Outpatient coordination contributed positively, with 3,720 coordinated stores accounting for 32.42% of directly operated stores, boosting sales by 9.7% compared to non-coordinated stores [3] - Gross margin improved due to the "Torch Project," with Q1/Q2 gross margins increasing by +2.2pp and +1.0pp, respectively [3] - Self-built stores accounted for 86% of new directly operated stores in 2023-2024H1, impacting short-term profitability but expected to improve in the future [3] - The company announced a shareholder return plan, with a minimum cash dividend payout ratio of 50% of net profit attributable to shareholders from 2024-2026 [3] Financial Summary - Revenue for 2024E is projected at CNY 22.763 billion (+1.5%), with net profit attributable to shareholders at CNY 947 million (+1.9%) [4] - EPS for 2024E is forecasted at CNY 1.25, down from the previous estimate of CNY 1.47 [3] - ROE for 2024E is expected to be 13.0%, with a gross margin of 35.1% [4] - The company's total number of stores reached 14,969, including 5,046 franchised stores, with 88% of new stores opened in advantageous regions [3] Industry and Market Data - The company operates in the pharmaceutical/consumer staples sector [4] - The 52-week stock price range is CNY 12.00-36.27, with a current market capitalization of CNY 10.263 billion [6] - The current P/E ratio is 10.84x, and the P/B ratio is 1.41x [4] Comparable Company Valuation - The average P/E ratio for comparable companies in 2024E is 15x, with Yunnan Baiyao at 21x and Yifeng Pharmacy at 15x [12]

证券代码：603883 证券简称：老百姓 老百姓大药房连锁股份有限公司 2024 年半年报解读会纪要 一、会议情况 1.公司参会人员： 总裁 王黎 资管、鹤禧投资、荷荷(北京)私募、永安国富、和谐汇一资管、阿尔法基金、 道翼、大众合邦、大朴资产、大道至诚、大成基金、博远基金、天治基金、三 井住友德思资管、勤远私募、清池资本、青榕资管、青骊投资、平安资管、鹏 扬基金、凯岩投资、凯丰投资、玖鹏资管、景顺长城、景林资管、建信养老 金、嘉实基金、惠理、汇添富、富达基金、敦和资管、Zeal Asset Management Limited 、 UBS 、 Tairen 、 Superstring Capital Management LP 、 Prime Capital Management Company Limited 、 Point72 、 Pinpoint Asset Management Limited 、 OLP Capital Management Limited 、 NSR 、 North Oakridge Asset Management Limited 、 Nomura Asset Manageme ...

老百姓大药房连锁股份有限公司 章 程 （2024年8月修订） 老百姓大药房连锁股份有限公司章程 老百姓大药房连锁股份有限公司章程 第一章 总 则 第一条 为维护老百姓大药房连锁股份有限公司（以下简称"公司"）、股东 和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司经湖南省商务厅批准，由老百姓大药房连锁有限公司整体变更设立，在湖南 省工商行政管理局注册登记，取得营业执照 ，营业执照号：91430000782853875C。 公司于2017年8月18日经中国证监会核准，以非公开发售方式向特定投资者发行 人民币普通股（A股）17,945,266股。 第三条 公司于2015年4月2日经中国证券监督管理委员会(以下简称"中国证 监会")核准，首次向社会公众发行人民币普通股 6700 万股，于2015年4月23日在上 海证券交易所上市。 第四条 公司注册名称：老百姓大药房连锁股份有限公司。英文名称：LBX Pharmacy ...

证券代码：603883 证券简称：老百姓 公告编号：2024-049 老百姓大药房连锁股份有限公司关于 2024年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 （二）募集资金使用和结余情况 截至2024年6月30日，2024年半年度（以下简称"报告期"）使用募集资金 人民币178,213,402元，公司累计使用募集资金人民币1,351,319,106元，公司 尚未投入募投项目的募集资金余额（募投项目尾款）共计人民币386,858,696元 （含募集资金银行存款产生的利息并扣除银行手续费支出），其中募集资金存 放专项账户的余额人民币86,858,696元，暂时补充流动资金人民币300,000,000 元。 二、募集资金管理情况 为规范公司募集资金管理和使用，保护投资者权益，按照《中华人民共和国公 司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》《上市公司监 管指引第2号——上市公司募集资金管理和使用的监管要求（2022年修订）》和《 上海证券交易所 ...

关于 2024 年半年度主要经营数据的公告 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。 根据上海证券交易所发布的上市公司分行业信息披露指引及《关于做好主板 上市公司2024年半年度报告披露工作的重要提醒》等相关要求，现将老百姓大药 房连锁股份有限公司（以下简称"公司"）2024年半年度主要经营数据披露如下： 一、报告期末主要经营数据 1、主要会计数据 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 增减变动幅度(%) | | | --- | --- | --- | --- | | 营业收入 | 10,939,662,786 | | 1.19 | | 归属于上市公 | | | | | 司股东的净利 | 502,704,433 | | (2.05) | | 润 | | | | | 归属于上市公 | | | | | 司股东的扣除 | 481,786,017 | | (1.79) | | 非经常性损益 | | | | | 的净利润 | | | | | 经营活动产生 | | | | | 的现金流量净 | 6 ...