2022年以来，中国居民储蓄存款呈现爆发式增长，这并非简单的"不愿消费"那么简单，背后隐藏着更深层次的原因。 到2022年9月，住户部门存款总规模已 达空前绝后的115.7万亿元。与2021年前三季度相比，2022年前三季度住户存款增加13.21万亿元，而2021年同期仅增长8.49万亿元，同比多增了4.72万亿元 ——这一惊人的数字与同期居民人均消费支出的断崖式下跌形成鲜明对比。 面对存款激增、消费低迷的现状，一些专家建议进一步降低存款利率，以迫使居民将储蓄转化为消费，刺激经济复苏。事实上，自去年下半年以来，央行已 多次实施降准降息，目前国内银行存款利率普遍徘徊在3%以下，高利率产品更是凤毛麟角。然而，存款规模却依然持续攀升，这究竟是为什么呢？ 我们认为，这并非居民消费意愿下降导致的简单结果，而是多重因素共同作用的结果： 首先，2022年全国各地疫情反复，大范围的封控措施直接限制了居民的出行和消费。许多人被困在家中，只能依赖网购满足基本生活需求，导致线下消费大 幅萎缩。即使疫情好转，封控解除后，人们也保持着谨慎态度，尽量减少外出购物和娱乐活动。在这样的背景下，存款增加，消费减少便不足为奇。 其次，疫情反复带 ...

Core Viewpoint - The price of Moutai, once considered a luxury item, has significantly decreased, allowing consumers to purchase it at its original price of 1499 yuan, marking a shift in the market dynamics of the liquor industry [1][5][10]. Price Trends - In 2021, Moutai's market price soared to over 3000 yuan, with consumers often needing to rely on luck or connections to purchase it at retail price [3][5]. - Since late last year, Moutai's price has been on a downward trend, dropping from over 2800 yuan to 1499 yuan, with increased availability on e-commerce platforms [5][8]. Market Dynamics - The decline in Moutai's price is attributed to several factors, including reduced consumer spending on luxury items due to economic conditions, increased supply from the manufacturer, and a decrease in demand from public spending [5][6]. - Moutai's previous high prices were driven by its status as a social currency in China, but this bubble has burst as economic realities set in [6][9]. Industry Implications - Moutai's price reduction is expected to impact the entire liquor industry, as other high-end brands like Wuliangye and Guojiao may also need to lower their prices to remain competitive [8][9]. - The shift in pricing strategy may force liquor companies to focus more on quality, service, and value rather than relying on price increases for profitability [9][10]. Consumer Behavior - The price drop may change younger consumers' perceptions of liquor, making it more accessible and potentially increasing its consumption among this demographic [9][11]. - The return to a more reasonable price point for Moutai and other liquors could signal a broader market correction, moving away from speculative pricing [10][11].

Core Insights - The surge in Chinese household deposits reached 13.21 trillion yuan in the first three quarters of 2022, a significant increase of 4.72 trillion yuan compared to the same period last year, totaling an astonishing 22.77 trillion yuan in deposit growth. This contrasts sharply with a mere 35.3% household consumption rate, significantly lower than the international average of 60% [1][8]. Group 1: Factors Influencing Deposit Surge - The ongoing pandemic and economic downturn have heightened uncertainty about the future, leading individuals to prioritize savings as a risk management strategy. Many lost their income during lockdowns, realizing the importance of savings [3]. - The sluggish real estate market has also significantly impacted household deposits. The decline in housing demand due to economic pessimism has led families to postpone home purchases, with many cities experiencing a drop in housing prices to levels not seen in three to five years [3][4]. - A lack of safe and reliable investment channels has contributed to the increase in deposits. The stock market's volatility and poor performance of mutual funds have discouraged investment, making bank deposits a relatively safer option despite declining interest rates [6][8]. Group 2: Economic Context - The Chinese economy faced numerous challenges in 2022, including repeated pandemic disruptions that severely affected consumer markets. Strict lockdown measures led to a halt in offline consumption, with online shopping unable to compensate for the loss [4]. - Government support provided only basic necessities, forcing consumers to cut back on non-essential spending, further contributing to the increase in savings [4].

Core Points - The article highlights the life and experiences of Li Shijie, a 102-year-old veteran who participated in the Anti-Japanese War and the Liberation War, emphasizing his dedication and sacrifices for the country [3][4][5]. Group 1: Historical Context - Li Shijie was born in September 1922 in Heze, Shandong, and began participating in revolutionary activities at the age of 15, joining the Communist Party at 17 [3]. - He actively fought in various battles from 1937 onwards, including the Anti-Japanese War and the Liberation War, and settled in Guizhou after 1949 [3][4]. Group 2: Personal Experiences - Li recalls the harsh conditions during the war, including a lack of equipment and resources, yet he and his fellow militia members managed to conduct guerrilla warfare effectively [4][5]. - He experienced significant injuries during combat, including a bullet wound to his leg, which left him with a permanent disability [4][5]. Group 3: Community Support - Li emphasizes the importance of support from the local population, stating that the people's backing was crucial for their success in the war [5]. - His unit maintained strict discipline and built strong relationships with the local communities, ensuring they did not exploit the villagers [5]. Group 4: Post-War Contributions - After the war, Li Shijie contributed to local development in Guizhou, serving in various governmental roles, including as the head of the publicity department [6]. - He was involved in significant projects like the Hongfeng Hydropower Station, which continues to serve essential functions today [6]. Group 5: Legacy and Education - Li Shijie actively shares his war stories with his children and emphasizes the importance of remembering history, stating that today's peace is a result of past sacrifices [7]. - His family continues to honor his legacy by documenting and sharing his experiences, ensuring that the history of the Anti-Japanese War is not forgotten [7].

Core Viewpoint - The National Healthcare Security Administration has issued a notice to strengthen the management of designated medical institutions under the medical insurance system, emphasizing strict supervision of medical insurance funds to ensure the quality of healthcare services and protect patients' rights [1]. Group 1: Regulations for Designated Medical Institutions - Medical institutions applying to become designated under the insurance scheme must use drug and consumable traceability codes, ensuring comprehensive collection and payment based on these codes [2]. - Designated public medical institutions must adhere to government-guided pricing for basic medical services, while non-public institutions must commit to the same pricing standards and principles of fairness and quality [2]. - A six-month policy guidance period is established for newly designated institutions to comply with insurance management and payment policies, with penalties for violations during this period [2]. Group 2: Patient Rights and Service Standards - It is strictly prohibited to force patients to purchase drugs or consumables outside the institution or to discharge them prematurely based on insurance policies [5]. - Designated public medical institutions are required to procure drugs and consumables through provincial centralized procurement platforms, ensuring compliance with traceability codes [5]. - Institutions must provide necessary prescription services for drugs that are temporarily unavailable, ensuring smooth electronic prescription processes [5]. Group 3: Monitoring and Exit Mechanisms - The notice mandates enhanced monitoring of hospitalization behaviors for vulnerable groups, including those with chronic or special diseases, to ensure timely provision of insurance services [8]. - A robust exit mechanism for designated medical institutions is required, with strict penalties for fraudulent activities or failure to comply with documentation requirements [8]. - The management of healthcare professionals involved in insurance fund usage will be strengthened through a point-based system, leading to potential penalties for those accumulating excessive points [8].

老百姓大药房连锁股份有限公司 股票代码：603883 二〇二五年六月 目 录 担保的议案 议案 老百姓大药房连锁股份有限公司 股东大会会议须知 一、会议按照法律、法规、有关规定和《公司章程》的规定进行，请参会人 员自觉维护会议秩序，防止不当行为影响其他股东合法权益。 二、为能及时、准确地统计出席会议的股东（股东代理人）所代表的持股总 数，登记确认出席股东大会的各位股东或其代理人参会资格，各位股东及股东代 理人在股东大会参会登记日（2025 年 6 月 26 日-27 日）须先通过信函、电子邮 件方式登记。 三、参会股东及股东代理人须携带身份证明文件（身份证、营业执照等）及 相关授权文件办理现场会议登记手续及有关事宜。未能提供有效证明文件并办理 登记的，不得参加现场表决和发言。除出席本次会议的公司股东、董事、监事、 高级管理人员、公司聘请的见证律师、相关工作人员以及董事会邀请的人员外， 公司有权依法拒绝其他人员进入会场。 四、本次大会谢绝股东及股东代理人个人录音、拍照及录像，对扰乱会议的 正常秩序和会议议程、侵犯公司和其他股东及股东代理人的合法权益的行为，会 议工作人员有权予以制止，并及时报有关部门处理。 五、 ...

Core Viewpoint - The company is responding to an inquiry regarding its 2024 annual report, addressing concerns about revenue growth slowdown, net profit decline, and the stability of gross profit margins amidst industry challenges and regulatory changes [1][2]. Group 1: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year growth rates of 28.54%, 11.21%, and -0.36% respectively [2]. - The net profit attributable to shareholders for the same years was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with year-on-year changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin has shown stable growth, with the gross profit margin for 2024 at 41.4% compared to 39.6% in 2023 and 40.4% in 2022 [5]. Group 2: Industry Challenges - The pharmaceutical retail industry is experiencing revenue stagnation and profit pressure due to ongoing medical reforms, stricter insurance regulations, and increased market competition [3][4]. - The number of retail pharmacies in China reached 675,000 by the end of 2024, reflecting a growth of 1.21% from the previous year, indicating intensified competition in the market [4]. Group 3: Strategic Adjustments - In response to market conditions, the company has increased the number of self-built and franchised stores to enhance market share, with the total number of stores reaching 14,684 in 2024, up from 10,268 in 2022 [4]. - The company is shifting its product strategy towards traditional Chinese and Western medicines, with sales of these products accounting for 79.1% of total revenue in 2024 [5]. - The company has implemented measures to optimize its supply chain and improve operational efficiency, including a focus on private label products, which generated sales of 3.54 billion RMB in 2024, accounting for 22% of total sales [5][6]. Group 4: Goodwill and Asset Management - The company has a significant goodwill balance of 5.756 billion RMB as of the end of 2024, representing 27.35% of total assets, necessitating careful management and impairment testing of goodwill [2][3]. - The company conducts goodwill impairment tests based on asset groups defined by operational units, ensuring compliance with accounting standards [6][8].

Core Viewpoint - The company, Lao Bai Xing Pharmacy, has experienced significant fluctuations in performance over recent years, with stable growth in gross profit margin despite a decline in net profit and revenue growth slowdown. The company faces challenges from industry competition and regulatory changes in the healthcare sector [2][4]. Financial Performance - Revenue for the years 2022 to 2024 was reported as follows: 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year changes of 28.54%, 11.21%, and -0.36% respectively. Net profit for the same period was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin for the years was 31.88%, 32.56%, and 32.50% [2]. Business Strategy and Market Conditions - The company has been increasing the number of self-built and franchised stores to enhance market share, with total store numbers reaching 15,277 in 2024, up from 13,574 in 2023 and 10,783 in 2022 [6]. - The company is also focusing on online sales channels, with public domain B2C and O2O sales accounting for 10.3% of total revenue in 2024, up from 9.3% in 2023 and 6.6% in 2022 [6]. - The company has adjusted its product strategy to focus more on traditional Chinese and Western medicine, with sales of traditional Chinese and Western medicine accounting for 77.5% of total revenue in 2024 [7]. Industry Challenges - The retail pharmacy market is facing a slowdown in growth, with the total retail pharmacy market sales reaching 528.2 billion RMB in 2024, a year-on-year decline of 2.2% [5]. - The industry is experiencing increased competition, with a total of 675,000 pharmacies in China as of the end of 2024, serving an average of 2,000 people per pharmacy, compared to 5,000 in the United States [5]. Goodwill and Impairment - As of the end of 2024, the company's goodwill balance was 5.756 billion RMB, accounting for 27.35% of total assets. The company recognized a goodwill impairment provision of approximately 0.108 billion RMB for the year [2]. - The company classifies its goodwill based on regional divisions, and the impairment testing process is conducted in accordance with accounting standards [8][10]. Operational Efficiency - The company has implemented measures to improve operational efficiency, including restructuring product selection strategies, enhancing digital product introductions, and optimizing supply chain costs [7]. - The company’s gross profit margin has shown a continuous increase, with a comprehensive gross profit margin of 36.4% in 2024, up from 35.7% in 2023 [7].

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。 ? 会议召开方式：上证路演中心视频直播和网络互动 证券代码：603883 证券简称：老百姓 公告编号：2025-030 老百姓大药房连锁股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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 重要内容提示： ? 会议召开时间：2025 年 6 月 30 日(星期一)上午 10:00-11:30 ? 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） ? 投资者可于 2025 年 6 月 23 日(星期一)至 6 月 27 日(星期五)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@lbxdrugs.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 老百姓大药房连锁股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大 ...

就上海证券交易所上市公司管理一部 《关于对老百姓大药房连锁股份有限公司 2024 年年度报告的信息披露监管问询函》第 1、 2、3、4 条中部分财务报表项目问询意见的专项说明 上海证券交易所上市公司管理一部： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了老百姓 大药房连锁股份有限公司（以下简称"老百姓大药房"或"公司"）2024 年度按照企业会计 准则编制的财务报表，并于 2025 年 4 月 29 日出具了编号为安永华明（2025）审字第 70053916_P01 号的无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理层的责任。我们对老百姓大药房 2024 年度的财务报表执行审计程序的目的，是对老百姓大药房的财务报表是否在所有重大 方面按照企业会计准则的规定编制，是否公允反映了老百姓大药房 2024 年 12 月 31 日的合 并及公司财务状况以及 2024 年度的合并及公司经营成果和现金流量发表审计意见，不是对 上述财务报表中的个别项目的金额或个别附注单独发表意见。 根据上海证券交易所上市公司管理一部以下简称（"贵部"）出具的《关于对老百姓大药 房连锁股份有限公 ...