近日，财政部、中国人民银行、金融监管总局印发《个人消费贷款财政贴息政策实施方案》，包括国有 大型银行、股份制银行、消费金融公司等数十家金融机构火速响应，明确将按照市场化、法治化原则， 自9月1日起对符合要求的个人消费贷款实施贴息。 简单说，这个政策就是国家为百姓消费"省点利息"——消费者向银行等金融机构借入个人消费贷款，只 要符合条件，国家会通过财政补贴，减免一部分贷款利息，减轻还款压力。 那么，如何才能领到这笔"国补"呢？这是很多网友关心的问题。《金融时报》近期就收到网友"夢以醒 88"提问：怎么申请？对征信有没有要求？ 最后，划重点：这三件事一定要注意！ 一是别跟风借钱：虽然有补贴、利息低，但一定要想清楚"是不是真的需要"。比如你本来不打算换车， 别因为有补贴就硬借钱买，毕竟贷款还是要还的，得根据自己和家里的收入情况来定，别让债务压得 慌。 二是钱不能乱花：贷款只能用在"消费"上，绝对不能拿去买股票、基金、理财，或者借给别人，一旦被 银行查到用途违规，可能会收回贷款，还会影响征信。 其次，怎么申请？会不会很麻烦？ 主要由银行对接，不用跑政府部门。步骤很简单：先找银行等机构借入消费贷——像平时申请消费贷一 ...

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].

越开店越亏？ 【导读】 知名连锁药店，越开店越亏？ 见习记者 荧墨 8 月 25 日晚间， 零售龙头老百姓 （ 603883.SH ）发布 2025 年中期业绩报告。数据显 示，报告期内，老百姓实现营业收入 107.74 亿元，同比下降 1.51% ；归母净利润为 3.98 亿元，同比下降 20.86% 。 对于归母净利润同比下滑的原因，老百姓在中期报告中指出，系新零售业务销售占比增加导 致毛利率同比下降及研发费用化金额同比增加。 如今，从扩张狂欢中走出来的连锁药店，却面临着与日俱增的盈利压力。门店赚钱越来越 难，药店上市企业要如何才能走出困境？ 中期业绩公告显示， 2025 年上半年，老百姓实现毛利率 33.08% ，同比下降 1.24% ；净 增加门店 108 家，其中加盟门店净增加 305 家，直营门店净减少 197 家。 为什么持续的门店扩张却换来净利润的大幅下滑？一方面，老百姓的单店营收在下滑：报告 期内，该公司的医药零售营业收入同比下滑 2.30% ，毛利率同比下滑 1.07% 。 另一方面，各药房在各区域内的竞争日趋白热化，频繁的促销与价格战同样压缩着利润空 间。根据中康数据统计， 2025 年 ...

部分上市连锁药房上半年业绩依然不容乐观，但也有转好迹象。 近年来，零售药店面临医保、客流、利润多方面挑战，整体承压前行。中康CMH数据显示，2024年全 国零售药店市场规模同比下降2.2%。另外药智数据显示，2025上半年实体零售药房销售规模达2123亿 元，同比下降0.6%。 在此背景下，多家连锁药房的业绩并不理想。2024年，几家上市连锁药房业绩开始出现两极分化的情 况，老百姓首次出现营收净利双降的局面。今年上半年，这一趋势被延续，报告期内，实现营收107.74 亿元，同比下降1.51%，归母净利润3.98亿元，同比下降20.86%。 对于业绩的下滑，老百姓指出，归母净利润的下降主要系本期新零售业务销售占比增加导致毛利率同比 下降及研发费用化同比增加影响。 而在营收方面，二季度相较一季度已有所好转。2025年第二季度营业收入同比下降1.14%，与第一季度 营业收入同比下降1.88%相比有所好转；医药零售收入同比增长0.20%，与2025年一季度环比增长4.82个 百分点。 "从整个大盘看，目前并不太利于连锁药店的发展，他们的业绩能持平或者略有增长已经很好了，很难 再像之前那样高速增长。因此，对企业而言，核 ...

21世纪经济报道记者 闫硕 部分上市连锁药房上半年业绩依然不容乐观，但也有转好迹象。 8月25日，上市连锁药房老百姓发布2025年半年报。报告期内，实现营业收入107.74亿元，同比下降 1.51%；实现归属于上市公司股东的净利润3.98亿元，同比下降20.86%；实现归属于上市公司股东的扣 除非经常性损益的净利润3.81亿元，同比下降20.89%。 营收净利的"双降"延续了2024年的趋势。不过与一季度相比，老百姓在二季度总营收、医药零售业务营 收方面均有所好转。 这背后是老百姓的积极转型，一方面不再以规模"论英雄"，上半年净增门店仅108家，其中直营门店罕 见地实现净减少；另一方面，其在追求多元化的同时，也强调将本增效，并开始讲AI的故事。 2025年，医药零售行业依旧承压前行，已然进入转型调整的"深水区"。有业内专业人士向21世纪经济报 道记者指出，目前药品零售行业已经进入结构性增长的新阶段，不再是过去全行业普涨、靠规模扩张驱 动的粗放式增长，而是整体增速可能趋于平稳，但在一些细分领域以及一些业务模式方面仍将实现持续 增长，企业需要找准结构性机会。 业绩持续下降 近年来，零售药店面临医保、客流、利润多方 ...

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 ...

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500ETF、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。 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、香港中央结算有限公司、林芝腾讯科技有限公 司、中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、招商银行股份有限公司-南方中证 1000交易型 ...

第一条 为明确审计工作的性质、使命和目标，明确老百姓大药房连锁股份有限公司（以 下简称"公司"）内部审计机构的职责与权限，确保董事会对经理层的有效监督，发挥内部 审计在强化内部控制、改善经营管理、提高经济效益中的促进和保证作用，以维护投资者的 权益，实现审计的制度化和规范化，根据《中华人民共和国公司法》《中华人民共和国审计 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》和《老百姓大药房连锁股份有限公司章程》（以下简称"《公司章程》"），特 制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构或人员在法律法规、公司规定和董 事会批准范围内，通过运用系统、规范的方法，对公司内部控制和风险管理的适当性和有效 性以及业务活动运行的效率和效果等开展的独立、客观的评价和咨询活动。 第三条 内部审计应遵循"独立、客观、公正"的原则，保证其工作合法、合理、有效， 完善公司内部约束机制，加强内部管理，提高经济效益。 第二章 内部审计机构及人员 老百姓大药房连锁股份有限公司 内部审计制度 （二〇二五年八月二十五日，第五届董事会第十次会议审议通过） 第一章 总则 第四条 ...