Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 22.36 billion yuan in 2024, a slight decrease of 0.36% year-on-year, while the net profit attributable to shareholders was 519 million yuan, down 44.13% year-on-year [7] - The Torch Project has effectively improved gross profit margins, with a gross margin of 33.17% in 2024, an increase of 0.62 percentage points [7] - The company continues to expand steadily, focusing on advantageous markets, with a total of 15,252 stores as of Q1 2025, a net increase of 1,703 stores in 2024 [7] Financial Forecasts and Valuation - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 9.31 billion yuan and 10.92 billion yuan, respectively, with an expected net profit of 12.56 billion yuan in 2027 [7] - The current price-to-earnings ratio (P/E) is projected to be 16/14/12 times for the years 2025, 2026, and 2027, respectively [7] - The company’s earnings per share (EPS) is expected to be 1.22 yuan in 2025, 1.44 yuan in 2026, and 1.65 yuan in 2027 [1][8]

证券代码：603883 证券简称：老百姓 公告编号：2025-025 老百姓大药房连锁股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： | 二、减持计划的主要内容 | | --- | | 股东 | 计划减持数 | 计划减 | 减持方式 | 减持期间 | 减持合理 | 拟减持 股份来 | 拟减持 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 量（股） | 持比例 | | | 价格区间 | 源 | 原因 | | | | | 大宗交易减持，不超 | | | | 调 整 资 | | 老百姓 | | | | | | | 产 和 融 | | 医药集 | 不 超 过 ： | 不超过： | 过：15,201,912 股 | 2025/5/28 | | IPO 前取 | 资结构， | | 团有限 | 22,802,868 | 3% | 竞价交易减持，不超 | ～ | 按市场价格 | 得 | 降 低 股 | | | ...

核心观点 4 月29 日，公司发布2024 年年度业绩报告，实现营业收入223.58亿元，同比-0.36%，实现归母净利润 5.19 亿元，同比下降44.13%，实现扣非归母净利润4.96 亿元，同比下降41.18%，实现基本每股收益0.68 元，业绩低于我们预期。展望2025 年，公司门店结构持续优化，火炬项目稳步落地，零售板块毛利率 有望持续改善，叠加公司持续落地降本增效举措，我们期待公司利润增速加速恢复。 事件 公司发布2024 年年度业绩报告，业绩低于我们预期4 月29 日，公司发布2024 年年报及2025 年一季报， 2024年实现营业收入、归母净利润及扣非归母净利润分别为223.58 亿元、5.19亿元及4.96亿元，分别同 比下降0.36%、44.13%及41.18%。 2024 年，公司营业收入同比下降0.36%，主要由于：1）公司24 年优化部分盈利能力较差的门店，零售 板块收入同比下降1.25%；2）行业竞争压力加剧，部分老店增长放缓，但公司加盟、联盟及分销业务 增长5.92%为31.05 亿元，较为稳健。归母净利润同比下降44.13%，扣非归母净利润同比下降41.18%， 慢于收入增长 ...

（一） 董秘冯诗倪介绍 2024 年及 2025 年一季度业绩情况 老百姓大药房连锁股份有限公司 2024 年报暨 2025 年一季报解读会纪要 一、 会议情况 中金公司、中信证券、中信建投证券、兴业证券、国泰海通证券、东吴证券、招商证券、 国盛证券、开源证券、东海证券、汇丰前海证券、摩根斯坦利、东北证券、中邮证券、 华福证券、国联民生证券、摩根大通、民生证券、国金证券、信达证券、浙商证券、野 村东方、申万宏源、甬兴证券、财信证券、华创证券、金元证券、华安证券、光大证券、 华鑫证券、方正证券、平安证券、中国人寿养老保险、太平养老保险、方源资本、泰山 财产保险、国华兴益保险、嘉实基金、富国基金、泰康基金、工银瑞信基金、建信基金、 摩根士丹利基金、融通基金、中加基金、银河基金、民生加银基金、恒生前海基金、长 安基金、中海基金、光大保德信基金、海富通基金、华安基金、华西基金、合煦智远基 金、恒越基金、泰康资管、东方证券资管、中金资管、国信证券自营、江海证券自营、 平安资管、华泰资管、太平洋资管、财通资管、长江证券资管、天风资管、永安国富资 管、东方财富资管、招商信诺资管、上海混沌投资、上海睿郡资产、深圳东方港湾投资 ...

Group 1 - The core viewpoint of the news is that the institutional ownership of Laobaixing (603883.SH) has increased, with 17 institutional investors holding a total of 423 million shares, representing 55.65% of the total share capital as of April 30, 2025 [1] - The top ten institutional investors collectively hold 55.05% of the shares, with an increase of 1.19 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 1.28% increase, while one fund saw a slight decrease in holdings [2] - Eight new public funds were disclosed during this period, including several focused on healthcare and medical sectors [2] - One insurance fund decreased its holdings slightly, while one pension fund was no longer disclosed [2]

Investment Rating - The report maintains a "Recommended" rating for the company [1][7][13] Core Views - The company reported a revenue of 22.36 billion yuan in 2024, a slight decrease of 0.36% year-on-year, with a net profit of 519 million yuan, down 44.13% year-on-year [3][4] - The gross margin is expected to improve to 33.17% in 2024, an increase of 0.62 percentage points, driven by the Torch Project which optimizes operations, procurement, and sales [6][7] - The company aims to enhance profitability through refined management practices, with net profit forecasts adjusted to 912 million yuan for 2025, 1.00 billion yuan for 2026, and 1.24 billion yuan for 2027 [6][7] Financial Performance Summary - Revenue projections for 2024 are 22.36 billion yuan, with expected growth of 14.9% in 2025 and 13.6% in 2026 [5][11] - The net profit is projected to recover to 912 million yuan in 2025, with a growth rate of 75.6% [5][11] - The gross margin is forecasted to increase gradually, reaching 35.0% by 2027 [5][11] - The company plans to continue expanding its store network, adding 1,703 stores in 2024, with a focus on key provinces to increase market share [6][7] Key Financial Ratios - The company’s return on equity (ROE) is expected to improve from 7.9% in 2024 to 14.7% by 2027 [5][11] - The price-to-earnings (P/E) ratio is projected to decrease from 26.8 in 2024 to 11.3 by 2027, indicating potential value for investors [5][11] - The debt-to-asset ratio is forecasted to decline from 66.0% in 2024 to 61.0% in 2027, suggesting improved financial stability [5][11]

Core Viewpoint - The retail pharmaceutical industry is undergoing significant adjustments due to deepening medical reform policies, increased competition, and the impact of e-commerce, leading to a decline in customer traffic and a challenging environment for store openings and closures [1][2]. Group 1: Industry Performance - The performance of listed chain pharmacies in 2024 shows a polarization, with Yifeng Pharmacy achieving revenue and net profit growth, while Lao Bai Xing experienced declines in both metrics [1][3]. - Shuyu Pingmin reported a substantial net profit decline of 241.90%, marking its first loss after years of profitability, while Yixin Tang's net profit fell to a ten-year low of 1.14 billion yuan, down 79.23% [1][3]. - The overall number of retail pharmacies is expected to decrease, with an estimated 39,000 closures in 2024, resulting in a closure rate of 5.7%, up from 3.8% in 2023 [4]. Group 2: Store Expansion and Strategy - Dacaren's expansion rate has slowed, with a net increase of 2,479 stores in 2024 compared to 4,029 in 2023, while other companies like Yifeng Pharmacy and Lao Bai Xing also reported slower store growth [1][4]. - Many companies are adjusting their store opening strategies, with Jianzhijia reducing its annual expansion plan to around 400 stores [4]. Group 3: Transformation and Innovation - Pharmaceutical retail enterprises are accelerating their transformation, with leading companies adopting the "pharmacy + clinic" model to create community health ecosystems [2][5]. - Companies are focusing on digital transformation and exploring synergies between e-commerce and physical stores to adapt to the changing market landscape [2][5]. Group 4: Financial Performance and Challenges - Shuyu Pingmin's revenue reached 9.57 billion yuan in 2024, a 4.13% increase, but its net profit turned negative due to various operational challenges [3]. - The decline in net profit for many companies is attributed to increased operational costs and the impact of new store openings, which, while contributing to revenue, also lead to higher expenses during their cultivation period [3][5]. Group 5: Market Trends and Consumer Behavior - The retail pharmacy industry is witnessing a shift towards diversified product offerings and a focus on patient-centered health services, moving away from reliance solely on pharmaceutical sales [5][6]. - The proportion of income from medical insurance settlements is decreasing for many companies, indicating a shift towards non-insurance revenue streams [8]. Group 6: O2O and Membership Growth - The O2O (Online to Offline) retail model is becoming a key growth driver, with significant increases in sales through this channel expected in 2024 [8][9]. - Membership numbers are growing across various companies, with Yifeng Pharmacy reporting a membership increase of 19.50% and a membership sales ratio of 82.03% [11].

Group 1 - The core viewpoint emphasizes the importance of artificial intelligence (AI) in improving the quality of life for ordinary citizens, as highlighted by General Secretary Xi Jinping during his visit to Shanghai [1] - Shanghai has completed the registration of 60 generative AI service models by the end of 2024, showcasing its commitment to AI development [1] - The city is recognized as a leader in AI, with notable companies like Jiyue Xingchen accelerating the iteration of multimodal models and forming strategic partnerships across various industries [1] Group 2 - Jiyue Xingchen has established a deep strategic partnership with Jiemian Zhitong Finance to co-found a new company, Caiyue Xingchen, focusing on the application of large models in the financial sector [2] - The company has launched "AI Xiaocaishen," a reliable wealth assistant aimed at providing ordinary investors with AI-driven data mining, dialogue, and financial report interpretation [2] - Jiyue Xingchen, in collaboration with Guotai Junan and Jiemian Zhitong Finance, has introduced the first trillion-parameter multimodal securities model, Junhong Lingxi, integrating large model capabilities into user intelligent service systems [2]

老百姓大药房连锁股份有限公司 市值管理制度 第一章 总则 第一条 为加强老百姓大药房连锁股份有限公司（以下简称"公司"）市值 管理，切实推动公司投资价值提升，增强投资者回报，维护投资者利益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》 《上市公司监管指引第 10 号——市值管理》等法律法规、规范性文件和《老百 姓大药房连锁股份有限公司章程》（以下简称"《公司章程》"）等规定，制定 本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公 司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则包括： （一）合规性原则：公司应当在严格遵守相关法律法规以及《公司章程》等 内部规章制度的前提下开展市值管理工作。 （二）系统性原则：公司应当按照系统思维、整体推进的原则，协同公司各 业务体系以系统化方式持续开展市值管理工作。 （三）科学性原则：公司应当依据市值管理的规律进行科学管理，科学研判 影响公司投资价值的关键性因素，以提升上市公司质量为基础开展市值管理工作。 （四）常态性原则：公司应当及时关注资本市场及公司股价动态，常态化主 动跟进开展市 ...

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。 证券代码：603883 证券简称：老百姓 公告编号：2025-024 老百姓大药房连锁股份有限公司 关于计提 2024 年度资产减值准备的公告 老百姓大药房连锁股份有限公司（以下简称"公司"）于2025年4月29日召 开的第五届第九次董事会审议通过了《关于计提2024年度资产减值准备的议案》， 现将相关情况公告如下： 一、计提减值准备的情况 根据《企业会计准则》及公司会计政策等相关规定，为更真实、准确、客观 地反映公司截至2024年12月31日的资产状况及2024年度经营成果，基于谨慎性原 则，对公司及下属单位截至2024年12月31日合并报表范围内存在减值迹象的资产 进行了减值测试，对于资产可收回金额低于账面价值的，按差额计提减值准备。 公司2024年度计提各类减值准备人民币11,722.46万元，具体计提情况如下： （一）信用减值损失计提情况 为强化风险防控，防范化解资产损失风险，公司结合行业发展现状及不同客 户信用风险特征，在考虑所有合理且有依据的信息后，以单项或组合的方式 ...