Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 profit decline is primarily due to new store ramp-up and high base effects from the previous year, with the Torch project expected to further enhance gross margins [2][3] - The company achieved a revenue of 16.232 billion yuan in the first three quarters of 2024, a slight increase of 1.19% year-on-year, while the net profit attributable to shareholders was 630 million yuan, down 12.06% [2] - The company continues to expand steadily, focusing on advantageous regions and deepening its presence in lower-tier markets, with a total of 15,591 stores as of Q3 2024 [3] Financial Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted to 8.25 billion yuan, 9.51 billion yuan, and 10.86 billion yuan respectively, reflecting the impact of slower store expansion and prolonged ramp-up periods [4] - The expected P/E ratios corresponding to the current market value are 16, 14, and 12 times for 2024, 2025, and 2026 respectively [4] - The gross margin for the first three quarters of 2024 was 33.87%, an increase of 1.32 percentage points, attributed to the Torch project and cost reduction efforts [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Insights - The company's revenue showed resilience with a year-on-year increase of 1.19% in the first three quarters of 2024, reaching 16.23 billion yuan, while net profit decreased by 12.06% to 630 million yuan due to various factors impacting profitability [8]. - The company is focusing on expanding its market presence in 11 key provinces while enhancing its existing advantages in established markets, with a total of 15,591 stores as of Q3 2024, including 2,368 new stores added in the first three quarters [8][9]. - The implementation of the Torch Project aims to optimize product categories and improve gross margins, which have increased to 33.87% in the first three quarters of 2024, up by 1.37 percentage points year-on-year [9]. - The company plans to adjust its store expansion strategy for 2024, targeting the addition of 2,840 new stores, with a focus on optimizing existing locations and reducing rental costs [10]. Summary by Sections Financial Performance - In 2023, the company reported a main revenue of 22.44 billion yuan, with a projected growth rate of 15.25% for 2024, reaching approximately 25.86 billion yuan [6][12]. - The net profit attributable to shareholders is expected to grow from 1.10 billion yuan in 2024 to 1.64 billion yuan by 2026, reflecting a compound annual growth rate of 22.38% [6][12]. Market Strategy - The company is actively pursuing a strategy to enhance its market share through flexible adjustments in its operational strategies, including a focus on franchise and alliance partnerships, which have seen significant growth in sales [10]. - The company has established partnerships with 76 alliance firms, contributing to a retail scale of 5.4 billion yuan, indicating a robust collaborative approach to market expansion [10]. Valuation Metrics - The report projects earnings per share (EPS) to increase from 1.45 yuan in 2024 to 2.15 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 11.07 to 7.46 over the same period [6][12].

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company's revenue growth is slowing due to weak consumer spending and other factors, leading to a decline in net profit margin, which was 4.58% for the first three quarters of 2024, down 0.74 percentage points year-on-year [3] - The company is focusing on improving operational efficiency, resulting in an improvement in gross margin to 33.87% for the first three quarters of 2024, up 1.36 percentage points year-on-year [3] - The company is actively expanding into lower-tier markets, with a total of 15,591 stores as of the end of the reporting period, and 2,368 new stores added in the first nine months of 2024, with 86% of new stores located in key provinces and cities [3] Financial Summary - The company’s revenue for 2023 is projected at 22,437 million yuan, with a year-on-year growth of 11.2%, and is expected to reach 31,076 million yuan by 2026, with a compound annual growth rate of 14.6% [5] - Net profit for 2023 is estimated at 929 million yuan, with a year-on-year growth of 18.4%, projected to increase to 1,249 million yuan by 2026 [5] - The gross margin is expected to improve from 32.5% in 2023 to 36.1% by 2026, while the net margin is projected to stabilize around 4.0% [5][9] - The company’s return on equity (ROE) is expected to rise from 13.9% in 2023 to 14.3% by 2026 [9] Operational Metrics - The company has a total of 15,591 stores, with a focus on expanding in advantageous provinces and key cities [3] - The company’s asset-liability ratio is 64.4%, indicating a moderate level of financial leverage [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q3 2024, the company's profit was under pressure, but the gross margin improved year-on-year. The company achieved revenue of 16.232 billion yuan in the first three quarters of 2024, a year-on-year increase of 1.19%. The net profit attributable to the parent company was 630 million yuan, down 12.06% year-on-year [3] - The company is expected to continue optimizing product profitability and maintain steady growth in operating performance, despite short-term operational pressures [3] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 16.232 billion yuan (up 1.19% year-on-year) and a net profit of 630 million yuan (down 12.06% year-on-year). The gross margin for the same period was 33.87%, an increase of 1.36 percentage points [3] - In Q3 2024 alone, the company achieved revenue of 5.292 billion yuan (up 1.18% year-on-year) and a net profit of 127 million yuan (down 37.32% year-on-year) [3] - The company’s gross margin for Q1-Q3 2024 was 33.87%, with a net profit margin of 4.58% [3] - The company’s revenue from the pharmaceutical retail business was 13.314 billion yuan (up 1.66% year-on-year), with a gross margin of 38.03% (up 1.04 percentage points) [4] - The company has a total of 15,591 stores as of Q3 2024, with 2,368 new stores added during the reporting period [5] Future Earnings Forecast - The company’s forecasted net profits for 2024-2026 are 809 million yuan, 916 million yuan, and 1.057 billion yuan respectively, with corresponding EPS of 1.06 yuan, 1.21 yuan, and 1.39 yuan per share [3][6] - The current stock price corresponds to a PE ratio of 14.9, 13.2, and 11.4 times for 2024, 2025, and 2026 respectively [3][6]

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 年三季度报告解读会纪要 一、会议情况 （一）会议时间：2024 年 10 月 29 日 20:00-21:00 1、公司参会人员 董事长 谢子龙 总裁 王黎 财务总监 陈立山 董事会秘书 冯诗倪 2、机构参会人员 中信证券、东吴证券、中信建投、中金公司、浙商证券、海通证券、国盛证券、兴业证 券、招商证券、东北证券、广发证券、方正证券、汇丰、高盛、摩根大通、摩根士丹利、 国海证券、甬兴证券、国联证券、华创证券、东兴证券、民生证券、华泰证券、西部证 券、中邮证券、国金证券、东海证券、平安证券、华安证券、开源证券、中银国际、东 方证券、财通证券、长江证券、兴全基金、淡水泉、高毅资产、嘉实基金、农银汇理基 金、中信里昂、国投泰康、雪石资产、湖南医药发展基金、奶酪基金、北京金百镕投资、 上银、万丰友方、坚果投资、建信养老、青榕资产、上海君和、昆仑信托、资本集团、 博裕资本、森锦投资、前海开源基金、上海新伯霖私募、同犇投资、上海保银投资、中 信保诚基金、上海睿郡资产、上汽颀臻、中航基金、永安国富、相聚资本、富兰克林邓 普顿投资、尚诚资管、武 ...

证券代码：603883 证券简称：老百姓 公告编号：2024-079 老百姓大药房连锁股份有限公司 一、 召开会议的基本情况 关于召开 2024 年第三次临时股东大会的通知 (一) 股东大会类型和届次 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。 2024 年第三次临时股东大会 重要内容提示： 召开的日期时间：2024 年 11 月 15 日 15 点 30 分 召开地点：湖南省长沙市开福区青竹湖路 808 号老百姓 15 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 15 日至 2024 年 11 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投 ...

Revenue and Profit Performance - Revenue for the first three quarters of 2024 reached RMB 16,232,148,089, an increase of 1.19% year-over-year[2] - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 was RMB 630,147,823, a decrease of 12.06% year-over-year[2] - Revenue for the first three quarters of 2024 reached 16.232 billion yuan, a year-on-year increase of 1.19%[14] - Net profit attributable to shareholders of the listed company for the first three quarters of 2024 was 630 million yuan, a year-on-year decrease of 12.06%[14] - Total revenue for the first three quarters of 2024 reached RMB 16,232,148,089, a slight increase from RMB 16,041,526,841 in the same period of 2023[36] - Net profit attributable to parent company shareholders reached 630,147,823 yuan, a decrease from 716,560,499 yuan in the same period last year[37] - Total operating revenue for the first three quarters of 2024 was 18,599,452,504 yuan, compared to 18,265,401,747 yuan in the same period of 2023[39] Cash Flow and Financial Position - Net cash flow from operating activities for the first three quarters of 2024 was RMB 1,255,721,494, a decrease of 12.14% year-over-year[3] - Total assets as of the end of the third quarter of 2024 were RMB 21,211,311,937, a slight decrease of 0.09% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was RMB 6,961,742,913, an increase of 3.89% compared to the end of the previous year[3] - Net cash flow from operating activities was 1,255,721,494 yuan, down from 1,429,230,229 yuan in the previous year[39] - Total assets as of September 30, 2024, were RMB 21,211,311,937, slightly down from RMB 21,230,999,976 at the end of 2023[34] - Total liabilities as of September 30, 2024, were RMB 13,663,251,217, a decrease from RMB 13,941,960,115 at the end of 2023[35] - Shareholders' equity increased to RMB 7,548,060,720 as of September 30, 2024, up from RMB 7,289,039,861 at the end of 2023[35] - Cash and cash equivalents stood at RMB 2,099,006,221 as of September 30, 2024, up from RMB 1,974,984,513 at the end of 2023[32] - Inventory decreased to RMB 3,741,313,824 as of September 30, 2024, from RMB 4,152,484,967 at the end of 2023[32] - Long-term equity investments increased to RMB 85,220,294 as of September 30, 2024, up from RMB 67,821,191 at the end of 2023[34] - Cash and cash equivalents at the end of the period were 950,194,621 yuan, down from 1,028,321,991 yuan at the end of the previous year[41] - Total cash inflow from financing activities was 2,026,845,742 yuan, up from 1,100,273,193 yuan in the previous year[40] - Total cash outflow from investment activities was 464,461,047 yuan, compared to 706,820,762 yuan in the same period last year[40] - Net cash flow from investment activities was -439,382,336 yuan, compared to -343,615,820 yuan in the previous year[40] Store Operations and Expansion - The company had 15,591 stores as of September 30, 2024, including 10,300 directly operated stores and 5,291 franchised stores[19] - In the first three quarters of 2024, the company added 2,368 new stores, including 1,264 directly operated stores and 1,104 franchised stores[19] - The company closed 351 stores in the first three quarters of 2024, including 144 directly operated stores and 207 franchised stores[19] - Total number of stores reached 15,591, including 10,300 directly operated stores and 5,291 franchised stores[24] - In Q3 2024, the company added 2,368 new stores, with 1,264 directly operated stores and 1,104 franchised stores[24] - The company completed 3 acquisition projects in the reporting period, totaling 41 stores with a combined amount of 40.46 million yuan[22] - The company's stores in prefecture-level cities and below accounted for 77% of the total, with 80% of new stores in 2024 located in these areas[24] - The average preparation cycle for new directly operated stores in Q3 2024 was 40 days, a reduction of 5 days compared to the same period last year[24] Gross Profit and Margin - Gross profit margin for the first three quarters of 2024 was 33.87%, an increase of 1.36 percentage points year-on-year[14] - Revenue from retail business in the first three quarters of 2024 was 13.314 billion yuan, with a gross profit margin of 38.03%[15] - Revenue from the Chinese medicine business in the first three quarters of 2024 was 1.204 billion yuan, with a gross profit margin of 45.08%[17] - Revenue from non-drug products in the first three quarters of 2024 was 2.057 billion yuan, with a gross profit margin of 39.53%[17] - The gross profit margin for the first three quarters of 2024 was 33.87%, an increase of 1.36 percentage points year-on-year[25] - The company's promotional gross profit ROI was 1.49 in Q3 2024, a year-on-year increase of 6.1%[28] Online and Digital Performance - The company's online channel sales (including franchise) reached approximately 1.74 billion yuan in the first three quarters of 2024, a year-on-year increase of 16%[27] - The company's O2O and B2C sales rankings were fifth and third in the market, respectively, in Q3 2024[27] - The private domain mini-program sales increased by 22.6% year-on-year in Q3 2024, with DAU increasing by 118%[27] - The company has 12,555 O2O delivery service stores and 728 24-hour stores as of the end of the reporting period[27] - The total number of company members reached 97.17 million, with 14.65 million active members in Q3 2024 and over 3.1 million new registered members[27] Shareholder and Equity Information - The company's top shareholder, Laobaixing Pharmaceutical Group Co., Ltd., holds 26.12% of the shares, with 123,204,000 shares pledged[10] - Equity attributable to shareholders of the listed company as of the end of the third quarter of 2024 was RMB 6,961,742,913, an increase of 3.89% compared to the end of the previous year[3] - Shareholders' equity increased to RMB 7,548,060,720 as of September 30, 2024, up from RMB 7,289,039,861 at the end of 2023[35] Earnings and Return on Equity - Basic earnings per share for the third quarter of 2024 were RMB 0.17, a decrease of 37.31% year-over-year, primarily due to the decline in net profit attributable to shareholders[9] - The company's weighted average return on equity (ROE) for the first three quarters of 2024 was 9.14%, a decrease of 1.58 percentage points year-over-year[3] - Basic earnings per share (EPS) for the quarter were 0.83 yuan, compared to 0.94 yuan in the same period last year[38] - Total comprehensive income for the period was 743,726,347 yuan, a decrease from 820,172,473 yuan in the previous year[38] Non-Recurring Items and Impairment - Non-recurring gains and losses for the first three quarters of 2024 amounted to RMB 23,069,846, including government subsidies and gains from financial assets[6] - Total assets impairment loss was -10,447,829 yuan, compared to -2,659,467 yuan in the same period last year[37] Chronic Disease Management and Brand Exposure - The company's chronic disease management services have accumulated over 16.84 million records, 90.5 million self-tests, and 37.36 million follow-ups as of the end of the reporting period[30] - The company's brand exposure exceeded 1.4 billion times annually, with over 77.97 million views of brand videos on the self-media matrix in Q3 2024[31] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were RMB 15,333,787,742, compared to RMB 15,075,343,081 in the same period of 2023[36] - Sales expenses increased to RMB 3,577,910,985 in the first three quarters of 2024, up from RMB 3,355,680,232 in the same period of 2023[36] - Management expenses rose to RMB 825,589,932 in the first three quarters of 2024, compared to RMB 703,469,470 in the same period of 2023[36] Inventory and Turnover - The inventory turnover days in Q3 2024 were 98 days, a decrease of 5 days year-on-year[25] - Inventory decreased to RMB 3,741,313,824 as of September 30, 2024, from RMB 4,152,484,967 at the end of 2023[32] Franchise and Alliance Business - The company's franchised business achieved a distribution sales volume of 1.639 billion yuan, a year-on-year increase of 7.5%[24] - The alliance business achieved a distribution sales volume of 280 million yuan, a year-on-year increase of 90.8%[24] Self-Owned Brand and Sales - The company's self-owned brand sales in directly operated stores reached 2.53 billion yuan, accounting for 21.9% of total sales, an increase of 2.4 percentage points year-on-year[25] Outpatient and Internet Prescription Services - The company has 5,347 stores (including 4,170 directly operated and 1,177 franchise) with outpatient coordination qualifications, accounting for 40.49% of directly operated stores[26] - The company has 4,191 stores (including 3,384 directly operated and 807 franchise) that can use internet prescriptions, accounting for 32.85% of directly operated stores[26]

证券代码：603883 证券简称：老百姓 公告编号：2024-068 老百姓大药房连锁股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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。 （2）公司2024年第三季度的内容和格式符合中国证监会和上海证券交易所 的有关规定和要求，所包含的信息能全面、真实地反映公司在报告期内的经营 和财务管理状况。 一、监事会会议召开情况 老百姓大药房连锁股份有限公司（以下简称"公司"）于 2024 年 10 月 19 日 发出召开第五届监事会第五次会议的通知，会议于 2024 年 10 月 29 日以现场方 式召开。会议应参与表决的监事 3 名，实际参与表决的监事 3 名。本次会议经 过了适当的通知程序，会议程序符合《中华人民共和国公司法》等有关法律法 规及《公司章程》的规定，会议及通过的决议合法有效。 二、监事会会议审议情况 会议审议并通过了如下议案： （一）审议通过《关于公司 2024 年第三季度报告的议案》 监事会认为： （1）公司2024年第三季度报告编制和审议符合法律、法规、《公司章程》 和 ...

证券代码：603883 证券简称：老百姓 公告编号：2024-067 老百姓大药房连锁股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 老百姓大药房连锁股份有限公司（以下简称"公司"）于 2024 年 10 月 19 日发出召开第五届董事会第五次会议的通知，会议于 2024 年 10 月 29 日在公司 会议室以现场加通讯表决方式召开，本次董事会应参加表决的董事 9 名，实际 参加表决的董事 9 名。本次董事会由董事长谢子龙先生主持，董事会秘书等相 关人员列席会议。本次会议经过了适当的通知程序，会议程序符合有关法律法 规及《公司章程》的规定，会议及通过的决议合法有效。 二、董事会会议审议情况 会议审议并通过了如下议案： 本议案已经公司第五届董事会战略与ESG委员会第二次会议审议通过，尚需 股东大会审议通过。 （一）审议通过《关于公司 2024 年第三季度报告的议案》 根据《公司法》《证券法》《上海证券交易所股票上市规则》等法律法规及 《公司章程》等规章制度， ...

关于老百姓大药房连锁股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 根据《证券发行上市保荐业务管理办法》《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》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等有关法律法规和规范性文件的要求，高盛（中国）证券有限责 任公司（以下简称"高盛中国"或"保荐机构"）作为老百姓大药房连锁股份有限公司 （以下简称"老百姓"或 "公司"）2021 年度非公开发行 A 股股票的保荐机构，就老 百姓使用部分闲置募集资金暂时补充流动资金的情况进行了专项核查，并发表如下核 查意见： 一、募集资金基本情况 高盛（中国）证券有限责任公司 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准老百姓大药 房连锁股份有限公司非公开发行股票的批复》（证监许可[2021]2294 号）核准，公司以 非公开发行股票方式向特定投资者发行人民币普通股（A 股），募集资金总额为人民币 1,740,453,673.80 元，扣除不含税发行费用人民币 15,17 ...