关于提前归还部分用于暂时补充流动资金 的募集资金的公告 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。 老百姓大药房连锁股份有限公司（以下简称"公司"）第五届董事会第三次 会议、第五届监事会第三次会议审议通过了《关于使用部分闲置募集资金暂时补 充流动资金的议案》，同意公司使用部分闲置募集资金 30,000 万元暂时补充流动 资金, 使用期限自董事会审议通过之日起不超过 6 个月。对此，保荐机构发表了 同意意见，详见公司于 2024 年 4 月 30 日在上海证券交易所官网披露的《关于使 用部分闲置募集资金暂时补充流动资金的公告》。 根据现阶段募投项目进展情况及资金需求，公司于 2024 年 9 月 5 日将上述 用于临时补充流动资金的募集资金中 6,000 万元提前归还到募集资金专用账户， 并已将上述募集资金的归还情况通知了保荐机构及保荐代表人，该资金使用期限 未超过 6 个月，在使用期间对资金进行了合理的安排，资金运用情况良好。 证券代码：603883 证券简称：老百姓 公告编号：2024-055 老百姓大药房连锁股份有限 ...

证券代码：603883 证券简称：老百姓 公告编号：2024-054 老百姓大药房连锁股份有限公司 二、公司股票价格近期涨幅较大的风险 公司股票于 2024 年 9 月 3 日、9 月 4 日、9 月 5 日连续 3 个交易日以涨停价 收盘，股票价格近期涨幅较大，股价涨幅大于药品零售行业内大部分公司涨幅， 股价波动幅度较大，存在市场情绪过热风险，可能存在短期涨幅较大后的下跌风 险。敬请广大投资者注意风险，理性决策，审慎投资。 三、公司股票换手率近期较高的风险 2024 年 9 月 2 日，公司股票换手率为 10.51%；2024 年 9 月 3 日，公司股票 换手率为 6.12%；2024 年 9 月 4 日，公司股票换手率为 4.89%；2024 年 9 月 5 日，公司股票换手率为 1.46%，公司近期股票换手率较高，且波动较大，敬请广 大投资者注意投资风险。 公司郑重提醒广大投资者，有关公司信息以公司在上海证券交易所网站 （www.sse.com.cn）和公司指定信息披露媒体刊登的相关公告为准，敬请广大投 资者理性投资，注意投资风险。公司将按照有关法律和法规的要求，认真履行信 息披露义务，及时、准确做好 ...

公 司 研 究 医 药 生 物 老百姓 沪深300 [Table_Reportdate] 2024年09月04日 [Table_invest] 买入（维持） 报告原因：业绩点评 举措提升盈利能力 [老百姓（ Table_NewTitle] 603883）：收入端保持稳健，多 ——公司简评报告 公 司 简 评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn | --- | --- | |-----------------------------|-------------| | | | | [ 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 13.46 | | 总股本 ( 万股 ) | 76,023 | | 流通 A 股 /B 股 ( 万股 ) | 75,792/0 | | 资产负债率 (%) | 64.36% | | 市净率 ( 倍 ) | 1.37 | | 净资产收益率 ( 加权 ) | 7.22 | | 12 ...

证券代码：603883 证券简称：老百姓 公告编号：2024-053 老百姓大药房连锁股份有限公司 重要内容提示： 股票交易异常波动公告 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。 ● 公司于 2024 年 7 月 31 日披露了《关于董事长被留置的公告》，截至本 公告日，公司未收到有权机关对公司的任何调查或者配合调查文件，暂未知悉 留置调查的进展及结论，公司经营管理正常进行。 一、股票交易异常波动的具体情况 公司股票于 2024 年 9 月 3 日、2024 年 9 月 4 日连续二个交易日内收盘价格 涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》规定，属于股票交 易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营正常，资产结构及主营业务未发生重大变化， 内外部经营环境不存在发生或预计将要发生重大变化的情形。 ● 老百姓大药房连锁股份有限公司（以下简称"公司"）股票连续二个交 易日内收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》 的有关规定， ...

《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]