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。 重要内容提示： ● 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 日内收盘价格涨跌幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动。 ● 经公司自查，并书面问询公司控股股东老百姓医药集团有限公司（以下 简称"医药集团"）及实际控制人谢子龙、陈秀兰夫妇，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 证券代码：603883 证券简称：老百姓 公告编号：2024-081 老百姓大药房连锁股份有限公司 股票交易异常波动公告 （二）重大事项情况 经公司自查，并向公司控股股东医药集团、实际控制人谢子龙、陈秀兰夫妇 书面函证核实，截至本公告披露日，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。 （三）媒体报 ...

《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 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 11 月 4 日 《关于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： 老百姓大药房连锁股份有限公司： ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 24.2 yuan [1]. Core Insights - The company reported a revenue of 16.23 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.2%, while the net profit attributable to shareholders decreased by 12.1% to 630 million yuan [1]. - Retail business remains stable despite a slowdown in revenue growth due to policy and consumption impacts, with retail revenue for the first three quarters reaching 13.31 billion yuan, up 1.7% year-on-year [1]. - The company continues to expand its franchise and distribution business, with franchise stores accounting for 33.9% of total stores as of Q3 2024, up from 32.4% at the end of 2023 [1]. - The gross margin improved by 0.9 percentage points to 32.9% in Q3 2024, driven by the strong promotion of the Torch project [1]. - The company expects net profit attributable to shareholders to be 820 million yuan in 2024, with a projected growth of 12% and 15% in the following years [2]. Financial Summary - Total revenue for 2023 was 22.437 billion yuan, with a projected increase to 22.891 billion yuan in 2024, reflecting a growth rate of 2.0% [2]. - The net profit for 2023 was 929 million yuan, expected to decrease to 820 million yuan in 2024, representing a decline of 11.7% [2]. - The company’s total assets are projected to grow from 21.231 billion yuan in 2023 to 22.894 billion yuan in 2024 [5].

Investment Rating - The report does not specify a clear investment rating for the company Core Insights - The company reported a steady revenue growth of 1.2% year-on-year, achieving a total revenue of 162.3 billion yuan in the first three quarters of 2024, while the net profit attributable to shareholders decreased by 12.1% to 6.3 billion yuan [1] - The company is implementing the Torch Project to enhance gross profit margins, achieving a gross margin of 33.9% in the first three quarters of 2024, an increase of 1.4 percentage points [2] - The company is focusing on both advantageous provinces and expanding into lower-tier markets, with a total of 15,591 stores, including 10,300 direct-operated and 5,291 franchised stores, adding 2,368 new stores in the first three quarters of 2024 [2] - The new retail segment is growing steadily, with online sales reaching 1.74 billion yuan, a year-on-year increase of 16%, and private domain sales through mini-programs growing by 22.6% [3] Financial Summary - For 2024, the company expects revenues of 235 billion yuan, 270 billion yuan in 2025, and 310 billion yuan in 2026, with net profits of 8.9 billion yuan, 10.0 billion yuan, and 12.6 billion yuan respectively [8] - The company’s revenue growth rates are projected at 4.86% for 2024, 14.77% for 2025, and 14.97% for 2026 [4] - The gross margin is expected to improve from 34.02% in 2024 to 36.14% in 2026 [4] - The earnings per share (EPS) is projected to be 1.22 yuan in 2024, increasing to 1.66 yuan by 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company experienced revenue growth pressure, but the traditional Chinese medicine segment performed relatively well. The Torch project continues to operate steadily, with a sustained increase in gross margin [2][3] - For Q3 2024, the company reported revenue of 5.29 billion (up 1.18%) and a net profit attributable to shareholders of 127 million (down 37.32%), which is in line with expectations [3] - Due to slowing revenue growth and rigid expense outlays, the EPS forecast for 2024-2026 has been revised down to 1.09, 1.25, and 1.42 yuan respectively, while the target price has been raised to 21.25 yuan based on a PE of 17X for 2025 [3][5] Revenue Performance - Q3 2024 revenue breakdown: retail/franchise business revenue was 4.29 billion (up 2.2%) and 0.958 billion (down 4.0%) respectively. By product: Chinese and Western medicine revenue was 4.111 billion (down 0.7%), traditional Chinese medicine revenue was 0.498 billion (up 30.4%), and non-medicine revenue was 0.682 billion (down 3.8%) [3] - The slowdown in revenue growth is attributed to factors such as inventory pressure from pandemic-related products, tightening of out-of-hospital insurance policies in some regions, and a decrease in store opening rates [3] Gross Margin and Profitability - The gross margin for Q3 2024 was 32.93% (up 0.88 percentage points), continuing to improve throughout 2024 due to the Torch project optimizing gross margins through various initiatives [3] - The company has maintained good expense control, with sales expenses growing only 4.23% year-on-year in Q3 2024, but profit was still pressured due to rigid expenses and slowing revenue growth [3] Store Expansion and Market Strategy - As of Q3 2024, the company had 15,591 stores (10,300 direct and 5,291 franchise), with a slowdown in store growth and a significant reduction in acquisition numbers due to increased competition in the out-of-hospital retail market [3] - The company is focusing on improving operational quality and may increase acquisition numbers in the future as pressures on small and medium-sized pharmacies rise [3]

央视网消息：农业农村部最新数据显示，10月份全国菜篮子指数为133.2，环比下降2.62个点，其中，蔬 菜价格较上月小幅回落。 农业农村部：10月份蔬菜价格较上月小幅回落 10月份，农业农村部监测的28种蔬菜全国平均批发价为每公斤5.9元，环比下降2.5%，同比上涨21.4%。 分品种看，环比价格17种下降，11种上涨，菠菜、油菜、黄瓜价格环比降幅超过10%。 中国农业科学院农业信息研究所副研究员 张晶：10月份全国蔬菜价格小幅回落主要原因是10月份天气 条件有利于田间秋茬蔬菜生长，露地蔬菜大量上市，设施蔬菜供应逐步恢复，各地蔬菜产能有所增加。 专家表示，目前夏秋蔬菜衔接期间价格的高位震荡已经度过，尤其是一些生长周期较长的蔬菜，在10月 中下旬相继完成产地转换，西红柿等部分品种供应偏紧的状况逐步得到缓解，加上耐储的萝卜、甘蓝等 品种量足价稳，拉动菜价整体回落。 张晶：预计后期蔬菜价格将保持季节性下行，前期推迟上市的品种逐步恢复，设施生产的黄瓜、西红 柿、辣椒等陆续上市，后期的蔬菜供应量将进一步增加，秋菜的在途损耗少、保鲜成本降低，菜价将继 续回落。 北京：供应增加 部分蔬菜价格降幅明显 在北京，近期随着产地供 ...

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]