Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to gradually stabilize and improve its performance as it deepens its advantages in key regions [1] - The report highlights that the company's revenue and profit have been under pressure due to various factors, including losses from new stores and increased depreciation [4][5] - The company is focusing on expanding its retail business and enhancing its new retail ecosystem, with significant growth in online sales and O2O services [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.36 billion yuan (down 0.36% year-on-year) and a net profit of 519 million yuan (down 44.13% year-on-year) [4][5] - For Q1 2025, the company reported revenue of 5.43 billion yuan (down 1.88% year-on-year) and a net profit of 251 million yuan (down 21.98% year-on-year) [4][5] - The company’s gross margin for 2024 was 33.17%, with a net margin of 3.06% [4][5] Business Segments - Retail business revenue was 19.11 billion yuan (down 1.25% year-on-year), while franchise, alliance, and distribution revenue was 3.11 billion yuan (up 5.92% year-on-year) [4] - The company has been expanding its product line in the new retail sector, with online sales reaching approximately 2.47 billion yuan in 2024, a growth of about 24% [4] Market Strategy - The company plans to continue focusing on its advantageous markets and accelerate its presence in lower-tier cities, with 80% of new stores in 2024 located in cities at or below the prefecture level [4][5] - The total number of stores reached 15,277 by the end of 2024, with a net increase of 1,703 stores, reflecting a year-on-year growth of 12.55% [4][5] Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 692 million yuan, 799 million yuan, and 909 million yuan, respectively [5] - The expected EPS for the same years is 0.91 yuan, 1.05 yuan, and 1.20 yuan [5]

导语 ：零售药店正在经历遭遇盈利失衡、合规成本增加、外来业态冲击等重重挑战，即将迎来 重新洗牌。 一份高达4.4亿规模的减持计划，引发了市场对连锁药店状况的密切关注。 5月7日，连锁药店巨头老百姓大药房（603883.SH）发布公告称，其控股股东老百姓医药集团拟在3 个月内对公司减持不超过2280.29 万股，参照公告日股价计算，减持规模达4.4亿元。 在这则减持公告前一周，该公司刚刚发布了2024年年度报告，营收、净利润分别同比下滑0.36%、 44.13%。 大股东在公司披露营收、净利润"双降"之后发布如此巨额的减持计划，一般会被市场解读为连实控 人对自家生意都缺乏未来的信心。 零售药店的生意确实不好做，政策紧箍咒、增长天花板、扩张后遗症、新零售冲击……一系列问题 将线下药店拉入调整深水区。体现在财务报表上，是营收增速放缓、净利润下滑。 梳理上市连锁药店TOP6的财报不难发现，短短五年间，连锁药店们就快速走过了急速扩张、跑马圈 地、降速调整几个阶段。当下，包括老百姓大药房在内的头部连锁药店们，正在遭遇规模效应带来 的盈利失衡、监管趋严造成的合规成本压力增加等重重障碍；而在寻求新增长极的路上，又遇上了 新零 ...

证券代码：603883 证券简称：老百姓 公告编号： 2025-026 老百姓大药房连锁股份有限公司 关于注销部分募集资金专户的公告 | 序 | 项目名称 | 开户主体 | 开户行 | 账号 | 账户使用 | | --- | --- | --- | --- | --- | --- | | 号 | | | | | 状态 | | | 企业数字化 | 老百姓大药 | 中国光大银 | | | | 1 | 平台及新零 | 房连锁股份 | 行长沙溁湾 | 79190188000116528 | 本次注销 | | | 售建设项目 | 有限公司 | 支行 | | | | 2 | 新建连锁药 | 老百姓大药 | 招商银行长 | 731902351810612 | 正常使用 | | | 店项目 | 房连锁股份 | 沙分行 | | | | | | 有限公司 | | | | | --- | --- | --- | --- | --- | --- | | 3 | 华东医药产 品分拣加工 | 老百姓大药 房连锁股份 | 兴业银行长 | 368200100100234444 | 正常使用 | | | 项目 | 有限公司 | 沙分行 | | ...

Core Viewpoint - The article discusses the contrasting behaviors of domestic exporters and citizens regarding currency exchange, highlighting a unique phenomenon where exporters are converting USD to RMB while citizens are converting RMB to HKD, indicating differing perceptions of the RMB's future value and economic conditions [1][6]. Group 1: Currency Exchange Behavior - Domestic exporters are rapidly converting their USD earnings into RMB, believing the current exchange rate of approximately 7.3 is favorable for exports and that further depreciation of the RMB is unlikely [1][6]. - Conversely, domestic citizens are exchanging RMB for HKD, leading to a significant influx of capital into Hong Kong, with net inflows through the Stock Connect reaching 570 billion RMB from January to April, which is 77% of last year's total [1][2]. Group 2: Interest Rates and Market Dynamics - The offshore RMB interest rate (CNH Hibor) has dropped significantly, aligning closely with the domestic RMB interest rate (Shibor) at an annualized rate of about 1.7%, a decrease of 50% since January [2][3]. - This alignment indicates that borrowing costs in Hong Kong for RMB are now comparable to those in mainland China, a situation that has been rare in the past five years [4][5]. Group 3: Market Perceptions and Economic Signals - The disparity in currency exchange behavior stems from a fundamental difference in how exporters and domestic citizens perceive the RMB's future; exporters focus on government policies that support export competitiveness, while citizens are influenced by broader economic sentiments and fears of depreciation [10][11]. - The urgency for maintaining the RMB's exchange rate has shifted towards stimulating domestic economic growth, as indicated by the recent decline in the US dollar index from 110 to 99, which has eased pressure on the RMB [12][13][14].

华夏时报（www.chinatimes.net.cn）记者 杨燕 北京报道 益丰药房算是连锁药房里面的"幸运儿"，2024年实现营收240.62亿元，还保持着8.26%的净利增长，守住了15亿元 净利润，成为唯一"既长个子又长肉"的选手，在行业"寒冬"闯出了一条路。财报显示这得益于它优化门店布局、 调整商品结构，还降本增效，所以在行业不景气时稳住了阵脚。 再看大参林，虽说过去一年拿下了"营收冠军"264.97亿元，可净利润下降超20%，规模上去了，净利润却缩水两成 多。还有曾经的老牌选手老百姓，虽然销售额守住223.57亿元的规模，利润却近乎腰斩。 2024年的连锁药房行业，像一场突然减速的马拉松，从前几年"万店时代"的扩张狂欢猝然进入增长放缓、盈利下 滑的新阶段。翻开老百姓、益丰、大参林等六家民营连锁上市药房的最新财报，就像打开一本行业生存手册：有 人咬牙坚持，有人掉队喘息，还有人摸索出新赛道继续领跑。 最令人唏嘘的是区域型选手。漱玉平民全年亏损近2亿元，健之佳利润暴跌约七成，就连深耕西南地区多年的一心 堂，利润也缩水到不足1.5亿元。这些数字背后，藏着中小连锁的集体焦虑：规模拼不过头部，特色服务又没跟 上 ...

Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]

Core Viewpoint - The announcement details a share reduction plan by the controlling shareholder of Lao Bai Xi Pharmacy Chain Co., Ltd., aimed at adjusting asset and financing structures while reducing stock pledge rates [2][4]. Group 1: Shareholder Information - As of the announcement date, the controlling shareholder, Lao Bai Xi Pharmaceutical Group Co., Ltd., holds 198,564,175 shares, accounting for 26.12% of the total share capital, while its concerted actor, Chen Xiulan, holds 13,565,698 shares, representing 1.78% of the total share capital [2][3]. Group 2: Reduction Plan Details - The pharmaceutical group plans to reduce its holdings by up to 22,802,868 shares, which is no more than 3% of the total share capital. This includes a maximum of 15,201,912 shares through block trading (up to 2% of total share capital) and up to 7,600,956 shares through centralized bidding (up to 1% of total share capital) [2][4]. - The reduction period is set for three months starting from 15 trading days after the announcement, excluding any periods where legal regulations prohibit share reductions [2][4]. Group 3: Previous Commitments - The pharmaceutical group has committed not to transfer or manage its shares acquired before the initial public offering for 36 months from the date of listing, with specific conditions for public offerings and compliance with relevant laws [5][6][7].

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 | | | ...

（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 ...