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 ...

公司代码：603883 公司简称：老百姓 老百姓大药房连锁股份有限公司 2024年度内部控制评价报告 老百姓大药房连锁股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化 ...

一、本人基本情况及独立性说明 （一）个人基本情况 武连峰：男，1968 年出生，工学硕士，MBA 学历。曾任中国运载火箭技术研 究院工程师、中国惠普有限公司工程师、怡和太平洋（JOS）资讯科技有限公司 技术部总经理、公司第四届董事会独立董事，现任 IDC 咨询（北京）有限公司副 总裁兼首席分析师，公司第五届董事会独立董事。 （二）独立董事独立性说明 老百姓大药房连锁股份有限公司 2024 年度独立董事履职报告 作为老百姓大药房连锁股份有限公司（以下简称 "公司"）独立董事，2024 年度，本人严格遵照《公司法》、《上市公司独立董事管理办法》等法律、法规及 《公司章程》、《公司独立董事工作制度》等相关规定，认真履行独立董事职责， 出席董事会和股东大会会议，依托专业知识为公司经营决策和规范运作提出意见 和建议，并对公司相关事项发表了独立意见，切实维护公司和全体股东的利益。 现将本人 2024 年度履职情况报告如下： 1、在公司或者其附属企业任职的人员及其直系亲属、主要社会关系（直系 亲属是指配偶、父母、子女等；主要社会关系是指兄弟姐妹、岳父母、儿媳女婿、 兄弟姐妹的配偶、配偶的兄弟姐妹等）； 2、直接或间接持有公 ...

老百姓大药房连锁股份有限公司 2024 年度监事会工作报告 根据《公司法》、上海证券交易所《上市公司自律监管指引第 1 号——规范 运作》和老百姓大药房连锁股份有限公司（以下简称"公司"）《公司章程》《监 事会议事规则》等有关规定，公司监事本着对公司股东负责的态度，恪尽职守、 勤勉尽责，保障了公司规范运作和资产及财务的准确完整，维护了公司及股东的 合法权益。现对 2024 年度监事会工作履职汇报如下： 一、监事会的基本情况： 公司第五届监事会由监事会主席谭坚先生、监事饶浩先生、职工监事罗群女 士三名监事组成。 二、会议召开情况 监事会认为：报告期内公司财务制度健全，财务运作合理合规，财务状况良 好，公司的财务报告真实、完整地反映了公司报告期内的财务状况和经营成果， 无重大遗漏和虚假记载。安永华明会计师事务所对公司 2024 年度财务报告出具 的标准无保留意见的审计意见真实、公允的反映了公司的财务状况和经营成果。 报告期内，共召开 6 次监事会，会议的召集和召开程序符合法定要求，会议 提出的各项事项的决策程序合法有效。 | 具体情况如下： | | --- | | 序 号 | 召开日期 | 届次 | 审议通过的议 ...

老百姓大药房连锁股份有限公司 2024 年度独立董事履职报告 作为老百姓大药房连锁股份有限公司（以下简称 "公司"）独立董事，2024 年度，本人严格遵照《公司法》、《上市公司独立董事管理办法》等法律、法规及 《公司章程》、《公司独立董事工作制度》等相关规定，认真履行独立董事职责， 出席董事会和股东大会会议，依托专业知识为公司经营决策和规范运作提出意见 和建议，并对公司相关事项发表了独立意见，切实维护公司和全体股东的利益。 现将本人 2024 年度履职情况报告如下： 一、本人基本情况及独立性说明 （一）个人基本情况 谢子期：男，1977 年出生，2000 年获得斯坦福大学科学硕士学位，主修金 融数学。曾任职穆迪金融工程师，德意志银行副总裁等，从事金融投资工作 20 余年。现任 Alpha JWC Ventures PTE LTD 投资合伙人、法国巴黎银行（中国） 独立董事、上海简贝资产管理有限公司董事，公司第五届董事会独立董事。 （二）独立董事独立性说明 本人作为公司的独立董事，具备独立性，不属于下列任何情形 1、在公司或者其附属企业任职的人员及其直系亲属、主要社会关系（直系 亲属是指配偶、父母、子女等；主要 ...