证券代码：603883 证券简称：老百姓 公告编号：2025-048 老百姓大药房连锁股份有限公司 关于为全资子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | | | 丰沃达医药物流（湖南）有限公司 | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 10,000 | 万元 | | | 担 保 象 | 对 | 实际为其提供的担保余额 | 10,000 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | （二）内部决策程序 公司已于 2025 年 4 月 29 日召开第五届董事会第九次会议、2025 年 6 月 30 日召开了 2024 年年度股东大会，审议通过《关于公司及子公司 2025 年度申请银 行综合授信额度及提供担保的议案》， ...

Group 1: Company Performance Highlights - The report indicates that Meinian Health achieved a revenue of 4.1 billion yuan in H1 2025, with a year-on-year decline of 2.28%, and a net loss of 221 million yuan, which is an increase in loss by 2.59% year-on-year [4][6] - Zhongjian Technology reported a significant revenue increase of 59.46% year-on-year, reaching 464 million yuan in H1 2025, with a net profit growth of 99.15% [8][9] - Jinfat Technology's revenue for H1 2025 was 31.6 billion yuan, reflecting a 36% year-on-year increase, while net profit rose by 54% [15][16] Group 2: Strategic Initiatives and Innovations - Meinian Health is advancing its "All in AI" strategy, integrating AI technology into health management, generating 140 million yuan in revenue from AI-related services, a 62.36% increase year-on-year [6][7] - Zhongjian Technology is benefiting from the growing demand for high-performance carbon fiber in aerospace and high-end equipment, with a focus on expanding production capacity [8][11] - Jinfat Technology is leveraging new materials and innovative products to capture emerging market opportunities, with significant growth in its modified plastics and new materials segments [15][17] Group 3: Financial Projections and Ratings - Meinian Health's revenue projections for 2025-2027 are 10.4 billion, 11.4 billion, and 12.6 billion yuan, with net profits expected to grow significantly in the coming years [7] - Zhongjian Technology's revenue forecasts for 2025-2027 are 1.06 billion, 1.27 billion, and 1.59 billion yuan, with a "buy" rating maintained due to strong growth prospects [13] - Jinfat Technology anticipates revenues of 646 billion, 737 billion, and 828 billion yuan for 2025-2027, with a "buy" rating reflecting its leadership in the modified plastics industry [19]

同一家药店，同一款药，网售只要几块钱，线下却得花费三十多块，差价三倍多？近日，记者实测复 美、雷允上、华氏、好药师、老百姓、益丰、汇丰等十家实体药店发现，部分药店中，同一款药线下实 体店都比其线上店铺更贵，差价最大的超三倍。比如老百姓大药房（中山北路店）的"仁和"人工牛黄甲 硝唑胶囊（规格12粒*2板），线上价格8.68元，线下价格32元，差价达23.32元。 为何线上线下价格差 异如此之大？多家药店工作人员告诉记者，之所以线上便宜很多，是因为平台对药品有补贴，"但也不 是所有药都是线上便宜，也有线上贵、线下便宜的，主要看补贴哪款药。"有工作人员说，消费者可以 按照自己的需求自行选择，如果觉得线上便宜，可以直接网购，但网购有起送价，加在一起的话费用也 不低。 医保部门曾下发相关文件，要求线下零售药店等渠道的药品价格，需要和网络售药平台"即送 价"比对，发现异常高价，督促医药企业主动调整。还有地方出台政策，要求同一定点药店的线下销售 价格不应高于该药店通过网络售药平台展示价格的20%。（智通财经） ...

Group 1 - The article highlights the memories of a 97-year-old veteran, Wu Zhenyu, who recalls his experiences during the anti-Japanese war and his early interactions with the Communist Party [2][3] - Wu Zhenyu's initial understanding of the Communist Party was shaped by his teachers, who were underground members, and the harsh living conditions faced by the local population during the war [3][4] - The arrival of the Eighth Route Army was seen as a beacon of hope for the local people, as they were disciplined and friendly, which encouraged Wu Zhenyu to join the army [5][6] Group 2 - Wu Zhenyu participated in significant battles against Japanese forces, contributing to the defeat of local collaborators and Japanese troops, which he recalls with pride [7][8] - The support from the local population was crucial for the success of the military efforts, as highlighted by Wu Zhenyu's reflections on the importance of community backing during the war [8]

Core Insights - The retail pharmacy industry in China has experienced rapid growth over the past 15 years, with the number of pharmacies increasing from 381,400 in 2009 to over 680,000 by the end of 2024, indicating a significant market expansion [1] - However, the industry is now facing a slowdown, with approximately 39,000 retail pharmacies closing in 2024, marking the first negative growth in the number of pharmacies [1][2] - Major pharmacy chains are signaling a halt in expansion plans, with companies like Lao Bai Xing planning to open only 1,000 new stores in 2025, primarily through franchising [2] Industry Trends - The pharmacy sector is witnessing a shift from aggressive expansion to a focus on survival, with many operators now discussing strategies to minimize losses rather than pursue growth [5][9] - The average profit margin for leading pharmacy companies has drastically decreased to between 1% and 3%, leading to a significant number of closures [9][10] - The industry is expected to see a further decline in the number of pharmacies, with estimates suggesting a reduction to around 400,000 pharmacies in the next three to five years [7][9] Market Dynamics - The influx of online platforms has severely impacted the profitability of brick-and-mortar pharmacies, with many pharmacies forced to sell products at a loss to compete [7][8] - The previous trend of acquiring pharmacies at high prices has created a bubble, making it difficult for companies to divest or sell stores profitably [4][7] - The industry is transitioning from a phase of broad growth driven by scale to a more structural growth phase, requiring adjustments to the oversaturated market [10][11]

Core Viewpoint - The rapid growth of China's chain pharmacy industry has come to a halt, with significant closures expected in the coming years, indicating a shift from expansion to survival strategies [1][2][3][34]. Industry Overview - Over the past 15 years, the number of pharmacies in China has increased from 381,400 in 2009 to over 680,000 by the end of 2024, with a market size exceeding 153.1 billion yuan [1]. - The industry is experiencing its first negative growth phase, with approximately 39,000 retail pharmacies closing in 2024 and a net decrease of about 3,000 pharmacies in the first quarter of 2025 [3][13]. Company Strategies - Some listed pharmacy companies, such as 老百姓 (老百姓), have signaled a pause in expansion, with plans to open only 1,000 new stores in 2025, primarily through franchising [4][5]. - The focus has shifted from aggressive expansion to cost-cutting and survival, with many companies now discussing how to reduce losses rather than how to grow [15][28]. Market Dynamics - The influx of capital into the pharmacy sector led to inflated valuations and a bubble in the number of pharmacies, with many opening not to sell drugs but to sell the pharmacies themselves [11][24]. - The current market conditions have made it difficult for pharmacies to sell stores, as valuations have dropped significantly, with market values now at only 30-40% of sales revenue [24]. Financial Performance - A chain pharmacy operator reported a loss of over 20 million yuan in the previous year, with ongoing closures and layoffs as part of a strategy to reduce financial burdens [18]. - The profit margins for pharmacies have drastically decreased, with some companies reporting net profit margins as low as 1-3%, leading to a bleak outlook for the industry [27][28]. Future Outlook - The industry is expected to see a continued decline in the number of pharmacies, with estimates suggesting a reduction to around 400,000 pharmacies in the next three to five years [25]. - The shift from a growth-driven model to a more sustainable structure is necessary, as the previous reliance on rapid expansion is no longer viable [34].

Core Viewpoint - The article emphasizes the implementation of the central government's eight-point regulations, highlighting the importance of addressing the needs of the people and enhancing the relationship between the party and the public [1] Group 1: Community Development - The newly constructed road in Yingshou Village, Fushun County, Liaoning Province, facilitates the transportation of apples, allowing farmers to sell their products on the same day [1] - The initiative for the "wealth road" construction originated from a field survey conducted by the village party secretary assistant, who identified the transportation challenges faced by fruit farmers [1] - A total of 450,000 yuan in special funds from the county transportation bureau was allocated for the construction of the 1,600-meter road [1] Group 2: Engagement and Feedback - Fushun City has adopted an open education approach, encouraging young cadres to conduct in-depth research in the fields, resulting in the collection of 593 opinions [1] - The feedback led to the formulation of 118 specific measures aimed at addressing the identified issues, transforming the problem list into a response that benefits the public [1]

Core Insights - The rapid growth of China's chain pharmacy industry over the past 15 years is now showing signs of slowdown, with a notable decline in the number of retail pharmacies for the first time in history [1][2][10] - The industry is transitioning from a phase of aggressive expansion to one of contraction, with many companies halting their growth plans and closing stores [1][2][3][10] Industry Overview - As of the end of 2024, the total number of pharmacies in China exceeded 680,000, with a density of 4.6 pharmacies per 10,000 people, significantly higher than in Japan and the United States [1] - In 2024, approximately 39,000 retail pharmacies closed, marking the first negative growth phase for the industry [1][2] - The first quarter of 2025 saw a net decrease of about 3,000 pharmacies [1][2] Company Strategies - Companies like 老百姓 (Lao Bai Xing) have indicated a shift in strategy, focusing on franchise store openings while reducing direct store numbers [1] - The management of 老百姓 plans to open 1,000 new stores in 2025, primarily through franchising, with a focus on converting existing stores to franchises [1] Market Dynamics - The industry previously experienced a bubble due to high acquisition costs driven by capital influx, leading to unsustainable growth [2][3] - The current market environment has shifted, with companies no longer pursuing aggressive expansion due to the realization that scale alone is insufficient for success [2][3][10] Financial Performance - The profit margins for leading companies have significantly declined, with some reporting net profit margins as low as 1% to 3% [8] - The financial strain is exacerbated by competition from online platforms, which often sell products at prices below cost, impacting the profitability of physical stores [6][7] Future Outlook - Industry experts predict that the number of pharmacies may decrease to around 400,000 over the next three to five years, as many continue to close due to unsustainable business models [7][8] - The industry is expected to enter a new phase of structural growth, moving away from the previous model of broad-based expansion [10]

Core Insights - The retail pharmacy industry is experiencing a significant transformation, with a shift from expansion to rapid contraction due to competition from online platforms like JD.com and Meituan [1][6][11] Industry Overview - In the first half of 2025, the retail pharmacy sector faced severe challenges, with four out of seven major chain pharmacies reporting revenue declines, while three maintained growth [1][3] - The overall growth of the retail pharmacy industry is slowing down, with a notable divergence in profitability among companies [4][5] Financial Performance - Major players include: - Dazhonglin: Revenue of 135.22 billion yuan, up 1.3%, net profit of 7.98 billion yuan, up 21.4% [3][4] - Yifeng Pharmacy: Revenue of 117.22 billion yuan, down 0.35%, net profit of 8.8 billion yuan, up 10.32% [3][4] - Laobaixing: Revenue of 107.74 billion yuan, down 1.51%, net profit of 3.98 billion yuan, down 20.86% [3][4] - Yixin Hall: Revenue of 89.14 billion yuan, down 4.20%, net profit of 2.50 billion yuan, down 11.44% [3][4] - Huaren Health: Revenue of 25.04 billion yuan, up 15.52%, net profit of 1.04 billion yuan, up 42.17% [3][4] Store Expansion and Market Dynamics - The industry is witnessing a trend of store closures, with major chains like Laobaixing, Yifeng, and Yixin Hall reducing their store counts significantly [6][11] - Approximately 3,000 pharmacies closed in the first quarter of 2025, indicating a significant market reshuffle [6] Competitive Pressures - The rise of online platforms has intensified competition, leading to price disparities in non-prescription drugs and health products, which has negatively impacted the average transaction value and gross margins of physical pharmacies [6][7] Regulatory and Cost Challenges - Recent policy changes, including healthcare reforms and procurement expansions, have severely impacted traditional profit models of pharmacies [7] - Rising operational costs, including rent and labor, along with expenses related to digital transformation, are increasing the financial burden on retail pharmacies [7] Strategic Responses - In response to online competition, pharmacies are diversifying their business models beyond just selling medications, venturing into health management and beauty products [9][10] - Initiatives include providing personalized medication guidance, health management services, and expanding into non-pharmaceutical product sales [10] Future Outlook - The retail pharmacy industry is expected to face more challenges and opportunities in the second half of 2025, with ongoing impacts from procurement policies and healthcare reforms [11]

Group 1 - The public's interest in housing prices has diminished, shifting focus towards personal living conditions and quality of life [5][6][13] - The real estate market has stabilized due to years of regulatory measures, leading homeowners to prioritize living quality over speculation [5][6] - Young individuals are increasingly focusing on skill enhancement and income generation rather than worrying about unattainable housing prices [6][8] Group 2 - The complexity of international affairs has led to a sense of helplessness among the public, causing them to prioritize local issues over global events [8][13] - Employment and income stability have become primary concerns for individuals amid economic restructuring and technological advancements [8][10] - Health, aging, and education are emerging as significant areas of focus for families, reflecting a shift towards practical life needs [10][11][13]