JZJ(SH:605266)2024-04-26 11:15Financial Performance - The company's revenue for Q1 2024 was CNY 2,313,981,509.90, representing a 6.79% increase compared to CNY 2,166,874,356.81 in the same period last year[4]. - Net profit attributable to shareholders decreased by 31.51% to CNY 52,259,604.68 from CNY 76,303,944.55 year-on-year[4]. - The net cash flow from operating activities dropped significantly by 69.56% to CNY 101,194,323.06, down from CNY 332,485,173.59 in the previous year[4]. - Total revenue for Q1 2024 decreased by 31.25% to CNY 51,884,935.45 compared to CNY 75,474,057.39 in Q1 2023[15]. - Operating profit fell by 39.64% to CNY 59,991,039.35 from CNY 99,383,033.13 year-over-year[15]. - The company reported a decrease in diluted earnings per share by 30.51% to CNY 0.41 from CNY 0.59 in the same quarter last year[5]. - The weighted average return on equity fell by 1.11 percentage points to 1.81% compared to the previous year[5]. - Basic earnings per share fell by 30.51% to CNY 0.41 from CNY 0.59 in the previous year[18]. - The company reported a net investment loss of CNY 2,373,958.37 in Q1 2024, an improvement from a loss of CNY 3,245.68 in Q1 2023[72]. - The total profit before tax for Q1 2024 was ¥60,494,312.59, down from ¥97,454,720.81 in Q1 2023, reflecting a decrease of 38.0%[73]. Store Expansion and Network - The number of stores increased by 1,071, a growth of 25.55%, bringing the total to 5,236 stores[9]. - The company opened 134 new stores in Q1 2024, following the establishment of 799 stores in 2023[15]. - The company has a total of 5,263 stores at the end of the reporting period, representing a 2.87% increase from the beginning of the year and a 25.55% year-over-year growth compared to Q1 2023[25]. - The company has established a strong presence in Chongqing with nearly 600 stores and in Liaoning with 417 stores, indicating rapid market penetration[25]. - The company is focusing on expanding its store network primarily through self-construction and acquisitions, particularly in Yunnan and Hebei[23]. - The total number of retail stores increased to 4,918, representing a net increase of 141 stores or 2.95% compared to the previous year[27]. - The number of self-built stores reached 799 in 2023, with 134 new stores added in Q1 2024[29]. - The company opened 134 new self-built stores and acquired 14 stores in Q1 2024, resulting in a net increase of 147 stores[25]. Revenue Sources and Business Segments - The proportion of medical insurance settlement income to main business revenue decreased from 48% to 42% year-on-year due to policy changes[6]. - Online business grew by 12.78%, increasing its share of main business revenue by 1.24% compared to the previous year[7]. - The gross profit margin for the period was 34.36%, an increase of 1.75% compared to the same period last year[9]. - The gross margin for the pharmaceutical retail segment was 33.21%, with a revenue contribution of 90.34%[37]. - Sales revenue for traditional Chinese medicine, health food, and medical devices decreased by 17.93%, 23.42%, and 12.52% respectively, reflecting market challenges and policy impacts[42]. - Personal care products and convenience goods saw significant revenue growth of 28.68% and 25.65% respectively, indicating strong consumer demand in these categories[43]. - The sales of private label products increased by 33% year-on-year, accounting for 15.46% of total operating revenue, which helped mitigate the decline in gross margin[44]. - Other business income grew by 41.83% year-on-year, now representing 5.75% of total revenue, highlighting successful promotional activities and resource acquisition[44]. Operational Efficiency and Strategy - The company plans to enhance operational efficiency and product quality while focusing on customer needs and competitive pricing strategies in 2024[10]. - The company aims to enhance operational efficiency and service quality through improved information systems, focusing on digital transformation and supply chain collaboration[57]. - The company is committed to reducing rental costs and enhancing operational efficiency as part of its core marketing strategy[62]. - The focus for 2024 includes strengthening product category planning, enhancing gross margin, and increasing promotional efforts with industrial enterprises[59]. - The company will actively respond to the challenges posed by outpatient management policies and improve customer service to adapt to changing consumer behaviors[58]. Cash Flow and Financial Position - The company's cash and cash equivalents decreased to CNY 780,141,461.26 from CNY 857,928,878.48, a decline of 9.0%[67]. - Accounts receivable increased to CNY 530,212,926.20, up 20.4% from CNY 440,476,301.82 as of December 31, 2023[67]. - Inventory rose to CNY 2,516,076,343.45, an increase of 6.0% from CNY 2,373,564,146.48[67]. - Total assets as of March 31, 2024, amounted to CNY 10,055,746,795.96, compared to CNY 9,948,934,505.31 at the end of 2023, marking a growth of 1.1%[68]. - Total liabilities increased to CNY 7,159,245,615.89 from CNY 7,104,318,260.69, reflecting a rise of 0.8%[69]. - The company's equity attributable to shareholders rose to CNY 2,913,389,807.23, up from CNY 2,861,130,202.55, an increase of 1.8%[69]. Market and Consumer Engagement - The company has established a chronic disease management system with 2.8 million members, a 75% increase year-on-year, enhancing customer engagement and service quality[47]. - The number of specialized pharmacies reached 1,341, accounting for 27.27% of total pharmacies, focusing on chronic disease management and specialized care[47]. - The company conducted over 110 health education and medical consultation events during the reporting period, addressing various health issues[48]. - The company is enhancing its multi-channel service capabilities to meet diverse consumer needs, ensuring a comprehensive health service ecosystem[49]. - The coverage rate of physical stores reached 92.97%, with 14.46% of stores operating 24 hours, enhancing customer engagement and cost control[51].