第一医药2024年财报：营收增长但扣非净利润暴跌，业务转型面临挑战

Core Insights - The company reported a total revenue of 1.915 billion yuan for 2024, representing a year-on-year growth of 5.26%, while the net profit attributable to shareholders reached 163 million yuan, up 82.65%. However, the non-recurring net profit plummeted by 36.79% to only 6.874 million yuan, indicating deeper issues in its business transformation despite progress in retail expansion, online business, and cross-border sales [1] Retail Expansion - In 2024, the company achieved significant progress in retail expansion, adding 35 new stores, bringing the total to 206. This included 2 new pet specialty stores and 53 medical insurance stores, with the latter accounting for over 60% of the total, surpassing the average level in the Shanghai market. Additionally, the company expanded through a franchise model, adding 24 franchise stores with sales exceeding 50 million yuan. However, the increase in store numbers did not translate into improved profitability, as indicated by the sharp decline in non-recurring net profit, highlighting high operational costs and insufficient profitability, particularly in innovative store formats like pet specialty stores and health towns [4] Online Business and Cross-Border Sales - The company's online business continued to grow in 2024, ranking among the top four in O2O sales in Shanghai, showing significant improvement compared to previous years. The company leveraged partnerships with platforms and utilized marketing resources to achieve a surge in traffic and sales. Furthermore, the company expanded its cross-border sales through its subsidiary, acquiring qualifications for cross-border drug purchases. Despite the notable growth in online and cross-border sales, their contribution to overall profits remains limited, as online sales have low profit margins and cross-border sales are still small-scale, posing compliance risks and increasing operational costs [5] Backend Support and Digitalization - In 2024, the company made substantial investments in backend support and digitalization, optimizing procurement costs, introducing JBP suppliers, and developing OEM products to enhance supply chain efficiency. The company also launched a chronic disease management service system, registering over 43,000 individuals, and initiated a modern intelligent logistics center project expected to be completed by 2025. However, the effectiveness of these investments is yet to be seen, as the improvements in operational efficiency have been limited. The long construction cycle of the logistics center may delay significant benefits, and while investments in talent acquisition and training have strengthened the internal workforce, their impact on business growth requires further validation [6]