2 1 Shi Ji Jing Ji Bao Dao·2025-04-30 03:21Core 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].