Core Insights - The chain pharmacy industry is facing a significant downturn in 2024, with six out of seven leading companies experiencing a decline in net profits, marking the first instance of losses in the industry [1][2] - The traditional model of rapid expansion is coming to an end, leading to a shift towards cost-cutting measures, store closures, and a focus on operational efficiency [1][4] Group 1: Industry Performance - Except for Yifeng Pharmacy, all major companies reported a decline in net profits, with Shuyuan Pingshan recording the industry's first loss in five years [2] - Despite revenue and store numbers still growing, a significant reduction in workforce is evident, with over 8,000 employees laid off across four companies, and average staff per store decreasing from five to three [2][4] Group 2: Changing Industry Dynamics - The collapse of the "scale effect" is evident as the previous strategy of opening numerous stores to gain geographical monopoly is no longer effective due to policy changes and increased price transparency [2] - Consumers are shifting their preferences from proximity to value and immediate delivery, prompting pharmacies to transition from retail outlets to "regional front warehouses" [2] Group 3: Market Reactions - Yifeng Pharmacy, despite being the only company with profit growth, saw its stock price increase lag behind its peers, indicating market concerns about the industry's fundamental changes [3] - Investors are increasingly recognizing that future competitiveness will depend on "efficiency density" rather than the number of stores [3] Group 4: Industry Restructuring - Major companies are reducing their store counts, with Guoyao Yizhi closing 758 stores, and overall new store openings significantly slowing down [4] - A trend towards "efficiency competition" is emerging, with labor costs per store reduced by nearly 40% and digital systems replacing manual processes [4] Group 5: Investor Sentiment - Traditional financial metrics such as revenue and store expansion are becoming less relevant for assessing company value, as non-financial factors like policy impacts and operational efficiency take precedence [5] - The industry is expected to undergo painful adjustments in the short term, but only those companies that successfully transition from "scale expansion" to "efficiency-driven" models will survive [5] Conclusion - The current "great contraction era" in the chain pharmacy industry presents both challenges and opportunities, as the focus shifts back to meeting demand at the lowest cost [6] - The efficiency revolution is likely to reshape the industry landscape, with surviving companies poised to thrive in the next decade [6]
连锁药房“规模神话”崩塌:万店时代终结,效率革命开启
Xin Lang Zheng Quan·2025-05-16 06:16