Core Viewpoint - The major chain pharmacy giant, Lao Bai Xing, is experiencing a transformation phase as its controlling shareholder plans to reduce its stake by up to 3%, potentially cashing out approximately 450 million yuan [2][28]. Company Overview - Lao Bai Xing was founded by Xie Zilong in 2001, focusing on providing affordable medications and has grown to become a leader in the pharmaceutical retail industry [3][10]. - The company has expanded rapidly through a strategy of mergers and acquisitions, with a total of 15,277 stores nationwide by the end of 2024 [12][16]. Financial Performance - Since 2014, Lao Bai Xing's total assets have increased from 2.53 billion yuan to 21.23 billion yuan by the end of 2023, a growth of 639% [21]. - The company's revenue and net profit have also seen significant increases, with revenue rising from 3.94 billion yuan to 22.44 billion yuan and net profit from 202 million yuan to 929 million yuan over the same period [21]. - However, in 2024, the company reported a decline in both revenue (223.58 billion yuan, down 0.36%) and net profit (5.19 billion yuan, down 44.13%), marking the first decline in revenue and profit since 2012 [22][23]. Market Challenges - The pharmaceutical retail industry is facing challenges due to increased competition, regulatory pressures, and changes in consumer behavior post-pandemic, leading to a decrease in demand for non-essential medications [26][27]. - The industry is undergoing a transformation as the number of pharmacies in China surpasses 700,000, intensifying competition and squeezing profit margins [26][27]. Shareholder Actions - Xie Zilong and his wife have previously cashed out over 1.3 billion yuan through share reductions since 2018, and the current planned reduction could bring their total cash-out to approximately 1.7 billion yuan [3][28].
谢子龙从平价药房颠覆者转身套现13亿 老百姓并购后遗症净利连降背57亿商誉