老百姓半年报：加盟联盟双增长，存量整合提升市占率

Core Viewpoint - The company reported a stable performance in the first half of 2025, with a focus on enhancing core competitiveness through customer-centric reforms and digital transformation [1][4]. Financial Performance - The company achieved operating revenue of 10.77 billion yuan and a net profit attributable to shareholders of 398 million yuan in the first half of 2025 [1]. - The cash flow from operating activities significantly improved, increasing by 165.92% year-on-year [1]. Market Position and Strategy - The company operates a network of 15,385 stores across 18 provinces and over 150 cities, with 9,784 direct-operated stores and 5,601 franchised stores [1]. - The company is optimizing its store network by focusing on franchise and alliance models to capture the existing market, enhancing market share in advantageous areas [2]. Industry Trends - The retail pharmacy industry is experiencing a decline in the total number of stores, with a net decrease of 3,166 stores in the first quarter of 2025, bringing the total below 700,000 [2]. - The top 100 chain pharmacies are increasing their market share, accounting for 60.9% of the national retail market in 2024, up 2.1 percentage points from 2023 [2]. Service and Community Engagement - The company has established 1,729 stores with outpatient chronic disease qualifications and has served over 20.51 million chronic disease patients [3]. - The company launched the "Altruism and Morale Enhancement" project to promote a culture of altruism among employees and customers, transitioning stores from transactional to relationship-based services [3]. Digital Transformation and AI Integration - The company is deepening its digital transformation, optimizing logistics, inventory management, and new retail strategies to meet diverse consumer health needs [4]. - The inventory turnover days decreased to 89 days, and online sales reached approximately 1.49 billion yuan, growing by 32% year-on-year [4]. - The company has partnered with Tencent Health to launch an AI-driven knowledge Q&A system, enhancing operational efficiency across key business areas [4].