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老百姓业绩双降:直营缩店、押注AI,能否破局行业结构性转型?

Core Viewpoint - The performance of listed chain pharmacies remains challenging in the first half of 2025, with some signs of improvement, as companies adapt to a new phase of structural growth in the pharmaceutical retail industry [1][2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% [1][2]. - The decline in net profit is attributed to an increase in the proportion of new retail business sales, which led to a decrease in gross margin, as well as rising R&D expenses [2]. - Compared to the first quarter, the second quarter showed improvement, with revenue decline narrowing to 1.14% from 1.88% in the first quarter, and retail revenue growing by 0.20% [2]. Store Expansion and Business Model - The company has shifted its focus from rapid store expansion to structural adjustments for high-quality growth, with a net increase of only 108 stores in the first half of 2025, including a rare net decrease in direct stores [3][5]. - As of June 30, 2025, the company operated 15,385 stores, with 9,784 direct stores and 5,601 franchise stores [3]. Diversification and Cost Efficiency - The company is emphasizing diversification, particularly in non-pharmaceutical products, with a focus on health services and a significant increase in the proportion of franchise stores [5][6]. - The company aims to reduce costs and improve efficiency, achieving a 165.92% year-on-year increase in net cash flow from operating activities, primarily due to reduced procurement payments and lower wage expenses [7][8]. Technological Integration - The company is investing heavily in AI and big data to enhance operational efficiency and customer service, with R&D expenses surging by 8686.48% to 36.89 million yuan in the first half of 2025 [8]. - The company has developed multiple AI dialogue assistants to optimize various business operations and improve customer service [8]. Industry Outlook - The retail pharmacy industry is entering a new phase of structural growth, moving away from broad-based expansion to identifying specific growth opportunities in niche markets [1][3]. - The industry is expected to experience a "Matthew Effect," where stronger players will continue to dominate, necessitating a shift in value positioning from mere product sales to comprehensive health solutions [9].