LBX(SH:603883) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-26 13:55Core Viewpoint - The performance of listed chain pharmacies remains challenging in the first half of 2025, with signs of improvement emerging, particularly for the company "老百姓" which reported a slight recovery in revenue in the second quarter compared to the first quarter [2][3]. Financial Performance - "老百姓" achieved revenue of 10.774 billion yuan in the first half of 2025, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year [2][3]. - 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 and an increase in R&D expenses [3]. - In the second quarter of 2025, revenue showed improvement, with a year-on-year decline of 1.14%, compared to a 1.88% decline in the first quarter [3]. Market Trends - The retail pharmacy market in China is under pressure, with a reported market size decline of 2.2% in 2024 and a 0.6% decrease in sales scale for physical retail pharmacies in the first half of 2025 [3]. - The industry is transitioning from rapid expansion to structural growth, focusing on quality rather than quantity [5]. Store Expansion Strategy - As of June 30, 2025, "老百姓" had a total of 15,385 stores, with a net increase of only 108 stores in the first half of 2025, marking a significant slowdown in expansion compared to previous years [5][6]. - The company is shifting its focus from direct store expansion to a mixed model of direct, franchise, and acquisition strategies, with a notable increase in franchise stores [5][6]. Cost Reduction and Efficiency Improvement - The company is emphasizing cost reduction and efficiency improvement, achieving a 165.92% year-on-year increase in net cash flow from operating activities [8]. - The application of big data and AI technologies is being prioritized to enhance operational efficiency and customer service [8][10]. R&D and Technological Advancements - R&D expenses surged by 8686.48% year-on-year to 36.89 million yuan, primarily due to the capitalization of R&D expenditures [10]. - The company is developing AI applications to optimize operations and improve customer service, including partnerships with external companies like Tencent Health [10]. Industry Outlook - The retail pharmacy industry is expected to face ongoing challenges, with a shift towards a more diversified and integrated service model, moving from merely dispensing medications to providing comprehensive health solutions [10].