药店也调改 一心堂未来专业药房、泛健康药店"三七开"

Core Viewpoint - The overall supply surplus in the industry is leading to a decline in the average number of services per store, necessitating improvements in store output and efficiency [1] Group 1: Company Performance - In the first half of the year, the company reported a revenue of 8.914 billion yuan, a year-on-year decline of 4.20%, and a net profit of 250 million yuan, down 11.44% year-on-year [1] - The decline in revenue is attributed to a drop of over 2 percentage points in retail income, with significant decreases in distribution, traditional Chinese medicine raw material supply, and Chinese medicine pieces business [1] - The company opened 203 new stores and closed 241 stores in the first half of the year, resulting in a net decrease in store count to 11,372, marking the first net reduction in recent years [1] Group 2: Industry Trends - The retail pharmacy sector is entering a transformation phase, with a consensus that the growth inflection point occurred in Q4 2024, leading to a negative growth phase in 2025 [2] - By the first quarter of 2025, the total number of pharmacies in the country is expected to fall below 700,000, with a net decrease of approximately 3,000 pharmacies [2] Group 3: Store Transformation Initiatives - The company has initiated a store classification and upgrading process, planning for 70% of stores to transition to multi-category pharmacies and 30% to professional pharmacies [3] - The transformation includes enhancing the medical attributes of nearly one-third of the stores and introducing various product categories such as beauty, personal care, and health products [3] - The company aims to complete the transformation of 1,000 multi-category stores by 2025 and to establish a systematic upgrade of chronic disease medication and routine service systems by 2027 [4] Group 4: Financial Outlook and Cost Management - The company anticipates that the financial indicators will not see significant changes due to store transformations alone in 2025, as net profit will be influenced by multiple factors [4] - The company is focused on cost control and efficiency improvements, believing there is still room for optimization in sales and management expenses [4]