“亏得没办法了” 一连锁药房老板自述：忙活一年净亏了2000多万元！

Core Viewpoint - The rapid growth of China's chain pharmacy industry over the past 15 years is now facing a significant slowdown, with a notable decline in the number of retail pharmacies and a shift in focus from expansion to survival strategies [1][2][10]. Industry Overview - As of the end of 2024, the total number of pharmacies in China exceeded 680,000, with an average of 4.6 pharmacies per 10,000 people, significantly higher than levels in Japan and the United States [1]. - The industry experienced its first negative growth in retail pharmacy numbers in 2024, with approximately 39,000 pharmacies closing, and a net decrease of about 3,000 pharmacies in the first quarter of 2025 [1][2]. Business Strategies - Major pharmacy chains, such as 老百姓 (603883.SH), have indicated a pause in expansion plans, focusing instead on converting existing stores to franchise models [1]. - The industry is shifting from a focus on scale and expansion to survival, with many operators now discussing strategies to reduce losses rather than increase profits [3][8]. Market Dynamics - The pharmacy market is experiencing a structural shift, with many operators recognizing that the previous strategy of aggressive expansion is no longer viable [2][10]. - The influx of capital into the industry led to inflated valuations and a bubble in the number of pharmacies, with many operators previously opening stores not for sales but for resale [2][9]. Financial Performance - The profit margins for leading pharmacy companies have drastically decreased, with net profit margins reported between 1% and 3%, indicating a challenging financial environment [8]. - The operational costs, including online sales pressures and competitive pricing, have further squeezed profit margins, leading to significant losses for many operators [6][7]. Future Outlook - Industry experts predict that the number of pharmacies in China could decline to around 400,000 over the next three to five years, as many operators continue to close unprofitable stores [7][10]. - The current market environment is characterized by a focus on cash flow management and cost control, with many operators exploring various strategies to adapt to the changing landscape [8][9].