LBX(SH:603883) Xin Lang Zheng Quan·2025-09-12 06:52Group 1 - The core viewpoint of the article highlights the financial struggles of the leading A-share listed chain pharmacy, Lao Bai Xing Pharmacy, as it reports a slight decline in revenue and a significant drop in net profit for the first half of 2025 [1][2] - The company achieved a 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% year-on-year, indicating continued pressure on performance [1] - Lao Bai Xing Pharmacy operates over 15,000 stores across 18 provinces and more than 150 cities, maintaining its leading position in store scale, with a notable increase in franchise stores [1] Group 2 - The decline in net profit is attributed to a decrease in gross margin and a significant increase in R&D investment, with gross margin dropping by 1.24 percentage points to 33.08% due to the rising sales proportion of new retail business [1] - R&D expenses surged to 36.89 million yuan compared to 420,000 yuan in the same period last year, with personnel costs for R&D reaching 28.57 million yuan [1] - The company experienced high-level personnel changes during the reporting period, including the departure of the vice president and president, leading to the founder taking on dual roles as chairman and president [2] Group 3 - The company has faced a continuous decline in performance, with a 44.13% year-on-year drop in net profit for the entire year of 2024, amidst a broader industry slowdown [2] - The major shareholder initiated a plan to reduce holdings by up to 3%, resulting in the sale of 18.11 million shares, cashing out over 340 million yuan, which raises concerns about the company's stability [2] - The competitive landscape in the pharmaceutical retail industry is intensifying, with the need for the company to stabilize its team and enhance profitability becoming increasingly critical [2]