LBX(SH:603883) Cai Jing Wang·2025-09-29 10:55Industry Overview - The pharmacy industry is undergoing a consolidation phase, with a confirmed trend of decreasing pharmacy numbers since Q4 2024. In Q4 2024, the net decrease was 3,395 pharmacies, followed by a decrease of 3,166 in Q1 2025 and 4,009 in Q2 2025. This trend is expected to accelerate over the next two years, leading to increased market concentration [1] - The shift from rapid expansion to standardized development raises the operational requirements for existing pharmacies, presenting a favorable opportunity for large chains to increase market share during this consolidation phase [1] Company Strategy - The company is enhancing its compliance system and self-inspection mechanisms to maintain a competitive edge in compliance management. It aims to strengthen professional pharmaceutical service capabilities and improve store operation quality [1] - The company is focusing on developing franchise and alliance businesses to integrate industry resources and attract small and medium-sized pharmacies, aiming to seize opportunities during the industry consolidation period and further increase market share [1] Procurement System Reform - In H1 2025, the company is implementing a deep reform of its procurement system, establishing a user-demand-centered model to enhance consumer loyalty and improve product quality and supply chain efficiency [2] - The integration of procurement functions aims to achieve unified management, significantly enhancing supply chain responsiveness and cost control capabilities [2] - The company is restructuring its category management logic to focus on user needs, moving away from the traditional prescription/OTC segmentation to a disease/health scenario-centered management system [2] Product and Service Diversification - The company is committed to diversifying its product offerings, particularly in the non-pharmaceutical health sector, utilizing big data to select SKUs and expand its product matrix. The "老百姓优选" brand focuses on safe, healthy, and cost-effective health products, including health foods and daily necessities [2] - In terms of service diversification, the company is building a health service platform centered around its stores, extending its health ecosystem with a focus on chronic disease services, pharmaceutical services, and convenience services [2]