LBX(SH:603883) Zheng Quan Ri Bao Wang·2025-10-28 12:43Core Viewpoint - The report highlights that the company has shown a slight recovery in performance with a year-on-year increase in revenue and net profit for the third quarter of 2025, despite ongoing industry challenges [1] Company Performance - In Q3 2025, the company reported revenue of 5.296 billion yuan, a year-on-year increase of 0.07%, and a net profit of 131 million yuan, up 2.62% [1] - Cumulative revenue for the first three quarters exceeded 16.07 billion yuan, with a net profit of 529 million yuan [1] - The company has a total of 15,492 stores, including 9,741 direct-operated and 5,751 franchised stores, covering 18 provincial markets [1] Dividend Policy - The company announced a mid-term dividend plan for 2025, proposing a cash dividend of 0.14 yuan per share (before tax), totaling 106 million yuan [1] - Cumulatively, the company has distributed a total of 2.175 billion yuan in cash dividends since its IPO, which is approximately 215% of the net funds raised during the IPO [1] Strategic Initiatives - The company has initiated a "dual-line" transformation, focusing on enhancing service quality and operational efficiency [2] - The company aims to transform staff roles from salespeople to trusted health advisors, improving customer experience [2] - The company has increased its centralized procurement ratio to 75.2%, up 3.9 percentage points year-on-year, and is working on optimizing inventory turnover [2] Technological Advancements - The company has developed an AI platform, "Old Bai's Little Maruko AI" 2.0, to enhance internal efficiency and empower frontline staff in professional pharmaceutical services [2] - Online sales for the first three quarters reached approximately 2.23 billion yuan, reflecting a year-on-year growth of 28% [2] Industry Context - The industry is experiencing accelerated consolidation and differentiation due to stricter healthcare regulations and intensified competition [3] - Data indicates a net decrease of 3,395 pharmacies in Q4 2024, 3,166 in Q1 2025, and 4,002 in Q2 2025, leading to a total of 695,000 pharmacies nationwide [3] - Analysts are optimistic about leading pharmacies with superior management and supply chain capabilities, anticipating that industry consolidation will benefit these players [3]