Bei Jing Shang Bao·2025-11-06 13:16Core Viewpoint - The A-share chain pharmacy industry is experiencing a significant adjustment period, marked by high goodwill levels and a decline in the number of direct-operated stores, necessitating a balance between scale effects and operational quality [1][4]. Goodwill Accumulation - As of the end of Q3, the total goodwill of six A-share chain pharmacy companies reached 20.778 billion yuan, with the highest being 5.763 billion yuan for Lao Bai Xing [1][3]. - Goodwill accounts for over 50% of current assets for Lao Bai Xing and Jian Zhi Jia, indicating a heavy reliance on past acquisitions for growth [1][3]. Performance Trends - The performance of the six major A-share chain pharmacies has shown divergence in the first three quarters of the year, with some companies like Shu Yu Ping Min recovering from previous losses, achieving a revenue of 7.446 billion yuan, a year-on-year increase of 5.19% [5][6]. - Lao Bai Xing reported a revenue decline of 1% to 16.07 billion yuan and a net profit drop of 16.11% to 529 million yuan in the same period, although it showed signs of recovery in Q3 [6][8]. Store Count Changes - Many chain pharmacy companies have seen a decrease in the number of stores, with Lao Bai Xing reducing its direct-operated stores by 240 to 9,981 by the end of Q3 [8][9]. - Yi Feng Pharmacy and Jian Zhi Jia also reported net decreases in store counts, reflecting a shift from quantity to quality in store management [8][9]. Industry Outlook - The industry is transitioning from a focus on rapid expansion through store count to enhancing service quality and operational efficiency, as market saturation makes previous growth strategies less effective [9].