LBX(SH:603883) Bei Jing Shang Bao·2025-11-06 14:12Core Viewpoint - The A-share chain pharmacy industry is experiencing a significant adjustment period, marked by high goodwill levels due to previous aggressive expansion strategies through mergers and acquisitions. Companies are now facing declining store numbers and must balance scale effects with operational quality [2][5]. Goodwill Accumulation - As of the end of Q3, the total goodwill of six A-share chain pharmacy companies reached 20.778 billion yuan, with an average of 3.463 billion yuan per company [4]. - The company "老百姓" holds the highest goodwill at 5.763 billion yuan, followed by "益丰药房" at 4.772 billion yuan and "XD大参林" at 3.522 billion yuan [4][5]. - Goodwill as a percentage of current assets is notably high for "老百姓" at 65.28% and "健之佳" at 58.7%, indicating a heavy reliance on acquired goodwill [4]. Performance Trends - The performance of A-share chain pharmacies has shown divergence in the first three quarters of the year, with "漱玉平民" recovering from previous losses, achieving a revenue of 7.446 billion yuan, a year-on-year increase of 5.19% [7]. - "老百姓" reported a revenue decline of 1% to 16.07 billion yuan and a net profit drop of 16.11% to 529 million yuan [8]. - Other companies like "大参林" and "益丰药房" have also seen net profit growth, while "健之佳" and "一心堂" experienced declines [7][8]. Store Count Changes - Many chain pharmacy companies are witnessing a decline in store numbers, with "老百姓" reducing its direct stores by 240 this year [10]. - "益丰药房" closed 440 stores while opening only 137, resulting in a slight overall decrease in store count [10]. - In contrast, "漱玉平民" increased its direct store count due to new acquisitions, indicating a shift towards quality over quantity in store management [11]. Industry Direction - The industry is transitioning from a focus on expanding store numbers to enhancing service quality and operational efficiency, as market saturation makes previous growth strategies less effective [11].