DSL(SH:603233) Sou Hu Cai Jing·2025-11-14 11:16Core Viewpoint - The article discusses the recent exposure of a chain pharmacy, Dacianlin, for selling ordinary consumer products disguised as medical devices, which can be reimbursed through medical insurance, highlighting regulatory loopholes and compliance issues in the industry [3][7]. Group 1: Company Overview - Dacianlin is a leading chain pharmacy in China, with over 17,000 stores as of September 2023, making it the largest in terms of revenue and store count [7]. - The company has seen significant growth, adding over 6,500 stores between 2023 and 2024, and has a 40% share of franchise stores in its total store count [8]. Group 2: Regulatory Issues - The company has been involved in multiple instances of non-compliance with medical insurance regulations, including improper billing practices and inclusion of non-reimbursable items in insurance claims [8][9]. - Dacianlin's practices of repackaging everyday items as medical devices have raised concerns, as this trend is becoming common in the industry, leading to higher profit margins and easier customer attraction [7]. Group 3: Financial Performance - In 2024, Dacianlin reported non-pharmaceutical revenue of 2.948 billion yuan, with a gross margin of 42%, which is 9 percentage points higher than the company's average gross margin of 32.74% [7]. - For the first half of the year, the company's non-pharmaceutical revenue reached 1.781 billion yuan [7]. Group 4: Information Disclosure and Ratings - Dacianlin received a B rating in the Shanghai Stock Exchange's annual information disclosure evaluation, a significant improvement from a D rating in 2024 [10]. - The company faced scrutiny for delayed disclosures related to legal issues involving its actual controller, which led to regulatory actions and internal accountability measures [11].