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国投证券医药产业链数据库之：零售药房经营数据，2025年5月实体药店销售同比有所下降
Guotou Securities·2025-06-11 00:20

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Viewpoints - The retail pharmacy industry is experiencing a decline in sales at physical stores, with a year-on-year decrease noted in May 2025. However, the structure of listed pharmacy stores is gradually optimizing, which is expected to lead to stable growth in performance [3][13] - In May 2025, the average daily sales per store in physical pharmacies were 2,769.8 yuan, reflecting a year-on-year decline of 3.09%. The average order volume per store increased by 4.57%, while the average transaction value decreased by 7.21% [4][15] - The retail pharmacy sector has seen a concentration increase, with the top six listed pharmacies holding a market share of approximately 17.94%. Despite a year-on-year revenue decline of 1.77% for the overall retail pharmacy market in 2024, these pharmacies are expected to achieve growth due to steady store expansion [20][21] Summary by Sections Macro Dimension - The market size of domestic physical pharmacies in 2024 was 611.9 billion yuan, showing a year-on-year decrease of 1.77% due to factors such as declining transaction values and reduced product offerings [14] - In May 2025, the average daily sales per store in physical pharmacies were 2,769.8 yuan, which is a 3.09% year-on-year decline. The average order volume per store increased by 4.57%, while the average transaction value decreased by 7.21% [15] Micro Dimension - The structure of listed pharmacy stores is gradually optimizing, with several companies maintaining a high proportion of new store openings. In 2024, the proportion of new stores for major pharmacies was as follows: Yifeng Pharmacy (31%), Dazhenglin (25%), Laobaixing (31%), Yixintang (15%), Jianzhijia (38%), and Shuyupingmin (34%) [5][25] - The retail pharmacy industry is witnessing a further increase in concentration, with the top six listed pharmacies expected to achieve better-than-industry growth due to their steady expansion [20][21]