智通财经APP获悉，中信证券发布研报称，商务部等九部门发布《关于促进药品零售行业高质量发展的 意见》，提出提升药事服务能力，促进处方流转，优化定点药店门诊统筹，构建商保支付保障体系，提 升健康服务，丰富药品零售业态，支持零售药店兼并重组等要求。中信证券认为门诊统筹落地药店有望 加速，兼并重组利好龙头提升市占率，商保打开新支付空间。更进一步看，恰逢"十五五"开局之年，政 策推动医药零售"四化"加速，利于政策分级诊疗和医药分业等医改进程。 ②《意见》鼓励各地优化营商环境，对于被整合的连锁或单体药店，优化《药品经营许可证》申请核发 流程，允许原医保资质延续和使用。我们认为，连锁药房有望凭借资本市场的融资优势，在行业整合期 快速提升市占率，为行业转型和合规进程提供帮助。 ③《意见》鼓励商业保险和药店对接并开发适配药店场景的保险产品，并提出打造健康驿站，鼓励开展 慢病管理、用药指导、健康咨询等服务，推动公司更好的开拓大健康类业务。我们认为连锁药房将乘上 商保和多层次医疗支付体系发展的东风，承接更高层次的医疗健康需求。 医药零售"四化"加速，利于政策分级诊疗和医药分业。 近期正值各地、各部门"十五五"规划密集发布，我国医 ...

Core Viewpoint - The company is facing significant challenges in the pharmaceutical retail industry, including stagnant revenue growth and declining profits due to regulatory pressures and market competition. The company is adjusting its strategies to focus on operational efficiency and non-pharmaceutical revenue streams [5][6][21]. Company Overview - JZJ Chain Drugstore Corporation, also known as 健之佳医药连锁集团股份有限公司, is based in Kunming, China, and is listed under stock code 605266 [1]. Financial Performance - The company's net profit for 2024 was 128 million yuan, a decrease of 69.08% compared to 2023 [6]. - Total assets at the end of 2024 amounted to 1,062.33 million yuan, reflecting a 6.78% increase from the previous year [25]. - The company's revenue for 2024 was 928.28 million yuan, a slight increase of 2.23% from 2023 [26]. Operational Strategy - The company is slowing down its store expansion and focusing on improving the efficiency of existing stores to cope with industry competition [6][21]. - There is an emphasis on enhancing non-pharmaceutical product offerings to diversify revenue streams [6][21]. Governance and Compliance - The board of directors is committed to maintaining compliance with regulatory requirements and enhancing corporate governance practices [6][19]. - The company has established a management system for share repurchases, utilizing 145 million yuan to buy back shares, which represents 4.13% of its total shares [18]. Market Environment - The pharmaceutical retail industry is experiencing a downturn, with a significant drop in healthcare spending growth, which fell to 3.0% in early 2025, down from 16.0% the previous year [21]. - The company is navigating through a period of structural adjustment and transformation in response to regulatory changes and market dynamics [21].