Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on optimizing store layout and expanding its franchise business while enhancing its digital and diversified operations [2][3][4][5]. Group 1: Financial Performance - For 2024, the company achieved operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 2.2358 billion, 519 million, and 496 million yuan, respectively, with year-on-year changes of -0.36%, -44.13%, and -41.18% [2]. - The net cash flow from operating activities was 2.026 billion yuan, down 25.77% year-on-year, with basic EPS of 0.68 yuan [2]. - In Q1 2025, the company reported operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 543.5 million, 251 million, and 243 million yuan, respectively, with year-on-year changes of -1.88%, -21.98%, and -21.59% [2]. Group 2: Profit Distribution and Shareholder Returns - The company proposed a profit distribution plan to distribute a cash dividend of 0.8 yuan per 10 shares (including tax) to all shareholders, with a dividend payout ratio of 60.15% for 2024 [2]. Group 3: Operational Insights - The company faced short-term performance pressure due to an increase in new store openings and goodwill impairment losses, leading to a net loss in Q4 2024 [3]. - The sales gross margin improved to 33.17% in 2024 and 34.22% in Q1 2025, with offline store sales gross margin increasing by 0.7 percentage points year-on-year [3]. - Inventory turnover days decreased by 13 days to 92 days in Q1 2025, with a 75.3% share of centralized procurement sales, up approximately 5.8 percentage points year-on-year [3]. Group 4: Store Expansion and Franchise Development - By the end of 2024, the company had a store network covering 18 provinces, with a total of 15,277 stores, including 9,981 direct-operated stores (up 8.7% year-on-year) and 5,296 franchise stores (up 20.5% year-on-year) [4]. - In Q1 2025, the company added 211 new stores, including 24 direct-operated and 187 franchise stores, while closing 236 underperforming stores [4]. - The proportion of old stores converted to franchises increased to 62% in Q1 2025, up 34 percentage points year-on-year, with franchise delivery revenue exceeding 580 million yuan [4]. Group 5: Digital Transformation and Diversification - The company is advancing its digital transformation by integrating technology with business operations to enhance efficiency and reduce costs [5]. - Online sales (including franchises) reached approximately 2.47 billion yuan in 2024, up 24% year-on-year, and 750 million yuan in Q1 2025, up 34% year-on-year [5]. - The company is exploring diversification by increasing the non-pharmaceutical sales ratio, with a 2.8 percentage point increase in non-pharmaceutical sales in sample diversified stores in Q1 2025 [5].

Group 1: Company Performance and Financials - In Q1 2025, the company achieved a revenue of 84.37 billion, a year-on-year decrease of 1.87% [13] - For the year 2024, the company reported a revenue of 333.52 billion, a growth of 4.05%, and a net profit of 5.26 billion, increasing by 7.53% [18] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 5.10 billion, reflecting a growth of 25.74% [18] Group 2: Debt Management - The company is actively managing its debt structure, with a stable decrease in the asset-liability ratio [2][3] - There are 4 billion of the 6 billion convertible bonds yet to be converted, with plans for redemption or conversion as per regulations [2] Group 3: Market Strategy and Expansion - The company aims to enhance market share through scale, channel, and brand advantages, including mergers and acquisitions, and strategic partnerships [1] - New parks, such as the Yingte Pharmaceutical Valley Operations Center, are set to be operational this year, while the Shitang Pharmaceutical Industrial Park is still in planning [1] Group 4: Business Segments and Innovations - The company is focusing on enhancing the quality and efficiency of traditional Chinese medicine services through the establishment of additional decoction centers [4] - In the medical aesthetics sector, the company plans to improve revenue through refined operations and deeper collaborations with manufacturers [5] - The company is expanding its logistics capabilities with a comprehensive distribution network across Zhejiang province, enhancing efficiency through smart warehousing and automated sorting systems [17] Group 5: Investor Relations and Market Perception - The management emphasizes that stock prices are influenced by various factors, including company fundamentals and market trends, and currently has no plans for stock buybacks or increases [6][31] - The company is committed to improving investor relations and enhancing market value through high-quality business development and increased cash dividends [2]

商贸零售/互联网电商 华凯易佰（300592.SZ） 主营业务稳健增长，库存因素短期拖累盈利能力 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-05 2024-09 2025-01 华凯易佰 沪深300 相关研究报告 《上半年营收稳健增长，新业务投入 等拖累业绩表现—公司信息更新报 告》-2024.8.26 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 公司 2024 年及 2025Q1 经营端表现稳健，业绩端短期承压明显 公司发布年报、一季报：2024 年实现营收 90.22 亿元（同比+38.4%，下同）、归 母净利润 1.70 亿元（-48.8%）；2025Q1 实现营收 22.92 亿元（+35.1%），归母净 利润-0.15 亿元（2024 年同期为 0.82 亿元）。考虑去库存及贸易风险影响，我们 下调公司 2025-2026 年盈利预测并新增 2027 年盈利预测，预计 2025-2027 年归 母净利润为 2.66/3.61/4.52 亿元（2025-2026 年原值 5.09/6.13 亿元），对应 EP ...