中邮证券认为，零售药店行业在2025年逐季加速出清，客流有望向头部集中。2026年龙头药店利润率有 望提升。新店、次新店业绩待释放，降租等控费举措逐步贡献报表；各家龙头药店积极迎接行业周期进 行门店调改优化，优化产品结构，医保依存度低的品种占比有望提升，2026年利润率有望提升。看好龙 头药房凭借其专业化的服务能力、强大的供应链体系、数字化精细化的管理以及内控合规体系在行业整 合阶段强者恒强。 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，支持零售药店进行兼并重组。鼓励药品 零售企业依法开展横向并购与重组。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。涉及医保资质变更的，允许原医保资质继续存续和使用，新医保资质正 式开通后，注销原医保资质。 国金证券认为，2026年，药店挑战与机遇并存，在政策持续推动行业规范发展的背景下，合规龙头优先 受益。且同样能看到率先进行门店调整的龙头公司，2025年三季度收入端边际回暖。内生表现向好，且 部分龙头公司现金流状况优秀，有望在出清期趁势提升市占率；另外，部分公司开始尝试积极拓展非 药，优化产品结构，作为纯增量业务来看，非 ...

Core Viewpoint - The performance of seven listed chain pharmacies in the third quarter of this year shows a mixed picture, with some achieving growth in both revenue and net profit, while others experienced declines. The overall trend indicates a slowdown in store expansion and a focus on improving quality and efficiency in the industry [1][12]. Revenue and Profit Summary - Dazhenglin reported revenue of 20.068 billion yuan, a year-on-year increase of 1.71%, and a net profit of 1.081 billion yuan, up 25.97% [2][3]. - Yifeng Pharmacy achieved revenue of 17.286 billion yuan, a slight increase of 0.39%, with a net profit of 1.225 billion yuan, growing by 10.27% [2][3]. - Laobaixing's revenue decreased by 1% to 16.07 billion yuan, with a net profit of 529 million yuan, down 16.11%, the largest decline among the seven pharmacies [2][4]. - Yixin Tang's revenue was 13.001 billion yuan, down 4.33%, and net profit was 269 million yuan, down 8.17% [2][4]. - Jianzhijia reported revenue of 6.549 billion yuan, a decrease of 2.8%, and net profit of 101 million yuan, down 0.2% [2][5]. - Shuyupingmin achieved revenue of 7.446 billion yuan, up 5.19%, and net profit of 109 million yuan, a significant increase of 927.37% [2][6]. - Huaren Health, listed in March 2023, reported revenue of 3.892 billion yuan, a growth of 19.06%, and net profit of 157 million yuan, up 45.21% [2][6]. Store Expansion and Market Trends - The rapid expansion of chain pharmacies has slowed, with many companies pausing new store openings. The total number of pharmacies in the country decreased by 0.5% in the third quarter of 2024, marking the first quarterly decline in recent years [7][8]. - Dazhenglin had 16,833 stores by the end of the reporting period, with a significant number of closures [8][10]. - Laobaixing had 15,492 stores, closing 304 and opening 756, while Yifeng Pharmacy had 14,666 stores, closing 440 [9][10]. - Yixin Tang closed more stores than it opened, with 430 closures and only 288 new stores [9][10]. - Shuyupingmin made strategic acquisitions, adding 754 stores in its core market of Shandong, while Huaren Health also expanded its store count through new openings and acquisitions [11][12]. Industry Challenges and Adjustments - The industry is facing multiple pressures, including regulatory changes and increased competition, leading to a decline in profitability for many chain pharmacies. Companies are focusing on closing underperforming stores and improving operational efficiency [12]. - The shift towards online and offline integration is expected to accelerate, with larger listed chains likely to benefit from increased market concentration [12].

Core Insights - CVS has acquired customer prescription files from hundreds of closed Rite Aid stores and is now operating 63 former Rite Aid locations in Idaho, Oregon, and Washington [1] - Rite Aid has filed for bankruptcy protection and is in the process of selling most of its assets, having previously operated over 4,000 stores [2] - After emerging from Chapter 11 reorganization in 2024, Rite Aid's store count has decreased to around 1,200, indicating ongoing struggles in a challenging retail environment [3] Company Developments - CVS Health has not disclosed the financial details of its acquisition of Rite Aid's stores and prescription files [1] - The company operates several thousand drugstores and has a significant pharmacy benefits management business, along with an Aetna health insurance segment covering nearly 27 million people [5] Industry Trends - The pharmacy sector is facing challenges such as increased theft and a shift of customers towards online shopping and discount retailers [4] - Major chains like Walgreens are also undergoing changes, with Walgreens agreeing to be acquired by private equity firm Sycamore Partners [4]