轰轰烈烈扩张多年的零售药店行业，在2025年进入负增长。供给过剩的格局之下，今年一季度，3000家 药店关闭退出市场，相比全行业近70万家的存量，这或许只是一个开始。 "这两年，关店将是一个常态，我们有可能回到2018年，当时全行业是50多万家药店。"益丰药房 （603939）董事长高毅在近期召开的2025西普会（CPEO，健康产业生态大会）上表示。 中康科技商用数据事业部总经理廖洪惠介绍，零售药店增长的拐点在2024年四季度已经出现，至2025年 第一季度，药店总量已经跌破了70万家大关，正式进入了负增长阶段。2025年第一季度，全国药店净减 少约3000家。而在过去的7年里，中国零售药店数量增长幅度为50%。 零售药店规模由盛转衰，缘于蛋糕的缩小。2024年全国药品全终端市场规模2.03万亿元，同比增幅仅 0.9%，廖洪惠预判，今年全终端的药品销售规模预测为1.97万亿元，将出现近年来的首次下跌，线下零 售药店环节因客流的减少而承受更大压力。非药市场中，去年各品类销售全线下跌，也压制了零售药店 的业绩表现。 缩小的蛋糕，加大了竞争激烈程度，挤压了利润空间。2024年，8家上市药房营收增长中位数仅4.7%， ...

Core Viewpoint - The controlling shareholder of Lao Baixing, the Lao Baixing Pharmaceutical Group, has engaged in a series of share pledges and reductions, contradicting its stated goal of reducing pledge rates while the company faces significant profit declines in 2024 [1][4][6]. Financial Performance - In 2024, Lao Baixing reported a revenue of 223.58 billion yuan, a decrease of 0.36% year-on-year, and a net profit attributable to shareholders of 5.19 billion yuan, down 44.13% year-on-year, marking the worst annual report since its listing [6][7]. - The company's gross profit margin increased to 33.17%, up 0.62 percentage points year-on-year, despite the profit decline [6][7]. - Operating cash flow decreased by 25.77% to 20.26 billion yuan in 2024, with significant liabilities due within a year [7]. Shareholding and Pledge Activities - The Lao Baixing Pharmaceutical Group pledged 32.11 million shares to China Construction Bank, raising the pledge ratio to 62.04% of its holdings, which is 15.65% of the total shares [2][3]. - The group has engaged in multiple rounds of share pledging and unpledging since the beginning of the year, indicating a reliance on this financing method to alleviate short-term cash flow pressures [3][4]. Industry Context - The retail pharmacy industry is undergoing significant changes, with approximately 39,000 pharmacies closing in 2024, leading to a closure rate of 5.7% [8]. - Lao Baixing plans to open 1,000 new stores in 2025, primarily through franchise models, while shifting focus towards DTP pharmacies to adapt to market changes [9][10]. Strategic Shifts - The company is transitioning from a rapid expansion model to a focus on converting existing stores to franchise operations and enhancing its DTP pharmacy presence [8][9]. - DTP pharmacy sales reached 1.661 billion yuan in 2024, reflecting an 8% increase year-on-year, indicating a potential growth area despite challenges [9][10].