近年来，国家医保局持续加大对医保基金的监管力度。定点药店的"阴阳价格"操作，是在利用医保结算 规则投机取巧。在媒体集中报道的3个月后，国家医保局便快速出手整治乱象。此次发布的通知明确， 定点药店实行"阴阳价格"属于违法违规使用医保基金行为，要求各地医保部门要充分认识定点药店"阴 阳价格"行为侵害参保人员权益，违规使用医保基金造成基金损失的不良影响的问题，要高度关注定点 药店"阴阳价格"问题线索，严肃核查处置"阴阳价格"问题，做好常态化监测治理。 具体而言，通知要求各地医保部门将定点药店"阴阳价格"行为纳入重点监控事项，明确"阴阳价格"问题 处置要求；以各地定点药店药品结算金额排名靠前或价格差异大的药品为重点筛查品种，通过筛查医保 结算数据，系统梳理近期群众信访、舆情反映相关问题等方式，形成本地区定点药店药品"阴阳价格"问 题线索；充分动员社会监督力量，各地可按照违法违规使用医疗保障基金举报奖励机制，鼓励群众积极 向医保部门提供有关问题线索，参与定点药店"阴阳价格"问题治理。 通过医保结算数据，对发现的药品价格数据上传异常、有群众反映存在"阴阳价格"问题线索的定点药 店，各地医保部门应结合定点药店进销存数据、自 ...

本文字数：1485，阅读时长大约2分钟 作者 | 第一财经 郭晋晖 封面图 | AI生成 老百姓去药店买药，本来刷医保卡图个方便实惠，可现在有人发现：同一盒药，刷医保卡买反而比掏现金更贵。一些 地区出现的这种"阴阳价格"问题已经引起国家医保局的高度关注。 11日，国家医保局对外发布《国家医疗保障局办公室关于进一步加强对定点零售药店药品"阴阳价格"监测处置的通 知》（下称通知），要求各地医保部门严肃核查处置"阴阳价格"问题，常态化做好定点药店药品价格管理。 2025.10. 11 "阴阳价格"是一种价格歧视行为，指定点零售药店（下称"定点药店"）将完全相同的药品销售给医保患者的价格高于非 参保患者，也就是说，同样的药，定点药店对医保患者卖得贵，对自费患者卖得便宜。 通知中国家医保局依据相关的法律法规将定点药店通过"阴阳价格"向参保患者高价售药牟利行为定性为涉嫌价格欺 诈，同时违背了定点药店医保服务协议中"不得对医保参保人员实行不公平、歧视性价格"的管理要求。 此外，通知还明确提出，定点药店实行"阴阳价格"属于违法违规使用医保基金行为，鼓励群众积极向医保部门进行举 报。 北京中医药大学卫生健康法治研究与创新转化中 ...

北京中医药大学卫生健康法治研究与创新转化中心主任邓勇对第一财经表示，定点药店"阴阳价格"的问 题一方面源于价格监管存在难度，药品零售市场主体众多，价格变动频繁，监管部门难以做到全方位、 实时监控；另一方面，不少参保人对医保个人账户资金敏感度较低，当现金支付与医保支付存在价差 时，消费者基于"不用医保亏钱"的心理，往往接受更高价格，这给了药店违规操作的空间。 医疗战略咨询公司Latitude Health创始人赵衡认为，定点药店对医保和自费患者的价格差异确实是一个 问题，药店医保支付价格更高说明差价治理仍需加强，也说明医保价格制定仍有空白点，各省招采的价 格制定需要强化市场监测哨点的作用，拉齐自费和医保价格。 国家医保局将定点药店通过"阴阳价格"高价售药牟利行为定性为涉嫌价格欺诈。 老百姓去药店买药，本来刷医保卡图个方便实惠，可现在有人发现：同一盒药，刷医保卡买反而比掏现 金更贵。一些地区出现的这种"阴阳价格"问题已经引起国家医保局的高度关注。 11日，国家医保局对外发布《国家医疗保障局办公室关于进一步加强对定点零售药店药品"阴阳价格"监 测处置的通知》（下称通知），要求各地医保部门严肃核查处置"阴阳价格"问题 ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" [4] Core Views - The company reported a slight decline in revenue but a solid increase in net profit, indicating improved profitability despite challenges in the retail pharmacy sector [2][4] - The company is optimizing its store layout and slowing down the pace of new store openings, focusing on enhancing operational efficiency and profitability [3][4] - The online business is rapidly developing, with significant growth in membership and internet sales, contributing positively to overall revenue [3][4] Summary by Sections Financial Performance - For the first half of 2025, the company achieved revenue of 117.22 billion and a net profit of 8.80 billion, with a year-on-year change of -0.34% and +10.32% respectively [1] - The operating cash flow for the same period was 15.70 billion, reflecting a decrease of 13.84% year-on-year [1] Store Network and Strategy - As of the first half of 2025, the total number of stores reached 14,701, with a net increase of only 17 stores, indicating a strategic shift towards optimizing existing locations rather than aggressive expansion [3] - The company has closed 272 stores while opening 81 new direct-operated stores and 208 new franchise stores [3] Online Business Development - The company has built a membership base of 110 million, a year-on-year increase of 14.59%, with membership sales accounting for approximately 84.93% of total sales [3] - Internet business revenue reached 13.55 billion, a year-on-year increase of 23.63%, representing 11.56% of total revenue [3] Profitability and Forecast - The report forecasts a decrease in net profit for 2025 and 2026, with estimates of 17.53 billion and 20.33 billion respectively, reflecting a downward adjustment of 20% and 25% from previous estimates [4] - The projected net profit for 2027 is 23.13 billion, with corresponding P/E ratios of 16, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][5]

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on CVS Health (CVS), and highlights the importance of using these recommendations in conjunction with other indicators like the Zacks Rank for making informed investment decisions [1][5]. Brokerage Recommendations for CVS Health - CVS Health has an average brokerage recommendation (ABR) of 1.32, indicating a consensus between Strong Buy and Buy, based on recommendations from 25 brokerage firms [2]. - Out of the 25 recommendations, 20 are classified as Strong Buy, accounting for 80%, while 2 are classified as Buy, making up 8% of the total recommendations [2]. Limitations of Brokerage Recommendations - Studies indicate that brokerage recommendations have limited success in guiding investors towards stocks with the highest price increase potential [5]. - Analysts from brokerage firms often exhibit a strong positive bias in their ratings due to vested interests, with five "Strong Buy" recommendations for every "Strong Sell" [6][10]. Zacks Rank as an Alternative Indicator - The Zacks Rank categorizes stocks into five groups based on earnings estimate revisions, providing a more reliable indicator of a stock's price performance in the near future [8][11]. - The Zacks Rank is updated more frequently than the ABR, reflecting timely changes in earnings estimates and business trends [13]. Earnings Estimate Revisions for CVS Health - The Zacks Consensus Estimate for CVS Health has increased by 4% over the past month to $6.32, indicating growing optimism among analysts regarding the company's earnings prospects [14]. - This increase in consensus estimates has contributed to a Zacks Rank of 2 (Buy) for CVS Health, suggesting a positive outlook for the stock [15].

Core Insights - The retail pharmacy industry is undergoing a rational adjustment, with a net decrease of approximately 3,000 stores in the first quarter of 2025, bringing the total number of stores below 700,000 [1] - Analysts suggest that the market is experiencing a positive transformation, with inefficient stores being phased out, thereby creating opportunities for high-quality pharmacies [1] - Small and medium-sized chains are finding ways to survive and innovate amidst the challenges posed by larger competitors and market dynamics [1] Group 1: Industry Trends - In the first quarter of 2025, 7,118 new pharmacies opened while 10,284 closed, indicating a significant shift in the industry landscape [1] - The focus is shifting towards consolidation among leading chains, while small and medium-sized chains are implementing differentiated strategies to carve out their niche [1][3] - The rise of instant retail is becoming a key strategy for pharmacies, with companies like Yinpian Pharmacy and Foci Pharmacy successfully leveraging this model to enhance their market presence [2][4] Group 2: Operational Strategies - Strategic determination is crucial for small chains to excel in instant retail, as demonstrated by the experiences of Liu Simiao from Yinpian Pharmacy and Yu Yue from Foci Pharmacy [2][3] - Both companies have adopted a "Tianji's horse racing" strategy, focusing on specific market segments to avoid direct competition with larger chains [4][6] - Yinpian Pharmacy has utilized data insights from Meituan to optimize its operations, transforming a large store into a 24-hour delivery outlet, which has led to significant order volume increases [6][8] Group 3: Resource Management - Small chains are effectively managing their operations with minimal staff, as seen with Yinpian Pharmacy operating over 90 stores with just 1.5 personnel dedicated to online operations [8] - The digital infrastructure provided by platforms like Meituan has enabled these pharmacies to streamline their operations and enhance efficiency [8] - Training programs such as Meituan's "Accelerator Program" are helping small chains develop digital operational skills, which are essential for navigating the evolving retail landscape [8]

Core Insights - The article highlights the rising trend of instant retail "online schools" among small and medium-sized chain pharmacies, driven by Meituan's new initiatives to enhance digital operations and supply chain efficiency [1][2] Group 1: Digital Transformation Initiatives - Meituan's "Accelerator Program" for small and medium-sized chain pharmacies includes a digital talent growth plan and an ecological resource efficiency plan, aiming to cultivate digital operation talents and restructure supply chains [1] - The O2O (Online to Offline) training courses organized by Meituan have seen overwhelming participation, indicating a strong demand for digital operational skills among pharmacy staff [3] Group 2: Challenges and Opportunities - Small and medium-sized chain pharmacies face challenges such as lack of online operation experience, absence of professional teams, and insufficient supply of popular products during their digital transformation [2] - The shift from scale competition to refined operations allows these pharmacies to explore online development opportunities, particularly in local markets [2] Group 3: Supply Chain Innovations - Meituan's new model connects upstream industrial brands directly with small chain pharmacies, effectively reducing costs and ensuring supply, especially during peak demand periods [4] - The implementation of a three-party co-construction model has been successful in addressing the mismatch of supply and demand for high-demand medications, enhancing online visibility and coverage for pharmacies [4] Group 4: Regulatory Support - The recent joint action plan by multiple government departments positions retail pharmacies as core scenes for health promotion, encouraging them to expand their roles in health and nutrition [4]

Core Viewpoint - CVS Health Company shares rose over 6% in pre-market trading following the upward revision of its fiscal year 2024 adjusted earnings per share guidance to $6.30-$6.40, compared to the previous expectation of $6.00-$6.20, while market estimates were at $6.13 [1] Summary by Category - **Earnings Guidance** - CVS Health has increased its adjusted earnings per share guidance for fiscal year 2024 to a range of $6.30 to $6.40 [1] - The previous guidance was set between $6.00 and $6.20 [1] - Market expectations were at $6.13 [1]

Core Insights - CVS Health is set to announce its earnings on July 31, 2025, with historical stock behavior around earnings releases being a key focus for event-driven traders [2] - The consensus estimate for CVS's upcoming earnings is $1.46 per share on revenue of $94.59 billion, indicating a decline in profitability compared to the previous year [4][5] - CVS Health currently has a market capitalization of $76 billion and generated $379 billion in revenue over the last twelve months, with operating profits of $11 billion and net income of $5.3 billion [5] Historical Performance - Over the past five years, CVS stock has shown a tendency toward positive one-day returns post-earnings, with 55% of instances resulting in a positive return and a median gain of 4.4% [3][10] - There have been 20 earnings data points recorded in the last five years, with 11 positive and 9 negative one-day returns observed [6] - The percentage of positive returns increases to 58% when considering data from the last three years [10] Trading Strategies - Traders typically employ pre-earnings positioning, assessing historical probabilities before the earnings report, and post-earnings positioning, observing stock movements after the earnings release [7] - Understanding the correlation between short-term and medium-term returns post-earnings can inform trading strategies, particularly if 1D and 5D returns show high correlation [8][9]

Core Viewpoint - The article highlights the issue of "dual pricing" in pharmacies, where the price of a medication is higher when paid through health insurance compared to cash payments, leading to increased costs for insured individuals and undermining the integrity of the health insurance system [1][2][3] Group 1: Pricing Mechanism - The phenomenon of "dual pricing" results in insured individuals facing higher medication costs, transforming health insurance personal accounts into tools for paying inflated prices [2] - Pharmacies exploit the lack of sensitivity among insured individuals regarding their health insurance accounts, creating a dilemma where consumers feel they lose money regardless of their payment method [1][2] Group 2: Impact on Health Insurance System - The existence of price discrepancies diminishes public trust in the health insurance system, as individuals realize they cannot purchase medications at equivalent prices using their insurance [2] - The practice of "dual pricing" is seen as a means for pharmacies to extract funds from health insurance, potentially leading to fraudulent behaviors and significant leakage of health insurance funds [2] Group 3: Regulatory Recommendations - To address these issues, it is recommended that health insurance authorities establish a dynamic price monitoring mechanism and enhance daily management of designated pharmacies, including increased inspections and penalties for violations [2][3] - The implementation of immediate settlement reforms for health insurance funds is suggested to alleviate financial pressure on pharmacies, thereby reducing the incentive for "dual pricing" practices [3] - A graded management system for designated pharmacies should be established, linking compliance with pricing to health insurance payment limits, rewarding compliant operators while penalizing violators [3]