Financial Data and Key Metrics Changes - Revenue for the year increased by 82% to $6,000,000,000, driven by market share growth and the Sigma wholesale business [6][10] - Normalized EBIT rose by 41% to $835,000,000, with pro forma EBIT at $903,400,000 [6][11] - Normalized net profit after tax increased by 40% to $579,000,000, with a strong balance sheet showing net debt of $752,000,000 [6][12] - The company declared a final dividend of $0.13 per share, fully franked [7][22] Business Line Data and Key Metrics Changes - Chemist Warehouse retail network sales reached $10,000,000,000, up 14% for the year, with 35 new stores added [3][4] - Own brand portfolio grew by over 20% for the year, contributing to overall growth [4][31] - Combined distribution center volumes increased by 29% to over 530 million units, leading to a reduction in cost per unit by $0.11 [4][11] Market Data and Key Metrics Changes - The Chemist Warehouse Australian store network achieved 11.3% like-for-like sales growth [18] - International expansion included 16 new stores opened offshore, with a total of 77 stores across New Zealand, Ireland, and Dubai [29] - The company anticipates continued growth in international markets, particularly in New Zealand, where retail sales have exceeded $1,000,000,000 [29] Company Strategy and Development Direction - The company focuses on four key growth pillars: domestic growth, international expansion, product differentiation, and improved efficiencies [24][25] - Domestic growth aims to expand market leadership and pharmacy network in underpenetrated locations [26] - International expansion is seen as a growth engine, with a focus on profitable growth in existing markets [25][29] - The company has upgraded synergy targets from $60,000,000 to $100,000,000 per annum, expected to be achieved over the next four years [5][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute plans effectively, with positive momentum continuing into FY 2026 [36] - The operating environment remains competitive, particularly in the health and beauty space, but the company maintains a strong value proposition [69] - Management noted that the merger has strengthened the business, providing enhanced scale and long-term growth pathways [35] Other Important Information - The company has a conservative leverage ratio of 0.85x, indicating strong cash flows and funding capacity [12][21] - The merger accounting has resulted in an increase in goodwill by $3,600,000,000 [21] Q&A Session Summary Question: Profit contribution from Wagner's product line into 2026 - Management indicated that while there was a benefit in FY 2025, full-year benefits from Wagner's will be realized in 2026 as the product range expands [39] Question: Margin drivers for the future - Management stated that margin enhancement will come from a mix of product strategy, operational efficiencies, and growth in network scale [40] Question: Cost control and inflation outlook - Management confirmed that while some inflation is expected, the existing infrastructure allows for cost efficiencies without linear growth in costs [44][45] Question: Synergy target upgrade rationale - The upgrade to the synergy target was driven by detailed analysis post-merger, identifying multiple areas for improvement beyond just supply terms [49][50] Question: Addressing under-penetration in certain markets - Management explained that regulatory processes are in place to facilitate store openings in under-penetrated areas, with a history of successful approvals [53] Question: Expected D&A and CapEx for FY 2026 - Management expects D&A to remain consistent, with potential investments in international markets being evaluated [55][57] Question: Impact of establishing a distribution center in Ireland - Management believes that the new distribution center will positively impact profitability and support growth in the Irish market [62][64] Question: Competitive dynamics in health and beauty products - Management emphasized the company's competitive pricing and product range as key advantages over supermarkets [69] Question: Uptake of GLP-1 products - Management confirmed a material uptake in GLP-1 products, with expectations for continued growth [71] Question: Performance benchmarking in Ireland - Management indicated that turnover per store in Ireland compares favorably to New Zealand and Australia, suggesting strong growth potential [78]

Group 1 - The core viewpoint of the article highlights the recognition of the company, Lao Bai Xing Pharmacy, as it ranks 71st in the "Top 100 Online Retailers in China" and 27th in the "Top 70 Retail Channels" [1] - The total online sales of the selected companies reached 2.17 trillion yuan, reflecting a year-on-year growth of 13.6% [4] - Lao Bai Xing Pharmacy has been strengthening its new retail business, innovating channels and products, and enhancing smart management and big data analysis to quickly respond to consumer demands [4] Group 2 - The online sales revenue (including franchises) for 2024 is projected to be approximately 2.47 billion yuan, with a year-on-year growth of about 24% [4] - In the first quarter of 2025, the company's online sales revenue (including franchises) is approximately 750 million yuan, showing a year-on-year increase of 34% [4] - As of the end of the first quarter of 2025, the company has 12,474 O2O delivery service stores and 665 24-hour stores, providing a solid foundation for instant delivery services [4] Group 3 - The company is actively engaging in multi-channel and multi-scenario live streaming, with significant results in various product categories such as health supplements [4] - In the first quarter of 2025, the company's O2O and B2C sales ranked fourth and third in the market, respectively [4] - The "Lao Bai Xing Pharmacy" WeChat mini-program offers 24-hour online services, and the service system is continuously improving, with a 70% year-on-year increase in daily active users (DAU) in the mini-program, peaking over 200,000 [4] Group 4 - Looking ahead, the company plans to leverage AI applications to continuously upgrade its new retail business strategy [5] - The company aims to enhance its professional and warm pharmaceutical service capabilities, improving customer experience through a full-chain resonance of online and offline services [5] - The company is committed to contributing to health management throughout the lifecycle of its customers, supporting the initiative of a healthy China [5]