业绩遭遇"阵痛" 门店数量下滑 记者注意到，2025年中报业绩中，多家"线下药店"上市公司业绩承压。 根据申万"线下药店"的细分行业，沪深两市共8家上市药店2025年中报业绩表现乏力。主要上市公司益 丰药房（603939.SH）、老百姓（603883.SH）和一心堂（002727.SZ）营收均出现下滑。 对此，医疗战略咨询公司Latitude Health创始人赵衡向《经济参考报》记者分析称，零售药店主要上市 公司2024年营收增速下滑至个位数甚至负增长，2025年上半年负增长的趋势更为明显，持续20年的高增 长或彻底结束了。 以曾跻身"万店俱乐部"的国大药房为例，根据其控股股东公司国药一致（000028.SZ）2024年半年报， 截至2024年6月30日，国大药房门店总数为10702家。随着国大药房的战略方向从"规模增长"调整为"高 质量发展"，国大药房2024年战略性退出并关闭了1270余家直营门店。截至2024年末，国大药房门店总 数降至9569家。国药一致在2024年报中分析指出，公司利润下降主要是由于零售板块受行业政策变化、 市场竞争加剧等多重因素叠加影响。 数年前急剧扩张的线下药店行业，正经历一场 ...

日前，南京医药（600713）公告，公司与广州白云山医药集团股份有限公司及广州广药二期基金股权投 资合伙企业（有限合伙）签署《战略投资协议》。 自2014年起， AHAPL入股南京医药，成为其第二大股东。期间，南京医药实现了显著增长：营收从 2013年的187亿元提升至2024年的537亿元，以接近翻三倍的速度增长；归母净利润从3900万元增加至 5.7亿元，增幅超过14倍。 业内观察人士指出，这一成绩主要归功于南京医药管理层和控股股东新工集团的持续推动。同时，沃博 联在国际经验、治理与资源方面的支持，对南京医药的发展也起到了积极作用。 从公告和多方报道来看，广药与南药在资本运作、渠道和中医药产业方面存在较强互补。分析人士推 测，双方的合作前景和意愿在一定程度上促成了沃博联将股权转让给广药。这笔交易与沃博联的全球战 略相吻合，使其得以更加专注于零售和医疗健康主业。 沃博联的"加法"逻辑 根据协议，三方将在资本、自有工业品种分销渠道及中医药等领域展开合作。白云山下属的广药二期基 金将通过协议方式受让南京医药第二大股东 Alliance Healthcare Asia Pacific Limited（"AHAPL ...

格隆汇9月26日｜东方证券研报指出，一心堂25H1实现收入89.1亿元，同比-4.2%，其中零售业务实现收 入65.2亿元（同比-2.9%），小幅下降；批发业务实现收入21.1亿元（同比-9.2%），降幅较大，系主动 性业务调整所致。25H1，公司实现归母净利润2.5亿元，同比-11.4%，系受2023-2024年税务辅导及当前 经营环境影响所致。在盈利能力上，25H1公司毛利率为32.5%（同比+1.1pct）、净利率为2.9%（同 比-0.3pct），费用因门店增长（较2024年初增近11%）呈刚性（人工、房租为主），短期难降，导致净 利率略有下降。截至25H1，公司门店数量共11372家，新开门店203家，其中搬迁门店88家，关闭门店 241家，合计净减少门店126家。公司大力推进门店调改，实现客品次和复购率提升，提升专业服务质 量，强化新零售业务建设。根据可比公司给予25年17倍PE，对应的目标价为17.00元，维持"买入"评 级。 ...

Core Viewpoint - The recent surge in inspections targeting licensed pharmacists in pharmacies across Beijing and other regions has heightened industry tension, as regulatory bodies intensify efforts to address the issue of "hanging certificates" among pharmacists [1][3]. Group 1: Inspection and Regulatory Actions - A sudden wave of inspections has been initiated in various districts of Beijing, focusing on the compliance of licensed pharmacists in pharmacies, particularly regarding their actual employment status [1]. - The inspections are prompted by discrepancies found between pharmacists' social insurance and their reported workplaces, leading to concerns about the prevalence of "hanging certificates" [1]. - Similar inspection efforts are reported in Inner Mongolia, where a joint meeting was held to address issues related to the management of medical insurance funds, with a strong emphasis on investigating "hanging certificates" [3]. Group 2: Statistics and Trends - In 2024, a total of 30,994 licensed pharmacists were deregistered, marking a more than 62% increase compared to 19,088 in 2023 [5][6]. - The deregistration figures indicate a significant rise in regulatory enforcement, with various regions reporting high numbers of deregistered pharmacists, particularly in Shandong (3,950), Guangdong (3,486), and Anhui (2,313) [6][7]. Group 3: Industry Implications - The ongoing regulatory scrutiny is expected to lead to a transformation in the retail pharmacy sector, as many pharmacies may struggle to meet the mandated pharmacist staffing requirements by the end of 2025 [9][10]. - The tightening of regulations is seen as a necessary step towards improving the quality of pharmacy services, shifting the focus from quantity to quality in the profession [8]. - As the deadline approaches, pharmacies that fail to comply with the staffing requirements may face severe penalties, prompting urgent recruitment and training efforts to enhance professional service levels [10].

经观评论 梁嘉琳/文 多家连锁零售药店披露了2025年上半年的财务数据，6家上市企业中仅有2家实现营收增长。大型连锁药店尚且如此，小型单体药店更难。据健康 产业数据和咨询服务平台——中康CMH的数据，2025年一季度全国药店净减少3000家，总数已经跌破70万家。这意味着社区药店的扩张趋势可能逆转，大 批量的亏损潮乃至关店潮已经来临。 最近几年，城市中药店的密度和快餐店一样高。在患者健康需求没有成倍增加的情况下，零售流通服务供给量暴增，最终只能导向严重的行业内卷。和其他 零售行业不同，药店这样的医药零售行业喜欢卷"医保定点"。但医保依赖并非没有代价，前阵子，部分地方医保局介入到药店的经营范围、零售定价中。像 管理医保定点医院一样，医保局规定药店不能加价销售，甚至不能兼营保健食品、化妆品、日用品等其他商品。这严重压缩了药店的经营空间。 部分药店为了利润诱导消费者将医保资金'洗'出来以获取利益，包括医药产品虚高报价、重复收费、分解收费以及串换项目购买非医药产品等一系列欺诈行 为。 作为应对，全国医保系统从2024年起对零售药店开展专项整治：国家医保局创新出信息披露工具，在全国医保统筹区推广"药品比价软件"，向公众 ...

Group 1 - Yifeng Pharmacy's stock increased by 5.02%, reaching 24.69 CNY per share, with a trading volume of 5.92 billion CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 299.35 billion CNY [1] - Yifeng Pharmacy, established on June 20, 2008, and listed on February 17, 2015, operates in the retail of pharmaceuticals, health products, medical devices, and related daily convenience items [1] - The revenue composition of Yifeng Pharmacy includes 74.99% from Western and Chinese medicines, 12.21% from non-pharmaceuticals, 9.61% from traditional Chinese medicine, and 3.19% from other supplementary products [1] Group 2 - Huabao Fund holds a significant position in Yifeng Pharmacy through its Huabao Advanced Growth Mixed Fund, which held 955,800 shares, accounting for 2.92% of the fund's net value, making it the fourth-largest holding [2] - The Huabao Advanced Growth Mixed Fund, established on November 7, 2006, has a current scale of 800 million CNY, with a year-to-date return of 16.67% and a one-year return of 37.16% [2] - The fund manager, Yan Xu, has a tenure of 18 years and 86 days, with the fund's best return during his management being 68.1% and the worst being -37.29% [2]

Core Viewpoint - The announcement from Huaren Health highlights the significant impact of policy changes, such as extended medical insurance payment periods, on the pharmaceutical industry, creating opportunities for commercial health insurance and diversified payment channels [1] Industry Summary - The aging population and increasing health demands are driving growth in the pharmaceutical sector, particularly in retail pharmacy channels, with a notable rise in demand for chronic disease management and health services [1] - Retail pharmacies are positioned to enhance their service value and market status, benefiting from optimized payment structures to better meet public medication needs [1] Company Summary - Huaren Health focuses on pharmaceutical retail as its core business, aiming to build a unique competitive advantage through product innovation and differentiated services [1] - The company emphasizes deep integration of the industrial and commercial sectors to drive steady performance growth, leveraging a young and stable management team with innovative ideas [1] - The strategic direction includes internal growth and moderate acquisitions for business expansion, optimizing existing operations, and exploring emerging markets for sustainable growth [1]

Group 1 - The company, Hua Ren Health, announced on September 1 that it has completed flying inspections of retail pharmacies across various cities in the province, in accordance with the requirements of the National Medical Insurance Administration starting from April 2025 [2] - The flying inspections have expanded from dual-channel medical insurance designated pharmacies to include ordinary medical insurance designated pharmacies, affecting the normal operations of the retail pharmacy industry, although well-regulated companies are largely unaffected [2] - The normalization of medical insurance flying inspections indicates that standardized operations will be essential for the long-term development of retail pharmacies [2]

Core Viewpoint - Dazhonglin (603233.SH) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive financial performance despite modest revenue growth [1] Financial Performance - The company achieved an operating income of 13.522 billion RMB, representing a year-on-year growth of 1.33% [1] - The net profit attributable to shareholders reached 798 million RMB, an increase of 21.38% compared to the same period last year [1] - After deducting non-recurring gains and losses, the net profit attributable to shareholders was 788 million RMB, reflecting a year-on-year increase of 19.73% [1] Dividend Distribution - The company declared a cash dividend of 0.34 RMB per share to all shareholders [1]

Group 1 - The company reported a revenue of 4.457 billion yuan for the first half of the year, representing a year-on-year decrease of 0.64% [1] - The net profit attributable to shareholders of the listed company was 72.3782 million yuan, showing a year-on-year increase of 15.11% [1] - The basic earnings per share were 0.47 yuan per share [1]