益丰大药房连锁股份有限公司 向不特定对象发行可转换公司债券 www.lhratings.com 联合〔2025〕5314 号 联合资信评估股份有限公司通过对益丰大药房连锁股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持益 丰大药房连锁股份有限公司主体长期信用等级为 AA，维持"益丰转 债"信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受益丰大药房连锁股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客 ...

Core Viewpoint - The company is responding to an inquiry regarding its 2024 annual report, addressing concerns about revenue growth slowdown, net profit decline, and the stability of gross profit margins amidst industry challenges and regulatory changes [1][2]. Group 1: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year growth rates of 28.54%, 11.21%, and -0.36% respectively [2]. - The net profit attributable to shareholders for the same years was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with year-on-year changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin has shown stable growth, with the gross profit margin for 2024 at 41.4% compared to 39.6% in 2023 and 40.4% in 2022 [5]. Group 2: Industry Challenges - The pharmaceutical retail industry is experiencing revenue stagnation and profit pressure due to ongoing medical reforms, stricter insurance regulations, and increased market competition [3][4]. - The number of retail pharmacies in China reached 675,000 by the end of 2024, reflecting a growth of 1.21% from the previous year, indicating intensified competition in the market [4]. Group 3: Strategic Adjustments - In response to market conditions, the company has increased the number of self-built and franchised stores to enhance market share, with the total number of stores reaching 14,684 in 2024, up from 10,268 in 2022 [4]. - The company is shifting its product strategy towards traditional Chinese and Western medicines, with sales of these products accounting for 79.1% of total revenue in 2024 [5]. - The company has implemented measures to optimize its supply chain and improve operational efficiency, including a focus on private label products, which generated sales of 3.54 billion RMB in 2024, accounting for 22% of total sales [5][6]. Group 4: Goodwill and Asset Management - The company has a significant goodwill balance of 5.756 billion RMB as of the end of 2024, representing 27.35% of total assets, necessitating careful management and impairment testing of goodwill [2][3]. - The company conducts goodwill impairment tests based on asset groups defined by operational units, ensuring compliance with accounting standards [6][8].

Core Viewpoint - The company, Lao Bai Xing Pharmacy, has experienced significant fluctuations in performance over recent years, with stable growth in gross profit margin despite a decline in net profit and revenue growth slowdown. The company faces challenges from industry competition and regulatory changes in the healthcare sector [2][4]. Financial Performance - Revenue for the years 2022 to 2024 was reported as follows: 20.176 billion, 22.437 billion, and 22.358 billion RMB, with year-on-year changes of 28.54%, 11.21%, and -0.36% respectively. Net profit for the same period was 0.785 billion, 0.929 billion, and 0.519 billion RMB, with changes of 17.29%, 18.35%, and -44.13% respectively [2]. - The overall gross profit margin for the years was 31.88%, 32.56%, and 32.50% [2]. Business Strategy and Market Conditions - The company has been increasing the number of self-built and franchised stores to enhance market share, with total store numbers reaching 15,277 in 2024, up from 13,574 in 2023 and 10,783 in 2022 [6]. - The company is also focusing on online sales channels, with public domain B2C and O2O sales accounting for 10.3% of total revenue in 2024, up from 9.3% in 2023 and 6.6% in 2022 [6]. - The company has adjusted its product strategy to focus more on traditional Chinese and Western medicine, with sales of traditional Chinese and Western medicine accounting for 77.5% of total revenue in 2024 [7]. Industry Challenges - The retail pharmacy market is facing a slowdown in growth, with the total retail pharmacy market sales reaching 528.2 billion RMB in 2024, a year-on-year decline of 2.2% [5]. - The industry is experiencing increased competition, with a total of 675,000 pharmacies in China as of the end of 2024, serving an average of 2,000 people per pharmacy, compared to 5,000 in the United States [5]. Goodwill and Impairment - As of the end of 2024, the company's goodwill balance was 5.756 billion RMB, accounting for 27.35% of total assets. The company recognized a goodwill impairment provision of approximately 0.108 billion RMB for the year [2]. - The company classifies its goodwill based on regional divisions, and the impairment testing process is conducted in accordance with accounting standards [8][10]. Operational Efficiency - The company has implemented measures to improve operational efficiency, including restructuring product selection strategies, enhancing digital product introductions, and optimizing supply chain costs [7]. - The company’s gross profit margin has shown a continuous increase, with a comprehensive gross profit margin of 36.4% in 2024, up from 35.7% in 2023 [7].

益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 益丰大药房连锁股份有限公司 会议资料 益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 目 录 益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 益丰大药房连锁股份有限公司 会议时间：2025 年 5 月 29 日 14：00 会议地点：湖南省长沙市金洲大道 68 号益丰医药物流园三楼 会议召集人：公司董事会 会议主持人：董事长高毅先生 会议议程： 一、 签到、宣布会议开始 权委托书、营业执照复印件、身份证复印件等）并领取《表决票》； 益丰大药房连锁股份有限公司 董事会 益丰大药房连锁股份有限公司 2024 年年度股东会会议资料 益丰大药房连锁股份有限公司 为维护股东的合法权益，确保会议正常进行，提高会议效率，根据《中华人民 共和国公司法》和《公司章程》等有关规定，特制定本须知： 利。 股东代表。 经主持人同意后方可发言。 发言不超过 1 次，每次发言不超过 3 分钟，发言时应先报所持股份数额和姓名。主 持人可安排公司董事、监事和高级管理人员等回答股东问题，与本次股东会议题无 关或将泄露公司商业秘密或公司、股东共同利益的质询，会议 ...

[Table_Reportdate] 2025年05月16日 [证券分析师： Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250516 重点推荐 财经要闻 晨 会 纪 要 ➢ 1.鲍威尔表示随着经济和政策不断变动，长期利率可能会走高 ➢ 2.美国4月PPI数据发布 ➢ 3.中国人民银行、科技部、金融监管总局和中国证监会联合召开科技金融工作交流推进会 ➢ 4.央行公告：优化"互换通"的机制安排 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 老百姓（603883）：深耕优势区域，业绩有望逐渐企稳向好——公司简评报告 | | | | 3 | | 1.2. 政府融资驱动社融较快增长，贷款边际放缓——银行业"量价质"跟踪（十 | | | 四） | 4 | | 2. 财经新闻 | 6 | | 股市 ...

业绩摘要：2024 年实现营业收入264.97 亿元/+8.01%，归母净利9.15 亿元/-21.58%；其中24Q4 实现收入 67.66 亿元/-0.63%，归母净利0.57 亿元。 25Q1 实现收入69.56 亿元/+3.02%，归母净利4.60 亿元/+15.45%。 中西成药增长稳健，非药品类承压。分产品看，2024 年公司中西成药收入199.68 亿元/+12.82%，毛利 率 30.00%/-1.16pct，中西成药作为刚需品类保持稳健增长。中参药材收入 29.45 亿元/-0.99%，毛利率 42.32%/-0.56pct；非药品收入 29.48 亿元/-9.52%，毛利率 41.72%/-1.80pct。中参药材和非药品受消费力 下行影响较大，后续销售有望随宏观环境好转迎来改善。 优化门店布局进入加密期，持续加强精细化管理。24H1 公司完成上海和内蒙古覆盖后，基本完成跨省 扩张布局，自24H2 起正式进入加密期，聚焦提升已进入省份的市占率，加强精细化管理，盈利能力有 望优化。截至25Q1末，公司门店覆盖全国21 个省，门店数量达16,622 家。2024 年，公司净增门店 2,479 ...

公司发布2024 年报及2025 一季报：2024 年收入264.97 亿元，归母净利9.15亿元、扣非归母净利8.85 亿 元，同比分别增长8.01%、-21.58%、-22.42%。 其中2024Q4 收入67.66 亿元，归母净利0.57 亿元、扣非归母净利0.33 亿元，同比分别增长-0.63%、 820.48%、240.71%。2025Q1 收入69.56 亿元，归母净利4.60 亿元、扣非归母净利4.55 亿元，同比分别 增长3.02%、15.45%、14.82%。 门店优化提质增效，利润拐点已现。在行业环境承压背景下，公司2024 年关闭了733 家门店以优化其门 店网络（主要集中在下半年），在利于利润逐步释放的同时、会因基数问题给零售业务收入带来短期压 力（2024 年增速6.88%、2025Q1 增速-1.27%）。同时分产品看，中西成药业务表现稳定（2024年收入 增速12.82%，2025Q1 收入增速5.80%），消费性品种短期受大环境影响表现较弱（中参药材收入2024 年增速-0.99%、2025Q1 增速-9.38%，非药品2024 年增速-9.52%、2025Q1 增速-8.04 ...

证券代码：603883 证券简称：老百姓 公告编号：2025-015 老百姓大药房连锁股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 2、主营业务分行业、分产品、分地区情况 （1）主要业务分行业情况 单位：元币种：人民币 | | | | | 营业 | 营业 | 毛利率 | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利 | 收入 | 成本 | 比上年 | | 分行业 | 营业收入 | 营业成本 | 率（%） | 比上 | 比上 | 增减 | | | | | | 年增 | 年增 | （百分 | | | | | | 减（%） | 减（%） | 点） | | 零售 | 4,467,271,752 | 2,751,664,279 | 38.40 | -4.62 | -3.80 | -0.52 | | 加盟、 联盟及 分销 | 903,432,031 | 780,314,750 | 13.63 | 10.29 | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has optimized its store network by closing 733 stores in 2024, which is expected to enhance profitability despite short-term revenue pressure [7] - The company is embracing AI opportunities, launching "AI Xiaosan" to improve operational efficiency [7] - The company continues to expand its store network, with a total of 16,622 stores as of Q1 2025, including 6,239 franchise stores [7] - The company has made progress in obtaining professional pharmacy qualifications, with 248 DTP pharmacies and over 10,000 insurance designated stores by the end of 2024 [7] - The company is expected to see a profit growth that outpaces revenue growth in 2025, with projected net profits of 10.7 billion, 12.3 billion, and 14.0 billion for 2025-2027 [7] Financial Data Summary - In 2024, the company reported total revenue of 26,497 million, with a net profit of 915 million, reflecting a year-on-year growth of 8.01% and a decline in net profit of 21.58% [1][3] - The company’s revenue for Q1 2025 was 69,560 million, with a net profit of 4,600 million, showing a year-on-year growth of 3.02% and 15.45% respectively [1] - The company’s projected revenue growth rates for 2025-2027 are 10%, 12%, and 13% respectively [3] - The company’s PE ratio is projected to decrease from 21.0 in 2024 to 13.7 in 2027, indicating an improving valuation [3][10] Store Expansion and Performance - The company added 2,479 stores in 2024, with a net increase of 69 stores in Q1 2025 [7] - Franchise and distribution revenue reached 39.40 billion in 2024, growing by 15.12%, and 11.30 billion in Q1 2025, growing by 25.34% [7] Profitability and Financial Ratios - The company’s net profit margin is projected to improve from 3.5% in 2024 to 3.8% in 2027 [10] - The return on equity (ROE) is expected to increase from 13.3% in 2024 to 16.1% in 2027 [10] - The company’s asset-liability ratio is projected to decrease from 69.2% in 2024 to 65.4% in 2027, indicating improved financial stability [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company has demonstrated steady growth in revenue and profit, with 2024 revenue reaching 24.062 billion yuan, a 6.53% increase, and net profit attributable to shareholders at 1.529 billion yuan, up 8.26% [3][10]. - The gross profit margin for 2024 was 40.12%, reflecting a 1.91 percentage point increase, primarily due to improved margins in retail sales of traditional Chinese and Western medicines [4]. - The company has adopted a strategy of "regional focus and steady expansion," successfully increasing its store count to 14,684 by the end of 2024, with a net addition of 1,434 stores [6][9]. Financial Performance Summary - For 2024, the company reported a net operating cash flow of 4.221 billion yuan, a decrease of 8.70% year-on-year, while the investment cash flow was negative at -3.609 billion yuan, down 21% [5]. - The company expects revenue growth to continue, with projected revenues of 26.497 billion yuan, 29.168 billion yuan, and 32.131 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.762 billion yuan, 2.028 billion yuan, and 2.336 billion yuan for the same years [10][12]. - The company’s financial ratios indicate a healthy growth trajectory, with a projected PE ratio decreasing from 21.82 in 2024 to 14.28 by 2027, suggesting increasing valuation attractiveness [12][15].