[年报]益丰药房(603939):益丰药房2024年年度报告（英文版）
原标题:益丰药房:益丰药房2024年年度报告（英文版） YifengPharmacyChainCo.,Ltd. 2024AnnualReport ThisreportispreparedinbothChineseandEnglishandispublishedelectronically.Ifthereisanyinconsistencybetweenthetwoversions,theChineseversionshallprevail.ImportantNotes I. TheBoardofDirectors,BoardofSupervisors,directors,supervisorsandseniormanagementoftheCompanyherebyguaranteethatthecontentsareauthentic,accurate,andcomplete,withoutfalserecords,misleadingrepresentationsormaterialomissionsintheAnnualReport,andshalltakeallthejointandseverallegalliabilities. II. AllthedirectorshaveattendedthemeetingoftheBoardofDirectors.III. Pan-ChinaCertifiedPublicAccountants hasissueda standardunqualified auditreportfortheCompany. IV. GaoYi,theCompany’sresponsibleperson, WangYonghui,responsiblepersoninchargeofaccountingwork,and GuanChangfu,theaccountingfirm’sresponsibleperson(accountingsuperintendent)herebydeclareandwarrantthatthefinancialreportintheAnnualReportisauthentic,accurate,andcomplete. V. TheplanofprofitdistributionortheconversionofcapitalreservesintosharecapitalfortheReportingPeriodhasbeenapprovedbytheBoardofDirectors Based on the audit conducted by Pan-China Certified Public Accountants (special generalpartnership),asofDecember31,2024,theundistributedprofitsintheparentcompany’sfinancialstatementsamountedtoCN￥854,914,834.22. In2024,theCompanyachievedanetprofitattributabletotheparentcompanyamountingtoCN￥1,528,576,669.36.Afteraddingtheundistributedprofitfromthebeginningof2024,whichwasCN￥4,774,244,419.42,anddeductingthestatutorysurplusreserveofCN￥127,737,417.19extractedattheendoftheyear,alongwithadividendpayoutofCN￥505,289,898.50for2023,andadividendpayoutof303,114,161.25formid2024,theprofitavailablefordistributiontoshareholderstotaledCN￥5,366,679,611.84. TheCompanyproposestodistributeacashdividendofCN￥0.40(taxincluded)persharetoallshareholders.AsofMarch31,2025,theCompany’stotalsharecapitalstoodat1,212,416,794shares,resultinginaproposedtotalcashdividenddistributionofCN￥484,966,717.60(taxincluded).ShouldtheCompany’stotalsharecapitalchangebetweenthedisclosuredateofthisprofitdistributionplanandtheequityregistrationdateforitsimplementation,duetofactorssuchasconvertiblebondconversionorrepurchaseandcancellationofsharesgrantedunderequityincentives,theCompanyintendstomaintaintheper-sharedistributionratiowhileadjustingthetotaldistributionamountaccordingly.Anysubsequentchangesintotalsharecapitalwillbeannouncedseparatelywithspecificadjustmentdetails.TheprofitdistributionplanaboveissubjecttoapprovalbytheCompany’sshareholdersatthegeneralmeetingbeforeimplementation. VI. Riskstatementonforward-lookingstatements "√Applicable""□Notapplicable" Theforward-lookingstatementssuchasfutureplansanddevelopmentstrategiesintheAnnualReportdonotconstituteasubstantivecommitmentoftheCompanytoinvestors.Investorsshouldthereforemakerationalinvestmentbasedonanawarenessofriskfactors.VII.Aretherecasesofnon-operationalfundoccupancybythecontrollingshareholderandotherrelatedparties No VIII. Havetherebeenanybreachesofestablisheddecision-makingproceduresinprovidingguaranteestoexternalparties No IX. HastherebeenasituationwheremorethanhalfofthedirectorscannotguaranteethattheAnnualReportdisclosedbytheCompanyisauthentic,accurate,andcompleteNo X. Significantriskwarnings DuringtheReportingPeriod,nosignificantriskshadasubstantialimpactontheCompany’sproductionandoperationactivities.TheCompanyhasextensivelyelaboratedonpotentialrisksinthisreport.Formoredetails,pleaserefertoSubsection"PotentialRisks"underSectionIII“ManagementDiscussionandAnalysis”. XI. Others "□Applicable""√Notapplicable" Contents SectionI. Paraphrase.............................................................................................................................5 SectionII. CompanyProfileandMainFinancialIndicators.................................................................6 SectionIII. ManagementDiscussionandAnalysis...............................................................................11 SectionIV. CorporateGovernance........................................................................................................45 SectionV. EnvironmentalandSocialResponsibility..........................................................................72 SectionVI. Importantmatters................................................................................................................74 SectionVII. ChangesinSharesandShareholders................................................................................115 SectionVIII. OverviewofPreferredShare............................................................................................124 SectionIX. OverviewofBonds...........................................................................................................125 SectionX. FinancialStatements.........................................................................................................128
I. Paraphrase
I. Companyinformation
"□Applicable""√Notapplicable" VIII.Differencesinaccountingdataunderdomesticandforeignaccountingstandards(i) DifferencesinnetprofitsandnetassetsattributabletoshareholdersofthelistedCompanyinthefinancialstatementsdisclosedunderinternationalaccountingstandardsandthatdisclosedunderdomesticaccountingstandards "□Applicable""√Notapplicable" (ii) DifferencesinnetprofitsandnetassetsattributabletoshareholdersofthelistedCompanyinthefinancialstatementsdisclosedunderoverseasaccountingstandardsandthatdisclosedunderdomesticaccountingstandards "□Applicable""√Notapplicable" (iii)Explanationondifferencesinoverseasanddomesticaccountingstandards:"□Applicable""√Notapplicable" IX. Quarter-basedmainfinancialindicatorsin2024
X. Non-recurringprofitandlossitemsandamounts "√Applicable""□Notapplicable"
"√Applicable""□Notapplicable"
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"□Applicable""√Notapplicable" SectionIII. ManagementDiscussionandAnalysis I. DiscussionandanalysisoftheCompany’soperations ThroughouttheReportingPeriod,thecollectiveeffortsoftheBoardofDirectors,management,andallemployeesenabledtheCompanytoexecutetheoperationalplansetbytheBoardattheyear’soutset.TheCompanycontinuedtoimplementits“regionalconcentrationandsteadyexpansion”developmentstrategy.Byadoptingacity-specificapproachof“newopenings+M&A+franchising”forstoreexpansion,theCompanyachievedanetincreaseof2,512storesfortheyear.TheCompanyenhanceditsproductcompetitivenessbycontinuouslyimprovingcostcontrol,optimizingdistributionchannels,andupgradingitsintelligentsupplychainsystem,resultinginamoredifferentiatedandstrategically-focusedbig data analytics, internet healthcare, and health management services, significantly boosted theCompany’s capabilities in new media operations and content management. By establishingcomprehensivedigitalconnectionslinkingcustomers,theenterprise,products,operations,andmarketing,the Company is progressively shifting its focus from product management to customer-centricoperations.TheCompanyhasalsoundertakenarestructuringofitshumanresourcessystems,optimizeditsorganizationalstructure,andreviewedstorestaffing.Additionally,ithasimplementedahybridtalentdevelopmentmodelthatcombinesonlineandofflineapproaches,deeplyintegratingcorporatecultureintoitstrainingprograms.TheseinitiativeshaveresultedinimprovedorganizationalefficiencyandstrengthenedtheCompany’sculturalsoftpower.Inresponsetochangesinindustrypoliciesandmarketconditionsduringthesecondhalfoftheyear,theCompanyswiftlyadjusteditsoperationalstrategytoprioritizequalityimprovement.Throughtheactiveimplementationofvariousmeasures—includingoptimizinghumanresourceallocation,precisestorestaffing,customer-centricrenovationsencompassingpersonnel,products,andstoreenvironments,aswellascostreductionandefficiencyenhancementinitiatives—theCompanyachievedsustainedgrowthinitsannualoperatingperformance.1.Positivegrowthinoperatingperformance DuringtheReportingPeriod,theCompanymaintainedasteadyincreaseinoperatingrevenueandoperatingprofit.TheCompanygeneratedoperatingrevenueofCN￥24,062.1547million,representingayear-on-yeargrowthof6.53%.ThenetprofitattributabletoshareholdersofthelistedcompanyreachedCN￥1,528.5767million,registeringayear-on-yearincreaseof8.26%.Thenetprofitattributabletoshareholders of the listed company after deduction of non-recurring profits and losses, wasCN￥1,497.0813million,representinga9.96%year-on-yeargrowth.Theweightedaveragereturnonnetassetswas14.67%,withearningspershareofCN￥1.26.AsofDecember31,2024,theCompany’stotalassets amounted to CN￥27,974.737 million, representing an increase of 15.90% compared toCN￥24,136.5392millionattheendofthepreviousyear.TheequityattributabletoownersoftheparentcompanytotaledCN￥10,725.687million,indicatinga9.40%increasecomparedtoCN￥9,804.4325millionattheendofthepreviousyear. 2.Storeexpansion DuringtheReportingPeriod,theCompanyadapteditsexpansionstrategytochangingmarketconditionswhilemaintainingits“regionalconcentrationandsteadyexpansion”approachintheCentralSouthChina,EastChina,andNorthChinamarkets.Employingacity-specificstrategyof“newopenings+M&A+franchising,”theCompanyadded2,512newstoresthroughouttheyear.Thisexpansionincluded1,305self-builtstores,381acquisitions,and826franchises.Notably,1,078storeswereclosed.AsoftheendoftheReportingPeriod,thetotalnumberoftheCompany’sstoresis14,684(including3,812franchisestores),registeringanetincreaseof1,434storescomparedtotheendofthepreviousperiod. 3.Advancingproductcostcontrolandsupplychainoptimization ThroughouttheReportingPeriod,theCompanyfurtherrefineditsproductstructurethroughatripleassessment system evaluating product quality, efficacy, and cost-effectiveness. High-qualitymanufacturerswereselectedascoresuppliersthroughproactivequalityinspections,efficacyreviews,andvalueassessments.TheCompanyenhancedcostcontrol,optimizeddistributionchannels,andforgedstrategicpartnershipswithsuppliers.Inresponsetonationalcentralizedprocurementinitiatives,theCompanyactivelycollaboratedwithmanufacturerstointroducecentrallyprocuredproducts.Bytheendof2024,theCompany’scoverageofnationallyprocureditemsexceeded98%,withover2,800SKUsintroduced.Theimplementationofdigitalandintelligenttoolsledtocontinuousimprovementsinthesupplychainsystem,resultinginsustainedenhancementinmerchandisesatisfactionfillrate,inventoryturnover,andsupplychainmanagementefficiency. 4.Operatingthenewpharmaceuticalretailsystemefficiently DuringtheReportingPeriod,theCompanydeeplyintegratedmembershipmanagement,bigdataanalytics,internethealthcare,andotherhealthmanagementresourcestobuildanecosystem-basednewpharmaceuticalretailsystem.Thisintegrationledtodigitalupgradesinchronicdiseasemanagementandoptimizationofonlinediagnosticservices.BytheendoftheReportingPeriod,theCompanyoperatedover10,000O2O direct-salestores andmore than60024-hourdelivery stores. Key performanceindicators for the new retail business, including order picking efficiency, delivery speed, orderfulfillmentrate,aswellasper-capita,per-brand,andper-square-meterefficiency,allshowedcontinuousimprovement. Annual online sales revenue reached CN￥2.127 billion (tax included), with O2OcontributingCN￥1.721billionandB2CcontributingCN￥0.406billion.5. Undertaking hospital prescription outflow (from public hospitals into pharmaceutical retailchannel)onlineandoffline DuringtheReportingPeriod,theCompanyactivelyexplorednewmodelsforfulfillinghospitalprescriptionoutflowsthroughbothonlineandofflinechannels. In the offline sector, the Company leverages hospital-adjacent pharmacies, adopting apatient-centricapproach.WeactivelydevelopDTPspecializedpharmacies,“dual-channel”governmentBMIdesignatedoutlets,andpharmaciesforchronicdiseasemanagementandoutpatientservices.Thisstrategy aims to enhance accessibility to both conventional prescription drugs and new specialtymedications.Wehavebolstered patientservices byimplementing professionalservice capabilities,includingpatientregistration, specialized delivery,follow-up visits, and regular online andofflinepatienteducation.WealsoenhancecollaborationswithrelevantmanufacturersandactivelyincorporatepharmaceuticalscoveredunderthegovernmentBMIscheme.BytheendoftheReportingPeriod,theCompanyoperated688hospital-adjacentstores(within100metersofClass2Aorhigherhospitals),318DTPspecializedpharmacies,including259storeswithdual-channelmedicalinsuranceaccess,andover4,600pharmaciesintegratedwithoutpatientmedicalinsurancesystems.TheCompanyhasestablisheddeeppartnershipswithnearly200specializedprescriptiondrugsuppliers.Intheonlinedomain,wehaveupgradedourelectronicprescriptiontransferservices,focusingonbuildingaclosed-loopservicesystemthatcaterstobothpublicandprivatehealthinsurancepatients.Ourdigitalupgradehasoptimizedtheprescriptionservicedigitalplatform,interfacingwithover50hospitalsystems(includinginternethospitals),andimprovingdataprocessingcapabilitiesandstability.Wehaveestablishedaprescriptionqualitycontrolservicesystemwithpreciserulesetsanddatabasestailoredtomedical,public,andprivateinsurancerequirements.Toenhancefulfillmentcapabilities,wehaveimplementedamulti-tieredfulfillmentservicesystemcomprisingprovinciallogisticswarehouses,city-level central warehouses, and hospital-adjacent stores. Concurrently, we have developedcomprehensiveB2C,O2O,andthird-partylogisticssystems.Wehaveexpandedourbusinessscopebyintegratingwithhealthcommissions,publicandprivateinsuranceproviders,hospitals,andthird-partyinternethospitalplatforms.Significantprogresshasbeenmadeinincubatingcommercialinsurancebenefitservices,particularlyinautoinsuranceandemployeebenefits.Currently,weareconnectedwithover10provincialandmunicipal-levelmedicalinsuranceandhealthcommissionprescriptiontransferplatforms,directlyorindirectlylinkedwithover100hospitals,andmorethan50internethospitals.6.Makingremarkableprogressindigitaltransformation TheCompanyhasleverageddigitalintelligenttechnologiestotransformtraditionaloperations,comprehensivelybuildingadigitaloperationalsystemandanintelligentlogisticsanddistributionnetwork.DuringtheReportingPeriod,theCompanyfocusedondigitalizingcorecapabilitiesinmarketing planning, product supply chain, membership operations, employee efficiency, franchiseexpansion,and healthcareinsurance services. Management efficiencywas enhancedacross humanresources, finance, logistics, and operations.After years of persistent, evolutionary iterations, the Companyhasessentiallycompletedtheconstructionofsixmajormiddle-platformsystems,includingoperations,product,andhumanresourcescenters.Thedigitalper-capitastoreservicecapacityhasachieved a CAGR of 20% for five consecutive years, significantly enhancing system supportcapabilities. 7.EnhancingemployeeprofessionalservicecapabilitiesthroughrefinedtrainingsystemsContinuouslyenhancingprofessionalservicecapabilitiesremainsalong-termdriveroforganicgrowthwithintheCompany'sstoresandacorecompetitiveedgeinachievingindustryleadership.DuringtheReportingPeriod,theCompanycontinuedtorefineitstrainingsystembydevelopingandimprovingstandardizedtrainingmaterials,establishingdedicatedandpart-timein-storeinstructorteams,creatingtrainingbasesfornewemployeesandreservestoremanagers,andpromotingthe“ManagementTrainee”program.TheCompanyalsoimplementedvarioustrainingmodescombiningonlineandofflineapproacheswithacredit-basedassessmentsystem.In2024,theCompanykeptimprovingandupdatingthecourseware forthe serviceconcepts, behavioral habits, professionalskills, and pharmaceuticalknowledge.Itconducted4,935trainingsessions,coveringmiddleandseniormanagement,corestaff,baseinstructors,full-timelecturers,managementtrainees,districtdirectors,storemanagers,reservestoremanagers,andnewemployees.Theaveragetrainingtimeperemployeereached82.23hours.TheCompany upgraded the Handbook for New Employee Training Camps, Handbook for Pre-StageTrainingforReserveStoreManagers,HandbookforStoreManagerBaseTraining,andHandbookforNewStoreManagerGuidance.Over4,000employeeswereorganizedtoparticipateinthenationallicensedpharmacistqualificationexamination.Simultaneously,theCompanycontinuedtostrengthencooperationwithuniversities,establishinginternshipandtalentcultivationbasestoensureanamplereserveofprofessionaltalentforfuturedevelopment.。 II. IndustryoftheCompanyduringtheReportingPeriod Throughout the Reporting Period, ongoing healthcare system reforms have led to a clearerseparationofprescribinganddispensing,withanincreasingtrendofprescriptionoutflowfromhospitals.Thisshifthasunderscoredthevalueofretailpharmaciesascrucialchannelsfortheout-of-hospitalpharmaceuticalmarketandaskeyentrypointsforcommunityhealthservices.TheagingpopulationinChinahasdrivenaconsistentgrowthindemandforchronicdiseasemanagementanddailymedication,resultinginsustainedincreasesincustomertraffictopharmacies.Thecontinuousadvancementofinternet technology and artificial intelligence, coupled with innovations in digital operationsmanagement,hasledtothematurationofa“newpharmaceuticalretail”modelthatseamlesslyintegratesonlineandofflinechannels.Concurrently,evolvingindustrypolicies,domesticeconomicdynamics,andshiftsincompetitivelandscapeshavegivenrisetonewtrendswithinthepharmaceuticalretailsector,including self-regulation, transformation and upgrading, diversification of product offerings, andinnovativebusinessmodels. I.Theacceleratingpaceofpopulationaging,combinedwithheightenedpublichealthawareness,hasledtoasustainedincreaseinconsumerdemandforhealthcareservices,chronicdiseasemedications,andelderlyhealthmanagementsolutions.Thistrendisreflectedintheyear-on-yeargrowthofnationalhealthcareexpendituresandtheexpandingscaleoftheoverallhealthindustry.StatisticaldataindicatesthattheproportionofChina’spopulationaged60andaboverosefrom14.3%in2012to22.0%in2024.ProjectionsfromtheChinaResearchCenteronAgingsuggestthatthecurrentscaleofChina’ssilvereconomy,estimatedataroundCN￥7trillion,isexpectedtoreachCN￥30trillionby2035.Theemergenceofanagingsocietyhasintensifiedpressureonpensionandmedicalinsurancefunding,whilesimultaneouslydrivingstrongdemandforchronicdiseasetreatment.Withaclearlong-termdemandformedicalandhealthservicesestablished,pharmaciesarepoisedtoplayanincreasinglycrucialroleascommunityhealthservicehubs,leveragingtheirprofessionalexpertiseandcredibilitytobecomekeydriversinthehealthindustry’sdevelopment.AccordingtotheNationalBureauofStatistics,in2024,thepercapitahealthcareconsumptionexpenditurewithinnationalresidents’overallconsumptionreachedCN￥2,547,markinga3.6%increasefromthepreviousyearandaccountingfor9.0%oftotalpercapitaconsumptionexpenditure. PerCapitaHealthcareConsumptionExpenditureofResidents2015-2024DataSource:NationalBureauofStatistics II. The pharmaceutical retail industry has experienced a continued increase in chain storepenetrationandmarketconcentration,drivenbyacombinationofindustrialpolicies,advancementsininternettechnology,andintensifiedmarketcompetition.Notably,ChinaMonitorHealthreportedthatthefourthquarterof2024markedthefirstinstanceofnegativequarter-over-quartergrowthinthetotalnumberofpharmaciesnationwide. Thechainstorepenetrationrateinretailpharmacieshasshownsignificantgrowth,risingfrom42.4%in2016to58.5%in2024.However,thisdevelopmentremainsgeographicallyuneven,witheasterncoastalareasboastingchainstoreratesexceeding70%,whilecentralandwesternregionslagbehind at below 50%. Rural areas continue to be dominated by independent pharmacies withcomparatively limited service capabilities. In 2023, the top 100 retail enterprises operated nearly130,000direct-salestores,accountingfor33.7%ofthetotalretailchainstoresnationwide.Thesedirect-sale stores generated sales of CN￥317.4 billion, representing 58.8% of the nationalpharmaceuticalretailmarketshare.Themarketconcentrationamongthetop100companiesincreasedby nearly 4% compared to the previous year.The top 10 enterprises in terms of comprehensivecompetitivenessachievedsalesofCN￥156.3billion,accountingforapproximately29%ofoverallnationalretailsales.However,datafromSoochowSecuritiesandChinaDrugStoreindicatesthatChina’smarketconcentrationstilllagsbehindinternationalstandards.Forcomparison,in2022,themarketshareofthetopthreepharmaciesintheUnitedStateswas85%,whilethetoptendrugstoresinJapanhelda73.7%marketshare.ThishighlightsasignificantopportunityforfurtherconsolidationandgrowthinChina’spharmaceuticalretailsector. MarketConcentrationofPharmaciesinChina III. The ongoing healthcare system reform, coordinating medical services, insurance, andpharmaceuticals,hasacceleratedtheoutflowofhospitalprescriptions.Consequently,pharmacieshaveemergedascrucialentrypointsforcommunityhealthservices,experiencingasignificantincreaseinbothchannelvalueandsocialimportance. AccordingtotheNoticeoftheNationalHealthcareSecurityAdministrationOfficeonStandardizingtheManagementofMedicalInsuranceDrugPrescriptionsforExternalDistribution(YBBH[2024]No.86), from January 2025, designated retail pharmacies offering “dual-channel” drugs must processprescriptionsthroughelectronicprescriptioncenters.Paperprescriptionswillbephasedout.Localauthorities are required to swiftly implement medical insurance electronic prescription centerfunctionalitybasedonthenationalunifiedmedicalinsuranceinformationplatform,connectinginsuranceagencies, designated medical institutions, and retail pharmacies to ensure seamless electronicprescriptioncirculation.Simultaneously,drivenbyconsumerdemandforconvenienceandeffortstocontrolhospitaldrugexpenditure ratios,public hospitals’shareofChina’s threemajordrugsalesterminalscontinuestodecline.Thesecondandthirdterminalsaresteadilygainingground,withretailpharmacies’salessharegrowingfrom22.5%in2016to29.8%inthefirsthalfof2024.ProportionofDrugSalesAmongChina’sThreeMajorTerminals DataSource:Menet,ChinaDrugStore IV.The progressive implementation ofmedicalinsuranceoutpatientcoordinationpolicies hasusheredthepharmaceuticalretailindustryintoaneweraofstandardizeddevelopmentandgovernance.Thisregulatoryenvironmentprovidesstrongpolicysupportforthesubstantialgrowthofcompliantandwell-governedchainpharmacies. InFebruary2023,theNationalHealthcareSecurityAdministrationissuedtheNoticeonIncludingDesignatedRetailPharmaciesinOutpatientCoordinationManagement(theNotice),mandatingtheintegrationofqualifieddesignatedretailpharmaciesintooutpatientmanagement.Thisinitiativeaimstoexpandmedicalservice accessibilityandenhanceconvenienceforinsuredindividuals.The Noticepromotesdesignatedretailpharmaciestoofferoutpatientcoordinationservicesandencourageseligibleretailpharmaciestovoluntarilyparticipateintheseservices,therebyextendingoutpatientmedicationcoverageforinsuredpatients. InJanuary2024,theNationalHealthcareSecurityAdministrationissuedtheNoticeonPromotingFair,Transparent,andBalancedPricingofDrugswithIdenticalGenericNamesandBrandsacrossProvinces. According to this directive, provincial medical insurance departments should guidepharmaceuticalprocurementagenciestofocuson“fouridenticaldrugs”(samegenericname,brand,dosageform,andspecification)tofosterfairerpricingpracticesamongpharmaceuticalenterprisesandensurepriceconsistencyacrossprovinces. InMay2024,thePharmaceuticalPricingandTenderingProcurementDivisionoftheNationalHealthcareSecurityAdministrationissuedtheNoticeonImplementingthe“OnlineStores,PriceInquiry,DataComparison,andGovernanceAction”SpecialInitiative,aimedatdeepeninghealthcaresystemreform,strengtheningdrugpricesupervision,andleveragingvariousretailchannels,includingretailandonlinepharmacies,forpricediscovery.Thisinitiativeisexpectedtoaddressunfairanddiscriminatoryhighpricing,guidereasonableprice-settingbyenterprises,andpromotehigh-qualityinnovationinthepharmaceuticalindustry.（未完）  |