[年报]老百姓(603883):老百姓2024年年度报告（英文版）
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时间：2025年04月30日 12:35:58 中财网 |
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原标题:老百姓:老百姓2024年年度报告（英文版）
StockCode:603883 CompanyAbbreviation:LBX
2024AnnualReport
IntheeventofanydiscrepancybetweentheChineseandEnglishversions,theChineseversionshallprevail.
ImportantNotes
I. TheCompany'sBoardofDirectors,BoardofSupervisors,anddirectors,supervisors,seniorexecutiveswarrantthetruthfulness,accuracy,andcompletenessofthecontentofthisannualreport,confirmthattherearenofalserecords,misleadingstatements,ormaterialomissions,andassumeindividualandjointlegalliability.
II. AlldirectorsoftheCompanyattendedthemeetingoftheBoardofDirectors.III. Ernst&YoungHuaMingLLP issuedastandardunqualifiedauditor'sreportfortheCompany.
IV. TheCompany'sprincipal XieZilong,personinchargeofaccountingwork ChenLishan,andpersoninchargeofaccountingdepartment(chiefaccountant) ShiLeideclare:Wewarrantthetruthfulness,accuracy,andcompletenessofthefinancialreportinthisannualreport.V. ProfitdistributionplanorplanforcapitalizationofcapitalreservesforthereportingperiodapprovedbytheBoardofDirectors'resolution
Accordingtotheproposalreviewedandapprovedatthe8thmeetingofthe5thBoardofDirectorsonApril29,2025,basedonthetotalsharecapitalontherecorddatefortheimplementationoftheequitydistribution,itisproposedtodistributeacashdividendofRMB0.8(taxincluded)forevery10sharesheldbyallshareholders.TheCompanywillnotissuebonussharesorconvertcapitalreservesintosharecapital.AsofMarch31,2025,theCompany'stotalsharecapitalwas760,095,613shares.TheproposedcashdividenddistributionisRMB60,807,649.04(taxincluded).Thetotalproposedcashdividendfortheyear2024(taxincluded)isRMB312,216,098.28(includingtheinterimdividendofRMB251,408,449.24for2024),representing60.15%ofthenetprofitattributabletotheparentcompanyfor2024.
VI. Riskstatementregardingforward-lookingstatements
√Applicable□NotApplicable
Theforward-lookingstatementsinvolvedinthisreport,suchasfutureplans,developmentstrategies,donotconstitutesubstantialcommitmentsbytheCompanytoinvestors.Pleasepayattentiontoinvestmentrisks.
VII.Whetherthereisanynon-operationaloccupationoffundsbythecontrollingshareholderandotherrelatedparties
No
VIII. Whetherthereisanysituationofprovidingexternalguaranteesinviolationofstipulateddecision-makingprocedures
No
IX. Whethermorethanhalfofthedirectorscannotguaranteethetruthfulness,accuracy,andcompletenessoftheannualreportdisclosedbytheCompany
No
X. Majorriskwarning
Duringthereportingperiod,therewerenomajorrisksthathadasubstantialimpactontheCompany'sproductionandoperation.TheCompanyhaselaboratedindetailinthisreportonthevariousrisksitmayfaceduringitsproductionandoperation,aswellasthecorrespondingcountermeasures.Please refer to Section III "Discussion and Analysis by the Management", Part VI "Company'sDiscussionandAnalysisofFutureDevelopment-(IV)PotentialRisks".XI. Other
□Applicable√NotApplicable
Contents
SectionI Definitions............................................................................................................................5
SectionII CompanyProfileandMainFinancialIndicators.................................................................8
SectionIII DiscussionandAnalysisbytheManagement....................................................................13
SectionIV Governance.........................................................................................................................43
SectionV EnvironmentandSocialResponsibility.............................................................................69
SectionVI SignificantMatters.............................................................................................................73
SectionVII ShareChangesandShareholderInformation.....................................................................95
SectionVIII PreferenceshareRelatedSituation...................................................................................103
SectionIX BondRelatedSituation.....................................................................................................104
SectionX FinancialReport...............................................................................................................104
| DirectoryofDocuments
AvailableforInspection | Financialstatementsbearingthesignaturesandsealsofthelegal
representative,thepersoninchargeofaccountingwork,andthepersonin
chargeofaccountingdepartment | | | Originalauditor'sreportbearingthesealoftheaccountingfirmandthe
signaturesandsealsofthecertifiedpublicaccountants | | | OriginalsofalltheCompany'sdocumentsandannouncementsandthathave
beenpubliclydisclosedonthenewspapersdesignatedbyChinaSecurities
RegulatoryCommissionduringthereportingperiod |
SectionI Definitions
I. Definitions
Unlessthecontextotherwiserequires,thefollowingwordsshallhavethefollowingmeaningsinthis
| LBX/Company/Group | means | LBXPharmacyChainJointStockCompany | | LBX Pharmaceutical
Group/Pharmaceutical
Group | means | LBX Pharmaceutical Group Co., Ltd., LBX's controlling
shareholder | | JanstarInvestment | means | JanstarInvestmentLimited,LBX'smajorshareholder | | LanzhouHuirentang | means | Lanzhou Huirentang Pharmaceutical Chain Co., Ltd., LBX's
wholly-ownedsubsidiary | | Shaanxi LBX/Shaanxi
Company | means | LBXPharmacyChain(Shaanxi)Co.,Ltd.,LBX'swholly-owned
subsidiary | | ZhejiangLBX | means | LBXPharmacyChain(Zhejiang)Co.,Ltd.,LBX'swholly-owned
subsidiary | | Guangxi LBX/Guangxi
Company | means | LBXPharmacyChain(Guangxi)Co.,Ltd.,LBX'swholly-owned
subsidiary | | Shandong LBX/Shandong
Company | means | LBX Pharmacy Chain (Shandong) Co., Ltd., LBX's
wholly-ownedsubsidiary | | Guangdong
LBX/Guangdong
Company | means | LBX Pharmacy Chain Guangdong Co., Ltd., LBX's
wholly-ownedsubsidiary | | Tianjin LBX/Tianjin
Company | means | LBXPharmacyChain(Tianjin)Co.,Ltd.,LBX'swholly-owned
subsidiary | | JiangxiLBX | means | LBX Pharmacy (Jiangxi) Co., Ltd., LBX's wholly-owned
subsidiary | | ShanghaiLBX | means | LBX Pharmacy (Shanghai) Co., Ltd., LBX's wholly-owned
subsidiary | | HubeiLBX | means | LBXPharmacyChain(Hubei)Co.,Ltd.,LBX'swholly-owned
subsidiary | | ShanxiBaihui | means | Shanxi Baihui Pharmaceutical Chain Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | Hunan Huairen/Huairen
Pharmacy | means | HunanLBXHuairenPharmacyChainCo.,Ltd.(formerly"Hunan
HuairenGreatHealthIndustryDevelopmentCo.,Ltd."),LBX's
non-wholly-ownedsubsidiary | | HenanLBX | means | LBX Pharmacy Chain Henan Co., Ltd., LBX's wholly-owned
subsidiary | | ForworldCompany/Hunan
Forworld | means | Forworld Medicine Logistics (Hunan) Co., Ltd., LBX's
wholly-ownedsubsidiary | | JiangsuForworld | means | Forworld Medicine Logistics (Jiangsu) Co., Ltd., LBX's
wholly-ownedsubsidiary | | TianjinForworld | means | Forworld Medicine Logistics (Tianjin) Co., Ltd., Hunan
Forworld'swholly-ownedsubsidiary | | JiangsuLBX | means | LBX Pharmacy (Jiangsu) Co., Ltd., Changzhou Wanren's
wholly-ownedsubsidiary | | Yaoshengtang/Yaoshengta
ngCompany | means | Yaoshengtang(Hunan)PharmaceuticalCo.,Ltd.,LBX'sformer
wholly-ownedsubsidiary | | Yaoshengtang
Technology/Chinese
MedicineTechnology | means | HunanYaoshengtangChineseMedicineTechnologyCo.,Ltd.,
LBX'swholly-ownedsubsidiary | | HengyangLBX | means | LBX Pharmacy Chain (Hengyang) Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | HangzhouForworld | means | Forworld Medicine Logistics (Hangzhou) Co., Ltd., Zhejiang
LBX'swholly-ownedsubsidiary | | BeijingE-commerce | means | Beijing LBX E-commerce Co., Ltd., LBX's wholly-owned
subsidiary | | AnhuiBaixingyuan | means | Anhui Baixingyuan Pharmacy Chain Co., Ltd., LBX's
wholly-ownedsubsidiary | | Xi'anLongsheng | means | Xi'an Longsheng Pharmaceutical Co., Ltd., Shaanxi LBX's
wholly-ownedsubsidiary | | Xi'anChangjia | means | Xi'an Changjia Pharmaceutical Co., Ltd., Shaanxi LBX's
wholly-ownedsubsidiary | | Henan Pharmaceutical
Supermarket | means | HenanProvincialPharmaceuticalSupermarketCo.,Ltd.,Henan
LBX'swholly-ownedsubsidiary | | YangzhouBaixinyuan | means | YangzhouBaixinyuanChainCo.,Ltd.,LBX'snon-wholly-owned
subsidiary | | MingyuanBeeIndustry | means | Hunan Mingyuan Bee Industry Co., Ltd., whose controlling
shareholder is Tianyi Venture Capital Co., Ltd., and actual
controllersareMr.XieZilongandMs.ChenXiulan. | | TianjinBinhaiLBX | means | LBX Pharmacy Chain (Tianjin Binhai New Area) Co., Ltd.,
TianjinLBX'snon-wholly-ownedsubsidiary | | WugongLongsheng | means | Wugong County Longsheng Pharmaceutical Co., Ltd., Xi'an
Longsheng'swholly-ownedsubsidiary | | LBXHealthPharmacy | means | LBX Health Pharmacy Group Chain Co., Ltd., Forworld's
non-wholly-ownedsubsidiary | | JijiTrading | means | Jiaxing Jiji Trading Co., Ltd., Zhejiang LBX's wholly-owned
subsidiary | | QiutaoLBX | means | Hangzhou Qiutao LBX Pharmacy Co., Ltd., Zhejiang LBX's
wholly-ownedsubsidiary | | Baixingtang | means | HunanBaixingtangFamousDoctors'ClinicTraditionalChinese
Medicine Management Co., Ltd., LBX's non-wholly-owned
subsidiary | | HunanBaixingtang | means | HunanBaixingtangFamousDoctors'ClinicTraditionalChinese
Medicine Outpatient Department Co., Ltd., Baixingtang's
wholly-ownedsubsidiary | | ChengduBaixingtang | means | Chengdu Baixingtang Medical Center Management Co., Ltd.,
Baixingtang'swholly-ownedsubsidiary | | MingyuLongxing | means | HunanMingyuLongxingPharmaceuticalSalesCo.,Ltd.,LBX's
non-wholly-ownedsubsidiary | | Xi'anBaixingtang | means | Xi'an Baixingtang Zhang Shiwu Tang Traditional Chinese
Medicine Clinic Co., Ltd., LBX (Shaanxi)'s wholly-owned
subsidiary | | Changzhou Renmin
Baixingtang | means | ChangzhouBaixingtang Renmin Traditional Chinese Medicine
Outpatient Department Co., Ltd., Baixingtang's wholly-owned
subsidiary | | Changzhou Heping
Baixingtang | means | ChangzhouBaixingtangHepingMedicalOutpatientDepartment
Co.,Ltd.,Baixingtang'swholly-ownedsubsidiary | | ZhejiangHealth | means | LBX Health Pharmacy (Zhejiang) Co., Ltd., LBX Health
Pharmacy'snon-wholly-ownedsubsidiary | | Zhongbeiqiao | means | Hangzhou Zhongbeiqiao Clinic Co., Ltd., Zhejiang LBX's
wholly-ownedsubsidiary | | NingboHaishu | means | NingboHaishuLBXInternalMedicineClinicCo.,Ltd.,Zhejiang
LBX'swholly-ownedsubsidiary | | KunshanDuhao | means | KunshanDuhaoConvenienceChainCo.,Ltd.,JiangsuBaijiahui's
wholly-ownedsubsidiary | | JiangsuBaijiahui | means | Jiangsu Baijiahui Suhe Pharmacy Chain Co., Ltd., LBX's
wholly-ownedsubsidiary | | TongliaoZeqiang | means | Tongliao Zeqiang Pharmacy Chain Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | InnerMongoliaZeqiang | means | Inner Mongolia Zeqiang Pharmaceutical Co., Ltd., Tongliao
Zeqiang'swholly-ownedsubsidiary | | ChifengLBX | means | ChifengLBXPharmacyChainCo.,Ltd.,LBX'swholly-owned
subsidiary | | Longtaiyuan | means | Taizhou Longtaiyuan Pharmaceutical Chain Co., Ltd., LBX's
wholly-ownedsubsidiary | | ZhenjiangHuakang | means | Zhenjiang Huakang Pharmacy Chain Co., Ltd., LBX's
wholly-ownedsubsidiary | | NantongPuze | means | Nantong Puze Pharmacy Chain Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | AnhuiLinjiayi | means | Anhui Linjiayi Kangfu Pharmacy Chain Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | EasyDrug | means | Hunan Easy Drug Technology Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | JintanXinqianqiu | means | Changzhou Jintan Xinqianqiu Pharmacy Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | Sanpintan | means | Wuxi Sanpintan Pharmaceutical Chain Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | JiangsuHaipeng | means | Jiangsu Haipeng Pharmaceutical Chain Co., Ltd., LBX's
non-wholly-ownedsubsidiary | | Tongshengxiang
Tongjitang | means | Ningxia Tongshengxiang Tongjitang Pharmaceutical Co., Ltd.,
LanzhouHuirentang'swholly-ownedsubsidiary | | RendePharmacy | means | LinyiRendePharmacyChainCo.,Ltd.,LBX'snon-wholly-owned
subsidiary | | LongxingTianxia | means | HunanLongxingTianxiaPharmaceuticalConsultingServiceCo.,
Ltd.,LBXHealthPharmacy'swholly-ownedsubsidiary | | Faxiangdi | means | ChangshaFaxiangdiIndustrialCo.,Ltd.,LBX'swholly-owned
subsidiary | | A-share | means | Ordinary shares approved for listing on domestic stock
exchanges,denominatedinRMB,subscribedforandtradedin
RMB | | CSRC | means | ChinaSecuritiesRegulatoryCommission | | SSE (Shanghai Stock
Exchange) | means | ShanghaiStockExchange | | ArticlesofAssociation | means | LBX'spastandcurrentlyeffectiveArticlesofAssociation | | StateCouncil | means | TheStateCouncilofthePeople'sRepublicofChina,alsoknown
astheCentralPeople'sGovernment,istheexecutivebodyofthe
highestorganofstatepowerandthehigheststateadministrative
organ | | MinistryofCommerce | means | MinistryofCommerceofthePeople'sRepublicofChina | | O2O | means | AbbreviationforOnline-to-Offline,referringtoane-commerce
model that combines offline business opportunities with the
internet,makingtheinternetafront-endforofflinetransactions | | B2C | means | Business-to-Customer,ane-commercemodelwherebusinesses
sellproductsandservicesdirectlytoconsumers | | DTP | means | DTPistheabbreviationforDirect-to-Patient.ADTPpharmacyis
a pharmacy that directly provides more valuable professional
servicestopatients.Aninnovativesalesmodelwhere,aftera
patient obtainsaprescriptionfromthe hospital, the pharmacy
deliversthemedicationtothepatient'sorfamily'sdesignatedtime
and place based on the prescription, tracks the patient's
medicationprogress,andprovidesprofessionalservicessuchas
medicationcounseling. | | ThisReport | means | 2024 Annual Report of LBX Pharmacy Chain Joint Stock
Company | | Reportingperiod | means | January1-December31,2024 | | End of the reporting
period | means | December31,2024 | | ChineseYuan | means | RMB |
SectionIICompanyProfileandMainFinancialIndicators
I. CompanyInformation
| ChineseNameoftheCompany | | | ChineseAbbreviationoftheCompany | LBX | | EnglishNameoftheCompany | LBXPharmacyChainJointStockCompany | | EnglishAbbreviationoftheCompany | LBX | | LegalRepresentativeoftheCompany | XieZilong |
II. ContactsandContactInformation
| Item | SecretaryoftheBoardofDirectors | SecuritiesAffairsRepresentative | | Name | FengShini | LiuXia'er | | Contact
Address | No.808QingzhuLakeRoad,Kaifu
District,ChangshaCity,Hunan
Province | No.808QingzhuLakeRoad,Kaifu
District,ChangshaCity,HunanProvince | | Tel | 0731-84035189 | 0731-84035189 | | Fax | 0731-84035196 | 0731-84035196 | | Email | [email protected] | [email protected] |
III. BasicInformationSummary
| Company'sregisteredaddress | No.808QingzhuLakeRoad,KaifuDistrict,Changsha
City,HunanProvince | | ChangehistoryoftheCompany'sregistered
address | InApril2019,theregisteredaddresschangedfrom288
XiangyaRoad,ChangshaCityto808QingzhuhuRoad,
KaifuDistrict,ChangshaCity | | OfficeaddressoftheCompany | No.808QingzhuLakeRoad,KaifuDistrict,Changsha
City,HunanProvince | | PostalcodeoftheCompany'sofficeaddress | 410152 | | CompanyWebsite | www.lbxdrugs.com | | Email | [email protected] |
IV. InformationDisclosureandDocumentLocation
| MedianameandwebsitefortheCompany's
annualreportdisclosure | ChinaSecuritiesJournal(https://www.cs.com.cn)/
ShanghaiSecuritiesNews(https://www.cnstock.com)/
SecuritiesTimes(http://www.stcn.com)/Securities
Daily(http://www.zqrb.cn) | | Websiteofthestockexchangeforthe
Company'sannualreportdisclosure | www.sse.com.cn | | LocationwheretheCompany'sannualreportis
kept | Company'sSecuritiesAffairsDepartment |
V. CompanyStockProfile
| CompanyStockProfile | | | | | | StockType | StockListing
Exchange | StockAbbreviation | StockCode | PreviousStock
Abbreviation | | A-share | SSE(Shanghai
StockExchange) | LBX | 603883 | None |
VI. OtherRelevantInformation
| Accountingfirmengagedbythe
Company(domestic) | Name | Ernst&YoungHuaMingLLP | | | OfficeAddress | Rooms 01-12, 17th Floor, Ernst & Young
Tower, Oriental Plaza, 1 East Chang'an
Avenue,DongchengDistrict,Beijing | | | Names of
signatorycertified
publicaccountants | WangShijie,LiangChang'e | | Sponsor institution performing
continuous supervision duties
duringthereportingperiod | Name | Goldman Sachs (China) Securities Company
Limited | | | OfficeAddress | Rooms1807-1819,18thFloor,BeijingYinglan
International Financial Center, 7 Jincheng
Street,XichengDistrict,Beijing | | | Namesofsigning
sponsor
representatives | HuangYunqi,LiuYang | | | Period of
continuous
supervision | August6,2020-December31,2023(Asraised
funds were not fully utilized, continuous
supervision duties for the raised funds
continuedin2024) |
VII. MainAccountingDataandFinancialIndicatorsfortheLastThreeYears(I) MainAccountingData
| MainAccountingData | 2024 | 2023 | Changefrom
thesameperiod
lastyear(%) | 2022 | | Operatingincome | 22,357,610,195 | 22,437,489,012 | -0.36 | 20,175,519,30
3 | | Net profit attributable to
shareholders of the listed
company | 519,063,405 | 929,023,131 | -44.13 | 784,961,520 | | Net profit attributable to
shareholders of the listed
company after deducting
non-recurring gains and
losses | 496,274,418 | 843,765,222 | -41.18 | 735,724,494 | | Net cash flows from
operatingactivities | 2,026,458,797 | 2,729,838,947 | -25.77 | 2,314,315,009 | | | Endof2024 | Endof2023 | Changefrom
theendofthe
sameperiodlast
year(%) | Endof2022 | | Net assets attributable to
shareholders of the listed
company | 6,580,857,270 | 6,701,235,576 | -1.80 | 6,529,953,538 | | Totalasset | 21,044,853,679 | 21,230,999,976 | -0.88 | 21,397,332,91
8 |
(II)MainFinancialIndicators
| MainFinancialIndicators | 2024 | 2023 | Changefromthesame
periodlastyear(%) | 2022 | | BasicEPS(RMB/share) | 0.68 | 1.23 | -44.72 | 1.04 | | DilutedEPS(RMB/share) | 0.68 | 1.23 | -44.72 | 1.04 | | Basic EPS after deducting non-recurring
gainsandlosses(RMB/share) | 0.65 | 1.11 | -41.44 | 0.97 | | WeightedaverageROE(%) | 7.84 | 13.91 | Decreaseby6.07
percentagepoints | 12.72 | | Weighted average ROE after deducting
non-recurringgainsandlosses(%) | 7.60 | 12.64 | Decreaseby5.04
percentagepoints | 11.88 |
ExplanationoftheCompany'smainaccountingdataandfinancialindicatorsforthepastthreeyearsattheendofthereportingperiod
√Applicable□NotApplicable
Duringthisreportingperiod,operatingincomedecreasedby0.36%comparedtothepreviousyear,basicallyflat;netprofitattributabletoshareholdersofthelistedcompanyandnetprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlossesdecreasedby44.13%and41.18%respectivelycomparedtothepreviousyear,mainlyduetotheincreaseinthenumberofnewstores,whicharestillintheirperformancegrowthperiod,andtheCompany'srecognitionofgoodwillimpairmentlosses;netcashflowgeneratedfromoperatingactivitiesdecreasedby25.77%comparedtothepreviousyear,mainlyduetothedecreaseincashreceivedfromthesaleofgoodsandanincreaseinsalarypaymentsresultingfromtheopeningofnewstores;netassetsattributabletoshareholdersofthelistedcompanydecreasedby1.80%comparedtothepreviousyear,mainlyduetotheCompany'sdividenddistribution.Totalassetsdecreasedby0.88%comparedtothepreviousyear,basicallyflat.VIII.DifferencesinAccountingDataunderDomesticandForeignAccountingStandards(I) DifferencesinnetprofitandnetassetsattributabletoshareholdersofthelistedcompanybetweenfinancialreportsdisclosedsimultaneouslyunderInternationalAccountingStandardsandChineseAccountingStandards
□Applicable√NotApplicable
(II) DifferencesinnetprofitandnetassetsattributabletoshareholdersofthelistedcompanybetweenfinancialreportsdisclosedsimultaneouslyunderForeignAccountingStandardsandChineseAccountingStandards
□Applicable√NotApplicable
(III)Explanationofdifferencesbetweendomesticandforeignaccountingstandards:□Applicable√NotApplicable
IX. MainFinancialDatabyQuarterfor2024
| | Q1
(January-March) | Q2
(April-June) | Q3
(July-September) | Q4
(October-December) | | Operatingincome | 5,539,130,441 | 5,400,532,345 | 5,292,485,303 | 6,125,462,106 | | Netprofitattributableto
shareholders of the
listedcompany | 321,257,612 | 181,446,821 | 127,443,390 | -111,084,418 | | Netprofitattributableto
shareholders of the
listed company after
deductingnon-recurring
gainsandlosses | 310,558,626 | 171,227,391 | 125,291,960 | -110,803,559 | | Net cash flows from
operatingactivities | 417,071,839 | 194,413,371 | 644,236,284 | 770,737,303 |
Explanationofdifferencesbetweenquarterlydataanddisclosedperiodicreportdata□Applicable√NotApplicable
X. Non-recurringgainsandlossesitemsandamounts
√Applicable□NotApplicable
| Non-recurringgainsandlossesitem | Amountin
2024 | Notes(if
applicable) | Amountin
2023 | Amountin
2022 | | Gainsorlossesfromdisposalofnon-current
assets,includingthewrite-offportionofasset
impairmentprovisionsalreadyrecognized | -4,530,258 | | 5,509,528 | 1,442,570 | | Governmentgrantsrecognizedincurrentprofit
orloss,excludingthosecloselyrelatedtothe
Company'snormalbusinessoperations,
complyingwithnationalpolicyregulations,
enjoyedaccordingtoestablishedstandards,
andhavingacontinuousimpactonthe
Company'sprofitorloss | 31,143,302 | | 36,990,610 | 39,327,221 | | Gainsorlossesfromchangesinfairvalueof
financialassetsandliabilitiesheldby
non-financialenterprises,andgainsorlosses
fromdisposaloffinancialassetsandliabilities,
excludingeffectivehedgingactivitiesrelated
totheCompany'snormalbusinessoperations | 1,206,496 | | 4,629,589 | 20,578,149 | | Feeschargedfortheoccupationoffundsto
non-financialenterprisesrecognizedincurrent
profitorloss | | | | | | Gainsorlossesfromentrustingotherstoinvest
ormanageassets | | | | | | Gainsorlossesfromexternalentrustedloans | | | | | | Assetlossesarisingfromforcemajeure
factors,suchasnaturaldisasters | | | | | | Reversalofimpairmentprovisionsfor
receivablestestedindividuallyforimpairment | 253,000 | | 790,786 | | | Gainsarisingfromtheinvestmentcostof
acquiringsubsidiaries,associates,andjoint
venturesbeinglessthanthefairvalueofthe
identifiablenetassetsoftheinvesteeatthe
timeofacquisition | | | | | | Currentnetprofitorlossofsubsidiariesfrom
thebeginningoftheperiodtothemergerdate
arisingfrombusinesscombinationsinvolving
enterprisesundercommoncontrol | | | | | | Gainsorlossesfromnon-monetaryasset
exchanges | | | | | | Gainsorlossesfromdebtrestructuring | | | | | | One-offexpensesincurredduetothe | | | | | | discontinuationofrelatedbusinessactivities,
suchasemployeeplacementexpenses | | | | | | One-offimpactoncurrentprofitorlossdueto
adjustmentsintax,accounting,andotherlaws
andregulations | | | | | | Share-basedpaymentexpensesrecognized
one-offduetocancellationormodificationof
equityincentiveplans | | | | | | Forcash-settledshare-basedpayments,gains
orlossesarisingfromchangesinthefairvalue
ofemployeebenefitspayableafterthevesting
date | | | | | | Gainsorlossesarisingfromchangesinfair
valueofinvestmentpropertiessubsequently
measuredusingthefairvaluemodel | | | | | | Gainsarisingfromtransactionswithobviously
unfairtransactionprices | | | | | | Gainsorlossesarisingfromcontingentevents
unrelatedtotheCompany'snormalbusiness
operations | | | | | | Custodyfeeincomefromentrustedoperations | | | | | | Othernon-operatingincomeandexpenses
otherthantheitemslistedabove | 2,398,621 | | 9,703,510 | 884,108 | | Otherprofitorlossitemsmeetingthe
definitionofnon-recurringgainsandlosses | -1,309,915 | | 56,265,472 | 4,546,871 | | Less:Incometaximpact | 4,978,234 | | 25,236,570 | 12,578,269 | | Impactonminorityinterests(aftertax) | 1,394,025 | | 3,395,016 | 4,963,624 | | Total | 22,788,987 | | 85,257,909 | 49,237,026 |
ReasonsshouldbeprovidediftheCompanyidentifiesitemsnotlistedintheExplanatoryAnnouncementNo.1onInformationDisclosurebyCompaniesOfferingSecuritiestothePublic-Non-recurringGainsandLossesasnon-recurringgainsandlossesitemswithsignificantamounts,ordefinesitemslistedintheannouncementasrecurringgainsandlossesitems.
√Applicable□NotApplicable
| Item | Amountinvolved | Reason | | VATreduction/exemptionfor
small-scaletaxpayers | 46,542,302 | Closelyrelatedtonormalbusiness
operations |
XI. Itemsmeasuredatfairvalue
√Applicable□NotApplicable
| NameofProject | Beginning
balance | Ending
balance | Changeduring
theperiod | Impacton
currentprofit | | Tradingfinancialassets | 1,500,000 | | -1,500,000 | 1,206,496 | | Receivablesfinancing | 8,332,713 | 15,269,288 | 6,936,575 | | | Other equity instrument
investments | 37,177,723 | 35,877,723 | -1,300,000 | | | Othernon-currentfinancialassets | 5,774,109 | 12,093,150 | 6,319,041 | | | Otherpayables | -42,398,775 | -42,398,775 | | | | Total | 10,385,770 | 20,841,386 | 10,455,616 | 1,206,496 |
XII. Other
□Applicable√NotApplicable
SectionIII DiscussionandAnalysisbytheManagement
I. DiscussionandAnalysisofBusinessConditions
LBXPharmacyiscommittedtobuildinga"technology-drivenhealthserviceplatform".In2024,
theCompanyachievedoperatingincomeofRMB22,357.61million,ayear-on-yeardecreaseof0.36%;
achievednetprofitattributabletoparentcompanyshareholdersofRMB519.06million,ayear-on-year
decreaseof44.13%;achievednetcashflowgeneratedfromoperatingactivitiesofRMB2,026.46
million,ayear-on-yeardecreaseof25.77%.
AsofDecember31,2024,theCompanyhadbuiltamarketingnetworkcovering18provinces,over
150 prefecture-level cities and above across the country, totaling 15,277 stores, including 9,981
directly-operatedstoresand5,296franchisedstores.In2024,therewasanetincreaseof1,703stores,
includinganetincreaseof801directly-operatedstoresandanetincreaseof902franchisedstores.
ForadetaileddiscussionandanalysisoftheCompany'sbusinessconditions,pleaserefertoSection
III"DiscussionandAnalysisbytheManagement",PartIV"AnalysisofCoreCompetitivenessduring
theReportingPeriod"ofthisreport.
II. IndustrySituationduringtheReportingPeriod
(I)BasicIndustrySituation
1.Deepeningpopulationagingdrivesindustrygrowth
AccordingtodatareleasedbytheNationalBureauofStatistics,asoftheendof2024,China's
populationaged60andabovewas310million,accountingfor22%ofthenationalpopulation,ofwhich
thepopulationaged65andabovewas220million,accountingfor15.6%ofthenationalpopulation.At
theendof2024,theproportionofChina'spopulationaged60andabovecontinuedtoincreasecompared
to2023,andtheproportionofthepopulationaged65andabovealsoincreasedby0.2percentagepoints
comparedto2023.China'sagingprocesscontinuestodeepen,andthedemandforhealthcareand
chronicdiseasemanagementwillgraduallyincreaseinthefuture.Datasource:NationalBureauofStatistics
ThesalesscaleofallcategoriesinChina'sretailpharmacieshasgrownsteadily.AccordingtoCMHdata,thesalesscaleofallcategoriesinnationalretailpharmaciesreachedRMB528.2billionin2024.Thegrowthratewashighin2022duetotherelaxationofepidemiccontrols,whilethegrowthratesloweddownin2024and2023duetothehighbase.Thecompoundannualgrowthratefrom2018to2024was3.05%.
Datasource:CMH
2.Policiesaccelerateprescriptionoutflow,increasingthemarketshareofpharmaceutical
retail
Withtheimplementationofthe"HealthyChina"strategyandthedeepeningofmedicalandhealth
systemreforms,aseriesofpoliciessuchastheSeparationofDispensingfromPrescription(SDP),
medicalinsurancecostcontrol,volume-basedprocurement,zeromark-uppolicyfordrugs,dual-channel,
medicalinsurancereform,andtheinclusionofdesignatedpharmaciesinoutpatientpoolingmanagement
havegraduallylanded,promotingthecontinuousoutflowofprescriptiondrugsfromhospitals.
(1)SeparationofDispensingfromPrescription(SDP)isaninevitabletrend
"SeparationofDispensingfromPrescription(SDP)"isanimportantgoalofChina'smedicalsystem
reform,andprescriptionoutflowisalsoanimportantdirectionforthe"SeparationofDispensingfrom
Prescription(SDP)".China'smedicalresourcesarerelativelyconcentrated,andpatientstendtoseek
diagnosis,treatment,andpurchasemedicineinpublichospitals.Inrecentyears,thestatehasdeepened
thereformofthemedicalsystem.VariouspoliciessuchasDRG(DiagnosisRelatedGrouppayment),
DIP (Diagnosis-Intervention Packet payment), volume-based procurement, and opening outpatient
poolingmedicalinsurancetopharmacieshavegraduallylanded,continuouslypromotingthe"Separation
ofDispensingfromPrescription(SDP)"andprescriptionoutflow.
Inrecentyears,prescriptiondrugsalesinChinahaveshiftedtowardsoutsidehospitals,withthe
retailterminalshareincreasingbyabout5percentagepointsfrom2017to2024.Currently,theretail
terminalsharehasincreasedfrom16%in2017to21%in2024.However,theshareofretailchannelsin
prescriptiondrugsalesisstillrelativelylow.In2022,theproportionofprescriptiondrugsalesoutside
hospitalsinJapanandtheUnitedStatesreached79%and86%respectively.Comparedwithdeveloped
countries,thereisstillsignificantroomforimprovementintheproportionofprescriptiondrugsales
outsidehospitalsinChina.Datasources:CMH,MinistryofHealth,LabourandWelfareofJapan,IQVIA(2)MedicalinsuranceaccountreformstrengthensmutualaidandliquidityThereformofmedicalinsuranceaccountsshiftstowards"allocationbydisease",strengtheningmutualaid.Moremedicalinsurancefundsflowtopeoplewithhighdemandformedicaltreatmentandmedicationpurchase,improvingliquidity.Beforethemedicalinsuranceaccountreform,allpersonalcontributionsandpartoftheemployer'scontributionswereallocatedtotheindividualmedicalinsuranceaccount.Expensesforoutpatientvisitsordrugpurchasesatpharmaciescouldonlybepaidfromtheindividualaccount.Afterthereform,thepartoftheemployer'scontributionisallocatedtothepooledmedicalinsurancefund.Atthesametime,thereimbursementscopeofthepooledmedicalinsurancefund has been expanded to include outpatient reimbursement, hospitalization reimbursement, andpharmacypurchasereimbursement.Themedicalinsuranceaccountreformisessentiallyachangeinthemedicalsecuritymodel.The"allocationbyperson"modelofmedicalinsurancefundshasshiftedtothe"allocationbydisease"model.Theincreaseinthepooledmedicalinsurancefundcompensatesforthereductioninindividualaccounts,andexpandingthereimbursementscopetopharmacieswillpromoteprescriptionoutflow.
(3)Inclusionofdesignatedpharmaciesinoutpatientpoolingmanagementhasasignificanteffectonattractingpatientflow
Theinclusionofdesignatedpharmaciesinoutpatientpoolingmanagement,implementingthesamemedical insurance benefits as designated primary medical institutions, has a significant effect onattractingpatientflow.OnFebruary15,2023,theNationalHealthcareSecurityAdministrationissuedthe Notice on Further Improving the Management of Including Designated Retail Pharmacies inOutpatientPoolingManagement,activelysupportingdesignatedretailpharmaciestoopenoutpatientpoolingservices,improvingthepaymentpolicyforoutpatientpoolingindesignatedpharmacies,andclarifyingthesupportingpoliciesforincludingdesignatedretailpharmaciesinoutpatientpooling.ThissignifiesasignificantimprovementintheroleandstatusofretailpharmaciesinthenationalmedicalandhealthsecuritysystemandisalsoasubstantialpromotionofprescriptioncirculationandtheSeparationof Dispensing from Prescription (SDP). For retail pharmacies, obtaining the qualification of acoordinateddesignatedpharmacywilladdthepooledmedicalinsurancefundasapayerinadditiontotheindividualmedicalinsuranceaccount,andwillattractmorecustomerflowduetoprescriptionoutflowfromhospitals.
AccordingtoMenetdata,thesalesshareofretailpharmacyterminalsincreasedfrom22.7%in2014to29.3%in2023,whilethesalesshareofpublichospitalterminalsgraduallydecreasedfrom69%in2014to61.3%in2023,indicatingthecontinuousprogressofprescriptionoutflow.Datasource:Menet
3.Increasedindustryconcentrationandstricterregulationaccelerateindustryconsolidation
Nationalpoliciespromotetheincreaseinmarketconcentrationandchainrateinthepharmaceutical
retailindustry,withsignificantroomforimprovement.InOctober2021,theMinistryofCommerce
issued the Guiding Opinions on Promoting the High-Quality Development of the Pharmaceutical
Circulation Industry during the "14th Five-Year Plan" Period, pointing out that by 2025, 5-10
specializedanddiversifiedpharmaceuticalretailchainenterpriseswithannualsalesexceedingRMB50
billionwillbecultivated.Theannualsalesofthetop100pharmaceuticalretailenterpriseswillaccount
formorethan65%ofthetotalpharmaceuticalretailmarket,andthepharmaceuticalretailchainratewill
approach70%.AccordingtoCMH,thepharmacychainrateintheUnitedStateshasexceeded71%,
whileChina'schainratewasonlyabout58%in2023,andtherearesignificantdifferencesinpharmacy
chainratesacrossdifferentregions.Inaddition,theconcentrationofChina'spharmaceuticalretail
industrystilllagssignificantlybehinddevelopedmarkets.AccordingtoSoochowSecuritiesandChina
DrugStoredata,in2022,themarketshareofthetopthreepharmacychainsintheUnitedStateswas
85%,andthemarketshareofthetoptendrugstoresinJapanwas73.7%.In2023,themarketshareofthe
toptenpharmacychainsinChinawasonly34.11%,indicatingsignificantroomforimprovement.Datasources:CMH,NationalMedicalProductsAdministration（未完）
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