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StockCode:603883StockAbbreviation:LBX
LBXPharmacyChainJointStockCompany
2025FirstQuarterReport
ImportantNotesTheCompany'sBoardofDirectors,BoardofSupervisors,anddirectors,supervisors,andseniorexecutives
guaranteethatthecontentofthequarterlyreportistrue,accurate,andcomplete,containsnofalserecords,misleadingstatements,ormaterialomissions,andbearindividualandjointlegalliabilities.TheCompany'sprincipal,personinchargeofaccountingwork,andpersoninchargeofaccountingdepartment(chiefaccountant)guaranteethatthefinancialinformationinthequarterlyreportistrue,accurate,andcomplete.Whetherthefirstquarterfinancialstatementshavebeenaudited
□Yes√NoI.MainFinancialData(I)MainAccountingDataandFinancialIndicators
Unit:YuanCurrency:RMB
TheCompany'sBoardofDirectorsandalldirectorsundertakethatnothinghereofcontainsanyfalserecords,misleadingrepresentationsormajoromissions,andarelegallyliableforauthenticity,accuracyandintegrityofthecontentshereof.Item
| Item | Currentreportingperiod | Sameperiodofpreviousyear | Increase/decreaseonayear-on-yearbasis(%) |
| Operatingincome | 5,435,220,089 | 5,539,130,441 | -1.88 |
| Netprofitattributabletoshareholdersofthelistedcompany | 250,636,310 | 321,257,612 | -21.98 |
| Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringgainsandlosses | 243,498,304 | 310,558,626 | -21.59 |
| Netcashflowsfromoperatingactivities | 804,266,875 | 417,071,839 | 92.84 |
| BasicEPS(RMB/share) | 0.33 | 0.42 | -21.43 |
| DilutedEPS(RMB/share) | 0.33 | 0.42 | -21.43 |
| WeightedaverageROE(%) | 3.74 | 4.68 | Decreaseby0.94PP |
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| percentagepoints | |||
| Endofthereportingperiod | Endofthepreviousyear | Increase/decreaseonayear-on-yearbasis(%) | |
| Totalasset | 21,032,492,621 | 21,044,853,679 | -0.06 |
| Owner'sequityattributabletoshareholdersofthelistedcompany | 6,831,826,301 | 6,580,857,270 | 3.81 |
Non-recurringgainsandlossesitemsandamounts
√Applicable□NotApplicable
Unit:YuanCurrency:RMB
| Non-recurringgainsandlossesitem | Amountofthecurrentperiod | Explanation |
| Gainsorlossesfromdisposalofnon-currentassets,includingthewrite-offportionofassetimpairmentprovisionsalreadyrecognized | -757,855 | |
| Governmentgrantsrecognizedincurrentprofitorloss,excludingthosecloselyrelatedtotheCompany'snormalbusinessoperations,complyingwithnationalpolicyregulations,enjoyedaccordingtoestablishedstandards,andhavingacontinuousimpactontheCompany'sprofitorloss | 8,051,561 | |
| Gainsorlossesfromchangesinfairvalueoffinancialassetsandliabilitiesheldbynon-financialenterprises,andgainsorlossesfromdisposaloffinancialassetsandliabilities,excludingeffectivehedgingactivitiesrelatedtotheCompany'snormalbusinessoperations | 350,315 | |
| Feeschargedfortheoccupationoffundstonon-financialenterprisesrecognizedincurrentprofitorloss | ||
| Gainsorlossesfromentrustingotherstoinvestormanageassets | ||
| Gainsorlossesfromexternalentrustedloans | ||
| Assetlossesarisingfromforcemajeurefactors,suchasnaturaldisasters | ||
| Reversalofimpairmentprovisionsforreceivablestestedindividuallyforimpairment | ||
| Gainsarisingfromtheinvestmentcostofacquiringsubsidiaries,associates,andjointventuresbeinglessthanthefairvalueoftheidentifiablenetassetsoftheinvesteeatthetimeofacquisition | ||
| Currentnetprofitorlossofsubsidiariesfromthebeginningoftheperiodtothemergerdatearisingfrombusinesscombinationsinvolvingenterprisesundercommoncontrol | ||
| Gainsorlossesfromnon-monetaryassetexchanges | ||
| Gainsorlossesfromdebtrestructuring | ||
| One-offexpensesincurredduetothediscontinuationofrelatedbusinessactivities,suchasemployeeplacementexpenses | ||
| One-offimpactoncurrentprofitorlossduetoadjustmentsintax,accounting,andotherlawsand |
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| regulations | |
| Share-basedpaymentexpensesrecognizedone-offduetocancellationormodificationofequityincentiveplans | |
| Forcash-settledshare-basedpayments,gainsorlossesarisingfromchangesinthefairvalueofemployeebenefitspayableafterthevestingdate | |
| Gainsorlossesarisingfromchangesinfairvalueofinvestmentpropertiessubsequentlymeasuredusingthefairvaluemodel | |
| Gainsarisingfromtransactionswithobviouslyunfairtransactionprices | |
| GainsorlossesarisingfromcontingenteventsunrelatedtotheCompany'snormalbusinessoperations | |
| Custodyfeeincomefromentrustedoperations | |
| Othernon-operatingincomeandexpensesotherthantheitemslistedabove | 2,083,853 |
| Otherprofitorlossitemsmeetingthedefinitionofnon-recurringgainsandlosses | |
| Less:Incometaximpact | 451,073 |
| Impactonminorityinterests(aftertax) | 2,138,795 |
| Total | 7,138,006 |
ReasonsshouldbeprovidediftheCompanyidentifiesitemsnotlistedintheExplanatoryAnnouncementNo.1onInformationDisclosurebyCompaniesOfferingSecuritiestothePublic-Non-recurringGainsandLossesasnon-recurringgainsandlossesitemswithsignificantamounts,ordefinesitemslistedintheannouncementasrecurringgainsandlossesitems.
□Applicable√NotApplicableChangesinmainaccountingdataandfinancialindicators,andreasons
√Applicable□NotApplicable
| NameofProject | Changeratio(%) | Mainreason |
| Netcashflowsfromoperatingactivities | 92.84 | Mainlyduetothedecreaseincashpaidforpurchasesduringtheperiod |
II.ShareholderInformation(I)Totalnumberofordinaryshareholdersandpreferredshareholderswithrestoredvotingrights,andshareholdingoftoptenshareholderstable
Unit:Share
| Totalnumberofcommonshareholdersattheendofthereportingperiod | 48,022 | Totalnumberofpreferredshareholderswhosevotingrightshavebeenrestoredattheendofthereportingperiod(ifany) | 0 | |||
| Shareholdingoftop10shareholders(excludingshareslentthroughsecuritiesrefinance) | ||||||
| NameofShareholder | ShareholderNature | Sharesheld | Shareholdingratio(%) | NumberofSharesHeldSubjecttoSalesRestrictions | Pledge,Mark,orFreeze | |
| ShareStatus | Quantity | |||||
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| LBXPharmaceuticalGroupCo.,Ltd. | DomesticNon-State-OwnedLegalPerson | 198,564,175 | 26.12 | 0 | Pledged | 138,324,000 |
| JanstarInvestmentLimited | Foreignlegalperson | 168,013,035 | 22.10 | 0 | Pledged | 134,410,428 |
| HongKongSecuritiesClearingCompanyLimited | Unknown | 18,180,229 | 2.39 | 0 | None | |
| ChenXiulan | Domesticnaturalperson | 13,565,698 | 1.78 | 0 | None | |
| ShiZhan | Domesticnaturalperson | 10,098,811 | 1.33 | 0 | None | |
| IndustrialandCommercialBankofChinaLimited-ZhongOuMedicalandHealthMixedSecuritiesInvestmentFund | Unknown | 8,327,862 | 1.10 | 0 | None | |
| LinzhiTencentTechnologyCo.,Ltd. | DomesticNon-State-OwnedLegalPerson | 7,391,046 | 0.97 | 0 | None | |
| AgriculturalBankofChinaLimited-CSI500ETF | Unknown | 4,969,303 | 0.65 | 0 | None | |
| ChinaLifeInsuranceCompanyLimited-Traditional-GeneralInsuranceProduct-005L-CT001Shanghai | Unknown | 4,476,910 | 0.59 | 0 | None | |
| ChinaConstructionBankCorporation-HSBCJintrustNewDynamicMixedSecuritiesInvestmentFund | Unknown | 3,859,568 | 0.51 | 0 | None | |
| Shareholdingoftop10non-restrictedshareholders(excludingshareslentthroughsecuritiesrefinance) | ||||||
| NameofShareholder | NumberofTradableShareswithoutSalesRestrictionsHeld | ShareTypeandQuantity | ||||
| Typeofstocks | Quantity | |||||
| LBXPharmaceuticalGroupCo.,Ltd. | 198,564,175 | RMBordinaryshares | 198,564,175 | |||
| JanstarInvestmentLimited | 168,013,035 | RMBordinaryshares | 168,013,035 | |||
| HongKongSecuritiesClearingCompanyLimited | 18,180,229 | RMBordinaryshares | 18,180,229 | |||
| ChenXiulan | 13,565,698 | RMBordinaryshares | 13,565,698 | |||
| ShiZhan | 10,098,811 | RMBordinaryshares | 10,098,811 | |||
| IndustrialandCommercialBankofChinaLimited-ZhongOuMedicalandHealthMixedSecuritiesInvestmentFund | 8,327,862 | RMBordinaryshares | 8,327,862 | |||
| LinzhiTencentTechnologyCo.,Ltd. | 7,391,046 | RMBordinaryshares | 7,391,046 | |||
| AgriculturalBankofChinaLimited-CSI500ETF | 4,969,303 | RMBordinaryshares | 4,969,303 | |||
| ChinaLifeInsuranceCompanyLimited-Traditional-GeneralInsuranceProduct-005L-CT001Shanghai | 4,476,910 | RMBordinaryshares | 4,476,910 | |||
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| ChinaConstructionBankCorporation-HSBCJintrustNewDynamicMixedSecuritiesInvestmentFund | 3,859,568 | RMBordinaryshares | 3,859,568 |
| ExplanationofRelatedRelationshipsorConcertedActionsamongtheAboveShareholders | TheCompany'sactualcontrollersareMr.XieZilongandMs.ChenXiulan(couple).Apartfromthis,theCompanyisunawarewhetherotherrelationshipsorconcertedactionsasdefinedintheAdministrativeMeasuresfortheAcquisitionofListedCompaniesexistamongtheothershareholdersmentionedabove. | ||
| Explanationontheparticipationoftop10shareholdersandtop10non-restrictedshareholdersinmarginfinancing,securitieslending,andsecuritiesrefinancebusiness(ifany) | None | ||
Sharelendingsituationofshareholdersholding5%ormore,top10shareholders,andtop10non-restrictedcirculatingshareholdersparticipatinginsecuritiesrefinancebusiness
□Applicable√NotApplicableChangesintop10shareholdersandtop10non-restrictedcirculatingshareholderscomparedtothepreviousperiodduetolending/returnreasonsinsecuritiesrefinance
□Applicable√NotApplicableIII.OtherRemindersOtherimportantinformationconcerningtheCompany'soperatingsituationduringthereportingperiodthatrequiresinvestorattention
√Applicable□NotApplicable(I)OperatingSituationandAnalysis
1.Optimizemarketlayout
(1)Focusonadvantageousandsmall-townandruralmarkets,expandsteadilyTheCompanyexpandsitsmarketthroughamulti-pronged,in-depthcultivationmodelof"fourhorsecarriages":directoperation,M&A,franchising,andalliance,havingachievedbroadcoverageofthenationalmarket.AsoftheendofQ12025,theCompany'schainnetworkcovered18provincial-levelmarkets,over150prefecture-levelcitiesandabove,with15,252stores,including9,844directly-operatedstoresand5,408franchisestores.InQ12025,211newstoreswereadded,including24directly-operatedstoresand187franchisestores,while236storeswereadjustedandclosed,Optimizingmarketlayout.
TheCompanyfocusesonlayoutin11advantageousprovincestoincreasemarketshare.Amongthenewstoresaddedinthefirstquarter,directly-operatedstoresinadvantageousprovincesandkeycitiesaccountedfor92%.Meanwhile,theCompanyoptimizesitslayoutbasedonmarketchangesbyrelocatingandclosingloss-makingstores,enhancingoverallprofitability.
Activelyexpandintosmall-townandruralmarketswithlargepopulationsandlowoperatingcosts.AsofMarch31,2025,theproportionofstoresinprefecture-levelcitiesandbelowwas77%;amongthenewstoresaddedfromJanuarytoMarch2025,theproportionofstoresinprefecture-levelcitiesandbelowwas86%.
(2)Franchiselayouttapsintoexistingpharmacies,integratingthemarket
First,theCompany'sfranchisebusinessaccelerateslayoutintheexistingmarket,focusingonrecruitingexistingstorestoconverttofranchisesandproject-basedfranchising.InQ12025,existingstoreconversions
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accountedfor62%ofnewfranchises,ayear-on-yearincreaseof34percentagepoints.Second,strengthenthelayeredandgradedmanagementoffranchisestores,optimizingoperationalstrategiesfordifferentstoretypes.Third,resourcesfromtheGroup'ssupplychaincenterfurthersupportfranchisedevelopment.Fourth,theGroup'sinformationcenterempowersfranchisestores,withinformationsystemssupportingcostreductionandefficiencyimprovement.InQ12025,theCompany'sfranchisebusinessachieveddistributionrevenueexceedingRMB580million.
(3)Alliancedeeplyempowerspartners,broadlycooperatingFirst,integratesupplychainresourcestoreducecostsandincreaseefficiencyforcooperativeenterprises.Second,provideintelligentanalysisanddecision-makingreportsthroughfull-categorydatadocking.Third,regularlyorganizeemployeetrainingforcooperativeenterprisestoenhancebusinesscapabilities.InQ12025,thetotalannualretailscaleofallianceenterprisesexceededRMB30billion,withthenumberofalliancestoresreaching21,000+,amongwhich127arecooperativeenterpriseswithcompanyshareholding,correspondingtoaretailscaleofRMB8.27billionand7,086stores.Inthefirstquarter,theCompany'salliancebusinessachieveddistributionsalesofRMB126million,ayear-on-yearincreaseof34%.
2.Enhanceprofessionalcapabilities
(1)Medicalinsurancestoresstrengthencompliancemanagement,reducingrisksIn2025,theCompanycontinuedtostrengthentheoperationalmanagementcapabilitiesofmedicalinsurancestores.First,strengthenthemanagementofmedicalinsurancestores,respondtopolicychanges,andimproveoperationalmanagementbasedonregulatoryrequirements.Second,continuouslypromotelong-termstableandcompliantdevelopment,strengtheningcompliancecontrolthroughcompliancesystems,self-inspectionmechanisms,etc.,toreduceoperatingrisks.Third,promotetheoperationofself-builtinternethospitals,standardizeprescriptionmanagement,andenhancetheabilitytohandleprescriptionoutflow.
Asoftheendofthereportingperiod,theCompanyhadatotalof9,158directly-operatedstoreswithmedicalinsurancequalifications,accountingfor93.03%ofdirectly-operatedstores.Thenumberofstoreswithoutpatientpoolingqualificationswas5,452(including4,155directly-operatedand1,297franchisestores),withoutpatientpoolingstoresaccountingfor42.21%ofdirectly-operatedstores.
(2)Professionalpharmacyattributescontinuouslyconsolidated,attractingcustomerflow
Buildprofessionalpharmaciestohighstandards,prioritizingtheacceptanceofoutflowingprescriptions.Attheendofthereportingperiod,theCompanyhad1,728storesdesignatedfor"outpatientchronicandspecialdiseases",accountingfor17.55%ofdirectly-operatedstores;thenumberofstoreswithdual-channelqualificationsreached331.TheCompanyowns176DTPpharmacies,covering14provincesand55citiesnationwide.
Providehigh-qualitypharmaceuticalservices.TheCompanystrengthenstheprofessionalservicecapabilitiesofpharmaciesthroughan"online+offline"trainingsystem,encouragingemployeestoobtainqualificationsaslicensedpharmacistsandpharmacists.Utilizingonlineinstantlearningtoolstosolidifytheoreticalfoundationsandenhancingpracticalskillsthroughofflinecountertraining.Additionally,continuouslyempowerstorestaffthroughdigitaltoolstoprovidecustomerswithhigh-qualitypharmaceuticalservices.
DeepenDTPprofessionalservicecapabilities.TheCompanyactivelycarriesoutcareprogramsfordiseasessuchasbreastcancer,skindiseases,leukemia,lungcancer,andhemophilia,strivingtomeetthemosturgentandprofessionalpharmaceuticalserviceneedsofpatientswithchronicandseverediseases.
3.Improvemerchandisemanagement
(1)TorchProjectinnovatesthecommercialprocurementsystem,improvingprofitability
TheCompanycontinuestodeepentheTorchProject,comprehensivelypromotingtheinnovationofthecommercialprocurementsystemandkeybusinessprocesses.InQ12025,thegrossprofitmarginreached34.22%,withtheofflinesalesgrossprofitmarginofstoresincreasingby0.70percentagepointsyear-on-year.
First,upgradetheproductselectionstrategy-continuouslyiteratetheproductselectionmodelandoptimize
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thecategorystructurelayout.Second,full-linkmanagementofnewproducts-establishathrough-mechanismfornewproductsfrommarketinsighttoterminalsales,quicklyrespondingtochangesinconsumptiontrends.Third,buildanoperationalgradingsystem-systematicallyplanproductoperationstrategiesthroughlinkageofmarketing,inventory,andprocurement.Fourth,strengthenpricecontrol-establishapricemonitoringsystemfortheentireproductlifecycletopreventmarketpricechaosandensuresalesprofit.Fifth,buildsystemcapabilities-continuouslyupgradethecommercialprocurementmanagementsystem,improvedatagovernance,andprovideprecisedatasupportforoperationaldecisions.
(2)Merchandisedigitalizationandverticalmanagement,enhancingefficiencyContinuouslypromotethedigitalizationprocessofmerchandisemanagementandtheverticalmanagementmodel.Implementdifferentiatedcategoryoperations,leveragingdigitaltoolstoreduceinventoryturnoverdays.Attheendofthereportingperiod,theCompanyoperatedapproximately25,100SKUs(StockKeepingUnits).InQ12025,theCompany'sinventoryturnoverdayswere92days,adecreaseof13daysyear-on-year.
Deepentheintegrationofprocurementchannelstoincreasetheproportionofcentralizedprocurement.Buildamutuallybeneficialsupplychainecosystembystreamliningprocurementanddistributionlinks,implementingmulti-dimensionalmarketanalysis,andsharingqualityresourceswithbrandowners.InQ12025,thesalesproportionofcentralizedprocurementwas75.3%,anincreaseofabout5.8percentagepointsyear-on-year.
Continuouslyinnovateprivatelabelbrands,enhancingproductexperienceandcost-effectivenessbasedonconsumerneeds.InMarch2025,theCompany'sprivatelabel"vitasticRedNoseTissues"wonaninternationalauthoritativeaward-the2025MuseDesignAwardsGoldAward.Duringthereportingperiod,thesalesofprivatelabelbrandsinself-operatedstoresexceededRMB900million,accountingforabout23.3%ofsales,anincreaseof2.5percentagepointscomparedtothesameperiodlastyear.
4.Providewarmservice
(1)Altruismculturepromotiondeeplyrooted,boostingmorale
Continuouslyimplementthealtruismculturetoboostemployeemoraleandstoreservice.First,continuethe"AltruisticMindset"projectfrom2024,focusingon"7AltruisticDeeds"topromotetheconstructionofaltruismculture.Second,added"3Morale-BoostingDeeds"toencourageallemployeestoforgeaheadbravely,startanew,andfighttotheend.Third,jointlyformthe"2025AltruismMoraleBoosting"project,focusingonbenefitingfront-lineemployeesandstorecustomers,boostingthemoraleofallemployees,promotingtheCompany'saltruismculture,andcomprehensivelyenhancingoverallmorale.
(2)Chronicdiseasemanagementservicecaresforcustomers,enhancingstickiness
Furtherenhancethedepthandwarmthofchronicdiseaseservices.First,customer-centric,relyondigitalintelligencetechnologytoformaclosedloopoffull-cyclehealthmanagementcoveringdiseaseprevention,monitoringintervention,andhealthguidanceSecond,systematicfilecreationmechanismsandregularhealthtrackingeffectivelyenhanceuserdependency.Third,enhancetheprofessionalservicecapabilitiesandhumanisticcareleveloffront-lineemployeesthroughintelligentauxiliarysystemsandstandardizedserviceprocesses.
AsoftheendofQ12025,theCompany'schronicdiseasemanagementservicehasaccumulatedfilesfor
19.35million+people,served109million+self-tests,conducted32.46million+follow-upvisits(successfulcontactbasis),andheld35,000+onlineandofflinecustomerhealtheducationsessions.
(3)Closed-loopmanagementsystemformemberoperations,refinedservice
Relyingonbigdatatechnologyandstorescenarioadvantages,theCompany'smemberoperationshaveestablishedacompleteclosed-loopmanagementsystem,andthecapabilityforrefinedmemberservicescontinuestoimprove.First,identifymemberneedsandprovideprecisefull-life-cyclehealthservices.Second,optimizememberexperienceandenhanceloyaltythroughbenefits,points,andpaidmemberships.Third,reviewmembermarketingstrategies,continuouslyincreasingtheproportionofmembersalesandconsumptionfrequency.
Attheendofthereportingperiod,thetotalnumberofcompanymembers(includingfranchise)reached
102.05million,amongwhichthenumberofactivemembersinthefirstquarterwas15.46million.Over2.4015
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millionnewregisteredmemberswereaddedduringthereportingperiod,andmembersalesaccountedfor73%.
5.Continueexploringinnovation
(1)Deepintegrationofdigitalintelligencesystem,empoweringbusinessContinuouslypromotetheconstructionofthedigitalintelligencesystem,enhancingoperationalefficiencyandachievingcostoptimizationthroughtechnologicalinnovationanddeepbusinessintegration.InQ12025,thefollowingfivemeasureswereimplemented:First,increaseexplorationindigitalintelligence,expandingintelligentapplicationscenarios.Second,refinethecommercialprocurementsystemtosupportefficientandrefineddecision-making.Third,upgradenewretailbusinessstrategiesandexpandpilotscope.Fourth,closelyalignwithcorebusinessdemands,strengthendatagovernanceandlabelconstruction.Fifth,supportthefranchisebusiness,reducingtheout-of-stockrateforallfranchiseproductsby0.4percentagepoints.
(2)Newretailendbolsteredbybigdata,maintainingaleadingpositionTheCompanyenrichesitsnewretailbusinessproductlines,enhancesintelligenceandbigdataapplications,andquicklyrespondstoconsumerneeds.Duringthereportingperiod,thetotalonlinechannelsales(includingfranchise)wereapproximatelyRMB750million,ayear-on-yearincreaseof34%.Asoftheendofthereportingperiod,theCompanyhad12,474storesofferingO2Odeliveryservicesand66524-hourstores.Inthepublicdomain,first,closelycollaboratewiththecommercialprocurementteamtorespondtouserneeds.Second,focusonbeingtheonlinecategoryleader,improvingproductsatisfactionandreducingproductout-of-stockrates.Third,simultaneouslydevelopmultiplechannels,multiplescenarios,andmultiplebusinessformatswithawiderangeofproducts.InQ12025,theCompany'sO2OandB2Csalesrankedfourthandthirdinthemarket,respectively.Intheprivatedomain,first,underoperationalstrategiesliketheNewYearGoodsperiodandstayingopenduringSpringFestival,privatedomainsalesincreasedby58.5%year-on-year.Second,horizontallyexpandtheprivatedomainproductassortment,withnewproductsalesaccountingforover18%.Third,implementmulti-codeintegration,loweringtheuseroperationthreshold,resultingina70%year-on-yearincreaseinMiniProgramMallDAU(DailyActiveUsers),peakingatover200,000.
(3)Diversifiedeffortsinnon-pharmaceuticals,exploringincrementalgrowthInQ12025,theCompanycontinuedtoexplorepharmacydiversification.First,continuingpreviousexplorations,successfullycreatedprototypesfor3diversifiedstores,withtheproportionofnon-pharmaceuticalsalesintheseprototypestoresincreasingby2.8percentagepoints.Second,transferredseveralsuccessfulsegmentedscenariobrandstotheGroup,totaling48SKUsingleproducts,distributedto5,800stores.(II)ExplanationofOperatingData
1.Mainbusinesssituationbyindustry
| Byindustry | Operatingincome | Operatingcost | Grossprofitmargin(%) | YoYchangeinoperatingincome(%) | YoYchangeinoperatingcost(%) | YoYchangeingrossprofitmargin(percentagepoints) |
| Retail | 4,467,271,752 | 2,751,664,279 | 38.40 | -4.62 | -3.80 | -0.52 |
| Franchise,alliance,anddistribution | 903,432,031 | 780,314,750 | 13.63 | 10.29 | 9.53 | 0.60 |
| Other | 64,516,306 | 43,190,013 | 33.06 | 76.59 | 159.11 | -21.32 |
| Total | 5,435,220,089 | 3,575,169,042 | 34.22 | -1.88 | -0.40 | -0.98 |
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Note:Thedeclineinthegrossprofitmarginoftheretailbusinessisprimarilyattributedtotheincreasedproportionofonlinebusiness.Excludingtheonlinebusiness,thegrossprofitmarginoftheofflineretailbusinessinstoresincreasedby0.70percentagepointsyear-on-year.
2.Mainbusinesssituationbyproduct
| Byproduct | Operatingincome | Operatingcost | Grossprofitmargin(%) | YoYchangeinoperatingincome(%) | YoYchangeinoperatingcost(%) | YoYchangeingrossprofitmargin(percentagepoints) |
| Chineseandwesternpatentmedicine | 4,371,172,670 | 2,978,011,171 | 31.87 | -2.09 | 0.05 | -1.45 |
| Chinesemedicine | 397,675,600 | 211,755,037 | 46.75 | -4.21 | -4.55 | 0.19 |
| Non-pharmaceuticals | 666,371,819 | 385,402,834 | 42.16 | 1.03 | -1.42 | 1.44 |
| Total | 5,435,220,089 | 3,575,169,042 | 34.22 | -1.88 | -0.40 | -0.98 |
Note:TheCompanyincludescategorieslikeEjiao(donkey-hidegelatin)intotheChineseMedicinecategorybasedonindustryconditions,andhistoricaldatahasbeenadjustedaccordingly.
3.Mainbusinesssituationbyregion
| ByRegion | Operatingincome | Operatingcost | Grossprofitmargin(%) | YoYchangeinoperatingincome(%) | YoYchangeinoperatingcost(%) | YoYchangeingrossprofitmargin(percentagepoints) |
| CentralChinaRegion | 2,278,720,540 | 1,473,364,815 | 35.34 | -2.21 | 0.45 | -1.72 |
| SouthChinaRegion | 259,998,601 | 170,807,755 | 34.30 | -8.11 | -8.00 | -0.08 |
| NorthChinaRegion | 579,904,402 | 396,339,929 | 31.65 | 0.94 | 0.63 | 0.21 |
| EastChinaRegion | 1,450,213,707 | 975,275,803 | 32.75 | -2.83 | -1.02 | -1.23 |
| NorthwestRegion | 866,382,839 | 559,380,740 | 35.43 | 0.86 | 0.27 | 0.38 |
| Total | 5,435,220,089 | 3,575,169,042 | 34.22 | -1.88 | -0.40 | -0.98 |
Note:CentralChinaregionincludes:HunanProvince,HubeiProvince,JiangxiProvince,HenanProvince;SouthChinaregionincludes:GuangdongProvince,GuangxiZhuangAutonomousRegion;NorthChinaregionincludes:TianjinMunicipality,InnerMongoliaAutonomousRegion,ShanxiProvince;EastChinaregionincludes:ZhejiangProvince,ShanghaiMunicipality,AnhuiProvince,JiangsuProvince,ShandongProvince;NorthwestChinaregionincludes:ShaanxiProvince,GansuProvince,NingxiaHuiAutonomousRegion,GuizhouProvince.
4.Marketlayout
(1)AsofMarch31,2025,theCompanyhad15,252stores,including9,844directly-operatedstoresand
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5,408franchisestores.Theoveralldistributionofdirectly-operatedstoresduringthereportingperiodisasfollows:
Unit:Store
| Region | Endof2024 | January-March2025 | ||
| Newlyadded | Close | Ending | ||
| CentralChinaRegion | 3,532 | 2 | 38 | 3,496 |
| SouthChinaRegion | 549 | 0 | 3 | 546 |
| NorthChinaRegion | 1,513 | 6 | 26 | 1,493 |
| EastChinaRegion | 2,901 | 12 | 74 | 2,839 |
| NorthwestRegion | 1,486 | 4 | 20 | 1,470 |
| Total | 9,981 | 24 | 161 | 9,844 |
(2)TheoperatingefficiencyoftheCompany'sdirectly-operatedstoresisasfollows:
| Storetype(classifiedbyaveragedailysales) | Numberofstores(unit) | Storeoperatingarea(m2) | Averagedailysalespersquaremeter(Yuan/m2) |
| FlagshipStore | 93 | 39,793 | 209 |
| LargeStore | 243 | 45,418 | 109 |
| Small-MediumMatureStore | 9,508 | 934,639 | 38 |
| Total | 9,844 | 1,019,850 | 48 |
Note:InQ12025,duetodatacaliberadjustmentforflagshipstoreefficiency,salesfromsomeB2Cstoreswerenotincludedinthedirectly-operatedstorecaliber.TheactualrestoredefficiencyisRMB228/m
,aYoYincreaseof1.3%.Theefficiencyofsmallandmedium-sizedestablishedstoresdecreasedbyRMB2persquaremetercomparedtothesameperiodlastyear,mainlyduetomarketenvironment,medicalinsurancepolicyimpacts,etc.
(3)Thesituationofdirectly-operatedstoresobtainingmedicalinsurancequalificationsisasfollows:
Duringthereportingperiod,9,158oftheCompany'sdirectly-operatedstoresobtainedvarious"designatedretailpharmacyformedicalinsurance"qualifications,withmedicalinsurancestoresaccountingfor93.03%.
| Region | TotalNumberofStores | NumberofStoreswithVariousMedicalInsuranceQualifications | ProportionofTotalStores |
| CentralChinaRegion | 3,496 | 3,317 | 94.88% |
| SouthChinaRegion | 546 | 538 | 98.53% |
| NorthChinaRegion | 1,493 | 1,432 | 95.91% |
| EastChinaRegion | 2,839 | 2,730 | 96.16% |
| NorthwestRegion | 1,470 | 1,141 | 77.62% |
| Total | 9,844 | 9,158 | 93.03% |
(III)ProjectAcquisition
Duringthereportingperiod,theCompanyanditssubsidiarieswereinvolvedin1acquisitionproject,withanacquisitionamountofRMB385million.Detailsareasfollows:
1.InJanuary2025,theCompanysignedanEquityTransferAgreementwiththeshareholdersofHunanLBXHuairenPharmacyChainCo.,Ltd.toacquirea20%stakeinHunanLBXHuairenPharmacyChainCo.,Ltd.foranacquisitionconsiderationofRMB385million.Thetransactionhasnotyetbeencompleted.
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IV.QuarterlyFinancialStatements(I)Typeofauditopinion
□Applicable√NotApplicable(II)FinancialStatements
ConsolidatedBalanceSheet
March31,2025Preparedby:LBXPharmacyChainJointStockCompany
Unit:YuanCurrency:RMBAuditType:Unaudited
| Item | March31,2025 | December31,2024 |
| Currentassets: | ||
| Cashandbankdeposits | 2,424,233,924 | 2,379,865,319 |
| Depositreservationforbalance | ||
| Fundslent | ||
| Tradingfinancialassets | ||
| Derivativefinancialassets | ||
| Notesreceivable | 85,766,255 | 76,074,821 |
| Accountsreceivable | 2,312,707,312 | 2,340,489,925 |
| Receivablesfinancing | 15,269,288 | 15,269,288 |
| Prepayments | 127,667,894 | 170,391,318 |
| Premiumsreceivable | ||
| Reinsuranceaccountsreceivable | ||
| Reinsurancecontractreservereceivable | ||
| Otherreceivables | 293,719,350 | 265,281,348 |
| Ofwhich:Interestreceivable | ||
| Dividendsreceivable | ||
| Redemptorymonetarycapitalforsale | ||
| Inventories | 3,707,459,084 | 3,573,538,507 |
| Ofwhich:Dataresources | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | 37,528,487 | 37,528,487 |
| Othercurrentassets | 210,123,938 | 215,072,326 |
| Totalcurrentassets | 9,214,475,532 | 9,073,511,339 |
| Non-currentassets: | ||
| Loansandadvances | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivables | 77,368,731 | 79,389,411 |
| Long-termequityinvestments | 86,485,267 | 85,352,717 |
| Otherequityinstrumentinvestments | 35,877,723 | 35,877,723 |
| Othernon-currentfinancialassets | 12,216,550 | 12,093,150 |
/
| Investmentproperties | 312,167,712 | 316,529,855 |
| Fixedassets | 1,355,853,313 | 1,365,648,334 |
| Constructioninprogress | 68,359,209 | 107,795,924 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 2,375,293,419 | 2,502,807,163 |
| Intangibleassets | 886,759,141 | 841,812,406 |
| Ofwhich:Dataresources | ||
| R&Dexpenditures | ||
| Ofwhich:Dataresources | ||
| Goodwill | 5,756,158,728 | 5,756,158,728 |
| Long-termdeferredexpenses | 714,302,707 | 734,121,761 |
| Deferredtaxassets | 120,140,233 | 116,703,610 |
| Othernon-currentassets | 17,034,356 | 17,051,558 |
| Totalnon-currentassets | 11,818,017,089 | 11,971,342,340 |
| Totalassets | 21,032,492,621 | 21,044,853,679 |
| Currentliabilities: | ||
| Short-termloans | 1,196,081,463 | 1,656,884,090 |
| Borrowingsfromcentralbank | ||
| Fundsborrowed | ||
| Tradingfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | 4,792,116,789 | 4,546,258,111 |
| Accountspayable | 2,228,645,316 | 2,008,964,593 |
| Advancesreceived | 16,293,310 | 18,293,769 |
| Contractliabilities | 188,930,219 | 195,193,795 |
| Financialassetssoldforrepurchase | ||
| Depositsfromcustomersandinterbankplacements | ||
| Receivingfromvicariouslytradedsecurities | ||
| Receivingfromvicariouslysoldsecurities | ||
| Payrollpayable | 339,734,345 | 430,424,756 |
| Taxesandduespayable | 178,440,421 | 191,184,507 |
| Otherpayables | 612,534,988 | 653,535,414 |
| Ofwhich:Interestpayable | ||
| Dividendspayable | ||
| Feesandcommissionspayable | ||
| Reinsuranceaccountspayable | ||
| Held-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | 1,095,334,754 | 1,204,356,466 |
| Othercurrentliabilities | 11,696,312 | 14,443,599 |
| Totalcurrentliabilities | 10,659,807,917 | 10,919,539,100 |
| Non-currentliabilities: | ||
| Reservesforinsurancecontracts | ||
| Long-termloans | 1,402,816,137 | 1,397,226,137 |
/
| Bondspayable | ||
| Including:Preferenceshares | ||
| Perpetualbond | ||
| Leaseliabilities | 1,505,250,406 | 1,522,516,044 |
| Long-termpayables | ||
| Long-termemployeecompensationpayable | ||
| Provisions | ||
| Deferredincome | 12,758,732 | 12,925,575 |
| Deferredtaxliabilities | 36,594,118 | 36,696,534 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 2,957,419,393 | 2,969,364,290 |
| Totalliabilities | 13,617,227,310 | 13,888,903,390 |
| Totalowner'sequity(orshareholder'sequity): | ||
| Paid-incapital(orcapitalstock) | 760,095,613 | 760,231,174 |
| Otherequityinstruments | ||
| Including:Preferenceshares | ||
| Perpetualbond | ||
| Capitalreserves | 1,969,017,339 | 1,970,466,686 |
| Less:Treasurystock | 15,350,449 | 16,935,356 |
| Othercomprehensiveincome | 15,231,092 | 15,231,092 |
| Specialreserve | ||
| Surplusreserve | 301,549,640 | 301,549,640 |
| Generalriskreserve | ||
| Undistributedprofits | 3,801,283,066 | 3,550,314,034 |
| Totalequityattributabletoownersoftheparentcompany(orshareholder'sequity) | 6,831,826,301 | 6,580,857,270 |
| Minorityinterests | 583,439,010 | 575,093,019 |
| Totalowner'sequity(orshareholder'sequity) | 7,415,265,311 | 7,155,950,289 |
| Totalliabilitiesandowner'sequity(orshareholder'sequity) | 21,032,492,621 | 21,044,853,679 |
PrincipaloftheCompany:XieZilongPersoninChargeofAccountingWork:ChenLishanPersoninChargeofAccountingDepartment:ShiLei
/
ConsolidatedIncomeStatement
January-March2025Preparedby:LBXPharmacyChainJointStockCompany
Unit:YuanCurrency:RMBAuditType:Unaudited
| Item | FirstQuarter2025 | FirstQuarter2024 |
| I.Totaloperatingincome | 5,435,220,089 | 5,539,130,441 |
| Ofwhich:Operatingincome | 5,435,220,089 | 5,539,130,441 |
| Interestincome | ||
| Premiumsearned | ||
| Feeandcommissionincome | ||
| II.Totaloperatingcost | 5,088,365,773 | 5,093,418,767 |
| Ofwhich:Operatingcost | 3,575,169,042 | 3,589,383,142 |
| Interestexpense | ||
| Feeandcommissionexpense | ||
| Surrendervalue | ||
| Netclaimspaid | ||
| Netchangeininsurancecontractreserves | ||
| Expendituresforpolicydividends | ||
| Reinsuranceexpense | ||
| Taxesandsurcharges | 19,606,254 | 17,547,368 |
| Sellingexpenses | 1,178,098,269 | 1,196,979,024 |
| Administrativeexpenses | 269,319,579 | 246,840,704 |
| R&Dexpenses | 8,405,207 | 196,068 |
| Financialexpenses | 37,767,422 | 42,472,461 |
| Including:Interestexpenses | ||
| Interestincome | ||
| Add:Otherincome | 16,365,873 | 14,526,180 |
| Investmentincome(lossindicatedwith"-") | 1,710,371 | 944,372 |
| Including:incomefrominvestmentsinassociatesandjointventures | ||
| Gainonderecognitionoffinancialassetsmeasuredatamortizedcost | ||
| Exchangegains(lossesindicatedwith"-") | ||
| Netgains(lossesindicatedwith"-")onnetinvestmenthedges | ||
| Incomefromchangesinthefairvalue(lossindicatedwith"-") | ||
| Creditimpairmentlosses(lossesindicatedwith"-") | -172,263 | 2,442 |
| Assetimpairmentlosses(lossesindicatedwith"-") | 144,065 | 5,605 |
| Assetdisposalincome(lossesindicatedwith“-”) | -757,855 | 1,490,776 |
| III.Operatingprofits(lossindicatedwith"-") | 364,144,507 | 462,681,049 |
| Add:non-operatingincome | 4,853,057 | 3,030,512 |
| Less:non-operatingexpenditures | 2,769,204 | 5,079,713 |
| IV.Profitbeforetax(Totallossindicatedwith"-") | 366,228,360 | 460,631,848 |
| Less:incometaxexpenses | 78,503,678 | 94,348,051 |
/
| V.NetProfit(Netlossindicatedwith"-") | 287,724,682 | 366,283,797 |
| (I)Byoperatingcontinuity | ||
| 1.Netprofitfromongoingoperations(netlossindicatedwith"-") | 287,724,682 | 366,283,797 |
| 2.Netprofitfromdiscontinuedoperations(netlossindicatedwith"-") | ||
| (II)Byownershipattribution | ||
| 1.Netprofitattributabletoshareholdersoftheparentcompany(netlossindicatedwith"-") | 250,636,310 | 321,257,612 |
| 2.Minorityinterestincome(netlossindicatedwith"-") | 37,088,372 | 45,026,185 |
| VI.Netamountofothercomprehensiveincomeaftertax | ||
| (I)Netamountofothercomprehensiveincomeattributabletoownersoftheparentcompanyaftertax | ||
| 1.Othercomprehensiveincomethatcannotbereclassifiedtoprofitorloss | ||
| (1)Remeasurementchangesindefinedbenefitplans | ||
| (2)Othercomprehensiveincomeunderequitymethodthatcannotbetransferredtoprofitorloss | ||
| (3)Fairvaluechangesofotherequityinstrumentinvestments | ||
| (4)Fairvaluechangesduetoowncreditriskoftheenterprise | ||
| 2.Othercomprehensiveincomethatwillbereclassifiedtoprofitorloss | ||
| (1)Othercomprehensiveincomeunderequitymethodthatcanbetransferredtoprofitorloss | ||
| (2)Fairvaluechangesofotherdebtinvestments | ||
| (3)Amountreclassifiedtoothercomprehensiveincomefromfinancialassets | ||
| (4)Creditimpairmentprovisionforotherdebtinvestments | ||
| (5)Cashflowhedgereserve | ||
| (6)Foreigncurrencytranslationdifferences | ||
| (7)Other | ||
| (II)Netamountofothercomprehensiveincomeattributabletominorityinterestsaftertax | ||
| VII.Totalcomprehensiveincome | 287,724,682 | 366,283,797 |
| (I)Totalcomprehensiveincomeattributabletoownersoftheparentcompany | 250,636,310 | 321,257,612 |
| (II)Totalcomprehensiveincomeattributabletominorityinterests | 37,088,372 | 45,026,185 |
| VIII.Earningspershare(EPS) | ||
| (I)BasicEPS(RMB/share) | 0.33 | 0.42 |
| (II)DilutedEPS(RMB/share) | 0.33 | 0.42 |
/
Forbusinesscombinationsinvolvingenterprisesundercommoncontroloccurringduringtheperiod,thenetprofitrealizedbythecombinedpartybeforethecombinationwas:RMB0,andthenetprofitrealizedbythecombinedpartyinthepreviousperiodwas:RMB0.PrincipaloftheCompany:XieZilongPersoninChargeofAccountingWork:ChenLishanPersoninChargeofAccountingDepartment:ShiLei
ConsolidatedCashFlowStatement
January-March2025Preparedby:LBXPharmacyChainJointStockCompany
Unit:YuanCurrency:RMBAuditType:Unaudited
| Item | FirstQuarter2025 | FirstQuarter2024 |
| I.Cashflowfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsandrenderingofservices | 5,962,689,738 | 6,176,854,214 |
| Netincreaseincustomerdepositsandinterbankplacements | ||
| Netincreaseinborrowingsfromcentralbank | ||
| Netincreaseinfundsborrowedfromotherfinancialinstitutions | ||
| Cashreceivedfrompremiumsoforiginalinsurancecontracts | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseinpolicyholderdepositsandinvestmentfunds | ||
| Cashreceivedfrominterest,fees,andcommissions | ||
| Netincreaseinfundsborrowed | ||
| Netincreaseinfundsfromrepurchaseagreements | ||
| Netcashreceivedfromsecuritiestradingonbehalfofclients | ||
| Refundoftaxesandlevies | 1,630,258 | 407,556 |
| Othercashreceivedfromoperatingrelatedactivities | 164,568,300 | 172,755,938 |
| Subtotalofcashinflowsofoperatingactivities | 6,128,888,296 | 6,350,017,708 |
| Cashpaidforpurchasinggoodsandreceivingservices | 3,831,806,465 | 4,290,081,412 |
| Netincreaseincustomerloansandadvances | ||
| Netincreaseinplacementswithcentralbankandotherbanks | ||
| Cashpaidforclaimsoforiginalinsurancecontracts | ||
| Netincreaseinfundslent | ||
| Cashpaidforinterest,fees,andcommissions | ||
| Cashpaidforpolicydividends | ||
| Cashpaidtoandforemployees | 957,930,913 | 1,035,047,110 |
| Taxpayments | 231,130,419 | 263,338,004 |
| Othercashpaidforoperatingrelatedactivities | 303,753,624 | 344,479,343 |
| Subtotalofcashoutflowsofoperatingactivities | 5,324,621,421 | 5,932,945,869 |
| Netcashflowsfromoperatingactivities | 804,266,875 | 417,071,839 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceivedfromreturnoninvestments | 3,000,000 | |
| Cashreceivedfrominvestmentincome | 314,173 | |
| Netcashfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 6,010,837 | 376,967 |
| Netcashfromdisposalofsubsidiariesandotherbusinessunits | 208,977 | 10,047 |
/
| Othercashreceivedfrominvestingrelatedactivities | ||
| Subtotalofcashinflowsofinvestingactivities | 6,533,987 | 3,387,014 |
| Cashpaidforacquisitionandconstructionoffixedassets,intangibleassetsandotherlong-termassets | 56,789,500 | 49,099,758 |
| Cashpaidforinvestment | 412,961 | 15,485,800 |
| Netincreaseinpledgedloans | ||
| Netcashpaidforacquisitionofsubsidiariesandotherbusinessunits | 202,500 | 27,383,357 |
| Othercashpaidforinvestingrelatedactivities | 550,000 | 1,800,000 |
| Subtotalofcashoutflowsofinvestingactivities | 57,954,961 | 93,768,915 |
| Netcashflowsfrominvestingactivities | -51,420,974 | -90,381,901 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedbyinvestors | 678,326 | |
| Including:cashreceivedbysubsidiariesfrominvestmentsofminorityshareholders | ||
| Cashreceivedfromloans | 5,590,000 | 530,412,321 |
| Othercashreceivedfromfinancingrelatedactivities | ||
| Subtotalofcashinflowsoffinancingactivities | 5,590,000 | 531,090,647 |
| Cashpaidforrepaymentofdebts | 460,324,535 | 444,870,000 |
| Cashpaidforallocationofdividendsandprofitsandpaymentofinterest | 32,694,593 | 20,601,357 |
| Including:dividendsandprofitspaidbythesubsidiariestotheminorityshareholders | 23,419,644 | 12,000,641 |
| Othercashpaidforfinancingrelatedactivities | 314,592,760 | 336,394,459 |
| Subtotalofcashoutflowsoffinancingactivities | 807,611,888 | 801,865,816 |
| Netcashflowsfromfinancingactivities | -802,021,888 | -270,775,169 |
| IV.Effectofexchangeratechangeoncashandcashequivalents | 170 | |
| V.Netincreaseincashandcashequivalents | -49,175,987 | 55,914,939 |
| Add:Beginningbalanceofcashandcashequivalents | 986,765,821 | 936,501,157 |
| VI.Endingbalanceofcashandcashequivalents | 937,589,834 | 992,416,096 |
PrincipaloftheCompany:XieZilongPersoninChargeofAccountingWork:ChenLishanPersoninChargeofAccountingDepartment:ShiLei
(III)First-timeadoptionofnewaccountingstandardsorinterpretations,etc.,in2025involvingadjustmentofthe
financialstatementsatthebeginningofthefirstyearofadoption
□Applicable√NotApplicable
Thisannouncementisherebymade.
BoardofDirectorsofLBXPharmacyChainJointStockCompany
April29,2025