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Author: Tian Qing
With the changes in industry policies and the advancement of new retail models, the pattern of domestic retail pharmacies has gradually divided into two parts: traditional offline chain pharmacies and online Internet pharmacies
Performance of the 2021Q3 quarterly report: Traditional chains are making steady progress, and the loss of Internet pharmacies has narrowed
Performance of the 2021Q3 quarterly report: Traditional chains are making steady progress, and the loss of Internet pharmacies has narrowedJudging from the data in the three quarterly reports, the performance of traditional offline pharmacies is steady and progressing
Figure 1: Comparison of core data in the three quarterly reports of offline drugstores
Data source: iFinD, Zhongkang Industrial Capital Research Center
Online Internet pharmacies are represented by Alibaba Health, JD Health, Ping An Good Doctor, and Yiyao.
Figure 2: Comparison of core data in the three quarterly reports of online Internet pharmacies
Data source: iFinD, Zhongkang Industrial Capital Research Center
Offline chain historical financial data review: the industry structure stabilizes after rapid expansion, and the gap between companies narrows
Offline chain historical financial data review: the industry structure stabilizes after rapid expansion, and the gap between companies narrowsIn 1994, First Pharmaceuticals, which has a state-owned asset background, was officially listed.
In the past seven years, the industry has undergone treacherous changes.
In the overall data, the first echelon of operating income and net profit is Dashenlin, the people, and Yixintang.
Figure 3: Historical changes in operating income of offline pharmacies
Data source: iFinD, Zhongkang Industrial Capital Research Center
Figure 4: Historical changes in net profit of offline pharmacies
Data source: iFinD, Zhongkang Industrial Capital Research Center
From the perspective of net profit margins, the industry was in a state of expansion in the first few years, and the profit margins of various companies were diverging and expanding
The inventory turnover rate showed the opposite trend.
Figure 5: Historical changes in profit margins of offline chain pharmacies (unit: %)
Data source: iFinD, Zhongkang Industrial Capital Research Center
In terms of stock price performance, most of the earnings per share (EPS) are concentrated below 2 yuan, and Jianzhijia has a higher EPS due to its small total equity
Figure 6: Historical changes of EPS in offline pharmacies
Data source: iFinD, Zhongkang Industrial Capital Research Center
Figure 7: Historical changes in ROE of offline pharmacies
Data source: iFinD, Zhongkang Industrial Capital Research Center
Summarize
SummarizeFrom the financial data, it can be seen that the domestic offline drugstores have passed the initial period of free competition and spontaneous adjustment of enterprises, and have entered a new bottleneck period for the development of the industry
In the future, the development opportunities for retail pharmacies are mainly in terms of policies.
