wen|zidancaijing mengxiangna

编辑|胡芳洁

美编|倩倩

审核|颂文

liansuoyaodianyixintangzhanzailefengkoulangjian。

6yue2ri，guojiayibaojufabuxiaoxicheng，yibaobumenzaijijinjianguangongzuozhongfaxian，yixintangqixiayixiedingdianliansuomendiancunzaiweiguishiyongyibaojijinwenti，zaochengyibaojijinsunshi，guojiayibaojujijinjianguansiduiyixintangyouguanfuzerenjinxingleyuetan。

zhidezhuyideshi，guojiayibaojuciqiancengtongbaogebieyaodianweiguishiyongyibaojijindianxinganli，erduiwaigongkaiduiliansuodingdianlingshouyaodianqiyeyuetanshangshushouci。

youguandianrenwei，yaodianjianguanjiangchengweidashisuoqu。zaiguojiayibaojuduiyixintangyuetanhou，6yue5ri，yunnanshengyibaojufawenbiaoshi，jiangdingdianlingshouyaodiannarunianduzhongdianjianguanfanwei，qianghuaduidingdianlingshouyaodianjijinshiyongquanliantiaozhili。

jinnianlai，sidaliansuoyaodian（yifengyaofang、laobaixing、dacanlin、yixintang）fenfenjinruwandianshidai。danyixintangdeyejiquezai2023nianchuxianleshoucixiahua，yingshouguimoyediyuqitasanjialiansuoyaodian。

yejixiahuazaiyushangqiangjianguan，yixintangderizigengbuhaoguole。

1、因违规使用医保基金被约谈

6yue2ri，guojiayibaojufawenpilu，2024nian5yue24ri，guojiayibaojujijinjianguansiduiyixintangyouguanfuzerenjinxingleyuetan。

wenjianzhichu，yibaobumenzaijijinjianguangongzuozhongfaxian，yixintangqixiayixiedingdianliansuomendiancunzaichuanhuanyaopin、chaoliangkaiyao、weizantingyibaojiesuandedingdianlingshoumendiandaiweijinxingyibaojiesuan、yaopingouxiaocunjilubupipei、chufangyaoxiaoshoubuguifandengwenti，zaochengyibaojijinsunshi。

youyuyishangwentiweifanle《yiliaobaozhangjijinshiyongjianduguanlitiaoli》xiangguanguiding，yixintangxiangguanmendianyibeishudiyibaobumenzuochuzantingbofuhuozhuihuiyibaojijin、chuweiyuejinhuoxingzhengfakuan、jiechuyibaofuwuxieyidengchufa。

duici，yixintangyouguanfuzerencenggongkaibiaoshi，jianganzhaoyuetanyaoqiu，yu6yuediqian，xiangguojiayibaojujijinjianguansitijiaozhenggaiqingkuangbaogao。

jinnianlai，yibaojijinjianguandezhongxinshiyiyuan，cici，yixintangbeiyuetan，jianguanfengxiangjiangchuixiangyuanwaishichang。guojiayibaojuyetoulu，jiangqianghuaduidingdianlingshouyaodiandejianguan。

jiexialai，guojiayibaojubujinzengjiadingdianliansuoyaodiandechouchabizhong，chouchashuliangshiqunianderuoganbei，duidashujushaichafaxianyidianwentibijiaotuchudedingdianlingshouyaodian，jiangzhijiezhidingjiancha。

guojiayibaojuhaijiangjiehejinnianfeixingjiancha、zhuanxiangzhengzhiqingkuang，duijianchafaxianwentibijiaoyanzhongdexiangguanjigoukaizhanyuetan。

suihou，6yue5ri，yunnanshengyibaojufawencheng，zhenduiguojiayibaojutongbaodeqingkuang，jiangduocuobingjujiaqiangduidingdianlingshouyaodianjianguan。

yunnanshengyibaojutongshimingquebiaoshi，huanyingguangdaqunzhongjijicanyujubaoweifaweiguishiyongyibaojijindexingwei，chazhengshushide，danbizuigaojianglikeda20wanyuan。

guojiayibaojujijinjianguansiyouguanfuzerencenggongkaibiaoshi，yixiedingdianlingshouyaodianweifaweiguishiyongyibaojijinzhuyaocunzaiyixiajizhongqingxing，ruxujiakaiyao、chuanhuanyaopin、chaoliangkaiyao、weiqitayaodiandaiweijinxingyibaojiesuanjiguanliwenti。

yichuanhuanyaopinweili，zhuyaoshijiangfeiyaopinchuanhuanweiyibaoyaopin，shiyongyibaojijinweibaojianpin、shipin、huazhuangpindeng“maidan”。

weifa、weiguishiyongyibaojijindengxingweibeihou，zeshiliansuoyaodianfengkuangkuodianzhihousuomianlindeguanlinanti。zheiyici，yixintangsuanshizhuangzaileqiangkoushang。

2、市值、业绩均垫底

jinnianlai，jiezhuzibendedongfeng，liansuoyaodianpaomaquandidesudubiankuaile，eryixintangjiushiqizhongyiyuan。

2023nian，laobaixing、dacanlin、yifengyaofang、yixintangdemendianshuliangjunchaoyiwanjia，fenbiedadao13574jia、14074jia、13250jiahe10255jia，jingzengmendian3388jia、4029jia、2982jia、1049jia。

suiranyaodianyuekaiyueduo，danyaodiandeyingliyaliqueyuelaiyuedale。

2023nian，laobaixing、dacanlin、yifengyaofang、yixintangzhiyingdianderijunpingxiaofenbiewei54yuan/pingfangmi、75.66yuan/pingfangmi、59.37yuan/pingfangmi、37.09yuan/pingfang，jiaoshangyinianjianshaole7yuan/pingfangmi、6.36yuan/pingfangmi、1.69yuan/pingfangmi、0.28yuan/pingfangmi。

chulaobaixingwai，2023nian，dacanlin、yifengyaofang、yixintangdemaolilvjunjiaoshangyinianchuxianlebutongchengdudexiahua。

gengweiyanzhongdeshi，butongyuqitasanjiayejidouzaishangzhang，yixintangdeyejihaichuxianleshangshiyilaishoucixiahua。2023nian，yixintangyingshou174yiyuan，tongbixiahua0.29%；guimujinglirun5.49yiyuan，tongbixiahua46%。

ciwai，yixintangdeyingshou、guimujinglirunshuipingyemingxiandiyuqitasanjialiansuoyaodian。

jiuqiyuanyin，yixintangyejidexiahua，yugaomidukuozhangyijibujiaoshuifeijizhinajinyouguan。

yixintangzaicaibaozhongcheng，youyudaliangxinkaimendian，daozhiyunyingchengbenzengjia，congeryingxianglejinglirun。ciwai，qunianlingshoumendiansuojingyingdetuishao、zhike、kangbingdudengganmaoleichanpinxuqiujiangdi，yedaozhilegongsigaileichanpinshourudexiahua。

bujiaoshuifeijizhinajin，gengshirangyixintangdeyejixueshangjiashuang。

2023nian，yixintangjizigongsijieshousuozaidigezhuguanshuiwujudui2020nianzhi2022niandenashuiqingkuangkaizhanshuishoufudaogongzuo，gongsibujiaoshuifeigaoda2.33yiyuan，xiangguanshuikuanshejidezhinajindadao0.77yiyuan，hejixuyaojiaona3.1yiyuan。

genjuyixintanggonggao，cicigongsibujiaoshuikuan，yuanyushuiwujurenweiyixintangdulihesuandemendianfangzuyingjiaonazengzhishuijifujiashui，dangongsijiangdianzushizuojingyingfeiyong，weijinxingnashuishenbao。

yixintangmuqiandechujing，yuciqianxiangbi，keweitianrangzhibie。

huiguguowang，2014nian，yixintangzaishenjiaosuoguapaishangshi，chengweidiyijiazaiagushangshideminyingliansuoyaofang，yishifengguangwuxian。laobaixing、yifengyaofangzhidao2015niancaizhengshitaruzibenshichang，shanshanlaichidedacanlinyu2017nianzaishangjiaosuozhubanshangshi。

bishi，yixintangdemendianshuliangweiyusidaliansuoyaodianzhishou。2017nian，yixintangmendianshuliangwei5066jia，laobaixing、dacanlin、yifengyaofangdemendianshuliangjinwei2434jia、2985jia、2059jia。

yixintangdeyingshouguimoyeminglieqianmao。2017nian，yixintangyingshou77.5yiyuan，laobaixing、dacanlindeyingshoufenbiewei75.01yiyuan、74.21yiyuan，jundiyuyixintang。tongqi，yifengyaofangyingshou48.07yiyuan，yuyixintangdechajujiaoda。

shijianlaidao2020nian，dacanlin、laobaixing、yifengyaofangdeyingshouguimofanchaoyixintang，yixintangchediluohoule。

jinnianlai，sidaliansuoyaodianjuntongguoshoubinggou、zijian、jiamengdengfangshikuozhangmendian。raner，ciqianchuyulingxiandiweideyixintang，queshizuihouyigejinruwanjiayaodiandeqiye。2022nian，lingwaisanjialiansuoyaodianjiuyijinruwanjiamoshi，zhidao2023nian9yue，yixintangdeyaodiancaishoucitupowanjia。

zibenshichangshang，zaisidaliansuoyaodianzhong，yixintangdeshizhitongyangchuyudiandiweizhi。jiezhi6yue14rishoupan，yixintang、laobaixing、yifengyaofang、dacanlinzongshizhifenbiewei99yiyuan、173yiyuan、354yiyuan、197yiyuan。

luohoudeyixintanghainengfouwandaochaoche？

3、万店规模压力大

jinnianlai，yixintangyezainulituozhanyewubianjie，shezucaipiao、meizhuanggehulingyu，tongguoxinyewuxunqiudierzengzhangquxian。

2021nian，yixintangyuyunnantiyucaipiaoguanlizhongxinjinxingzhanlvehezuo，jiangzhongguotiyucaipiaoyinrumendian，shixian“ticai+liansuoyaodian”kuajiehezuo。

jiezhi2023nian12yue，yixintangzaiyunnan、guizhou、hainan、sichuan、zhongqing、guangxi、shanxi、tianjin8gesheng/shi3000duojiamendianzhongkaizhanle“yaodian+caipiao”yewushidian，2023nianyixintangcaipiaoxiaoshouliushui7698wanyuan（qizhongyixinbianli852wanyuan），caipiaoyewuyidingchengdushangtishenglekeliuliang。

ciwai，yixintangzai2023niancaibaozhongtiji，gongsidajianyijiankangmeizhuang、jiankanggehu、jiankangrihua、jiankangshipin、jiankangnaifenweizhudeyixintangfanjiankangpinlei，2023nianshixianxiaoshou3.7yi。

qizhong，meizhuangpinleizhanbi60%，gehu23.5%，shipin、naifen、rihuahejizhanbi27.5%，gongsihouxuhuijiaqianggehu、rihua、shipin、naifenpinleidezhengtituiguangheshangpinjiegoutuozhan。

yejiushishuo，yixintangqixiadeliansuoyaodian，bujinmaiyao，haimaihuazhuangpin、naifen、caipiaodengchanpin。keguanlaikan，xinyewujiyixintangdailaileyidingdeshouyi，danxiangduiyugongsi173.8yiyuandeshouruguimo，zheibufenyewugongxianyiranshifenyouxian。

danwandianguimoxia，gongsineikongguanli、fuzhaigaoqidengwentiquejiezhongerzhi。

yifangmian，shiyongyibaojijinweibaojianpin、huazhuangpin、caipiao“maidan”dengweiguixingweishiyoufasheng。

chuciciyinweiguishiyongyibaojijinbeiguojiayibaojuyuetanwai，zaozai2018nian，juyangshi《jingjibanxiaoshi》baodao，zaihainanshengsanyashideyixintangliansuoyaodian，xiaofeizhedeyibaokakeyibeidangzuoxiaofeikashiyong，nengyongyugoumaichuangdanbeizhao、weishengzhidengshenghuoyongpin，qiezheixieshangpindeshoujiajungaoyuchaoshi，yaodianhuiweiqianshushangpinkaijuyaopinfapiao，shexiantaoquyibaozijin。

chuweifaweiguishiyongyibaojijinxingweiwai，jinnian4yue，yin“xiaoshoulieyao”，shanghaihongxiangyixintangyaoyeyouxiangongsibeishanghaishiyaopinjianduguanlijumeishouweifasuode627.72yuan。

lingyifangmian，kuaisukuozhangyejiyixintangjingyingdailailebuxiaodezijinyali。

jinjinian，yixintangdezichanfuzhailvbuduanshangsheng，you2020niande38.03%panshengzhi2023niande52.68%，fuzhaizongeyou2020niande35.48yiyuanzengzhi2023niande87.7yiyuan。

tongshi，yixintangdeshangyuzhiyezaizengzhang，you2020niande11.02yiyuanzengzhi2023niande16.5yiyuan。

shangyushiyougaoyijiabinggouchanshengde，ruguoshougoubiaodeyejibudayuqi，gaoxuandeshangyujiucunzaijianzhifengxian。2021nianzhi2023nian，yixintangfenbiejitishangyujianzhi1096.7wanyuan、1229wanyuan、1165.47wanyuan。

zaiwandianshidai，liansuoyaodiangaosukuozhang，chulexuyaoyingduicaiwufengxian，haixuyingduiyiyaodianshangduishitiyaodiandailaidechongji。2023nian，jingdongjiankangyingshou535yiyuan，alijiankangyingshou270.26yiyuan，jundafuchaoguoyixintangdengliansuoyaodiandeyingshouguimo。

xiaoshoucelvefangmian，xianxiayaodiantongguodijiadeyibaoyaopinyinliu，xiaoshougaomaoliotcyaopin（feichufangyao），shenzhikaoxiaoshou“mimianliangyou、xitougao、mianmo”dengfeiyaopinlaiyingli。danxianshangpingtaideo2oyaodianqudeleyibaozhifuzige，yibaoliuliangbiranzaixianshang、xianxialiangduanfenliu，bufengukehuicongshitidianliushi，zhuanerzaixianshangmaiyao，xianxiayaodianjianghuichixuchengya。

yibeijingweili，5yue26ri，beijingshiyibaojufabuxiaoxicheng，zhengzuzhijingdonghemeituanliangjiagouyaopingtaizhankaifeichufangyaoxianshangzhifuxitongceshigongzuo，lizhengzaijinnian7yue1rijieru200jiayishangyibaodingdianlingshouyaodian，xiangcanbaorenyuantigongfuwu。

chengran，yixintangdengliansuoyaodianyetongguoruzhudisanfangpingtaihuozhedajianzijideo2oqudao，laibujuo2oshichang，danduiyuyixintangeryan，youyugaiyewushangchuyufazhanjieduan，xiaoguohaibumingxian。

2023nian，yixintangxinlingshouyewuxiaoshoue8.76yiyuan，qizhongo2oqudaoxiaoshouzhanbi74%zuoyou。congshujukeyikandao，xianshangyewuzhangongsiquannianyingshoudebilijinwei5%。

xianjieduan，yixintangtongguobinggoudengfangshitishengyeji，danyemianlinzheyejixiahua、shangyuzhigaoqi、zichanfuzhailvjugaobuxiadengwenti。jinruwandianshidai，qiyeruheguanlihaoshangwanjiadeyaodian，zheiduigongsideguanlinenglitichulegenggaodeyaoqiu。

yucitongshi，bansuizheyibaobumenjiadaduidingdianlingshouyaodianjianguan，zaijiashangdianshangpingtai“weijiao”xianxiayaodian，yixintangdeweilairengcunzhuduobuquedingxing。