wen | zidancaijing duannannan

编辑 | 冯羽

11yue5ri，yinweigujialianxushangzhang，laobaixingshoudaoleguanyugujiayidongdewenxunhan，suiranjinqigongsigujiabiaoxianliangyan，dangongsiyejibingbulixiang。

zuowei2024nianshangbannianbiaoxianzuihaozhiyideliansuoyaofangqiye，laobaixingzaidisanjiduzhongguimei“kangzhu”，guimujinglirunxiahuafuduzhengzaijiada。

shujuxianshi，2024nianqiansanjidulaobaixingshixianyingyeshouru162.32yiyuan，tongbizengzhang1.19%，shixianguimujinglirun6.30yiyuan，tongbixiahua12.06%，er2024nianshangbannianlaobaixingguimujinglirunjinxiahua2.05%。

suizheyaofangxingyejingqidujigongsiyejixiahua，laobaixingchao58yiyuandeshangyumianlinjianzhifengxian。zaicibeijingxia，shikongrenxiezilong、chenxiulanfufukongzhidelaobaixingquejiadafenhonglidu，ciwaiqihaitongguojianchi、zhiyadengfangshitaoxian。

zaiduozhongbuliyinsuyingxiangxia，laobaixinggujiajiaodianfengzhengfachao60%。dangliansuoyaofangzaiquanguobiandikaihua，laobaixingyounengfouzhonghuizengzhangguidao？

01 全国药店突破70万家，公司第三季度利润下滑37%

2024nianshangbannian，zaidacanlindengyaofangqiyeguimujinglirunchuxianliangweishuyishangxiahuashi，laobaixingjiaochudedajuanzuyirangrenmanyi。

dandaoledisanjidu，laobaixingyijiuweinengdidangxingye“neijuan”yijikuozhangguokuaisuodailaideyingxiang。disanjidulaobaixingshixianyingyeshouru52.92yiyuan，tongbizengzhang1.18%，shixianguimujinglirun1.27yiyuan，tongbixiahua37.32%。

duiyugongsidisanjiduzengshoubuzengli，laobaixingjichudejieshishi，youyujinyinianxindianshuliangzengzhangjiaoduo，zuijinyinianxinzengdemendiandaozhigongsikuisunjineyue4000wanyuanzuoyou。

ciwai2023nianlaobaixingchuzhilemendian，zengjiale3800wanyuanshouyi，jinnianbingwugaishouru，yincidaozhidisanjiduguimujingliruntongbixiahua。

zaizibenshichangshang，youyuzhongguolaolinghuajiaju，yaofangxingyebeishiweiyinglinenglizuiwendingdexingyezhiyi。yinci，yaofangqiyeweiletuidongyejizengzhang，bianhuidaguimokuozhangqixiayaofangmendian。

laobaixingyebuliwai，weiletuidongzishenyejizengzhang，guoqujinianlaobaixingjijidipaomaquandi。

2020nian，laobaixingmendianshuliangwei6533jia，qizhongzhiyingmendian4892jia、jiamengmendian1641jia。jiezhi2024nian9yue30ri，laobaixingmendianzongshudadao15591jia，budaosiniandeshijianlilaobaixingxinzengmendianshuliangchaoguo9000jia。

zaiyilaobaixingweishoudeliansuoyaodianfengkuangkuozhangdaidongxia，jiezhimuqianguoneiyaodianshuliangtupo70wanjia。tongqi，yishuliangqushengdenaichadianzongshujinwei51.5wanjia，biyaodianshaojiangjin20wanjia。

youyuyaodianshuliangguoyumiji，liansuoyaodiankuozhangdailaidebianjixiaoyingyezaidijian。zhongkangkeji2024bannianduyaodianshengcunbaogaozhichu，jiezhimuqianzhongguoxianxialingshouyaodiandianjunfuwurenshujinyou2000ren，bufenquyudiyugaipingjunshuiping，yaofangmendianyijingqujinyushengcundelinjiedian。

zaixingyefengkuangneijuandebeijingxia，laobaixingdandianyinglinengliyekaishixiahua。shujuxianshi，2024nianqiansanjiduzongherijunpingxiaowei46yuan/pingfangmi，xiangbiquniantongqide53yuan/pingfangmixiajiang13.21%。

jiezhimuqian，gedaliansuoyaodianrengzaijijiduiwaikuozhangmendian，keyiyujiandeshiduanqineisuizhegedayaodiandechixukuozhang，laobaixingdandianyinglinenglihuojiangjinyibuxiahua，gongsizengshoubuzenglideqingxinghenyoukenengzaidushangyan。

02 溢价并购致公司商誉超58亿元，利润压线，商誉存减值风险

duiyulaobaixingeryan，zaixingyechixuneijuanjigongsiyinglinenglixiahuayingxiangxia，gongsi58.68yiyuanshangyucunzaijianzhifengxian。

laobaixingshangyudexingchenglaiyuanyugongsiduociduiwaibinggou。windshujuxianshi，zi2014nianyilailaobaixingduiwaibinggoushijianduodashushiqi。

2021nian8yue，laobaixingyiziyouzijin14.28yiyuanshougoulehuatuoyaofang51%guquan，gaishougoupinggufaweishouyifajisuan，zengzhanglvgaoda1128.65%，gaibijiaoyishenzhiyinqilejiaoyisuodeguanzhu，houxulaobaixingzhongzhilecicishougoujihua。

zaishougouhuatuoyaofangguquanshibaihou，2022nianlaobaixingyoujinluomigudibujushougouhuairendayaofang。2022nian3yue，laobaixinggonggaoyi16.37yiyuanjiageshougouhuairendayaofang71.96%guquan。juxi，huairendayaofangdangshiyou660yujiamendian。

yicijisuan，laobaixingqudehuairendayaofangdangeyaodian72%zuoyouguquanjiagewei248wanyuan，ruoan100%guquanjisuan，zedangemendianchengbenduoda350wanyuanzuoyou，ertongqixinkaiyijiayaofangmendiandepingjunchengbenjinjishiwanyuan。

laobaixingchixubuduandegaoyijiabinggouxia，gongsishangyukaishikuaisuzengzhang。2014nian，laobaixingshangyujinwei4yiyuan，jiezhi2024nian9yue30ri，laobaixingshangyubiaoshengzhi58.68yiyuan。zhidezhuyideshi，tongqilaobaixingjingzichanyejinwei75.5yiyuan，shangyuzhangongsijingzichanbizhongchao77%。

gaishangyuzhanjingzichanbizhongzaidaxingliansuoyaofangqiyedangzhongminglieqianmao，dacanlin、yixintang、guoyaoyizhidengqiyeyuandiyulaobaixing。

guoqushinian，youyuyejichixushangxing，suirangongsishangyuguimojiaoda，danbingmeiyoufashengdaguimojianzhi，jinzai2016nianxiaoguimojitileshubaiwanyuan。

dansuizhexingyeneijuanjiaju，laobaixingrijunpingxiaoxiahua，gongsijueshangyuyeyoujianzhifengxian。

ruzaimeinianshangyiyuanlirundeyejichengnuoxia，gongsibinggouhuairendayaofang2022nianji2023nianleijishixiandelirunbichengnuoshixianyejiduochu660wanyuan；binggoudenantongpuzechengnuo2023nianshixiankoufeijinglirunwei3483wanyuan，shijishixiankoufeijinglirunwei3490wanyuan，jinbichengnuojinegaochu7wanyuan。

xingyeshangxingshi，bushaodaxingyiyaoqiyedoutongguobinggoudefangshilaikuodashourulaiyuan，dakaishichangzengzhangkongjian。

rubuzhangzhiyaocenghaozi60duoyiyuanshougoutonghuaguhong、jilintianchengliangjiagongsi，xingchengchao30yiyuanshangyu。danyouyubeishougouqiyeyejiweidabiao，buzhangzhiyaosannianneijitilechao36yiyuanshangyujianzhi。

yuyanfaleiyaoqibutong，yaofangqiyejingyingxiangduiwenjian，jibianxingyexiaxing，qiyejiyehennanzhijiedieluogudi，laobaixingdafudushangyujianzhifengxianxiangduikekong。duiyulaobaixingweilaishangyujianzhifengxian，zidancaijingyiyoujiandefangshixianglaobaixingzixun，jiezhifagaobingweishoudaohuifu。

03 实控人六年减持超13亿元，公司股价较高点跌超60%

shouyiyulianxubuduandeduiwaibinggou，laobaixingyingshouguimoyezaichixukuoda，2019nianlaobaixingyingyeshouruwei116.6yiyuan，2023niangongsiyingyeshouruzengzhangzhi224.4yiyuan，sinianshijiangongsishouruzengzhangjinyibei。

chixuduiwaibinggou，yedaozhilaobaixingfuzhaikaishizengduo，yiduanqijiekuan、zhangqijiekuanjiyinianneidaoqifeiliudongfuzhaiweili，jiezhi2024nian9yue30ri，gongsishangshuzhaiwuhejichao40yiyuan。2020nianlaobaixingshangshuzhaiwujinwei13yiyuan。

ciwai，laobaixingduanqihaiyouchao61yiyuandeyingfuzhangkuanjiyingfupiaojuxuyaochanghai，tongqi，gongsihaiyouzujin、shougoukuandeng6.87yiyuanqitayingfuzhangkuanxuyaozhifu。

jiezhi9yue30ri，laobaixingzhangshanghuobizijinjinwei20.99yiyuan，jiazhiduanqinenggoushouhuide20.55yiyuanyingshouzhangkuanjiyingshoupiaoju，laobaixingduanqicunzaijiaodadezijinyali。

jibianduanqizijinmianlinyali，2024nianshangbanniangongsiyijiuxuanbule2.51yiyuandezhongqifenhong，zhanshangbannian5.027yiyuanlirundeyiban。

windshujuxianshi，zi2015nianyilai，laobaixingleijifenhong10ci，leijifenhongjinewei20.08yiyuan。zuoweigongsishikongrenxiezilong、chenxiulanfufuzhijiehejianjiechiyoulaobaixing27.9%guquan。jiunianyilai，laobaixing20.08yiyuandefenhongleijichao5.6yiyuanluoruxiezilong、chenxiulanfufuzhishou。

图 / Wind

ciwai，xiezilong、chenxiulanfufuhaiduocijianchilaobaixinggufentaoxianzijin。windshujuxianshi，zi2018nianxiezilong、chenxiulanfufuchiyoulaobaixingguquanjiejinyilaiduocijianchigongsigufen。

2018nian，chenxiulangerenjianchi307wangu，jianchizijinyuewei2.16yiyuan；2020nian，xiezilong、chenxiulanfufukongzhidelaobaixingyiyaojituanyouxiangongsiyoujianchigongsi1010wangu，leijitaoxianzijinyuewei7.48yiyuan；2022nian，laobaixingyiyaojituanyouxiangongsijixujianchilaobaixing1165wangu，taoxianyue3.44yiyuan。

liunianyilai，xiezilong、chenxiulanfufuleijitaoxianzijinyuewei13yiyuan。

chujianchitaoxianwai，xiezilong、chenxiulanfufuhaitongguozhiyadefangshilaihuoquzijin。windshujuxianshi，jiezhimuqian，xiezilong、chenxiulanfufukongzhidelaobaixingyiyaojituanyouxiangongsileijizhiyaleshangshigongsilaobaixing1.23yigufen，zhanqizongchigubilide62.05%。

windshujuxianshi，qizhiyashijiaquanpingjuncankaojiawei26yuan/gu，yibaneryanshangshiqiyezhiyazhekoulvzai3-6zhe。zheiyeyiweizhe，tongguozhiyalaobaixinggufen，xiezilong、chenxiulanfufutaoxianzijinyuewei10yi-20yiyuan。

zuoweishangshigongsishikongren，tongguolianxuduoniandefenhong，xiezilong、chenxiulanfufuyijinghuodebufeidegerenshouru，yuxiezilong、chenxiulanfufugereneryanyingdangbuqueliudongzijin。

jibianruci，xiezilong、chenxiulanfufuweiheyoutongguozhiyahejianchidefangshihuoquzijin？duici，zidancaijingyiyoujianfangshixianglaobaixingfangzixun，jiezhifagaori，bingweihuodelaobaixingfangmianhuifu。

jiezhi2024nian11yue13ri，laobaixinggujiajiao2020niandianfengshizhengfachao60%。suiranbunengjianggongsigujiaxiadiewanquanguijieweishikongrenjianchi，danshikongrendashoubijianchishangshigongsigufen，yeyidingchengdushanghuiyingxiangtouzizheduigongsigujiadexinxin。

zuoweishangshiqiyeshikongren，chuyugerenzijinkaolvkeyitongguofenhongdengfangshilaishixianzijinxuqiu。dandongzheshijiyidejianchiduiyuzibenshichangdezhongxiaogudongeryansihubingbushifenyouhao。