On the evening of April 26, Soyu Civilian (301017) released its 2023 annual report and 2024 first quarter report.
Finishing | Uncle Mo
01
The operating income in 2023 will be 9.191 billion yuan
The net profit was 133 million yuan
According to the annual report, the operating income of Shuyu civilians in 2023 will be 9.191 billion yuan, a year-on-year increase of 17.49%, and the net profit attributable to shareholders of the parent company will be 133 million yuan, a year-on-year decrease of 42.01%.
There are four main reasons for the decline in net profit: (1) The cost of the new logistics center has increased significantly. (2) Increased financing costs. (3) Increase in non-operating expenses. (4) In the second half of 2023, the medical insurance reform policies in various regions will be gradually implemented, and the implementation progress of the medical insurance co-ordination policy will be inconsistent in the business area where the company is located, which will have a temporary impact on the normal operating profit of stores.
In terms of products, Chinese and Western patent medicines were the core of sales, accounting for 75.57% of revenue, an increase of 21.84% year-on-year. Secondly, Chinese herbal decoction pieces also had a good increase, reaching 18.97%.
02
At the end of 2023, there will be a total of 7,337 stores
Deeply cultivate the Shandong market
As of the end of 2023, Shuyu Civilians has a total of 7,337 stores in Shandong Province, Liaoning Province, Heilongjiang Province, Fujian Province, Henan Province, Gansu Province and other regions, with 1,881 new stores added throughout the year, including 4,104 directly operated stores, 342 new directly operated stores, 445 M&A stores, and 8 stores closed due to the company's development plan and business strategy adjustment, which has a large brand influence in the region. The increase in the number of stores was also a major factor in the growth of operating income.
Shuyu civilians said that the stores in major cities and urban areas according to the dense layout of business districts, while sinking the county market, gradually opening the rural market, the overall average daily ping efficiency of 48 yuan / square meter.
In terms of the number of stores that have obtained medical insurance qualifications, Soyu Civilian and its subsidiaries have a total of 4,104 directly operated chain stores, and 3,595 pharmacies have obtained the qualification of "designated pharmacies for medical insurance", accounting for 87.60% of the total number of stores. A total of more than 90 designated specialty drug pharmacies for serious diseases, nearly 400 hospital-side stores, and 15 standard pharmacies have been opened, serving more than 200,000 patients, and DTP sales increased by 25.9% year-on-year.
As of the end of the reporting period, the company has trained more than 200 professional pharmacists to improve the professional service level of DTP pharmacies, so as to better provide high-quality services to patients.
In addition, the company cooperates with a number of commercial insurance companies and foundations to carry out Huimin Insurance projects and drug assistance projects. The company's Huimin Insurance project now covers 15 cities in Shandong Province, and the assistance project covers 24 pharmaceutical companies and more than 70 products.
03
New retail business sales increased by 39.6% year-on-year
The number of private domain users exceeded 10 million
According to the annual report, as of 2023, Shuyu's civilian new retail business has gone through a full decade, driven by the troika of B2C, O2O and private domain operations, the performance continued to grow during the reporting period, with sales reaching 1.29 billion, a year-on-year increase of 39.6%. Based on the O2O operation of the large franchise sector, the business developed rapidly, and helped the franchised customers achieve new retail sales of 147 million during the reporting period.
At the same time, Shuyu Civilians continued to explore the private domain marketing model, and the number of private domain users exceeded 10 million, creating a new model of private domain distribution fission in the pharmaceutical industry. During the reporting period, the company piloted the cross-border e-commerce model, and the Shuyu civilian + mini program launched the "Shuyu Cross-border Mall" to provide users with high-quality overseas goods.
In addition to the rapid development of the new retail business, Soyu civilians have been deepening digital transformation. During the reporting period, the company comprehensively built a digital intelligent system that runs through the front, middle and back offices. The independent architecture design and implementation of the front-end ERP system (Shuyuhong service) and the elastic scaling and expansion capacity building of the database cluster strongly support the refined operation of 10,000 stores.
The launch of the spatio-temporal data location platform, Soyu Jingwei 3.0, has steadily improved the company's new store expansion capabilities, the reconstruction of the customer relationship management (CRM) system and the transformation of the distributed data persistence layer have improved the company's customer service capabilities, and the launch of the "Pharmacy Digital Assistant (PDA)" is based on building a management system based on the "digital president". In addition, the comprehensive application of conference management, efficiency screen, business decision support and other systems has provided strong support for the company's cost reduction and efficiency increase.
04
Sales of own goods increased by 31% year-on-year
For the first time, commodity OEM manufacturers carried out volume bidding
During the reporting period, Shuyu civilians focused on the shaping of their own commodity brand power, the establishment and improvement of the training system, and at the same time carried out the first volume bidding for OEM manufacturers of operating commodities, and achieved remarkable results in expanding supplier channels and optimizing the commodity structure system and products. As of the end of the reporting period, sales of owned goods increased by 31% year-on-year, accounting for more than 13% of the total sales of the retail business.
The self-owned brand of traditional Chinese medicine "Quehua Traditional Chinese Medicine" developed by Shuyu civilians meets the health and wellness needs of core consumers aged 18-45, and the sales of Quehua brand will exceed 200 million yuan in 2023, an increase of 41% year-on-year.
05
2024Q1 revenue of 2.439 billion yuan
On the evening of April 26, Shuyu Civilian also released the first quarter performance report, which showed that the company achieved operating income of 2.439 billion yuan, an increase of 17.69% over the same period last year, a net profit attributable to shareholders of listed companies of 10.5082 million yuan, a decrease of 83.72% over the same period last year, and a net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of 9.5085 million yuan, a decrease of 84.25% over the same period last year.
As for the reasons for the decline in net profit, Shuyu said that in the first quarter of 2023, affected by the market situation, consumer demand for protective medical devices and four types of drugs is still strong, and the base is high in the same period. Secondly, the new changes in medical insurance policies in 2024 will have a certain impact on offline physical business. The changes in the overall planning policy and the change in the personal account policy have affected the customer's drug purchase channels and drug purchase choices, resulting in a structural decline in the sales proportion of the company's health care products and other categories, resulting in a decrease of 1.7 percentage points in the overall gross profit margin.
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