Offline pharmacies are two days of ice and fire: large chain pharmaceutical companies "buy, buy, buy" small and medium pharmacy yields decline in small and medium -sized pharmacies

On August 18, Jianzhijia disclosed the follow -up integration plan for the acquisition of the Tang Pharmaceutical Project. Jian Zhijia said, "Relying on the network foundation of Tang people's existing stores, establish a professional expansion team, radiate from central cities to surrounding, and strengthen the dense cloth of the store." The previous announcement of Jianzhijia said that it was planned to acquire Tang people's 100 yuan for 2.274 billion yuan. %Equity, over 600 stores.

This is just one of the chain pharmacy acquisitions. Some insiders revealed to the Securities Daily that Delizhi was acquired by a large chain pharmacy. The two parties began to negotiate the acquisition in September last year. At present, the acquisition of individual funds is shelved.

However, corresponding to the phenomenon of hot mergers and acquisitions of large chain pharmacies is that a large number of small and medium -sized pharmacies have declined and developed. Since July, the reporter visited more than 10 pharmacies including Beijing Chaoyang District, Haidian District, Fengtai District, and Tongzhou District found that offline pharmacies are currently facing problems such as low store rate, decline in single purchase, and low repurchase rate. This also directly led to the decline in the yield of pharmacies. At the same time, all offline pharmacies are actively embracing O2O, and pharmacies with online advantages are significantly influenced by the epidemic.

There is a pharmacy's repurchase rate decreased by more than 50 %

Online and offline differentiated competition

A offline chain pharmacy in Beijing's North Third Ring Road calculates a account reporter "Securities Daily". The pharmacy is 100 square meters, the monthly rent is 43,300 yuan, and the salary of the staff is 25,000 yuan. For the total cost, a total of 70,000 yuan per month. In 2019, the average monthly revenue was 280,000 to 300,000 yuan, and the average monthly revenue of this year was 220,000 to 230,000 yuan, and the revenue declined from 21.43%to 23.33%.

According to the reporter, the revenue of the pharmacy is still low. A pharmacy manager of a pharmacy in South China Road in Chaoyang District told a reporter from the Securities Daily that compared with the same period in 2019, the monthly revenue of the pharmacy fell by 50 % of the monthly revenue.

"The overall consumption model of the industry has changed, so that the flow of passenger flow in the store is very large. The conversion rate and single purchase volume such as the passenger flow of the store have declined significantly, and the repurchase rate is reduced by 50%to 60%. The sales of online channels have also increased in third -party logistics expenditures. "Zheng Yiji, the regional manager of Yuyue Medical Beijing, told the Securities Daily reporter.

The reporter found that the survival of pharmacies actively deploying online channels were more optimistic. The clerk at the Neptune Pharmacy at Guangqumen introduced to reporters that the store's area is about 50 square meters. Last year's sales were 4 million yuan to 5 million yuan, of which online consumption accounted for 60%, and offline accounts for 40%. "Online sales are rising steadily, mainly because the channel layout has matured, not only has its own e -commerce platform (APP), but also using third -party e -commerce platforms, such as Meituan, Hungry, JD.com, etc." Neptune Xingchen Pharmacy. The manager said.

"In recent years, the purchase of drugs online has seized a large number of offline business. Of course, the growth of online channels will also push the entire pharmacy industry to transform and upgrade." Yang Bin, general manager of Huanliang Fang, told the Securities Daily reporter.

In response to the above -mentioned issues, the industrial investment director of a medical investment institution's investment department told the Securities Daily that the domestic online pharmacy market size was 172 billion yuan in 2021, and the market size of the offline pharmacy market was less than 470 billion yuan, compared with 2019, compared with 2019, from 2019 115 billion yuan and 425.8 billion yuan were not obvious.

Zheng Yiji believes that Internet sales make drug prices and profits more transparent. Ordinary consumers have a decline in acceptance of high -profit drugs, and their profits are further diluted. In this case, large chain pharmacies have power to compete, and small and medium -sized pharmacies have a low bargaining power, which will further accelerate the decline, which will continue to accelerate the chain of pharmacies. In addition, the development of Internet pharmacies will also promote stores to improve professionalism and service levels, and increase customized services.

Liu Feiyong, a senior investment consultant of Donggao Technology, told a reporter from the Securities Daily that pharmaceutical e -commerce and offline pharmacies are in differentiated competition. From the perspective of the category structure, the sales of pharmaceutical e -commerce are mainly VD series and calcium preparations, and this category category The proportion of online occupation has become stable, and the impact on offline pharmacies has weakened. From the perspective of the sales model, pharmaceutical e -commerce is mainly convenient and cost -effective, but it cannot meet timely and service -oriented needs. Offline pharmacies Consultation services will be provided. At the same time, offline interaction can enhance patients' identity and consumption stickiness in pharmacies.

"Offline pharmacies and pharmaceutical e -commerce should compete for dislocation. Offline pharmacies can actively explore online models such as O2O to cope with potential risks such as slowing through the industry's passenger flow and decline in gross profit margin." Liu Feiyong suggested.

Small and medium pharmacy development pressure

Large chain pharmacies are constantly expanding

Liu Feiyong believes that the operating dilemma faced by traditional offline pharmacies is the following four points: First of all, the growth rate of the industry has slowed down, and the rapid development of pharmacies brought by market economy and medical insurance dividends is close to the end; Loyalty is not high, the contacts of customers are relatively single, and most of the relationship with customers are also short -term; again, most of the traditional chain pharmacies still stay in the past model, operate homogeneous In the Red Sea market; in the end, the operating costs of the pharmaceutical industry continued to rise, intensified competition, volume procurement, zero -rate rate, and precious medicinal materials declined, and pharmacies' gross profit space was squeezed.

Yang Bin said that from the perspective of the "cargo yard" in the retail industry, traditional pharmacy practitioners have a large age structure, a single industry experience, and fewer industry comprehensive talents; The cost of rent is high. Facing the above operating dilemma, a large number of small and medium -sized pharmacies cannot hold pressure like large chain pharmacies, and fall into the dilemma of low -cost resale, cancellation, and annexation. A person in the industry who did not want to be named told the "Securities Daily" reporter, "From 2015 to 2018, in the face of the acquisition of head chain institutions, small and medium -sized pharmacies still have a certain bargaining power. Pressure, once the capital chain is broken and anxious to get out of trouble, the bargaining power of the store will be lower. "

And this is the good time to expand the mergers and acquisitions of the head chain pharmacy. "Securities Daily" reporter sorted out and found that many mergers and acquisitions have occurred since this year. Specifically, in April, the people's Pharmacy acquired 71.96%of Hunan Huairen Great Health of 71.96%for 1.637 billion yuan; Yifeng Pharmacy issued an announcement saying that it acquired a 51%equity of Hunan Jiuzhitang for 204 million yuan. In June, Jianzhijia plans to acquire 100%equity of Tang people's medicine for 2.074 billion yuan. In July, Yifeng Pharmacy announced that the subsidiary's emerging pharmacy planned to purchase 70%of the new company after the reorganization of Dushuntang, and the purchase price was not more than 119 million yuan.

In response to the reasons for the active promotion of the chain of large chain pharmacies, Zheng Yiji said that one is to increase the power of bargaining and the right to speak. Rich and more services can be carried out; the third is that refined management can reduce operating costs.

According to the statistics of the "Securities Daily" reporter, there are 8 companies in offline pharmacies listed on A shares, including Datonglin, First Medicine, People, Yifeng Pharmacy, Jianzhijia, Yixin Church, Shuyu Civilian and Jiashitang, etc. ; There are three Internet pharmacies listed on Hong Kong stocks, namely Jingdong Health, Ali Health and Ping An good doctor. In addition, Dingdang Health announced on the evening of August 17th that the Hong Kong Stock Exchange heard it.

Policies are constantly blessing

The head effect continues to prominent

The "Guiding Opinions on Promoting the High -quality Development of the Pharmaceutical Distribution Industry during the" Fourteenth Five -Year Plan "period released by the Ministry of Commerce on October 28, 2021 clearly stated that it is necessary to increase the concentration of the industry. By 2025 For the specialized and diversified drug retail chain enterprises, the annual sales of the top 100 pharmaceutical retail companies account for more than 65%of the total pharmaceutical retail market, and the pharmaceutical retail chain rate is close to 70%.

According to the Research Report of CITIC Securities, since the industry has intensified this year, the M & A and chain process of listed companies for medium and large -scale projects are expected to accelerate. According to the State Drug Administration ’s“ Statistics Report ”, as of the end of September 2021, there were 606,500“ Drug Operation License ”certification companies across the country. Among them, there were 335,300 retail chain stores and 251,200 single pharmacies, with a chain rate of 57.1%.

This also means that with the goal of "retail chain rate in 2025" and calculated at the base of 606,500 pharmacies, the number of single pharmacies will be reduced to about 180,000 in the next three years. Compared with now, it will reduce it and reduce it. Nearly 70,000.

"Pharmacy is a certainty track with outstanding long -term value. In the long run, pharmacies, as the third terminals that connect drugs and patients, have their role. The health and service functions played are increasingly important. "Liu Feiyong said.

Liu Feiyong further stated that in recent years, the effect of the "Strong Hengqiang" of the head company has continued, and the industry's head and end effects have become more obvious, which has further promoted the integration of pharmaceutical retail resources. From the perspective of profitability, with the improvement of concentration, the average gross profit margin and net interest rate of the industry have continued to improve steadily.

(Editor in charge: Wang Chenxi)

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