國藥一致(000028.SZ)：子公司國大藥房擬公開摘牌受讓成大方圓100%股權
格隆匯 7 月 20日丨國藥一致(000028.SZ)公佈，遼寧成大股份有限公司(“遼寧成大”)將其持有的成大方圓醫藥集團有限公司(“成大方圓”或“標的公司”)100%股權公開掛牌轉讓，公開掛牌轉讓底價為18.6億元人民幣。公司控股子公司國藥控股國大藥房有限公司(“國大藥房”)擬通過公開摘牌方式受讓該掛牌股權。
公司下屬國大藥房定位於“成為中國領先、最受信賴的藥店和醫藥保健零售商”，已在全國21個省、自治區、直轄市建立了29家區域連鎖公司，覆蓋全國70餘個城市，是一家全國性藥品零售連鎖企業，多年來居中國醫藥零售行業首位。
成大方圓是彙集醫藥零售連鎖和物流配送於一體的區域性大型醫藥流通企業，截至2019年末共擁有門店1,507家遍佈5省19市，覆蓋遼寧、吉林、內蒙古、山東和河北部分重點城市，其零售業務和所在區域符合國大藥房整合發展方向，屬於公司戰略推進的可選範圍和標的。
此次交易若順利完成，將有助於國大藥房鞏固在醫藥零售領域全國銷售規模頭部企業地位；有助於國大藥房進一步提升市場佔有率及集中度，鞏固優勢區域特別是遼寧區域的領先地位；有助於國大藥房在醫藥分開政策背景下提前進行戰略佈局，為承接處方外流等政策紅利做好準備。
此次交易若順利完成，將對公司財務狀況帶來影響。成大方圓2019年度實現營業收入超過29億元，佔國大藥房2019年度經審計營業收入比例約為23%，此次交易將有利於提升國大藥房銷售規模；從現金流方面來看，成大方圓運營資金週轉較良性，經營現金流較為穩定，能夠支持現有業務的發展。從盈利能力來看，成大方圓2019年度扣除非經常性損益的影響，淨利潤為正，仍有較大整合提升空間。此次交易若順利完成，成大方圓將引進國大藥房的集採優勢品種、DTP獨家品種等，進一步豐富商品品類、優化商品結構。國大藥房也將通過歸攏採購量，形成規模效應，降低採購成本，從而提升毛利率水平。隨着業務的融合發展，整合效應預計將逐步顯現，成功摘牌對成大方圓及本公司財務狀況和經營成果將產生積極的影響。
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